山东嘉华生物科技股份有限公司2025 年半年度报告 公司代码：603182 公司简称：嘉华股份 山东嘉华生物科技股份有限公司 2025 年半年度报告 1 / 150 山东嘉华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、 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、 公司负责人李广庆、主管会计工作负责人李乃雨及会计机构负责人（会计主管人员）李乃 雨声明：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 为维护公司价值及股东权益，提振投资者持股信心，公司董事会提出：拟向全体股东每股派 发现金红利0.30元（含税）。截至2025年6月30日，公司总股本164,550,000股，以此计算合计拟派 发现金红利49,365,000.00元（含税），占公司2025年半年度归属于上市公司股东净利润的比例 79.25%。 如在本预案披露之日起至实施权益分派股权登记日期间， ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key company entities and industry-specific terms to ensure report clarity and consistency [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines company entities and industry terms, including passenger vehicles and new energy vehicle reducers, for report clarity - Company, "this Company", and Zomax Transmission all refer to Zhejiang Zomax Transmission Co., Ltd[15](index=15&type=chunk) - Passenger vehicles are defined as automobiles primarily used for carrying passengers and their luggage, with a maximum of **9 seats**[15](index=15&type=chunk) - New energy vehicle reducers are precision mechanisms that, along with motors and electronic controls, form the new energy vehicle transmission system, designed to reduce speed and increase torque[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) Established in 2005 with 308.6315 million CNY registered capital, Zomax Transmission specializes in automotive transmission and gear R&D, production, and sales, listed on the Shanghai Stock Exchange since 2017 - The company's Chinese name is Zhejiang Zomax Transmission Co., Ltd., abbreviated as Zomax Transmission[14](index=14&type=chunk) - The company's legal representative is Liang Xiaorui[14](index=14&type=chunk) - The company's stock code is **603767**, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This chapter provides contact details for the Board Secretary and Securities Affairs Representative, including address, phone, fax, and email, for stakeholder communication - The Board Secretary is Lin Changchun, and the Securities Affairs Representative is Chen Yun[16](index=16&type=chunk) - The company's contact phone number is **0576-86146517**, and the email address is info@zomaxcd.com[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses remain unchanged at No. 1, Jingyi Road, Shangma Industrial Zone, Shitang Town, Wenling City, Zhejiang Province - The company's registered and office addresses are both No. 1, Jingyi Road, Shangma Industrial Zone, Shitang Town, Wenling City, Zhejiang Province[17](index=17&type=chunk) - There were no historical changes to the company's registered address during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates "Shanghai Securities News" for information disclosure, with its semi-annual report available on the SSE website and at the Board Office, unchanged this period - The company's designated information disclosure newspaper is "Shanghai Securities News"[18](index=18&type=chunk) - The website address for publishing the semi-annual report is http://www.sse.com.cn[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) The company's A-shares are listed on the Shanghai Stock Exchange under the abbreviation Zomax Transmission and stock code 603767 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) - The stock abbreviation is Zomax Transmission, and the stock code is **603767**[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company experienced significant declines in operating revenue, total profit, net profit, and EPS, primarily due to reduced revenue and gross profit margin, with operating cash flow also decreasing 2025 Key Accounting Data for H1 (YoY) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | Current Period vs. Prior Period Change (%) | | :------------------ | :----------------------------- | :----------------- | :----------------------------------------- | | Operating Revenue | 442,583,811.69 | 491,027,290.84 | -9.87 | | Total Profit | 15,802,546.05 | 42,371,998.19 | -62.71 | | Net Profit Attributable to Shareholders of Listed Company | 11,650,705.67 | 39,280,942.81 | -70.34 | | Net Cash Flow from Operating Activities | 45,767,978.81 | 80,284,534.78 | -42.99 | 2025 Key Financial Indicators for H1 (YoY) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Current Period vs. Prior Period Change (%) | | :----------------------- | :----------------------- | :----------- | :----------------------------------------- | | Basic Earnings Per Share (CNY/share) | 0.04 | 0.13 | -69.23 | | Diluted Earnings Per Share (CNY/share) | 0.04 | 0.13 | -69.23 | | Weighted Average Return on Net Assets (%) | 0.82 | 2.68 | Decrease of 1.86 percentage points | - The company's total profit, net profit attributable to parent, non-recurring net profit attributable to parent, basic EPS, and diluted EPS all decreased by over **50% year-on-year**, primarily due to reduced operating revenue and gross profit margin[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses were **-533,796.44 CNY**, primarily from government subsidies, non-current asset disposal, and other non-operating items 2025 Non-Recurring Gains and Losses Items for H1 | Non-Recurring Gains and Losses Items | Amount (CNY) | | :--------------------------------- | :----------- | | Gains/Losses from Disposal of Non-Current Assets | -267.87 | | Government Subsidies Included in Current Profit/Loss | 84,619.62 | | Other Non-Operating Income and Expenses | -618,148.19 | | Total | -533,796.44 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operations, financial condition, and future outlook [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in automotive transmission and gear R&D, production, and sales, directly supplying vehicle manufacturers, amidst China's H1 2025 automotive market growth, especially in new energy vehicles and exports - The company's main products include automotive transmissions, new energy vehicle reducers, electronically controlled transfer cases, automotive gears, motorcycle gears, and agricultural machinery gears[29](index=29&type=chunk) - The company operates on a "production based on sales" model, directly supplying products to vehicle manufacturers, primarily through direct sales[30](index=30&type=chunk)[31](index=31&type=chunk) China's Automotive Industry Production and Sales Data for Jan-Jun 2025 | Indicator | Production/Sales Volume (10,000 units) | Year-on-Year Growth (%) | | :----------------- | :------------------------------------- | :---------------------- | | Total Automobiles | 1562.1 / 1565.3 | 12.5 / 11.4 | | Passenger Vehicles | 1352.2 / 1353.1 | 13.8 / 13 | | Commercial Vehicles | 209.9 / 212.2 | 4.7 / 2.6 | | New Energy Vehicles | 696.8 / 693.7 | 41.4 / 40.3 | | Total Vehicle Exports | 308.3 | 10.4 | | New Energy Vehicle Exports | 106 | 75.2 | [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) Despite significant net profit decline, the company optimized resource allocation, expanded into new energy gears, upgraded production automation, diversified its supply chain, and implemented cost reduction and information management initiatives - The company's net profit significantly declined, primarily due to reduced operating revenue and gross profit margin[32](index=32&type=chunk) - The company optimized resource allocation, dynamically adjusted capacity layout and personnel structure, streamlined management processes and organizational structure, and tapped internal potential[32](index=32&type=chunk) - Increased market expansion and new product development efforts, focusing on new energy gears, motor shaft gears, and automatic transmission gears markets[33](index=33&type=chunk) - Promoted production process automation and intelligent upgrades, accelerated strategic capacity investment in new energy vehicle gears, and built a diversified supplier ecosystem to secure raw material supply[33](index=33&type=chunk) - Established a budget cost-reverse push model based on market price demands, comprehensively promoting cost reduction in technology development, efficiency improvement in manufacturing, and service optimization[33](index=33&type=chunk) - Continuously advanced the implementation and optimization of core systems such as PLM, MES, OA, ERP, and HR, accelerating the digitalization and intelligent upgrade of production lines[33](index=33&type=chunk)[34](index=34&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core strengths include strong R&D, extensive customer network, diversified product portfolio, robust quality control, and efficient cost management through lean practices and supply chain optimization - The company possesses an R&D team with over **20 years of experience** in vehicle gears and automotive transmissions, demonstrating strong synchronous development capabilities and advanced gear processing technology[35](index=35&type=chunk) - The company has established long-term partnerships with renowned vehicle manufacturers like Great Wall Motor, BAIC Foton, Chery Automobile, and global top 100 automotive component companies such as BorgWarner and Mando[35](index=35&type=chunk)[36](index=36&type=chunk) - Diversified product structure includes automotive transmissions, new energy vehicle reducers, electronically controlled transfer cases, automotive gears, motorcycle gears, and agricultural machinery gears, with assembly production and independent R&D design capabilities[36](index=36&type=chunk)[37](index=37&type=chunk) - Established a comprehensive quality control system, certified with **IATF16949:2016**, and recognized as an excellent supplier by multiple renowned enterprises[38](index=38&type=chunk) - Effectively controls manufacturing costs and administrative expenses through scientific management systems, lean production models, supply chain optimization (purchasing blanks, outsourced machining), and "zero inventory" management[39](index=39&type=chunk)[40](index=40&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=10&type=section&id=IV.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) Operating revenue and costs declined, with R&D expenses significantly reduced; monetary funds and receivables increased, while inventories and fixed assets decreased; notes payable and contract liabilities rose, and employee compensation payable fell 2025 Major Accounting Item Changes for H1 | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Ratio (%) | Explanation for Change | | :------------------------------------- | :-------------------------- | :------------------------ | :--------------- | :--------------------------------------------------- | | Operating Revenue | 442,583,811.69 | 491,027,290.84 | -9.87 | Decrease in product sales | | Operating Cost | 382,232,143.40 | 393,881,499.27 | -2.96 | Decrease in operating revenue | | R&D Expenses | 15,232,987.42 | 23,034,856.38 | -33.87 | R&D project investment according to progress | | Net Cash Flow from Operating Activities | 45,767,978.81 | 80,284,534.78 | -42.99 | Decrease in customer fund collection due to lower operating revenue | | Net Cash Flow from Investing Activities | -4,108,583.54 | -13,131,343.72 | 68.71 | Decrease in company investment | | Financial Expenses | -3,379,170.52 | -3,062,481.60 | -10.34 | Increase in time deposit interest income | 2025 Changes in Assets and Liabilities for H1 | Item Name | Current Period End Amount (CNY) | % of Total Assets at Current Period End | Prior Year End Amount (CNY) | % of Total Assets at Prior Year End | % Change from Prior Year End | Explanation | | :------------------------- | :------------------------------ | :-------------------------------------- | :-------------------------- | :---------------------------------- | :--------------------------- | :----------------------- | | Monetary Funds | 445,406,563.09 | 27.12 | 438,395,503.32 | 26.06 | 1.60 | Increase in monetary funds | | Receivables | 265,721,384.54 | 16.18 | 252,613,974.45 | 15.02 | 5.19 | Increase in bank acceptance bills | | Inventories | 155,082,277.35 | 9.44 | 171,885,373.25 | 10.22 | -9.78 | Decrease in inventories | | Fixed Assets | 578,207,847.06 | 35.20 | 618,309,948.23 | 36.76 | -6.49 | Depreciation of fixed assets | | Construction in Progress | 0 | 0 | 225,000.00 | 0.01 | -100.00 | Transfer to fixed assets | | Notes Payable | 28,000,000.00 | 1.70 | 0 | 0 | - | Increase in bank acceptance bills | | Contract Liabilities | 4,254,931.02 | 0.26 | 3,832,459.65 | 0.23 | 11.02 | Increase in advance receipts for goods | | Employee Compensation Payable | 8,752,038.67 | 0.53 | 13,245,430.78 | 0.79 | -33.92 | Decrease in payment of employee compensation | Major Asset Restrictions at H1 2025 End | Item | Book Balance at Period End (CNY) | Type of Restriction | Reason for Restriction | | :--------------- | :------------------------------- | :------------------ | :------------------------- | | Bank Deposits | 3,804,219.44 | Accrual | Interest income from time deposits | | Other Monetary Funds | 14,000,000.00 | Pledge | Bank acceptance bill deposit | | Other Monetary Funds | 10,800,000.00 | Pledge | Letter of credit deposit | | Total | 28,604,219.44 | / | / | [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces risks from macroeconomic fluctuations, policy changes, and raw material price volatility, potentially impacting performance and production costs - Macroeconomic fluctuations or changes in national industrial policies may lead to a decline in company performance, as the automotive parts industry is strongly correlated with the prosperity of the downstream automotive manufacturing industry[49](index=49&type=chunk) - Fluctuations in raw material (steel, aluminum ingots) prices directly affect the company's production costs and profit levels[49](index=49&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=15&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental responsibilities, and social contributions [II. Profit Distribution or Capital Reserve Conversion Plan](index=15&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's H1 2025 profit distribution plan proposes no distribution and no capital reserve conversion - The company's profit distribution plan for the first half of 2025 is no distribution and no conversion[6](index=6&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=15&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) Zhejiang Zomax Transmission Co., Ltd. is designated as a key environmental supervision unit in Taizhou City for 2025, requiring legal environmental information disclosure - Zhejiang Zomax Transmission Co., Ltd. is included in Taizhou City's 2025 environmental supervision key units directory[53](index=53&type=chunk) [Section V Significant Matters](index=16&type=section&id=Section%20V%20Significant%20Matters) This section outlines significant events and commitments impacting the company's operations and financial position [I. Fulfillment of Commitments](index=16&type=section&id=I.%20Fulfillment%20of%20Commitments) Actual controllers Sheng Guiying and Jiang Shaoyi strictly adhered to their **18-month lock-up period** commitment, not transferring inherited Zomax Transmission shares - Sheng Guiying and Jiang Shaoyi both voluntarily committed to an **18-month lock-up period**, not transferring inherited Zomax Transmission shares during this period, and have strictly fulfilled this commitment[55](index=55&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=18&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) The company, its controlling shareholder, and actual controllers maintain good integrity, with no unfulfilled court judgments or unpaid large debts - The company has no unfulfilled effective court judgments or unpaid large debts[57](index=57&type=chunk) - The company has not received any materials regarding unfulfilled effective judgments or unpaid large debts by its controlling shareholder or actual controllers[57](index=57&type=chunk) [X. Significant Related Party Transactions](index=18&type=section&id=X.%20Significant%20Related%20Party%20Transactions) On March 29, 2025, the company approved the 2025 annual related party transactions forecast, with related director Ruan Siqun abstaining, as previously disclosed - The company convened a board meeting on March 29, 2025, and approved the "Proposal on the Forecast of 2025 Daily Related Party Transactions"[58](index=58&type=chunk) - Related director Mr. Ruan Siqun abstained from voting[58](index=58&type=chunk) [Section VI Share Changes and Shareholder Information](index=21&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [I. Changes in Share Capital](index=21&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital and share structure remained unchanged during the reporting period - During the reporting period, there were no changes in the company's total share capital or share structure[64](index=64&type=chunk) [II. Shareholder Information](index=21&type=section&id=II.%20Shareholder%20Information) As of the period end, the company had **35,839 common shareholders**; the top two were Wenling Zhongtai Investment and Zomax Group, with Sheng Guiying and Jiang Shaoyi (and their children) as actual controllers, holding **66.06% of voting rights** - As of the end of the reporting period, the total number of common shareholders was **35,839**[65](index=65&type=chunk) Top Ten Shareholders' Holdings at H1 2025 End | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--------------------------- | :------------------------------------------- | :------------- | :--------------------- | | Wenling Zhongtai Investment Co., Ltd. | 93,556,478 | 30.31 | Domestic Non-State-Owned Legal Person | | Zomax Group Co., Ltd. | 79,553,522 | 25.78 | Domestic Non-State-Owned Legal Person | | Sheng Guiying | 23,450,000 | 7.60 | Domestic Natural Person | | Jiang Shaoyi | 4,900,000 | 1.59 | Domestic Natural Person | - Wenling Zhongtai Investment Co., Ltd., Zomax Group Co., Ltd., Sheng Guiying, Jiang Shaoyi, Wu Hongfei, and Wu Binghong are acting in concert; Sheng Guiying and Jiang Shaoyi are relatives by marriage, and Wu Hongfei and Wu Binghong are Jiang Shaoyi's children and Sheng Guiying's grandchildren[68](index=68&type=chunk) [Section VII Bond-Related Information](index=24&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides information regarding the company's bond instruments and related financial activities [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=24&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period [II. Convertible Corporate Bonds](index=24&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period [Section VIII Financial Report](index=25&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, and cash flow statements [II. Financial Statements](index=25&type=section&id=II.%20Financial%20Statements) This chapter presents the company's H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Major Data from Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :------------------------------------- | :------------------ | :---------------------- | | Monetary Funds | 445,406,563.09 | 438,395,503.32 | | Accounts Receivable | 213,304,246.33 | 216,264,958.54 | | Inventories | 155,082,277.35 | 171,885,373.25 | | Fixed Assets | 578,207,847.06 | 618,309,948.23 | | Total Assets | 1,642,644,504.63 | 1,682,074,313.80 | | Notes Payable | 28,000,000.00 | 0 | | Accounts Payable | 163,657,441.61 | 169,126,772.44 | | Total Liabilities | 265,983,880.77 | 255,338,095.61 | | Total Equity Attributable to Parent Company Owners | 1,376,660,623.86 | 1,426,736,218.19 | Major Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :---------------------------- | :--------------- | :--------------- | | Total Operating Revenue | 442,583,811.69 | 491,027,290.84 | | Total Operating Cost | 432,150,944.83 | 454,207,794.84 | | Total Profit | 15,802,546.05 | 42,371,998.19 | | Net Profit | 11,650,705.67 | 39,280,942.81 | | Basic Earnings Per Share (CNY/share) | 0.04 | 0.13 | Major Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :------------------------------------- | :--------------- | :--------------- | | Net Cash Flow from Operating Activities | 45,767,978.81 | 80,284,534.78 | | Net Cash Flow from Investing Activities | -4,108,583.54 | -13,131,343.72 | | Net Cash Flow from Financing Activities | -61,726,300.00 | -61,726,300.00 | | Net Increase in Cash and Cash Equivalents | -20,146,276.33 | 4,832,700.33 | [III. Company Basic Information](index=45&type=section&id=III.%20Company%20Basic%20Information) Established in 2005 with **308.6315 million CNY** registered capital, the company specializes in automotive transmission and gear R&D, production, and sales, listed on the Shanghai Stock Exchange since 2017 - The company was registered and established on December 15, 2005, with a registered capital of **308.6315 million CNY**[104](index=104&type=chunk) - The company's shares were listed on the Shanghai Stock Exchange on June 13, 2017[104](index=104&type=chunk) - The company's main business is the R&D, production, and sales of automotive transmissions and vehicle gears[104](index=104&type=chunk) [IV. Basis of Financial Statement Preparation](index=45&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts regarding its ability to continue for the next 12 months - The company's financial statements are prepared on a going concern basis[105](index=105&type=chunk) - There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[106](index=106&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=45&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter details the company's accounting policies and estimates for financial instrument impairment, inventories, fixed assets, construction in progress, intangible assets, and revenue recognition, including the impact of "Interpretation No. 18" from January 1, 2024 - The company has formulated specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition based on its actual production and operating characteristics[107](index=107&type=chunk) - The company implemented "Interpretation No. 18 of Accounting Standards for Business Enterprises" issued by the Ministry of Finance starting January 1, 2024, and retrospectively adjusted comparable period information, resulting in an increase of **2,933,069.03 CNY** in operating costs and a decrease of **2,933,069.03 CNY** in selling expenses in the H1 2024 income statement[189](index=189&type=chunk)[190](index=190&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[118](index=118&type=chunk) - The company performs impairment testing on financial assets and recognizes loss provisions based on expected credit losses[124](index=124&type=chunk) - The company primarily sells automotive transmissions, automotive gears, and other products, with revenue recognized when customers obtain control of the related goods or services[175](index=175&type=chunk) [VI. Taxation](index=67&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with preferential rates for high-tech enterprises and its Chongqing subsidiary under Western Development policy Major Tax Categories and Rates | Tax Category | Tax Rate | | :--------------------------- | :------- | | Value-Added Tax (VAT) | 13%, 5% | | Urban Maintenance and Construction Tax | 5%, 7% | | Corporate Income Tax | 15% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company was recognized as a high-tech enterprise in 2024, and its corporate income tax will be levied at a **15% rate** for three years starting from 2024[192](index=192&type=chunk) - Subsidiary Zomax Transmission Technology (Chongqing) Co., Ltd. enjoys the Western Development corporate income tax preferential policy for 2025, paying corporate income tax at a reduced **15% rate**[192](index=192&type=chunk) - The company meets the requirements for advanced manufacturing enterprises and is eligible for a **5% VAT additional deduction policy** for 2024[192](index=192&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=68&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on consolidated financial statement items, including monetary funds, receivables, inventories, fixed assets, and operating expenses, with explanations for significant changes Composition of Monetary Funds (June 30, 2025) | Item | Balance at Period End (CNY) | | :--------------- | :-------------------------- | | Cash on Hand | 43,453.40 | | Bank Deposits | 420,563,109.69 | | Other Monetary Funds | 24,800,000.00 | | Total | 445,406,563.09 | - Other monetary funds at period end primarily consist of **14,000,000.00 CNY** for bank acceptance bill deposits and **10,800,000.00 CNY** for letter of credit deposits[194](index=194&type=chunk) Aging Analysis of Accounts Receivable (June 30, 2025) | Aging | Book Balance at Period End (CNY) | | :---------- | :------------------------------- | | Within 1 year | 238,510,276.16 | | 1-2 years | 295,589.20 | | 2-3 years | 266,331.72 | | Over 3 years | 39,043.75 | | Total | 239,111,240.83 | - Total bad debt provision for accounts receivable is **25,806,994.50 CNY**, with **14,591,693.03 CNY** specifically provided for Chengdu Dayun Automobile Group Co., Ltd. at an **80% provision rate** due to its bankruptcy reorganization[198](index=198&type=chunk)[200](index=200&type=chunk) - The amount of accounts receivable financing (bank acceptance bills) endorsed or discounted and not yet due at period end is **294,746,195.53 CNY**[210](index=210&type=chunk) Inventory Classification (June 30, 2025) | Item | Book Balance (CNY) | Inventory Impairment Provision (CNY) | Book Value (CNY) | | :----------------------- | :----------------- | :----------------------------------- | :--------------- | | Raw Materials | 21,912,526.67 | 558,156.31 | 21,354,370.36 | | Work in Progress | 11,948,952.54 | 0 | 11,948,952.54 | | Finished Goods | 53,859,723.95 | 3,581,260.00 | 50,278,463.95 | | Revolving Materials | 18,770,274.42 | 0 | 18,770,274.42 | | Goods in Transit | 53,010,212.77 | 2,611,992.18 | 50,398,220.59 | | Consigned Processing Materials | 2,331,995.49 | 0 | 2,331,995.49 | | Total | 161,833,685.84 | 6,751,408.49 | 155,082,277.35 | Book Value of Fixed Assets (June 30, 2025) | Item | Book Value at Period End (CNY) | | :-------------------- | :----------------------------- | | Buildings and Structures | 250,540,949.95 | | General Equipment | 1,619,295.99 | | Specialized Equipment | 320,386,162.20 | | Transportation Equipment | 1,134,499.78 | | Other Equipment | 4,526,939.14 | | Total | 578,207,847.06 | - At the end of the reporting period, the company's construction in progress balance was **0 CNY**, down from **225,000.00 CNY** at the beginning of the period, primarily due to the transfer of construction in progress to fixed assets[251](index=251&type=chunk) Book Value of Intangible Assets (June 30, 2025) | Item | Book Value at Period End (CNY) | | :------------ | :----------------------------- | | Land Use Rights | 92,633,073.07 | | Patent Rights | 36,399.86 | | Software | 1,998,958.10 | | Total | 94,668,431.03 | Deferred Income Tax Assets/Liabilities (June 30, 2025) | Item | Deferred Income Tax Assets at Period End (CNY) | Deferred Income Tax Liabilities at Period End (CNY) | | :----------------------- | :--------------------------------------------- | :-------------------------------------------------- | | Asset Impairment Provisions | 4,897,463.91 | - | | Product Quality Guarantees | 715,578.25 | - | | Deferred Income | 4,690,588.55 | - | | Additional Deduction for Fixed Assets | - | 12,554,887.41 | | Total | 10,303,630.71 | 12,554,887.41 | Employee Compensation Payable (June 30, 2025) | Item | Balance at Period End (CNY) | | :------------------------------------ | :-------------------------- | | Short-term Compensation | 7,993,835.29 | | Post-employment Benefits - Defined Contribution Plans | 758,203.38 | | Total | 8,752,038.67 | Operating Revenue and Operating Costs (Jan-Jun 2025) | Item | Revenue (CNY) | Cost (CNY) | | :------------ | :--------------- | :--------------- | | Main Business | 435,078,719.85 | 378,915,482.33 | | Other Business | 7,505,091.84 | 3,316,661.07 | | Total | 442,583,811.69 | 382,232,143.40 | Composition of R&D Expenses (Jan-Jun 2025) | Item | Amount Incurred in Current Period (CNY) | | :-------------------- | :-------------------------------------- | | Employee Compensation | 8,165,632.86 | | Material Input | 2,699,268.15 | | Depreciation and Amortization | 3,765,266.52 | | Other | 602,819.89 | | Total | 15,232,987.42 | Composition of Financial Expenses (Jan-Jun 2025) | Item | Amount Incurred in Current Period (CNY) | | :------------------ | :-------------------------------------- | | Interest Income | -3,372,841.73 | | Exchange Gains/Losses | -79,371.80 | | Handling Fee Expenses | 73,043.01 | | Total | -3,379,170.52 | Income Tax Expense (Jan-Jun 2025) | Item | Amount Incurred in Current Period (CNY) | | :------------------------ | :-------------------------------------- | | Current Income Tax Expense | 4,661,999.74 | | Deferred Income Tax Expense | -510,159.36 | | Total | 4,151,840.38 | [VIII. R&D Expenditures](index=113&type=section&id=VIII.%20R%26D%20Expenditures) Total R&D expenditure for the period was **15,232,987.42 CNY**, entirely expensed, consisting mainly of personnel, direct input, depreciation, and other costs R&D Expenditures by Nature of Expense (Jan-Jun 2025) | Item | Amount Incurred in Current Period (CNY) | | :------------------------ | :-------------------------------------- | | Personnel Costs | 8,165,632.86 | | Direct Input | 2,699,268.15 | | Depreciation and Amortization | 3,765,266.52 | | Other Expenses | 602,819.89 | | Total | 15,232,987.42 | | Of which: Expensed R&D Expenditures | 15,232,987.42 | | Capitalized R&D Expenditures | 0 | [IX. Changes in Consolidation Scope](index=114&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company experienced no changes in its consolidation scope during the reporting period from business combinations, reverse acquisitions, or subsidiary disposals [X. Interests in Other Entities](index=115&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds **100% equity** in its non-operating subsidiary, Zomax Transmission Technology (Chongqing), and an investment in associate Jiaxing Yuantai Equity Investment Partnership with a book value of **1,496,564.36 CNY** - The company owns **100%** of its subsidiary, Zomax Transmission Technology (Chongqing) Co., Ltd., which is currently not engaged in production or operations[330](index=330&type=chunk) Summary Financial Information of Insignificant Associates (June 30, 2025) | Item | Balance at Period End (CNY) | | :--------------------------------- | :-------------------------- | | Associates: Total Book Value of Investments | 1,496,564.36 | [XI. Government Grants](index=118&type=section&id=XI.%20Government%20Grants) Government grants in deferred income totaled **31,270,590.34 CNY** at period-end, with **3,564,308.64 CNY** recognized in other income, comprising both asset-related and income-related grants Liability Items Involving Government Grants (June 30, 2025) | Financial Statement Item | Opening Balance (CNY) | Amount Included in Non-Operating Income in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Closing Balance (CNY) | Asset/Income Related | | :----------------------- | :-------------------- | :-------------------------------------------------------------- | :--------------------------------------------------------- | :-------------------- | :------------------- | | Deferred Income | 34,750,279.36 | 0 | 3,479,689.02 | 31,270,590.34 | Asset-Related | Government Grants Recognized in Current Profit or Loss (Jan-Jun 2025) | Item | Amount Incurred in Current Period (CNY) | | :------------ | :-------------------------------------- | | Asset-Related | 3,479,689.02 | | Income-Related | 84,619.62 | | Total | 3,564,308.64 | [XII. Risks Related to Financial Instruments](index=119&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessment, diversified deposits and financing, and market monitoring, noting a credit concentration risk in accounts receivable - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[337](index=337&type=chunk)[342](index=342&type=chunk) - Credit risk primarily arises from monetary funds and receivables, managed by depositing with highly-rated financial institutions and continuous credit assessment[339](index=339&type=chunk) - As of June 30, 2025, **72.61%** of the company's accounts receivable originated from its top five customers, indicating a certain credit concentration risk[340](index=340&type=chunk) - Liquidity risk is managed by comprehensively utilizing various financing methods such as bill settlement and bank loans, and by appropriately combining long-term and short-term financing[340](index=340&type=chunk) - The company's primary activities are denominated in CNY, and the market risk from foreign exchange fluctuations is not significant[343](index=343&type=chunk) [XIII. Disclosure of Fair Value](index=122&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) The company's total assets measured at fair value were **127,763,100.53 CNY** at period-end, primarily equity investments and receivables financing, all classified as Level 3 fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period End (June 30, 2025) | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :------------------------------------- | :----------------------------------- | :------------- | | Equity Instrument Investments | 80,000,000.00 | 80,000,000.00 | | Accounts Receivable Financing | 47,763,100.53 | 47,763,100.53 | | Total Assets Continuously Measured at Fair Value | 127,763,100.53 | 127,763,100.53 | [XIV. Related Parties and Related Party Transactions](index=124&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) Sheng Guiying and Jiang Shaoyi are the ultimate controlling parties with **66.06% voting rights**. Related party purchases from Wenling City Dazhong Precision Machinery totaled **538,469.54 CNY**, within approved limits, and key management compensation was **4.1591 million CNY** - The company's ultimate controlling parties are Sheng Guiying and Jiang Shaoyi, who collectively hold **66.06%** of the voting rights corresponding to the company's shares[124](index=124&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services (Jan-Jun 2025) | Related Party | Related Party Transaction Content | Amount Incurred in Current Period (CNY) | Approved Transaction Amount (CNY) | Exceeded Transaction Limit | | :--------------------------------- | :-------------------------------- | :-------------------------------------- | :-------------------------------- | :------------------------- | | Wenling City Dazhong Precision Machinery Co., Ltd. | Goods | 538,469.54 | 6,000,000.00 | No | Key Management Personnel Compensation (Jan-Jun 2025) | Item | Amount Incurred in Current Period (10,000 CNY) | | :----------------------------- | :--------------------------------------------- | | Key Management Personnel Compensation | 415.91 | Amounts Payable to Related Parties (June 30, 2025) | Item Name | Related Party | Book Balance at Period End (CNY) | | :----------- | :--------------------------------- | :------------------------------- | | Accounts Payable | Wenling City Dazhong Precision Machinery Co., Ltd. | 145,773.37 | [XV. Share-based Payment](index=128&type=section&id=XV.%20Share-based%20Payment) The company had no equity instruments, equity-settled, or cash-settled share-based payments, nor any related expenses, modifications, or terminations during the reporting period [XVI. Commitments and Contingencies](index=128&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company had no significant commitments or contingencies requiring disclosure during the reporting period [XVII. Events After the Balance Sheet Date](index=128&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) No significant non-adjusting events, profit distributions, sales returns, or other post-balance sheet events occurred from the period-end to the financial report approval date [XVIII. Other Significant Matters](index=129&type=section&id=XVIII.%20Other%20Significant%20Matters) The company defines operating segments based on internal structure and reporting, disclosing domestic and overseas financial information, with no prior period error corrections, debt restructurings, or other significant events - The company determines its operating segments based on internal organizational structure, management requirements, and internal reporting systems[363](index=363&type=chunk) Financial Information of Reporting Segments (Jan-Jun 2025) | Item | Domestic (CNY) | Overseas (CNY) | Total (CNY) | | :------------ | :------------- | :------------- | :------------- | | Operating Revenue | 418,834,347.62 | 23,749,464.07 | 442,583,811.69 | | Operating Cost | 361,340,579.26 | 20,891,564.14 | 382,232,143.40 | [XIX. Notes to Major Items in Parent Company Financial Statements](index=130&type=section&id=XIX.%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This chapter provides detailed notes on the parent company's financial statement items, including receivables, long-term equity investments, and operating revenue and costs Aging Analysis of Parent Company Accounts Receivable (June 30, 2025) | Aging | Book Balance at Period End (CNY) | | :---------- | :------------------------------- | | Within 1 year | 238,510,276.16 | | 1-2 years | 295,589.20 | | 2-3 years | 266,331.72 | | Over 3 years | 39,043.75 | | Total | 239,111,240.83 | - Total bad debt provision for parent company accounts receivable is **25,806,994.50 CNY**, with **14,591,693.03 CNY** specifically provided for Chengdu Dayun Automobile Group Co., Ltd. at an **80% provision rate** due to its bankruptcy reorganization[371](index=371&type=chunk)[372](index=372&type=chunk) Parent Company Long-term Equity Investments (June 30, 2025) | Investee | Balance at Period End (Book Value) (CNY) | | :----------------------------------------- | :--------------------------------------- | | Zomax Transmission Technology (Chongqing) Co., Ltd. | 32,400,000.00 | | Jiaxing Yuantai Equity Investment Partnership (Limited Partnership) | 1,496,564.36 | | Total | 33,896,564.36 | Parent Company Operating Revenue and Operating Costs (Jan-Jun 2025) | Item | Revenue (CNY) | Cost (CNY) | | :------------ | :--------------- | :--------------- | | Main Business | 435,078,719.85 | 378,915,482.33 | | Other Business | 7,505,091.84 | 3,316,661.07 | | Total | 442,583,811.69 | 382,232,143.40 | [XX. Supplementary Information](index=141&type=section&id=XX.%20Supplementary%20Information) This chapter provides supplementary details, including a non-recurring gains and losses statement totaling **-533,796.44 CNY**, with a weighted average return on net assets of **0.82%** and basic EPS of **0.04 CNY** 2025 Detailed Statement of Non-Recurring Gains and Losses for H1 | Item | Amount (CNY) | | :--------------------------------- | :----------- | | Gains/Losses from Disposal of Non-Current Assets | -267.87 | | Government Subsidies Included in Current Profit/Loss | 84,619.62 | | Other Non-Operating Income and Expenses | -618,148.19 | | Total | -533,796.44 | 2025 Return on Net Assets and Earnings Per Share for H1 | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY) | Diluted Earnings Per Share (CNY) | | :---------------------------------------------------------------- | :---------------------------------------- | :----------------------------- | :------------------------------- | | Net Profit Attributable to Ordinary Shareholders of the Company | 0.82 | 0.04 | 0.04 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 0.86 | 0.04 | 0.04 |

江苏长龄液压股份有限公司2025 年半年度报告 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、 公司负责人夏泽民、主管会计工作负责人朱芳及会计机构负责人（会计主管人员）李彩华 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司代码：605389 公司简称：长龄液压 江苏长龄液压股份有限公司 2025 年半年度报告 1 / 143 江苏长龄液压股份有限公司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。 公司拟以实施权益分派股权登记日的总股本为基数，向全体股东每10股派发现金红利4.20元 （含税），不实施送股和资本公积转增股本。截至2025年6月30日，公司总股本为144,087,070股， 以此为基数计算合计拟派发现金红利金额为60,516,569.40元（含税）。在实施权益分派的股权登 记日前，若公司总股本发生变动，拟维持分配总额不变，相应调整每股分配比例。 公司2 ...

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中信泰富特钢集团股份有限公司 2025 年半年度报告全文 中信泰富特钢集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 中信泰富特钢集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人钱刚、主管会计工作负责人倪幼美及会计机构负责人(会计主 管人员)吴斌声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，请投资者注意投资风险，投资者及相关人士均应当对此保持足够的风 险认识，并且应当理解计划、预测与承诺之间的差异，敬请投资者注意投资 风险。 公司已在本报告中详细描述公司可能面临的风险，敬请投资者予以关注， 详见本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对措 施"。 公司经本次董事会审议通过的利润分配预案为：以实施权益分派股权登 记日登记的总股本为基数向全体股东每 10 股派发现金红利 2. ...

瑞达期货股份有限公司 2025 年半年度报告全文 瑞达期货股份有限公司 2025 年半年度报告 2025 年 8 月 1 瑞达期货股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律 责任。 公司负责人林志斌、主管会计工作负责人葛昶及会计机构负责人(会计主 管人员)曾永红声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及公司未来计划及经营目标等前瞻性陈述，不构成公 司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识， 并且应当理解计划、预测与承诺之间的差异。敬请投资者注意投资风险。 公司业务经营受各种风险因素影响，存在市场风险、信用风险、流动性 风险、操作风险等相关风险因素，公司在本报告第三节"管理层讨论与分析" 之"十、公司面临的风险和应对措施"部分就此做了专门说明，敬请投资者 关注相关内容。 公司经本次董事会审议通过的利润分配方案为：以实施权益分派股权登 记日登记在册的总股 ...

山东博苑医药化学股份有限公司 2025 年半年度报告全文 山东博苑医药化学股份有限公司 2025 年半年度报告 2025-038 2025 年 8 月 20 日 1 山东博苑医药化学股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人于国清、主管会计工作负责人孙腾及会计机构负责人(会计主 管人员)孙腾声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划等前瞻性陈述，均不构成公司对投资者的实质 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。 公司在本报告"第三节管理层讨论与分析"之"十、公司面临的风险和应 对措施"部分详细描述了公司经营中可能存在的风险及应对措施，请广大投 资者关注相关内容，并注意投资风险。 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) The board and management affirm the report's accuracy and completeness, with no plans for cash dividends or bonus shares during the period - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - During the reporting period, the company plans no cash dividends, bonus shares, or capital increases from the capital reserve[6](index=6&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 outlines the company's basic information and presents key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Zhejiang Wanma Co., Ltd. (stock code: 002276) is a Shenzhen Stock Exchange-listed company with Zhao Jian as its legal representative | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Wanma Co., Ltd. | | **Stock Code** | 002276 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Full Chinese Name** | 浙江万马股份有限公司 | | **Legal Representative** | Zhao Jian | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, operating revenue grew **8.58% to 9.27 billion yuan**, and net profit attributable to shareholders increased **21.80% to 250 million yuan**, though operating cash flow significantly decreased to **-646 million yuan** | Key Financial Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (billion yuan)** | 9.27 | 8.54 | 8.58% | | **Net Profit Attributable to Shareholders (million yuan)** | 250.43 | 205.60 | 21.80% | | **Non-recurring Net Profit Attributable to Shareholders (million yuan)** | 220.61 | 175.16 | 25.95% | | **Net Cash Flow from Operating Activities (million yuan)** | -645.93 | -351.21 | -83.92% | | **Basic Earnings Per Share (yuan/share)** | 0.2487 | 0.2045 | 21.61% | | **Weighted Average ROE** | 4.32% | 3.74% | 0.58% | | **Total Assets (billion yuan)** | 16.55 | 15.02 | 10.18% (Period-end vs. Prior Year-end) | | **Net Assets Attributable to Shareholders (billion yuan)** | 5.91 | 5.64 | 4.65% (Period-end vs. Prior Year-end) | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses amounted to **29.82 million yuan**, primarily from fair value changes in hedging activities and government subsidies | Item | Amount (million yuan) | | :--- | :--- | | Government Subsidies | 21.24 | | Fair Value Changes in Financial Assets/Liabilities | 25.11 | | Net Other Non-Operating Income/Expenses | -14.54 | | **Total** | **29.82** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, financial health, investment activities, and key risks during the reporting period [Principal Business and Operations Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) In H1 2025, the company maintained its core businesses in wire and cable, polymer new materials, and new energy, achieving **9.27 billion yuan in operating revenue** and **250 million yuan in net profit**, with strong growth across all segments - The company's three core business segments—wire and cable, polymer materials, and new energy charging equipment—hold leading or prominent positions in their respective domestic markets[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) | Business Segment | H1 2025 Key Performance Highlights | | :--- | :--- | | **Wire and Cable** | Grid project winning bids increased by **136%** YoY, new product shipments increased by **113%** YoY | | **New Materials** | Net profit increased by **9.67%** YoY, international sales increased by **17.55%** YoY | | **New Energy** | Charging equipment shipment value increased by **9.56%** YoY, with a three-year compound growth rate of **56.97%** in shipment power | - The Sichuan production base for the new materials segment is progressing well, expected to commence operations by year-end, enhancing the company's supply capacity in western regions; the ultra-high voltage Phase III project has entered trial production[40](index=40&type=chunk) [Analysis of Principal Business](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Principal business revenue grew **8.58%**, driven by **power products** and strong **South China sales**, but **communication product revenue fell 50.14%**, and operating cash flow significantly decreased due to increased procurement | Financial Indicator | Current Period | Prior Period | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue (billion yuan)** | 9.27 | 8.54 | 8.58% | - | | **Income Tax Expense (million yuan)** | 23.36 | 11.56 | 102.03% | Due to increased profit | | **Net Cash Flow from Operating Activities (million yuan)** | -645.93 | -351.21 | -83.92% | Increased sales volume, higher material procurement and bill payments | | **Net Cash Flow from Financing Activities (million yuan)** | 578.20 | -25.40 | 2,376.14% | Due to increased bank borrowings | | By Product/Region | Operating Revenue (billion yuan) | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Power Products** | 6.31 | 14.85% | 11.37% | 1.37% | | **Communication Products** | 0.16 | -50.14% | 8.59% | -5.64% | | **Polymer Materials** | 2.65 | 5.70% | 14.48% | -0.51% | | **South China Region** | 1.41 | 77.90% | 7.89% | -2.83% | [Analysis of Assets and Liabilities](index=13&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets reached **16.55 billion yuan**, up **10.18%**, with accounts receivable and bills payable increasing to **40.23%** and **40.90%** of total assets respectively, alongside a significant rise in long-term borrowings | Key Asset and Liability Item | Period-End Amount (billion yuan) | Percentage of Total Assets | Explanation of Change from Prior Year-End | | :--- | :--- | :--- | :--- | | **Accounts Receivable** | 6.66 | 40.23% | Increased shipments, with payment terms affecting collections | | **Construction in Progress** | 0.29 | 1.73% | Increased investment in projects like Qingdao High-End Equipment Industry | | **Long-Term Borrowings** | 0.74 | 4.50% | Due to increased long-term financing | | **Bills Payable** | 6.77 | 40.90% | Optimized payment methods, increased bill payments | [Analysis of Investment Status](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment surged **646.91% to 40 million yuan**, mainly for a new polymer materials sales subsidiary, with derivatives used for hedging, representing **2.30% of net assets** - Investment during the reporting period was **40 million yuan**, a substantial increase of **646.91%** compared to **5.36 million yuan** in the prior year[63](index=63&type=chunk) - The company invested **40 million yuan** to establish a wholly-owned subsidiary, Zhejiang Wanma Polymer Material Sales Co., Ltd., to expand its polymer material sales business[65](index=65&type=chunk)[67](index=67&type=chunk) | Derivative Investment Type | Period-End Amount (million yuan) | Percentage of Company's Period-End Net Assets | | :--- | :--- | :--- | | **Futures** | 136.68 | 2.31% | | **Forward FX Settlement/FX Swaps** | -0.49 | -0.01% | | **Total** | **136.19** | **2.30%** | [Analysis of Major Holding and Participating Companies](index=17&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Wanma Polymer's performance improved, but Tianyi Communication and Wanma Special Cable saw declining results, while Wanma Pentium New Energy's losses widened, and Shandong Wanhai Cable remained unprofitable due to initial high costs | Subsidiary Name | Operating Revenue (billion yuan) | Net Profit (million yuan) | Performance Explanation | | :--- | :--- | :--- | :--- | | **Zhejiang Wanma Polymer Material Group** | 2.80 | 186.22 | Increased revenue led to higher profitability | | **Zhejiang Wanma Tianyi Communication Cable** | 0.095 | -11.93 | Decreased customer demand, lower gross margin | | **Wanma Pentium New Energy Industry Group** | 0.093 | -47.20 | Increased losses from dismantling assets at expired operating stations | | **Shandong Wanhai Cable** | 0.795 | -19.74 | High fixed costs and depreciation during initial production phase | [Risks and Countermeasures](index=18&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from policy changes, market competition, raw material price volatility, high accounts receivable, and underperforming new projects, addressed by policy analysis, enhanced competitiveness, hedging, and quality control - The company's operational risks include industry policy risks, market competition risks, significant raw material price fluctuation risks, financial risks from high accounts receivable, product quality risks, project construction not meeting expectations, and new industry growth (e.g., embodied AI) falling short of expectations[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - Countermeasures include strengthening policy analysis, adjusting business strategies, enhancing product competitiveness through technology and quality, using hedging strategies to mitigate raw material price volatility, reinforcing customer credit investigations and accounts receivable supervision, and continuously deepening quality management[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in senior management and highlights the company's commitment to environmental, social, and governance responsibilities [Executive Changes and Social Responsibility](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Chairman Li Gang and Director Gao Shanshan resigned due to work reassignments, while the company actively fulfilled its social responsibilities, earning multiple honors including 'National Green Supply Chain Management Enterprise' - During the reporting period, Chairman Li Gang and Director Gao Shanshan resigned from their original positions due to work reassignments[92](index=92&type=chunk) - The company received widespread recognition in environmental, social, and governance aspects, earning multiple honors such as 'National Green Supply Chain Management Enterprise' and '2025 China Top Ten Leading Wire and Cable Brands'[96](index=96&type=chunk) [Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant contracts, guarantees, and major developments concerning the company's subsidiaries [Significant Contracts and Guarantees](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Approved guarantees for subsidiaries totaled **3.30 billion yuan**, with an outstanding balance of **980 million yuan** (**16.59% of net assets**), including **602 million yuan** for highly leveraged entities | Guarantee Status | Amount (million yuan) | | :--- | :--- | | **Total Approved Guarantee Limit at Period-End** | 3,297.60 | | **Total Actual Guarantee Balance at Period-End** | 979.76 | | **Percentage of Total Actual Guarantees to Company's Net Assets** | 16.59% | | **Debt Guarantee Balance for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70%** | 602.33 | [Significant Matters of Subsidiaries](index=29&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Post-reporting period, Wanma Polymer plans a **1.25 billion yuan** investment in Qingdao for a 350,000-ton environmentally friendly polymer materials project, with a new subsidiary established for its implementation - Subsidiary Wanma Polymer plans to invest approximately **1.25 billion yuan** in Qingdao to construct an environmentally friendly polymer materials industrialization project with an annual capacity of **350,000 tons**[131](index=131&type=chunk) - To implement this project, a new company, Qingdao Wanma Polymer Material Co., Ltd., has been established with a registered capital of **150 million yuan**[132](index=132&type=chunk) [Share Changes and Shareholder Information](index=30&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) This section provides an overview of the company's shareholder structure and significant shareholding details [Shareholder Information](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had **183,231 common shareholders**, with controlling shareholder Qingdao Haikong holding **25.53%** (half pledged), and other top ten shareholders holding less than **3%** each - As of the reporting period end, the company had a total of **183,231 common shareholders**[140](index=140&type=chunk) | Shareholder Name | Shareholding Percentage | Number of Shares Held (shares) | Share Status | | :--- | :--- | :--- | :--- | | **Qingdao Haikong Investment Holding Co., Ltd.** | 25.53% | 258,975,823 | Pledged 129,487,911 shares | | **Lu Zhenyu** | 2.63% | 26,643,200 | - | | **Hong Kong Securities Clearing Company Limited** | 0.54% | 5,477,951 | - | [Bond-Related Information](index=34&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 provides details on the company's outstanding corporate bonds and non-financial enterprise debt financing instruments [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) As of the reporting period end, the company had two outstanding bonds: '21 Wanma 01' (issued 2021) with a **320 million yuan** balance and **2.65% coupon rate**, and '23 Wanma MTN001' (issued 2023) with a **200 million yuan** balance and **3.85% coupon rate** | Bond Abbreviation | Bond Balance (million yuan) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | **21 Wanma 01** | 320 | 2.65% | 2026-08-10 | | **23 Wanma MTN001** | 200 | 3.85% | 2028-04-14 | [Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Total assets grew from **15.02 billion yuan to 16.55 billion yuan**, with **9.27 billion yuan** in operating revenue and **249 million yuan** in net profit, while operating cash flow was a **646 million yuan** net outflow, offset by **578 million yuan** net inflow from financing Consolidated Balance Sheet Key Items (Unit: billion yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | **Total Assets** | 16.55 | 15.02 | | **Total Liabilities** | 10.62 | 9.35 | | **Total Equity Attributable to Parent Company Owners** | 5.91 | 5.64 | Consolidated Income Statement Key Items (Unit: billion yuan for revenue, million yuan for profit) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **I. Total Operating Revenue** | 9.27 | 8.54 | | **III. Operating Profit** | 287.36 | 220.11 | | **V. Net Profit** | 249.46 | 206.90 | | **Net Profit Attributable to Parent Company Shareholders** | 250.43 | 205.60 | Consolidated Cash Flow Statement Key Items (Unit: million yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -645.93 | -351.21 | | **Net Cash Flow from Investing Activities** | -92.86 | -296.57 | | **Net Cash Flow from Financing Activities** | 578.20 | -25.40 | | **Net Increase in Cash and Cash Equivalents** | -158.09 | -668.51 | [Other Submitted Data](index=151&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) This section documents the company's investor relations activities during the reporting period [Investor Relations Activities](index=151&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) From February to April 2025, the company hosted multiple on-site visits and online discussions with institutional investors, primarily focusing on the company's development strategy and the progress of its three major business segments - From February to April 2025, the company hosted multiple on-site visits and online discussions with institutional investors, primarily focusing on the company's development strategy and the progress of its three major business segments: wire and cable, new materials, and new energy[768](index=768&type=chunk)[770](index=770&type=chunk)

湖北回天新材料股份有限公司 2025 年半年度报告 2025 年 8 月 1 湖北回天新材料股份有限公司 2025 年半年度报告全文 湖北回天新材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人章力、主管会计工作负责人石长银及会计机构负责人(会计主 管人员)柳运恒声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理 解计划、预测与承诺之间的差异。 公司在经营过程中主要面临宏观经济波动、下游行业周期变化、原材料 价格波动、市场竞争加剧等风险，详细风险因素内容已在本报告第三节"管 理层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述，敬 请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重 ...