大连圣亚旅游控股股份有限公司2025 年半年度报告 公司代码：600593 公司简称：大连圣亚 大连圣亚旅游控股股份有限公司 2025 年半年度报告 1/199 大连圣亚旅游控股股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人杨子平、主管会计工作负责人褚小斌及会计机构负责人（会计主管人员）许诗浩 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 本报告期不进行利润分配或公积金转增股本。 六、前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，投资者及相关人 士均应对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。敬请投资者注意 投资风险。 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 ...

招金国际黄金股份有限公司 2025 年半年度报告全文 招金国际黄金股份有限公司 2025 年半年度报告 【2025 年 8 月 20 日】 1 招金国际黄金股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 本半年度报告中涉及未来计划等前瞻性陈述，公司声明该计划不构成公司 对投资者的实质承诺。公司已在本报告中详细描述可能对公司未来发展战略 和经营目标的实现产生不利影响的重大风险，敬请查阅第三节"管理层讨论 与分析"中"十、公司面临的风险和应对措施"的内容。敬请广大投资者注 意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 6 | | --- | --- | | 第三节 | 管理层讨论与分析 8 | | 第四节 | 公司治理、环境和社会 18 | | 第五节 | 重要事项 20 | | 第六节 | 股份变动及股东情况 28 | | 第七节 | 债券相关情况 33 | | 第八节 | 财务报告 34 | | 第九节 | 其他报送数据 118 | 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、 ...

西安蓝晓科技新材料股份有限公司 2025 年半年度报告全文 西安蓝晓科技新材料股份有限公司 2025 年半年度报告 2025-039 2025 年 8 月 20 日 1 西安蓝晓科技新材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人高月静、主管会计工作负责人安源及会计机构负责人(会计主 管人员)肖慧荣声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告如有涉及未来计划、业绩预测等方面的内容，均不构成本公司对任 何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的风险认 知，并应当理解计划、预测与承诺之间的差异。公司在发展过程中，存在经营 规模扩张带来的风险、市场竞争风险、应收账款回收的风险、下游应用领域变 化的风险、核心技术人员流失/技术泄密的风险、国际业务拓展的风险、新技术 产业化进化的风险，敬请广大投资者注意投资风险，详细内容见本报告中第三 节 "公司 ...

北京中迪投资股份有限公司 2025 年半年度报告全文 北京中迪投资股份有限公司 2025 年半年度报告 2025 年 8 月 1 北京中迪投资股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人吴珺、主管会计工作负责人郭四野及会计机构负责人(会计主 管人员)郭四野声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 北京中迪投资股份有限公司 2025 年半年度报告全文 备查文件目录 （一）载有公司负责人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表。 报告期内公司主业为直接投资业务，房地产投资为公司直接投资业务之 一，其发展情况请参阅本报告第三节的相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 2 | | --- | | 第 ...

[Important Notices, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section contains important notices, a detailed table of contents, and definitions of key terms for the semi-annual report - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content, and assume individual and joint legal responsibility[5](index=5&type=chunk) - Forward-looking statements in this report, such as future plans or strategies, do not constitute a substantive commitment to investors, who should maintain sufficient risk awareness[5](index=5&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Share Capital Base | 218,670,276 shares | | Cash Dividend per 10 Shares | 3 CNY (tax inclusive) | | Bonus Shares per 10 Shares | 0 shares (tax inclusive) | | Shares Converted from Capital Reserve per 10 Shares | 4 shares | [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This lists the main sections of the report and their starting page numbers, providing an overview of the report's structure - The report comprises nine main sections, covering important notices, company profile, management discussion, corporate governance, significant events, share changes, bond information, financial report, and other submitted data[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This provides definitions for the reporting period, company entities, and relevant regulations to ensure clarity - The reporting period is defined as January 1, 2025, to June 30, 2025[16](index=16&type=chunk) - The report details the names and abbreviations of the company and its various subsidiaries, such as Ruoyuchen Co, Ltd, Tianjin Yayi, and Guangzhou Haitongda[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, contact details, key accounting data, and financial indicators for the reporting period - The company's stock is listed on the Shenzhen Stock Exchange under the ticker **"Ruoyuchen"** and code **003010**[19](index=19&type=chunk) - Non-recurring profit and loss for the reporting period totaled **2,508,270.29 CNY**, primarily from the disposal of non-current assets and investment income from entrusting others to manage assets[27](index=27&type=chunk) 2025 Semi-Annual Key Financial Indicators Overview | Indicator | Current Reporting Period (CNY) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 1,318,965,931.80 | 67.55% | | Net Profit Attributable to Shareholders | 72,263,932.40 | 85.60% | | Net Cash Flow from Operating Activities | 118,201,073.41 | -41.63% | [Company Profile](index=6&type=section&id=Company%20Profile) This provides the company's stock information, legal name, legal representative, and contact details for key personnel - The company's stock is listed on the Shenzhen Stock Exchange under the ticker **"Ruoyuchen"** and code **003010**[19](index=19&type=chunk) - The company's legal representative is Wang Yu, and the Board Secretary is Luo Zhiqing, with the contact address at the 38th floor, Huanju Building, No 8 Dingxin Road, Haizhu District, Guangzhou[19](index=19&type=chunk)[20](index=20&type=chunk) - The company's registered address is Room A, 607, No 319 Dashadi East, Huangpu District, Guangzhou, and its website is www.gzruoyuchen.com[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This discloses key financial data for the first half of 2025, showing significant growth in revenue and net profit but a decline in operating cash flow Key Accounting Data and Financial Indicators (H1 2025 vs H1 2024) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,318,965,931.80 | 787,201,902.59 | 67.55% | | Net Profit Attributable to Shareholders | 72,263,932.40 | 38,935,117.23 | 85.60% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 69,755,662.11 | 38,009,727.68 | 83.52% | | Net Cash Flow from Operating Activities | 118,201,073.41 | 202,509,370.57 | -41.63% | | Basic Earnings Per Share (CNY/share) | 0.3261 | 0.1855 | 75.80% | | Diluted Earnings Per Share (CNY/share) | 0.3100 | 0.1800 | 72.22% | | Weighted Average Return on Equity | 7.11% | 3.68% | 3.43% | | Total Assets (Period-end) | 1,718,566,499.40 | 1,550,851,157.65 | 10.81% | | Net Assets Attributable to Shareholders (Period-end) | 849,712,106.82 | 1,104,191,220.62 | -23.05% | [Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This lists the specific non-recurring profit and loss items and their amounts for the reporting period, totaling 2,508,270.29 CNY Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 2,076,897.21 | | Government Grants Recognized in Current Profit or Loss | 9,000.00 | | Gains/Losses from Entrusted Investments or Asset Management | 559,268.22 | | One-time Share-based Payment Expenses from Cancellation/Modification of Equity Incentive Plans | 212,308.49 | | Other Non-operating Income and Expenses | -6,490.61 | | Less: Income Tax Impact | 342,713.02 | | **Total** | **2,508,270.29** | [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section comprehensively reviews the company's operations in H1 2025, including business performance, core competencies, and risk factors - In the first half of 2025, the company achieved **revenue of 1.32 billion CNY**, a **67.55% YoY increase**, and **net profit attributable to shareholders of 72.26 million CNY**, an **85.60% YoY increase**[44](index=44&type=chunk) - The proprietary brands business demonstrated strong growth momentum, achieving **revenue of 603 million CNY**, a **242.42% YoY increase**, accounting for **45.75% of total revenue** and becoming a key growth engine[44](index=44&type=chunk) - The company deepened its deployment of AI technology, using a dual-driver model of "omni-domain data + agent platform" to innovate brand management and boost efficiency[59](index=59&type=chunk)[60](index=60&type=chunk) - The company faces risks related to brand partner operations, proprietary brand promotion, regulatory changes, and accounts receivable, and has formulated corresponding countermeasures[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [Principal Business Activities During the Reporting Period](index=9&type=section&id=Principal%20Business%20Activities%20During%20the%20Reporting%20Period) This details the company's main business models, performance drivers, industry position, and market developments - The company's main businesses include brand management, proprietary brands, and agency operations, providing full-lifecycle digital capabilities to empower brand growth[29](index=29&type=chunk) - In H1 2025, China's total retail sales of consumer goods reached **24.55 trillion CNY**, up **5.0% YoY**, with online retail sales reaching **7.43 trillion CNY**, up **8.5% YoY**, providing strong market momentum[30](index=30&type=chunk) - The proprietary brands business grew by **242.42% YoY**, accounting for **45.75% of total revenue**, becoming a key growth engine for the company[31](index=31&type=chunk) - The brand management business achieved **revenue of 335 million CNY**, a **52.53% YoY increase**, establishing a new growth curve for the company[33](index=33&type=chunk) - The company has established a leading competitive advantage in sectors like healthcare, beauty & personal care, and mother & baby, and has been a Tmall Global and Tmall Service Provider TOP1 for multiple years[34](index=34&type=chunk) [Principal Business](index=9&type=section&id=Principal%20Business) This defines the company's positioning as a global digital management company for consumer brands, offering brand management, proprietary brand, and agency operation services - Ruoyuchen is a global digital management company for consumer brands with a mission to connect every Chinese consumer with high-quality global brands[29](index=29&type=chunk) - The company's main businesses include brand management, proprietary brands, and agency operations, covering systematic management of brand positioning, product design, data insights, marketing, and omni-channel sales[29](index=29&type=chunk) [Key Performance Drivers](index=10&type=section&id=Key%20Performance%20Drivers) Rapid e-commerce market growth, strong performance of proprietary brands (especially in home cleaning and health supplements), and the expansion of brand management services are the main drivers of the company's performance - In H1 2025, China's total retail sales of consumer goods reached **24.55 trillion CNY**, up **5.0% YoY**, while online retail sales reached **7.43 trillion CNY**, up **8.5% YoY**[30](index=30&type=chunk) - The company's proprietary brands business grew by **242.42% YoY**, with its revenue share increasing to **45.75%**[31](index=31&type=chunk) - China's home cleaning market is projected to reach **337.7 billion CNY by 2026**, with online penetration at **35.9%**, offering significant room for new brands[31](index=31&type=chunk) - The online penetration rate of China's health supplement industry grew from **46% in 2020 to 58% in 2024**, with the oral anti-aging market expected to exceed **25.57 billion CNY by 2025**[32](index=32&type=chunk) - The company's brand management business has accelerated since 2023, achieving **revenue of 335 million CNY** in the reporting period, a **52.53% YoY increase**[33](index=33&type=chunk) [Company's Industry Position](index=11&type=section&id=Company's%20Industry%20Position) With over a decade of experience, the company serves over 100 renowned brands, holds a leading position in key sectors, and has received numerous accolades - The company's business spans over 30 countries and regions, providing digital services to over 100 international and domestic brands, including Bayer, Johnson & Johnson, and Sanofi[34](index=34&type=chunk) - The company is recognized as a National High-tech Enterprise, a National E-commerce Demonstration Enterprise, and has been a Tmall Five-Star Service Provider for eight consecutive years[35](index=35&type=chunk) - The proprietary brand **LYCOCELLE** has achieved rapid growth since its 2020 launch, with multiple products leading their respective categories on Tmall[36](index=36&type=chunk) - The proprietary health supplement brand **FineNutri** has quickly become a top contender in the oral anti-aging market, earning the "No 1 in Online Sales for Oral Ergothioneine" certification[37](index=37&type=chunk) [Industry Development](index=12&type=section&id=Industry%20Development) The e-commerce industry continues its rapid growth with an increasing share of online retail sales, while evolving regulations promote a more efficient and orderly market - In H1 2025, online retail sales of physical goods reached **6.12 trillion CNY**, a **6.0% increase**, accounting for **24.9%** of total retail sales of consumer goods[38](index=38&type=chunk) - Regulations such as the E-commerce Law of the PRC and the Measures for the Supervision and Administration of Online Transactions continue to be implemented, enhancing consumer rights protection[41](index=41&type=chunk) - The implementation of new regulations on online transaction enforcement and data reporting has further improved the collaborative governance model between market regulators and online platforms[41](index=41&type=chunk)[42](index=42&type=chunk) [Key Operating Activities During the Reporting Period](index=16&type=section&id=Key%20Operating%20Activities%20During%20the%20Reporting%20Period) The company achieved dual growth in revenue and profit, driven by strong performance in proprietary brands and brand management, while enhancing its competitive edge through AI and talent development H1 2025 Key Business Revenue Performance | Business Type | Operating Revenue (billion CNY) | YoY Growth | Revenue Share | | :--- | :--- | :--- | :--- | | Proprietary Brands | 0.603 | 242.42% | 45.75% | | - LYCOCELLE | 0.444 | 157.11% | 33.63% | | - FineNutri | 0.160 | Exceeded expectations | 12.12% | | Brand Management | 0.335 | 52.53% | 25.42% | | Agency Operations | 0.380 | -2.79% | 28.83% | - **LYCOCELLE** achieved explosive growth with **revenue of 444 million CNY**, a **157.11% YoY increase**, driven by product innovation, precision marketing, and omni-channel synergy[47](index=47&type=chunk) - **FineNutri** generated **revenue of 160 million CNY**, solidifying its "scientific anti-aging" brand identity through an expanded product matrix and multi-channel efforts[50](index=50&type=chunk)[51](index=51&type=chunk) - The company deepened its AI deployment, using a dual-driver model of "omni-domain data + agent platform" to innovate brand management and achieve breakthroughs in efficiency and creativity[59](index=59&type=chunk)[60](index=60&type=chunk) - The company continued to strengthen its professional teams for proprietary brands and omni-channel management, enhancing talent density in the health supplement sector through both internal cultivation and external recruitment[61](index=61&type=chunk) [Channel Sales During the Reporting Period](index=17&type=section&id=Channel%20Sales%20During%20the%20Reporting%20Period) This discloses the sales distribution across online channels and product categories for the first half of 2025, with Douyin as the top platform and home cleaning as the leading category Sales by Channel (Jan-Jun 2025, excluding planning services) | Platform | Sales Amount (million CNY) | Sales Share | | :--- | :--- | :--- | | Douyin | 489.99 | 37.24% | | Tmall | 279.83 | 21.27% | | Tmall Global | 173.91 | 13.22% | | Others | 173.63 | 13.20% | | JD.com | 85.88 | 6.53% | | VIP.com | 42.83 | 3.25% | | Xiaohongshu | 24.04 | 1.83% | | Ali Health | 22.03 | 1.67% | | Tmall Supermarket | 14.03 | 1.07% | | Kuaishou | 7.04 | 0.53% | | Pinduoduo | 2.69 | 0.20% | | **Total** | **1,315.90** | **100.00%** | Online Sales by Category (Jan-Jun 2025, excluding planning services) | Category | Sales Amount (million CNY) | Sales Share | | :--- | :--- | :--- | | Home Cleaning | 443.55 | 33.71% | | Beauty & Personal Care | 388.86 | 29.55% | | Health Supplements | 279.41 | 21.23% | | Mother & Baby | 173.57 | 13.19% | | Others | 21.02 | 1.60% | | Pet | 3.08 | 0.23% | | Food | 6.40 | 0.49% | | **Total** | **1,315.90** | **100.00%** | [Procurement, Warehousing, and Logistics During the Reporting Period](index=19&type=section&id=Procurement%2C%20Warehousing%2C%20and%20Logistics%20During%20the%20Reporting%20Period) This section outlines the company's policies and operations in procurement, inventory management, and logistics, emphasizing collaboration with third-party service providers Top Five Suppliers' Procurement Ratio | Indicator | Amount (million CNY) | % of Semi-Annual Total Procurement | | :--- | :--- | :--- | | Total Procurement from Top Five Suppliers | 267.00 | 46.83% | | Related-Party Procurement within Top Five | 0 | 0 | - The company manages inventory through systematic procurement planning, acceptance, and storage controls, utilizing information systems to handle slow-moving and near-expiry products[66](index=66&type=chunk)[67](index=67&type=chunk) - Warehousing and logistics services are outsourced to third-party providers, with **23 cooperative warehouse centers** mainly in East, Central, and South China[70](index=70&type=chunk)[72](index=72&type=chunk) - During the reporting period, warehousing and logistics expenses amounted to **57.00 million CNY**[73](index=73&type=chunk) [Proprietary Brand Operations During the Reporting Period](index=19&type=section&id=Proprietary%20Brand%20Operations%20During%20the%20Reporting%20Period) The proprietary brands business achieved revenue of 603 million CNY, accounting for 45.75% of total revenue, with key brands in home cleaning and health supplements Proprietary Brands Business Revenue Share | Indicator | Operating Revenue (billion CNY) | % of Total Operating Revenue | | :--- | :--- | :--- | | Proprietary Brands Business | 0.603 | 45.75% | - The company's proprietary brands include **LYCOCELLE** and **FineNutri**, primarily focusing on the home & personal care and health supplement sectors[74](index=74&type=chunk) [Core Competency Analysis](index=22&type=section&id=Core%20Competency%20Analysis) The company's core competencies lie in its refined omni-channel strategy, product innovation, brand incubation capabilities, leadership in the health supplement sector, robust talent system, and advanced digital intelligence applications - The company possesses refined omni-channel capabilities across platforms like Tmall, Douyin, and JD.com, enabling full-funnel synergy from traffic acquisition to sales conversion[75](index=75&type=chunk)[76](index=76&type=chunk) - The rapid growth of proprietary brands **LYCOCELLE** and **FineNutri** demonstrates the company's exceptional product development capabilities, particularly in scented home cleaning and scientific anti-aging[77](index=77&type=chunk)[78](index=78&type=chunk) - The company leverages keen market insights and a deep understanding of consumer behavior to build an efficient product development system and drive new growth[79](index=79&type=chunk)[80](index=80&type=chunk) - Since entering the health supplement market in 2016, the company has accumulated substantial professional talent and knowledge, establishing a leading competitive advantage[81](index=81&type=chunk) - The company has built a dual-driven talent ecosystem combining internal cultivation and external recruitment, including the "Polaris Program" to develop a versatile talent matrix[83](index=83&type=chunk)[85](index=85&type=chunk) - With **10 patents**, **72 software copyrights**, and successful local deployment of large models, the company continuously empowers brand growth through technological innovation[86](index=86&type=chunk)[87](index=87&type=chunk) [Main Business Analysis](index=24&type=section&id=Main%20Business%20Analysis) This section analyzes the year-over-year changes in the company's main business financial data, highlighting significant growth in revenue and costs, driven by proprietary and brand management businesses YoY Changes in Key Financial Data | Item | Current Period (CNY) | Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,318,965,931.80 | 787,201,902.59 | 67.55% | Primarily due to growth in proprietary brands and brand management businesses | | Operating Costs | 568,255,711.49 | 428,809,762.18 | 32.52% | Primarily due to increased costs corresponding to business growth | | Selling Expenses | 598,860,572.50 | 267,074,042.27 | 124.23% | Primarily due to increased promotional expenses corresponding to revenue growth | | Finance Expenses | 11,135,908.96 | -4,987,762.21 | 323.26% | Primarily due to increased foreign exchange losses from currency fluctuations | | Net Cash Flow from Operating Activities | 118,201,073.41 | 202,509,370.57 | -41.63% | Primarily due to increased procurement and marketing expenses | Operating Revenue Breakdown (by Product) | Product Segment | Amount (CNY) | % of Revenue | Prior Period Amount (CNY) | Prior Period % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Brand Management | 335,232,704.52 | 25.42% | 219,776,517.79 | 27.92% | 52.53% | | Agency Operations | 380,279,293.00 | 28.83% | 391,191,056.95 | 49.69% | -2.79% | | Proprietary Brand - LYCOCELLE | 443,504,636.53 | 33.63% | 172,493,372.77 | 21.91% | 157.11% | | Proprietary Brand - FineNutri | 159,860,682.30 | 12.12% | - | - | - | Operating Revenue Breakdown (by Region) | Region | Amount (CNY) | % of Revenue | Prior Period Amount (CNY) | Prior Period % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 889,265,417.49 | 67.42% | 535,436,002.96 | 68.02% | -0.60% | | Overseas | 429,700,514.31 | 32.58% | 251,765,899.63 | 31.98% | 0.60% | [Non-Main Business Analysis](index=24&type=section&id=Non-Main%20Business%20Analysis) This discloses the company's non-main business profit and loss, primarily comprising investment income, asset impairment losses, and non-operating income and expenses Non-Main Business Profit and Loss | Item | Amount (CNY) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,641,389.57 | 3.35% | Investment income from disposal of an associate company | No | | Asset Impairment Loss | 641,732.61 | 0.81% | Primarily due to a decrease in inventory write-downs | No | | Non-operating Income | 81,352.12 | 0.10% | Primarily from withholding personal income tax | No | | Non-operating Expenses | 242,051.57 | 0.31% | Primarily from external donations and disposal of fixed assets | No | [Analysis of Assets and Liabilities](index=26&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) This analyzes the composition and significant changes in the company's assets and liabilities, showing an increase in total assets but a decrease in net assets attributable to shareholders Significant Changes in Asset Composition (Period-end vs Year-end) | Item | Period-end Amount (CNY) | % of Total Assets | Year-end Amount (CNY) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,718,566,499.40 | 100% | 1,550,851,157.65 | 100% | 10.81% | - | | Net Assets Attributable to Shareholders | 849,712,106.82 | 49.44% | 1,104,191,220.62 | 71.20% | -23.05% | - | | Short-term Borrowings | 458,484,398.84 | 26.68% | 274,483,412.87 | 17.70% | 8.98% | Primarily due to an increase in bank loans | | Long-term Borrowings | 162,000,000.00 | 9.43% | 0.00 | 0.00% | 9.43% | Primarily due to a three-year special repurchase loan for share buybacks | | Treasury Stock | 296,996,217.46 | 17.28% | 39,621,435.15 | 2.55% | 14.73% | Primarily due to share repurchases during the period | - As of June 30, 2025, **1,735,067.97 CNY** in other monetary funds were restricted as store deposits[98](index=98&type=chunk) [Investment Analysis](index=28&type=section&id=Investment%20Analysis) The company's investment amount decreased significantly year-over-year, primarily involving derivative investments for hedging purposes to mitigate exchange rate risks Investment Amount During the Reporting Period | Indicator | Investment Amount (CNY) | Prior Period Investment Amount (CNY) | Change | | :--- | :--- | :--- | :--- | | Investment Amount | -24,000,000.00 | 34,563,891.80 | -169.44% | - The company engaged in derivative investments for hedging purposes, mainly forward foreign exchange contracts, with a realized gain of **0.56 million CNY**, meeting hedging expectations[101](index=101&type=chunk)[102](index=102&type=chunk) - Derivative investments are funded by the company's own capital, with a comprehensive risk management strategy in place[102](index=102&type=chunk)[103](index=103&type=chunk) [Analysis of Major Subsidiaries and Investees](index=30&type=section&id=Analysis%20of%20Major%20Subsidiaries%20and%20Investees) This discloses the financial status and business nature of the company's major subsidiaries, including those in e-commerce and proprietary brand businesses Financials of Major Subsidiaries (Partial) | Company Name | Type | Main Business | Registered Capital | Total Assets (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Haitongda Information Technology Co, Ltd | Subsidiary | E-commerce related | 65 million CNY | 123,203,112.52 | 8,027,697.10 | | Lilybuyer (International) Trading Co, Ltd | Subsidiary | E-commerce related | 10,000 HKD | 550,988,394.45 | 33,117,504.62 | | FineNutri International Brand Management Co, Ltd | Subsidiary | Proprietary brand business | 10,000 HKD | 184,433,280.20 | 9,435,583.35 | | MOA Ark (Shanghai) Brand Management Co, Ltd | Subsidiary | Proprietary brand business | 10 million CNY | 133,384,135.69 | 14,842,276.47 | - During the reporting period, two new subsidiaries were established, Vita Ocean Brand Management Co, Ltd and FineNutri (Guangzhou) Business Services Co, Ltd, with no significant impact on overall operations[108](index=108&type=chunk) [Risks and Countermeasures](index=31&type=section&id=Risks%20and%20Countermeasures) The company faces risks related to brand partner performance, proprietary brand promotion, regulatory changes, and accounts receivable, and has outlined corresponding countermeasures - The company faces risks from brand partners' operational performance and product quality, addressed by monitoring brand partners and implementing quality control measures[110](index=110&type=chunk) - To mitigate the risk of underperforming proprietary brand promotions, the company will leverage its core competencies and innovate in marketing to enhance profitability[111](index=111&type=chunk) - The risk of regulatory changes is managed by staying updated on the latest policies and strengthening compliance and corporate responsibility[112](index=112&type=chunk) - The risk of large accounts receivable balances and bad debt is addressed through effective collection policies and comprehensive risk control measures[113](index=113&type=chunk)[114](index=114&type=chunk) [Corporate Governance, Environmental, and Social](index=31&type=section&id=Section%204%20Corporate%20Governance%2C%20Environmental%2C%20and%20Social) This section covers changes in management, the profit distribution plan, equity incentive plan implementation, and the company's environmental and social responsibility initiatives - There were **no changes** to the company's directors, supervisors, or senior management during the reporting period[116](index=116&type=chunk) - The 2025 semi-annual profit distribution plan proposes a **cash dividend of 3 CNY per 10 shares** (tax inclusive) and a **conversion of 4 shares per 10 shares from the capital reserve**[117](index=117&type=chunk) - The company continued to implement its 2022 stock option incentive plan, adjusting the exercise price and noting that **207,800 stock options lapsed** during the period[120](index=120&type=chunk)[143](index=143&type=chunk) - The company actively fulfills its social responsibilities by supporting the elderly through various activities and plans to expand its efforts into rural revitalization and education[121](index=121&type=chunk)[122](index=122&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes to the company's directors, supervisors, or senior management during the reporting period - There were no changes to the company's directors, supervisors, or senior management during the reporting period; refer to the 2024 annual report for details[116](index=116&type=chunk) [Profit Distribution and Capitalization of Capital Reserve](index=32&type=section&id=Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve) This details the company's 2025 semi-annual profit distribution plan, including specific schemes for cash dividends and capitalization of the capital reserve 2025 Semi-Annual Profit Distribution and Capitalization Plan | Indicator | Content | | :--- | :--- | | Bonus Shares per 10 Shares | 0 shares | | Cash Dividend per 10 Shares (tax inclusive) | 3 CNY | | Shares Converted per 10 Shares | 4 shares | | Share Capital Base for Distribution | 218,670,276 shares | | Total Cash Dividend (tax inclusive) | 65,601,082.80 CNY | | Shares from Capital Reserve Conversion | 87,468,110 shares | | Total Share Capital After Conversion | 306,138,386 shares | - The company's distributable profit for H1 2025 is **74,166,830.93 CNY**, with the cash dividend accounting for **100%** of the total profit distribution[117](index=117&type=chunk)[118](index=118&type=chunk) [Implementation of Equity Incentive Plans](index=32&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans) This discloses adjustments and vesting conditions for the 2022 stock option incentive plan, including corporate and individual performance targets - The company's Board of Directors and Supervisory Committee approved the adjustment of the 2022 stock option incentive plan, including the number of options, exercise price, and cancellation of some options[120](index=120&type=chunk) 2022 Stock Option Incentive Plan Corporate Performance Targets (Net Profit not less than) | Vesting Period | Assessment Year | Target Net Profit | | :--- | :--- | :--- | | First Vesting Period | 2022 | 30 million CNY | | Second Vesting Period | 2023 | 60 million CNY | | Third Vesting Period | 2024 | 120 million CNY | | Fourth Vesting Period | 2025 | 180 million CNY | - Reserved stock options will vest in three tranches from 2023 to 2025, with the same net profit targets as the initial grant[142](index=142&type=chunk) - Due to profit distribution and capital reserve conversion, the stock option exercise price was adjusted to **6.19 CNY/share**; **207,800 options lapsed** due to employee departures, performance failures, and voluntary forfeitures[143](index=143&type=chunk) [Environmental Information Disclosure](index=32&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries are not listed as enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[121](index=121&type=chunk) [Social Responsibility](index=33&type=section&id=Social%20Responsibility) The company actively supports national strategies by engaging in elderly care initiatives and plans to expand its public welfare efforts into other areas - The company actively responds to policy directives and societal needs by increasing its investment in caring for the elderly through a series of activities[121](index=121&type=chunk) - In January 2025, the company organized a "Collective Birthday Party for the Elderly" at the Longtoushan Nursing Home in Huangpu District, Guangzhou, providing care and warmth to the residents[121](index=121&type=chunk) - The company collaborates with local communities and non-profit organizations to regularly visit elderly individuals living alone, offering both material and emotional support[122](index=122&type=chunk) [Significant Events](index=34&type=section&id=Section%205%20Significant%20Events) This section covers the fulfillment of commitments, related-party transactions, litigation, auditor appointments, and other significant matters during the reporting period - Commitments made during the initial public offering have been fulfilled[124](index=124&type=chunk) - There were no non-operating fund occupations by controlling shareholders or related parties, nor any illegal external guarantees during the reporting period[126](index=126&type=chunk)[127](index=127&type=chunk) - The company appointed Tianjian Certified Public Accountants (Special General Partnership) to audit the semi-annual financial report, which received a standard unqualified opinion[128](index=128&type=chunk)[175](index=175&type=chunk) - The company is involved in a contract dispute with Mead Johnson Nutrition (China) Ltd and a trademark infringement dispute with Mentholatum (China) Pharmaceuticals Co, Ltd[130](index=130&type=chunk)[150](index=150&type=chunk) - The controlling shareholders, Wang Yu and Wang Wenhui, provided unsecured guarantees for the company and its subsidiaries' credit facilities from banks[139](index=139&type=chunk) [Fulfillment of Commitments by the Company and Related Parties](index=35&type=section&id=Fulfillment%20of%20Commitments%20by%20the%20Company%20and%20Related%20Parties) This discloses that commitments regarding shareholding reduction intentions made during the IPO by certain shareholders have been duly fulfilled - The share reduction commitments made by Jin Yingshun and Guangzhou Chuangyu Mingchen Equity Investment Fund Enterprise (Limited Partnership) have been fulfilled in strict compliance with relevant laws and regulations[124](index=124&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Affiliates](index=35&type=section&id=Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Affiliates) During the reporting period, there were no instances of non-operating fund occupation by controlling shareholders or other related parties - The company reports no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[126](index=126&type=chunk) [Irregular External Guarantees](index=35&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company reports no irregular external guarantees during the reporting period[127](index=127&type=chunk) [Appointment and Dismissal of Accounting Firm](index=35&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report was audited by Tianjian Certified Public Accountants, who issued a standard unqualified opinion - The domestic accounting firm that audited the semi-annual financial report was Tianjian Certified Public Accountants (Special General Partnership), with a remuneration of **500,000 CNY**[128](index=128&type=chunk) - The audit opinion was a **standard unqualified opinion**, and the audit report was signed on August 18, 2025[175](index=175&type=chunk) [Litigation Matters](index=36&type=section&id=Litigation%20Matters) This discloses significant litigation and arbitration involving the company, including disputes with Mead Johnson Nutrition and Mentholatum - The company is in a contract dispute with Mead Johnson Nutrition (China) Ltd involving **20.43 million CNY**, which is currently under trial and not expected to materially impact operations[130](index=130&type=chunk) - A trademark infringement dispute with Mentholatum (China) Pharmaceuticals Co, Ltd involving **30.52 million CNY** has been concluded, with the company liable for **3 million CNY** in compensation, half of which will be borne by the brand partner[130](index=130&type=chunk)[150](index=150&type=chunk) [Significant Related-Party Transactions](index=37&type=section&id=Significant%20Related-Party%20Transactions) No significant operational or investment-related party transactions occurred, but the controlling shareholders provided unsecured guarantees for the company's financing - The company's controlling shareholders, Wang Yu and Wang Wenhui, provided joint liability guarantees for credit facilities of up to **900 million CNY** for the company and its subsidiaries, without charge or counter-guarantee[139](index=139&type=chunk) [Significant Contracts and Their Performance](index=40&type=section&id=Significant%20Contracts%20and%20Their%20Performance) This discloses the company's leasing arrangements and significant guarantees provided to subsidiaries, with total guarantees representing 12.95% of net assets Leasing Information (Partial) | No | Lessor | Leased Property | Area (sqm) | Purpose | Lease Term | | :--- | :--- | :--- | :--- | :--- | :--- | | 3 | Guangzhou Huanju E-commerce Co, Ltd | 37th Floor, Pazhou Huanju Building, No 8 Dingxin Road, Haizhu District, Guangzhou | 2120.86 | Office | Aug 1, 2024 - Jul 31, 2029 | | 4 | Guangzhou Huanju E-commerce Co, Ltd | 38th Floor, Pazhou Huanju Building, No 8 Dingxin Road, Haizhu District, Guangzhou | 2120.86 | Office | Aug 1, 2024 - Jul 31, 2029 | | 5 | Guangzhou Huanju E-commerce Co, Ltd | 39th Floor, Pazhou Huanju Building, No 8 Dingxin Road, Haizhu District, Guangzhou | 2120.86 | Office | Aug 1, 2024 - Jul 31, 2029 | Guarantees for Subsidiaries (Partial) | Guaranteed Party | Guarantee Limit (million CNY) | Actual Guarantee Amount (million CNY) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Hengmeikang | 250.00 | 39.19 | Jun 11, 2024 - Jun 17, 2025 | Yes | | Lilybuyer | 200.00 | 80.00 | Three years from the debt maturity date | No | - The total approved guarantee limit for subsidiaries was **1.01 billion CNY**, with an outstanding actual guarantee balance of **110 million CNY**, representing **12.95%** of the company's net assets[145](index=145&type=chunk) [Other Significant Matters](index=41&type=section&id=Other%20Significant%20Matters) This section provides supplementary information on the change in use and cancellation of repurchased shares, share pledges by the controlling shareholder, and litigation updates - The company changed the use of repurchased shares and cancelled them, with details disclosed on the Cninfo website on March 29, 2025[148](index=148&type=chunk) - On April 21, 2025, controlling shareholder Wang Yu pledged **1,960,000 shares**, representing **2.92%** of his total holdings[148](index=148&type=chunk)[489](index=489&type=chunk) - The contract dispute with Mead Johnson Nutrition (China) Ltd had its second-instance hearing on September 5, 2024, and is awaiting judgment[149](index=149&type=chunk) - The trademark infringement dispute with Mentholatum (China) Pharmaceuticals Co, Ltd received a first-instance judgment on December 6, 2024, with the company liable for **3 million CNY** in compensation, half of which will be covered by the brand partner[150](index=150&type=chunk) [Changes in Share Capital and Shareholder Information](index=42&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholder%20Information) This section details changes in the company's share capital, including an increase in total shares due to capitalization of the capital reserve, and provides information on shareholder structure - The company's total share capital increased from **164,030,506 shares to 227,487,948 shares** due to the capitalization of the capital reserve, with a corresponding increase in registered capital[155](index=155&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **27,158**[165](index=165&type=chunk) - Controlling shareholder Wang Yu and his concert party Wang Wenhui hold a combined **33.66%** stake, with their total direct and indirect shareholding reaching **41.93%** through Tianjin Yayi[165](index=165&type=chunk)[525](index=525&type=chunk) - The shareholdings of directors, supervisors, and senior management increased due to the capitalization of the capital reserve[169](index=169&type=chunk) - There were **no changes** to the company's controlling shareholder or actual controller during the reporting period[170](index=170&type=chunk) [Changes in Share Capital](index=45&type=section&id=Changes%20in%20Share%20Capital) This details the changes in the company's total shares, restricted shares, and unrestricted shares, primarily due to the 2024 profit distribution and capitalization of the capital reserve Changes in Share Capital (Beginning vs End of Period) | Item | Pre-change Quantity (shares) | Pre-change Ratio | Change (+/- shares) | Post-change Quantity (shares) | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 43,104,650 | 26.28% | 17,241,860 | 60,346,510 | 26.53% | | 3. Other Domestic Holdings | 43,104,650 | 26.28% | 17,241,860 | 60,346,510 | 26.53% | | II. Unrestricted Shares | 120,925,856 | 73.72% | 46,215,582 | 167,141,438 | 73.47% | | 1. RMB Ordinary Shares | 120,925,856 | 73.72% | 46,215,582 | 167,141,438 | 73.47% | | **III. Total Shares** | **164,030,506** | **100.00%** | **63,457,442** | **227,487,948** | **100.00%** | - Following the implementation of the 2024 profit distribution and capitalization plan, the company's total share capital increased from **164,030,506 to 227,487,948 shares**, and registered capital increased accordingly[155](index=155&type=chunk) - The company implemented two share repurchase plans in 2024 and 2025, cumulatively repurchasing **5,871,912 shares** for a total of approximately **260 million CNY**[157](index=157&type=chunk)[160](index=160&type=chunk) Changes in Restricted Shares (Beginning vs End of Period) | Shareholder Name | Beginning Restricted Shares | Increase in Restricted Shares | Ending Restricted Shares | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wang Yu | 35,917,400 | 14,366,960 | 50,284,360 | Executive lock-up, capital reserve conversion | | Wang Wenhui | 5,103,000 | 2,041,200 | 7,144,200 | Executive lock-up, capital reserve conversion | | Xu Qing | 2,021,250 | 808,500 | 2,829,750 | Executive lock-up, capital reserve conversion | | Luo Zhiqing | 63,000 | 25,200 | 88,200 | Executive lock-up, capital reserve conversion | | **Total** | **43,104,650** | **17,241,860** | **60,346,510** | - | [Shareholder Information](index=47&type=section&id=Shareholder%20Information) This discloses the total number of common shareholders at the end of the reporting period and the holdings of major shareholders - The total number of common shareholders at the end of the reporting period was **27,158**[165](index=165&type=chunk) Top 10 Shareholders (Partial) | Shareholder Name | Nature | Shareholding Ratio | Shares Held (End of Period) | Change During Period (shares) | Restricted Shares | Unrestricted Shares | Share Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Yu | Domestic Individual | 29.47% | 67,045,814 | 19,155,947 | 50,284,360 | 16,761,454 | Pledged | | Tianjin Yayi Biotechnology Partnership (LP) | Domestic Non-SOE | 8.27% | 18,816,000 | 5,376,000 | 0 | 18,816,000 | N/A | | Lancy Co, Ltd | Domestic Non-SOE | 7.14% | 16,243,808 | -126,532 | 0 | 16,243,808 | N/A | | Wang Wenhui | Domestic Individual | 4.19% | 9,525,600 | 2,721,600 | 7,144,200 | 2,381,400 | N/A | - Controlling shareholder Wang Yu and Wang Wenhui are spouses, and Tianjin Yayi Biotechnology Partnership (LP) is a limited partnership established by them, constituting parties acting in concert[165](index=165&type=chunk) - As of the end of the reporting period, the company's special repurchase securities account held **8,817,672 repurchased shares**, accounting for **3.88%** of the total share capital[166](index=166&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=48&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This discloses the changes in shareholdings of the company's directors, supervisors, and senior management, primarily reflecting increases due to the capitalization of the capital reserve Changes in Shareholdings of Directors, Supervisors, and Senior Management (Beginning vs End of Period) | Name | Position | Beginning Shares | Shares Increased | Ending Shares | | :--- | :--- | :--- | :--- | :--- | | Wang Yu | Chairman, General Manager | 47,889,867 | 19,155,947 | 67,045,814 | | Wang Wenhui | Director | 6,804,000 | 2,721,600 | 9,525,600 | | Xu Qing | Director, Deputy General Manager | 2,695,000 | 1,078,000 | 3,773,000 | | Luo Zhiqing | Director, Deputy GM, CFO, Board Secretary | 84,000 | 33,600 | 117,600 | | **Total** | - | **57,472,867** | **22,989,147** | **80,462,014** | [Changes in Controlling Shareholder or Actual Controller](index=48&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes to the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[170](index=170&type=chunk) - The company's actual controller did not change during the reporting period[170](index=170&type=chunk) [Bond-Related Information](index=50&type=section&id=Section%207%20Bond-Related%20Information) The company has no bond-related matters to report for the period - The company has no bond-related matters to report for the period[173](index=173&type=chunk) [Financial Report](index=51&type=section&id=Section%208%20Financial%20Report) This section contains the audited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and detailed notes, reflecting the company's financial position and performance - The company's 2025 semi-annual financial report was audited by Tianjian Certified Public Accountants (Special General Partnership), who issued a **standard unqualified opinion**[175](index=175&type=chunk) - The company's registered capital is **227,487,948.00 CNY**, and it operates in the e-commerce services industry, providing comprehensive e-commerce services to brand owners[207](index=207&type=chunk)[208](index=208&type=chunk) - The company benefits from various tax incentives, including those for high-tech enterprises, small and micro enterprises, Hong Kong offshore exemptions, and preferential policies in Guangzhou's Nansha district[333](index=333&type=chunk)[334](index=334&type=chunk)[335](index=335&type=chunk)[337](index=337&type=chunk) - The company faces credit, liquidity, and market risks and has established corresponding risk management strategies and measures[504](index=504&type=chunk)[512](index=512&type=chunk)[516](index=516&type=chunk)[519](index=519&type=chunk) - Subsequent to the balance sheet date, the company cancelled **8,817,672 repurchased shares** and reduced its registered capital[552](index=552&type=chunk)[553](index=553&type=chunk) [Audit Report](index=51&type=section&id=Audit%20Report) This discloses that the semi-annual financial report was audited by Tianjian Certified Public Accountants, who issued a standard unqualified opinion - The semi-annual report was audited by Tianjian Certified Public Accountants (Special General Partnership), and the audit opinion was a **standard unqualified opinion**[175](index=175&type=chunk) - The audit report was signed on August 18, 2025, by certified public accountants Zhao Zurong and Zheng Wenjun[175](index=175&type=chunk) [Financial Statements](index=69&type=section&id=Financial%20Statements) This provides the consolidated and parent company's balance sheets, income statements, cash flow statements, and statements of changes in equity Consolidated Balance Sheet Highlights (Period-end vs Beginning of Year) | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 682,991,917.40 | 607,081,084.85 | | Trading Financial Assets | 64,427,400.00 | 0.00 | | Accounts Receivable | 178,995,854.43 | 199,257,026.36 | | Inventories | 278,849,442.13 | 225,714,421.41 | | Total Assets | 1,718,566,499.40 | 1,550,851,157.65 | | Short-term Borrowings | 458,484,398.84 | 274,483,412.87 | | Long-term Borrowings | 162,000,000.00 | 0.00 | | Total Liabilities | 868,854,392.58 | 446,659,937.03 | | Total Equity Attributable to Parent Company | 849,712,106.82 | 1,104,191,220.62 | Consolidated Income Statement Highlights (Current Period vs Prior Period) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,318,965,931.80 | 787,201,902.59 | | Operating Profit | 79,084,742.97 | 40,979,540.39 | | Total Profit | 78,924,043.52 | 40,854,247.00 | | Net Profit | 72,263,932.40 | 38,935,117.23 | | Net Profit Attributable to Parent Company Shareholders | 72,263,932.40 | 38,935,117.23 | | Basic Earnings Per Share (CNY/share) | 0.3261 | 0.1855 | Consolidated Cash Flow Statement Highlights (Current Period vs Prior Period) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 118,201,073.41 | 202,509,370.57 | | Net Cash Flow from Investing Activities | -41,652,910.33 | -36,421,751.45 | | Net Cash Flow from Financing Activities | 14,900,768.33 | -99,380,257.20 | | Net Increase in Cash and Cash Equivalents | 81,119,143.12 | 67,521,050.94 | [Company Basic Information](index=70&type=section&id=Company%20Basic%20Information) This section describes the company's history, registered capital, share structure, and listing information, as well as its industry and primary business activities - Guangzhou Ruoyuchen Tech Co, Ltd, formerly Guangzhou Ruoyuchen Information Technology Co, Ltd, was incorporated in 2015 and listed on the Shenzhen Stock Exchange on September 25, 2020[207](index=207&type=chunk) - The company currently has a registered capital of **227,487,948.00 CNY** and a total of **227,487,948 shares**[207](index=207&type=chunk) - The company operates in the e-commerce services industry, providing comprehensive e-commerce services including brand management, agency operations, and proprietary brand businesses[208](index=208&type=chunk) [Basis of Preparation of Financial Statements](index=70&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) This clarifies that the company's financial statements are prepared on a going concern basis, with no material uncertainties affecting its continuing operations - The company's financial statements are prepared on a **going concern basis**[210](index=210&type=chunk) - The company has no events or conditions that may cast significant doubt on its ability to continue as a going concern for the next 12 months[211](index=211&type=chunk) [Significant Accounting Policies and Estimates](index=97&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for financial instruments, inventory, fixed assets, revenue recognition, and other key areas - The financial statements are prepared in accordance with Corporate Accounting Standards, with the accounting period for this report being from January 1, 2025, to June 30, 2025[213](index=213&type=chunk)[214](index=214&type=chunk) - Financial assets are classified at initial recognition into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[227](index=227&type=chunk) - The company recognizes a loss allowance for expected credit losses on financial assets measured at amortized cost and debt instruments measured at fair value through other comprehensive income[244](index=244&type=chunk) - The company's revenue recognition principle involves identifying performance obligations in a contract and measuring revenue based on the transaction price allocated to each obligation[306](index=306&type=chunk)[307](index=307&type=chunk) - Share-based payments, including equity-settled and cash-settled transactions, are accounted for according to specific policies for their implementation, modification, and termination[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk) [Taxation](index=99&type=section&id=Taxation) This discloses the company's main taxes and tax rates, as well as tax incentives enjoyed, including those for high-tech enterprises and small and micro enterprises Main Taxes and Tax Rates (Partial) | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Net of output VAT calculated on sales revenue and deductible input VAT | 3%, 6%, 9%, 10%, 13% | | Corporate Income Tax | Taxable income | 10%-22%, 15%, 16.5%, 20%, 25%, 25.3%-33.5%, 28%, 25%-30% | - The company was re-certified as a High-tech Enterprise in 2022 and is subject to a preferential corporate income tax rate of **15%** for H1 2025[333](index=333&type=chunk) - Several subsidiaries enjoy small and micro enterprise tax benefits, with a reduced tax rate of **20%** on **25%** of their annual taxable income up to 1 million CNY[334](index=334&type=chunk) - Subsidiaries such as Mengdada International Trading Co, Ltd and Hengmeikang (International) Co, Ltd have obtained Hong Kong offshore tax exemptions for H1 2025[335](index=335&type=chunk) - The subsidiary Guangzhou MOA Ark Trading Co, Ltd is eligible for a reduced corporate income tax rate of **15%** under the preferential policy for Guangzhou's Nansha district[337](index=337&type=chunk) [Notes to Consolidated Financial Statements](index=127&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This provides detailed notes on major items in the consolidated financial statements, including cash, accounts receivable, inventory, borrowings, and revenue Cash and Cash Equivalents (Period-end vs Beginning of Year) | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 73,164.04 | 27,086.43 | | Bank Deposits | 603,914,482.68 | 557,967,041.63 | | Other Monetary Funds | 79,004,270.68 | 49,086,956.79 | | **Total** | **682,991,917.40** | **607,081,084.85** | - Trading financial assets at period-end amounted to **64,427,400.00 CNY**, primarily in wealth management products, up from zero at the beginning of the year[341](index=341&type=chunk)[342](index=342&type=chunk) - The carrying amount of accounts receivable at period-end was **178,995,854.43 CNY**, a decrease from **199,257,026.36 CNY** at the beginning of the year, with a bad debt provision rate of **7.43%**[344](index=344&type=chunk) - The carrying amount of inventory at period-end was **278,849,442.13 CNY**, an increase from **225,714,421.41 CNY** at the beginning of the year, mainly comprising finished goods and goods in transit[371](index=371&type=chunk) - Short-term borrowings at period-end increased significantly to **458,484,398.84 CNY** from **274,483,412.87 CNY** at the beginning of the year, primarily consisting of guaranteed loans[402](index=402&type=chunk) - Operating revenue for the period was **1,318,965,931.80 CNY**, with operating costs of **568,255,711.49 CNY**, primarily from brand management, agency operations, and proprietary brand businesses[440](index=440&type=chunk)[441](index=441&type=chunk) [R&D Expenses](index=129&type=section&id=R&D%20Expenses) This discloses the composition of the company's R&D expenses for the reporting period, totaling 16,440,630.84 CNY, all of which were expensed R&D Expense Composition | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Personnel Costs | 11,647,731.29 | 10,871,006.52 | | Direct Inputs | 222,054.79 | 661,527.29 | | Depreciation & Amortization | 2,317,565.51 | 595,142.50 | | Share-based Payment Expenses | 388,052.90 | 817,944.95 | | Outsourced R&D Expenses | 631,570.95 | - | | Other Expenses | 1,233,655.40 | - | | **Total** | **16,440,630.84** | **12,945,621.26** | - All R&D expenses for the period were expensed, with no capitalized R&D expenditures[491](index=491&type=chunk) [Changes in Consolidation Scope](index=129&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company established two new subsidiaries: Vita Ocean Brand Management Co, Ltd and FineNutri (Guangzhou) Business Services Co, Ltd Newly Established Subsidiaries | Company Name | Acquisition Method | Acquisition Date | Registered Capital | Equity Ratio | | :--- | :--- | :--- | :--- | :--- | | Vita Ocean Brand Management Co, Ltd | Establishment | 2025-04-10 | 10,000 HKD | 100.00% | | FineNutri (Guangzhou) Business Services Co, Ltd | Establishment | 2025-05-28 | 1 million CNY | 100.00% | [Interests in Other Entities](index=133&type=section&id=Interests%20in%20Other%20Entities) This details the composition of the corporate group, including subsidiaries' registered capital, principal places of business, and ownership percentages - The company has numerous subsidiaries engaged in wholesale, retail, software, and business services, with most being wholly owned[494](index=494&type=chunk)[495](index=495&type=chunk)[496](index=496&type=chunk)[497](index=497&type=chunk) Summarized Financial Information of Immaterial Associates | Item | Period-end Balance / Current Period Amount (CNY) | Beginning Balance / Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Carrying Amount of Investments | 67,116,630.07 | 71,867,598.33 | | --Net Profit | -190,016.45 | 326,195.05 | | --Total Comprehensive Income | -190,016.45 | 326,195.05 | [Government Grants](index=133&type=section&id=Government%20Grants) This discloses that government grants recognized in current profit or loss amounted to 145,000.00 CNY during the reporting period Government Grants Recognized in Current Profit or Loss | Account | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Other Income | 145,000.00 | 957,943.44 | - During the period, new income-related government grants amounted to **252,500.00 CNY**, while **107,500.00 CNY** was returned due to relocation[502](index=502&type=chunk)[503](index=503&type=chunk) [Risks Related to Financial Instruments](index=137&type=section&id=Risks%20Related%20to%20Financial%20Instruments) This section outlines the company's exposure to credit risk, liquidity risk, and market risk (interest rate and foreign exchange risk) and its corresponding risk management strategies - The company manages credit risk through credit assessments and monitoring receivables, with **58.55%** of accounts receivable concentrated in the top five customers as of June 30, 2025[514](index=514&type=chunk) - To manage liquidity risk, the company utilizes various financing instruments and optimizes its financing structure to maintain a balance between continuity and flexibility[516](index=516&type=chunk) Financial Liabilities by Remaining Maturity (Period-end) | Item | Carrying Amount (CNY) | Undiscounted Contractual Amount (CNY) | Within 1 Year (CNY) | 1-3 Years (CNY) | Over 3 Years (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Borrowings | 620,484,398.84 | 632,929,494.52 | 465,225,257.02 | 167,704,237.50 | 0 | | Accounts Payable | 100,578,952.54 | 100,578,952.54 | 100,578,952.54 | 0 | 0 | | Other Payables | 33,022,876.28 | 33,022,876.28 | 33,022,876.28 | 0 | 0 | | Lease Liabilities | 37,650,174.91 | 40,098,031.63 | 0 | 23,138,330.65 | 16,959,700.98 | | Non-current Liabilities Due within One Year | 28,252,182.93 | 33,325,976.00 | 33,325,976.00 | 0 | 0 | | **Subtotal** | **819,988,585.50** | **839,955,330.97** | **632,153,061.84** | **190,842,568.15** | **16,959,700.98** | - The company is exposed to foreign exchange risk and manages its net risk exposure by trading foreign currencies at market rates when necessary[520](index=520&type=chunk) [Fair Value Disclosure](index=137&type=section&id=Fair%20Value%20Disclosure) This discloses the period-end fair values of assets and liabilities measured at fair value, primarily consisting of trading financial assets and equity investments Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | 1. Financial assets at FVTPL | 95,423,500.00 | 95,423,500.00 | | (2) Equity instrument investments | 95,423,500.00 | 95,423,500.00 | | **Total assets continuously measured at fair value** | **95,423,500.00** | **95,423,500.00** | - The fair value of trading financial assets (bank wealth management products) is determined by their investment cost, while the fair value of unlisted equity instruments is determined using valuation techniques, primarily the market approach[524](index=524&type=chunk) [Related Parties and Transactions](index=140&type=section&id=Related%20Parties%20and%20Transactions) This section discloses the company's parent, subsidiaries, associates, and other related parties, and details related-party transactions during the period - The company's controlling shareholder is Wang Yu, and the actual controllers are Wang Yu and Wang Wenhui, who collectively hold **41.93%** of the company's shares directly and indirectly[525](index=525&type=chunk) Related-Party Transactions for Goods and Services (Partial) | Related Party | Transaction Content | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | :--- | | Guangzhou Mofan E-commerce Co, Ltd | Promotion fees | 246,233,653.71 | 36,710,054.12 | | Hangzhou Baixi Brand Management Co, Ltd | Purchase of goods | 0 | 712.16 | | Lancy Co, Ltd | Sale of goods | 180,400.00 | 84,565.93 | - Actual controllers Wang Yu and Wang Wenhui have provided multiple guarantees for the company, with a significant total amount and several guarantees still outstanding[532](index=532&type=chunk)[533](index=533&type=chunk) Key Management Personnel Compensation | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 2,802,038.74 | 1,895,562.12 | [Share-based Payments](index=143&type=section&id=Share-based%20Payments) This discloses the overall status of the 2022 stock option incentive plan, including the number of options that lapsed during the period and the total expense recognized Share-based Payment Overview (Lapsed this Period) | Grantee Category | Number Lapsed | Amount Lapsed (CNY) | | :--- | :--- | :--- | | Management Personnel | 29,400 | 181,986.00 | | R&D Personnel | 48,020 | 297,243.80 | | Sales Personnel | 130,340 | 806,804.60 | | **Total** | **207,760** | **1,286,034.40** | - The adjusted exercise price for stock options granted in 2022 and 2023 is **6.19 CNY/share**, with a remaining contract term of 0.5 years[539](index=539&type=chunk) - The total expense recognized for equity-settled share-based payments during the period was **3,351,675.84 CNY**[545](index=545&type=chunk)[546](index=546&type=chunk) [Commitments and Contingencies](index=144&type=section&id=Commitments%20and%20Contingencies) The company has no significant commitments to disclose at the end of the reporting period but reports a pending legal dispute with Mead Johnson Nutrition - As of the balance sheet date, the company has no significant commitments to disclose[547](index=547&type=chunk) - The contract dispute with Mead Johnson Nutrition (China) Ltd had its second-instance hearing on September 5, 2024, and is awaiting judgment[549](index=549&type=chunk) [Subsequent Events](index=145&type=section&id=Subsequent%20Events) This discloses the proposed profit distribution plan and the completed cancellation of repurchased shares after the balance sheet date Proposed Profit Distribution | Item | Content | | :--- | :--- | | Proposed Dividend per 10 Shares | 3 CNY | | Proposed Conversion per 10 Shares | 4 shares | - As of July 2, 2025, the company has cancelled **8,817,672 shares** from its repurchase account, reducing registered capital and treasury stock by **296,959,803.18 CNY**[552](index=552&type=chunk)[553](index=553&type=chunk) [Other Significant Matters](index=145&type=section&id=Other%20Significant%20Matters) This section explains that segment information is not disclosed as the company's main business is managed as a single integrated unit - The company's main business of providing comprehensive e-commerce services is managed and evaluated as a single segment; therefore, no segment information is disclosed[554](index=554&type=chunk) [Notes to Parent Company Financial Statements](index=153&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statements) This provides detailed notes on major items in the parent company's financial statements, including receivables, long-term equity investments, and revenue - The parent company's accounts receivable at period-end had a carrying amount of **526,722,421.42 CNY**, an increase from **419,714,218.54 CNY** at the beginning of the year[558](index=558&type=chunk) - The parent company's other receivables at period-end amounted to **239,612,206.57 CNY**, primarily consisting of advances and intercompany balances[569](index=569&type=chunk)[573](index=573&type=chunk) - The parent company's long-term equity investments at period-end had a carrying amount of **197,836,278.06 CNY**, including investments in subsidiaries and associates[583](index=583&type=chunk) - The parent company's operating revenue for the period was **434,690,595.92 CNY**, with operating costs of **279,966,580.59 CNY**[588](index=588&type=chunk) - The parent company's investment income for the period was **17,727,891.02 CNY**, primarily from long-term equity investments accounted for using the equity method[592](index=592&type=chunk) [Other Submitted Data](index=155&type=section&id=Section%20

扬州扬杰电子科技股份有限公司 2025 年半年度报告 2025-059 【2025 年 8 月】 1 扬州扬杰电子科技股份有限公司 2025 年半年度报告全文 扬州扬杰电子科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 所有董事均已出席了审议本次半年报的董事会会议。 1、市场竞争风险 半导体行业市场化程度高，竞争激烈，行业周期比较明显。公司产品定 位于中高端市场和进口替代，直面国际品牌的强势竞争。未来，如果在新产 品研发、精益管理能力、市场定位、营销网络构建等方面不能持续适应市场 变化，公司面临的市场竞争风险将会加大，可能会影响公司在中高端市场的 份额和目前数个细分领域的龙头地位。 2、技术风险 公司所处行业发展迅速，技术、产品以及下游应用领域迭代更新速度快。 公司在新材料、新技术、新产品等领域投入的节奏和速度，面临着高端产品 设计工艺实现以及下游客户端机会选择的风险；倘若公司未能对行业发展趋 势做出及时、准确的判断，公司的产品研发、技术创新未能跟上行业技术的 发展，或者技术路线和市场方向产生偏差，可能会影响公司的盈利能力及市 场竞争能力，进而影响目前的行业优势地位。 3、管理风险 ...

广州中海达卫星导航技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人廖定海、主管会计工作负责人曾家成及会计机构负责人(会计 主管人员)谢浩涛声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告中详细阐述了未来可能发生的有关风险因素及对策，详见 "第三节管理层讨论与分析"中的"十、公司面临的风险与应对措施"，敬 请投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第二节 | 公司简介和主要财务指标 34 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 51 | | | 第四节 | 公司治理、环境和社会 34 | | | 第五节 | 重要事项 | 37 | | 第六节 | 股份变动及股东情况 | 51 | | 第七节 | 债券相关情况 | 57 | | 第八节 | 财务报告 | 58 | ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines key terminology, company abbreviations, and product types used throughout the report - This section defines professional terminology, company and affiliate abbreviations, and tire product types to provide a foundation for understanding the report[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, stock details, and key financial performance indicators for the reporting period [Company Information and Basic Profile](index=6&type=section&id=Company%20Information%20and%20Basic%20Profile) The company's basic corporate information, contact details, and stock listing details on the Shanghai Stock Exchange are provided - Basic company information: **ZC Rubber Group Co., Ltd.** (Stock Code: 603049), with Shen Jinrong as the legal representative[15](index=15&type=chunk) - The company engaged **CITIC Securities Company Limited** for continuous supervision from June 2025 to December 31, 2027[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's revenue grew while net profit declined, with operating cash flow significantly decreasing and net assets boosted by its IPO Key Financial Data for H1 2025 | Key Accounting Data | H1 2025 (billion yuan) | H1 2024 (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 21.86 | 18.52 | 18.02 | | **Total Profit** | 2.46 | 2.63 | -6.28 | | **Net Profit Attributable to Shareholders** | 2.32 | 2.54 | -8.56 | | **Net Profit after Non-recurring Items** | 2.27 | 2.14 | 5.72 | | **Net Cash Flow from Operating Activities** | 0.012 | 1.42 | -99.13 | | **Basic Earnings Per Share (yuan/share)** | 2.90 | 3.23 | -10.22 | | **Weighted Average ROE (%)** | 11.93% | 16.77% | Decreased by 4.84 p.p. | | **Period-End Data** | **End of H1 2025** | **End of 2024** | **Period-over-Period Change (%)** | | **Total Assets (billion yuan)** | 51.77 | 44.82 | 15.49 | | **Net Assets Attributable to Shareholders (billion yuan)** | 22.93 | 17.48 | 31.18 | - Non-recurring gains and losses totaled **55.59 million yuan**, primarily from government subsidies and reversals of impairment provisions[25](index=25&type=chunk)[26](index=26&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section details the company's business operations, competitive strengths, financial performance, and key risks faced during the period [Industry and Principal Business Activities](index=10&type=section&id=Industry%20and%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company is a leading Chinese tire manufacturer with a comprehensive product portfolio, serving global markets through a dual sales model - The company's principal business is the R&D, production, and sale of all-steel, semi-steel, bias, and bicycle tires, making it one of China's largest and most comprehensive tire manufacturers[31](index=31&type=chunk)[32](index=32&type=chunk) - The sales model combines direct sales to OEMs like **BYD and Toyota** with a distribution network for the replacement market, covering major global markets[34](index=34&type=chunk)[35](index=35&type=chunk) - Industry trends show steady growth in the global tire market, new opportunities from the EV sector, and accelerated globalization by leading players in response to trade frictions[42](index=42&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Discussion and Analysis of Operating Performance](index=14&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Performance) The company achieved record revenue in H1 2025 driven by strong orders, technological innovation, and global expansion Revenue by Region for H1 2025 | Region | Revenue (billion yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Domestic | 11.87 | 23.73 | | Overseas | 9.92 | 11.89 | | **Total** | **21.79** | **18.02 (Total Operating Revenue)** | - Technological innovation: Launched innovative products like the "Xia Series" flagship commercial vehicle tires and the Chaoyang 1 EV PRO new energy tires, with performance on par with international standards[50](index=50&type=chunk)[51](index=51&type=chunk) - Globalization and smart manufacturing: Advanced capacity expansion at production bases in **Indonesia and Thailand** and established a "High-Performance Radial Tire Green 5G Digital Factory," a benchmark for semi-steel tire smart manufacturing[53](index=53&type=chunk)[55](index=55&type=chunk) - High-end OEM breakthrough: Became the **first Chinese tire brand to supply Toyota** (for the Bozhi 3X model) and also supplies new energy vehicle manufacturers like BYD, Geely, and Xpeng[57](index=57&type=chunk) [Analysis of Core Competencies](index=17&type=section&id=Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) The company's competitive edge is built on strong R&D, significant scale advantages, a global footprint, and leadership in smart manufacturing - R&D capabilities: Adheres to proprietary R&D, forming systems like "Tiangong" and "Tianji" to create high-performance products and achieve domestic substitution in the high-end market[59](index=59&type=chunk)[60](index=60&type=chunk) - Scale and cost advantages: As China's largest tire manufacturer by production and sales, its comprehensive business layout and significant economies of scale create strong cost management barriers[61](index=61&type=chunk)[62](index=62&type=chunk) - International layout: Production bases in **Thailand and Indonesia** are operational and expanding, enabling flexible order allocation to counter complex trade situations and increase global market share[63](index=63&type=chunk)[64](index=64&type=chunk) - Smart manufacturing: Built a world-leading smart factory for semi-steel radial tires, leveraging the "1+5+X" industrial internet platform to achieve full-process digitalization and lead industry manufacturing standards[66](index=66&type=chunk) [Analysis of Key Operating Activities](index=20&type=section&id=Analysis%20of%20Key%20Operating%20Activities%20during%20the%20Reporting%20Period) Financial analysis reveals revenue growth, a sharp drop in operating cash flow due to increased procurement, and a significant cash inflow from IPO financing Analysis of Key Financial Statement Items | Item | H1 2025 (billion yuan) | H1 2024 (billion yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 21.86 | 18.52 | 18.02 | Business scale expansion | | Operating Costs | 17.37 | 14.38 | 20.74 | Grew in line with revenue | | Financial Expenses | 0.165 | -0.055 | N/A | Changes in foreign exchange gains/losses | | Net Cash Flow from Operating Activities | 0.012 | 1.42 | -99.13 | Increased payments for goods and services | | Net Cash Flow from Investing Activities | -2.02 | -1.31 | N/A | Increased payments for long-term asset construction | | Net Cash Flow from Financing Activities | 4.30 | -0.029 | N/A | Received IPO proceeds | Analysis of Key Balance Sheet Items | Item | End of H1 2025 (billion yuan) | End of 2024 (billion yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 6.77 | 4.12 | 64.22 | Received IPO proceeds | | Construction in Progress | 3.46 | 2.47 | 39.94 | Increased investment in engineering projects | | Other Payables | 1.75 | 0.58 | 200.29 | Declared dividends | | Non-current Liabilities Due within One Year | 3.75 | 1.99 | 88.17 | Increase in long-term borrowings due within one year | - The company's overseas assets amount to **15.54 billion yuan**, accounting for **30.03% of total assets**, mainly comprising production entities in Thailand and Indonesia and trading companies[74](index=74&type=chunk)[76](index=76&type=chunk) [Potential Risks](index=25&type=section&id=Potential%20Risks) The company faces major risks from raw material price volatility, market competition, international trade policies, and foreign exchange fluctuations - The price volatility of key raw materials like **natural and synthetic rubber** is a core risk, which the company mitigates through procurement management and price adjustments[84](index=84&type=chunk) - Changes in international trade policies, such as **US tariffs and EU anti-dumping investigations**, pose significant external risks, addressed by flexibly allocating orders to overseas bases in Thailand and Indonesia[87](index=87&type=chunk) - The company is exposed to overseas operational risks, including political, economic, and policy changes in countries like **Thailand, Indonesia, and Mexico** that could impact subsidiary operations[88](index=88&type=chunk) - Foreign exchange risk arises from import and export trade settled in **US dollars**, which can lead to exchange gains or losses and affect product price competitiveness and financial performance[89](index=89&type=chunk) [Corporate Governance, Environment, and Society](index=27&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in governance, dividend plans, and the company's environmental information disclosure practices [Corporate Governance](index=27&type=section&id=Changes%20in%20Directors%20and%20Senior%20Management) A board member was replaced during the period, and the company has no semi-annual profit distribution plan - Board member change: Ms. Lu Hongbo resigned as a director, and **Ms. Yu Yuanjing was elected** as the new non-independent director[92](index=92&type=chunk) - The company does not plan to distribute profits or convert capital reserves into share capital for the first half of the year[93](index=93&type=chunk) [Environment and Society](index=27&type=section&id=Environmental%20Information) The company and seven of its subsidiaries are listed for mandatory environmental information disclosure - The company and **seven of its subsidiaries** are included in the list of enterprises required to disclose environmental information by law, reflecting a commitment to environmental transparency[95](index=95&type=chunk) [Significant Matters](index=29&type=section&id=Section%205%20Significant%20Matters) This section details the fulfillment of IPO-related commitments and the progress on the use of funds raised [Fulfillment of Commitments](index=29&type=section&id=Fulfillment%20of%20Commitments) All parties have strictly adhered to their IPO-related commitments regarding share lock-ups, price stability, and information disclosure - The controlling shareholder ZC Haichao and actual controllers Qiu Jianping and Qiu Fei have committed to a **36-month lock-up period** for their shares from the listing date[100](index=100&type=chunk)[101](index=101&type=chunk) - The company, controlling shareholder, actual controllers, and senior management have committed to a **three-year share price stability plan**, triggered if the closing price is below the latest audited net asset value per share for 20 consecutive trading days[116](index=116&type-chunk)[124](index=124&type=chunk) - The company and related parties have pledged to **repurchase shares and compensate investors** if the prospectus contains false statements, misleading representations, or major omissions[127](index=127&type=chunk)[128](index=128&type=chunk) [Progress on the Use of Raised Funds](index=46&type=section&id=Progress%20on%20the%20Use%20of%20Raised%20Funds) The company has utilized 62.40% of its net IPO proceeds, primarily for factory construction and to replace pre-invested funds Overall Use of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Total Funds Raised | 4,066,358,040.00 | | Net Funds Raised | 3,932,680,740.56 | | Cumulative Amount Invested as of Period-End | 2,453,955,561.08 | | Cumulative Investment Progress | 62.40% | - The raised funds are mainly allocated to five production and construction projects, with the "High-Performance Radial Tire Green 5G Digital Factory Project" having an investment progress of **87.79%**[158](index=158&type=chunk) - In June 2025, the company used **2.42 billion yuan** of the proceeds to replace self-raised funds that were pre-invested in the projects, in compliance with regulations[161](index=161&type=chunk) [Share Capital Changes and Shareholders](index=50&type=section&id=Section%206%20Share%20Capital%20Changes%20and%20Shareholders) This section outlines the significant changes in the company's share structure following its IPO and details its shareholder composition [Changes in Share Capital](index=50&type=section&id=Changes%20in%20Share%20Capital) The company's total share capital increased following the issuance of new A-shares during its initial public offering Share Capital Changes | Item | Before Change | Change | After Change | | :--- | :--- | :--- | :--- | | **Total Share Capital (shares)** | 787,037,038 | +87,448,560 | 874,485,598 | | **Shares with Selling Restrictions (shares)** | 787,037,038 | +2,625,149 | 789,662,187 | | **Shares without Selling Restrictions (shares)** | 0 | +84,823,411 | 84,823,411 | - The change in share capital was due to the company's **initial public offering of 87,448,560 A-shares** on the main board of the Shanghai Stock Exchange on June 5, 2025[165](index=165&type=chunk) [Shareholder Information](index=51&type=section&id=Shareholder%20Information) The company has a highly concentrated ownership structure, with the top ten shareholders holding 90.02% of the total shares - As of the end of the reporting period, the total number of shareholders was **71,472**[167](index=167&type=chunk) Top Five Shareholders | Shareholder Name | Shares Held at Period-End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Hangzhou ZC Haichao Enterprise Management Co., Ltd. | 323,317,169 | 36.97 | Domestic Non-State-owned Legal Entity | | Hangzhou Industrial Investment Group Co., Ltd. | 196,759,260 | 22.50 | State-owned Legal Entity | | Hangzhou Finance & Investment Group Co., Ltd. | 118,055,556 | 13.50 | State-owned Legal Entity | | Tidetron New Materials Group Co., Ltd. | 70,200,000 | 8.03 | Domestic Non-State-owned Legal Entity | | Hangzhou Chaoyang Haoyun Enterprise Management Partnership | 29,077,304 | 3.33 | Other | [Bond-related Matters](index=56&type=section&id=Section%207%20Bond-related%20Matters) The company had no outstanding bonds or other debt financing instruments during the reporting period - During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds[177](index=177&type=chunk) [Financial Report](index=57&type=section&id=Section%208%20Financial%20Report) This section presents the unaudited semi-annual financial statements and the detailed notes accompanying them [Financial Statements](index=57&type=section&id=Financial%20Statements) This section contains the unaudited consolidated and parent company financial statements for the first half of 2025 - The consolidated balance sheet shows total assets of **51.77 billion yuan**, total liabilities of **28.84 billion yuan**, and equity attributable to parent company owners of **22.93 billion yuan** as of June 30, 2025[179](index=179&type=chunk)[181](index=181&type=chunk) - The consolidated income statement shows total operating revenue of **21.86 billion yuan** and net profit of **2.32 billion yuan** for H1 2025[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - The consolidated cash flow statement shows net cash from operating activities of **12.39 million yuan**, a net outflow from investing activities of **2.02 billion yuan**, and a net inflow from financing activities of **4.30 billion yuan** for H1 2025[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk) [Notes to the Financial Statements](index=75&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations of accounting policies and specific items in the financial statements - The company's shares were listed on the Shanghai Stock Exchange on **June 5, 2025**, and the consolidated financial statements include 28 subsidiaries[207](index=207&type=chunk)[208](index=208&type=chunk) - Revenue recognition policy: Revenue from domestic OEM customers is recognized upon product installation, from distributors upon customer receipt; overseas revenue is recognized upon shipment (FOB/CIF) or upon delivery (DDP)[285](index=285&type=chunk) - The company and some of its subsidiaries benefit from a preferential **15% corporate income tax rate** for high-tech enterprises[297](index=297&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk) - Detailed disclosures on financial instrument risks are provided, primarily covering **credit risk, liquidity risk, and market risk** (interest rate and foreign exchange risk)[514](index=514&type=chunk)

江苏纽泰格科技集团股份有限公司 2025 年半年度报告全文 江苏纽泰格科技集团股份有限公司 2025 年半年度报告 披露时间：2025 年 08 月 20 日 1 江苏纽泰格科技集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人张义、主管会计工作负责人沈杰及会计机构负责人（会计主管 人员）吴学盈声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在经营管理中可能面临的风险与应对措施已在本报告中第三节"管理 层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述。敬请广 大投资者关注，注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 6 | | 第三节 管理层讨论与分析 9 | | 第四节 公司治理、环境和社会 26 | | 第五节 重要事项 2 ...

诺诚健华医药有限公司2025 年半年度报告 公司代码：688428 公司简称：诺诚健华 诺诚健华医药有限公司 2025 年半年度报告 1 / 196 诺诚健华医药有限公司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。 无 七、 是否存在公司治理特殊安排等重要事项 √适用 □不适用 公司治理特殊安排情况： 二、 重大风险提示 公司是一家以卓越的自主研发能力为核心驱动力的高科技创新生物医药企业，拥有全面的研 发、生产和商业化能力，专注于肿瘤和自身免疫性疾病等存在巨大未满足临床需求的领域，在全 球市场内开发具有突破性潜力的同类首创或同类最佳药物。2025 年上半年，公司实现归母净利润 -0.30 亿元，相较去年同期（归母净利润-2.62 亿元）亏损缩窄 88.51%。公司归母净利润仍为负， 主要由于新药研发、生产、商业化是一个周期长、投资大、风险高的过程，公司在药物早期发现、 临床前研究、临床开发、注册、生产、商业化推广等多个环节持续投入。报告期内，公司持续加 大在新技术平台建设 ...