陕西莱特光电材料股份有限公司2025 年半年度报告 公司代码：688150 公司简称：莱特光电 陕西莱特光电材料股份有限公司 2025 年半年度报告 1 / 207 陕西莱特光电材料股份有限公司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 报告期内，公司不存在重大风险。公司已在本报告中详细阐述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"四、风险因素"相关的内容。敬请投资者予以关注，注意 投资风险。 三、 公司全体董事出席董事会会议。 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 2025 年半年度，公司拟以实施权益分派股权登记日登记的总股本扣除回购专用证券账户中的股 份为基数，向全体股东每 10 股派发现金红利 1.80 元（含税），不进行资本公积金转增股本、不送 红股。截至本报告披露日，公司总股本为 402,437,585 股，扣除回购专用证券账户中股份数 2,435,040 股后，实际参与利润分配的股份数量为 ...

海航科技股份有限公司2025 年半年度报告 公司代码：600751 900938 公司简称：海航科技 海科 B 海航科技股份有限公司 2025 年半年度报告 1 / 207 海航科技股份有限公司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、 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、 公司负责人朱勇、主管会计工作负责人晏勋及会计机构负责人（会计主管人员） 陈文声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述，均不构成公司对投资者的实质 承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 整性 否 十、 重大风险提示 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines professional terms and company entity abbreviations used in the report, covering the company, subsidiaries, regulatory bodies, drug R&D, clinical trials, and key technology platforms [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 proprietary names for company entities, regulatory bodies, drug types, clinical trial stages, and key technology platforms, providing a foundation for understanding the report's content[11](index=11&type=chunk)[12](index=12&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) This section presents the company's basic information and key financial data, highlighting a significant revenue decline and a shift to a net loss due to a high prior-year base and increased R&D spending [Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%PFE%E6%9C%AC%E6%83%85%E5%86%B5) This section provides the company's basic corporate information, including names, legal representative, addresses, and contact details, which remained unchanged during the reporting period Company Basic Information | Item | Content | | :--- | :--- | | Chinese Name | 四川百利天恒药业股份有限公司 | | Chinese Abbreviation | 百利天恒 | | Legal Representative | Zhu Yi | | Registered Address | Building 1, No 161, Baili Road, Chengdu Cross-Strait Science and Technology Industrial Park, Wenjiang District, Chengdu, Sichuan | | Email | ir@baili-pharm.com | [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) The company's financial performance declined significantly, with revenue down 96.92% and a net loss of RMB 1.12 billion, driven by a high base from a prior-year upfront payment and a 90.74% increase in R&D investment Key Accounting Data (RMB) | Key Accounting Data | Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 171,197,609.32 | 5,552,727,531.48 | -96.92 | | Net Profit Attributable to Shareholders | -1,117,952,210.37 | 4,666,340,011.27 | -123.96 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -1,176,187,586.01 | 4,644,208,923.71 | -125.33 | | Net Cash Flow from Operating Activities | -1,133,821,540.98 | 5,028,680,661.05 | -122.55 | | Net Assets Attributable to Shareholders | 2,798,884,860.57 | (End of Prior Year) 3,885,924,780.04 | -27.97 | Key Financial Indicators | Key Financial Indicators | Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | -2.79 | 11.64 | -123.97 | | Weighted Average Return on Equity (%) | -33.60 | 187.78 | Decrease of 221.38 percentage points | | R&D Investment as a Percentage of Operating Revenue (%) | 606.69 | 9.81 | Increase of 596.88 percentage points | - The significant decline in financial indicators was due to two main reasons: 1) A high base from the recognition of substantial intellectual property income from the BMS collaboration in the prior year; 2) Continued significant investment in innovative drug R&D, with R&D expenses **increasing by 90.74%** year-over-year[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-recurring Gains and Losses Items and Amounts](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) Non-recurring gains and losses totaled RMB 58.24 million, primarily composed of a RMB 54.55 million fair value change in financial assets and RMB 15.46 million in government grants Non-recurring Gains and Losses Items (RMB) | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -233,921.35 | | Government Grants Included in Current Profit or Loss | 15,457,608.05 | | Fair Value Change Gains/Losses on Financial Assets/Liabilities | 54,554,588.90 | | Other Non-operating Income and Expenses | -770,852.77 | | Income Tax Effect | -10,772,047.19 | | **Total** | **58,235,375.64** | [Management's 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) This section details the company's business, operations, competitive strengths, and risks, highlighting significant R&D progress amidst financial pressures from increased investment and a high prior-year revenue base [Core Business and Industry 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 biopharmaceutical enterprise focused on global oncology, with a growing market for ADC and multi-specific antibodies providing a favorable environment for its dual business segments [Core Business](index=9&type=section&id=1%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates as a multinational pharmaceutical firm with dual R&D centers in the US and China, focusing on innovative biologics like ADC/GNC/ARC and a commercial portfolio of established medicines - The company is strategically positioned as a multinational corporation (MNC) with a leading global advantage in the oncology drug sector, possessing dual R&D centers in the US and China and four production bases for comprehensive R&D, manufacturing, and commercialization capabilities[30](index=30&type=chunk)[31](index=31&type=chunk) - The company operates two main business segments: - **Innovative Biologics**: As of the disclosure date, **15 innovative drugs are in clinical trials**, with 3 having entered Phase III registrational clinical trials - **Chemical and Traditional Chinese Medicines**: Holds 208 chemical drug approvals and 30 traditional Chinese medicine approvals, with key products in anesthesia, parenteral nutrition, and pediatrics[32](index=32&type=chunk)[33](index=33&type=chunk)[48](index=48&type=chunk) [Industry Situation and Technical Barriers](index=15&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The global oncology drug market is projected to reach $575 billion by 2033, with the ADC market expanding to $151.9 billion, highlighting a high-barrier industry that demands strong R&D and manufacturing capabilities Global Oncology Drug Market Size Forecast (Billion USD) | Year | 2023 | 2033 (Est) | CAGR (2023-2033E) | | :--- | :--- | :--- | :--- | | Global | 223.2 | 575.0 | 9.9% | | US | 102.0 | 280.5 | 11.4% | | China | 30.9 | 101.3 | 11.7% | Global ADC Drug Market Size Forecast (Billion USD) | Year | 2023 | 2033 (Est) | | :--- | :--- | :--- | | Global | 10.1 | 151.9 | | US | 3.5 | 69.8 | | China | 0.2 | 24.7 | - The pharmaceutical industry, particularly new drug development, has **extremely high technical barriers**, requiring interdisciplinary integration and stringent standards for R&D capabilities, talent, large-scale production, and quality control, making it difficult for new entrants to compete in the short term[77](index=77&type=chunk) [Discussion and Analysis of Operations](index=21&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) R&D investment reached RMB 1.04 billion, a 90.74% increase, driving significant clinical progress, including a pivotal Phase III trial meeting its primary endpoint and the launch of an innovative radiopharmaceutical (ARC) platform - The company's R&D expenses were **RMB 1.04 billion, a year-over-year increase of 90.74%**, supporting nearly 90 clinical trials globally for its 15 clinical-stage drug candidates[80](index=80&type=chunk) - The core product **iza-bren (EGFR×HER3 bispecific ADC)** met its primary endpoint in the interim analysis of its Phase III clinical trial for last-line nasopharyngeal carcinoma, and Pre-NDA communication with the CDE has been completed[79](index=79&type=chunk)[81](index=81&type=chunk) - Clinical development has progressed rapidly, with **9 new pivotal registrational clinical trials initiated** and full patient enrollment completed for 7 Phase III clinical trials[78](index=78&type=chunk) - The company has established an innovative **ARC (radiopharmaceutical) R&D platform (HIRE-ARC platform)**, and the IND application for its first ARC candidate, BL-ARC001, has been submitted in China[100](index=100&type=chunk) - The company has initiated a private placement of A-shares for 2025, aiming to raise **RMB 3.76 billion** entirely for innovative drug R&D projects[106](index=106&type=chunk) [Analysis of Core Competitiveness](index=26&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 strengths include its dual R&D model, four proprietary technology platforms, a robust pipeline led by iza-bren, an integrated industry chain, and a strategic partnership with BMS potentially worth up to $8.4 billion - The company has built **four globally leading and proprietary innovative drug technology platforms** covering ADC, GNC, SEBA, and ARC drug fields[110](index=110&type=chunk)[117](index=117&type=chunk) - It possesses a rich pipeline led by the potential blockbuster drug **iza-bren**, having successfully developed 3 Phase III clinical assets and 12 early-stage core clinical assets[111](index=111&type=chunk) - A strategic partnership was established with global pharmaceutical giant **BMS for iza-bren**, with a potential total deal value of up to **$8.4 billion** and an $800 million upfront payment already received, validating the international recognition of the company's R&D capabilities[115](index=115&type=chunk) R&D Investment (RMB) | Item | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 1,038,636,526.10 | 544,530,631.66 | 90.74 | | Total R&D Investment | 1,038,636,526.10 | 544,530,631.66 | 90.74 | | R&D Investment as a Percentage of Operating Revenue (%) | 606.69 | 9.81 | Increase of 596.88 percentage points | R&D Personnel | Item | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of R&D Personnel | 1,360 | 879 | | R&D Personnel as a Percentage of Total Employees (%) | 48.16 | 38.83 | [Risk Factors](index=35&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 faces financial risks of continued losses from high R&D spending, competitive pressures, talent retention challenges, operational uncertainties, and macroeconomic risks - **Risk of Operating Losses**: Due to continuous large-scale R&D investment, the company has been in a loss-making state except for 2024 (due to intellectual property licensing income) and may continue to face losses in the future[135](index=135&type=chunk) - **Core Competitiveness Risk**: The company faces intense competition from global pharmaceutical firms and the risk of key research, clinical, and management personnel loss, which could harm its business strategy[136](index=136&type=chunk)[137](index=137&type=chunk) - **Operational Risk**: Uncertainties exist in market access and promotion for new drugs post-approval, raw material price fluctuations, and the operational safety of production facilities[138](index=138&type=chunk) - **Financial and Macroeconomic Risk**: With international expansion, the company faces financial risks from foreign exchange rate fluctuations and macroeconomic risks from changes in domestic and international industry regulations and geopolitical environments[139](index=139&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk) [Financial Analysis of Core Business](index=37&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) This section explains financial statement fluctuations, noting a 96.92% revenue drop due to a prior-year BMS payment, increased expenses from R&D and staffing, and a 116.25% rise in long-term debt to fund operations Analysis of Key Items in Financial Statements (RMB) | Account | Current Period | Prior Year Period | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 171,197,609.32 | 5,552,727,531.48 | -96.92 | Primarily due to the receipt of the BMS upfront payment and related intellectual property income recognition in the prior year | | Administrative Expenses | 127,350,733.13 | 71,289,928.54 | 78.64 | Primarily due to increased employee compensation and share-based payment expenses | | R&D Expenses | 1,038,636,526.10 | 544,530,631.66 | 90.74 | Primarily due to increased costs for materials, employee compensation, and clinical trial testing | | Net Cash Flow from Operating Activities | -1,133,821,540.98 | 5,028,680,661.05 | -122.55 | Primarily due to the receipt of the BMS upfront payment in the prior year and a significant increase in R&D investment in the current period | Analysis of Key Items in Balance Sheet (RMB) | Item | End of Current Period | End of Prior Year | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Construction in Progress | 92,083,942.88 | 35,508,469.53 | 159.33 | Primarily due to increased investment in the ongoing antibody drug industrialization project during the reporting period | | Accounts Payable | 524,837,424.55 | 392,548,432.60 | 33.70 | Primarily due to an increase in payables for R&D materials and clinical trial fees during the reporting period | | Long-term Borrowings | 2,572,130,000.00 | 1,189,430,000.00 | 116.25 | Primarily due to new bank loans with maturities over one year obtained during the reporting period | [Corporate Governance, Environmental, and Social](index=44&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) This section covers ESG matters, confirming management stability, no proposed profit distribution, and the inclusion of four subsidiaries on the environmental information disclosure list - During the reporting period, there were **no changes** in the company's directors, supervisors, senior management, or core technical personnel, indicating a stable management team[159](index=159&type=chunk) - The company proposes **no profit distribution** and no conversion of capital reserve to share capital for the current semi-annual period[159](index=159&type=chunk) - Four of the company's subsidiaries have been included in the list of enterprises required to disclose environmental information by law, reflecting the company's emphasis on environmental responsibility[160](index=160&type=chunk)[161](index=161&type=chunk) [Significant Matters](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) The company fulfilled all its commitments, reported no significant legal issues, disclosed a total guarantee of RMB 550 million for its subsidiaries, and has invested 92.46% of its IPO funds - All commitments made by the company and related parties during or continuing into the reporting period were **strictly fulfilled** without any breaches[163](index=163&type=chunk)[164](index=164&type=chunk) - During the reporting period, there were **no instances of suspected violations of laws or regulations**, penalties, or rectifications involving the company, its directors, supervisors, senior management, controlling shareholder, or actual controller, nor were there any major lawsuits or arbitrations[200](index=200&type=chunk) Guarantees for Subsidiaries (RMB 10,000) | Item | Amount | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During the Period | 70,000 | | Outstanding Guarantee Balance for Subsidiaries at Period-End | 54,978 | | Total Guarantee Amount as a Percentage of Net Assets (%) | 19.64 | Overall Use of Raised Funds (RMB 10,000) | Item | Amount | | :--- | :--- | | Net Amount of Raised Funds | 88,439.74 | | Total Committed Investment | 142,227.55 | | Cumulative Investment as of Period-End | 81,767.60 | | Cumulative Investment Progress (%) | 92.46 | [Share Capital Changes and Shareholders](index=72&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) The total share capital remained unchanged, while the expiration of a lock-up period increased unrestricted shares, with the controlling shareholder holding a 74.35% stake Share Capital Change Table (Shares) | Share Class | Before Change | After Change | Change Amount | | :--- | :--- | :--- | :--- | | Restricted Shares | 310,549,010 | 298,108,880 | -12,440,130 | | Unrestricted Circulating Shares | 90,450,990 | 102,891,120 | +12,440,130 | | **Total Shares** | **401,000,000** | **401,000,000** | **0** | - The change in share structure was primarily due to the listing and circulation of some strategically placed restricted shares and other restricted shares from the initial public offering, totaling **12,440,130 shares**[218](index=218&type=chunk)[219](index=219&type=chunk) Top Three Shareholders | Shareholder Name | Shares Held at Period-End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Zhu Yi | 298,159,400 | 74.35 | Domestic Individual | | OAP III (HK) Limited | 28,527,171 | 7.11 | Foreign Legal Entity | | Zhang Suya | 9,575,543 | 2.39 | Domestic Individual | [Bond-Related Matters](index=78&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) This section clarifies the company's bond-related status, confirming that no corporate bonds or convertible bonds have been issued - As of the end of the reporting period, the company had **not issued any corporate bonds**, enterprise bonds, or convertible corporate bonds[230](index=230&type=chunk) [Financial Report](index=79&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 provides the unaudited financial statements and key accounting policies, detailing the company's financial position, performance, and cash flows for the period [Financial Statements](index=79&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The unaudited semi-annual report shows total assets of RMB 7.19 billion and a net loss of RMB 1.12 billion, reflecting the impact of prior-year licensing income and current R&D expenses [Consolidated Balance Sheet](index=79&type=section&id=%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 stable at RMB 7.19 billion, while total liabilities rose to RMB 4.39 billion due to increased long-term debt, and equity decreased to RMB 2.80 billion Core Data from Consolidated Balance Sheet (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 7,184,919,585.53 | 7,137,357,660.07 | | Total Liabilities | 4,386,034,724.96 | 3,251,432,880.03 | | Long-term Borrowings | 2,572,130,000.00 | 1,189,430,000.00 | | Total Equity Attributable to Parent Company | 2,798,884,860.57 | 3,885,924,780.04 | [Consolidated Income Statement](index=83&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, revenue was RMB 171 million, a sharp decrease from the prior year, while R&D expenses grew 90.74% to RMB 1.04 billion, resulting in a net loss of RMB 1.12 billion Core Data from Consolidated Income Statement (RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | 171,197,609.32 | 5,552,727,531.48 | | R&D Expenses | 1,038,636,526.10 | 544,530,631.66 | | Total Profit | -1,127,910,502.75 | 4,827,726,900.34 | | Net Profit Attributable to Parent Company | -1,117,952,210.37 | 4,666,340,011.27 | [Consolidated Cash Flow Statement](index=87&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash from operating activities was -RMB 1.13 billion, while financing activities provided a net inflow of RMB 981 million, leaving a cash balance of RMB 3.15 billion Core Data from Consolidated Cash Flow Statement (RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,133,821,540.98 | 5,028,680,661.05 | | Net Cash Flow from Investing Activities | 102,932,326.25 | -1,641,151,995.85 | | Net Cash Flow from Financing Activities | 980,669,917.83 | 434,657,000.00 | | Cash and Cash Equivalents at Period-End | 3,145,091,956.76 | 4,228,057,548.61 | [Notes to the Financial Statements](index=99&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 key accounting policies, including revenue recognition for product sales and intellectual property licensing, and the capitalization criteria for R&D expenditures - **Revenue Recognition Policy**: Product sales revenue is recognized when the customer obtains control of the goods (i.e., upon receipt), while intellectual property licensing revenue is recognized at a point in time or over a period based on contract evaluation[335](index=335&type=chunk)[336](index=336&type=chunk) - **R&D Expenditure Policy**: Internal R&D projects are divided into research and development phases; for Class 1 and 2 new drugs, expenditures before the substantive Phase III clinical trial are expensed, while subsequent expenditures are capitalized if conditions are met[316](index=316&type=chunk)[317](index=317&type=chunk) - **Financial Instrument Impairment**: The company uses an expected credit loss model to provide for impairment on financial assets measured at amortized cost; for receivables, the loss provision is always measured at the lifetime expected credit loss[290](index=290&type=chunk)[291](index=291&type=chunk)

公司代码：605208 公司简称：永茂泰 上海永茂泰汽车科技股份有限公司 2025 年半年度报告 上海永茂泰汽车科技股份有限公司2025 年半年度报告 重要提示 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 董事会未提出本报告期利润分配预案或公积金转增股本预案。 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中含有公司预计或期待未来可能或即将发生的业务活动、事件或发展动态的前瞻性陈 述，包括预测、目标、估计及经营计划、发展战略等，受诸多可变因素的影响，未来的实际结果 或发展趋势可能会与这些前瞻性陈述出现重大差异。该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，敬请广大的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 公司在本报告"第三节 管理层讨论与分析"之"五、其他披露事项"中的"(一)可能面对的 风险"，详细描述了公司经营 ...

杭州安旭生物科技股份有限公司 2025 年半年度报告 公司代码：688075 公司简称：安旭生物 杭州安旭生物科技股份有限公司 2025 年半年度报告 1 / 144 杭州安旭生物科技股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告"第三节 管理层讨论与分析"之"四、风险因素"中说明了可能对公司产生重大 不利影响的风险因素，敬请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人凌世生、主管会计工作负责人康敏及会计机构负责人（会计主管人员）康敏声 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、经营计划、发展战略等前瞻性陈述，不构成公司对投资者的实质 承诺，请投 ...

安徽口子酒业股份有限公司2025 年半年度报告 公司代码：603589 公司简称：口子窖 安徽口子酒业股份有限公司 2025 年半年度报告 1 / 176 安徽口子酒业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 公司负责人徐进、主管会计工作负责人范博及会计机构负责人（会计主管人员）李伟声明： 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 本报告涉及未来计划等前瞻性陈述，该等陈述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 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 报告期内 ...

Important Notes [Statement of the Board of Directors, Board of Supervisors, and Senior Management](index=2&type=section&id=%E4%B8%80%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%8F%8A%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) The company's management guarantees the truthfulness, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The Board of Directors, Board of Supervisors, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - **All directors of the company attended the Board of Directors meeting**[4](index=4&type=chunk) - The company's person in charge, Yang Jianliang, the person in charge of accounting, Wang Yong, and the head of the accounting department, He Jiachen, declare that the financial report in the semi-annual report is **true, accurate, and complete**[5](index=5&type=chunk) [Unaudited Report](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1) This semi-annual report has not been audited - This semi-annual report is unaudited[4](index=4&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) There is no profit distribution or capitalization of public reserve plan for the reporting period - There is **no profit distribution plan or plan to convert public reserve into share capital** for the reporting period[6](index=6&type=chunk) [Forward-Looking Statements 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 in this report do not constitute substantive commitments to investors - Forward-looking statements in this report, such as development strategies and business plans, **do not constitute substantive commitments** to investors, who are advised to 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) No non-operating fund occupation by controlling shareholders or provision of external guarantees occurred during the reporting period - There was **no non-operating occupation of funds** by the controlling shareholder 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 Warning](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 has detailed potential risks in "Section III Management Discussion and Analysis" - The company has detailed potential risks in this report; please refer to the "Potential Risks" section in "Section III Management Discussion and Analysis"[8](index=8&type=chunk) Section I Definitions [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 key terms used throughout the report, covering company entities, reporting conventions, and photovoltaic industry terminology Definitions of Common Terms | Term | Meaning | | :--- | :--- | | The Company, Our Company, Shangji CNC, Hongyuan Green Energy | HONGYUAN GREEN ENERGY CO.,LTD. | | Controlling Shareholder | Yang Jianliang | | Actual Controllers | Yang Jianliang, Hang Hong, Yang Hao, Li Xiaodong, Dong Xixing | | Reporting Period | January 1, 2025 to June 30, 2025 | | Yuan, Ten Thousand Yuan, Hundred Million Yuan | RMB Yuan, RMB Ten Thousand, RMB Hundred Million | | Monocrystalline Silicon | A single crystal in which silicon atoms are arranged periodically throughout the entire silicon crystal | | Polycrystalline Silicon | A polycrystalline material composed of silicon grains of a certain size | | Silicon Wafer | A square or octagonal slice cut from a monocrystalline silicon ingot or polycrystalline silicon block | | Silicon Ingot | A rod-shaped single silicon crystal grown from polycrystalline silicon raw material using the Czochralski (CZ) or Float-Zone (FZ) method | | Cell, Solar Cell | A device that converts solar radiation energy into electrical energy through the photovoltaic effect in semiconductor materials | | Module | A solar module composed of high-efficiency crystalline silicon solar cells, tempered glass, a transparent TPT backsheet, and an aluminum alloy frame | | GW | Gigawatt, a unit of power for solar cells, where 1 gigawatt = 1,000 megawatts | Section II Company Profile and Key Financial Indicators [Company Basic Information](index=4&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 names, abbreviations, and legal representative, clarifying its basic identity Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 弘元绿色能源股份有限公司 | | Chinese Abbreviation | 弘元绿能 | | English Name | HONGYUAN GREEN ENERGY CO.,LTD. | | English Abbreviation | HONGYUAN | | Legal Representative | Yang Jianliang | [Contact Information](index=4&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 lists the contact details for the company's Board Secretary and Securities Affairs Representative Company Contact Information | Position | Name | Address | Phone | Fax | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhuang Kejie | No. 158, Nanhuzhong Road, Xuelang Street, Binhu District, Wuxi City | 0510-85390590 | 0510-85958787 | | Securities Affairs Representative | Zhao Qin | No. 158, Nanhuzhong Road, Xuelang Street, Binhu District, Wuxi City | 0510-85390590 | 0510-85958787 | [Company Registration and Office Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered and office addresses remained unchanged during the reporting period Company Registration and Office Information | Indicator | Content | | :--- | :--- | | Company Registered Address | No. 158, Nanhuzhong Road, Xuelang Street, Binhu District, Wuxi City | | Historical Changes to Registered Address | None | | Company Office Address | No. 158, Nanhuzhong Road, Xuelang Street, Binhu District, Wuxi City | | Postal Code of Office Address | 214128 | | Company Website | https://hysolar.com/ | | Email Address | wxsjzqb@163.com | | Index for Inquiries on Changes during the Reporting Period | None | [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's designated information disclosure newspapers and websites remained unchanged during the reporting period Information Disclosure Channels | Indicator | Content | | :--- | :--- | | Designated Information Disclosure Newspapers | China Securities Journal, Shanghai Securities News | | Website for Semi-Annual Report Publication | www.sse.com.cn | | Location for Semi-Annual Report Filing | Company's Securities Department | | Index for Inquiries on Changes during the Reporting Period | None | [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 on the Shanghai Stock Exchange under the stock code 603185 Company Stock Information | Stock Type | Stock Exchange | Stock Ticker | Stock Code | Previous Stock Ticker | | :--- | :--- | :--- | :--- | :--- | | A-Share | Shanghai Stock Exchange | Hongyuan Green Energy | 603185 | Shangji CNC | [Key Accounting Data and Financial Indicators](index=5&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, revenue declined 19.52% while net loss narrowed by 74.35% to -¥297 million, though operating cash flow decreased significantly Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,228,586,997.55 | 4,011,584,407.84 | -19.52 | | Total Profit | -384,868,029.29 | -1,437,012,796.49 | N/A | | Net Profit Attributable to Shareholders | -296,804,289.02 | -1,157,247,885.47 | N/A | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -355,613,112.10 | -960,556,885.06 | N/A | | Net Cash Flow from Operating Activities | -375,754,202.37 | 112,123,596.75 | -435.12 | | **End of Current Reporting Period** | | | | | Net Assets Attributable to Shareholders | 11,570,511,119.02 | 11,884,162,700.05 | -2.64 | | Total Assets | 26,522,342,200.44 | 29,222,793,933.67 | -9.24 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | -0.438 | -1.905 | N/A | | Diluted Earnings Per Share (RMB/Share) | -0.438 | -1.905 | N/A | | Basic EPS (Excluding Non-recurring Items) (RMB/Share) | -0.525 | -1.581 | N/A | | Weighted Average Return on Equity (%) | -2.53 | -8.47 | Increased by 5.94 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | -3.03 | -7.03 | Increased by 4 percentage points | - **Net loss significantly narrowed by 74.35%**[32](index=32&type=chunk) [Non-recurring Gains and Losses](index=6&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) Non-recurring gains and losses for the period totaled ¥58.81 million, primarily from government grants and fair value changes Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -130,769.13 | | Government Grants Recognized in Current Profit or Loss | 12,571,546.40 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 42,491,209.00 | | Gains/Losses from Debt Restructuring | 6,832,000.00 | | Other Non-operating Income and Expenses | 7,410,408.01 | | Less: Income Tax Impact | 10,365,571.20 | | Total | 58,808,823.08 | Section III Management Discussion and Analysis [Industry and Main Business Overview](index=6&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 is deepening its N-type zero-carbon PV industry chain layout amid rapid market growth and intensifying competition - The company adheres to a "technology-led, innovation-driven" philosophy, deepening its layout in the **N-type zero-carbon photovoltaic full industry chain** and strengthening R&D and industrial synergy[28](index=28&type=chunk) - In H1 2025, China's new photovoltaic installations reached **212.21 GW, a year-on-year increase of 107%**, with May installations hitting a new monthly high of 92.92 GW, up 388.03% YoY[29](index=29&type=chunk) - Government departments are guiding the PV industry to shift from price competition to **value competition**, focusing on product quality, technological innovation, and service capabilities to phase out outdated capacity[31](index=31&type=chunk) [Analysis of Operating Performance](index=8&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) Despite industry overcapacity, the company significantly narrowed its net loss by 74.35% through innovation and cost management - In H1 2025, amid industry overcapacity and low product prices, the company achieved a net profit attributable to shareholders of **-¥297 million**, representing a **74.35% reduction in net loss**[32](index=32&type=chunk) - The company's **vertically integrated "polysilicon-wafer-cell-module" industrial layout** effectively reduces intermediate losses and optimizes supply chain cost structure[38](index=38&type=chunk) - The company has established a full lifecycle quality and low-carbon management system, with its polysilicon, wafer, and cell products certified by France's ADEME for LCA, and modules receiving Certisolis carbon footprint ECS certification[38](index=38&type=chunk) [Polysilicon Business](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%A1%85%E6%96%99%E4%B8%9A%E5%8A%A1) The polysilicon business achieved industry-leading product quality and cost control through process innovation and refined management - The company's polysilicon products consistently meet **electronic grade II standards**, with an industry-leading primary output ratio of N-type dense polysilicon, and excel in core operational metrics[33](index=33&type=chunk) - Energy consumption was further reduced and costs optimized by increasing single-furnace output and enhancing the comprehensive control process of reduction furnaces[33](index=33&type=chunk) [Silicon Wafer Business](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%A1%85%E7%89%87%E4%B8%9A%E5%8A%A1) The silicon wafer business focuses on next-generation technology R&D and cost reduction through process and equipment enhancements - The company has a professional R&D team focused on next-generation wafer technology and has established deep collaborations with universities like Zhejiang University and Lanzhou University, co-founding the "Hongyuan New Materials Future Research Institute"[34](index=34&type=chunk) - Various improvement measures in thermal field design, equipment process upgrades, and process automation have been implemented to **enhance quality, reduce costs, and increase efficiency**[34](index=34&type=chunk) [Cell Business](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%94%B5%E6%B1%A0%E7%89%87%E4%B8%9A%E5%8A%A1) The cell business enhanced conversion efficiency and reduced production costs through new material applications and process optimizations - The company's cell product matrix is comprehensive, with mass-produced specifications covering **183, 188R, 210, and 210R sizes** to meet diverse market demands[35](index=35&type=chunk) - The introduction of UV lamps and new paste applications has driven an **overall efficiency improvement** across multiple product lines, enhancing market competitiveness[35](index=35&type=chunk) - Cost reduction measures, including new screen types and additives, have **significantly lowered the consumption of key raw materials** like paste, additives, sodium hydroxide, and hydrofluoric acid[35](index=35&type=chunk) [Module Business](index=8&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E7%BB%84%E4%BB%B6%E4%B8%9A%E5%8A%A1) The module business launched several scenario-specific products, including anti-soiling, anti-glare, and offshore modules - Launched the **182 series 72-cell anti-soiling module** with a short-frame design and high-efficiency N-type TOPCon cell technology, offering excellent conversion efficiency and temperature characteristics[36](index=36&type=chunk) - The **210R series 66-cell anti-glare module**, featuring specially textured glass, is suitable for integrated applications like "PV + transportation" and "PV + public facilities"[36](index=36&type=chunk) - The **182 series 72-cell offshore module** has passed multiple stringent reliability tests and received TÜV Rheinland's offshore PV certification, ensuring reliable operation in harsh environments[36](index=36&type=chunk) [Core Competitiveness Analysis](index=9&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 competitiveness is built on superior products, technology, full-chain synergy, cost advantages, and customer resources - The company is committed to advancing the global green energy transition, focusing on high-end equipment manufacturing, industrial and high-purity silicon, monocrystalline wafers, and high-efficiency cells and modules[40](index=40&type=chunk) - The company's integrated cost advantage stems from the deep synergy of its **"polysilicon + wafer + cell + module" full industry chain** and comprehensive cost reduction driven by technological innovation[43](index=43&type=chunk) - Since 2004, the company has been engaged in the R&D, manufacturing, and sales of high-end equipment for the photovoltaic sector, accumulating extensive customer resources and sales networks[44](index=44&type=chunk) [Product Advantages](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%BA%A7%E5%93%81%E4%BC%98%E5%8A%BF) The company offers comprehensive equipment solutions and high-quality, customizable silicon wafers with robust quality control - The company can produce a **full set of equipment** required for processing from silicon ingots/blocks to wafers, providing ample options for downstream wafer production line construction[39](index=39&type=chunk) - In silicon wafer production, the company continuously invests in R&D to optimize technical specifications and offers **flexible production of various-sized monocrystalline silicon wafers** and customized services[39](index=39&type=chunk) - The company implements **full-process quality management** and strict process controls, ensuring product traceability and achieving quality targets for process and product yield through ISO systems and MES integration[40](index=40&type=chunk) [Technological Advantages](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF) The company leverages its deep R&D capabilities in intelligent equipment and production processes to drive efficiency and quality - The company possesses strong **full-machine design and development capabilities**, utilizing modular design to shorten design and trial production cycles and accelerate product upgrades[41](index=41&type=chunk) - By integrating its equipment technology with monocrystalline silicon production processes, the company has independently upgraded its crystal pulling furnace systems, **enhancing production efficiency and product quality while significantly reducing costs**[42](index=42&type=chunk) - The company uses internationally advanced automated production lines and leading **TOPCon technology** for cell production, creating technical synergy with the wafer segment to advance wafer thinning and improve profit per watt[42](index=42&type=chunk) [Full Industry Chain Synergy and Cost Advantages](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%A8%E4%BA%A7%E4%B8%9A%E9%93%BE%E5%8D%8F%E5%90%8C%E5%8F%8A%E6%88%90%E6%9C%AC%E4%BC%98%E5%8A%BF) The company's vertically integrated "polysilicon-to-module" layout significantly reduces costs through resource integration and process innovation - The company has established a **"polysilicon + wafer + cell + module" full industry chain layout**, which effectively reduces intermediate logistics costs and profit sharing with external suppliers through upstream and downstream capacity matching[43](index=43&type=chunk) - In the wafer segment, the mature application of **large-size, thinning processes, and tungsten wire cutting** has significantly reduced unit silicon consumption and manufacturing costs[43](index=43&type=chunk) - In the cell and module segments, the large-scale mass production of **N-type TOPCon technology** continuously boosts conversion efficiency, increasing power per cell and diluting manufacturing costs per watt[43](index=43&type=chunk) [Customer Resource Advantages](index=10&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%AE%A2%E6%88%B7%E8%B5%84%E6%BA%90%E4%BC%98%E5%8A%BF) With deep industry roots since 2004, the company has built strong relationships with major downstream customers - Since 2004, the company has been engaged in the R&D, manufacturing, and sales of high-end equipment for the photovoltaic sector, giving it a **deep understanding of the industry landscape and customer needs**[44](index=44&type=chunk) - Through years of technological accumulation and process improvements, the company has earned the trust of numerous strong downstream users with its **cost-effective products and high-quality services**, establishing strong partnerships across the PV industry chain[44](index=44&type=chunk) [Service Advantages](index=10&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%9C%8D%E5%8A%A1%E4%BC%98%E5%8A%BF) The company provides customer-centric, integrated solutions with strong technical support and rapid response capabilities - The company consistently operates with a customer-centric approach, providing practical product solutions based on specific customer requirements, backed by **strong technical capabilities, capacity reserves, and full-cycle product support**[45](index=45&type=chunk) - The company is dedicated to refining the customer experience by providing **end-to-end services** including installation, commissioning, and acceptance, and responds quickly to urgent customer needs[45](index=45&type=chunk) [Main Operating Activities](index=10&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) During the period, revenue and costs decreased, while cash flows from operations and financing declined sharply Analysis of Changes in Financial Statement Items | Item | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,228,586,997.55 | 4,011,584,407.84 | -19.52 | | Operating Costs | 3,132,313,751.04 | 4,275,767,560.46 | -26.74 | | Selling Expenses | 37,371,974.36 | 61,177,160.56 | -38.91 | | Administrative Expenses | 141,310,847.84 | 142,779,371.32 | -1.03 | | Financial Expenses | 62,674,883.45 | 51,310,453.56 | 22.15 | | R&D Expenses | 224,322,441.94 | 259,800,711.06 | -13.66 | | Net Cash Flow from Operating Activities | -375,754,202.37 | 112,123,596.75 | -435.12 | | Net Cash Flow from Investing Activities | 1,280,800,487.72 | -3,174,636,905.99 | N/A | | Net Cash Flow from Financing Activities | -1,466,006,407.70 | 2,869,459,894.39 | -151.09 | - Reason for change in net cash flow from operating activities: **Increased net outflow for business deposits** such as bank acceptance bills and the impact of receiving VAT input tax refunds in the same period last year[47](index=47&type=chunk) - Reason for change in net cash flow from investing activities: Primarily due to an **increase in the redemption of wealth management products** during the period[47](index=47&type=chunk) - Reason for change in net cash flow from financing activities: Primarily due to the **receipt of proceeds from a private placement last year**, combined with increased loan repayments and payments for letters of credit this period[47](index=47&type=chunk) Changes in Assets and Liabilities | Item | Closing Balance (RMB) | % of Total Assets | Opening Balance (RMB) | % of Total Assets | Change from Opening (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 3,048,284,535.78 | 11.49 | 4,395,769,646.42 | 15.04 | -30.65 | Increase in redeemed wealth management products | | Prepayments | 222,848,038.60 | 0.84 | 336,688,307.15 | 1.15 | -33.81 | Decrease in prepayments to suppliers | | Assets Held for Sale | 0 | 0 | 4,884,955.80 | 0.02 | -100.00 | Sale of assets held for sale | | Other Non-current Financial Assets | 40,048,000.00 | 0.15 | 540,048,000.00 | 1.85 | -92.58 | Disposal of equity investment partnership shares | | Deferred Tax Assets | 363,099,034.29 | 1.37 | 273,276,954.06 | 0.94 | 32.87 | Mainly due to an increase in deductible losses | | Other Non-current Assets | 145,861,573.39 | 0.55 | 243,911,650.63 | 0.83 | -40.20 | Mainly due to prepaid land payments transferred to fixed assets | | Short-term Borrowings | 1,352,207,222.22 | 5.10 | 744,370,555.55 | 2.55 | 81.66 | New short-term borrowings in the current period | | Advances from Customers | 0 | 0 | 1,656,000.00 | 0.01 | -100.00 | Sale of assets held for sale | | Employee Benefits Payable | 69,220,917.24 | 0.26 | 128,231,245.35 | 0.44 | -46.02 | Mainly due to payment of prior year's annual bonuses | | Taxes Payable | 7,482,046.14 | 0.03 | 68,373,909.97 | 0.23 | -89.06 | Mainly due to a decrease in VAT payable | | Other Payables | 121,247,159.09 | 0.46 | 44,382,508.16 | 0.15 | 173.19 | Mainly due to receipt of deposit for equity transfer | | Non-current Liabilities Due within One Year | 736,010,938.29 | 2.78 | 542,622,418.93 | 1.86 | 35.64 | Mainly due to an increase in long-term borrowings due within 1 year | | Long-term Borrowings | 419,300,000.00 | 1.58 | 599,300,000.00 | 2.05 | -30.04 | Reclassification of long-term borrowings due within 1 year | Financial Information of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hongyuan New Materials (Baotou) Co., Ltd. | Subsidiary | Monocrystalline silicon ingots, wafers | 71,000.00 | 1,536,236.58 | 484,375.90 | 172,679.20 | -14,025.09 | -10,307.08 | | Hongyuan Energy Technology (Baotou) Co., Ltd. | Subsidiary | Industrial silicon, high-purity polysilicon | 101,000.00 | 839,267.46 | 19,950.40 | 93,066.63 | -13,957.50 | -11,730.59 | | Hongyuan New Materials (Xuzhou) Co., Ltd. | Subsidiary | Silicon wafers, cells | 51,000.00 | 887,709.30 | -39,331.70 | 175,642.44 | -3,355.71 | -1,391.06 | | Hongyuan Solar (Wuxi) Co., Ltd. | Subsidiary | Modules | 101,000.00 | 784,897.75 | 80,265.41 | 128,077.27 | -7,167.65 | -4,847.57 | [Risk Disclosure](index=14&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 economic cycles, trade policies, market competition, and technological changes - The company faces risks from **macroeconomic and industry cyclical fluctuations** and will mitigate adverse impacts through enhanced R&D, inventory management, and financial controls[54](index=54&type=chunk) - **International trade disputes and policy adjustments** may adversely affect operations; the company will monitor policy changes and optimize its global marketing platform[56](index=56&type=chunk) - **Intensified market competition** due to industry overcapacity may reduce profitability; the company will leverage its full-chain advantages and continue cost reduction and quality improvement efforts[57](index=57&type=chunk) - **Technology R&D risks** arise from the rapid evolution of PV technology; the company will continuously track market trends and develop products and technologies based on its strengths[58](index=58&type=chunk) - **Product substitution risk** may arise from breakthroughs in alternative technologies like thin-film solar cells; the company will maintain a reserve of advanced technologies to reduce reliance on a single technology[59](index=59&type=chunk) Section IV Corporate Governance, Environment, and Society [Profit Distribution Plan](index=17&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 does not plan to distribute profits or capitalize public reserves for the semi-annual period Semi-annual Profit Distribution or Capitalization of Public Reserve Plan | Item | Content | | :--- | :--- | | Whether to distribute or capitalize | No | | Bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (RMB) (tax included) | 0 | | Shares converted per 10 shares (shares) | 0 | [Environmental Information Disclosure](index=17&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) Two of the company's subsidiaries are included in the list of enterprises required to disclose environmental information Subsidiaries on the List for Mandatory Environmental Information Disclosure | No. | Company Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Hongyuan New Materials (Baotou) Co., Ltd. | http://106.74.1.102:8181/cas/home | | 2 | Hongyuan Energy Technology (Baotou) Co., Ltd. | http://106.74.1.102:8181/cas/home | Section V Important Matters [Fulfillment of Commitments](index=18&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 actual controllers have strictly fulfilled their long-term commitments regarding non-competition and related-party transactions - The company's actual controllers have committed to **avoiding competition** by not engaging, directly or indirectly, in any business that competes with the company's operations[66](index=66&type=chunk) - The company's actual controllers have committed to **avoiding future fund lending** between related parties and the company, strictly prohibiting the occupation of the issuer's funds[67](index=67&type=chunk)[68](index=68&type=chunk) - During the reporting period, all the above commitments were **promptly and strictly fulfilled**[65](index=65&type=chunk) [Major Related-Party Transactions](index=20&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's polysilicon procurement from a related party in H1 2025 was within the approved transaction limit Daily Related-Party Transaction Contract Signing in H1 2025 | Transaction Category | Related Party | Transaction Content | Pricing Principle | 2025 Estimated Contract Amount (tax incl., RMB 10,000) | H1 2025 Signed Contract Amount (tax incl., RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Purchase of Goods | Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. | Polysilicon | Market price reference | 12,000 | 6,524.97 | [Major Contracts and Guarantees](index=21&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) At the end of the reporting period, the company's total guarantees for its subsidiaries amounted to ¥2.84 billion Total Company Guarantees (Including Guarantees for Subsidiaries) | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries during the Period | 284,387.40 | | Outstanding Balance of Guarantees for Subsidiaries at Period-End (B) | 284,387.40 | | Total Guarantees (A+B) | 284,387.40 | | Total Guarantees as a Percentage of Company's Net Assets (%) | 24.58 | [Progress on Use of Raised Funds](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%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) As of the period-end, the company had invested ¥3.32 billion of the total ¥3.67 billion raised from bond and stock issuances Overall Use of Raised Funds (Unit: RMB 10,000) | Source of Funds | Total Funds Raised | Net Funds Raised (1) | Cumulative Investment as of Period-End (4) | Investment Progress (%) (4)/(1) | | :--- | :--- | :--- | :--- | :--- | | Convertible Bonds Issuance | 66,500 | 65,453.54 | 52,747.36 | 80.59 | | Private Placement | 300,000 | 297,622.65 | 279,210.41 | 93.81 | | Total | 366,500 | 363,076.19 | 331,957.77 | / | Detailed Use of Funds for Investment Projects (Unit: RMB 10,000) | Project Name | Planned Investment Amount (1) | Cumulative Investment as of Period-End (2) | Investment Progress (%) (2)/(1) | Benefits or R&D Achievements This Year | | :--- | :--- | :--- | :--- | :--- | | 5GW Monocrystalline Silicon Pulling Production (Phase II) | 65,453.54 | 52,747.36 | 80.59 | -1,613.86 | | 8GW Monocrystalline Silicon Pulling Production Project | 207,622.65 | 188,925.44 | 90.99 | -686.35 | | Supplementary Working Capital Project | 90,000.00 | 90,284.97 | 100.32 | Yes | | Total | 363,076.19 | 331,957.77 | / | -2,300.21 | - The company used idle raised funds for cash management, with a balance of **¥137 million** at the end of the reporting period, which did not exceed the authorized limit[81](index=81&type=chunk) Section VI Share Capital Changes and Shareholder Information [Changes in Share Capital](index=25&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) The company's total number of shares and share capital structure remained unchanged during the reporting period - During the reporting period, the company's **total number of shares and share capital structure did not change**[84](index=84&type=chunk) [Shareholder Information](index=26&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the period-end, the company had 58,103 common shareholders, with the top shareholder holding a 29.12% stake Total Number of Common Shareholders as of Period-End | Indicator | Number (Households) | | :--- | :--- | | Total number of common shareholders as of the end of the reporting period | 58,103 | Top Ten Shareholders' Holdings as of Period-End | Shareholder Name | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares | Share Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Jianliang | 197,723,948 | 29.12 | 0 | None | Domestic Natural Person | | Hang Hong | 86,361,133 | 12.72 | 0 | None | Domestic Natural Person | | Jiangsu Jinpu Private Equity Fund Management Co., Ltd. - Xuzhou Jintou New Energy Industry Investment Fund Partnership (Limited Partnership) | 31,720,856 | 4.67 | 0 | None | Other | | Wuxi Hongyuan Dingchuang Investment Enterprise (Limited Partnership) | 16,823,597 | 2.48 | 0 | None | Domestic Non-state-owned Legal Person | | Generali China Asset Management - ICBC - Generali Asset - Zhuoyue Xichuang No. 1 Asset Management Product | 15,860,428 | 2.34 | 0 | None | Other | | Wuxi Yuanyue Private Equity Fund Management Co., Ltd. - Wuxi Jinyuan Rongda Investment Partnership (Limited Partnership) | 9,764,912 | 1.44 | 0 | None | Other | | Hong Kong Securities Clearing Company Ltd. | 7,487,333 | 1.10 | 0 | None | Other | | Yang Hao | 4,942,542 | 0.73 | 0 | None | Domestic Natural Person | | Bank of China Limited - Huatai-PineBridge CSI Photovoltaic Industry ETF | 4,725,405 | 0.70 | 0 | None | Other | | Shanghai State-owned Capital Management Co., Ltd. - Shanghai SOE Reform and Development Phase III Private Equity Investment Fund Partnership (Limited Partnership) | 3,965,107 | 0.58 | 0 | None | Other | - Among the top ten shareholders, **Yang Jianliang and Hang Hong are husband and wife**; Wuxi Hongyuan Dingchuang Investment Enterprise (Limited Partnership) is a limited partnership established by Yang Jianliang and Hang Hong; Yang Hao is the son of Yang Jianliang and Hang Hong[89](index=89&type=chunk) Section VII Bond-related Matters [Corporate Bonds and Debt Financing Instruments](index=29&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%金融%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[93](index=93&type=chunk) [Convertible Corporate Bonds](index=29&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%88%B8%E6%83%85%E5%86%B5) The company had no convertible corporate bonds during the reporting period - During the reporting period, the company had **no convertible corporate bonds**[93](index=93&type=chunk) Section VIII Financial Report [Audit Report](index=30&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 is unaudited[4](index=4&type=chunk) [Financial Statements](index=30&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 consolidated and parent company financial statements for the semi-annual period ending June 30, 2025 - The consolidated balance sheet shows **total assets of ¥26.52 billion** and total equity attributable to parent company owners of ¥11.57 billion as of June 30, 2025[97](index=97&type=chunk) - The consolidated income statement shows **total operating revenue of ¥3.23 billion** and a net loss of ¥296.80 million for the period from January to June 2025[102](index=102&type=chunk)[104](index=104&type=chunk) - The consolidated cash flow statement shows a **net cash outflow from operating activities of ¥375.75 million**, a net inflow from investing activities of ¥1.28 billion, and a net outflow from financing activities of ¥1.47 billion for H1 2025[109](index=109&type=chunk)[110](index=110&type=chunk) [Company Basic Information](index=48&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) The company is primarily engaged in the photovoltaic crystalline silicon industry chain and high-end intelligent equipment businesses - Hongyuan Green Energy Co., Ltd. (formerly Wuxi Shangji CNC Co., Ltd.) was listed on the Shanghai Stock Exchange on **December 28, 2018**[124](index=124&type=chunk) - As of June 30, 2025, the company's total issued share capital was **679.02 million shares**, with a registered capital of ¥679.02 million[124](index=124&type=chunk) - The company's main businesses include the sale of products in the **photovoltaic crystalline silicon industry chain** (polysilicon, monocrystalline silicon wafers, PV cells, PV modules, etc.) and high-end intelligent equipment[125](index=125&type=chunk) - A total of **18 subsidiaries** were included in the scope of consolidation for the current period[126](index=126&type=chunk) [Basis of Preparation of Financial Statements](index=48&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with relevant accounting standards - The company's financial statements are prepared on a **going concern basis**, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant CSRC regulations[128](index=128&type=chunk) - The company has assessed its ability to continue as a going concern for the 12 months from the end of the reporting period and has **not identified any material uncertainties**[129](index=129&type=chunk) [Significant Accounting Policies and Estimates](index=48&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 specific accounting policies and estimates applied in preparing the financial statements - The company's specific accounting policies and estimates are mainly reflected in inventory valuation methods, expected credit loss provisioning for receivables, fixed asset depreciation, and revenue recognition timing[130](index=130&type=chunk) - The company classifies financial assets into three categories: **measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss**[155](index=155&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, with sales of PV products and equipment both recognized at a **specific point in time**[229](index=229&type=chunk)[230](index=230&type=chunk) [Taxation](index=76&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company and some of its subsidiaries are subject to a preferential corporate income tax rate of 15% Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 15%, 25%, 17%, 30% | | Education Surcharge | 5%, 3% | - The company was re-certified as a **high-tech enterprise** in December 2024 and is eligible for a reduced corporate income tax rate of 15% for three years[246](index=246&type=chunk) - Certain subsidiaries located in western regions qualify for the **Western Development Program's preferential tax policy**, enjoying a reduced corporate income tax rate of 15%[247](index=247&type=chunk) [Notes to Consolidated Financial Statement Items](index=77&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the consolidated financial statements, highlighting major changes Changes in Cash and Cash Equivalents | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Total | 4,306,990,419.41 | 5,233,754,962.40 | | Including: Total restricted cash and cash equivalents | 3,516,257,917.59 | 3,887,171,802.68 | Changes in Trading Financial Assets | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 3,048,284,535.78 | 4,395,769,646.42 | Changes in Operating Revenue and Costs | Item | Current Period (Revenue) | Current Period (Cost) | Prior Period (Revenue) | Prior Period (Cost) | | :--- | :--- | :--- | :--- | :--- | | Total | 3,228,586,997.55 | 3,132,313,751.04 | 4,011,584,407.84 | 4,275,767,560.46 | Changes in Net Cash Flow | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net cash flow from operating activities | -375,754,202.37 | 112,123,596.75 | | Net cash flow from investing activities | 1,280,800,487.72 | -3,174,636,905.99 | | Net cash flow from financing activities | -1,466,006,407.70 | 2,869,459,894.39 | [R&D Expenditures](index=130&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's R&D expenditure for the period totaled ¥224.32 million, all of which was expensed R&D Expenditures by Nature | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Direct Material Inputs | 135,933,182.40 | 160,272,076.13 | | Salaries and Wages | 49,221,682.52 | 65,086,889.21 | | Depreciation and Amortization | 27,805,721.18 | 26,412,865.09 | | Others | 11,361,855.84 | 8,028,880.63 | | Total | 224,322,441.94 | 259,800,711.06 | | Including: Expensed R&D expenditures | 224,322,441.94 | 259,800,711.06 | [Changes in Consolidation Scope](index=131&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) There were no changes in the scope of consolidation during the reporting period - During the reporting period, there were **no business combinations under common or non-common control, reverse acquisitions, or disposals of subsidiaries** leading to a loss of control[423](index=423&type=chunk)[424](index=424&type=chunk) - There were **no other changes in the scope of consolidation** (e.g., establishment or liquidation of subsidiaries) or related circumstances[424](index=424&type=chunk) [Interests in Other Entities](index=132&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 18 subsidiaries and several key associate companies accounted for using the equity method Composition of the Corporate Group (Partial) | Subsidiary Name | Main Place of Business | Registered Capital (RMB 10,000) | Business Nature | Shareholding Ratio (%) (Direct) | | :--- | :--- | :--- | :--- | :--- | | Hongyuan New Materials (Baotou) Co., Ltd. | Baotou, Inner Mongolia | 71,000.00 | Manufacturing | 98.59 | | Hongyuan Energy Technology (Baotou) Co., Ltd. | Baotou, Inner Mongolia | 101,000.00 | Manufacturing | 99.01 | | Wuxi Hongyuan New Energy Technology Co., Ltd. | Wuxi, Jiangsu | 20,000.00 | Photovoltaic Power Generation | 100.00 | | Hongyuan Solar (Wuxi) Co., Ltd. | Wuxi, Jiangsu | 101,000.00 | Manufacturing | 99.01 | Significant Associate Companies | Joint Venture or Associate Name | Main Place of Business | Business Nature | Shareholding Ratio (%) (Direct) | Accounting Method for Investment | | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. | Baotou, Inner Mongolia | Manufacturing | 27.07 | Equity Method | | Guyang County Huineng Hongyuan New Energy Co., Ltd. | Baotou, Inner Mongolia | Photovoltaic Power Generation | 20.00 | Equity Method | | Xuzhou Guoyuan Energy Co., Ltd. | Xuzhou, Jiangsu | Photovoltaic Power Generation | 49.00 | Equity Method | Key Financial Information of Significant Associate (Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd.) | Item | Closing Balance / Current Period Amount (RMB) | | :--- | :--- | | Total Assets | 11,775,851,255.03 | | Total Liabilities | 8,325,733,696.61 | | Equity Attributable to Parent Company Shareholders | 3,450,117,558.42 | | Net Profit | -72,948,270.59 | [Government Grants](index=137&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 a total of ¥12.59 million in government grants in the current period's profit and loss Government Grants Recognized in Current Profit or Loss | Type | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Asset-related | 11,486,720.00 | 5,736,720.00 | | Income-related | 1,107,587.75 | 22,329,183.32 | | Total | 12,594,307.75 | 28,065,903.32 | Major Government Grant Projects (Current Period) | Grant Project | Accounting Item | Current Period Amount (RMB) | Asset-related/Income-related | | :--- | :--- | :--- | :--- | | High-Quality Development Fund - Asset-related portion | Other Income | 5,631,720.00 | Asset-related | | Equipment R&D and Industrialization Project - Asset-related portion | Other Income | 5,750,000.00 | Income-related | | Talent Introduction Subsidy | Other Income | 312,000.00 | Income-related | | Talent Apartment Rental Reward | Other Income | 610,600.00 | Income-related | [Financial Instrument Risk Management](index=138&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 actively manages credit, liquidity, and market risks associated with its financial instruments - The company's main financial instruments include cash, equity investments, borrowings, receivables, and payables, exposing it to **credit risk, liquidity risk, and market risk** (exchange rate, interest rate, price)[435](index=435&type=chunk) - The company manages credit risk by **assessing customer creditworthiness**, setting credit terms, continuously monitoring receivables, and using aging analysis for impairment assessment[436](index=436&type=chunk)[437](index=437&type=chunk) - The company manages liquidity risk through **cash flow forecasting**, monitoring loan covenants, securing financing facilities, and establishing credit lines with major banks[439](index=439&type=chunk) - The company's current policy is to have **100% of its external borrowings at fixed interest rates** to balance interest rate risk[442](index=442&type=chunk) [Fair Value Disclosure](index=141&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) As of the period-end, the company's assets measured at fair value totaled ¥3.20 billion Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (RMB) | Level 2 Fair Value (RMB) | Level 3 Fair Value (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | | 3,048,284,535.78 | | 3,048,284,535.78 | | 1. Financial assets at FVTPL | | 3,048,284,535.78 | | 3,048,284,535.78 | | Notes Receivable Financing | | | 109,060,695.24 | 109,060,695.24 | | Other Non-current Financial Assets | | | 40,048,000.00 | 40,048,000.00 | | Other Equity Instrument Investments | | | 1,000,000.00 | 1,000,000.00 | | Total Assets at Fair Value | | 3,048,284,535.78 | 150,108,695.24 | 3,198,393,231.02 | - The company's **Level 2 fair value** trading financial assets are cash management products, with fair value determined based on manager-provided valuations or interest rates[448](index=448&type=chunk) - **Level 3 fair value** items include notes receivable financing (valued at face amount) and unlisted equity investments (valued based on equity value or investment cost)[449](index=449&type=chunk) [Related Parties and Transactions](index=143&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 main related-party transactions involved the procurement of polysilicon from an associate company Purchase of Goods/Services | Related Party | Transaction Content | Current Period Amount (RMB) | Approved Transaction Limit (RMB) | Exceeded Limit? | | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. | Polysilicon | 57,743,081.12 | 106,194,690.27 | No | Receivables (Prepayments) | Item | Related Party | Closing Book Balance (RMB) | | :--- | :--- | :--- | | Prepayments | Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. | 22,350,283.89 | Payables (Notes Payable) | Item | Related Party | Opening Book Balance (RMB) | | :--- | :--- | :--- | | Notes Payable | Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. | 25,401,815.17 | [Share-based Payments](index=147&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company had no share-based payment arrangements during the reporting period - During the reporting period, the company had **no details on equity instruments, equity-settled or cash-settled share-based payments**, nor any modifications or terminations of such plans[462](index=462&type=chunk) [Commitments and Contingencies](index=148&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the period-end, the company had significant commitments related to guarantees, letters of credit, and pledged assets - As of June 30, 2025, assets were **pledged and mortgaged** for issuing notes, letters of guarantee, and bank borrowings[463](index=463&type=chunk) - As of June 30, 2025, the outstanding balance of **performance guarantees was ¥100.23 million** and quality guarantees was ¥79.75 million[464](index=464&type=chunk) - A subsidiary, Hongyuan New Materials (Baotou) Co., Ltd., had outstanding **domestic letters of credit amounting to ¥2.01 billion** as of June 30, 2025, for electricity payments[465](index=465&type=chunk) - As of June 30, 2025, the amount of **endorsed or discounted bank acceptance bills that were not yet due but had been derecognized was ¥7.94 billion**[466](index=466&type=chunk) - As of June 30, 2025, the company provided **guarantees totaling ¥7.26 billion** for its controlling subsidiaries[466](index=466&type=chunk) [Post-Balance Sheet Events](index=148&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) No significant post-balance sheet events occurred between the reporting date and the financial report's approval date - Between the end of the reporting period and the approval date of the financial report, the company had **no significant non-adjusting events, profit distribution plans, sales returns, or other post-balance sheet events** to disclose[468](index=468&type=chunk)[469](index=469&type=chunk) [Other Important Matters](index=149&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 had no other significant transactions or matters to report for the period - During the reporting period, the company had **no prior period accounting error corrections, significant debt restructurings, asset swaps, annuity plans, discontinued operations, segment information, or other significant transactions** affecting investor decisions[469](index=469&type=chunk)[470](index=470&type=chunk) [Notes to Parent Company Financial Statement Items](index=150&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 key items from the parent company's financial statements, including receivables and long-term investments Parent Company Accounts Receivable by Aging | Aging | Closing Book Balance (RMB) | Opening Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 600,428,934.84 | 559,604,774.86 | | 1 to 2 years | 32,801,982.11 | 27,187,704.16 | | 2 to 3 years | 17,753.32 | 560,395.00 | | Over 3 years | 64,484,346.87 | 64,881,318.19 | | Total | 697,733,017.14 | 652,234,192.21 | Parent Company Other Receivables by Nature | Nature of Funds | Closing Book Balance (RMB) | Opening Book Balance (RMB) | | :--- | :--- | :--- | | Deposits and Guarantees | 3,694,058.65 | 17,025,199.02 | | Other Funds | 299,928.82 | 230,647.52 | | Intercompany Balances with Consolidated Affiliates | 7,327,970,009.13 | 3,081,024,479.94 | | Total | 7,331,963,996.60 | 3,098,280,326.48 | Parent Company Long-term Equity Investments | Item | Closing Balance (Book Value, RMB) | Opening Balance (Book Value, RMB) | | :--- | :--- | :--- | | Investments in Subsidiaries | 4,101,343,236.18 | 4,100,843,236.18 | | Investments in Associates and Joint Ventures | 933,946,823.06 | 953,693,919.91 | | Total | 5,035,290,059.24 | 5,054,537,156.09 | [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 details on non-recurring gains and losses and calculations for return on equity and earnings per share Detailed Schedule of Current Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -130,769.13 | | Government Grants Recognized in Current Profit or Loss | 12,571,546.40 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 42,491,209.00 | | Gains/Losses from Debt Restructuring | 6,832,000.00 | | Other Non-operating Income and Expenses | 7,410,408.01 | | Less: Income Tax Impact | 10,365,571.20 | | Total | 58,808,823.08 | Return on Equity and Earnings Per Share | Reporting Period Profit | Weighted Average Return on Equity (%) | Basic Earnings Per Share (RMB/Share) | Diluted Earnings Per Share (RMB/Share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders | -2.53 | -0.438 | -0.438 | | Net profit attributable to common shareholders after deducting non-recurring gains/losses | -3.03 | -0.525 | -0.525 |

深圳市路维光电股份有限公司2025 年半年度报告 公司代码：688401 公司简称：路维光电 转债代码：118056 转债简称：路维转债 深圳市路维光电股份有限公司 2025 年半年度报告 1 / 239 深圳市路维光电股份有限公司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"。 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、公司负责人杜武兵、主管会计工作负责人刘鹏及会计机构负责人（会计主管人员）张少坤 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 不适用 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规划、发展战略等非既成事实的前瞻性陈述，不构成公司对投资者的实 质承诺，敬请 ...

Important Notice This section provides critical information regarding the report's accuracy, profit distribution, forward-looking statements, related party transactions, and significant risks [Board of Directors, Supervisory Board, and Senior Management Statement](index=2&type=section&id=Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management%20Statement) The Board, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, with all directors attending the board meeting and the report being unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness[3](index=3&type=chunk) - All company directors attended the board meeting[3](index=3&type=chunk) - This semi-annual report is unaudited[9](index=9&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk)[9](index=9&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The board resolved not to distribute profits or convert capital reserves into share capital for the current reporting period - No profit distribution or conversion of capital reserves into share capital for the current reporting period[5](index=5&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking descriptions in this report do not constitute a substantive commitment to investors, who are advised to be aware of investment risks - Forward-looking descriptions do not constitute substantive commitments, and investors should be aware of investment risks[6](index=6&type=chunk) [Fund Occupation and External Guarantees](index=2&type=section&id=Fund%20Occupation%20and%20External%20Guarantees) The company had no non-operating fund occupation by controlling shareholders or related parties, nor any non-compliant external guarantees during the reporting period - No non-operating fund occupation by controlling shareholders or related parties occurred[7](index=7&type=chunk) - No external guarantees were provided in violation of regulations[7](index=7&type=chunk) [Major Risk Warnings](index=2&type=section&id=Major%20Risk%20Warnings) The company advises investors to consider risks such as industry fluctuations, market competition, accounts receivable bad debts, and policy changes that may impact operations - The company's main business is affected by the construction industry and macro economy, with slowing growth potentially leading to cyclical performance fluctuations[8](index=8&type=chunk) - Changes in the economic environment intensify market competition, posing significant competitive pressure on the company[8](index=8&type=chunk) - Increased sales revenue leads to higher accounts receivable balances; the construction industry's long project and settlement cycles result in older receivables, posing bad debt risks despite good client credit[8](index=8&type=chunk)[10](index=10&type=chunk) - The professional technical service industry is highly correlated with national macroeconomic conditions and policy adjustments, experiencing significant impact[10](index=10&type=chunk)[51](index=51&type=chunk) Section I Definitions This section defines common terms used in the report, including abbreviations for the CSRC, SSE, the company, and its main subsidiaries, to ensure clear understanding - Defined abbreviations for the China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), the company, and its main subsidiaries[15](index=15&type=chunk) - Listed the names and abbreviations of the company's wholly-owned and controlled subsidiaries[15](index=15&type=chunk) Section II Company Profile and Key Financial Indicators This section provides the company's basic information and a summary of its key accounting data and financial performance indicators [Company Basic Information](index=6&type=section&id=Company%20Basic%20Information) This section details the company's Chinese and English names, legal representative, registered and office addresses, website, and information disclosure media - Company Chinese Name: Suzhou Institute of Building Science Group Co., Ltd., Abbreviation: Jianyan Institute[17](index=17&type=chunk) - Legal Representative: Wu Xiaoxiang[17](index=17&type=chunk) - Company Registered and Office Address: No. 82, Beiguandu Road, Hengjing Street, Wuzhong Economic Development Zone, Suzhou[19](index=19&type=chunk) - Information Disclosure Newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily; Website: www.sse.com.cn[20](index=20&type=chunk) - Company Stock Abbreviation: Jianyan Institute, Stock Code: **603183**, Listing Exchange: Shanghai Stock Exchange[21](index=21&type=chunk) [Company Key Accounting Data and Financial Indicators](index=6&type=section&id=Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company experienced significant year-on-year declines in operating revenue, total profit, net profit attributable to shareholders, and basic earnings per share Key Accounting Data (Current Period Jan-Jun vs Prior Year Period) | Indicator | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 324,110,801.15 | 368,572,168.19 | -12.06 | | Total Profit | 10,804,964.73 | 38,283,167.12 | -71.78 | | Net Profit Attributable to Listed Company Shareholders | 3,199,097.17 | 18,909,135.26 | -83.08 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 3,153,523.85 | 17,176,347.89 | -81.64 | | Net Cash Flow from Operating Activities | -5,761,793.81 | -12,647,410.33 | Improved (negative value decreased) | | Net Assets Attributable to Listed Company Shareholders (Period-End vs Prior Year-End) | 1,594,924,947.79 | 1,604,030,035.89 | -0.57 | | Total Assets (Period-End vs Prior Year-End) | 2,180,079,458.19 | 2,285,419,823.09 | -4.61 | Key Financial Indicators (Current Period Jan-Jun vs Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.01 | 0.04 | -75.00 | | Diluted Earnings Per Share (yuan/share) | 0.01 | 0.04 | -75.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.01 | 0.03 | -66.67 | | Weighted Average Return on Net Assets (%) | 0.20 | 1.20 | Decreased by 1.00 percentage point | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 0.20 | 1.09 | Decreased by 0.89 percentage point | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the period amounted to 45,573.32 yuan, primarily from government subsidies, fair value changes in financial assets, and disposal of non-current assets - Total non-recurring gains and losses: **45,573.32 yuan**[27](index=27&type=chunk)[454](index=454&type=chunk) - Main components: government subsidies recognized in current profit or loss of **426,327.76 yuan**, non-current asset disposal losses of **-19,554.86 yuan**, and fair value changes in financial assets of **137,594.38 yuan**[26](index=26&type=chunk)[27](index=27&type=chunk)[454](index=454&type=chunk) Section III Management Discussion and Analysis This section provides an overview of the company's industry, business operations, core competencies, financial performance, and potential risks [Industry and Main Business Overview](index=8&type=section&id=Industry%20and%20Main%20Business%20Overview) The company's main business remains unchanged, focusing on two major value chains: construction services and inspection & testing, offering diversified services - The company's main business has not undergone significant changes, forming two major industry chains: construction services and inspection & testing[29](index=29&type=chunk) - Construction services cover design consulting, engineering inspection, engineering supervision, project management, whole-process consulting, green building, building energy efficiency, carbon neutrality technical services, vocational training, urban renewal, and integrated waterproofing material supply and construction[29](index=29&type=chunk) - The inspection and testing sector, based on engineering inspection, has expanded to environmental testing, cleanroom testing, metrology and calibration, and product testing services[29](index=29&type=chunk) [Engineering Technical Services](index=8&type=section&id=Engineering%20Technical%20Services) Engineering technical services, a core business, encompass engineering inspection, specialized construction, design, supervision, and other technical services, providing full lifecycle solutions - Engineering inspection business extends from new construction to the entire building lifecycle, expanding into new growth areas like housing safety assessment and urban health checks[29](index=29&type=chunk) - Specialized engineering construction includes structural reinforcement, renovation of old residential areas, elevator additions, smart city solutions (Jianyan City), and building waterproofing construction (Building Waterproofing)[31](index=31&type=chunk) - Engineering design is undertaken by Jianyan Design, holding Class A qualifications in the construction industry, with a focus on BIM design, green building design, urban renewal, whole-process consulting, and EPC general contracting[31](index=31&type=chunk) - Engineering supervision is carried out by Jianyan Supervision, possessing multiple Class A and B qualifications, capable of providing supervision, whole-process consulting, project management, bidding agency, and cost consulting services[32](index=32&type=chunk)[33](index=33&type=chunk) - Other technical services include building energy efficiency (low-carbon solutions, dual-carbon goals), engineering consulting (whole-process engineering consulting, preliminary consulting, bidding agency, etc.), and technical position training in the construction industry (Jianke Training)[33](index=33&type=chunk)[34](index=34&type=chunk) [Production and Sales of New Building Materials](index=10&type=section&id=Production%20and%20Sales%20of%20New%20Building%20Materials) Through its subsidiary Gusu Building Materials, the company produces and sells nearly a hundred types of building materials, including waterproofing membranes, coatings, and insulation materials - Undertaken by Gusu Building Materials, products include waterproofing membranes, coatings, insulation materials, repair and maintenance materials, and decorative materials[34](index=34&type=chunk) - Possesses Jiangsu Provincial High-Performance Building Materials Engineering Technology Research Center and a standardized laboratory for the building waterproofing industry, with over **20 authorized invention patents**[34](index=34&type=chunk) - Certified with ISO9001, ISO45001, ISO14001, ISO50001 systems, and awarded China Green Product and China Green Building Materials certifications[34](index=34&type=chunk) [Metrology and Calibration](index=10&type=section&id=Metrology%20and%20Calibration) Through its subsidiary Huawei Testing, the company provides metrology and calibration services, ensuring accuracy, reliability, and traceability of measurements across various industries - Undertaken by Huawei Testing, holding metrology standard certificates from the market supervision administration and accreditation certificates for inspection and testing institutions[35](index=35&type=chunk) - Business covers multiple industries including housing construction, municipal engineering, roads, bridges, rail transit, water conservancy, water transport, medicine, and industrial manufacturing[35](index=35&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company's overall performance was weak due to insufficient new project starts, prompting active market expansion, cost reduction, and management reforms - **Poor performance in the first half of 2025**, primarily due to insufficient new project starts[36](index=36&type=chunk) - **Market Expansion**: Intensified market research, consolidated existing client base, and actively expanded into new regions and sectors[36](index=36&type=chunk) - **Cost Reduction and Efficiency Improvement**: Optimized production processes, centralized procurement management, renegotiated supplier terms, implemented paperless office, and optimized personnel allocation[36](index=36&type=chunk) - **Reform and Innovation**: Continuously advanced internal management reforms, optimized organizational structure, improved decision-making efficiency, established innovation incentive mechanisms, and encouraged employees to propose innovative suggestions and solutions[36](index=36&type=chunk) - **Strengthened Management**: Increased investment in digitalization, upgraded business management systems to enhance processing efficiency, and introduced refined management to improve operational effectiveness[36](index=36&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=Core%20Competitiveness%20Analysis) Over years of development, the company has established core competitive advantages in service capabilities, business qualifications, technological innovation, client resources, and talent structure - **Business diversity**, offering systematic services including engineering design and consulting, EPC general contracting, engineering supervision, testing, urban renewal, building energy efficiency, new waterproofing materials, environmental testing, and metrology and calibration[37](index=37&type=chunk) - Possesses **high-level qualifications** in multiple areas such as construction project consulting, planning, design, supervision, and testing, providing a solid guarantee for market expansion[37](index=37&type=chunk)[38](index=38&type=chunk) - Emphasizes **talent development and acquisition**, enhancing talent levels and focusing on talent pipeline construction by recruiting outstanding university graduates and attracting/cultivating leading technical experts and management personnel[38](index=38&type=chunk) - After over **forty years of development**, the company maintains strong relationships with numerous clients through quality products and services, creating a competitive advantage for future business[38](index=38&type=chunk) - Strengthened research in **smart testing**, promoting intelligent transformation and upgrading of testing services to improve data accuracy and reduce costs/increase efficiency; enhanced output efficiency through business process and model innovation[38](index=38&type=chunk) [Key Operating Performance](index=12&type=section&id=Key%20Operating%20Performance) This section analyzes the changes in financial statement line items related to the company's main business, as well as its asset-liability and investment status during the reporting period [Analysis of Changes in Financial Statement Items](index=12&type=section&id=Analysis%20of%20Changes%20in%20Financial%20Statement%20Items) During the reporting period, the company's operating revenue and costs decreased year-on-year, financial expenses significantly increased, investment cash outflows rose, and financing cash outflows decreased - Financial expenses increased by **210.93% year-on-year**, primarily due to increased bank borrowings[40](index=40&type=chunk)[42](index=42&type=chunk) - Net cash outflow from investing activities increased, mainly due to higher expenditures for base construction[40](index=40&type=chunk)[42](index=42&type=chunk) - Net cash outflow from financing activities decreased, mainly due to a year-on-year reduction in profit distribution and the prior year's inclusion of share repurchase expenditures[40](index=40&type=chunk)[42](index=42&type=chunk) Major Financial Item Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 324,110,801.15 | 368,572,168.19 | -12.06 | | Operating Costs | 173,340,673.35 | 195,388,629.23 | -11.28 | | Selling Expenses | 19,945,709.33 | 21,560,169.11 | -7.49 | | Administrative Expenses | 103,753,291.93 | 96,911,591.60 | 7.06 | | Financial Expenses | 1,229,064.31 | -1,107,991.27 | 210.93 | | Research and Development Expenses | 32,607,787.91 | 33,084,543.38 | -1.44 | | Net Cash Flow from Operating Activities | -5,761,793.81 | -12,647,410.33 | Improved (negative value decreased) | | Net Cash Flow from Investing Activities | -100,104,846.75 | -62,688,448.10 | Worsened (outflow increased) | | Net Cash Flow from Financing Activities | -10,135,644.84 | -40,192,043.00 | Improved (outflow decreased) | [Analysis of Assets and Liabilities](index=12&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets and net assets attributable to shareholders decreased, while monetary funds, trading financial assets, prepayments, construction in progress, and intangible assets increased - Monetary funds period-end balance: **158,106,600.94 yuan**, a **41.45% decrease** from the beginning of the period, mainly due to settlement payments, performance bonuses, and tax expenses[43](index=43&type=chunk) - Trading financial assets period-end balance: **11,312,098.51 yuan**, a **386.91% increase** from the beginning of the period, mainly due to increased wealth management products[43](index=43&type=chunk) - Prepayments period-end balance: **4,507,025.70 yuan**, a **102.23% increase** from the beginning of the period, mainly due to increased prepayments for fuel cards and electricity[43](index=43&type=chunk) - Construction in progress period-end balance: **34,366,980.35 yuan**, a **74.69% increase** from the beginning of the period, mainly due to increased construction volume for the industrial park base[43](index=43&type=chunk) - Intangible assets period-end balance: **113,661,769.02 yuan**, a **70.40% increase** from the beginning of the period, primarily due to the acquisition of land for the Jiangqiao base[43](index=43&type=chunk) - Employee benefits payable period-end balance: **33,846,051.07 yuan**, a **43.26% decrease** from the beginning of the period, mainly due to the year-end performance bonus distribution[44](index=44&type=chunk) - Taxes payable period-end balance: **12,575,506.65 yuan**, a **68.86% decrease** from the beginning of the period, mainly due to annual tax settlements[44](index=44&type=chunk) Major Asset and Liability Item Changes | Item Name | Current Period End (yuan) | Prior Year End (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 158,106,600.94 | 270,047,090.36 | -41.45 | | Trading Financial Assets | 11,312,098.51 | 2,323,243.69 | 386.91 | | Prepayments | 4,507,025.70 | 2,228,701.50 | 102.23 | | Construction in Progress | 34,366,980.35 | 19,673,167.92 | 74.69 | | Intangible Assets | 113,661,769.02 | 66,702,518.14 | 70.40 | | Employee Benefits Payable | 33,846,051.07 | 59,647,806.23 | -43.26 | | Taxes Payable | 12,575,506.65 | 40,381,073.39 | -68.86 | [Major Asset Restrictions](index=14&type=section&id=Major%20Asset%20Restrictions) At the end of the reporting period, 17,222,740.92 yuan of the company's monetary funds were restricted due to guarantees and other reasons - Period-end restricted monetary funds: **17,222,740.92 yuan**, restricted due to guarantees and other reasons[45](index=45&type=chunk) [Investment Status Analysis](index=14&type=section&id=Investment%20Status%20Analysis) During the reporting period, the company approved a new "Sujianyan (Jiangqiao) Scientific Research Base Project" with an estimated investment of approximately 280 million yuan, while fair value financial assets decreased - Approved wholly-owned subsidiary Shanghai Sujianyan Technology Development Co., Ltd. to construct the "Sujianyan (Jiangqiao) Scientific Research Base Project," with an estimated investment of approximately **280.22 million yuan**, to be funded by self-owned or self-raised capital[47](index=47&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Stocks | 310,000.00 | -12,000.00 | 0 | 298,000.00 | | Private Equity Funds | 82,206,441.17 | 0 | -5,357,954.10 | 76,848,487.07 | | Other | 6,818,180.00 | 0 | 0 | 6,818,180.00 | | Total | 89,334,621.17 | -12,000.00 | -5,357,954.10 | 83,964,667.07 | [Potential Risks](index=16&type=section&id=Potential%20Risks) The company advises investors to consider risks such as industry fluctuations, market competition, accounts receivable bad debts, and policy changes that may impact operations - Slowdown in the construction industry's growth may lead to cyclical fluctuations in the company's operating performance[50](index=50&type=chunk) - Changes in the economic environment intensify market competition, posing significant competitive pressure on the company[50](index=50&type=chunk) - Long project cycles in the construction industry result in older accounts receivable, posing bad debt loss risks[50](index=50&type=chunk) - The professional technical service industry is significantly affected by national macroeconomic conditions and policy adjustments[51](index=51&type=chunk) Section IV Corporate Governance, Environment, and Society This section covers the company's corporate governance practices, environmental responsibilities, social contributions, and profit distribution plans [Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company resolved not to distribute profits or convert capital reserves into share capital for the current reporting period - No profit distribution or conversion of capital reserves into share capital for the current reporting period[54](index=54&type=chunk) Section V Significant Matters This section details significant events and commitments, including the fulfillment of promises made by controlling shareholders and related parties [Fulfillment of Commitments](index=19&type=section&id=Fulfillment%20of%20Commitments) The company's actual controllers, shareholders, and related parties strictly fulfilled their long-term commitments regarding related party transactions and avoidance of horizontal competition during the reporting period - Commitment to resolve related party transactions: pledged to avoid related party transactions with the listed company and its subsidiaries, adhere to market principles when necessary, sign agreements in accordance with the law, fulfill information disclosure obligations, not illegally occupy funds or assets, and not provide guarantees. Promisors Feng Guobao, Wu Tingxiang, and Ding Zhengwei committed to strict long-term fulfillment[57](index=57&type=chunk) - Commitment to resolve horizontal competition: pledged not to invest in or establish businesses that compete with the listed company's main operations; if horizontal competition arises, measures will be taken to avoid harming the listed company's interests. Promisors Feng Guobao, Wu Tingxiang, and Ding Zhengwei committed to strict fulfillment during their shareholding period[58](index=58&type=chunk) - All aforementioned commitments were strictly fulfilled during the reporting period[57](index=57&type=chunk)[58](index=58&type=chunk) Section VI Share Changes and Shareholder Information This section provides an overview of changes in the company's share capital and detailed information about its shareholders [Share Capital Changes](index=24&type=section&id=Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[65](index=65&type=chunk) [Shareholder Information](index=24&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 24,560 common shareholders, with key natural person shareholders having signed a concerted action agreement - Total number of common shareholders as of the end of the reporting period: **24,560** households[66](index=66&type=chunk) Top Ten Shareholders' Shareholdings | Shareholder Name | Shares Held at Period End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Wu Xiaoxiang | 37,055,723 | 7.45 | Domestic Natural Person | | Huang Chunsheng | 31,323,420 | 6.30 | Domestic Natural Person | | Wu Qichao | 25,526,897 | 5.13 | Domestic Natural Person | | Wang Huiming | 23,425,020 | 4.71 | Domestic Natural Person | | Hu Yulan | 17,788,600 | 3.58 | Domestic Natural Person | | Zhang Sufen | 11,210,000 | 2.25 | Domestic Natural Person | | Feng Guobao | 7,985,130 | 1.61 | Domestic Natural Person | | Wang Pengfei | 7,607,897 | 1.53 | Domestic Natural Person | | Ding Zhengwei | 4,812,612 | 0.97 | Domestic Natural Person | | BARCLAYS BANK PLC | 3,542,043 | 0.71 | Overseas Legal Person | - Wu Xiaoxiang, Wang Huiming, and Huang Chunsheng signed a concerted action agreement, forming a concerted action relationship[69](index=69&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=26&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained generally stable, with only one supervisor reducing holdings by 10,000 shares - Supervisor Chu Ying reduced holdings by **10,000 shares** through competitive bidding during the reporting period, with **174,724 shares** held at period-end[72](index=72&type=chunk) - Shareholdings of other key directors, supervisors, and senior management remained unchanged[72](index=72&type=chunk) Section VII Bond-Related Information During the reporting period, the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds and non-financial enterprise debt financing instruments[75](index=75&type=chunk) - The company has no convertible corporate bonds[75](index=75&type=chunk) Section VIII Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Audit Report](index=28&type=section&id=Audit%20Report) This semi-annual report has not been audited - This semi-annual report is unaudited[77](index=77&type=chunk) [Financial Statements](index=28&type=section&id=Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity, and parent company statement of changes in owner's equity[78](index=78&type=chunk)[81](index=81&type=chunk)[87](index=87&type=chunk)[91](index=91&type=chunk)[94](index=94&type=chunk)[98](index=98&type=chunk)[101](index=101&type=chunk)[106](index=106&type=chunk) [Company Basic Information](index=47&type=section&id=Company%20Basic%20Information) The company, established in 1979 and listed in 2017, has a broad business scope including technical services, engineering management, energy conservation, and urban renewal - The company was established in **1979** and listed on the main board of the Shanghai Stock Exchange in **September 2017**[111](index=111&type=chunk) - Business scope includes certification services, safety assessment, technical services, engineering management services, energy conservation management services, carbon emission reduction technology R&D, water/air/soil pollution control, internet data services, information system integration, investment activities, and property management[113](index=113&type=chunk) [Basis of Financial Statement Preparation](index=47&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC regulations, and based on the company's accounting policies and estimates - Basis of preparation: going concern assumption, in accordance with Enterprise Accounting Standards and CSRC's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)"[114](index=114&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[115](index=115&type=chunk) [Significant Accounting Policies and Estimates](index=47&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimation methods for business combinations, financial instruments, receivables, inventory, fixed assets, intangible assets, revenue, and government grants - Business combinations are distinguished between those under common control and those not under common control, measured at book value or fair value[123](index=123&type=chunk)[124](index=124&type=chunk) - Consolidated financial statements determine the scope of consolidation based on control, eliminate intercompany transactions, and present minority interests separately[125](index=125&type=chunk)[127](index=127&type=chunk) - Financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[131](index=131&type=chunk) - Accounts receivable are provided for individually or by portfolio (aging portfolio, nature portfolio) for bad debts, with the aging portfolio using expected credit loss rates[140](index=140&type=chunk)[141](index=141&type=chunk) - Inventories are classified into raw materials, work-in-progress, finished goods, and costs of uncompleted projects, valued using the weighted average method, and impairment provisions are made at the lower of cost and net realizable value at period-end[147](index=147&type=chunk)[149](index=149&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, distinguishing between performance obligations satisfied over time or at a point in time[188](index=188&type=chunk)[189](index=189&type=chunk) - Government grants are classified as asset-related or income-related based on the nature of the grant, recognized as deferred income or directly in current profit or loss, respectively[191](index=191&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities; as a lessor, leases are classified as operating leases or finance leases[193](index=193&type=chunk)[197](index=197&type=chunk) [Taxation](index=70&type=section&id=Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with several subsidiaries enjoying preferential tax rates as high-tech or small-profit enterprises - Main tax types and rates: Value-Added Tax (**13%**, **9%**, **3%**, **6%**, **5%**), Urban Maintenance and Construction Tax (**7%**), Corporate Income Tax (**15%**, **20%**, **25%**), Education Surcharge (**5%**)[199](index=199&type=chunk) - Subsidiaries such as Zhongcehang, Suzhou Testing Center, Wujiang Testing Center, Jianyan Design, Ningcheng Testing, Gusu Building Materials, Taicang Testing Center, Dongnan Testing, and Hongye Testing enjoy high-tech enterprise income tax incentives, taxed at a reduced rate of **15%**[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) - Subsidiaries such as Jianke Testing, Jianke Clean, Jianke Energy Saving, Jianke Training, Yuanzhun Zhikong, Luling Technology, Dongnan Testing, Huawei Testing, Jianyan Industrial Park, Jianyan Real Estate, Jiangsu Jianyan, and Taicang Jianyan enjoy small and micro-profit enterprise income tax incentives, taxed at a rate of **20%**[204](index=204&type=chunk) [Notes to Consolidated Financial Statement Items](index=72&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end and period-beginning balances and current period changes for consolidated financial statement items, with explanations for significant variations [Monetary Funds](index=72&type=section&id=Monetary%20Funds) Period-end monetary funds were 158.11 million yuan, a 41.45% decrease from the beginning of the period, primarily due to settlement payments and tax expenses, with 17.22 million yuan restricted - Period-end balance: **158,106,600.94 yuan**[206](index=206&type=chunk) - **Decreased by 41.45%** from the beginning of the period, mainly due to settlement payments, performance bonuses, and tax expenses[43](index=43&type=chunk) - Restricted monetary funds: **17,222,740.92 yuan**, primarily for guarantees and other reasons[45](index=45&type=chunk)[302](index=302&type=chunk)[389](index=389&type=chunk) [Trading Financial Assets](index=73&type=section&id=Trading%20Financial%20Assets) Period-end trading financial assets were 11.31 million yuan, a 386.91% increase from the beginning of the period, mainly due to increased bank wealth management products - Period-end balance: **11,312,098.51 yuan**[208](index=208&type=chunk) - **Increased by 386.91%** from the beginning of the period, mainly due to increased bank wealth management products[43](index=43&type=chunk) - Main components: bank wealth management products of **11,014,098.51 yuan**, and stocks of **298,000.00 yuan**[208](index=208&type=chunk) [Notes Receivable](index=73&type=section&id=Notes%20Receivable) Period-end notes receivable were 18.69 million yuan, an 8.43% decrease from the beginning of the period, with a high proportion of bank acceptance bills, some endorsed or discounted - Period-end balance: **18,694,591.45 yuan**[209](index=209&type=chunk) - **Decreased by 8.43%** from the beginning of the period[43](index=43&type=chunk) - Bank acceptance bills of **17,973,870.66 yuan**, commercial acceptance bills of **720,720.79 yuan**[209](index=209&type=chunk) - Bank acceptance bills endorsed or discounted and not yet due at period-end: **8,314,103.83 yuan**[211](index=211&type=chunk) - Bad debt provision: **37,932.68 yuan**, mainly for commercial acceptance bills provisioned at **5%**[213](index=213&type=chunk)[215](index=215&type=chunk) [Accounts Receivable](index=75&type=section&id=Accounts%20Receivable) Period-end accounts receivable were 597.84 million yuan, a 6.76% decrease from the beginning of the period, with total bad debt provisions of 157.47 million yuan - Period-end balance: **597,840,629.63 yuan**[220](index=220&type=chunk) - **Decreased by 6.76%** from the beginning of the period[43](index=43&type=chunk) - Total bad debt provision: **157,468,415.91 yuan**[220](index=220&type=chunk)[225](index=225&type=chunk) - Accounts receivable within **1 year** of aging: **498,703,483.46 yuan**[217](index=217&type=chunk) - Bad debt provision for aging portfolio: **155,071,098.94 yuan**, individually provided bad debt provision: **2,397,316.97 yuan**[220](index=220&type=chunk)[225](index=225&type=chunk) - Current period bad debt provision amount: **-18,561,477.41 yuan**[225](index=225&type=chunk) [Contract Assets](index=79&type=section&id=Contract%20Assets) Period-end contract assets were 41.61 million yuan, a 9.41% increase from the beginning of the period, with bad debt provisions of 26.82 million yuan - Period-end balance: **41,610,249.97 yuan**[227](index=227&type=chunk) - **Increased by 9.41%** from the beginning of the period[43](index=43&type=chunk) - Bad debt provision: **26,820,169.61 yuan**[227](index=227&type=chunk)[230](index=230&type=chunk)[234](index=234&type=chunk) - Current period contract asset impairment loss provision amount: **-2,483,390.31 yuan**[234](index=234&type=chunk) [Inventories](index=86&type=section&id=Inventories) Period-end inventories were 52.32 million yuan, a 12.84% decrease from the beginning of the period, primarily consisting of costs for uncompleted projects - Period-end balance: **52,320,779.74 yuan**[251](index=251&type=chunk) - **Decreased by 12.84%** from the beginning of the period[43](index=43&type=chunk) - Costs of uncompleted projects: **41,036,815.80 yuan**[251](index=251&type=chunk) [Construction in Progress](index=95&type=section&id=Construction%20in%20Progress) Period-end construction in progress was 34.37 million yuan, a 74.69% increase from the beginning of the period, mainly due to increased construction volume for the industrial park base - Period-end balance: **34,366,980.35 yuan**[273](index=273&type=chunk) - **Increased by 74.69%** from the beginning of the period, mainly due to increased construction volume for the industrial park base[43](index=43&type=chunk) - Major projects include the Industrial Park Research Base Project and the Sujianyan (Jiangqiao) Scientific Research Base Project[274](index=274&type=chunk) [Intangible Assets](index=98&type=section&id=Intangible%20Assets) Period-end intangible assets were 113.66 million yuan, a 70.40% increase from the beginning of the period, primarily due to the acquisition of land for the Jiangqiao base - Period-end balance: **113,661,769.02 yuan**[280](index=280&type=chunk) - **Increased by 70.40%** from the beginning of the period, mainly due to the acquisition of land for the Jiangqiao base[43](index=43&type=chunk) - Current period increase amount: **48,913,121.24 yuan**, primarily for the acquisition of land use rights[279](index=279&type=chunk) [Short-Term Borrowings](index=104&type=section&id=Short-Term%20Borrowings) Period-end short-term borrowings were 132.09 million yuan, a 6.51% increase from the beginning of the period, mainly due to increased credit borrowings - Period-end balance: **132,085,738.89 yuan**[305](index=305&type=chunk) - **Increased by 6.51%** from the beginning of the period[43](index=43&type=chunk) - Credit borrowings of **132,085,738.89 yuan**, with **104,000,000.00 yuan** in discounted bill financing in the prior year period[305](index=305&type=chunk) [Employee Benefits Payable](index=105&type=section&id=Employee%20Benefits%20Payable) Period-end employee benefits payable were 33.85 million yuan, a 43.26% decrease from the beginning of the period, primarily due to the year-end performance bonus distribution - Period-end balance: **33,846,051.07 yuan**[318](index=318&type=chunk) - **Decreased by 43.26%** from the beginning of the period, mainly due to the year-end performance bonus distribution[44](index=44&type=chunk) - Current period short-term compensation increased by **175,192,347.03 yuan** and decreased by **201,055,467.61 yuan**[317](index=317&type=chunk) [Taxes Payable](index=106&type=section&id=Taxes%20Payable) Period-end taxes payable were 12.58 million yuan, a 68.86% decrease from the beginning of the period, primarily due to annual tax settlements - Period-end balance: **12,575,506.65 yuan**[322](index=322&type=chunk) - **Decreased by 68.86%** from the beginning of the period, mainly due to annual tax settlements[44](index=44&type=chunk) - Main components: Value-Added Tax of **7,349,424.95 yuan**, Corporate Income Tax of **3,024,391.91 yuan**[322](index=322&type=chunk) [Operating Revenue and Operating Costs](index=111&type=section&id=Operating%20Revenue%20and%20Operating%20Costs) Operating revenue for the current period was 324.11 million yuan, a 12.06% year-on-year decrease, with operating costs at 173.34 million yuan, a 11.28% decrease - Operating revenue: **324,110,801.15 yuan**, a **12.06% year-on-year decrease**[347](index=347&type=chunk)[350](index=350&type=chunk) - Operating costs: **173,340,673.35 yuan**, an **11.28% year-on-year decrease**[347](index=347&type=chunk)[350](index=350&type=chunk) Revenue Composition | Product Type | Operating Revenue (yuan) | Operating Costs (yuan) | | :--- | :--- | :--- | | Engineering Inspection | 230,767,310.90 | 108,852,816.78 | | Specialized Engineering Construction | 3,052,519.63 | 2,960,644.46 | | Product Sales | 33,309,761.80 | 28,991,637.70 | | Engineering Supervision | 25,825,439.06 | 12,965,293.09 | | Engineering Design | 13,754,172.48 | 7,935,458.23 | | Other Technical Services | 15,492,190.01 | 10,959,517.86 | | Other | 1,909,407.27 | 675,305.23 | [Financial Expenses](index=112&type=section&id=Financial%20Expenses) Current period financial expenses were 1.23 million yuan, compared to -1.11 million yuan in the prior period, mainly due to increased interest expenses and decreased interest income - Current period financial expenses: **1,229,064.31 yuan**[357](index=357&type=chunk) - Prior period financial expenses: **-1,107,991.27 yuan**[357](index=357&type=chunk) - Interest expense of **1,483,219.11 yuan**, interest income of **-352,004.26 yuan**[357](index=357&type=chunk) [Credit Impairment Losses](index=113&type=section&id=Credit%20Impairment%20Losses) Current period credit impairment losses were 18.93 million yuan, compared to 13.12 million yuan in the prior period, primarily consisting of bad debt losses on accounts receivable - Current period credit impairment losses: **18,925,103.73 yuan**[363](index=363&type=chunk) - Prior period credit impairment losses: **13,123,021.86 yuan**[363](index=363&type=chunk) - Bad debt losses on accounts receivable: **18,561,477.41 yuan**[363](index=363&type=chunk) [Asset Impairment Losses](index=114&type=section&id=Asset%20Impairment%20Losses) Current period asset impairment losses were 2.48 million yuan, compared to 4.30 million yuan in the prior period, primarily due to contract asset impairment losses - Current period asset impairment losses: **2,483,390.31 yuan**[365](index=365&type=chunk) - Prior period asset impairment losses: **4,303,315.82 yuan**[365](index=365&type=chunk) - Contract asset impairment losses: **2,483,390.31 yuan**[365](index=365&type=chunk) [Cash Flow Statement Items](index=116&type=section&id=Cash%20Flow%20Statement%20Items) Net cash flow from operating activities was -5.76 million yuan, from investing activities -100.10 million yuan, and from financing activities -10.14 million yuan - Net cash flow from operating activities: **-5,761,793.81 yuan**[381](index=381&type=chunk) - Net cash flow from investing activities: **-100,104,846.75 yuan**[381](index=381&type=chunk) - Net cash flow from financing activities: **-10,135,644.84 yuan**[381](index=381&type=chunk) - Net increase in cash and cash equivalents: **-116,002,285.40 yuan**[381](index=381&type=chunk) - Cash received from investment recovery in the current period: **45,357,954.10 yuan**, cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets: **93,305,058.74 yuan**[396](index=396&type=chunk)[397](index=397&type=chunk) - Cash received from borrowings in the current period: **180,000,000.00 yuan**, cash paid for debt repayment: **172,000,000.00 yuan**[397](index=397&type=chunk) [Interests in Other Entities](index=121&type=section&id=Interests%20in%20Other%20Entities) The company holds interests in numerous wholly-owned and controlled subsidiaries engaged in engineering design, testing, supervision, construction, and new building materials - The company owns wholly-owned subsidiaries including Jianyan Design, Suzhou Testing Center, Jianyan Supervision, Jianyan City, Building Waterproofing, Gusu Building Materials, Jianke Energy Saving, Jianke Training, Jianke Testing, Jianke Clean, Yuanzhun Zhikong, Jianyan Industrial Park, Jianyan Real Estate, Shanghai Sujianyan, Jiangsu Jianyan, and Shanghai Shenyan[15](index=15&type=chunk)[395](index=395&type=chunk)[396](index=396&type=chunk)[397](index=397&type=chunk) - The company owns controlling subsidiaries including Wujiang Testing Center, Dongnan Testing, Taicang Testing Center, Zhongcehang, Ningcheng Testing, Hongda Testing, Luling Technology, Qiuzheng Testing, Huawei Testing, Jianwei Lianhang, Hongye Testing, and Taicang Jianyan[15](index=15&type=chunk)[395](index=395&type=chunk)[396](index=396&type=chunk)[397](index=397&type=chunk) Significant Non-Wholly Owned Subsidiary: Taicang Testing Center | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders in Current Period (yuan) | Dividends Declared to Minority Shareholders in Current Period (yuan) | Minority Interest Balance at Period End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Taicang Testing Center | 45.00 | 4,007,150.82 | 675,000.00 | 23,016,481.99 | [Risks Related to Financial Instruments](index=125&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company primarily faces credit and liquidity risks related to financial instruments, managed through credit review, monitoring, and cash reserves, with insignificant interest rate risk - Credit risk primarily arises from bank deposits, bank wealth management products, notes receivable, accounts receivable, and other receivables. The company manages this through credit review and continuous monitoring[404](index=404&type=chunk)[405](index=405&type=chunk) - Liquidity risk is managed by ensuring sufficient cash reserves through cash flow forecasting, continuous monitoring of funding needs, and bank financing commitments[405](index=405&type=chunk) - Market risk is mainly interest rate risk; the company has ample funds and effective control over borrowing limits, making interest rate risk insignificant[406](index=406&type=chunk) [Disclosure of Fair Value](index=127&type=section&id=Disclosure%20of%20Fair%20Value) Assets measured at fair value include trading financial assets and other equity instrument investments, determined by market information or estimated based on proportionate ownership - Total assets continuously measured at fair value: **83,964,667.07 yuan**[409](index=409&type=chunk) - Trading financial assets of **298,000.00 yuan**, determined based on available market information[409](index=409&type=chunk)[411](index=411&type=chunk) - Other equity instrument investments of **75,666,667.07 yuan**, with fair value reasonably estimated based on the proportionate share of the investee company's owner's equity[409](index=409&type=chunk)[412](index=412&type=chunk) [Commitments and Contingencies](index=132&type=section&id=Commitments%20and%20Contingencies) As of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure - The company has no significant commitments requiring disclosure[418](index=418&type=chunk) - The company has no significant contingencies requiring disclosure[418](index=418&type=chunk) Section XIX Notes to Parent Company Financial Statement Items This section provides detailed notes on key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, and operating performance [Accounts Receivable](index=133&type=section&id=Accounts%20Receivable) Period-end parent company accounts receivable had a book value of 9.01 million yuan, with bad debt provisions totaling 18.82 million yuan - Period-end book value: **9,008,034.47 yuan**[424](index=424&type=chunk) - Bad debt provision: **18,815,731.83 yuan**[424](index=424&type=chunk)[428](index=428&type=chunk) - Current period bad debt provision amount: **-340,279.49 yuan**[428](index=428&type=chunk) [Other Receivables](index=136&type=section&id=Other%20Receivables) Period-end parent company other receivables had a book value of 122.29 million yuan, primarily from intercompany fund transfers, with bad debt provisions of 77,723.02 yuan - Period-end book value: **122,293,283.86 yuan**[431](index=431&type=chunk) - Main nature of receivables: intercompany fund transfers of **122,082,579.93 yuan**[436](index=436&type=chunk) - Bad debt provision: **77,723.02 yuan**[439](index=439&type=chunk)[441](index=441&type=chunk) [Long-Term Equity Investments](index=140&type=section&id=Long-Term%20Equity%20Investments) Period-end parent company long-term equity investments had a book value of 1,034.13 million yuan, entirely comprising investments in subsidiaries, with additional investments made during the period - Period-end book value: **1,034,129,730.56 yuan**[446](index=446&type=chunk) - Entirely investments in subsidiaries[446](index=446&type=chunk) - Current period additional investments: **28,847,500.00 yuan**, including investments in Taicang Testing Center, Jianyan Industrial Park, Jianwei Lianhang, Jiangsu Jianyan, and Jianke Testing[449](index=449&type=chunk) [Operating Revenue and Operating Costs](index=142&type=section&id=Operating%20Revenue%20and%20Operating%20Costs) Period-end parent company operating revenue was 7.56 million yuan, with operating costs at 2.11 million yuan - Operating revenue: **7,563,848.71 yuan**[452](index=452&type=chunk) - Operating costs: **2,105,985.37 yuan**[452](index=452&type=chunk) [Investment Income](index=142&type=section&id=Investment%20Income) Current period parent company investment income was 934,813.70 yuan, mainly from long-term equity investments accounted for using the cost method and wealth management income - Current period investment income: **934,813.70 yuan**[451](index=451&type=chunk) - Investment income from long-term equity investments accounted for using the cost method: **825,000.00 yuan**[451](index=451&type=chunk) - Wealth management income: **109,813.70 yuan**[451](index=451&type=chunk) Section XX Supplementary Information This section provides supplementary financial information, including a detailed breakdown of non-recurring gains and losses and key profitability ratios [Schedule of Non-Recurring Gains and Losses for the Current Period](index=142&type=section&id=Schedule%20of%20Non-Recurring%20Gains%20and%20Losses%20for%20the%20Current%20Period) Total non-recurring gains and losses for the current period amounted to 45,573.32 yuan, primarily from government subsidies, fair value changes in financial assets, and disposal of non-current assets - Total non-recurring gains and losses: **45,573.32 yuan**[454](index=454&type=chunk) - Main components: government subsidies recognized in current profit or loss of **426,327.76 yuan**, non-current asset disposal losses of **-19,554.86 yuan**, and fair value changes in financial assets of **137,594.38 yuan**[454](index=454&type=chunk) [Return on Net Assets and Earnings Per Share](index=144&type=section&id=Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) The weighted average return on net assets attributable to common shareholders was 0.20%, and basic earnings per share was 0.01 yuan/share for the current period - Weighted average return on net assets attributable to common shareholders: **0.20%**[455](index=455&type=chunk) - Basic earnings per share: **0.01 yuan/share**[455](index=455&type=chunk) - Weighted average return on net assets attributable to common shareholders after deducting non-recurring gains and losses: **0.20%**[455](index=455&type=chunk) - Basic earnings per share after deducting non-recurring gains and losses: **0.01 yuan/share**[455](index=455&type=chunk)

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