[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) [Important Notice and Risk Disclosure](index=2&type=section&id=重要提示与风险披露) Management confirms the report's accuracy, cautions on macroeconomic, policy, and accounts receivable risks, and states no profit distribution is planned - The company faces five major operating risks: - **Large-scale system solution implementation risks**: High project complexity and long implementation cycles may lead to delays due to planning flaws, technical failures, or changing client demands - **Major customer loss risks**: High customer concentration among large and medium-sized medical institutions means client loss would significantly impact sustainable development - **Management control and gross margin fluctuation risks**: Expanding business scope demands higher project management control, while overall solution business may reduce comprehensive gross margin - **Technology and talent loss risks**: As a technology-intensive industry, the stability of the core technical team is crucial, with risks of talent outflow and core technology leakage - **National policy and macroeconomic environment change risks**: National healthcare informatization policies offer industry opportunities, but significant policy or macroeconomic changes could introduce operational uncertainties[5](index=5&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[13](index=13&type=chunk) [Definitions](index=8&type=section&id=释义) This section defines key terms, including company entities, industry-specific systems like HIS and CIS, the 'Digital Hospital Overall Solution,' and specifies the reporting period as H1 2025 [Company Profile and Key Financial Indicators](index=10&type=section&id=第二节%20公司简介和主要财务指标) [Company Profile](index=10&type=section&id=公司简介) Zhejiang Horen Technology Co., Ltd. (stock code: 300550), listed on the Shenzhen Stock Exchange, is represented by Zhao Chenhui, with no changes in registered address, office address, or information disclosure locations during the reporting period Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Horen Technology | | Stock Code | 300550 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Chinese Name | 浙江和仁科技股份有限公司 | | Legal Representative | Zhao Chenhui | [Key Accounting Data and Financial Indicators](index=11&type=section&id=主要会计数据和财务指标) In H1 2025, despite nearly flat revenue, the company significantly narrowed its net loss and improved operating cash flow, indicating an overall improvement in financial performance Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (million yuan) | 158.88 | 160.46 | -0.99% | | Net Profit Attributable to Shareholders (million yuan) | -3.52 | -14.33 | 75.44% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (million yuan) | -4.41 | -15.98 | 72.38% | | Net Cash Flow from Operating Activities (million yuan) | -64.99 | -96.29 | 32.50% | | Basic Earnings Per Share (yuan/share) | -0.01 | -0.05 | 80.00% | | Weighted Average Return on Net Assets | -0.32% | -1.34% | 1.02% | Key Balance Sheet Indicators at Period End | Indicator | End of Current Period (billion yuan) | End of Prior Year (billion yuan) | Change from Beginning of Year | | :--- | :--- | :--- | :--- | | Total Assets | 1.44 | 1.46 | -1.56% | | Net Assets Attributable to Shareholders | 1.10 | 1.11 | -0.91% | - During the reporting period, the company's total non-recurring gains and losses amounted to **0.89 million yuan**, primarily from fair value changes in financial assets and government subsidies[33](index=33&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=第三节%20管理层讨论与分析) [Main Business Activities During the Reporting Period](index=13&type=section&id=报告期内公司从事的主要业务) The company's core business involves R&D, sales, implementation, and service of medical information and digital scenario application systems, offering overall solutions to healthcare institutions, driven by national policies and AI advancements - The company's main business is divided into two segments: **Medical Information Systems** (including hospital clinical information systems centered on electronic medical records and city-level smart healthcare solutions) and **Digital Scenario Application Systems** (extensions of clinical information systems in various medical service scenarios, such as smart outpatient and smart surgery)[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) - The company's products support **domestic operating systems and databases** and feature **modular component assembly**, enhancing productization, meeting personalized needs, and reducing development costs[42](index=42&type=chunk)[43](index=43&type=chunk) - During the reporting period, the National Health Commission issued policies like the **'Smart Healthcare Grading Evaluation Method and Standards (2025 Edition)'** and **'Tier-3 Hospital Review Standards (2025 Edition)'**, emphasizing data interoperability, AI applications, and medical quality, providing clear guidance and market drivers for industry development[48](index=48&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk) [Analysis of Core Competencies](index=17&type=section&id=核心竞争力分析) The company's core competencies include comprehensive solution capabilities based on proprietary clinical products, advanced technology, continuous innovation, full lifecycle services, premium client resources, and an experienced management and talent team - The company provides **top-down designed, hospital-wide smart hospital overall solutions** centered on clinical data interoperability, occupying a core position in medical informatization construction[58](index=58&type=chunk)[59](index=59&type=chunk) - The company's new-generation hospital information system is one of China's **largest core business systems based on HTML5 and cloud computing technology**, supporting cloud deployment, group hospital applications, and integrating HIS with EMR[62](index=62&type=chunk) - The company has established **long-term partnerships with top-tier large medical institutions** in military systems and multiple regions like Zhejiang, Jiangsu, Jiangxi, and Shaanxi, accumulating extensive successful cases and implementation experience[64](index=64&type=chunk) [Analysis of Main Business Operations](index=19&type=section&id=主营业务分析) During the reporting period, operating revenue slightly decreased, but a significant drop in operating costs boosted gross margin, while R&D investment substantially increased; medical information systems dominated revenue with improved gross margin, and regional performance varied, with strong growth in Central China Key Financial Data Year-on-Year Changes | Item | Current Period (million yuan) | Prior Period (million yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Cost | 89.92 | 112.59 | -20.14% | - | | Financial Expenses | -2.15 | -3.09 | 30.51% | Primarily due to decreased interest income | | R&D Investment | 31.72 | 23.63 | 34.27% | Primarily due to increased R&D investment in this period | | Net Cash Flow from Investing Activities | -40.74 | 9.98 | -508.22% | Primarily due to increased purchase of wealth management products | | Net Cash Flow from Financing Activities | -33.56 | -0.95 | -3,431.93% | Primarily due to decreased loans compared to the prior period | Operating Revenue by Product or Service (million yuan) | Product/Service | Operating Revenue (million yuan) | Operating Cost (million yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Scenario-based Application Systems | 34.05 | 27.18 | 20.18% | -29.01% | -32.01% | 3.53% | | Medical Information Systems | 89.12 | 44.99 | 49.51% | 0.45% | -26.70% | 18.70% | Operating Revenue by Region (million yuan) | Region | Operating Revenue (million yuan) | YoY Change in Operating Revenue | Gross Margin | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Northwest Region | 81.77 | -11.10% | 53.98% | 26.81% | | East China Region | 37.73 | -39.49% | 41.60% | 8.08% | | Central China Region | 26.93 | 1,699.45% | 11.22% | -29.08% | [Analysis of Assets and Liabilities](index=21&type=section&id=资产及负债状况分析) At period-end, total assets decreased, with a notable shift in asset structure as cash declined and contract assets rose, while short-term borrowings decreased, and some cash remained restricted due to guarantees and litigation Significant Changes in Asset Composition | Item | Proportion of Total Assets at Period End | Proportion of Total Assets at Beginning of Year | Change in Proportion | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 28.05% | 37.08% | -9.03% | | Accounts Receivable | 22.08% | 20.66% | 1.42% | | Contract Assets | 25.59% | 20.71% | 4.88% | | Short-term Borrowings | 4.87% | 6.57% | -1.70% | - As of the end of the reporting period, **4.62 million yuan** of the company's cash and cash equivalents were restricted, primarily for bill deposits, letter of guarantee deposits, migrant worker wage guarantees, and litigation-frozen funds[81](index=81&type=chunk)[491](index=491&type=chunk) [Analysis of Investment Activities](index=22&type=section&id=投资状况分析) During the reporting period, the company's investment increased, primarily in wealth management products using own funds, with no significant equity, non-equity, or derivative investments Overview of Entrusted Wealth Management (million yuan) | Specific Type | Source of Funds for Entrusted Wealth Management | Amount of Entrusted Wealth Management Occurred (million yuan) | Unmatured Balance (million yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 60 | 30 | [Analysis of Major Holding and Participating Companies](index=24&type=section&id=主要控股参股公司分析) The company established new subsidiaries and deregistered others to expand digital hospital business and enhance operational efficiency, with its main subsidiary, Zhejiang Meihe Institute, reporting a net loss - To accelerate digital hospital business expansion and market layout, the company established **Horen Health Technology Hong Kong Co., Ltd., Nanjing Horen Digital Medical Technology Co., Ltd., Wenzhou Shukangjian Technology Industry Development Co., Ltd., and Wenzhou Shujian Technology Co., Ltd.**[93](index=93&type=chunk)[134](index=134&type=chunk) - Due to business strategy adjustments, the company deregistered **Shanghai Horkangyi Technology Co., Ltd.** and established and then deregistered **Zhejiang Hezhong Renxin Technology Co., Ltd.**, neither of which had a substantial impact on operations or performance[93](index=93&type=chunk)[134](index=134&type=chunk) [Corporate Governance, Environment, and Society](index=27&type=section&id=第四节%20公司治理、环境和社会) [Corporate Governance and Social Responsibility](index=27&type=section&id=公司治理与社会责任) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, no profit distribution or equity incentive plans, and the company actively fulfilled its social responsibilities by protecting stakeholder rights - There were **no changes in the company's directors, supervisors, and senior management** during the reporting period[103](index=103&type=chunk) - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the half-year period[104](index=104&type=chunk) - The company actively fulfills its social responsibilities, focusing on **protecting the rights and interests of shareholders, employees, suppliers, and customers**[106](index=106&type=chunk)[107](index=107&type=chunk) [Significant Matters](index=29&type=section&id=第五节%20重要事项) [Litigation and Major Contracts](index=29&type=section&id=诉讼与重大合同) While no major litigation occurred, several other significant cases, including arbitration with PLA General Hospital and a lawsuit with Xi'an Construction Group, are ongoing; the company is also executing major smart hospital projects with Xinjiang TCM Hospital, Xi'an Honghui Hospital, and Xi'an Children's Hospital Other Litigation Matters (Partial) | Litigant | Amount Involved (million yuan) | Litigation Progress | | :--- | :--- | :--- | | Zhejiang Horen Technology vs. PLA General Hospital | 22.26 | Arbitration filed, not yet heard | | Zhejiang Horen Technology vs. Xi'an Construction Engineering Group Co., Ltd. et al. | 16.06 | Case filed, under normal trial | | Shanxi Zhijie Software Engineering Co., Ltd. vs. Zhejiang Horen Technology | 3.34 | Second instance judgment rendered, appeal dismissed, original judgment upheld | | Zhejiang Horen Technology vs. Nantong Yilian E-commerce Co., Ltd. | 2.79 | First instance judgment supported plaintiff, defendant appealed, second instance under trial | Performance of Major Daily Operating Contracts (Partial) | Client Name | Contract Content | Total Contract Amount (million yuan) | Overall Progress | | :--- | :--- | :--- | :--- | | Xinjiang Uygur Autonomous Region Hospital of Traditional Chinese Medicine | Smart Hospital Informatization Project | 148.16 | 42.03% | | Xi'an Honghui Hospital | Multi-campus Integrated 'Smart Hospital' Scenario Application Project | 165.87 | 96.87% | | China Construction Eighth Engineering Division Second Construction Co., Ltd. | Xi'an Children's Hospital Jingkai Campus Project Intelligent Engineering | 148.91 | 66.05% | | PLA General Hospital | Subcontract for Low-Voltage Intelligent Engineering of Outpatient and Emergency Comprehensive Building | 141.41 | Accepted but not yet settled | [Share Changes and Shareholder Information](index=36&type=section&id=第六节%20股份变动及股东情况) [Share Changes and Shareholder Information](index=36&type=section&id=股份变动与股东情况) At period-end, the company's total share capital and shareholder count remained stable, with the top three shareholders identified, and the controlling shareholder's shares, along with its concerted parties, partially pledged - During the reporting period, the company's **total share capital remained unchanged at 262,560,141 shares**[137](index=137&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Tongce Medical Co., Ltd. | 19.01% | 49,920,315 | | Hangzhou Panyuan Investment Co., Ltd. | 15.33% | 40,260,815 | | Xiamen Silicon Valley Shaohua I Investment Partnership | 10.01% | 26,273,850 | | Hangzhou Panhong Investment Management Partnership | 5.42% | 14,240,800 | - Of the shares held by controlling shareholder Hangzhou Panyuan Investment Co., Ltd., **22,282,825 shares are pledged**, representing **55.35%** of its holdings; its concerted party, Hangzhou Panhong Investment Management Partnership (Limited Partnership), has **9,500,000 shares pledged**[139](index=139&type=chunk)[669](index=669&type=chunk) [Bond-Related Information](index=41&type=section&id=第七节%20债券相关情况) [Bond Status](index=41&type=section&id=债券情况) The company had no bond-related information during the reporting period [Financial Report](index=42&type=section&id=第八节%20财务报告) [Financial Statements](index=42&type=section&id=财务报表) This unaudited semi-annual financial report presents the consolidated balance sheet, income statement, and cash flow statement, detailing the company's assets, liabilities, equity, revenue, costs, and cash flows for the period Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (billion yuan) | Beginning-of-Period Balance (billion yuan) | | :--- | :--- | :--- | | Total Assets | 1.44 | 1.46 | | Total Liabilities | 0.33 | 0.34 | | Total Equity Attributable to Parent Company Owners | 1.10 | 1.11 | Consolidated Income Statement Summary (H1 2025) | Item | Current Period Amount (million yuan) | Prior Period Amount (million yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 158.88 | 160.46 | | Total Operating Costs | 150.64 | 168.68 | | Net Profit | -3.68 | -14.56 | | Net Profit Attributable to Parent Company Shareholders | -3.52 | -14.33 | Consolidated Cash Flow Statement Summary (H1 2025) | Item | Current Period Amount (million yuan) | Prior Period Amount (million yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -64.99 | -96.29 | | Net Cash Flow from Investing Activities | -40.74 | 9.98 | | Net Cash Flow from Financing Activities | -33.56 | -0.95 | | Net Increase in Cash and Cash Equivalents | -139.30 | -87.26 | [Notes to Financial Statements](index=60&type=section&id=财务报表附注) The notes detail the company's background, financial statement preparation basis, and significant accounting policies, including revenue recognition, R&D capitalization, and financial instrument impairment, with no major policy changes and tax benefits as a key software enterprise - The company's revenue recognition policy for **digital scenario application system implementation business** is based on the input method according to the progress of performance; for **medical information system software sales and development**, revenue is recognized when the customer confirms and the right to receive payment is obtained[313](index=313&type=chunk)[315](index=315&type=chunk) - R&D expenditure capitalization policy: The company begins capitalization after completing the project design, meeting expected requirements, and passing project approval, ceasing capitalization and transferring to intangible assets upon completion of development into standardized products ready for delivery[296](index=296&type=chunk) - The company enjoys tax incentives, including **immediate refund of VAT exceeding 3% for software products** and a **temporary 10% corporate income tax rate for 2025** as a key software enterprise within national planning[360](index=360&type=chunk)

康希诺生物股份公司2025 年半年度报告 公司代码：688185 公司简称：康希诺 康希诺生物股份公司 2025 年半年度报告 1 / 184 康希诺生物股份公司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、 重大风险提示 公司已在本报告"第三节 管理层讨论与分析"之"四、风险因素"中说明了可能对公司产生 重大不利影响的风险因素，敬请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人XUEFENG YU（宇学峰）、主管会计工作负责人刘明及会计机构负责人（会计 主管人员）高蓓蓓声明：保证半年度报告中财务报告的真实、准确、完整。 六、 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 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 九 ...

安徽宏宇五洲医疗器械股份有限公司 2025 年半年度报告 二〇二五年八月二十日 安徽宏宇五洲医疗器械股份有限公司 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。 公司负责人黄凡、主管会计工作负责人季宇及会计机构负责人(会计主管 人员)季宇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成公司对 任何投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。敬请投资者注意投 资风险。 本公司敬请投资者认真阅读本报告全文，并特别注意公司在经营中可能面 临的行业周期性波动风险、市场竞争日益加剧风险、产品质量控制风险、持 续研发与创新风险、毛利率下滑风险、汇率波动风险、应收账款回款风险及 客户流失等风险因素，注意投资风险。具体内容详见本报告第三节"管理层 讨论与分析"之"十、公司面临的风险和 ...

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[Section 1 Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%H%92%8C%E9%87%8A%E4%B9%89) [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and management guarantee the report's authenticity and assume legal liability, with no planned profit distribution for the period - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report and assume legal responsibility[4](index=4&type=chunk) - Company head Wang Bingyi and chief accountant Du Xiqi declare the financial reports are true, accurate, and complete[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's directory lists nine main sections, providing comprehensive navigation for investors - The report contains nine main sections, featuring a complete structure for easy reference[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report to ensure accurate reader comprehension - This section clarifies the definitions of key terms such as the company, subsidiaries, regulatory bodies, and the reporting period[12](index=12&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Zhejiang Juli Culture Development Co, Ltd is listed on the Shenzhen Stock Exchange under the stock code 002247 Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Juli Culture | | Stock Code | 002247 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Wang Bingyi | [II. Contact Persons and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Wei Xiaojing and the Securities Affairs Representative is Hu Yuting Company Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wei Xiaojing | 1958 Huannan Road, Linglong Industrial Zone, Linglong Street, Lin'an District, Hangzhou, Zhejiang | 0571-63818733 | dsh@dilong.cc | | Securities Affairs Representative | Hu Yuting | 1958 Huannan Road, Linglong Industrial Zone, Linglong Street, Lin'an District, Hangzhou, Zhejiang | 0571-63818733 | dsh@dilong.cc | [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period - The company's contact information, information disclosure, and filing locations remained unchanged during the reporting period and can be referenced in the 2024 annual report[16](index=16&type=chunk)[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue and net profit declined, but net profit excluding non-recurring items and operating cash flow improved significantly Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Change vs Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 364,574,110.66 | 415,355,987.91 | -12.23% | | Net Profit Attributable to Shareholders | 23,653,688.55 | 221,844,632.63 | -89.34% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 22,601,450.35 | 16,742,906.49 | 34.99% | | Net Cash Flow from Operating Activities | -12,219,123.54 | -41,097,005.88 | 70.27% | | Basic Earnings Per Share (Yuan/share) | 0.0278 | 0.2607 | -89.34% | | Diluted Earnings Per Share (Yuan/share) | 0.0278 | 0.2607 | -89.34% | | Weighted Average Return on Equity | 3.72% | 42.98% | -39.26% | | **End of Current Period** | | **End of Prior Year** | **Change vs End of Prior Year** | | Total Assets | 948,664,044.93 | 930,314,769.02 | 1.97% | | Net Assets Attributable to Shareholders | 646,926,024.05 | 623,272,335.50 | 3.80% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) There were no discrepancies in net profit or net assets between Chinese and international accounting standards during the reporting period - The company had **no discrepancies in net profit or net assets** under domestic and foreign accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled 1.05 million Yuan, primarily from government grants and fair value changes Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (Yuan) | Notes | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -37,832.89 | | | Government Grants Included in Current Profit/Loss | 2,163,986.23 | | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 985,089.17 | | | Reversal of Impairment Provision for Individually Tested Receivables | 146,113.50 | | | Gains/Losses from Contingent Events Unrelated to Normal Business | -610,259.43 | Investor claim losses | | Other Non-operating Income and Expenses | 621,662.52 | | | Other Items Defined as Non-recurring Profit/Loss | -1,583,749.09 | Guarantee losses | | Less: Income Tax Impact | 632,536.51 | | | Less: Minority Interest Impact (After Tax) | 235.30 | | | **Total** | **1,052,238.20** | | - The company did not reclassify any non-recurring profit and loss items as recurring[23](index=23&type=chunk) [Section 3 Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Principal Business Activities during the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company specializes in decorative surfacing materials, facing market pressures from the real estate downturn but seeing potential from supportive government policies - The company's main business is the R&D, design, production, and sale of mid-to-high-end building decorative surfacing materials, including melamine decorative paper, high-performance decorative panels, and PVC decorative materials[25](index=25&type=chunk) - The company operates on a **"produce-to-order" model** and primarily uses a direct sales model, supplemented by distribution for some products[25](index=25&type=chunk) - As a leading enterprise in the decorative paper sub-industry, the company is positioned in the mid-to-high-end market, leveraging its brand influence, R&D capabilities, and product quality[26](index=26&type=chunk) - In H1 2025, the continued decline in real estate sales area impacted market demand, leading to lower order volumes, reduced average selling prices, and a **12.23% year-on-year decrease in operating revenue**[26](index=26&type=chunk)[28](index=28&type=chunk) - National policies optimizing real estate and encouraging consumption, such as urban village renovation and trade-in programs, may positively impact the company's industry[27](index=27&type=chunk) [II. Core Competitiveness Analysis](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company maintains a comprehensive competitive edge through its brand, technology, equipment, quality, management, and risk control systems - The company holds a leading position in the industry in terms of brand, technology, equipment, quality, management, and risk control[30](index=30&type=chunk) - Positioned in the mid-to-high-end market, the company possesses a provincial-level high-tech enterprise R&D center, with leading design capabilities and technological processes[30](index=30&type=chunk) - The company continuously updates its production lines and quality inspection equipment to enhance product quality and stability, while strengthening digital marketing and information management[30](index=30&type=chunk)[31](index=31&type=chunk) - A robust business risk management system ensures high contract fulfillment efficiency and sales collection rates[31](index=31&type=chunk) [III. Main Business Analysis](index=10&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue declined due to market demand, but net profit excluding non-recurring items grew 34.99%, while reported net profit fell sharply due to a high base effect from a prior-year settlement Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 364,574,110.66 | 415,355,987.91 | -12.23% | Reduced market demand and lower order volume | | Operating Costs | 284,862,825.82 | 328,917,960.59 | -13.39% | Decrease in operating revenue and raw material prices | | Selling Expenses | 11,662,451.66 | 14,661,772.45 | -20.46% | Decrease in employee compensation and exhibition fees | | Finance Expenses | -1,727,490.73 | -3,461,661.03 | -50.10% | Decrease in deposit interest | | Income Tax Expense | 479,540.14 | 1,469,864.84 | -67.38% | Subsidiaries re-certified as high-tech enterprises, tax rate reduced from 25% to 15% | | Net Cash Flow from Operating Activities | -12,219,123.54 | -41,097,005.88 | 70.27% | Reduced payments for maturing material purchases | | Net Cash Flow from Investing Activities | -13,680,096.10 | -156,792,459.66 | 91.28% | Prior year period included payment for Tencent case settlement | | Other Income | 14,415,028.86 | 10,205,362.27 | 41.25% | Increase in VAT refunds | Operating Revenue Composition (by Product and Region) | Category | Item | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | Decorative Paper | 149,965,286.99 | 41.13% | 178,198,793.73 | 42.90% | -15.84% | | | Impregnated Paper | 77,194,195.15 | 21.17% | 95,381,140.75 | 22.96% | -19.07% | | | PVC Decorative Materials | 71,289,176.84 | 19.55% | 63,028,926.05 | 15.17% | 13.11% | | | Decorative Paper Panels | 59,140,385.09 | 16.22% | 73,442,056.98 | 17.68% | -19.47% | | **By Region** | Domestic Sales | 292,414,172.01 | 80.21% | 335,887,291.01 | 80.87% | -12.94% | | | Export Sales | 72,159,938.65 | 19.79% | 79,468,696.90 | 19.13% | -9.20% | Gross Margin Changes for Products Accounting for Over 10% of Revenue or Profit | Product | Operating Revenue | Operating Costs | Gross Margin | YoY Revenue Change | YoY Cost Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Decorative Paper | 149,965,286.99 | 106,661,380.69 | 28.88% | -15.84% | -18.94% | 2.72% | | Impregnated Paper | 77,194,195.15 | 67,059,489.59 | 13.13% | -19.07% | -18.70% | -0.39% | | PVC Decorative Materials | 71,289,176.84 | 53,860,425.61 | 24.45% | 13.11% | 12.46% | 0.43% | | Decorative Paper Panels | 59,140,385.09 | 53,899,260.81 | 8.86% | -19.47% | -17.31% | -2.39% | [IV. Non-core Business Analysis](index=12&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business activities, including investment income and non-operating items, had a minor and non-sustainable impact on total profit Impact of Non-core Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 985,089.17 | 4.26% | Interest income from structured deposits | No | | Non-operating Income | 700,053.10 | 3.02% | Income from disposal of scrapped fixed assets and unpayable accounts | No | | Non-operating Expenses | 716,622.87 | 3.10% | Provision for investor claim losses | No | [V. Analysis of Assets and Liabilities](index=12&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets grew slightly, with a significant increase in accounts receivable due to more lenient credit policies for reliable clients Significant Changes in Asset Composition | Item | End of Period Amount (Yuan) | % of Total Assets | Prior Year-end Amount (Yuan) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 266,611,761.22 | 28.10% | 293,750,964.81 | 31.58% | -3.48% | No significant change | | Accounts Receivable | 177,523,779.95 | 18.71% | 81,502,137.67 | 8.76% | 9.95% | Lenient credit policies for good-credit customers after year-end collection efforts | | Notes Receivable Financing | 16,068,103.03 | 1.69% | 52,957,129.33 | 5.69% | -4.00% | Notes receivable endorsed to pay accounts payable | | Other Current Assets | 4,012,446.47 | 0.42% | 2,612,276.73 | 0.28% | 0.14% | Increase in prepaid and undeducted taxes | | Other Non-current Assets | 4,213,776.74 | 0.44% | 1,851,781.50 | 0.20% | 0.24% | Increase in prepayments for fixed assets | | Provisions | 4,479,683.55 | 0.47% | 16,262,370.26 | 1.75% | -1.28% | Payment of investor claims during the period | | Minority Interest | 3,931,113.43 | 0.41% | 2,231,419.23 | 0.24% | 0.17% | Capital contribution by minority shareholder of Guangxi Dilong and investment from new minority shareholder in Longyu company | - The company has no major overseas assets or assets and liabilities measured at fair value[43](index=43&type=chunk)[44](index=44&type=chunk) Restricted Assets as of the Reporting Period End | Item | Year-end Book Balance (Yuan) | Year-end Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 11,089,475.61 | 11,089,475.61 | Frozen/Note Deposit | Bank deposit of 15,864.04 Yuan frozen; other cash equivalents of 11,073,611.57 Yuan are bank acceptance bill deposits | | Fixed Assets | 144,254,659.90 | 81,741,449.19 | Mortgage | Mortgage guarantee | | Intangible Assets | 46,720,934.96 | 32,400,021.68 | Mortgage | Mortgage guarantee | | Investment Property | 13,733,569.33 | 9,025,215.02 | Mortgage | Mortgage guarantee | | **Total** | **215,798,639.80** | **134,256,161.50** | | | [VI. Investment Analysis](index=14&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company did not engage in any significant equity, non-equity, securities, or derivatives investments during the reporting period - The company had **no significant equity investments, non-equity investments, securities investments, derivatives investments, or use of raised funds** during the reporting period[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [VII. Sale of Major Assets and Equity](index=14&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major assets or equity were sold by the company during the reporting period - The company did not sell any major assets or equity during the reporting period[47](index=47&type=chunk)[48](index=48&type=chunk) [VIII. Analysis of Major Subsidiaries and Investees](index=15&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The main subsidiary, Dilong New Materials, reported total assets of 1.52 billion Yuan and net profit of 33.94 million Yuan Financial Data of Main Subsidiary Dilong New Materials | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dilong New Materials | Subsidiary | Production and sale of melamine decorative paper, high-performance decorative panels, decorative material printing, etc | 60,000,000 | 1,516,005,883.67 | 1,261,723,226.92 | 364,574,110.66 | 33,830,503.07 | 33,944,652.59 | - The company did not acquire or dispose of any subsidiaries during the reporting period[50](index=50&type=chunk) [IX. Structured Entities Controlled by the Company](index=15&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not have any controlled structured entities during the reporting period - The company did not have any controlled structured entities during the reporting period[51](index=51&type=chunk) [X. Risks and Countermeasures](index=15&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from market competition, policy changes, and investor claims, which it mitigates through R&D, customer optimization, and prudent decision-making - The company faces operational risks including **intensified market competition, macroeconomic and industry policy adjustments, raw material price volatility, and the impact of international situations on exports**[51](index=51&type=chunk) - The company addresses operational risks through continuous R&D investment, customer structure optimization, heightened market sensitivity, policy monitoring, and stable relationships with suppliers and customers[51](index=51&type=chunk) - The company faces investor claim risks and has **accrued a provision for losses of 51.02 million Yuan**, with 49.34 million Yuan already paid out[53](index=53&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=16&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system or disclosed a valuation enhancement plan[55](index=55&type=chunk) [XII. Implementation of the "Dual Enhancement of Quality and Returns" Action Plan](index=16&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan[55](index=55&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=17&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [I. Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Liu Yulong was elected as an independent director, while four other directors and supervisors left upon term completion Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Liu Yulong | Independent Director | Elected | 2025-05-21 | Change of term | | Liu Meijuan | Independent Director | Term expired | 2025-05-21 | Change of term | | Chen Min | Supervisor | Term expired | 2025-05-21 | Change of term | | Yu Xiaoxia | Supervisor | Term expired | 2025-05-21 | Change of term | | Zhang Haifeng | Supervisor | Term expired | 2025-05-21 | Change of term | [II. Profit Distribution and Capitalization of Capital Reserves for the Reporting Period](index=17&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the first half of the year - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the first half of the year[58](index=58&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had **no equity incentive plans, employee stock ownership plans, or other employee incentive measures** during the reporting period[59](index=59&type=chunk) [IV. Environmental Information Disclosure](index=17&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its four main subsidiaries are included in the list of enterprises required to disclose environmental information by law - The company and its four main subsidiaries are included in the list of enterprises required to disclose environmental information by law[60](index=60&type=chunk) [V. Social Responsibility](index=17&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by protecting stakeholder rights, promoting environmental sustainability, and contributing to public welfare - The company strictly adheres to laws and regulations, perfects its corporate governance structure, and ensures timely, truthful, accurate, complete, and fair information disclosure to protect shareholder and investor rights[62](index=62&type=chunk) - Adhering to a "people-oriented" philosophy, the company protects employees' legal rights, continuously improves human resource management, provides systematic talent development, and prioritizes production safety and labor protection[62](index=62&type=chunk) - The company upholds the principle of honesty and trustworthiness, establishing strategic partnerships with suppliers and customers to ensure the protection of all parties' legal rights[63](index=63&type=chunk) - The company highly values environmental protection, implementing full-process clean management, promoting green development, and its subsidiaries have built distributed photovoltaic power generation projects, generating a total of **3.47 million kWh** in H1 2025[63](index=63&type=chunk) - The company complies with tax laws, actively participates in social welfare initiatives, and provides employment opportunities for persons with disabilities[64](index=64&type=chunk) [Section 5 Significant Matters](index=19&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [I. Commitments Fulfilled or Overdue by Relevant Parties](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) Several parties failed to fulfill performance compensation commitments, while non-compete and concerted action agreements remain in effect - Yu Haifeng, Suzhou Juli Huying Investment Management Center (Limited Partnership), and Huofeng Tianxiang Technology (Beijing) Co, Ltd **failed to fulfill performance compensation commitments**, with their restricted shares being judicially auctioned or remaining under restriction[67](index=67&type=chunk) - The Shenzhen Stock Exchange has issued a **public censure** to the parties who failed to fulfill their performance compensation commitments[68](index=68&type=chunk) - The non-compete commitments from shareholders Zhejiang Dilong Holding Co, Ltd, Jiang Feixiong, Jiang Zugong, and Jiang Liqin are being duly fulfilled[67](index=67&type=chunk) - Jiang Zugong, Bu Jingjing, Jiang Feixiong, Jiang Xiaowen, Jiang Liqin, and Zhejiang Dilong Holding Co, Ltd continue to act in concert[67](index=67&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=20&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had **no non-operating fund occupation** by controlling shareholders or other related parties during the reporting period[69](index=69&type=chunk) [III. Irregular External Guarantees](index=20&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had **no irregular external guarantees** during the reporting period[70](index=70&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=20&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has **not been audited**[71](index=71&type=chunk) [V. Board's Explanation of "Non-standard Audit Report" for the Current Period](index=20&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) No "non-standard audit report" was issued by the accounting firm for the reporting period - No "non-standard audit report" was issued by the accounting firm for the reporting period[72](index=72&type=chunk) [VI. Board's Explanation of "Non-standard Audit Report" from the Previous Year](index=20&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) There is no explanation regarding a "non-standard audit report" from the previous year - There is no explanation regarding a "non-standard audit report" from the previous year[72](index=72&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=21&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not undergo any bankruptcy or reorganization proceedings during the reporting period - The company did not undergo any bankruptcy or reorganization proceedings during the reporting period[72](index=72&type=chunk) [VIII. Litigation Matters](index=21&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is managing two major lawsuits through a settlement agreement and ongoing mediation, while other minor subsidiary lawsuits are not expected to have a material impact Significant Litigation and Arbitration | Case Details | Amount Involved (10k Yuan) | Provision Made | Progress | Ruling and Impact | Execution Status | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shizuishan Bank financial loan dispute against Suzhou Qisimiaoxiang, the company, and Yu Haifeng | 3,000 | Yes | Second-instance judgment issued by Ningxia Higher People's Court | The original judgment was upheld; the company bears joint and several liability | The company signed a settlement agreement with the bank on July 24, 2025, which is currently being executed | 2025-07-25 | Announcement on Settlement Agreement with Shizuishan Bank (2025-017) | | Securities misrepresentation liability dispute | 80.09 | Yes | Second-instance judgment issued by Zhejiang Higher People's Court | The original judgment was upheld; a provision has been made, and no material impact on current or future profits is expected | The case has been fully executed | 2024-04-25 | Announcement on Litigation Progress (2024-012) | - The subsidiary Dilong New Materials and its subsidiaries are involved in several minor lawsuits that are not expected to have a material impact on the company's performance[73](index=73&type=chunk) [IX. Penalties and Rectifications](index=22&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[74](index=74&type=chunk) [X. Integrity of the Company, its Controlling Shareholders, and Actual Controller](index=22&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) There were no integrity issues concerning the company, its controlling shareholders, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholders, or actual controller during the reporting period[75](index=75&type=chunk) [XI. Major Related-Party Transactions](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions related to daily operations, asset acquisitions, investments, or debt occurred during the reporting period - No related-party transactions related to daily operations occurred during the reporting period[75](index=75&type=chunk) - No related-party transactions involving the acquisition or sale of assets or equity occurred during the reporting period[76](index=76&type=chunk) - No joint external investments with related parties occurred during the reporting period[77](index=77&type=chunk) - There were no related-party credit or debt transactions during the reporting period[78](index=78&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with related financial companies[79](index=79&type=chunk)[80](index=80&type=chunk) - There were no other major related-party transactions during the reporting period[81](index=81&type=chunk) [XII. Major Contracts and Their Performance](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has an outstanding external guarantee balance of 47.1 million Yuan, primarily related to a joint liability guarantee for Suzhou Qisimiaoxiang - The company had no custody, contracting, leasing, or entrusted wealth management arrangements during the reporting period[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[88](index=88&type=chunk) Company and Subsidiary External Guarantees | Guaranteed Party | Guarantee Limit (10k Yuan) | Actual Date | Actual Amount (10k Yuan) | Guarantee Type | Guarantee Period | Completed | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Qisimiaoxiang | 3,000 | 2019-06-26 | 3,000 | Joint and several liability | Two years from the loan maturity date under the main contract | No | No | | Guangxi Dilong | 500 | 2024-11-29 | 500 | Joint and several liability | Three years from the debt maturity date | No | No | | **Total Outstanding External Guarantee Balance at Period End** | | | **4,709.45** | | | | | | **Total Actual Guarantee Amount as a % of Net Assets** | | | **8.05%** | | | | | - The previous guarantee for Suzhou Qisimiaoxiang has been converted into a direct external guarantee by the company, with losses recognized based on estimated potential liabilities[87](index=87&type=chunk) - There were no other major contracts during the reporting period[89](index=89&type=chunk) [XIII. Explanation of Other Significant Matters](index=24&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) There were no other significant matters requiring explanation during the reporting period - There were no other significant matters requiring explanation during the reporting period[90](index=90&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=25&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[91](index=91&type=chunk) [Section 6 Share Capital Changes and Shareholder Information](index=26&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [I. Share Capital Changes](index=26&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at 850,870,049 shares, with no changes in restricted or unrestricted shares during the period Share Capital Changes | Item | Pre-change Quantity (shares) | Pre-change Ratio | Change (+, -) | Post-change Quantity (shares) | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 207,329,377 | 24.37% | 0 | 207,329,377 | 24.37% | | Of which: Domestic corporate holdings | 78,195,959 | 9.19% | 0 | 78,195,959 | 9.19% | | Domestic individual holdings | 129,133,418 | 15.18% | 0 | 129,133,418 | 15.18% | | II. Unrestricted Shares | 643,540,672 | 75.63% | 0 | 643,540,672 | 75.63% | | Of which: RMB ordinary shares | 643,540,672 | 75.63% | 0 | 643,540,672 | 75.63% | | III. Total Shares | 850,870,049 | 100.00% | 0 | 850,870,049 | 100.00% | - During the reporting period, the company's **total share count, number of restricted shares, and number of unrestricted shares remained unchanged**[94](index=94&type=chunk) - The company had no share repurchases or reductions of repurchased shares via centralized bidding during the reporting period[95](index=95&type=chunk) [II. Securities Issuance and Listing](index=27&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[95](index=95&type=chunk) [III. Number of Shareholders and Shareholding Status](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the period end, the company had 28,121 shareholders, with the largest shareholder, Jiang Zugong, holding a 10.09% stake - The total number of ordinary shareholders at the end of the reporting period was **28,121**[96](index=96&type=chunk) Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Zugong | Domestic Individual | 10.09% | 85,836,363 | 66,436,363 | 19,400,000 | N/A | | Tibet Enhe Construction Engineering Co, Ltd | Domestic Non-state-owned Corp | 5.88% | 50,000,000 | 50,000,000 | 0 | N/A | | Bu Jingjing | Domestic Individual | 5.00% | 42,550,000 | 0 | 42,550,000 | N/A | | Suzhou Juli Huying Investment Management Center (LP) | Domestic Non-state-owned Corp | 3.31% | 28,195,959 | 28,195,959 | 0 | Pledged: 28,190,000; Frozen: 28,195,959 | | Yu Haifeng | Domestic Individual | 1.65% | 14,000,000 | 14,000,000 | 0 | Pledged: 14,000,000; Frozen: 14,000,000 | - Jiang Zugong, Bu Jingjing, Jiang Feixiong, Jiang Xiaowen, Zhejiang Dilong Holding Co, Ltd, and Jiang Liqin are parties acting in concert[97](index=97&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=28&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were **no changes** in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[98](index=98&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=29&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[99](index=99&type=chunk) - The company's actual controller did not change during the reporting period[99](index=99&type=chunk) [VI. Preferred Stock Information](index=29&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[100](index=100&type=chunk) [Section 7 Bond-related Matters](index=30&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-related Matters](index=30&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[102](index=102&type=chunk) [Section 8 Financial Report](index=31&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [I. Audit Report](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has **not been audited**[104](index=104&type=chunk) [II. Financial Statements](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the first half of 2025 [1. Consolidated Balance Sheet](index=31&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were 949 million Yuan, a 1.97% increase from the beginning of the year - As of June 30, 2025, the company's consolidated total assets were **948,664,044.93 Yuan**, an increase of 1.97% from the beginning of the year[109](index=109&type=chunk) - Total equity attributable to parent company shareholders was **646,926,024.05 Yuan**, an increase of 3.80% from the beginning of the year[109](index=109&type=chunk) [2. Parent Company Balance Sheet](index=34&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were 587 million Yuan, with total equity at -24.03 million Yuan - As of June 30, 2025, the parent company's total assets were **586,986,551.29 Yuan**[113](index=113&type=chunk) - The parent company's long-term equity investments amounted to **561,920,160.08 Yuan**[111](index=111&type=chunk) - The parent company's total shareholders' equity was **-24,031,310.02 Yuan**[113](index=113&type=chunk) [3. Consolidated Income Statement](index=37&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, consolidated revenue was 365 million Yuan, with net profit attributable to shareholders down 89.34% due to a high base effect - In H1 2025, the company's consolidated total operating revenue was **364,574,110.66 Yuan**, a year-on-year decrease of 12.23%[114](index=114&type=chunk) - Net profit attributable to parent company shareholders was **23,653,688.55 Yuan**, a year-on-year decrease of 89.34%[115](index=115&type=chunk) - Basic earnings per share was **0.0278 Yuan**[116](index=116&type=chunk) [4. Parent Company Income Statement](index=39&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, the parent company recorded revenue of 0.88 million Yuan and a net loss of 10.97 million Yuan - In H1 2025, the parent company's operating revenue was **881,081.18 Yuan**, a year-on-year decrease of 59.94%[117](index=117&type=chunk) - The parent company's net loss was **-10,968,404.79 Yuan**[118](index=118&type=chunk) [5. Consolidated Cash Flow Statement](index=40&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating and investing activities improved significantly, resulting in a net decrease in cash of 23.47 million Yuan - Net cash flow from operating activities was **-12,219,123.54 Yuan**, a 70.27% improvement year-on-year[121](index=121&type=chunk) - Net cash flow from investing activities was **-13,680,096.10 Yuan**, a 91.28% improvement year-on-year, mainly due to the payment of the Tencent case settlement in the prior year period[121](index=121&type=chunk) - The net increase in cash and cash equivalents was **-23,470,866.85 Yuan**[122](index=122&type=chunk) [6. Parent Company Cash Flow Statement](index=42&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, the parent company's net cash flow was negative from operating and investing activities but positive from financing activities - The parent company's net cash flow from operating activities was **-5,895,545.94 Yuan**[123](index=123&type=chunk) - The parent company's net cash flow from investing activities was **-12,392,946.14 Yuan**[124](index=124&type=chunk) - The parent company's net cash flow from financing activities was **18,310,054.63 Yuan**[124](index=124&type=chunk) [7. Consolidated Statement of Changes in Shareholders' Equity](index=44&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, consolidated total equity increased by 25.35 million Yuan, primarily driven by the period's net profit - As of June 30, 2025, the company's consolidated total shareholders' equity was **650,857,137.48 Yuan**, an increase of 25,353,382.75 Yuan from the beginning of the year[127](index=127&type=chunk) - Equity attributable to parent company shareholders was **646,926,024.05 Yuan**, an increase of 23,653,688.55 Yuan from the beginning of the year[127](index=127&type=chunk) [8. Parent Company Statement of Changes in Shareholders' Equity](index=48&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the parent company's total equity decreased by 10.97 million Yuan due to the net loss for the period - As of June 30, 2025, the parent company's total shareholders' equity was **-24,031,310.02 Yuan**, a decrease of 10,968,404.79 Yuan from the beginning of the year[134](index=134&type=chunk) [III. Company Basic Information](index=52&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Zhejiang Juli Culture Development Co, Ltd, listed in 2008, specializes in decorative surfacing materials and its financial statements were approved on August 20, 2025 - The company was listed on the Shenzhen Stock Exchange in 2008 with a registered capital of **850,870,049.00 Yuan**[139](index=139&type=chunk) - The company's main business is the R&D, design, production, and sale of mid-to-high-end decorative surfacing materials[139](index=139&type=chunk) - These financial statements were approved for issuance by the 7th Board of Directors at its 2nd meeting on August 20, 2025[139](index=139&type=chunk) [IV. Basis of Preparation for Financial Statements](index=52&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, with no material uncertainties affecting the company's continuing operations - The company's financial statements are prepared on a **going concern basis**[140](index=140&type=chunk) - There are no matters or circumstances that cast significant doubt on the company's ability to continue as a going concern for the next 12 months[141](index=141&type=chunk) [V. Significant Accounting Policies and Estimates](index=52&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's key accounting policies and estimates, which are based on enterprise accounting standards and a going concern assumption - The company's financial statements comply with enterprise accounting standards, providing a true and complete view of its financial position, operating results, and cash flows[143](index=143&type=chunk) - The company uses a 12-month period to classify assets and liabilities as current or non-current and uses the RMB as its functional currency[145](index=145&type=chunk)[146](index=146&type=chunk) - The company has disclosed specific accounting policies and estimates for financial instruments, receivables, inventories, fixed assets, intangible assets, and revenue recognition[142](index=142&type=chunk)[154](index=154&type=chunk)[173](index=173&type=chunk)[175](index=175&type=chunk)[193](index=193&type=chunk)[200](index=200&type=chunk)[216](index=216&type=chunk) - There were **no significant changes in accounting policies or estimates**, and no initial adoption of new accounting standards requiring adjustments to the opening financial statements during the reporting period[231](index=231&type=chunk) [VI. Taxes](index=71&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes and benefits from preferential tax policies, including reduced rates for high-tech enterprises and small micro-enterprises Main Taxes and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales revenue from goods and taxable services | 3%, 5%, 6%, 9%, 13% (Export rebate rate 13%) | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | Taxpayers with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | Dilong New Materials Co | 15% | | Haining Dilong Co | 15% | | Chengdu Dilong Co | 15% | | Guangdong Dilong Co | 20% | | Guangxi Dilong Co | 20% | | Longyu New Materials Co | 20% | | All other taxpayers not listed above | 25% | - The company benefits from a **VAT refund policy** for employing persons with disabilities[239](index=239&type=chunk)[240](index=240&type=chunk) - Dilong New Materials, Haining Dilong, and Chengdu Dilong are recognized as high-tech enterprises and are subject to a **preferential income tax rate of 15%**[241](index=241&type=chunk) - Guangdong Dilong, Guangxi Dilong, and Longyu New Materials qualify as small and micro-sized enterprises and are subject to a **corporate income tax rate of 20%**[242](index=242&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=72&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the consolidated financial statements, highlighting significant changes in receivables, provisions, and cash flows - **Cash and cash equivalents** at period-end were 267 million Yuan, a decrease of 9.24% from the beginning of the year[244](index=244&type=chunk) - The book balance of **accounts receivable** at period-end was 203 million Yuan, an increase of 98.91% from the beginning of the year, mainly due to more lenient credit policies for good-credit customers[247](index=247&type=chunk)[41](index=41&type=chunk) - The balance of **notes receivable financing** at period-end was 16.07 million Yuan, a decrease of 69.66% from the beginning of the year, mainly due to the endorsement of notes to pay accounts payable[257](index=257&type=chunk)[42](index=42&type=chunk) - The balance of **provisions** at period-end was 4.48 million Yuan, a decrease of 72.46% from the beginning of the year, mainly due to the payment of investor claims[345](index=345&type=chunk)[42](index=42&type=chunk) - Both **operating revenue and operating costs decreased year-on-year**, with revenue down 12.23% and costs down 13.39%[356](index=356&type=chunk) - Net cash flow from **operating activities** was -12.22 million Yuan, a 70.27% improvement compared to the same period last year[121](index=121&type=chunk) - Net cash flow from **investing activities** was -13.68 million Yuan, a 91.28% improvement compared to the same period last year, mainly due to the payment of the Tencent case settlement in the prior year[121](index=121&type=chunk) [VIII. R&D Expenditure](index=100&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) In H1 2025, the company's total R&D expenditure was 15.21 million Yuan, a decrease of 18.24% year-on-year, with all expenses capitalized R&D Expenditure Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | R&D Personnel Salaries | 8,330,183.20 | 10,104,872.68 | | R&D Materials | 4,231,809.22 | 5,445,686.65 | | Depreciation and Amortization | 1,901,773.00 | 1,959,274.45 | | R&D Energy Costs | 291,429.24 | 367,733.79 | | Others | 452,053.83 | 723,192.25 | | **Total** | **15,207,248.49** | **18,600,759.82** | | Of which: Expensed R&D Expenditure | 15,207,248.49 | 18,600,759.82 | - Total R&D expenditure for H1 2025 **decreased by 18.24% year-on-year** and was fully expensed[417](index=417&type=chunk) [IX. Changes in Consolidation Scope](index=101&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The consolidation scope expanded during the reporting period due to the establishment of a new subsidiary, Longyu New Materials (Zhejiang) Co, Ltd Increase in Consolidation Scope | Company Name | Equity Acquisition Method | Acquisition Date | Capital Contribution (Yuan) | Ownership Ratio | | :--- | :--- | :--- | :--- | :--- | | Longyu New Materials (Zhejiang) Co, Ltd | New Establishment | May 2025 | 12,000,000.00 | 80.00% | [X. Interests in Other Entities](index=101&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in 11 subsidiaries engaged in manufacturing and investment, with ownership stakes ranging from 62% to 100% Composition of the Business Group | Subsidiary Name | Registered Capital (Yuan) | Main Operating Location | Registered Location | Business Nature | Direct Ownership (%) | Indirect Ownership (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dilong New Materials Co | 60,000,000.00 | Lin'an | Lin'an | Manufacturing | 100.00% | 0.00% | Establishment | | Langfang Dilong Co | 90,520,000.00 | Langfang | Langfang | Manufacturing | 0.00% | 100.00% | Establishment | | Chengdu Dilong Co | 74,100,000.00 | Chengdu | Chengdu | Manufacturing | 0.00% | 100.00% | Establishment | | Dilong Linyi Co | 88,800,000.00 | Tancheng | Tancheng | Manufacturing | 0.00% | 100.00% | Establishment | | Haining Dilong Co | 60,000,000.00 | Haining | Haining | Manufacturing | 0.00% | 100.00% | Establishment | | Guangdong Dilong Co | 20,000,000.00 | Zhaoqing | Zhaoqing | Manufacturing | 0.00% | 90.00% | Establishment | | Guangxi Dilong Co | 13,000,000.00 | Liuzhou | Liuzhou | Manufacturing | 0.00% | 62.00% | Establishment | | Longyu New Materials Co | 12,000,000.00 | Haining | Haining | Manufacturing | 0.00% | 80.00% | Establishment | | Dilong Equity Investment Co | 100,000,000.00 | Lin'an | Lin'an | Investment | 100.00% | 0.00% | Establishment | | New Juli Media Co | 10,000,000.00 | Suzhou | Suzhou | Gaming | 100.00% | 0.00% | Establishment | | Suzhou Dianwo Co | 10,000,000.00 | Suzhou | Suzhou | Gaming | 0.00% | 100.00% | Establishment | [XI. Government Grants](index=101&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company's deferred income from government grants was 6.59 million Yuan at period-end, with 14.42 million Yuan recognized as other income during the period Liabilities related to Government Grants | Account | Opening Balance (Yuan) | New Grants (Yuan) | Recognized as Non-operating Income (Yuan) | Transferred to Other Income (Yuan) | Other Changes (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 6,213,910.57 | 1,012,700.00 | 0 | 634,507.78 | 0 | 6,592,102.79 | Asset-related | Government Grants Included in Current Profit/Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Government grants included in other income | 14,415,028.86 | 10,205,362.27 | [XII. Risks Related to Financial Instruments](index=102&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through customer assessments, diverse financing, and active monitoring of its financial instrument portfolio - The company faces **credit risk, liquidity risk, and market risk** (including interest rate and foreign exchange risk)[425](index=425&type=chunk) - Credit risk is managed through customer credit assessments, monitoring of receivables balances, and placing cash with highly-rated financial institutions[427](index=427&type=chunk) - Liquidity risk is controlled by utilizing various financing instruments like notes settlement and bank loans, and by combining long-term and short-term financing appropriately[428](index=428&type=chunk) - Market risk is managed by regularly reviewing and monitoring the financial instrument portfolio, and by trading foreign currencies to control foreign exchange risk exposure[430](index=430&type=chunk)[431](index=431&type=chunk)[432](index=432&type=chunk) [XIII. Fair Value Disclosure](index=105&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value totaled 16.07 million Yuan, consisting entirely of notes receivable financing valued using Level 3 inputs Fair Value of Assets and Liabilities at Period End | Item | Closing Fair Value (Yuan) | | :--- | :--- | | Notes Receivable Financing | 16,068,103.03 | | **Total Assets Continuously Measured at Fair Value** | **16,068,103.03** | - The company's notes receivable financing consists of bank acceptance bills with low credit risk and short remaining terms; their fair value is determined by their face value, using Level 3 fair value measurement[436](index=436&type=chunk) [XIV. Related Parties and Transactions](index=105&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's actual controller is Jiang Feixiong, and related-party transactions during the period included rental income and compensation for key management personnel - The company's controlling shareholder and actual controller is **Jiang Feixiong**[437](index=437&type=chunk) - Zhejiang Dilong Optoelectronic Materials Co, Ltd is another enterprise controlled by Jiang Feixiong and is a related party of the company[439](index=439&type=chunk) Related Party Leases (Company as Lessor) | Lessee Name | Leased Asset Type | Lease Income Recognized (Current Period, Yuan) | Lease Income Recognized (Prior Period, Yuan) | | :--- | :--- | :--- | :--- | | Dilong Optoelectronic Co | Buildings | 315,089.00 | 665,677.66 | - Compensation for key management personnel in the current period amounted to **1,860,983.16 Yuan**[443](index=443&type=chunk) - During the period, Dilong New Materials Co collected and paid utility fees of **23,640.46 Yuan** on behalf of Dilong Optoelectronic Co[444](index=444&type=chunk) [XV. Commitments and Contingencies](index=106&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has no significant contingencies to disclose - The company has no significant contingencies to disclose[447](index=447&type=chunk) [XVI. Subsequent Events](index=106&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) This section addresses other post-balance sheet events, with details provided in the notes to the financial statements - Other post-balance sheet events are detailed in the notes to these financial statements[448](index=448&type=chunk) [XVII. Other Important Matters](index=106&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company operates as a single segment, has corrected past financial misstatements, and is actively managing litigation and debt through settlements - The company's main business is managed as a single integrated unit, thus no segment information is disclosed[449](index=449&type=chunk) - The company's former subsidiary, Suzhou Meishengyuan, had inflated revenue, profit, and accounts receivable, leading to false records in the company's 2016-2018 annual reports, which were corrected on August 27, 2021[450](index=450&type=chunk)[451](index=451&type=chunk) - The company is involved in a civil liability dispute for securities misrepresentation and has provisioned **51.02 million Yuan** based on court judgments, with **49.34 million Yuan** already paid to investors[451](index=451&type=chunk)[452](index=452&type=chunk) - The company has signed an "Execution and Settlement Agreement" with Shizuishan Bank to repay a debt of **30 million Yuan** in installments by the end of May 2026[452](index=452&type=chunk) [XVIII. Notes to Key Items in Parent Company Financial Statements](index=107&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details key items in the parent company's financial statements, including other receivables, long-term investments, and revenue - The parent company's other receivables balance at period-end was **23,730,162.06 Yuan**, a slight increase from the beginning of the year[454](index=454&type=chunk) - A significant portion of the parent company's other receivables consists of intercompany balances and temporary payments, with large individual provisions for bad debt[456](index=456&type=chunk)[460](index=460&type=chunk) - The parent company's long-term equity investment balance at period-end was **561,920,160.08 Yuan**, primarily in the subsidiary Dilong New Materials Co, with no change during the period[466](index=466&type=chunk)[468](index=468&type=chunk) - The parent company's operating revenue, mainly from other business income, was **881,081.18 Yuan** for the period[470](index=470&type=chunk) [XIX. Supplementary Information](index=110&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring items, calculation of ROE and EPS, and confirms no accounting differences under domestic and foreign standards Details of Current Non-recurring Profit and Loss | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -37,832.89 | | Government Grants Included in Current Profit/Loss | 2,163,986.23 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 985,089.17 | | Reversal of Impairment Provision for Individually Tested Receivables | 146,113.50 | | Gains/Losses from Contingent Events Unrelated to Normal Business | -610,259.43 | | Other Non-operating Income and Expenses | 621,662.52 | | Other Items Defined as Non-recurring Profit/Loss | -1,583,749.09 | | Less: Income Tax Impact | 632,536.51 | | Less: Minority Interest Impact (After Tax) | 235.30 | | **Total** | **1,052,238.20** | Return on Equity (ROE) and Earnings Per Share (EPS) | Profit for the Period | Weighted Average ROE | Basic EPS (Yuan/share) | Diluted EPS (Yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders | 3.72% | 0.0278 | 0.0278 | | Net profit attributable to ordinary shareholders after deducting non-recurring items | 3.56% | 0.0266 | 0.0266 | - The company does not have any differences in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[474](index=474&type=chunk) [Section 9 Other Submitted Data](index=113&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [I. Other Major Social Safety Issues](index=113&type=section&id=%E4%B8%80%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E7%A4%BE%E4%BC%9A%E5%AE%89%E5%85%A8%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company and its subsidiaries had no other major social safety issues or administrative penalties during the reporting period - The company and its subsidiaries had no other major social safety issues during the reporting period[477](index=477&type=chunk) - The company and its subsidiaries were not subject to any administrative penalties during the reporting period[477](index=477&type=chunk) [II. Record of Investor Relations Activities](index=113&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company did not host any research visits, communications, interviews, or other related activities during the reporting period - The company did not host any research visits, communications, interviews, or other related activities during the reporting period[477](index=477&type=chunk) [III. Fund Transactions between the Company and its Controlling Shareholder and Other Related Parties](index=113&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B

保定天威保变电气股份有限公司2025 年半年度报告 公司代码：600550 公司简称：保变电气 保定天威保变电气股份有限公司 2025 年半年度报告 1 / 130 保定天威保变电气股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘淑娟、主管会计工作负责人苟通泽及会计机构负责人（会计主管人员）樊华 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、 ...

公司代码：600004 公司简称：白云机场 广州白云国际机场股份有限公司 2025 年半年度报告 2025 年 8 月 20 日 广州白云国际机场股份有限公司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、 公司负责人王晓勇、主管会计工作负责人张建诚及会计机构负责人（会计主管人员）曲佳 状声明：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 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的经营计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详 ...

公司代码：605086 公司简称：龙高股份 龙岩高岭土股份有限公司 2025 年半年度报告 龙岩高岭土股份有限公司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、 公司负责人马千里、主管会计工作负责人钟俊福及会计机构负责人（会计主管人员）廖龙 祥声明：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 公司2025年半年度合并财务报表中归属于母公司股东的净利润为55,527,265.06元；2025年半 年度母公司实现净利润55,491,942.64元。截至2025年6月30日，公司母公司期末未分配利润为 484,975,863.12元。 公司2025年半年度利润分配方案拟定向全体股东每10股派发现金红利0.93元（含税），截至 2025年6月30日，公司总股本为17,920万股，以此为基数计算合计拟派发现金红利1,666.56万元（ ...

2025 年半年度报告 公司代码：600312 公司简称：平高电气 河南平高电气股份有限公司 2025 年半年度报告 1 / 154 2 / 154 2025 年半年度报告 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、 公司负责人孙继强、主管会计工作负责人沈志翔及会计机构负责人（会计主管人员）杨芃声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度利润分配预案拟定为：以实施2025年半年度权益分派股权登记日登记的总股本为基 数，每10股派发现金股利1.88元（含税）。公司中期利润分配方案已经公司2024年年度股东大会授权 董事会决定，无需提交公司股东大会审议。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 ...

金石资源集团股份有限公司 2025 年半年度报告 公司代码：603505 公司简称：金石资源 金石资源集团股份有限公司 2025 年半年度报告 1 / 138 金石资源集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王锦华、主管会计工作负责人武灵一及会计机构负责人（会计主管人员）施丽 萍声明：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 本报告所涉及的未来经营计划、发展战略等前瞻性描述，系公司根据当前能够掌握的信息和 数据等对未来做出的估计或预测，不构成公司对投资者的实质承诺。敬请广大投资者保持足够的 风险意识，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 ...