[Important Notice, 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%92%8C%E9%87%8A%E4%B9%89) The Board of Directors and senior management guarantee the report's accuracy and completeness, with all directors attending the review meeting - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility, with all directors attending the board meeting to review this semi-annual report[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the 2025 semi-annual period[6](index=6&type=chunk) - The report contains forward-looking statements about the company's future plans, which do not constitute a substantial commitment to investors, reminding investors to be aware of relevant risks[5](index=5&type=chunk) [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) [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) Tonghua Jinma Pharmaceutical Group Co., Ltd. (stock code: 000766) is a company listed on the Shenzhen Stock Exchange, with Zhang Yufu as its legal representative Company Basic Information | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Tonghua Jinma | | **Stock Code** | 000766 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Full Chinese Name** | 通化金马药业集团股份有限公司 | | **Legal Representative** | Zhang Yufu | [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) Revenue remained stable, but profitability significantly improved, with net profit attributable to shareholders up **34.77%** and non-recurring net profit up **125.07%** Key Financial Indicators | Key Financial Indicators | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 649,983,808.44 | 649,181,711.75 | 0.12% | | Net Profit Attributable to Shareholders of Listed Company | 16,803,994.50 | 12,468,342.98 | 34.77% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 14,407,264.70 | 6,401,376.02 | 125.07% | | Net Cash Flow from Operating Activities | 78,047,568.88 | 38,108,424.15 | 104.80% | | Basic Earnings Per Share (Yuan/share) | 0.0174 | 0.0129 | 34.88% | | Weighted Average Return on Net Assets | 0.74% | 0.54% | 0.20% | | **Asset Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **YoY Change (%)** | | Total Assets | 4,536,621,550.02 | 4,483,618,602.64 | 1.18% | | Net Assets Attributable to Shareholders of Listed Company | 2,272,201,739.67 | 2,255,397,745.17 | 0.75% | [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **2.40 million yuan**, mainly from government subsidies, contributing to profit but not from core operations Non-recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 2,896,934.90 | | Gains and losses from disposal of non-current assets | -48,350.19 | | Net other non-operating income and expenses | -295,572.80 | | **Total** | **2,396,729.80** | [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) [Overview of Main Business](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, a pharmaceutical manufacturer, focuses on R&D, production, and sales of drugs across various therapeutic areas, achieving stable revenue and significant profit growth - The company's business covers multiple fields including anti-tumor, microbiology, cardiovascular and cerebrovascular, and heat-clearing and detoxifying drugs, with core products such as Compound Lactobacillus Acidophilus Tablets, Osteo-Gua Extract Preparations, and Xiaojin Pills[28](index=28&type=chunk)[29](index=29&type=chunk)[32](index=32&type=chunk) - During the reporting period, the company achieved operating revenue of **650 million yuan**, a year-on-year increase of **0.12%**; net profit attributable to the parent company was **16.80 million yuan**, a year-on-year increase of **34.77%**; and non-recurring net profit attributable to the parent company was **14.41 million yuan**, a year-on-year increase of **125.07%**[37](index=37&type=chunk) - The company's independently developed National Class 1.1 new drug, Amber Octahydroacridine Tablets (for the treatment of Alzheimer's disease), has received the "Acceptance Notice" for its marketing application from the National Medical Products Administration, and the new drug marketing application process is currently underway[39](index=39&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core competencies include product advantages, technological innovation, comprehensive industrial layout, experienced management team, and effective group control - **Product advantages**: The company offers a complete range of pharmaceutical dosage forms covering multiple therapeutic areas, with several well-known or exclusive products such as Compound Lactobacillus Acidophilus Tablets, Fengshi Qutong Capsules, and Xiaojin Pills[43](index=43&type=chunk) - **Technology advantages**: The company and its subsidiaries hold **45 invention patents** and **76 utility model patents**, with several patents pending, forming an intellectual property protection system for core products[44](index=44&type=chunk) - **Industrial layout advantages**: A business cluster has been formed by the headquarters and multiple subsidiaries, covering R&D and production systems for traditional Chinese medicine, chemical drugs, biological drugs, and innovative drugs, with investments in monoclonal antibody R&D and CRO enterprises[44](index=44&type=chunk) [Analysis of Main Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business revenue structure shifted, with traditional Chinese medicine revenue up **22.11%** and biochemical drug revenue down **9.72%**, while regional performance varied significantly Main Financial Data | Major Financial Data | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 649,983,808.44 | 649,181,711.75 | 0.12% | - | | Selling Expenses | 332,382,006.20 | 355,808,947.90 | -6.58% | - | | R&D Investment | 20,780,794.81 | 31,003,332.41 | -32.97% | Due to reduced investment in line with new drug R&D progress in this period | | Net Cash Flow from Operating Activities | 78,047,568.88 | 38,108,424.15 | 104.80% | Due to increased sales collection in this period | | Net Cash Flow from Financing Activities | 420,782.60 | 67,678,006.33 | -99.38% | Due to increased repayment of bank loans compared to the prior year period | Operating Revenue Composition (by Product) | Operating Revenue Composition (by Product) | Current Period Amount (Yuan) | Proportion (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Traditional Chinese Medicine | 263,630,295.42 | 40.56% | 22.11% | | Biochemical Drugs | 385,234,419.51 | 59.27% | -9.72% | | APIs | 668,216.37 | 0.10% | -88.98% | Operating Revenue Composition (by Region) | Operating Revenue Composition (by Region) | Current Period Amount (Yuan) | Proportion (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | North China Region | 149,989,888.87 | 23.08% | 54.42% | | East China Region | 206,011,973.51 | 31.69% | -27.79% | | South China Region | 68,011,518.20 | 10.46% | 55.67% | [Analysis of Non-Main Business](index=14&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-main business items had a minor impact on total profit, with most items being non-recurring, including investment income and fair value changes Non-Main Business Items | Item | Amount (Yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 158,727.11 | 0.66% | Equity method accounting gains/losses and debt restructuring gains/losses | Only equity method accounting gains/losses are sustainable | | Gains and Losses from Changes in Fair Value | -26,262.00 | -0.11% | Due to fluctuations in the fair value of held stocks | Not sustainable | | Asset Impairment | -186,083.51 | -0.77% | Due to provision for inventory depreciation | Sustainable | | Non-operating Income | 365,786.60 | 1.51% | Generated from non-operating activities | Not sustainable | | Non-operating Expenses | 661,359.40 | 2.73% | Generated from non-operating activities | Not sustainable | [Analysis of Assets and Liabilities](index=14&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 increased slightly to **4.54 billion yuan**, with stable asset structure; restricted assets, primarily for loan collateral, totaled **411 million yuan** Asset Items | Asset Item | Period-end Amount (Yuan) | Proportion of Total Assets (%) | Change from Period-start Proportion (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 343,686,786.24 | 7.58% | 1.46% | | Accounts Receivable | 513,987,637.44 | 11.33% | 0.19% | | Inventories | 367,547,372.85 | 8.10% | -0.42% | | Fixed Assets | 679,776,737.80 | 14.98% | -0.55% | Restricted Assets | Restricted Asset Item | Period-end Book Value (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 3,586,554.25 | Deposit Freeze | Deposit Freeze | | Fixed Assets | 353,333,116.52 | Mortgage | Loan Mortgage | | Intangible Assets | 54,085,009.69 | Pledge | Loan Pledge | | **Total** | **411,004,680.46** | - | - | [Analysis of Investment Status](index=16&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) Investment increased significantly to **9.86 million yuan**, primarily in construction projects for subsidiaries, progressing as planned - The investment amount for the reporting period was **9.86 million yuan**, a year-on-year increase of **348.19%**[60](index=60&type=chunk) Major Investment Projects | Project Name | Investment Method | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment (Yuan) | Project Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Shengtai Bio Phase III Construction Project | Self-built | 497,648.77 | 240,019,748.66 | 96.35% | | Yongkang Pharmaceutical Artificial Breeding Musk Deer Base Construction | Self-built | 5,522,878.29 | 19,335,918.72 | 70.24% | [Analysis of Major Holding and Participating Companies](index=17&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) Harbin Shengtai Biological Pharmaceutical Co., Ltd., a wholly-owned subsidiary, is a core business unit and major profit contributor, with revenue of **237.70 million yuan** and net profit of **28.52 million yuan** Key Financial Data of Major Subsidiary | Company Name | Company Type | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Harbin Shengtai Biological Pharmaceutical Co., Ltd. | Subsidiary | 271,934.62 | 76,408.87 | 23,769.68 | 3,647.01 | 2,852.03 | [Risks and Countermeasures](index=18&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 policy changes, new product development, quality control, environmental compliance, and raw material price volatility, addressed by strategic monitoring and management - The company has identified five major risks: * **Pharmaceutical industry policy risk**: Policies such as medical insurance cost control and volume-based procurement create competitive pressure[71](index=71&type=chunk) * **New product development risk**: New drug R&D involves long cycles, high investment, and uncertain success rates[72](index=72&type=chunk) * **Product quality risk**: Complex production processes involve many factors affecting quality[72](index=72&type=chunk) * **Environmental protection and safety production risk**: Increased regulatory requirements lead to higher related expenses[72](index=72&type=chunk) * **Raw material supply and price fluctuation risk**: Macroeconomic environment and environmental policies may affect costs and profitability[72](index=72&type=chunk) [Corporate Governance, Environment, and Society](index=19&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) [Changes in Directors, Supervisors, and Senior Management](index=19&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) Changes in the board of directors and supervisory board occurred, including the departure and election of independent directors, and the departure of supervisors Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Han Jiajun | Independent Director | Departure | February 10, 2025 | Personal reasons | | Zhao Wei | Independent Director | Elected | April 15, 2025 | Personal reasons | | Xu Changyou | Chairman of Supervisory Board | Departure | June 23, 2025 | Dismissal | | Yin Qiuting | Supervisor | Departure | June 23, 2025 | Dismissal | | Guo Meina | Supervisor | Departure | June 23, 2025 | Dismissal | [Profit Distribution Plan](index=19&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no profit distribution for the 2025 semi-annual period, including no cash dividends, bonus shares, or capital reserve conversions - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[75](index=75&type=chunk) [Environmental Information Disclosure](index=19&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 three main subsidiaries are listed as legally required environmental information disclosure enterprises and have complied with disclosure regulations - The listed company and its three main subsidiaries are included in the list of enterprises required to disclose environmental information by law[77](index=77&type=chunk) [Significant Matters](index=21&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) [Significant Guarantees](index=23&type=section&id=2%E3%80%81%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) Total actual guarantees amounted to **1.71 billion yuan**, representing **75.04%** of net assets, all for subsidiaries, with no external violations Significant Guarantees Metrics | Indicator | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total approved guarantee limit at period-end | 202,500 | | Total actual guarantee balance at period-end | 170,500 | | Proportion of actual total guarantees to company's net assets | 75.04% | | Amount of total guarantees exceeding 50% of net assets | 170,500 | - The company's guarantees are all provided to its subsidiaries, primarily Harbin Shengtai Biological Pharmaceutical Co., Ltd. and Chengdu Yongkang Pharmaceutical Co., Ltd.[98](index=98&type=chunk) [Entrusted Wealth Management](index=24&type=section&id=3%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) The company invested **0.96 million yuan** in broker wealth management products using its own funds, with **0.96 million yuan** outstanding, and no principal loss expected Entrusted Wealth Management | Type | Source of Funds | Amount of Entrusted Wealth Management (Ten Thousand Yuan) | Unexpired Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | Broker wealth management products | Own funds | 96.35 | 95.8 | [Share 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) [Share Change Status](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) Total share capital remained unchanged at **966,494,707 shares**, with **99.95%** unrestricted and **0.05%** restricted shares, maintaining a stable structure Share Types | Share Type | Quantity (Shares) | Proportion (%) | | :--- | :--- | :--- | | Restricted Shares | 487,026 | 0.05% | | Unrestricted Shares | 966,007,681 | 99.95% | | **Total Share Capital** | **966,494,707** | **100.00%** | [Shareholder Numbers and Shareholding](index=28&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 reporting period, there were **39,497** common shareholders, with the largest shareholder, Yu Lanjun, holding **19.66%**, mostly pledged - The total number of common shareholders at the end of the reporting period was **39,497**[111](index=111&type=chunk) Top Shareholders | Shareholder Name | Shareholding Proportion (%) | Shareholding Quantity at Period-end (Shares) | Share Status | | :--- | :--- | :--- | :--- | | Yu Lanjun | 19.66% | 190,000,000 | Pledged 150,000,000 | | Sun Changhao | 4.61% | 44,579,900 | Pledged 20,000,000 | | Li Jia | 4.51% | 43,599,900 | Pledged 32,700,000 | | Shanghai Mukai Trading Co., Ltd. | 4.21% | 40,670,000 | - | | Tang Xiaoni | 2.07% | 20,000,000 | Pledged 20,000,000 | | Tonghua Yongxin Investment Co., Ltd. | 2.07% | 20,000,000 | Pledged 10,000,000 | [Bond-Related Information](index=32&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) The company had no bond-related activities during the reporting period - The company had no bond-related information during the reporting period[118](index=118&type=chunk) [Financial Report](index=33&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) This section includes the unaudited 2025 semi-annual financial statements, comprising consolidated and parent company balance sheets, income statements, cash flow statements, and notes [Audit Report](index=33&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[120](index=120&type=chunk) [Financial Statements](index=33&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 as of June 30, 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Consolidated Balance Sheet](index=33&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, total assets were **4.54 billion yuan**, total liabilities **2.26 billion yuan**, and total equity attributable to parent company owners **2.27 billion yuan** Consolidated Balance Sheet | Item | Period-end Balance (Yuan) | Period-start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 4,536,621,550.02 | 4,483,618,602.64 | | Total Liabilities | 2,264,369,984.22 | 2,228,215,680.87 | | Total Equity Attributable to Parent Company Owners | 2,272,201,739.67 | 2,255,397,745.17 | [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) In the first half of 2025, total operating revenue was **650 million yuan**, total operating cost **627 million yuan**, total profit **24.20 million yuan**, and net profit **16.85 million yuan** Consolidated Income Statement | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 649,983,808.44 | 649,181,711.75 | | II. Total Operating Costs | 627,169,906.10 | 633,776,186.81 | | III. Operating Profit | 24,499,154.24 | 13,911,056.79 | | IV. Total Profit | 24,203,581.44 | 13,569,868.80 | | V. Net Profit | 16,848,644.03 | 12,351,414.08 | | Net Profit Attributable to Parent Company Shareholders | 16,803,994.50 | 12,468,342.98 | [Consolidated Cash Flow Statement](index=41&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) Net cash flow from operating activities was **78.05 million yuan**, significantly up year-on-year; net cash flow from investing activities was **-12.35 million yuan** Consolidated Cash Flow Statement | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 78,047,568.88 | 38,108,424.15 | | Net Cash Flow from Investing Activities | -12,351,348.24 | -16,837,671.53 | | Net Cash Flow from Financing Activities | 420,782.60 | 67,678,006.33 | | Net Increase in Cash and Cash Equivalents | 66,117,003.24 | 88,948,758.95 | [Notes to Financial Statements](index=53&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) This section details the company's basic information, basis of financial statement preparation, accounting policies, taxes, and notes to major consolidated financial statement items - The company operates in the pharmaceutical manufacturing industry, primarily engaged in the R&D, production, and sales of pharmaceutical products, with Yu Lanjun as the actual controller[164](index=164&type=chunk)[165](index=165&type=chunk) - A total of **17 subsidiaries** were included in the scope of consolidation for this period, with no changes compared to the prior period[166](index=166&type=chunk) [Other Submitted Data](index=189&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) [Investor Relations Activities](index=189&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 engaged in multiple investor relations activities through phone and online platforms, discussing new drug progress, annual performance, and strategy - The company conducted a total of **8 investor relations activities** during the reporting period, primarily through phone communication and online platforms, with core discussions revolving around the company's new drug development progress[1017](index=1017&type=chunk)

杭华油墨股份有限公司2025 年半年度报告 公司代码：688571 公司简称：杭华股份 杭华油墨股份有限公司 2025 年半年度报告 1 / 192 杭华油墨股份有限公司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、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司在生产经营过程中 可能面临的风险敬请查阅本报告"第三节 管理层讨论与分析"之"四、风险因素"部分内容，请 投资者予以关注。 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、 公司负责人邱克家、主管会计工作负责人邱克家及会计机构负责人（会计主管人员）王斌 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 ...

君禾泵业股份有限公司2025 年半年度报告 公司代码：603617 公司简称：君禾股份 君禾泵业股份有限公司 2025 年半年度报告 √适用 □不适用 1 / 170 君禾泵业股份有限公司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、 公司负责人张阿华、主管会计工作负责人范超春及会计机构负责人（会计主管人员）杨凯 妮声明：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 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，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 本报告中详述了可能存在的风 ...

[Important Notices, 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%92%8C%E9%87%8A%E4%B9%89) [Important Notices](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's boards and senior management guarantee the report's accuracy, and no dividend distribution is planned for this period - The company's Board of Directors, Board of Supervisors, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report's content[3](index=3&type=chunk) - The company's person in charge, chief accountant, and head of the accounting department declare the financial reports to be **true, accurate, and complete**[3](index=3&type=chunk) - The company plans **not to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's structure, covering key chapters such as company profile and management discussion - The report's table of contents is clearly structured, covering key sections including company profile, management discussion and analysis, corporate governance, significant events, shareholding changes, bond information, financial reports, and other submitted data[5](index=5&type=chunk) [Definitions](index=8&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms and company-related entities used throughout the report - This section defines regulatory bodies like the CSRC and SZSE, laws such as the Company Law, and names of Sichuan Yahua Industrial Group and its numerous subsidiaries and affiliates[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=9&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=9&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Sichuan Yahua Industrial Group Co, Ltd, stock code 002497, is listed on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Yahua Group | | Stock Code | 002497 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 四川雅化实业集团股份有限公司 | | Legal Representative | Meng Yan | [Contacts and Contact Methods](index=9&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 Zheng Lu and the Securities Affairs Representative is Zhang Longyan Contact Information | Position | Name | Contact Address | Phone/Fax | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zheng Lu | 23/F, Building 1, Hangxing International Plaza, No 66 Tianfu 4th Street, High-tech Zone, Chengdu, Sichuan | 028-85325316 | zl@scyahua.com | | Securities Affairs Representative | Zhang Longyan | 23/F, Building 1, Hangxing International Plaza, No 66 Tianfu 4th Street, High-tech Zone, Chengdu, Sichuan | 028-85325316 | zly@scyahua.com | [Other Information](index=9&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 other relevant information remained unchanged during the period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17](index=17&type=chunk) - The locations for information disclosure and document preparation remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=10&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue declined while net profit attributable to shareholders grew, though operating cash flow significantly decreased Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating revenue | 3,422,524,444.82 | 3,935,824,375.14 | -13.04% | | Net profit attributable to shareholders of the listed company | 135,773,272.26 | 102,182,368.32 | 32.87% | | Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses | 75,365,031.80 | 75,490,827.52 | -0.17% | | Net cash flow from operating activities | -346,376,730.62 | 398,085,946.60 | -187.01% | | Basic earnings per share (yuan/share) | 0.1178 | 0.0887 | 32.81% | | Diluted earnings per share (yuan/share) | 0.1178 | 0.0887 | 32.81% | | Weighted average return on equity | 1.29% | 0.99% | 0.30% | | **Period-End Indicators** | **End of Current Period (yuan)** | **End of Prior Year (yuan)** | **Change from Prior Year-End** | | Total assets | 13,856,167,857.20 | 14,057,649,304.08 | -1.43% | | Net assets attributable to shareholders of the listed company | 10,646,218,753.76 | 10,424,373,011.51 | 2.13% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=10&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) No discrepancies exist between financial reports prepared under Chinese accounting standards and international or foreign standards - The company had no discrepancies in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) - The company had no discrepancies in net profit or net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards during the reporting period[22](index=22&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=10&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 60.41 million yuan, mainly from asset disposals, government grants, and fair value changes Non-recurring Profit and Loss Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 2,544,666.31 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations) | 34,865,793.81 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses, excluding hedging activities | 20,982,864.51 | | Other non-operating income and expenses besides the above items | 13,724,538.32 | | Less: Income tax effect | 11,450,783.68 | | Minority interest effect (after tax) | 258,838.81 | | **Total** | **60,408,240.46** | [Management Discussion and Analysis](index=12&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) [Principal Business Activities during the Reporting Period](index=12&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main operations cover lithium and civil explosives, with both industries facing distinct market dynamics [(I) Industry Development](index=12&type=section&id=(%E4%B8%80)%20%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The new energy market grew with policy support, while the civil explosives industry saw stable demand amid increased competition - In the first half of 2025, China's new energy vehicle production and sales reached **6.97 million** and **6.94 million units**, up **41.4%** and **40.3%** YoY, respectively[31](index=31&type=chunk) - From January to June 2025, total power battery installation was **299.6 GWh**, a YoY increase of **47.3%**, with LFP batteries accounting for **81.4%** of the total at **244.0 GWh**[35](index=35&type=chunk) - In the first half of the year, China's cumulative lithium carbonate output was **386,000 tons**, up **29.0%** YoY, while lithium hydroxide output was **203,000 tons**, down **8.1%** YoY[38](index=38&type=chunk) - In the first half of the year, civil explosives manufacturers produced and sold **2.08 million tons** and **2.08 million tons** of industrial explosives, up **0.20%** and **0.23%** YoY, respectively[44](index=44&type=chunk) - In the first half of the year, civil explosives manufacturers achieved a total production value of **18.75 billion yuan**, down **2.71%** YoY, and a total profit of **4.44 billion yuan**, down **4.07%** YoY[46](index=46&type=chunk) [(II) Company's Main Business, Products, and Uses](index=15&type=section&id=(%E4%B8%80)%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company operates in lithium and civil explosives, with integrated services from mining to production and transportation - The company owns the Lijiagou Lithium Mine in Sichuan and the Kamativi Lithium Mine in Zimbabwe, with proven lithium oxide resources of **502,200 tons** and **304,026 tons**, respectively[50](index=50&type=chunk)[51](index=51&type=chunk) - The company's current comprehensive design capacity for lithium salts is **99,000 tons**, expected to reach **130,000 tons** by the end of 2025[52](index=52&type=chunk) - The company has a licensed production capacity of over **260,000 tons** of explosives and nearly **90 million** industrial detonators, ranking among the top in the industry[54](index=54&type=chunk) - The company's transportation business is the largest enterprise for Class 1 hazardous chemical transportation in Sichuan Province, providing transport services for civil explosives and hazardous chemicals[58](index=58&type=chunk) [(III) Business Model](index=18&type=section&id=(%E4%B8%89)%20%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs centralized procurement, market-driven production, and customer-oriented sales strategies - The company implements centralized procurement for major materials, utilizing platforms like SRM, WMS, and the Yahua e-commerce platform for coordinated material management[60](index=60&type=chunk) - Production enterprises independently arrange production plans based on market demand and reduce costs through technological upgrades and digital transformation[60](index=60&type=chunk) - The company targets leading and high-growth enterprises, focusing on long-term strategic relationships and agreements, cultivating a high-quality and stable domestic and international customer base[60](index=60&type=chunk) [(IV) Industry Characteristics and Market Position](index=18&type=section&id=(%E5%9B%9B)%20%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E7%89%B9%E5%BE%81%E5%8F%8A%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) The company is a leading producer of battery-grade lithium hydroxide and a top-tier enterprise in China's civil explosives industry - The company is a major producer of lithium salt products, especially battery-grade lithium hydroxide, with long-term partnerships with leading companies like **TESLA, SK ON, LGES, LGC, Panasonic, and CATL**[61](index=61&type=chunk) - The production and sale of civil explosives are subject to a strict licensing system, creating industry entry barriers and regional characteristics[62](index=62&type=chunk) - The company is one of the leading enterprises in China's civil explosives industry, ranking **fourth in production value in 2024**, with its digital electronic detonator production and sales volume ranking first for several consecutive years[63](index=63&type=chunk) [(V) Analysis of Company Performance Drivers](index=19&type=section&id=(%E4%BA%94)%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0%E5%88%86%E6%9E%90) Revenue decreased due to falling lithium prices, but net profit grew, supported by stable performance from the civil explosives business 2025 H1 Company Performance Overview | Indicator | Amount (billion yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 3.42 | -13.04% | | Net Profit Attributable to Shareholders | 0.14 | 32.87% | | Civil Explosives Business Operating Revenue | 1.47 | 3.7% | | Civil Explosives Business Net Profit Attributable to Parent | 0.25 | 2.4% | | Lithium Business Operating Revenue | 1.76 | - | | Lithium Business Net Profit Attributable to Parent | -0.13 | - | - Demand from long-term lithium salt contract customers remains stable, and lithium concentrate from the Kamativi mine in Zimbabwe has been used in production, increasing self-sufficiency and positively impacting costs[65](index=65&type=chunk) - Exports of civil explosives have grown significantly, and the overall profitability of the civil explosives business is stable, providing strong performance support for the company[65](index=65&type=chunk) - In the second half of the year, the company will continue to improve lithium recovery rates, enhance the grade of self-owned lithium concentrate, optimize production processes, and use green electricity from mines to reduce costs in the lithium business[66](index=66&type=chunk) - In the second half of the year, the civil explosives business will actively expand in key regional markets such as Sichuan, Tibet, Xinjiang, Inner Mongolia, and Shanxi, and implement an international development strategy to expand overseas sales and blasting services[66](index=66&type=chunk) [Core Competitiveness Analysis](index=19&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its dual-business strategy, resource security, customer base, and technological advantages [(I) Core Competitiveness of the Lithium Business](index=19&type=section&id=(%E4%B8%80)%20%E9%94%82%E4%B8%9A%E5%8A%A1%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B) The lithium business benefits from resource security, a high-quality customer base, large-scale production, and advanced technology - The company has a dual guarantee mechanism of "self-controlled mines + external procurement" through controlling lithium resources and long-term offtake agreements; Kamativi lithium concentrate production is expected to reach **280,000 tons** this year and **350,000 tons** next year[67](index=67&type=chunk) - In H1 2025, revenue from top-tier customers in the lithium business accounted for **91%**, with long-term partnerships established with industry leaders like **TESLA, SK ON, and LGES**[68](index=68&type=chunk) - After the completion of the high-grade lithium salt production line at Ya'an Lithium, the company's comprehensive lithium salt capacity will reach **130,000 tons**[69](index=69&type=chunk) - The company's Ya'an lithium salt production line uses advanced equipment, with process technology and equipment levels leading domestically; it has participated in setting multiple national and industry standards[70](index=70&type=chunk) - The company's lithium salt production sites are located in Southwest China, offering a natural green energy advantage; its **Wind ESG rating is stable at AA**, ranking among the top in the industry[72](index=72&type=chunk) [(II) Core Competitiveness of the Civil Explosives Business](index=20&type=section&id=(%E4%BA%8C)%20%E6%B0%91%E7%88%86%E4%B8%9A%E5%8A%A1%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B) The civil explosives business has advantages in regional markets, integrated services, production capacity, and international presence - The company's civil explosives production bases are mainly located in the central area of China's western development and mineral-rich provinces, with markets covering Sichuan, Tibet, Shanxi, Inner Mongolia, and Xinjiang[74](index=74&type=chunk) - The company's civil explosives industry chain covers the entire process from R&D, production, sales, to blasting services, with strategic cooperation agreements signed with large state-owned enterprises like CRCC and PowerChina[77](index=77&type=chunk) - The company has a licensed production capacity of over **260,000 tons** of explosives and nearly **90 million** industrial detonators, ranking sixth nationally in scale, with digital electronic detonator production and sales leading the industry for years[78](index=78&type=chunk) - The company owns the only national-level enterprise technology center in the civil explosives industry, and its flexible and intelligent production line for electronic detonator assembly and packaging has been certified by the MIIT as reaching an international leading level[79](index=79&type=chunk) - The company is the first domestic civil explosives enterprise to implement overseas M&A, holding over **60% market share** in New Zealand and actively expanding its overseas mining services in Africa and Australia[80](index=80&type=chunk) [(III) Management and Profitability Advantages](index=21&type=section&id=(%E4%B8%89)%20%E7%AE%A1%E7%90%86%E5%8F%8A%E7%9B%88%E5%88%A9%E8%83%BD%E5%8A%9B%E4%BC%98%E5%8A%BF) The dual-business strategy, experienced management, and digital transformation contribute to stable profitability and cash flow - The company adheres to a dual-core business strategy of lithium and civil explosives, achieving unified resource allocation and coordinated regional markets, resulting in significant synergies[82](index=82&type=chunk) - The company has a diligent, dedicated, and highly executive management team, along with a reserve of international business talent[83](index=83&type=chunk) - The company has built an intelligent manufacturing information platform, enabling real-time monitoring and analysis of production processes and enhancing the efficiency and safety of its chemical manufacturing operations[84](index=84&type=chunk) - The company's dual businesses are synergistic, with stable overall cash flow and a **21% asset-liability ratio**, demonstrating comparable advantages in market share and return on net assets[85](index=85&type=chunk) [(IV) Patent Portfolio Advantage](index=22&type=section&id=(%E5%9B%9B)%20%E4%B8%93%E5%88%A9%E5%B8%83%E5%B1%80%E4%BC%98%E5%8A%BF) The company possesses a strong patent portfolio supported by multiple innovation platforms and collaborations - The company relies on multiple innovation platforms, including a national enterprise technology center, and has established comprehensive cooperation with universities and research institutions like Central South University[86](index=86&type=chunk) - In H1 2025, the company was granted **18 patents**, including 1 invention patent and 17 utility model patents[86](index=86&type=chunk) - As of the end of June 2025, the company held a total of **711 patents** (120 invention patents, 591 utility model patents) and **37 software copyrights**[86](index=86&type=chunk) [Analysis of Main Business Operations](index=22&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 the lithium sector, while the civil explosives and transportation sectors showed growth Operating Revenue Composition (by Industry) | Industry | Current Period Amount (yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Lithium Industry | 1,763,885,723.66 | 51.54% | -26.28% | | Civil Explosives Industry | 1,465,064,554.36 | 42.81% | 3.69% | | Transportation Industry | 193,574,166.80 | 5.65% | 48.56% | YoY Changes in Key Financial Data | Indicator | YoY Change | Reason for Change | | :--- | :--- | :--- | | Operating revenue | -13.04% | - | | Operating costs | -15.70% | - | | Administrative expenses | 10.43% | - | | Financial expenses | -25,476.32% | Increased foreign exchange business and enhanced exchange rate management led to a significant increase in exchange gains | | Income tax expense | 81.82% | The company's performance significantly improved compared to the same period last year, leading to an increase in taxes payable | | Net cash flow from operating activities | -187.01% | Changes in settlement methods for some lithium resource purchases and increased procurement volume led to a substantial increase in operating cash payments | | Net cash flow from investing activities | 131.15% | A decrease in the company's wealth management funds | | Net cash flow from financing activities | 74.56% | An increase in external borrowings during the reporting period to meet business scale and operational needs | Licensed Production Capacity of Civil Explosive Products | Product Category | Licensed Capacity | Capacity Utilization Rate | | :--- | :--- | :--- | | Industrial Explosives | 262,500 tons | 38.40% | | Industrial Detonators | 87.77 million units | 38.60% | | Industrial Detonating Cords | 23 million meters | 29.11% | | Plastic Detonating Tubes | 100 million meters | 3.90% | - During the reporting period, the company and its subsidiaries strictly carried out special safety production rectifications and actively promoted intelligent manufacturing, resulting in a stable and orderly safety situation[98](index=98&type=chunk) - The company's overseas operations are mainly in New Zealand, Australia, Zimbabwe, Namibia, and Singapore, primarily engaged in the production and sales of civil explosives, blasting services, and lithium mining and processing[102](index=102&type=chunk) [Analysis of Non-Core Business](index=28&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 government grants, significantly impacted the total profit Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | % of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment income | 23,639,828.41 | 14.86% | Sustainable | | Fair value change gains and losses | -3,625,377.85 | -2.28% | Not sustainable | | Asset impairment | -44,337,625.49 | -27.86% | Not sustainable | | Non-operating income | 16,118,860.30 | 10.13% | Not sustainable | | Non-operating expenses | 2,394,321.98 | 1.50% | Not sustainable | | Other income | 35,111,608.82 | 22.06% | Not sustainable | | Credit impairment losses | -3,444,854.94 | -2.16% | Not sustainable | [Analysis of Assets and Liabilities](index=29&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 slightly decreased, while net assets attributable to shareholders grew, with notable changes in fixed assets and cash Significant Changes in Asset Composition | Item | End of Current Period Amount (yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 1,801,714,411.81 | 13.00% | -0.72% | | Accounts receivable | 1,017,609,702.99 | 7.34% | 0.66% | | Inventories | 1,686,003,061.37 | 12.17% | 0.47% | | Fixed assets | 2,739,553,358.65 | 19.77% | 1.34% | | Construction in progress | 600,042,667.44 | 4.33% | 0.51% | | Short-term borrowings | 250,426,355.61 | 1.81% | 0.44% | | Contract liabilities | 92,708,168.67 | 0.67% | 0.56% | | Long-term borrowings | 421,923,735.87 | 3.05% | 0.72% | Key Overseas Assets | Asset Description | Asset Scale (yuan) | Location | Operating Model | Income Status (yuan) | % of Company's Net Assets | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | KMC (Kamativi Mining Company) | 1,671,989,677.25 | Zimbabwe | Lithium mining | -174,929,863.34 | 15.32% | No | - As of the end of the reporting period, the total amount of restricted assets was **153,257,160.22 yuan**, mainly including cash, notes receivable financing, notes receivable, fixed assets, and intangible assets used as security deposits or pledges/mortgages[111](index=111&type=chunk) [Investment Analysis](index=30&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) Investment activities focused on major lithium projects, securities, and hedging with lithium carbonate futures Investment Amount during the Reporting Period | Indicator | Amount (yuan) | | :--- | :--- | | Investment during the reporting period | 429,254,506.29 | | Investment during the same period last year | 418,524,595.48 | | Change | 2.56% | Major Non-Equity Investment Projects | Project Name | Investment Method | Industry | Investment this Period (yuan) | Cumulative Investment to Date (yuan) | Estimated Return (yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | High-Grade Lithium Battery New Energy Materials Production Line Construction Project | Self-built | Lithium Industry | 279,655,690.61 | 1,254,568,971.23 | 4,996,885,800.00 | 49.59% | | Kamativi Lithium Mine Resource Construction Project | Self-built | Lithium Industry | 20,376,562.85 | 993,599,000.13 | N/A | 96.48% | - From January to June 2025, the company engaged in lithium carbonate futures hedging to effectively control product price volatility, achieving a total actual gain of **10.54 million yuan**[116](index=116&type=chunk) - The net proceeds of **1.487 billion yuan** from the company's non-public offering of shares have been fully received; as of June 30, 2025, a cumulative total of **1.540 billion yuan** has been used, with the excess funds primarily from interest income and wealth management returns[120](index=120&type=chunk) - The "High-Grade Lithium Battery New Energy Materials Production Line Construction Project" has been partially postponed to December 2025 to align with changes in lithium battery market demand[123](index=123&type=chunk)[124](index=124&type=chunk) [Sale of Major Assets and Equity](index=38&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 sales of assets or equity occurred during the reporting period - The company did not sell any major assets during the reporting period[127](index=127&type=chunk) - The company did not sell any major equity stakes during the reporting period[128](index=128&type=chunk) [Analysis of Major Subsidiaries and Investees](index=38&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 company's performance is influenced by key subsidiaries in transportation, lithium, and civil explosives sectors Key Subsidiaries and Investees (with >10% impact on net profit) | Company Name | Type | Main Business | Registered Capital (10k yuan) | Operating Revenue (10k yuan) | Net Profit (10k yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Transportation Company | Subsidiary | Hazardous chemical transport | 6,120.00 | 25,587.33 | 945.32 | | Xingsheng Lithium | Subsidiary | Lithium salt production, sales | 10,000.00 | 34,058.56 | -27,821.41 | | Hong Kong Company | Subsidiary | Lithium material sales | 29,955.69 (10k HKD) | 14,330.68 | 11,281.33 | | Ya'an Lithium | Subsidiary | Lithium salt production, sales | 50,000.00 | 170,677.23 | 1,383.06 | | Guoli Company | Subsidiary | Lithium salt production, sales | 2,391.15 | 10,486.37 | -2,653.27 | | Civil Explosives Group | Subsidiary | Civil explosives, blasting | 10,000.00 | 153,108.36 | 31,649.98 | | Nengtou Lithium | Investee | Lithium business | 12,205.66 | 26,353.50 | -5,493.86 | | Jinaobo | Investee | Civil explosives | 34,761.4197 | 82,479.93 | 9,764.23 | Subsidiaries Acquired and Disposed of During the Reporting Period | Company Name | Acquisition/Disposal Method | Impact on Overall Operations and Performance (10k yuan) | | :--- | :--- | :--- | | Jiyang Blasting | M&A | 49.77 | | Kang'an Civil Explosives | M&A | 33.68 | | Shun'an Blasting | M&A | 0 | | Guanghe Civil Explosives | M&A | 0 | [Structured Entities Controlled by the Company](index=39&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) Certain branch companies are included in the consolidation scope as the Group bears their risks and rewards - Branches such as Shengda, Ju'an, Sanjiang Civil Explosives, Shun'an Blasting, and Guanghe Civil Explosives are included in the consolidation scope as the Group enjoys their returns and bears their risks[131](index=131&type=chunk) - Most branches of Jinheng Civil Explosives and Jinheng Transportation are not consolidated because they operate on an independent accounting and self-sustaining basis, and the Group does not have control[132](index=132&type=chunk) [Risks and Countermeasures](index=40&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 macroeconomic, industry cycle, market competition, and safety risks, with corresponding mitigation strategies in place - **Macroeconomic instability risk**: Slow global economic recovery, geopolitical tensions, and trade frictions constrain the company's global development strategy[133](index=133&type=chunk) - **Industry cyclicality risk**: Oversupply in the lithium industry puts pressure on prices; the civil explosives industry is affected by infrastructure construction and raw material price fluctuations[134](index=134&type=chunk) - **Increased market competition risk**: Expansion by lithium salt companies and new entrants intensify competition; deep integration and product homogenization in the civil explosives industry lead to price pressure[138](index=138&type=chunk) - **Safety and environmental risks**: The lithium business involves hazardous chemical management and environmental impacts from mining; civil explosives are flammable and explosive[140](index=140&type=chunk) - **Countermeasures**: Deepen global strategic cooperation, prudently advance overseas investments, strengthen core competitiveness, adjust capacity planning and market strategies, use hedging, optimize the civil explosives business structure, centralize procurement, and improve safety and environmental management systems[133](index=133&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk)[141](index=141&type=chunk) [Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=42&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 established a market value management system to enhance investment value and shareholder returns - The company has formulated the "Yahua Group Market Value Management System" to strengthen market value management, promote investment value enhancement, and increase investor returns[143](index=143&type=chunk) [Implementation of the "Dual Improvement of Quality and Returns" Action Plan](index=42&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%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 Improvement of Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement of Quality and Returns" action plan[144](index=144&type=chunk) [Corporate Governance, Environment, and Society](index=42&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) [Changes in Directors, Supervisors, and Senior Management](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred among the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[145](index=145&type=chunk) [Profit Distribution and Capitalization of Capital Reserves for the Reporting Period](index=42&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 or issue bonus shares for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[146](index=146&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=42&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 implemented its 2025 Employee Stock Ownership Plan, recognizing related share-based payment expenses - The company did not implement any equity incentive plans[147](index=147&type=chunk) 2025 Employee Stock Ownership Plan Overview | Item | Content | | :--- | :--- | | Plan Name | 2025 Employee Stock Ownership Plan | | Number of Participants | 57 | | Number of Shares Held (shares) | 10,000,054 | | % of Total Company Share Capital | 0.87% | | Source of Funds | Employee legal remuneration, self-raised funds, and other methods permitted by laws and regulations | - The total expense recognized for equity-settled share-based payments in H1 2025 was **16,666,756.67 yuan**[150](index=150&type=chunk) - There were no other employee incentive measures during the reporting period[150](index=150&type=chunk) [Environmental Information Disclosure](index=43&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 key subsidiaries are included in the list of enterprises required to disclose environmental information - The company and its main subsidiaries, Yahua Lithium (Ya'an) Co, Ltd and Sichuan Guoli Lithium Materials Co, Ltd, are included in the list of enterprises required to disclose environmental information by law[151](index=151&type=chunk) - Relevant environmental information disclosure reports can be accessed through the Enterprise Environmental Information Disclosure System (Sichuan)[151](index=151&type=chunk) [Social Responsibility](index=44&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 in governance, ethics, environment, safety, employee care, and community engagement - The company continuously improves its corporate governance structure and has established information disclosure and investor relations systems to protect the rights of shareholders, especially minority shareholders[153](index=153&type=chunk) - The company adheres to the core value of "compliant operation, integrity in practice," has formulated anti-corruption policies, and conducts compliance training[154](index=154&type=chunk) - The company complies with national laws like the Environmental Protection Law, has built a five-level environmental management system, and follows a "3+4+N" climate strategy towards carbon neutrality by 2060[154](index=154&type=chunk)[156](index=156&type=chunk) - The company has established an integrated occupational health and safety management system covering the entire group, implementing a three-level safety risk control mechanism for high-risk business units[157](index=157&type=chunk) - The company actively responds to national poverty alleviation and rural revitalization calls, carrying out the "Building a Safe New Countryside" initiative and donating to rural sports[159](index=159&type=chunk) [Significant Events](index=46&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) [Fulfillment of Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company during the Reporting Period and Commitments Overdue at the End of the Reporting Period](index=46&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) No commitments were fulfilled or overdue by the company or its related parties during the reporting period - There were no commitments fulfilled during the reporting period or overdue at the end of the reporting period by the company's actual controller, shareholders, related parties, acquirers, or the company itself[161](index=161&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=46&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 period - During the reporting period, there was no non-operating fund occupation of the listed company by its controlling shareholders or other related parties[162](index=162&type=chunk) [Irregular External Guarantees](index=46&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[163](index=163&type=chunk) [Appointment and Dismissal of Accounting Firm](index=46&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 report has not been audited[164](index=164&type=chunk) [Explanation by the Board of Directors and Board of Supervisors on the "Non-standard Audit Report" for the Current Period](index=46&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%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%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report for the period - There is no explanation from the Board of Directors or Board of Supervisors regarding a "non-standard audit report" from the accounting firm for the current reporting period[165](index=165&type=chunk) [Explanation by the Board of Directors on the "Non-standard Audit Report" from the Previous Year](index=46&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%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report in the previous year - There is no explanation from the Board of Directors regarding a "non-standard audit report" from the previous year[165](index=165&type=chunk) [Bankruptcy and Reorganization Matters](index=46&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) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[165](index=165&type=chunk) [Litigation Matters](index=46&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[166](index=166&type=chunk) [Penalties and Rectifications](index=47&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) No penalties or rectifications occurred during the reporting period - There were no penalties or rectifications during the reporting period[167](index=167&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controller](index=47&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) The company and its controlling parties maintained a good integrity record with no unfulfilled legal obligations - During the reporting period, the company, its controlling shareholders, and actual controller had no unfulfilled obligations from effective court judgments or large outstanding debts that were due[168](index=168&type=chunk) [Major Related Party Transactions](index=47&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 occurred during the reporting period - The company had no related party transactions related to daily operations during the reporting period[169](index=169&type=chunk) - The company had no related party transactions involving the acquisition or sale of assets or equity during the reporting period[170](index=170&type=chunk) - The company had no joint external investment related party transactions during the reporting period[171](index=171&type=chunk) - There were no related party credit or debt transactions during the reporting period[172](index=172&type=chunk) - There were no deposits, loans, credit lines, or other financial services between the company and any related finance companies[173](index=173&type=chunk) - There were no deposits, loans, credit lines, or other financial services between the company's controlled finance companies and related parties[174](index=174&type=chunk) - The company had no other major related party transactions during the reporting period[175](index=175&type=chunk) [Major Contracts and Their Performance](index=48&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 had no major custody or lease contracts but provided significant guarantees to subsidiaries and engaged in wealth management - The company had no custody, contracting, or leasing arrangements during the reporting period[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) Major Guarantees for Subsidiaries | Guaranteed Party | Guarantee Limit (10k yuan) | Actual Guarantee Amount (10k yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Jinheng Company | 30,000 | 2,000 | One year | Yes | | Jinheng Company | 10,000 | 2,000 | 1.5 years | No | | Hong Kong Company | 107,826 | 10,000 | One year | No | Entrusted Wealth Management | Type | Amount Entrusted (10k yuan) | Outstanding Balance (10k yuan) | | :--- | :--- | :--- | | Bank wealth management products | 220,878.73 | 109,977.06 | | Total | 220,878.73 | 109,977.06 | - The company had no other major contracts during the reporting period[182](index=182&type=chunk) [Explanation of Other Major Events](index=50&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) The company utilized proceeds from a non-public offering for a lithium project and implemented an employee stock ownership plan - The company used proceeds from a non-public offering for the Ya'an Lithium 50,000-ton battery-grade lithium hydroxide and 11,000-ton lithium chloride project, and approved a partial project extension on April 28, 2025[183](index=183&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - The company approved and implemented the 2025 Employee Stock Ownership Plan on January 16, 2025, and has transferred 10,000,054 shares to the plan's account via non-trade transfer[187](index=187&type=chunk)[188](index=188&type=chunk) [Major Events of Company Subsidiaries](index=52&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) Information on major events concerning subsidiaries is detailed in the "Other Major Events" section - For major events involving subsidiaries, please refer to "Section V, XIII. Explanation of Other Major Events"[189](index=189&type=chunk) [Share Capital Changes and Shareholder Information](index=53&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) [Changes in Share Capital](index=53&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 during the reporting period Share Capital Changes | Share Class | Pre-Change Quantity (shares) | Pre-Change Ratio | Change (+/- shares) | Post-Change Quantity (shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 94,011,180 | 8.16% | 0 | 94,011,180 | 8.16% | | II. Unrestricted Shares | 1,058,551,340 | 91.84% | 0 | 1,058,551,340 | 91.84% | | III. Total Shares | 1,152,562,520 | 100.00% | 0 | 1,152,562,520 | 100.00% | - The reasons for share changes, approval status, transfer details, progress of share buybacks, and implementation of share buyback reductions through centralized bidding are not applicable or unchanged during the reporting period[193](index=193&type=chunk) [Securities Issuance and Listing](index=54&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) No securities were issued or listed during the reporting period - There were no securities issued or listed during the reporting period[193](index=193&type=chunk) [Number of Shareholders and Shareholdings](index=54&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) The company had 111,036 common shareholders at the end of the period, with Zheng Rong as the largest shareholder - At the end of the reporting period, the total number of common shareholders was **111,036**[194](index=194&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zheng Rong | Domestic Individual | 10.20% | 117,519,340 | 88,139,505 | 29,379,835 | | Zhang Ting | Domestic Individual | 3.64% | 41,900,000 | 0 | 41,900,000 | | HKSCC NOMINEES LIMITED | Other | 1.28% | 14,782,019 | 0 | 14,782,019 | | China Life Insurance Company Limited - Traditional - General Insurance Product - 005L - Shanghai CT001 | Other | 1.21% | 13,963,739 | 0 | 13,963,739 | | Shanghai Pudong Development Bank Co, Ltd - Invesco Great Wall New Energy Industry Equity Fund | Other | 1.15% | 13,213,600 | 0 | 13,213,600 | - The company's controlling shareholder, Ms Zheng Rong, and Ms Zhang Ting are immediate family members, indicating a related party relationship[195](index=195&type=chunk) - Among the top 10 shareholders, Zhang Ting holds 27,800,000 shares through an investor credit securities account, and Ruan Caiyou holds 7,678,829 shares through an investor credit securities account[196](index=196&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=56&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 directors, supervisors, or senior management during the period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[197](index=197&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=57&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[198](index=198&type=chunk) - The company's actual controller did not change during the reporting period[198](index=198&type=chunk) [Information on Preferred Shares](index=58&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 shares during the reporting period - The company had no preferred shares during the reporting period[199](index=199&type=chunk) [Bond-related Information](index=59&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 Information](index=59&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[201](index=201&type=chunk) [Financial Report](index=60&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) [Audit Report](index=60&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[203](index=203&type=chunk) [Financial Statements](index=60&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 company's consolidated and parent company financial statements for the semi-annual period of 2025 - The consolidated balance sheet shows total assets of **13.86 billion yuan** and total equity attributable to parent company owners of **10.65 billion yuan** at the end of the period[207](index=207&type=chunk) - The consolidated income statement shows total operating revenue of **3.42 billion yuan**, net profit of **86.90 million yuan**, and net profit attributable to parent company shareholders of **135.77 million yuan** for the period[213](index=213&type=chunk)[214](index=214&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-346.38 million yuan** and net cash flow from investing activities of **460.02 million yuan**[219](index=219&type=chunk)[220](index=220&type=chunk) [Company Basic Information](index=78&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) Sichuan Yahua Industrial Group Co, Ltd was listed on the Shenzhen Stock Exchange on November 9, 2010 - Sichuan Yahua Industrial Group Co, Ltd was listed on the Shenzhen Stock Exchange on November 9, 2010, with the stock code SZ.002497[239](index=239&type=chunk) - As of June 30, 2025, the company's total share capital was **1,152.56 million yuan**, with a total of **1,152.56 million shares**[239](index=239&type=chunk) - The company's main business includes the production and sale of lithium series products, chemical products, and civil explosives, as well as hazardous goods transportation, engineering blasting services, and investment in new materials and new energy projects[240](index=240&type=chunk) [Basis of Preparation of Financial Statements](index=78&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 in accordance with the Enterprise Accounting Standards and on a going concern basis - The Group's financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance, along with their application guides, interpretations, and other relevant regulations[242](index=242&type=chunk) - The financial statements are prepared on a going concern basis[243](index=243&type=chunk) [Significant Accounting Policies and Estimates](index=78&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 accounting policies followed in preparing the financial statements, covering a wide range of items - These financial statements comply with the requirements of the Enterprise Accounting Standards, providing a true, accurate, and complete reflection of the company's and the group's financial position, operating results, and cash flows[245](index=245&type=chunk) - The Group uses the Renminbi (RMB) as its functional currency, with the accounting period being the calendar year from January 1 to December 31, and a 12-month operating cycle[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) - The Group classifies financial assets based on its business model for managing them and their contractual cash flow characteristics into categories measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[261](index=261&type=chunk) - The Group recognizes impairment and loss provisions for financial assets measured at amortized cost, contract assets, and lease receivables based on expected credit losses[270](index=270&type=chunk) - The Group recognizes revenue when it has fulfilled its performance obligations in a contract, which is when the customer obtains control of the related goods or services[322](index=322&type=chunk) - The Group's hedging is classified as cash flow hedging, where the effective portion of gains or losses on the hedging instrument is recognized directly in other comprehensive income[348](index=348&type=chunk)[350](index=350&type=chunk) [Taxes](index=99&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the main taxes and tax rates applicable to the company, along with various tax incentives enjoyed Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13.00%, 9.00%, 6.00%, 1.00%, 3.00% | | Urban Maintenance and Construction Tax | 1.00%, 5.00%, 7.00% | | Education Surcharge | 3.00% | | Local Education Surcharge | 2.00% | | Property Tax | 1.20%, 12.00% | | Corporate Income Tax | 15.00%, 16.50%, 17.00%, 20.00%, 25.00%, 28.00%, 30.00%, 32.00%, 33.00% | - Several of the company's subsidiaries enjoy a preferential corporate income tax rate of **15.00%** under the Western Development Program[363](index=363&type=chunk) - Santai, Hengtai, Zhongding, Mianyang, Keda, and Jinheng companies are recognized as high-tech enterprises and enjoy a preferential corporate income tax rate of **15.00%**[365](index=365&type=chunk)[366](index=366&type=chunk) - Anxiang Logistics, Keda Transportation, Rongguangtong, and Heng'an Transportation benefit from preferential tax policies for small and micro enterprises[367](index=367&type=chunk) - Mianyang, Santai, Hengtai, Keda, and Jinheng companies benefit from the VAT super-deduction policy for advanced manufacturing enterprises[371](index=371&type=chunk) - 15 companies, including Ya'an Lithium and Xingsheng Lithium, are eligible for a **100% super-deduction** on R&D expenses for tax purposes[372](index=372&type=chunk) [Notes to Consolidated Financial Statement Items](index=103&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 disclosures on each item in the consolidated financial statements, including balances and changes - At period-end, cash and cash equivalents balance was **1.80 billion yuan**, with **123.43 million yuan** held overseas[379](index=379&type=chunk) - At period-end, trading financial assets amounted to **1.10 billion yuan**, primarily consisting of wealth management products[381](index=381&type=chunk) - At period-end, the carrying value of accounts receivable was **1.02 billion yuan**, with a bad debt provision rate of **12.37%**[396](index=396&type=chunk) - At period-end, the carrying value of inventories was **1.69 billion yuan**, with a total provision for inventory write-down and contract fulfillment cost impairment of **116.75 million yuan**[447](index=447&type=chunk)[449](index=449&type=chunk) - At period-end, the carrying value of fixed assets was **2.73 billion yuan**, and construction in progress was **594.21 million yuan**[466](index=466&type=chunk)[476](index=476&type=chunk) - At period-end, total equity attributable to parent company owners was **10.65 billion yuan**, with retained earnings of **6.63 billion yuan**[229](index=229&type=chunk)[567](index=567&type=chunk) [Research and Development Expenses](index=158&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was 45.98 million yuan, primarily expensed R&D Expenditure Composition | Item | Current Period Amount (yuan) | | :--- | :--- | | Material costs | 26,654,176.75 | | Labor costs | 11,830,145.14 | | Equipment depreciation and maintenance | 3,684,508.43 | | Fuel and power costs | 3,425,100.29 | | Technology and intellectual property fees | 84,807.32 | | Intangible asset amortization | 24,272.27 | | Other expenses | 280,622.69 | | **Total** | **45,983,632.89** | | Of which: Expensed R&D | 45,963,090.49 | | Capitalized R&D | 20,542.40 | - The R&D project eligible for capitalization is the development of a flexible production line for electronic detonator wire clips and related process technology, with a period-end balance of **20,542.40 yuan**[626](index=626&type=chunk) [Changes in Consolidation Scope](index=159&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 changed due to business combinations under common control, new establishments, and deregistrations Business Combinations Not Under Common Control this Period | Acquiree Name | Acquisition Date | Acquisition Cost (yuan) | Equity Stake Acquired | Purchase Date | Acquiree's Net Profit from Purchase Date to Period-End (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiyang Blasting | 2025-01-31 | 2.00 | 65.00% | 2025-01-31 | 497,702.37 | | Kang'an Civil Explosives | 2025-01-31 | 3,400,000.00 | 100.00% | 2025-01-31 | 336,849.91 | | Shun'an Blasting | 2025-06-30 | 8,606,835.00 | 37.00% | 2025-06-30 | 0.00 | | Guanghe Civil Explosives | 2025-06-30 | 917,400.00 | 8.33% | 2025-06-30 | 0.00 | - The company established Zhongding Shunyi Branch, Zhongding Yuncheng Branch, and Yahua Blasting First Branch this year[635](index=635&type=chunk) - The company deregistered Zhongding Zunyi Branch, Shengda Ya'an Branch, and Ju'an Huaheng Branch this year[635](index=635&type=chunk) [Interests in Other Entities](index=163&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) This section discloses the company's interests in subsidiaries, joint ventures, and associates across various business segments - The company has numerous controlling subsidiaries, including Civil Explosives Group, Xingsheng Lithium, Transportation Company, Hong Kong Company, Ya'an Lithium, and Guoli Company[637](index=637&type=chunk)[638](index=638&type=chunk) - The company achieved full control of Yimeng Blasting and Xingyuan Blasting through equity transfers and increased its shareholding in Kaida Company and Anxiang Company[641](index=641&type=chunk) - The company holds a **14.91%** stake in Jinaobo and exerts significant influence due to two senior executives serving on its board[645](index=645&type=chunk) - The company holds a **37.25%** stake in Nengtou Lithium, which is accounted for using the equity method[645](index=645&type=chunk) [Government Grants](index=168&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 recognized government grants related to assets and income, with a total of 35.11 million yuan recorded in profit or loss - At the end of the reporting period, government grants recognized based on receivable amounts totaled **5,165,216.88 yuan**, mainly as award funds for Ya'an Lithium[651](index=651&type=chunk) - The balance of asset-related government grants in deferred income was **145,394,179.16 yuan**[653](index=653&type=chunk) Government Grants Recognized in Current Profit or Loss | Item | Current Period Amount (yuan) | Asset-related/Income-related | | :--- | :--- | :--- | | Transfer from deferred income | 9,904,806.21 | Asset-related | | Lithium hydroxide production line subsidy | 4,703,300.00 | Income-related | | Electricity consumption reward | 14,500,000.00 | Income-related | | Procurement reward | 2,000,000.00 | Income-related | | Tax reduction/exemption | 1,618,749.74 | Income-related | | Employment stabilization and job subsidies | 575,347.55 | Income-related | | Individual income tax handling fee refund | 247,839.09 | Income-related | | Other | 1,561,566.23 | Income-related | | **Total** | **35,111,608.82** | - | [Risks Related to Financial Instruments](index=169&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 market, credit, and liquidity risks associated with its financial instruments through various strategies - The company faces **exchange rate risk** related to assets and liabilities denominated in foreign currencies such as USD, NZD, AUD, and EUR[657](index=657&type=chunk) - The company faces **interest rate risk**, primarily from interest-bearing debt like bank borrowings, with floating-rate financial liabilities exposing it to cash flow interest rate risk[660](index=660&type=chunk) - The company sells lithium products at market prices and is therefore exposed to **price volatility**[662](index=662&type=chunk) - The company mitigates **credit risk** by placing bank deposits with highly-rated banks and analyzing the creditworthiness of each customer[665](index=665&type=chunk) - The company manages **liquidity risk** by ensuring sufficient cash flow to meet maturing obligations and regularly analyzing its liability structure and maturity profile[666](index=666&type=chunk) - The company engages in lithium carbonate futures hedging to mitigate commodity price risk, classifying these as **cash flow hedges**[671](index=671&type=chunk) [Fair Value Disclosure](index=173&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) This section discloses the fair value of assets and liabilities measured at fair value, categorized by valuation hierarchy Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value (yuan) | Level 2 Fair Value (yuan) | Level 3 Fair Value (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading financial assets | 1,099,837,752.35 | - | - | 1,099,837,752.35 | | (III) Other equity instrument investments | 98,539,877.69 | - | 38,425,506.39 | 136,965,384.08 | | (V) Notes receivable financing | - | 401,626,701.50 | - | 401,626,701.50 | | **Total assets continuously measured at fair value** | **1,198,377,630.04** | **401,626,701.50** | **38,425,506.39** | **1,638,429,837.93** | - The market price for continuous Level 1 fair value measurement items is determined by the stock closing price and wealth management product net value on June 30, 2025[680](index=680&type=chunk) - The carrying amounts of financial assets and liabilities not measured at fair value are a reasonable approximation of their fair values[683](index=683&type=chunk) [Related Parties and Related Party Transactions](index=174&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 ultimate controlling party is Zheng Rong, and various transactions occur

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Statement on Report Authenticity](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%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%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility, with the financial report declared true and accurate by key personnel and unaudited - The company's board, supervisory board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, and assume legal responsibility[4](index=4&type=chunk) - Company head Zhang Yibing, chief accounting officer Liu Shengbo, and head of accounting department Liu Guangren declare the financial report is true, accurate, and complete[6](index=6&type=chunk) - This semi-annual report has not been audited[6](index=6&type=chunk) [Forward-Looking Statement Risk Disclaimer](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements regarding the company's future plans are not substantial commitments to investors, who should be aware of investment risks - Forward-looking statements in the report concerning the company's operations and development strategies do not constitute substantial commitments to investors[7](index=7&type=chunk) - Investors should be aware of investment risks[7](index=7&type=chunk) [Fund Occupation and External Guarantees](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%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%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) During the reporting period, the company had no non-operational fund occupation by controlling shareholders or related parties, nor any unauthorized external guarantees - There was no non-operational occupation of funds by controlling shareholders or other related parties[8](index=8&type=chunk) - There were no external guarantees provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Major Risk Alert](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company's risk factors are detailed in "Section III Management Discussion and Analysis," and investors are advised to pay attention to these risks - The company's risk factors are detailed in "Section III Management Discussion and Analysis"[8](index=8&type=chunk) - Investors are kindly requested to pay attention to the risks[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, related parties, business types, and specific funds, to ensure accurate understanding - "Company" and "Hengdian Entertainment" refer to Hengdian Entertainment Co., Ltd[13](index=13&type=chunk) - "Film Distribution" is defined to include both professional distributor distribution and cinema chain distribution[13](index=13&type=chunk) - "Net Box Office Revenue" is explained as the net income after deducting national film special funds and taxes from cinema box office revenue[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic information, including its Chinese and English names, legal representative, registered address, website, and email - The company's Chinese name is Hengdian Entertainment Co., Ltd., abbreviated as Hengdian Entertainment[15](index=15&type=chunk) - The legal representative is Zhang Yibing[15](index=15&type=chunk) - The company's registered and office address is located in the Business Building, Hengdian Film and Television Industrial Experimental Zone, Hengdian Town, Dongyang City, Zhejiang Province[17](index=17&type=chunk) [Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Ma Junhua, and the Securities Affairs Representative is Liu Mingyue[16](index=16&type=chunk) - The contact address is Business Building, Hengdian Film and Television Industrial Experimental Zone, Hengdian Town, Dongyang City, Zhejiang Province[16](index=16&type=chunk) [Information Disclosure Channels](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates "Shanghai Securities News" for information disclosure, with the semi-annual report published on the SSE website and available at the Board Secretary's office - The company's designated information disclosure newspaper is "Shanghai Securities News"[18](index=18&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) [Company Stock Information](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed and traded on the Shanghai Stock Exchange under the stock name Hengdian Entertainment and stock code 603103 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) - The stock abbreviation is Hengdian Entertainment, and the stock code is 603103[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%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, the company saw significant growth in key financial metrics, including basic and diluted EPS and ROE, primarily due to increased profits from film exhibition and related derivative businesses 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.32 | 0.14 | 128.57 | | Diluted EPS (yuan/share) | 0.32 | 0.14 | 128.57 | | Basic EPS after Non-Recurring Gains/Losses (yuan/share) | 0.26 | 0.02 | 1,200.00 | | Weighted Average ROE (%) | 15.93 | 6.39 | Increased by 9.54 percentage points | | Weighted Average ROE after Non-Recurring Gains/Losses (%) | 13.16 | 1.09 | Increased by 12.07 percentage points | 2025 H1 Key Accounting Data | Item | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 1,373,106,462.57 | 1,165,552,790.53 | 17.81 | | Total Profit (yuan) | 209,112,177.60 | 104,469,168.68 | 100.17 | | Net Profit Attributable to Shareholders (yuan) | 202,161,647.20 | 88,429,928.72 | 128.61 | | Net Profit Attributable to Shareholders after Non-Recurring Gains/Losses (yuan) | 166,929,027.16 | 15,125,166.30 | 1,003.65 | | Net Cash Flow from Operating Activities (yuan) | 588,093,850.71 | 441,027,014.70 | 33.35 | | Net Assets Attributable to Shareholders (Period-End, yuan) | 1,369,843,145.86 | 1,167,681,498.66 | 17.31 | | Total Assets (Period-End, yuan) | 4,015,861,706.71 | 4,051,130,636.18 | -0.87 | - The significant growth in total profit, net profit attributable to shareholders, net profit after non-recurring gains/losses, basic EPS, and diluted EPS was primarily due to increased profits from film exhibition and related derivative businesses[22](index=22&type=chunk) [Non-Recurring Gains and Losses](index=7&type=section&id=%E4%B9%9D%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%92%8C%E9%87%91%E9%A2%9D) In H1 2025, the company's non-recurring gains and losses totaled **35.23 million yuan**, mainly from non-current asset disposal, government grants, and other non-operating income/expenses 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 7,716,856.54 | | Government grants recognized in current profit or loss | 10,945,940.25 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 87,259.44 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,254,274.75 | | Other non-operating income and expenses apart from the above | -2,067,214.11 | | Other gains and losses that meet the definition of non-recurring gains and losses | 17,505,171.26 | | Less: Income tax impact | 209,668.09 | | **Total** | **35,232,620.04** | [Section III Management Discussion and Analysis](index=8&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) [Industry and Main Business Overview](index=8&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%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in the broadcasting, television, film, and audio-visual production industry, with H1 2025 seeing a strong recovery in the Chinese film market and robust domestic film performance - The company's industry is broadcasting, television, film, and audio-visual production[26](index=26&type=chunk) 2025 H1 China Film Market Performance | Indicator | 2025 H1 | YoY Growth | | :--- | :--- | :--- | | Box Office (billion yuan) | 29.23 | 22.91% | | Admissions (million) | 641 | 16.89% | | Domestic Film Box Office Share | 91.2% | - | | New Cinemas | 555 | 9.3% | | New Screens | 3,336 | 8.5% | | Specialty Screen Box Office (billion yuan) | 7.26 | 58.6% | - The company's main business includes film and television investment, production, distribution, film exhibition, and related derivative services, with revenue sources including film and television investment, production and distribution income, film exhibition income, merchandise sales income, and advertising income[29](index=29&type=chunk) [Industry Development](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%A1%8C%E4%B8%9A%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) In H1 2025, China's film market achieved **29.23 billion yuan** in box office revenue, a **22.91% increase**, with **641 million** admissions, marking the best performance in six years - In H1 2025, China's film market box office reached **29.23 billion yuan**, a **22.91%** year-on-year increase; admissions reached **641 million**, a **16.89%** year-on-year increase[26](index=26&type=chunk) - Domestic films accounted for **91.2%** of the box office, with **555** new cinemas and **3,336** new screens, and specialty screen box office reached **7.26 billion yuan**, a **58.6%** year-on-year increase[26](index=26&type=chunk)[27](index=27&type=chunk) - The Spring Festival holiday box office reached **9.51 billion yuan** with **187 million** admissions, both setting new records for the period; box office share from third, fourth, and fifth-tier cities combined reached **44.5%**, increasing for three consecutive years[28](index=28&type=chunk)[29](index=29&type=chunk) [Company's Main Business and Model](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E6%88%96%E6%9C%8D%E5%8A%A1%E5%8F%8A%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's main business includes film and television investment, production, distribution, film exhibition, and related derivative services, generating revenue from various streams - The company's main business is film and television investment, production, distribution, film exhibition, and related derivative services[29](index=29&type=chunk) - Film and television investment, production, and distribution business generates revenue through the sale of TV series copyrights, film box office sharing, and derivative income[30](index=30&type=chunk) - Film exhibition and related derivative businesses include providing viewing services, selling merchandise (beverages, snacks, film derivatives), and publishing advertisements (pre-screening ads, venue ads)[31](index=31&type=chunk) [Operating Performance Analysis](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, benefiting from the film market recovery, the company's film exhibition and derivative business revenue grew **29.42%** to **1.31 billion yuan**, with its cinema investment company ranking second nationally in box office - In H1 2025, the company's film exhibition and related derivative businesses achieved operating revenue of **1.31 billion yuan**, a **29.42%** year-on-year increase[32](index=32&type=chunk) - The company's cinema investment company's box office remained stable at the **second position** nationwide[32](index=32&type=chunk) - Film and television investment, production, and distribution business achieved operating revenue of **61 million yuan**, with the company adopting a cautious investment strategy and increasing its focus on short-form dramas[40](index=40&type=chunk)[42](index=42&type=chunk) [Film Exhibition and Derivative Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%94%B5%E5%BD%B1%E6%94%BE%E6%98%A0%E5%8F%8A%E7%9B%B8%E5%85%B3%E8%A1%8D%E7%94%9F%E4%B8%9A%E5%8A%A1) The company's film exhibition and derivative business revenue increased **29.42%** to **1.31 billion yuan**, with its cinema chain box office and admissions growing above the national average - In H1 2025, the company's film exhibition and related derivative businesses achieved operating revenue of **1.31 billion yuan**, a **29.42%** year-on-year increase[32](index=32&type=chunk) 2025 H1 Company Cinema Chain Operating Data | Cinema Type | Number of Cinemas | Number of Screens | Box Office (billion yuan) | Box Office YoY Change (%) | Box Office Market Share (%) | Admissions (million) | Admissions YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Directly-operated Cinemas | 449 | 2,867 | 1.031 | 26.82 | 3.91 | 27.1676 | 22.60 | | Franchised Cinemas | 79 | 437 | 0.126 | 2.14 | 0.48 | 3.1348 | 1.04 | | Total | 528 | 3,304 | 1.157 | 23.56 | 4.39 | 30.3024 | 19.95 | - The company actively responded to the National Film Bureau's call by launching "Film + Food" activities, expanding its bitter buckwheat series and tea brands, and collaborating with PepsiCo for a "Black Myth: Wukong" co-marketing campaign[36](index=36&type=chunk) - The IP derivative business adheres to external cooperation and independent development, with strong sales of film IP derivatives and an upgrade of the "Toy Dream Factory" business to expand non-film IP products[37](index=37&type=chunk)[38](index=38&type=chunk) - Leveraging cinema space functionality, the company is building cinema complexes, conducting diversified activities like "Cinema + E-sports" and "Cinema + Ball Games," and actively embracing virtual reality projects[38](index=38&type=chunk) [Film and Television Investment, Production, and Distribution Business](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%BD%B1%E8%A7%86%E6%8A%95%E8%B5%84%E3%80%81%E5%88%B6%E4%BD%9C%E5%8F%8A%E5%8F%91%E8%A1%8C%E4%B8%9A%E5%8A%A1) In H1 2025, the company's film and television investment, production, and distribution business generated **61 million yuan** in revenue, adopting a cautious investment strategy and expanding into short-form dramas - In H1 2025, the company's film and television investment, production, and distribution business achieved operating revenue of **61 million yuan**[40](index=40&type=chunk) - Wholly-owned subsidiary Hengdian Film participated in the production of newly released films including "Boonie Bears: Restart the Future," "The Legend of the Condor Heroes: The Great Hero," and "The Murderer Is Not My Mother"[41](index=41&type=chunk) - The company is significantly increasing its investment in short-form dramas, participating in and independently developing over ten short-form drama projects, and collaborating with a Korean company to expand into overseas short-form drama markets[42](index=42&type=chunk) [H2 Operating Plan](index=13&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%8B%E5%8D%8A%E5%B9%B4%E7%BB%8F%E8%90%A5%E8%AE%A1%E5%88%92) The company plans to focus on quality and scale, enhance single-cinema output, explore new business directions, and apply cutting-edge technologies in H2 - H2 operating goals: focus on quality and scale construction, continuously improve single-cinema output, explore new business directions, revenue streams, and the application of cutting-edge technologies in company operations and management[43](index=43&type=chunk) - Film exhibition and related derivative businesses plan to deepen the layout of the cinema chain main business, customize marketing strategies as circumstances dictate, expand diversified sales scenarios, innovate cinema operating models, and integrate the cinema chain distribution link[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - Film and television investment, production, and distribution businesses will high-quality advance film production and distribution, optimize the investment decision-making system, and continue to develop short-form dramas with a focus on quality, actively seeking opportunities in overseas short-form drama markets[48](index=48&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include an excellent management team, extensive film and television resources, scale advantages of asset-linked cinemas, and a full industry chain - The company possesses a professional management team and talent pool with deep professional backgrounds and extensive experience in film and television project investment and operation[50](index=50&type=chunk) - The company has rich film and television business resources, including strong relationships with excellent directors, producers, screenwriters, actors, and close cooperation with high-quality film and television companies[51](index=51&type=chunk) - As of the end of the reporting period, the company owned **449** asset-linked cinemas with **2,867** screens, covering **29** provinces and **198** cities nationwide, ranking second in box office among asset-linked cinema investment companies[51](index=51&type=chunk) - The company's forward-looking layout in third, fourth, and fifth-tier cities accounts for **70%**, aligning with China's film development trends[51](index=51&type=chunk) - The company's business scope covers the entire film and television industry chain, forming an industrial closed loop encompassing film and television investment, production, distribution, and exhibition, achieving comprehensive "content + channel" development[53](index=53&type=chunk) [Key Operating Performance](index=17&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In the reporting period, the company's operating revenue increased **17.81%**, operating costs rose **5.34%**, and net cash flow from operating activities grew **33.35%**, driven by increased film exhibition revenue Main Financial Statement Item Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,373,106,462.57 | 1,165,552,790.53 | 17.81 | | Operating Costs | 1,062,248,340.55 | 1,008,400,628.26 | 5.34 | | Net Cash Flow from Operating Activities | 588,093,850.71 | 441,027,014.70 | 33.35 | | Net Cash Flow from Investing Activities | -637,072,176.99 | -79,127,756.51 | Not applicable | - The change in net cash flow from operating activities was primarily due to increased revenue from film exhibition and related derivative businesses[54](index=54&type=chunk) - The change in net cash flow from investing activities was primarily due to an increase in the purchase of large-denomination certificates of deposit in the current reporting period[54](index=54&type=chunk) Asset and Liability Situation Changes | Item | Current Period End (yuan) | Share of Total Assets (%) | Prior Year End (yuan) | Share of Total Assets (Prior Year, %) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,260,840,939.59 | 31.40 | 855,899,010.85 | 21.13 | 47.31 | | Net Assets Attributable to Shareholders | 1,369,843,145.86 | - | 1,167,681,498.66 | - | 17.31 | | Total Assets | 4,015,861,706.71 | 100.00 | 4,051,130,636.18 | 100.00 | -0.87 | - As of the end of the reporting period, the company's equity investment balance was **104.47 million yuan**, a **0.35%** decrease from the previous year[58](index=58&type=chunk) [Main Business Analysis](index=17&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue increased **17.81%**, operating costs rose **5.34%**, and net cash flow from operating activities grew **33.35%**, primarily due to increased film exhibition revenue Main Business Financial Item Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,373,106,462.57 | 1,165,552,790.53 | 17.81 | | Operating Costs | 1,062,248,340.55 | 1,008,400,628.26 | 5.34 | | Net Cash Flow from Operating Activities | 588,093,850.71 | 441,027,014.70 | 33.35 | - The change in net cash flow from operating activities was primarily due to increased revenue from film exhibition and related derivative businesses[54](index=54&type=chunk) [Asset and Liability Analysis](index=18&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) The company's monetary funds increased **47.31%** to **1.26 billion yuan**, while total assets slightly decreased, and net assets attributable to shareholders grew **17.31%** Major Asset and Liability Item Changes | Item | Current Period End (yuan) | Share of Total Assets (%) | Prior Year End (yuan) | Share of Total Assets (Prior Year, %) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,260,840,939.59 | 31.40 | 855,899,010.85 | 21.13 | 47.31 | | Total Assets | 4,015,861,706.71 | 100.00 | 4,051,130,636.18 | 100.00 | -0.87 | | Net Assets Attributable to Shareholders | 1,369,843,145.86 | - | 1,167,681,498.66 | - | 17.31 | - The increase in monetary funds was primarily due to increased revenue from film exhibition and related derivative businesses[57](index=57&type=chunk) - The main asset restriction at period-end was **13,300 yuan** in monetary funds due to deposit freezing[56](index=56&type=chunk) [Investment Status Analysis](index=19&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of June 30, 2025, the company's equity investment balance was **104.47 million yuan**, a slight decrease from the previous year, with no significant new investments - As of June 30, 2025, the company's equity investment balance was **104.47 million yuan**, a **0.35%** decrease from the previous year[58](index=58&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=(%E5%85%AD)%20%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) Zhejiang Hengdian Film Co., Ltd., a wholly-owned subsidiary, reported **60.33 million yuan** in revenue but negative operating and net profits in the reporting period Zhejiang Hengdian Film Co., Ltd. Key Financial Data | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Hengdian Film Co., Ltd. | Subsidiary | Film investment, production, distribution | 100,000,000.00 | 331,789,993.63 | 100,763,571.00 | 60,325,027.98 | -22,636,856.34 | -21,617,714.47 | [Other Disclosures](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from market competition, investment uncertainties, new media, film supply, lease renewals, and public health events, but is actively implementing "quality and efficiency improvement" initiatives - The company faces risks from intensified market competition, film and television investment uncertainties, new media competition, insufficient supply of quality films, lease renewal risks, and public health event risks[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - The company actively implemented the "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" action plan, achieving **1.37 billion yuan** in operating revenue in H1 2025, a **17.81%** year-on-year increase; net profit attributable to shareholders was **202 million yuan**, a **128.61%** year-on-year increase[66](index=66&type=chunk) - The company enhances its competitiveness by improving cinema project quality, optimizing film scheduling, innovating marketing activities, and expanding IP derivatives and self-operated beverage businesses to create cinema complexes[67](index=67&type=chunk) - The company continuously innovates business models, exploring the application of AI technology in script analysis, scene design, content distribution, and cinema operations to drive cinema business with technology[70](index=70&type=chunk)[71](index=71&type=chunk) - The company strictly fulfills information disclosure obligations, strengthens investor relations management, and improves corporate governance structure, preparing to revise the "Articles of Association" and adjust the board of directors' composition[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [Potential Risks](index=20&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks including intensified market competition, uncertainty in film and television investment, impact from new media, insufficient supply of quality films, and lease renewal challenges - Intensified market competition and rapid growth in cinema numbers may lead to increased commercial property rents and personnel costs, affecting the company's operating performance[61](index=61&type=chunk) - Film and television investment carries uncertainties, and expected box office, viewership, and investment returns may not be realized[61](index=61&type=chunk) - The rise of new media (e.g., video websites) impacts traditional cinema exhibition, potentially changing audience viewing habits[62](index=62&type=chunk) - Insufficient supply of quality films means box office revenue is highly dependent on the availability of such films[63](index=63&type=chunk) - Cinema property leases expiring may face risks of increased renewal costs or inability to renew[64](index=64&type=chunk) - Sudden public health events may lead to cinema closures, affecting short-term operating performance[64](index=64&type=chunk) [Assessment of "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" Action Plan Implementation](index=21&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company's "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" action plan led to significant operational improvements in H1 2025, with revenue up **17.81%** and net profit up **128.61%** - In H1 2025, the company achieved operating revenue of **1.37 billion yuan**, a **17.81%** year-on-year increase; net profit attributable to shareholders was **202 million yuan**, a **128.61%** year-on-year increase[66](index=66&type=chunk) - The company's cinema chain box office and admissions growth rates were both higher than the national average, with directly-operated cinema box office ranking **second** among national cinema investment companies[67](index=67&type=chunk) - The company formulated the "Hengdian Entertainment Co., Ltd. Shareholder Return Plan for the Next Three Years (2025-2027)" and conducted "2025 Shareholder Feedback Activities"[68](index=68&type=chunk)[69](index=69&type=chunk) - The company increased the construction of specialty cinemas like "IMAX" and "CINITY," promoted the upgrade of its new cinema self-operated platform and mini-programs, and explored the application of Artificial Intelligence (AI) technology in script analysis, scene design, content distribution, and cinema operations[70](index=70&type=chunk)[71](index=71&type=chunk) - The company strictly fulfilled its information disclosure obligations, disclosing **2** periodic reports and **19** interim announcements in H1, and continuously strengthened investor relations management by holding performance briefings[71](index=71&type=chunk)[72](index=72&type=chunk) - The company improved its corporate governance structure, preparing to revise the "Articles of Association" and adjust the composition of the board of directors, while strengthening the responsibilities of "key minorities," with the controlling shareholder and its concerted parties not reducing their shareholdings during the reporting period[73](index=73&type=chunk)[74](index=74&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=25&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) [Changes in Directors, Supervisors, and Senior Management](index=25&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) Mr. Pan Feng resigned as Board Secretary and CFO, with Ms. Ma Junhua appointed Board Secretary and Mr. Liu Shengbo as CFO - Former Board Secretary and CFO Mr. Pan Feng resigned due to personal reasons[76](index=76&type=chunk) - Ms. Ma Junhua was appointed as the company's Board Secretary, and Mr. Liu Shengbo as the company's CFO[76](index=76&type=chunk) [Profit Distribution Plan](index=25&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) No profit distribution or capital reserve to share capital conversion plan is applicable for this semi-annual report, with no bonus shares, dividends, or capital increases - No profit distribution or capital reserve to share capital conversion plan is applicable for this reporting period[77](index=77&type=chunk) - The number of bonus shares, dividends per 10 shares, and capital increase per 10 shares are all **0**[77](index=77&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=25&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%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, the company had no progress or changes in equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, the company had no progress or changes in equity incentive plans, employee stock ownership plans, or other employee incentive measures[78](index=78&type=chunk)[79](index=79&type=chunk) [Section V Significant Matters](index=27&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) [Fulfillment of Commitments](index=27&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's controlling shareholder, actual controller, directors, supervisors, and senior management have strictly fulfilled all commitments, including avoiding competition and reducing related-party transactions - The company's actual controller and controlling shareholder committed to avoiding horizontal competition, not directly or indirectly engaging in businesses identical, similar, or analogous to the issuer's[81](index=81&type=chunk) - Directors, supervisors, and senior management committed not to hold positions in companies, enterprises, or other organizations that compete with the issuer[82](index=82&type=chunk) - The controlling shareholder and actual controller committed not to illegally occupy, use, or actually control the company's funds or any assets through direct or indirect means[84](index=84&type=chunk) - The company committed that if the prospectus contains false records, misleading statements, or major omissions, it will repurchase all newly issued shares and compensate investors for losses in accordance with the law[84](index=84&type=chunk) - The company's directors and senior management committed to earnestly implement measures to fill immediate returns and not harm the company's interests[86](index=86&type=chunk) [Explanation of Integrity Status](index=30&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%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%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company, its controlling shareholder Hengdian Holdings, and actual controller Hengdian Group are in good standing, with no significant overdue debts or unfulfilled court judgments - The company's controlling shareholder, Hengdian Holdings, has good operating and integrity status, with no significant overdue debts or unfulfilled effective court judgments[89](index=89&type=chunk) - The company's actual controller, Dongyang Hengdian Group Economic Enterprise Federation, has good integrity status, with no significant overdue debts or unfulfilled effective court judgments[89](index=89&type=chunk) [Fulfillment of Material Contracts](index=31&type=section&id=%E5%8D%81%E4%B8%80%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 and its wholly-owned subsidiary Hengdian Film signed an investment agreement in June 2025 to establish a joint venture, which has completed business registration - The company and its wholly-owned subsidiary Hengdian Film signed an "Investment Agreement" in June 2025, planning to jointly establish a controlling subsidiary[94](index=94&type=chunk) - The controlling subsidiary has completed industrial and commercial registration and obtained its business license[94](index=94&type=chunk) [Other Significant Matters](index=32&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) The company plans to use **100.34 million yuan** of parent company surplus reserves to cover accumulated losses as of December 31, 2024, making the year-end undistributed profit zero, pending shareholder approval - The company plans to use **100,343,963.32 yuan** of parent company surplus reserves to cover the parent company's accumulated losses as of December 31, 2024[95](index=95&type=chunk) - After this loss compensation, the parent company's undistributed profit at the end of 2024 will be **0**[95](index=95&type=chunk) - This matter has been approved by the board of directors and still requires submission to the first extraordinary general meeting of shareholders in 2025 for deliberation[95](index=95&type=chunk) [Section VI Share Changes and Shareholder Information](index=33&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) [Share Capital Changes](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure, nor any changes in unrestricted shares - During the reporting period, there were no changes in the company's total share capital or share structure[97](index=97&type=chunk) - There were no changes in unrestricted shares during the reporting period[98](index=98&type=chunk) [Shareholder Information](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **16,416** common shareholders, with Hengdian Group Holdings and Jinhua Hengying Investment being the top two shareholders and acting in concert - As of the end of the reporting period, the total number of common shareholders was **16,416**[98](index=98&type=chunk) Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name (Full Name) | Shares Held at Period-End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Hengdian Group Holdings Co., Ltd. | 509,600,000 | 80.35 | Domestic Non-State-Owned Legal Person | | Jinhua Hengying Investment Partnership (Limited Partnership) | 50,400,000 | 7.95 | Other | | Aladdin Culture Media (Beijing) Group Co., Ltd. | 3,000,000 | 0.47 | Domestic Non-State-Owned Legal Person | | Industrial and Commercial Bank of China Co., Ltd. - ABC-CA Industrial 4.0 Flexible Allocation Mixed Securities Investment Fund | 2,864,780 | 0.45 | Other | | Hong Kong Securities Clearing Company Limited | 2,432,967 | 0.38 | Other | - Hengdian Group Holdings Co., Ltd. is the general partner of Jinhua Hengying Investment Partnership (Limited Partnership), and the two are parties acting in concert[101](index=101&type=chunk) [Section VII Bond-Related Information](index=36&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) [Corporate Bonds and Debt Financing Instruments](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[104](index=104&type=chunk) [Convertible Corporate Bonds](index=36&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%86%B5%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[104](index=104&type=chunk) [Section VIII Financial Report](index=37&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) [Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[106](index=106&type=chunk) [Financial Statements](index=37&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 company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **4.02 billion yuan**, total liabilities were **2.65 billion yuan**, and total owner's equity was **1.37 billion yuan**[106](index=106&type=chunk)[108](index=108&type=chunk) - The consolidated income statement shows that for H1 2025, operating revenue was **1.37 billion yuan**, and net profit was **202 million yuan**[113](index=113&type=chunk)[115](index=115&type=chunk) - The consolidated cash flow statement shows that for H1 2025, net cash flow from operating activities was **588 million yuan**[122](index=122&type=chunk) [Company Basic Information](index=54&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) Hengdian Entertainment Co., Ltd., established in June 2015 and listed in October 2017, primarily engages in film distribution, exhibition, production, food sales, and advertising - Hengdian Entertainment Co., Ltd. was established in June 2015 and listed on the Shanghai Stock Exchange in October 2017[134](index=134&type=chunk) - The company's main business activities include film distribution, film exhibition, film and television audio recording production, food sales, and advertising publication[135](index=135&type=chunk) - The company's parent company is Hengdian Group Holdings Co., Ltd., and the actual controller is Dongyang Hengdian Group Economic Enterprise Federation[135](index=135&type=chunk) [Basis for Preparation of Financial Statements](index=54&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 company's financial statements are prepared on a going concern basis, with no significant issues affecting its ability to continue as a going concern within 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis[137](index=137&type=chunk) - The company has no significant issues affecting its ability to continue as a going concern within 12 months from the end of the reporting period[138](index=138&type=chunk) [Significant Accounting Policies and Estimates](index=55&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 significant accounting policies and estimates, covering various financial reporting aspects from revenue recognition to financial instruments and leases - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[140](index=140&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[152](index=152&type=chunk) - Inventories include raw materials, low-value consumables, work-in-progress, finished goods, film scripts, and film inventory, valued at weighted average cost or specific identification method upon issuance[175](index=175&type=chunk)[176](index=176&type=chunk) - Revenue is recognized when performance obligations are satisfied and the customer obtains control of the related goods or services, including distribution revenue, film exhibition revenue, merchandise sales revenue, advertising revenue, and film and TV series sales revenue[204](index=204&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than short-term leases and leases of low-value assets[218](index=218&type=chunk)[219](index=219&type=chunk) [Taxation](index=79&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, film special funds, and cultural construction fees, with some subsidiaries enjoying preferential tax policies Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Revenue from sales of goods and taxable services | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 15% | | Film Special Funds | Box office revenue (including tax) | 5% | | Cultural Construction Fee | Advertising revenue | 3% | - Some subsidiaries enjoy a **15%** corporate income tax preferential policy for enterprises in the western development region[230](index=230&type=chunk) - Some subsidiaries that meet the conditions for small and micro-profit enterprises calculate their taxable income at **25%** and pay corporate income tax at a **20%** rate[229](index=229&type=chunk) - Film group companies (including member enterprises) approved by film authorities to engage in film production, distribution, and exhibition are exempt from VAT, effective until December 31, 2027[230](index=230&type=chunk) [Notes to Consolidated Financial Statement Items](index=80&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 consolidated financial statement items, including assets, liabilities, equity, and income statement accounts, with period-end balances and changes Monetary Funds Period-End Balance | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash on hand | 1,727,218.19 | | Bank deposits | 1,257,842,872.78 | | Other monetary funds | 1,270,848.62 | | **Total** | **1,260,840,939.59** | - Accounts receivable period-end book balance was **91.34 million yuan**, bad debt provision was **10.29 million yuan**, and book value was **81.05 million yuan**[238](index=238&type=chunk) - Inventory period-end book value was **100.14 million yuan**, with film scripts and film inventory accounting for a larger proportion[263](index=263&type=chunk) - Fixed assets period-end book value was **495.01 million yuan**, with accumulated depreciation of **1.55 billion yuan**[279](index=279&type=chunk) - For H1 2025, operating revenue was **1.37 billion yuan**, and operating costs were **1.06 billion yuan**[332](index=332&type=chunk) - For H1 2025, net profit was **202 million yuan**, and net cash flow from operating activities was **588 million yuan**[115](index=115&type=chunk)[122](index=122&type=chunk) [Interests in Other Entities](index=129&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 several wholly-owned subsidiaries and significant equity investments, with some accounted for using the equity method due to specific control arrangements - The company owns multiple wholly-owned subsidiaries, such as Changsha Hengdian Xiaoxiang Wangfujing Cinema Co., Ltd. and Zhejiang Hengdian Film Co., Ltd., primarily acquired through business combinations under common control or investment establishment[360](index=360&type=chunk)[362](index=362&type=chunk)[363](index=363&type=chunk) - The company holds an **11%** equity interest in Wuzhou Film Distribution Co., Ltd., appoints **1** director, has significant influence over it, and accounts for it using the equity method[365](index=365&type=chunk) - The company holds a **99%** equity interest in Dongyang Hengdian Film and Television Cultural Industry Investment Fund Partnership, but because management rights belong to the general partner Hengdian Capital, the company's ability to influence the fund's returns as a limited partner is not strong, thus it is accounted for using the equity method and not included in the consolidated scope[366](index=366&type=chunk)[367](index=367&type=chunk) [Government Grants](index=134&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company received **5.00 million yuan** in new government grants, with a total of **28.34 million yuan** recognized in profit or loss Government Grant Liability Item Changes | Financial Statement Item | Beginning Balance (yuan) | New Grants This Period (yuan) | Recognized in Non-Operating Income This Period (yuan) | Transferred to Other Income This Period (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 120,030,209.76 | 5,001,607.00 | 0 | 17,395,069.15 | 107,636,747.61 | Asset-related | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 17,395,069.15 | 11,901,443.14 | | Income-related | 10,945,940.25 | 13,436,560.42 | | **Total** | **28,341,009.40** | **25,338,003.56** | [Risks Related to Financial Instruments](index=135&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 (including interest rate and exchange rate risks) through a robust risk management framework and appropriate financial instruments - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[374](index=374&type=chunk) - Credit risk primarily arises from monetary funds, accounts receivable, and other receivables, managed by depositing funds in reputable banks and conducting credit assessments for new customers[375](index=375&type=chunk) - Liquidity risk is centrally controlled by the finance department, monitoring cash balances, marketable securities, and rolling forecasts of cash flows for the next 12 months to ensure sufficient funds[376](index=376&type=chunk) - Interest rate risk is hedged through the proportion of fixed-rate and floating-rate instruments and interest rate swaps[378](index=378&type=chunk) [Fair Value Disclosure](index=139&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) For financial assets and liabilities not measured at fair value, their carrying amounts are not materially different from fair values due to short expected realization periods - The carrying amounts of financial assets and liabilities not measured at fair value (monetary funds, accounts receivable, and accounts payable) are not materially different from their fair values[380](index=380&type=chunk) [Related Parties and Related Party Transactions](index=139&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 engages in various daily related-party transactions, including goods procurement, service provision, and leases, with its parent company and other affiliates, all within approved limits - The company's parent company is Hengdian Group Holdings Co., Ltd., and the actual controller is Dongyang Hengdian Group Economic Enterprise Federation[382](index=382&type=chunk) Current Period Procurement of Goods/Acceptance of Services Related Party Transactions | Related Party | Related Transaction Content | Current Period Amount (yuan) | Approved Transaction Limit (yuan) | | :--- | :--- | :--- | :--- | | Zhejiang Hengdian Film City Co., Ltd. | Meetings, catering, accommodation, tickets, merchandise procurement, etc. | 1,480,919.93 | 10,000,000.00 | | Hengdian Wenrong Hospital | Medical examination fees, etc. | 120,533.55 | 200,000.00 | | Zhejiang Hengdian Film and Television Industrial Experimental Zone Film Service Co., Ltd. | Property management, utilities | 336,594.15 | 1,000,000.00 | Current Period Sale of Goods/Provision of Services Related Party Transactions | Related Party | Related Transaction Content | Current Period Amount (yuan) | | :--- | :--- | :--- | | Wuzhou Film Distribution Co., Ltd. | Film promotion service fees, etc. | 560,000.00 | | Zhejiang Hengdian Film City Co., Ltd. | Movie tickets, etc. | 1,583,314.70 | | Other Related Parties | Movie tickets, etc. | 212,245.34 | - As a lessee, the company paid **3,338,358.00 yuan** in rent for office buildings, office equipment, and cinema leases to Zhejiang Hengdian Film and Television Industrial Experimental Zone Film Service Co., Ltd[391](index=391&type=chunk) - Key management personnel compensation for the current period was **2.32 million yuan**[393](index=393&type=chunk) [Other Significant Matters](index=148&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has two reporting segments: cinema chain and film production/distribution, and plans to use **100.34 million yuan** of parent company surplus reserves to cover accumulated losses, pending shareholder approval - The company has identified two reporting segments: the cinema chain segment and the film production and distribution segment (content segment)[401](index=401&type=chunk) - The company plans to use **100,343,963.32 yuan** of parent company surplus reserves to cover the parent company's accumulated losses as of December 31, 2024[403](index=403&type=chunk) - After this loss compensation, the parent company's undistributed profit at the end of 2024 will be **0**[403](index=403&type=chunk) [Notes to Parent Company Financial Statement Items](index=149&type=section&id=%E5%8D%81%E4%B9%9D%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 the parent company's financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, and investment income - The parent company's accounts receivable period-end book balance was **20.63 million yuan**, bad debt provision was **1.28 million yuan**, and book value was **19.35 million yuan**[408](index=408&type=chunk) - The parent company's other receivables period-end book balance was **344.93 million yuan**, bad debt provision was **32.03 million yuan**, and book value was **312.90 million yuan**[418](index=418&type=chunk)[419](index=419&type=chunk) - The parent company's long-term equity investment period-end book value was **316.80 million yuan**, including investments in subsidiaries and investments in associates and joint ventures[427](index=427&type=chunk) - The parent company's H1 2025 operating revenue was **1.22 billion yuan**, and operating costs were **903.82 million yuan**[432](index=432&type=chunk) - The parent company's H1 2025 investment income was **5.61 million yuan**[436](index=436&type=chunk) [Supplementary Information](index=162&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary information, including a detailed statement of non-recurring gains and losses totaling **35.23 million yuan** and key earnings per share metrics for H1 2025 2025 H1 Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 7,716,856.54 | | Government grants recognized in current profit or loss | 10,945,940.25 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,254,274.75 | | Other gains and losses that meet the definition of non-recurring gains and losses | 17,505,171.26 | | Less: Income tax impact | 209,668.09 | | **Total** | **35,232,620.04** | 2025 H1 Net Asset Return and EPS | Profit for the Reporting Period | Weighted Average ROE (%) | Basic EPS (yuan/share) | Diluted EPS (yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 15.93 | 0.32 | 0.32 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 13.16 | 0.26 | 0.26 |

芯海科技（深圳）股份有限公司2025 年半年度报告 公司代码：688595 公司简称：芯海科技 芯海科技（深圳）股份有限公司 2025 年半年度报告 1 / 189 芯海科技（深圳）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、 重大风险提示 公司已在本报告中详细描述了可能存在的相关风险，敬请查阅本报告"第三节 管理层讨论与分 析"中关于公司可能面临的各种风险及应对措施部分内容。 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、 公司负责人卢国建、主管会计工作负责人谭兰兰及会计机构负责人（会计主管人员）谭兰 兰声明：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 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者 ...

无锡新洁能股份有限公司2025 年半年度报告 公司代码：605111 公司简称：新洁能 无锡新洁能股份有限公司 2025 年半年度报告 1 / 178 无锡新洁能股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人朱袁正、主管会计工作负责人陆虹及会计机构负责人（会计主管人员）邱莹莹 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 本报告所涉及公司未来发展计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺 ，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 ...

深圳震有科技股份有限公司2025 年半年度报告 公司代码：688418 公司简称：震有科技 深圳震有科技股份有限公司 2025 年半年度报告 1 / 232 深圳震有科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 重大风险提示 公司已在本报告中详细阐述在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告 第三节"管理层讨论与分析"。 四、 本半年度报告未经审计。 五、 公司负责人吴闽华、主管会计工作负责人黎民君及会计机构负责人（会计主管人员）黎民 君声明：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 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 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 三、 公司全体董 ...

中海油能源发展股份有限公司 2025 年半年度报告 公司代码：600968 公司简称：海油发展 中海油能源发展股份有限公司 2025 年半年度报告 六、 前瞻性陈述的风险声明 1 / 236 中海油能源发展股份有限公司 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、 公司负责人周天育、主管会计工作负责人种晓洁及会计机构负责人（会计主管人员）郭振声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期不进行利润分配或资本公积金转增股本。 √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性承诺， 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、 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This chapter defines key terms used in the report, including company abbreviations, major clients, technical terms, and the reporting period - This section defines key terms used in the report, such as company and subsidiary abbreviations, major clients, technical terms (e.g., connectors, sensors, ADAS), and the reporting period (January 1, 2025, to June 30, 2025)[10](index=10&type=chunk)[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Basic Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides Han's basic registration information, contact details, information disclosure channels, and stock overview - The company's Chinese name is Suzhou Han's Intelligent Technology Co., Ltd., stock abbreviation "Han's Intelligent", stock code 688022, listed on the STAR Market of the Shanghai Stock Exchange[13](index=13&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue decreased by 10.06% year-on-year, but the company achieved a turnaround to profit through strategic adjustments and cost reduction, significantly improving net profit and operating cash flow by 84.41% Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 378,580,383.35 yuan | 420,925,330.20 yuan | -10.06% | | Net Profit Attributable to Shareholders of the Listed Company | 22,935,014.08 yuan | -126,050,893.30 yuan | N/A | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 17,975,393.17 yuan | -119,980,187.14 yuan | N/A | | Net Cash Flow from Operating Activities | -27,173,975.47 yuan | -174,317,418.00 yuan | 84.41% | | **Asset Status** | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders of the Listed Company | 675,783,093.89 yuan | 650,848,643.58 yuan | 3.83% | | Total Assets | 2,621,696,883.66 yuan | 2,980,935,415.04 yuan | -12.05% | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.13 | -0.72 | N/A | | Weighted Average Return on Net Assets (%) | 3.46% | -7.44% | Increased by 10.90 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.71% | -7.08% | Increased by 9.79 percentage points | | R&D Expenditure as a Percentage of Operating Revenue (%) | 2.38% | 8.47% | Decreased by 6.09 percentage points | - The company's turnaround to profit is mainly due to two reasons: first, adjusting order strategies to prioritize high-margin orders; second, reducing costs and increasing efficiency by lowering procurement costs and optimizing personnel structure, leading to increased gross profit and decreased three expenses year-on-year[23](index=23&type=chunk) - The decrease in operating revenue is primarily due to the company's proactive adjustment of its automotive equipment business order strategy, reducing low-margin orders, and strategic adjustments to its new energy business (battery equipment and charging/swapping equipment)[23](index=23&type=chunk) [Non-Recurring Gains and Losses](index=8&type=section&id=%E5%85%AB%E3%80%81%20%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%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 4.96 million yuan, mainly from fair value changes in financial assets, government grants, and debt restructuring gains Details of Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | -934,591.73 | | Government grants recognized in current profit/loss | 2,603,825.77 | | Gains/losses from changes in fair value and disposal of financial assets/liabilities | 2,964,531.72 | | Debt restructuring gains/losses | 1,837,000.00 | | Other non-operating income and expenses | -870,054.31 | | **Total** | **4,959,620.91** | [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) [Industry and Main Business Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company is a professional provider of overall solutions for intelligent manufacturing equipment for electrical connections, focusing on electrical connection intelligent equipment, and seizing market opportunities in automotive equipment and AI computing center equipment - The company's strategy focuses on **electrical connection intelligent equipment**, primarily serving the automotive and AI computing center sectors[28](index=28&type=chunk) - The company has established long-term stable cooperative relationships with global leading electrical connection enterprises such as Tyco, Amphenol, Yazaki, Kyocera, and Rosenberger[27](index=27&type=chunk) - The company will concentrate resources on its electrical connection intelligent equipment business, focusing on overseas markets, major clients, and high-margin orders to enhance core competitiveness[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=%E4%BA%8C%E3%80%81%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company operates on a "production based on sales, procurement based on production" customized business model, primarily acquiring orders through direct sales - The company primarily adopts a **"production based on sales, procurement based on production" customized business model**, acquiring orders through direct sales[34](index=34&type=chunk)[35](index=35&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=%E4%B8%89%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its R&D innovation, customer resources, production capabilities, and international operations, with R&D investment decreasing by 74.77% due to strategic adjustments in new energy business [Competitive Advantages](index=13&type=section&id=%28%E4%B8%80%29%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include R&D innovation, customer resources, production and delivery capabilities, and international operational advantages - The company possesses strong R&D innovation capabilities, having built **10 core technologies** and accumulated **45 invention patents and over 459 core intellectual property rights** by the end of the reporting period[37](index=37&type=chunk) - The company has a high-quality customer base, including seven of the world's top ten automotive parts manufacturers (Continental, Bosch, ZF, etc.) and leading connector manufacturers (Amphenol, TE Connectivity, etc.)[39](index=39&type=chunk) - The company has an international operational advantage, with business covering **over 20 countries worldwide** and subsidiaries in Germany, Hungary, Mexico, Canada, and other locations, establishing localized operational capabilities[42](index=42&type=chunk) [Core Technologies and R&D Progress](index=15&type=section&id=%28%E4%B8%89%29%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) During the reporting period, the company continued to optimize core technologies, achieving significant R&D results in automotive Ethernet harnesses, CCS product lines, and pin insertion machines; total R&D investment was 8.99 million yuan, a year-on-year decrease of 74.77%, mainly due to strategic reduction in new energy business R&D Expenditure | Indicator | Current Period Amount | Prior Year Period Amount | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 8,998,833.88 yuan | 35,667,755.71 yuan | -74.77% | | Total R&D Investment | 8,998,833.88 yuan | 35,667,755.71 yuan | -74.77% | | Total R&D Investment as a Percentage of Operating Revenue (%) | 2.38% | 8.47% | Decreased by 6.09 percentage points | - The decrease in R&D investment is mainly due to the company's strategic reduction in its new energy business direction, and the automotive sector's R&D focus becoming more concentrated with product line specialization[52](index=52&type=chunk) - During the reporting period, the company made key progress in areas such as **automotive Ethernet harnesses**, **CCS intelligent manufacturing solutions**, **pin insertion machines**, and **pulsed strong magnetic welding technology**[47](index=47&type=chunk)[48](index=48&type=chunk) [Risk Factors](index=24&type=section&id=%E5%9B%9B%E3%80%81%20%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces multiple risks, including operational risks (high customer concentration, top five customers accounting for 80.10% of revenue), core competitiveness risks (technological innovation and leakage), management risks, macroeconomic environment risks (trade friction, exchange rate fluctuations), and risks of unstable company control due to actual controller's debt disputes and risks related to the implementation of fundraising projects - Operational risk: In 2025, sales revenue from the **top five customers accounted for 80.10%** of total revenue, indicating high customer concentration[63](index=63&type=chunk) - Control risk: The actual controller, Mr. Cai Changwei, has **99.23% of his directly and indirectly held company shares judicially frozen** due to debt disputes, which may lead to a change in the company's actual control[67](index=67&type=chunk)[68](index=68&type=chunk) - Fundraising project risk: The company has **240 million yuan of idle raised funds** temporarily used to supplement working capital that has not been returned on schedule, which may adversely affect the normal progress of fundraising projects[69](index=69&type=chunk) [Analysis of Key Operating Performance](index=25&type=section&id=%E4%BA%94%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) The company achieved 379 million yuan in operating revenue, a 10.06% decrease, but successfully turned losses into profits with a 36.21% gross profit margin and significant reductions in selling, administrative, and R&D expenses Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 378,580,383.35 | 420,925,330.20 | -10.06 | | Operating Cost | 241,496,988.46 | 374,788,960.86 | -35.56 | | Selling Expenses | 16,984,227.65 | 39,363,960.16 | -56.85 | | Administrative Expenses | 56,640,578.22 | 88,978,437.64 | -36.34 | | R&D Expenses | 8,998,833.88 | 35,667,755.71 | -74.77 | | Financial Expenses | 14,386,241.66 | 18,585,778.26 | -22.60 | | Net Cash Flow from Operating Activities | -27,173,975.47 | -174,317,418.00 | 84.41 | - The company's **comprehensive gross profit margin was 36.21%**, an increase of **25.25 percentage points** year-on-year, primarily due to adjustments in order strategy and cost reduction and efficiency improvement[70](index=70&type=chunk)[72](index=72&type=chunk) [Corporate Governance, Environment, and Society](index=33&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) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=33&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%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, independent director He Chao, director and deputy general manager Guo Shibin, and core technical personnel Lan Feng resigned; the company elected Li Xing as director and Zheng Xiang as independent director - During the reporting period, several changes occurred among the company's directors, supervisors, senior management, and core technical personnel, including resignations and appointments of independent directors, directors, deputy general managers, and core technical personnel[87](index=87&type=chunk) [Profit Distribution Plan](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution or capital reserve capitalization plan for the half-year period - The proposed profit distribution plan and capital reserve capitalization plan for the half-year period is "No"[91](index=91&type=chunk) [Significant Matters](index=35&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) [Major Litigation and Arbitration Matters](index=48&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company was involved in multiple major lawsuits, including a difference make-up payment dispute involving the controlling shareholder, a 60.88 million yuan claim against CATL, and a settled equipment procurement contract dispute - The company's controlling shareholder, Han's Investment, and actual controller, Cai Changwei, are involved in a lawsuit with Jiang Haidong regarding a difference make-up payment, with the second-instance judgment issued and a retrial application currently filed[107](index=107&type=chunk) - The company sued CATL and its subsidiary for a battery swap station contract dispute, demanding a total payment of approximately **60.88 million yuan**, with the case currently under trial[107](index=107&type=chunk) - The company reached a settlement agreement in an equipment procurement contract dispute with Mianyang Gaoxin Exxon New Energy Technology Co., Ltd[108](index=108&type=chunk) [Penalties and Rectification](index=49&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%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%E3%80%81%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%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller received a warning letter from the Jiangsu Securities Regulatory Bureau for delayed information disclosure regarding equity pledge contracts - The controlling shareholder and actual controller received a warning letter from the Jiangsu Securities Regulatory Bureau for failing to timely inform the company of their signed equity pledge contracts and related risks, leading to delayed information disclosure by the company[109](index=109&type=chunk) [Progress of Raised Funds Utilization](index=54&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company raised a net amount of 940 million yuan in 2023, with 633 million yuan invested; however, 240 million yuan of idle funds for working capital remain unreturned, with a new deadline of November 8, 2025 - As of the end of the reporting period, the **240 million yuan of idle raised funds** temporarily used to supplement working capital had expired and not yet been returned; according to the agreement with the temporary creditors' committee, the return deadline has been extended to November 8, 2025[124](index=124&type=chunk)[125](index=125&type=chunk) - The company used no more than **60 million yuan of idle raised funds** for cash management; as of the end of the reporting period, the balance used for cash management was **60 million yuan**, all in large-denomination certificates of deposit[127](index=127&type=chunk)[128](index=128&type=chunk) [Share Changes and Shareholder Information](index=57&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) [Shareholder Information](index=58&type=section&id=%28%E4%BA%8C%29%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had 9,466 shareholders; the top three shareholders were Suzhou Han's Investment Management Co., Ltd. (27.93% stake), Suzhou Han's Dehe Investment Management Partnership (5.32% stake), and Industrial Bank Co., Ltd. - Huaxia CSI Robotics ETF (1.57% stake); part of the controlling shareholder's shares are frozen Top Five Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | Share Status | | :--- | :--- | :--- | :--- | | Suzhou Han's Investment Management Co., Ltd. | 49,123,978 | 27.93 | Frozen 18,694,368 shares | | Suzhou Han's Dehe Investment Management Partnership (Limited Partnership) | 9,354,013 | 5.32 | None | | Industrial Bank Co., Ltd. - Huaxia CSI Robotics Exchange Traded Fund | 2,756,012 | 1.57 | None | | Ou Peng | 2,329,385 | 1.32 | None | | Suzhou Han's Zhiyuanhe Investment Management Partnership (Limited Partnership) | 2,105,006 | 1.20 | None | - Suzhou Han's Investment Management Co., Ltd., Suzhou Han's Dehe Investment Management Partnership, and Suzhou Han's Zhiyuanhe Investment Management Partnership are enterprises controlled by the same actual controller, Cai Changwei[136](index=136&type=chunk) [Bond-Related Information](index=62&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) [Corporate Bonds](index=62&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[141](index=141&type=chunk) [Financial Report](index=63&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) [Financial Statements](index=63&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - As of June 30, 2025, the company's **total assets were 2.62 billion yuan**, **total liabilities were 1.955 billion yuan**, and **net assets attributable to parent company owners were 676 million yuan**[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - In the first half of 2025, the company achieved **total operating revenue of 379 million yuan**, **total profit of 31.68 million yuan**, and **net profit attributable to parent company shareholders of 22.94 million yuan**[152](index=152&type=chunk)[153](index=153&type=chunk) - In the first half of 2025, the company's **net cash flow from operating activities was -27.17 million yuan**, **net cash flow from investing activities was -31.17 million yuan**, and **net cash flow from financing activities was -46.86 million yuan**[159](index=159&type=chunk)[160](index=160&type=chunk) [Notes to Consolidated Financial Statements](index=122&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 details key items in the consolidated financial statements, including assets, liabilities, owners' equity, income, costs, expenses, and cash flows, with a focus on accounts receivable, inventory, and borrowing classifications - As of the end of the period, the company's **accounts receivable book balance was 490 million yuan**, with **146 million yuan provided for bad debts**, resulting in a **book value of 344 million yuan**; accounts receivable aged over 1 year accounted for a relatively high proportion[377](index=377&type=chunk)[380](index=380&type=chunk) - The **inventory book value at period-end was 604 million yuan**, with work-in-progress and merchandise in transit accounting for a larger proportion; the company provided **348 million yuan for inventory impairment**[416](index=416&type=chunk) - The company's **short-term borrowings at period-end were 702 million yuan**, non-current liabilities due within one year were **246 million yuan**, and long-term borrowings were **116 million yuan**, indicating certain short-term solvency pressure[471](index=471&type=chunk)[495](index=495&type=chunk)[498](index=498&type=chunk)