Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content, assuming legal responsibility. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or major omissions, and assume individual and joint legal liabilities[4](index=4&type=chunk) - Company's responsible person Sun Yanmin, chief accountant Li Degang, and head of accounting department Dong Shanshan declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the nine main chapters of the report and their corresponding page numbers, providing navigation for investors. - The report comprises nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[6](index=6&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) This section discloses the specific contents of the company's reference documents during the reporting period, including signed and sealed financial statements and original copies of publicly disclosed documents, all available at the company's securities affairs department. - Reference documents include financial statements signed and sealed by the company's responsible person, chief accountant, and head of accounting department[8](index=8&type=chunk) - Reference documents include original copies of all documents publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[8](index=8&type=chunk) - All aforementioned reference documents are fully available at the company's securities affairs department[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, including company names, group entities, subsidiary names, relevant laws, regulations, and currency units, ensuring accurate interpretation. - Defines "Company," "the Company," "Listed Company," and "COFCO Capital" as COFCO Capital Holdings Co, Ltd[10](index=10&type=chunk) - Lists the full and abbreviated names of major subsidiaries such as Aviva-COFCO Life Insurance, COFCO Futures, and COFCO Trust[10](index=10&type=chunk) - Clarifies the reporting period as January 1, 2025, to June 30, 2025[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative. - Company stock abbreviation: COFCO Capital, stock code: **002423**, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's Chinese name is COFCO Capital Holdings Co, Ltd, and its legal representative is Sun Yanmin[13](index=13&type=chunk) [2. Contact Information](index=6&type=section&id=2.%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses, to facilitate investor communication. - The Board Secretary is Jiang Zhenghua, and the Securities Affairs Representative is Zhao Xin[14](index=14&type=chunk) - The contact address for both is 1105, 11th Floor, COFCO Fortune Plaza, Chaoyang District, Beijing[14](index=14&type=chunk) - The contact phone number is **010-85017079**, and the email address is zlzbdb@cofco.com[14](index=14&type=chunk) [3. Other Information](index=6&type=section&id=3.%20Other%20Information) This section states that the company's registered address, office address, website, email, and information disclosure and storage locations remained unchanged during the reporting period, with details available in the 2024 annual report. - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period, with details available in the 2024 annual report[15](index=15&type=chunk) - The company's designated website and media for semi-annual report disclosure, as well as the report's storage location, remained unchanged during the reporting period, with details available in the 2024 annual report[16](index=16&type=chunk) [4. Key Accounting Data and Financial Indicators](index=6&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the current reporting period compared to the adjusted prior year, explaining the reasons for retrospective adjustments due to changes in accounting policies. - The company changed its accounting policy related to insurance contracts on January 1, 2025, and retrospectively adjusted or restated prior year accounting data[19](index=19&type=chunk) Key Accounting Data and Financial Indicators (Current Period vs Prior Year Adjusted) | Indicator | Current Period (CNY) | Prior Year Adjusted (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | **Income Statement:** | | | | | Total Operating Revenue | 4,893,456,578.58 | 4,932,130,277.64 | -0.78% | | Net Profit Attributable to Shareholders of Listed Company | 847,655,022.07 | 1,838,354,065.92 | -53.89% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 847,567,891.60 | 1,837,853,257.11 | -53.88% | | Net Cash Flow from Operating Activities | 9,879,429,456.53 | 6,441,311,290.43 | 53.38% | | Basic Earnings Per Share (CNY/share) | 0.3679 | 0.7979 | -53.89% | | Diluted Earnings Per Share (CNY/share) | 0.3679 | 0.7979 | -53.89% | | Weighted Average Return on Net Assets | 3.97% | 9.62% | Decrease of 5.65 percentage points | | **Balance Sheet (Period-end):** | | | | | Total Assets | 163,245,913,233.10 | 145,761,889,811.32 | 11.99% | | Net Assets Attributable to Shareholders of Listed Company | 21,850,028,587.39 | 20,646,486,140.77 | 5.83% | [5. Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=5.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial statements prepared under International Accounting Standards or foreign accounting standards and those prepared under Chinese Accounting Standards during the reporting period. - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under foreign accounting standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) [6. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section lists the non-recurring gains and losses and their amounts for the reporting period, totaling **CNY 87,130.47**, and clarifies that certain investment income and fair value changes from financial businesses are classified as recurring. Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Disposal gains and losses of non-current assets (including reversal of impairment provisions) | -786,394.75 | | Government grants recognized in current profit or loss | 247,089.67 | | Other non-operating income and expenses apart from the above | -2,321,476.91 | | Other gains and losses meeting the definition of non-recurring gains and losses | 3,306,572.00 | | Less: Income tax impact | -38,437.21 | | Impact on minority interests (after tax) | 397,096.75 | | **Total** | **87,130.47** | - During the reporting period, other gains and losses meeting the definition of non-recurring gains and losses for the Group primarily included refunds of personal handling fees withheld and remitted[23](index=23&type=chunk) - Investment income from financial instruments and equity investments (**CNY 2.404 billion**) and fair value change gains/losses from financial instruments (**-CNY 589.832 million**) are classified as recurring gains and losses, as they pertain to the company's normal financial business operations[23](index=23&type=chunk) Section III Management Discussion and Analysis [1. Principal Activities During the Reporting Period](index=9&type=section&id=1.%20Principal%20Activities%20During%20the%20Reporting%20Period) COFCO Capital primarily provides wealth management, asset management, and risk management financial services through its member companies, including Aviva-COFCO Life Insurance, COFCO Futures, COFCO Trust, COFCO Industrial Fund, and COFCO Capital Technology, leveraging COFCO Group's agri-food industry chain background to achieve industry-finance integration. - COFCO Capital's member companies, including Aviva-COFCO Life Insurance, COFCO Futures, COFCO Trust, COFCO Industrial Fund, and COFCO Capital Technology, engage in financial businesses categorized as wealth management services, asset management services, and risk management services[25](index=25&type=chunk) - The wealth management service system, comprising Aviva-COFCO Life Insurance and COFCO Trust, offers wealth management advisory, insurance protection, and family wealth inheritance solutions[25](index=25&type=chunk)[26](index=26&type=chunk) - The asset management service system, consisting of COFCO Trust, COFCO Futures, and COFCO Industrial Fund, provides trust asset management, futures asset management, and agricultural industrial fund investments[27](index=27&type=chunk)[28](index=28&type=chunk) - The risk management service system, composed of COFCO Futures and its subsidiaries, offers futures brokerage, commodity, and equity risk management services[29](index=29&type=chunk)[30](index=30&type=chunk) [2. Analysis of Core Competencies](index=10&type=section&id=2.%20Analysis%20of%20Core%20Competencies) COFCO Capital's core competencies are reflected in its market-oriented talent selection mechanism, industry-finance integration service capabilities rooted in its industrial background, a top-down comprehensive risk control system, diversified financial licenses for integrated synergistic services, and the continuously refined core competencies of each business segment. - The company adheres to a market-oriented talent selection mechanism, focusing on performance and capability, fostering a culture where "the capable are promoted, the average are demoted, the excellent are rewarded, and the inferior are eliminated"[31](index=31&type=chunk)[32](index=32&type=chunk) - Leveraging COFCO Group's agri-food industry background, the company has developed four major categories of industry-finance services: "commodity risk management services," "insurance protection services," "financing services," and "agriculture-related services," contributing to rural revitalization[33](index=33&type=chunk) - A comprehensive risk control system centered on "three lines of defense" has been established, utilizing an online risk control system for real-time monitoring, in-depth analysis, and effective evaluation[34](index=34&type=chunk) - The company has built an integrated financial service system with "life insurance + futures + trust" as its core, supplemented by "industrial funds + financial technology + overseas business," forming a cross-license collaboration model[35](index=35&type=chunk)[36](index=36&type=chunk) - Each business segment (Aviva-COFCO Life Insurance, COFCO Futures, COFCO Trust) continuously promotes channel transformation, optimizes investment strategies, develops distinctive risk management and asset management industrial features, enhancing core competitiveness[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [3. Analysis of Principal Business](index=12&type=section&id=3.%20Analysis%20of%20Principal%20Business) In the first half of 2025, COFCO Capital's total operating revenue decreased by 0.78% year-on-year, and net profit decreased by 60.12%; life insurance premium income grew by 31% with sufficient solvency; futures business achieved a net profit of CNY 129 million, with domestic brokerage trading volume and value increasing year-on-year, and international business accelerating its expansion; trust business reached a scale of CNY 642.5 billion, with a net profit of CNY 405 million, actively promoting transformation and development. - In the first half of 2025, the company achieved total operating revenue of **CNY 4.893 billion**, a year-on-year decrease of **0.78%**; net profit of **CNY 1.314 billion**, a year-on-year decrease of **60.12%**; and net profit attributable to shareholders of the listed company of **CNY 848 million**, a year-on-year decrease of **53.89%**[43](index=43&type=chunk) - Aviva-COFCO Life Insurance's original insurance premium income in the first half of 2025 was **CNY 14.268 billion**, a year-on-year increase of **31%**; new single annualized premium income was **CNY 3.012 billion**; embedded value reached **CNY 24.489 billion**; comprehensive solvency adequacy ratio was **305.83%**, and core solvency adequacy ratio was **217.40%**[44](index=44&type=chunk) - COFCO Futures achieved an overall net profit of **CNY 129 million** in the first half of 2025; domestic brokerage client trading volume and value increased by **13%** and **4%** year-on-year, respectively; international business was approved as a participant and full clearing participant of the Hong Kong Futures Exchange; asset management in-force scale increased by **7%** year-on-year[45](index=45&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - COFCO Trust's trust scale reached **CNY 642.5 billion** in the first half of 2025, generating trust business fee income of **CNY 622 million**; net profit reached **CNY 405 million**; standardized asset management business scale reached **CNY 126 billion**, an increase of **19%** from the beginning of the year; securities service trust scale reached **CNY 352 billion**[48](index=48&type=chunk)[49](index=49&type=chunk) Major Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 4,893,456,578.58 | 4,932,130,277.64 | -0.78% | Primarily due to changes in Aviva-COFCO Life Insurance's insurance business scale and COFCO Futures' risk management subsidiary's spot trading business scale | | Net Profit Attributable to Shareholders of Listed Company | 847,655,022.07 | 1,838,354,065.92 | -53.89% | Primarily due to changes in Aviva-COFCO Life Insurance's insurance business scale and COFCO Futures' risk management subsidiary's spot trading business scale | | Net Cash Flow from Operating Activities | 9,879,429,456.53 | 6,441,311,290.43 | 53.38% | Primarily due to increased cash received from insurance premiums due to growth in insurance business scale | Composition of Total Operating Revenue (by Industry) | Industry | Current Period Amount (CNY) | Proportion of Total Operating Revenue | Prior Year Amount (CNY) | Proportion of Total Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Insurance Business | 3,524,153,077.71 | 72.02% | 3,228,980,502.23 | 65.47% | 9.14% | | Futures Business | 598,355,789.78 | 12.23% | 994,586,159.17 | 20.17% | -39.84% | | Trust Business | 748,548,125.40 | 15.29% | 691,161,895.81 | 14.01% | 8.30% | [4. Analysis of Non-Principal Business](index=15&type=section&id=4.%20Analysis%20of%20Non-Principal%20Business) The company had no non-principal business analysis during the reporting period. - The company had no non-principal business analysis during the reporting period[58](index=58&type=chunk) [5. Analysis of Assets and Liabilities](index=15&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were **CNY 163.246 billion**, an increase of **11.99%** from the beginning of the period; net assets attributable to shareholders of the listed company were **CNY 21.850 billion**, an increase of **5.83%**. Total liabilities were **CNY 130.319 billion**, an increase of **13.55%**. There were no significant changes in major asset and liability items, and fair value measurements for financial assets and liabilities have been disclosed. Significant Changes in Asset Composition (Period-end vs Beginning of Period Restated) | Item | Current Period End Amount (CNY) | Proportion of Total Assets | Beginning of Current Period (Restated) Amount (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 12,314,733,931.00 | 7.54% | 12,960,020,394.73 | 8.89% | -1.35% | No significant change | | Total Assets | 163,245,913,233.10 | | 145,761,889,811.32 | | 11.99% | | | Net Assets Attributable to Shareholders of Listed Company | 21,850,028,587.39 | | 20,646,486,140.77 | | 5.83% | | - No significant changes occurred in the measurement attributes of the company's major assets during the reporting period[63](index=63&type=chunk) Restricted Asset Rights as of the End of the Reporting Period | Item | Period-end Amount (CNY) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 1,328,925.85 | Restricted shares | Restricted due to lock-up period | | Financial Assets Held for Trading | 47,019,830.13 | Pledged | Restricted due to pledged repurchase transactions | | Debt Investments | 1,806,416,834.44 | Pledged | Restricted due to pledged repurchase transactions | | Other Debt Investments | 18,406,658,833.77 | Pledged | Restricted due to pledged repurchase transactions | | Other Equity Instrument Investments | 51,261,850.00 | Pledged | Restricted due to pledged repurchase transactions | | **Total** | **20,312,686,274.19** | | | [6. Analysis of Investment Status](index=17&type=section&id=6.%20Analysis%20of%20Investment%20Status) During the reporting period, the company had no significant equity or non-equity investments, with total securities investments amounting to **CNY 2.45 billion**, and no disclosure of derivative investments. - The company did not acquire any significant equity investments during the reporting period[65](index=65&type=chunk) - The company had no significant non-equity investments in progress during the reporting period[65](index=65&type=chunk) - The company had no derivative investments during the reporting period[68](index=68&type=chunk) Securities Investment Status (Period-end Book Value) | Security Type | Security Abbreviation | Period-end Book Value (CNY) | | :--- | :--- | :--- | | Domestic and Overseas Stocks | China CITIC Bank | 455,254,973.34 | | Domestic and Overseas Stocks | China Construction Bank | 385,255,971.85 | | Domestic and Overseas Stocks | Bank of China | 293,134,180.76 | | Trust Products | Fengli Niannianxin No. 102 Trust Plan | 211,416,666.67 | | Domestic and Overseas Stocks | Industrial and Commercial Bank of China | 160,523,277.61 | | Domestic and Overseas Stocks | Agricultural Bank of China | 139,665,845.66 | | Domestic and Overseas Stocks | Bank of Communications | 133,907,221.57 | | Domestic and Overseas Stocks | CNOOC Ltd | 93,693,224.16 | | Domestic and Overseas Stocks | Yankuang Energy | 85,078,725.53 | | Trust Products | Gold Factoring Phase 3 Trust Plan | 79,380,717.17 | | Other Securities Investments Held at Period-end | | 412,837,279.67 | | **Total** | | **2,450,148,083.99** | [7. Significant Asset and Equity Disposals](index=18&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not dispose of any significant assets or equity during the reporting period. - The company did not dispose of any significant assets during the reporting period[70](index=70&type=chunk) - The company did not dispose of any significant equity during the reporting period[71](index=71&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=18&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding subsidiaries include COFCO Capital Investment, Aviva-COFCO Life Insurance, COFCO Futures, and COFCO Trust, with a participating interest in Longjiang Bank. During the reporting period, COFCO Capital (Tianjin) Commercial Factoring Co, Ltd was deregistered and liquidated, and COFCO Futures (Singapore) Pte Ltd was established. Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Total Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Capital Investment Co, Ltd | Subsidiary | Investment Business | 1,337,001,376.00 | 14,637,333,732.74 | 14,418,667,994.25 | 65,805.03 | 424,338,045.32 | 402,094,969.00 | | Aviva-COFCO Life Insurance Co, Ltd | Subsidiary | Life Insurance Business | 2,945,980,000.00 | 117,416,694,329.98 | 12,898,441,170.88 | 3,524,153,077.71 | 1,051,023,560.59 | 681,152,209.23 | | COFCO Futures Co, Ltd | Subsidiary | Futures Business | 1,001,453,200.00 | 27,542,900,450.50 | 4,772,264,779.21 | 598,355,789.78 | 161,489,205.09 | 129,473,157.45 | | COFCO Trust Co, Ltd | Subsidiary | Trust Business | 2,830,954,182.00 | 10,877,598,313.93 | 8,816,318,916.79 | 748,548,125.40 | 564,473,678.77 | 405,208,491.67 | - During the reporting period, COFCO Capital (Tianjin) Commercial Factoring Co, Ltd was deregistered and liquidated, with no impact on overall production, operations, or performance[73](index=73&type=chunk) - During the reporting period, COFCO Futures (Singapore) Pte Ltd was established, with no impact on overall production, operations, or performance[73](index=73&type=chunk) - The company holds **50%** of Aviva-COFCO Life Insurance, **70.42%** of COFCO Futures, **80.51%** of COFCO Trust, and a **20%** participating interest in Longjiang Bank[74](index=74&type=chunk) [9. Structured Entities Controlled by the Company](index=20&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the Group included 59 structured entities in its consolidation scope, primarily trust plans and asset management plans, over which the Group, as manager and investor, exercises control. - During the current reporting period, the Group included a total of **59** structured entities in its consolidation scope, all of which are trust plans, asset management plans, and other products controlled by the Group[76](index=76&type=chunk) - As the manager and investor of these structured entities, the Group possesses relevant management powers and variable returns, and has the ability to use these powers to influence the amount of returns[76](index=76&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=20&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces various risks, including policy, technological innovation, liquidity, market, operational, and legal compliance risks. The company has formulated corresponding countermeasures, such as improving policy research, exploring financial technology profit models, implementing prudent liquidity management, optimizing investment risk control, strengthening internal control mechanisms, and enhancing compliance management to ensure stable operations. - The company faces policy risks and needs to improve its policy research system, strengthen foresight and research on major policies, and promptly adjust business strategies and models[77](index=77&type=chunk)[78](index=78&type=chunk) - The company faces technological innovation risks and will leverage COFCO Group's industrial background to explore implementable and scalable financial technology business profit models, while attracting outstanding talent[79](index=79&type=chunk) - The company faces liquidity risks and will implement prudent liquidity management strategies, optimize its asset-liability structure, and enhance cash management capabilities[79](index=79&type=chunk) - The company faces market risks and will continuously optimize risk control systems and processes in investment, closely monitor and deeply research macroeconomic changes, and strengthen risk monitoring and early warning[80](index=80&type=chunk) - The company faces operational risks and will establish a comprehensive risk management system ("three lines of defense"), continuously optimizing risk control systems and processes across all business segments[80](index=80&type=chunk) - The company faces legal and compliance risks and will strictly conduct business in accordance with national laws, regulations, and company rules, continuously improving compliance management systems and building an effective compliance management framework[80](index=80&type=chunk) - The company reminds investors to be aware of stock market risks and invest cautiously, as company stock price fluctuations are influenced by multiple factors[81](index=81&type=chunk) [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=11.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company's market value management system was approved on April 24, 2025, but no valuation enhancement plan has been disclosed. - The company has formulated a market value management system, which was reviewed and approved at the 17th meeting of the Fifth Board of Directors on April 24, 2025[82](index=82&type=chunk) - The company has not disclosed a valuation enhancement plan[82](index=82&type=chunk) [12. Implementation of 'Quality and Return Enhancement' Action Plan](index=22&type=section&id=12.%20Implementation%20of%20%27Quality%20and%20Return%20Enhancement%27%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Enhancement" action plan. - The company has not disclosed an announcement regarding the "Quality and Return Enhancement" action plan[83](index=83&type=chunk) Section IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=1.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were changes in the company's directors and supervisors: independent directors Qian Wei and Hu Xiaolei left upon term expiration, while Liu Xiaolei and Li Hong were elected as independent directors; supervisors Xu Qian, Zhang Xue, and Wang Ziyuan also left upon term expiration. - Independent directors Qian Wei and Hu Xiaolei left upon term expiration, while Liu Xiaolei and Li Hong were elected as independent directors[84](index=84&type=chunk) - Xu Qian (Chairman of the Supervisory Board), Zhang Xue, and Wang Ziyuan (Supervisors) left upon term expiration[84](index=84&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=22&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[85](index=85&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof during the reporting period[86](index=86&type=chunk) [4. Environmental Information Disclosure](index=22&type=section&id=4.%20Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law. - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[87](index=87&type=chunk) [5. Social Responsibility](index=22&type=section&id=5.%20Social%20Responsibility) COFCO Capital and its controlled subsidiaries actively fulfill their social responsibilities as central state-owned enterprises by supporting agricultural development through "insurance + futures" projects, providing financial aid to 13 rural revitalization areas, and exploring an "industry + finance" dual-driven model; COFCO Trust launched the first entrusted loan asset service trust within the Group and initiated charitable trusts; Aviva-COFCO Life Insurance practiced the "finance for the people" concept through its "July 8th National Insurance Public Awareness Day" activities. - COFCO Futures actively promoted "insurance + futures" projects, launching multiple Dalian Commodity Exchange "Bank-Futures-Insurance" planting and harvesting special projects and commercial projects, involving over 10 varieties such as soybeans, corn, live pigs, and eggs, with project amounts totaling nearly **CNY 100 million**[87](index=87&type=chunk) - COFCO Futures provided financial support totaling **CNY 600,000** to 13 rural revitalization areas, including Luozha County, Wushi County, Suibin County, Shiqu County, and Ganzi County, investing in key areas such as industry and education[88](index=88&type=chunk) - COFCO Futures conducted in-depth industry-finance integration research in Kalaqin Banner, Inner Mongolia, focusing on egg-laying chicken farming to promote industrial upgrading and building an "industry + finance" dual-driven system, offering "insurance + futures" services[88](index=88&type=chunk)[89](index=89&type=chunk) - COFCO Trust launched the first entrusted loan asset service trust within the Group, establishing a specialized platform for internal fund circulation, and successfully initiated the first "Shengyue Platform" arrival financing project[89](index=89&type=chunk)[90](index=90&type=chunk) - COFCO Trust's "2025 Fengxing Series" charitable trusts saw an additional **CNY 70 million** launched, covering 8 provinces, cities, and counties, supporting over a hundred projects[90](index=90&type=chunk) - Aviva-COFCO Life Insurance carried out a series of innovative and diverse public welfare activities during the 2025 "July 8th National Insurance Public Awareness Day," embodying its corporate responsibility of "finance for the people"[90](index=90&type=chunk) Section V Significant Matters [1. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=23&type=section&id=1.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the company had no commitments fulfilled or overdue unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company itself. - During the reporting period, the company had no commitments fulfilled or overdue unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company itself[92](index=92&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=24&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company. - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[93](index=93&type=chunk) [3. Irregular External Guarantees](index=24&type=section&id=3.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period. - The company had no irregular external guarantees during the reporting period[94](index=94&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited. - The company's semi-annual report was not audited[95](index=95&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on 'Non-Standard Audit Report' for the Current Period](index=24&type=section&id=5.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanations%20on%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Period) The company's Board of Directors and Supervisory Board provided no explanations regarding a "non-standard audit report" for the current reporting period. - The company had no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current reporting period[96](index=96&type=chunk) [6. Board of Directors' Explanations on 'Non-Standard Audit Report' for the Previous Year](index=24&type=section&id=6.%20Board%20of%20Directors%27%20Explanations%20on%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Previous%20Year) The company's Board of Directors provided no explanations regarding a "non-standard audit report" for the previous year. - The company had no explanations from the Board of Directors regarding a "non-standard audit report" for the previous year[96](index=96&type=chunk) [7. Bankruptcy Reorganization Matters](index=24&type=section&id=7.%20Bankruptcy%20Reorganization%20Matters) No bankruptcy reorganization matters occurred for the company during the reporting period. - No bankruptcy reorganization matters occurred for the company during the reporting period[96](index=96&type=chunk) [8. Litigation Matters](index=24&type=section&id=8.%20Litigation%20Matters) During the reporting period, the company was involved in several significant litigation and arbitration cases, primarily concerning financial loan contract disputes, equity pledge disputes, and contract disputes for COFCO Trust, as well as arbitration for COFCO Capital (Hong Kong) Co, Ltd and property damage disputes and securities misrepresentation liability disputes for COFCO Futures; most cases have been won or are in the enforcement stage, with no significant impact on the company's profit. Significant Litigation and Arbitration Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Enforcement Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Trust filed a financial loan contract dispute lawsuit against Fujian Putian Zerun Real Estate Development Co, Ltd and others | 92,112.36 | No | First instance judgment in favor of COFCO Trust | First instance judgment has become effective, with no significant impact on company profit | Enforcement applied, case closed by court | | COFCO Trust filed an equity pledge dispute lawsuit against Furen Technology Holdings (Beijing) Group Co, Ltd | 4,590.03 | No | First instance judgment in favor of COFCO Trust | First instance judgment has become effective, with no significant impact on company profit | In enforcement stage | | COFCO Trust filed a contract dispute lawsuit against Evergrande New Energy Automobile Investment Holding Group Co, Ltd and others | 29,374.1 | No | First instance judgment in favor of COFCO Trust | First instance judgment has become effective, with no significant impact on company profit | In enforcement stage | | COFCO Capital (Hong Kong) Co, Ltd filed arbitration against China Ocean Group Development Co, Ltd and others | 5,930 | No | Arbitration won | Arbitration won, with no significant impact on company profit | Partial compensation received | | COFCO Futures filed a property damage dispute lawsuit against Beijing Huaruan Xindongli Private Equity Fund Management Co, Ltd and others | 1,957 | No | Still in first instance trial | No significant impact on company profit | No enforcement procedure involved | | COFCO Futures filed securities misrepresentation liability dispute lawsuits (3 cases) against CITIC Securities Co, Ltd and others | 5,189.32 | No | Still in first instance trial | No significant impact on company profit | No enforcement procedure involved | | COFCO Trust filed a guarantee contract dispute lawsuit against Ningbo Puchuang Real Estate Co, Ltd | 14,611.22 | No | Still in first instance trial | No significant impact on company profit | No enforcement procedure involved | | Morita Investment Group Co, Ltd filed a contract dispute lawsuit against COFCO Trust | 1,000 | No | First instance judgment rendered by court | First instance judgment rendered by court, with no significant impact on company profit | No enforcement procedure involved | [9. Penalties and Rectification](index=25&type=section&id=9.%20Penalties%20and%20Rectification) Aviva-COFCO Life Insurance Co, Ltd's Henan Branch Luoyang Marketing Service Department was warned and fined **CNY 6,000** for irregular policy agent work allocation and ineffective internal control; Aviva-COFCO Life Insurance immediately rectified the issues and paid the fine, strengthening business management and internal controls. - Aviva-COFCO Life Insurance Co, Ltd's Henan Branch Luoyang Marketing Service Department was warned and fined **CNY 6,000** for issues such as irregular policy agent work allocation and ineffective internal control system implementation[99](index=99&type=chunk) - Aviva-COFCO Life Insurance immediately initiated rectification work and promptly paid the fine after receiving the administrative penalty, guiding its local branches to strengthen business management, strictly adhere to regulatory requirements and company policies, and continuously enhance the effectiveness and compliance of internal control operations[99](index=99&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=10.%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) During the reporting period, there was no statement regarding the integrity status of the company, its controlling shareholder, or actual controller. - During the reporting period, there was no statement regarding the integrity status of the company, its controlling shareholder, or actual controller[100](index=100&type=chunk) [11. Significant Related Party Transactions](index=26&type=section&id=11.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in various daily operating related party transactions with its controlling shareholder, COFCO Group, and its subsidiaries, including insurance, futures, trust, leasing, and procurement/sales businesses, all priced at market rates and within annual estimated limits; additionally, the company had deposit transactions with an affiliated financial company. Related Party Transactions Related to Daily Operations | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (CNY 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Group and its subsidiaries | Related insurance business | Premium income | 8,379.37 | 0.59% | 30,000 | | COFCO Group and its subsidiaries | Related futures business | Sales and procurement of spot goods | 48,253 | 43.85% | 140,000 | | COFCO Group and its subsidiaries | Related futures business | Fee income | 1,153.59 | 12.43% | 4,400 | | COFCO Group and its subsidiaries | Related futures business | Client margin interest expense | 1,366.51 | 35.44% | 3,500 | | COFCO Group and its subsidiaries | Related leasing business | Lease, property management fees, etc. | 986.52 | 14.56% | 3,600 | | COFCO Group and its subsidiaries | Related procurement business | Procurement of goods, acceptance of services | 2,707.17 | 2.29% | 8,150 | | **Total** | | | **63,362.08** | | **199,000** | - There were no related party transactions involving asset or equity acquisition/disposal during the reporting period[103](index=103&type=chunk) - There were no related party transactions involving joint external investments during the reporting period[104](index=104&type=chunk) Deposit Transactions with Affiliated Financial Companies | Related Party | Related Party Relationship | Daily Maximum Deposit Limit (CNY 10,000) | Deposit Interest Rate Range | Beginning Balance (CNY 10,000) | Total Deposits This Period (CNY 10,000) | Total Withdrawals This Period (CNY 10,000) | Ending Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Finance Co, Ltd | Other legal entities controlled by the controlling shareholder | 150,000 | 0.35%-1.35% | 18,848.92 | 95,645.28 | 97,125.72 | 17,368.48 | [12. Significant Contracts and Their Performance](index=28&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, and no significant guarantees; the company engaged in entrusted wealth management, with an outstanding balance of **CNY 666.06 million** at period-end, and no overdue unrecovered principal or impairment. - The company had no entrustment situations during the reporting period[108](index=108&type=chunk) - The company had no contracting situations during the reporting period[109](index=109&type=chunk) - The company had no leasing situations during the reporting period[110](index=110&type=chunk) - The company had no significant guarantee situations during the reporting period[111](index=111&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Transactions (CNY 10,000) | Outstanding Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | Impairment Amount for Overdue Unrecovered Wealth Management (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trust Wealth Management Products | Own funds | 36,053.29 | 35,973.08 | 0 | 0 | | Other Categories | Own funds | 31,516.94 | 30,633.33 | 0 | 0 | | **Total** | | **67,570.23** | **66,606.41** | **0** | **0** | - The company had no other significant contracts during the reporting period[114](index=114&type=chunk) [13. Explanation of Other Significant Matters](index=29&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation. - During the reporting period, the company had no other significant matters requiring explanation[115](index=115&type=chunk) [14. Significant Matters of Company Subsidiaries](index=29&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company had no significant matters concerning its subsidiaries. - During the reporting period, the company had no significant matters concerning its subsidiaries[116](index=116&type=chunk) Section VI Share Changes and Shareholder Information [1. Share Capital Changes](index=30&type=section&id=1.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and share structure remained unchanged, with the number of unrestricted shares remaining at **2,304,105,575** shares, accounting for **100%**. Share Capital Changes | | Number Before Change (shares) | Proportion Before Change | Net Increase/Decrease in This Change (＋, －) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | | | | | | | II. Unrestricted Shares | 2,304,105,575 | 100.00% | | 2,304,105,575 | 100.00% | | 1. RMB Ordinary Shares | 2,304,105,575 | 100.00% | | 2,304,105,575 | 100.00% | | III. Total Shares | 2,304,105,575 | | | 2,304,105,575 | 100.00% | - During the reporting period, there were no reasons for share changes, no approval status, no transfer status, and no progress on share repurchases[120](index=120&type=chunk) [2. Securities Issuance and Listing](index=31&type=section&id=2.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities. - The company had no securities issuance or listing activities during the reporting period[120](index=120&type=chunk) [3. Number of Shareholders and Shareholding Status](index=31&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the total number of ordinary shareholders was **126,173**. The controlling shareholder, COFCO Group Co, Ltd, held **62.78%** of shares, and Hony Horizon (Shenzhen) Equity Investment Fund Partnership (Limited Partnership) held **5.00%**. Among the top 10 shareholders, COFCO Group is the controlling shareholder, and the existence of any related party relationships or concerted action among other shareholders is unknown. - At the end of the reporting period, the total number of ordinary shareholders was **126,173**[121](index=121&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-end (shares) | Change in Shareholding During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Group Co, Ltd | State-owned legal entity | 62.78% | 1,446,543,440 | 0 | 1,446,543,440 | | Hony Horizon (Shenzhen) Equity Investment Fund Partnership (Limited Partnership) | Domestic non-state-owned legal entity | 5.00% | 115,205,178 | -5,928,408 | 115,205,178 | | Beijing Capital Agribusiness Group Co, Ltd | State-owned legal entity | 3.09% | 71,180,852 | 0 | 71,180,852 | | Agricultural Bank of China Co, Ltd - CSI 500 ETF | Domestic non-state-owned legal entity | 0.59% | 13,663,127 | 452,900 | 13,663,127 | | Hong Kong Securities Clearing Company Limited | Overseas legal entity | 0.58% | 13,411,557 | -13,759,849 | 13,411,557 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Overseas legal entity | 0.33% | 7,507,237 | 3,358,894 | 7,507,237 | | UBS AG | Overseas legal entity | 0.10% | 2,270,285 | -1,609,049 | 2,270,285 | | Ye Fan | Domestic natural person | 0.09% | 2,102,800 | 825,400 | 2,102,800 | | CITIC Securities Co, Ltd | State-owned legal entity | 0.09% | 2,091,606 | 336,534 | 2,091,606 | | Peng Jie | Domestic natural person | 0.09% | 2,008,600 | 0 | 2,008,600 | - Among the top 10 ordinary shareholders, COFCO Group Co, Ltd is the controlling shareholder of the company; the existence of any related party relationships or concerted action among other ordinary shareholders is unknown[122](index=122&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with details available in the 2024 annual report. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report[124](index=124&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=33&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller. - The company's controlling shareholder did not change during the reporting period[125](index=125&type=chunk) - The company's actual controller did not change during the reporting period[125](index=125&type=chunk) [6. Preferred Share Information](index=34&type=section&id=6.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[126](index=126&type=chunk) Section VII Bond-Related Information [Bond-Related Information](index=35&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period. - The company had no bond-related information during the reporting period[128](index=128&type=chunk) Section VIII Financial Report [1. Audit Report](index=36&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[130](index=130&type=chunk) [2. Financial Statements](index=36&type=section&id=2.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, reflecting the financial position and operating results at the end of the reporting period; consolidated total assets amounted to **CNY 163.246 billion**, total liabilities to **CNY 130.319 billion**, and total owners' equity attributable to the parent company to **CNY 21.850 billion**. Consolidated Balance Sheet (Period-end Balance) | Item | Period-end Balance (CNY) | | :--- | :--- | | Total Assets | 163,245,913,233.10 | | Total Liabilities | 130,319,461,730.77 | | Total Owners' Equity Attributable to Parent Company | 21,850,028,587.39 | | Minority Interests | 11,076,422,914.94 | | Total Owners' Equity | 32,926,451,502.33 | Consolidated Income Statement (First Half of 2025) | Item | First Half of 2025 (CNY) | | :--- | :--- | | Total Operating Revenue | 4,893,456,578.58 | | Total Operating Costs | 4,754,341,771.17 | | Total Profit | 1,893,905,017.97 | | Net Profit | 1,313,864,428.90 | | Net Profit Attributable to Parent Company Shareholders | 847,655,022.07 | | Minority Interest Income | 466,209,406.83 | | Total Comprehensive Income | 2,424,353,951.78 | | Basic Earnings Per Share | 0.3679 | Consolidated Cash Flow Statement (First Half of 2025) | Item | First Half of 2025 (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 9,879,429,456.53 | | Net Cash Flow from Investing Activities | -11,573,252,645.12 | | Net Cash Flow from Financing Activities | 912,818,657.96 | | Net Increase in Cash and Cash Equivalents | -738,330,914.26 | [3. Company Overview](index=50&type=section&id=3.%20Company%20Overview) This section outlines the historical evolution of COFCO Capital Holdings Co, Ltd, including its former name Zhongyuan Special Steel, the change in controlling shareholder to COFCO Group, significant asset restructuring and share issuance for asset acquisition, and the company's name change; as of June 30, 2025, the company's total issued shares were **2,304,105,575**, with its main business scope covering investment and asset management, life insurance, futures brokerage, and trust services. - COFCO Capital Holdings Co, Ltd, formerly known as Zhongyuan Special Steel Co, Ltd, was listed on the Shenzhen Stock Exchange on June 3, 2010[160](index=160&type=chunk) - On April 13, 2018, China Ordnance Equipment Group Co, Ltd gratuitously transferred its shares in Zhongyuan Special Steel to COFCO Group Co, Ltd, making COFCO Group the controlling shareholder of Zhongyuan Special Steel[161](index=161&type=chunk) - On January 2, 2019, Zhongyuan Special Steel implemented a significant asset restructuring and issued shares to acquire assets, making COFCO Capital Investment Co, Ltd a wholly-owned subsidiary of Zhongyuan Special Steel[161](index=161&type=chunk)[162](index=162&type=chunk) - On September 29, 2019, the company's name was changed to COFCO Capital Holdings Co, Ltd[162](index=162&type=chunk) - As of June 30, 2025, the company's total issued shares were **2,304,105,575**, and its main business scope includes investment and asset management, life insurance business, futures brokerage business, and trust business[163](index=163&type=chunk) - The company's controlling shareholder is COFCO Group, and the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of the State Council[164](index=164&type=chunk) [4. Basis of Financial Statement Preparation](index=51&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The Group's financial statements are prepared on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises" and related regulations, and an assessment of going concern ability for the 12 months from June 30, 2025, revealed no significant doubts. - The Group's financial statements are prepared on a going concern basis, in accordance with actual transactions and events, and the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance, along with their application guidelines, interpretations, and other relevant regulations[165](index=165&type=chunk) - The Group assessed its ability to continue as a going concern for the 12 months from June 30, 2025, and found no significant doubts or circumstances affecting its going concern ability[166](index=166&type=chunk) [5. Significant Accounting Policies and Estimates](index=51&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including compliance with accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency translation, financial instrument classification and measurement, inventories, long-term equity investments, fixed assets, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, bonds payable, provisions, preferred/perpetual shares, revenue recognition, government grants, deferred income tax, leases, repurchase agreements, insurance contracts, insurance protection funds, trust business accounting, risk reserves, asset management business, segment reporting, significant accounting judgments and estimates, and hedge accounting; notably, the company changed its accounting policy related to insurance contracts on January 1, 2025, and retrospectively adjusted comparative period information. - These financial statements comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the financial position, operating results, and cash flows of the Company and the Group[167](index=167&type=chunk) - The Group changed its accounting policy related to insurance contracts on January 1, 2025, and has restated comparative period information in accordance with the requirements of the new insurance contract standards[368](index=368&type=chunk) Impact of Accounting Policy Change on Consolidated Balance Sheet Opening Balances (December 31, 2024 vs January 1, 2025) | Item | Before Accounting Policy Change (CNY) | After Accounting Policy Change (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Total Assets | 151,985,694,704.70 | 145,761,889,811.32 | -6,223,804,893.38 | | Total Liabilities | 116,050,925,118.13 | 114,767,228,963.32 | -1,283,696,154.81 | | Total Owners' Equity | 35,934,769,586.57 | 30,994,660,848.00 | -4,940,108,738.57 | - The Group exercises significant accounting judgments and estimates in areas such as financial asset classification, financial asset impairment, long-term asset impairment, degree of control over investees, fair value estimation of financial instruments, measurement of expected credit losses, grouping and recognition of insurance contracts, applicability of insurance contract measurement methods, determination of liability units, measurement of cash flows related to insurance contracts, and deferred income tax assets[343](index=343&type=chunk)[344](index=344&type=chunk)[345](index=345&type=chunk)[346](index=346&type=chunk)[347](index=347&type=chunk)[348](index=348&type=chunk)[350](index=350&type=chunk)[351](index=351&type=chunk)[352](index=352&type=chunk)[353](index=353&type=chunk)[363](index=363&type=chunk) [6. Taxation](index=90&type=section&id=6.%20Taxation) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, local education surcharge, and property tax, and lists the corporate income tax preferential policies enjoyed by subsidiaries such as COFCO Capital Technology, COFCO Fund Tianjin, and COFCO Fund Hainan. Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 13%/9%/6%/3% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%/5% | | Corporate Income Tax | Taxable income | 25%/20%/17%/16.50%/15% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | | Property Tax | Original value of property or rental income | 1.2%/12% | - Aviva-COFCO Life Insurance's premium income from life insurance products with a term of one year or more is exempt from Value-Added Tax[372](index=372&type=chunk) - COFCO Capital Technology has been subject to a corporate income tax rate of **15%** since 2022[374](index=374&type=chunk) - COFCO Fund Management (Tianjin) Co, Ltd enjoys a preferential policy of corporate income tax at a rate of **20%** on **25%** of its taxable income as a small-profit enterprise[374](index=374&type=chunk) - COFCO Private Equity Fund Management (Hainan) Co, Ltd enjoys a preferential policy of corporate income tax at a rate of **15%** for encouraged industries in the Hainan Free Trade Port[375](index=375&type=chunk)[376](index=376&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=91&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes to the consolidated financial statement items, including various assets, liabilities, and owners' equity accounts, as well as revenue, costs, expenses, and cash flow items. - Cash and bank balances at period-end amounted to **CNY 12.315 billion**, of which **CNY 1.686 billion** was deposited overseas[378](index=378&type=chunk) - Financial assets held for trading at period-end amounted to **CNY 28.666 billion**, including debt instrument investments of **CNY 26.003 billion** and equity instrument investments of **CNY 2.663 billion**[379](index=379&type=chunk) - Accounts receivable at period-end had a book value of **CNY 594.980 million**, with a bad debt provision of **CNY 15.416 million**[383](index=383&type=chunk) - Other receivables at period-end had a book value of **CNY 1.599 billion**, including dividends receivable of **CNY 448.996 million**[396](index=396&type=chunk) - Loans and advances at period-end had a book value of **CNY 2.449 billion**, with an impairment provision of **CNY 1.094 billion**[418](index=418&type=chunk) - Debt investments at period-end had a book value of **CNY 10.437 billion**, with an impairment provision of **CNY 488.368 million**[422](index=422&type=chunk) - Other debt investments at period-end had a book value of **CNY 60.696 billion**, with an impairment provision of **CNY 24.917 million**[429](index=429&type=chunk)[430](index=430&type=chunk) - Long-term equity investments at period-end had a book value of **CNY 4.253 billion**, primarily including investments in Longjiang Bank Co, Ltd[436](index=436&type=chunk) - Other equity instrument investments at period-end amounted to **CNY 20.121 billion**, primarily consisting of preferred and ordinary share investments[437](index=437&type=chunk) - Fixed assets at period-end had a book value of **CNY 1.189 billion**, of which Aviva-COFCO Life Insurance Tower had a book value of **CNY 1.086 billion**, with property certificates still being processed[442](index=442&type=chunk)[445](index=445&type=chunk) - Insurance contract liabilities at period-end amounted to **CNY 96.770 billion**, including unearned premium reserves of **CNY 95.526 billion** and outstanding claims reserves of **CNY 1.244 billion**[494](index=494&type=chunk) - Bonds payable at period-end amounted to **CNY 2.030 billion**, including Aviva-COFCO Life Insurance capital supplementary bonds and COFCO Futures subordinated bonds[496](index=496&type=chunk) - Total operating revenue for the current period was **CNY 4.893 billion**, compared to **CNY 4.932 billion** in the prior period[516](index=516&type=chunk) - Total operating costs for the current period were **CNY 4.754 billion**, compared to **CNY 4.681 billion** in the prior period[516](index=516&type=chunk) - Investment income for the current period was **CNY 2.404 billion**, compared to **CNY 3.236 billion** in the prior period[531](index=531&type=chunk) - Fair value change gains/losses for the current period were **-CNY 589.832 million**, compared to **CNY 657.449 million** in the prior period[529](index=529&type=chunk) - Net cash flow from operating activities for the current period was **CNY 9.879 billion**, compared to **CNY 6.441 billion** in the prior period[553](index=553&type=chunk) [8. Changes in Consolidation Scope](index=121&type=section&id=8.%20Changes%20in%20Consolidation%20Scope) During the reporting period, COFCO Capital (Tianjin) Commercial Factoring Co, Ltd was liquidated and no longer included in the consolidation scope, while COFCO Futures (Singapore) Pte Ltd was established and included; additionally, 21 new structured entities were included, and 17 structured entities were no longer included. - COFCO Capital (Tianjin) Commercial Factoring Co, Ltd, a subsidiary of the Group, completed liquidation in March 2025, thus it is not included in the consolidation scope as of June 30, 2025[563](index=563&type=chunk) - COFCO Futures (Singapore) Pte Ltd, a subsidiary of the Group, was established in March 2025, thus it is included in the consolidation scope as of June 30, 2025[564](index=564&type=chunk) - From January to June 2025, the Group newly included a total of **21** structured entities in its consolidation scope, including trust products, asset management plans, and private equity funds[565](index=565&type=chunk) - From January to June 2025, the Group no longer had control over **17** structured entities due to investment recovery, changes in the proportion of variable returns, and other reasons, and thus ceased to include them in the consolidation scope at the time control was lost[565](index=565&type=chunk) [9. Interests in Other Entities](index=121&type=section&id=9.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates; significant non-wholly-owned subsidiaries include COFCO Futures, Aviva-COFCO Life Insurance, and COFCO Trust, with their minority interests and profit/loss details listed; Longjiang Bank Co, Ltd is a significant assoc

[Important Notice, Table of Contents, and Definitions](index=3&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice and Definitions](index=3&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E4%B8%8E%E9%87%8A%E4%B9%89) The company's management guarantees the report's authenticity and plans no profit distribution for this period - The company's management ensures the truthfulness, accuracy, and completeness of the report and states that **no cash dividends, bonus shares, or capital reserve transfers** will be issued for the reporting period[9](index=9&type=chunk)[10](index=10&type=chunk) - This report covers the period from **January 1, 2025, to June 30, 2025**[18](index=18&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Qinghai Huzhu Tianyoude Highland Barley Wine Co, Ltd is listed on the Shenzhen Stock Exchange under the stock code 002646 Company Information | Item | Information | | :--- | :--- | | **Stock Ticker** | Tianyoude Wine | | **Stock Code** | 002646 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Name** | Qinghai Huzhu Tianyoude Highland Barley Wine Co, Ltd | | **Legal Representative** | Li Yinhui | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%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 revenue and net profit declined, but its operating cash flow significantly improved due to better working capital management Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 673,819,141.78 | 759,154,805.65 | -11.24% | | **Net Profit Attributable to Shareholders (Yuan)** | 51,460,249.67 | 79,617,531.28 | -35.37% | | **Net Profit after Non-recurring Items (Yuan)** | 48,965,919.33 | 76,493,788.71 | -35.99% | | **Net Cash Flow from Operating Activities (Yuan)** | 54,012,827.36 | 22,841,669.51 | 136.47% | | **Basic Earnings Per Share (Yuan/Share)** | 0.1080 | 0.1659 | -34.90% | | **Weighted Average ROE** | 1.81% | 2.78% | -0.97% | | **Total Assets (Yuan)** | 3,348,709,268.35 | 3,344,517,538.86 | 0.13% (vs Year-End) | | **Net Assets Attributable to Shareholders (Yuan)** | 2,889,739,860.65 | 2,814,061,051.34 | 2.69% (vs Year-End) | [Non-recurring Profit and Loss Items](index=8&type=section&id=%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) The company's non-recurring profit and loss totaled 2.49 million Yuan, mainly from government subsidies and wealth management income Non-recurring Profit and Loss Items for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -133,530.93 | | Government Subsidies Included in Current P&L | 2,950,673.15 | | Gain/Loss from Entrusted Investments | 288,493.15 | | Other Non-operating Income and Expenses | -265,105.02 | | Less: Income Tax Impact | 347,823.23 | | Less: Minority Interest Impact (After Tax) | -1,623.22 | | **Total** | **2,494,330.34** | [Management Discussion and Analysis](index=10&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) [Business Overview](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company focuses on highland barley wine, implementing strategic initiatives to navigate a rationalizing market and expand its reach - The company's main business is the R&D, production, and sale of highland barley wine, featuring brands like Tianyoude and Huzhu, with a **fully self-owned production chain** and a sales model combining distribution and direct sales[32](index=32&type=chunk)[33](index=33&type=chunk) - The company is advancing its "Four-pronged" strategy (county-level penetration, internationalization, youth appeal, and terminal focus) to solidify its home market, expand nationally, and promote exports, with **Tashi highland barley wine entering Costco in the US**[36](index=36&type=chunk) - To attract younger consumers, the company launched innovative products such as a **28-proof lemon-flavored** and a **43-proof sherry-finished highland barley wine**[35](index=35&type=chunk)[53](index=53&type=chunk) [Industry and Main Business](index=10&type=section&id=%E8%A1%8C%E4%B8%9A%E4%B8%8E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The Chinese liquor industry faces rationalizing consumption, where regional brands with strong value propositions and channel control show resilience - The liquor industry is under pressure as consumers prioritize value, giving **regional brands an advantage** due to their local consumer base and channel control[32](index=32&type=chunk) - Key performance drivers include solidifying market foundations, expanding coverage, deepening rural penetration, targeting the banquet market, promoting tourism season activities, and **accelerating the national product layout**[34](index=34&type=chunk)[35](index=35&type=chunk) [Brand and Product Operation](index=11&type=section&id=%E5%93%81%E7%89%8C%E4%B8%8E%E4%BA%A7%E5%93%81%E8%BF%90%E8%90%A5) Highland barley wine remains the core revenue source, with sales evenly split between products priced above and below 100 Yuan Product Revenue Composition (Wine Manufacturing) for H1 2025 | Product Category | Operating Revenue (Yuan) | Revenue Share | | :--- | :--- | :--- | | **Highland Barley Wine** | **570,212,057.72** | **99.06%** | | Above 100 Yuan (incl)/500ml | 299,430,578.55 | 52.02% | | Below 100 Yuan/500ml | 270,781,479.17 | 47.04% | | **Other Highland Barley Spirits** | 776,774.86 | 0.13% | | **Wine** | 4,643,194.14 | 0.81% | | **Total** | **575,632,026.72** | **100.00%** | [Sales and Production Model](index=13&type=section&id=%E9%94%80%E5%94%AE%E4%B8%8E%E7%94%9F%E4%BA%A7%E6%A8%A1%E5%BC%8F) The company primarily relies on channel distribution, which constitutes 88.9% of its wine manufacturing revenue, supplemented by direct sales Sales Model Revenue | Sales Model | Operating Revenue (Yuan) | Gross Margin | YoY Revenue Change | | :--- | :--- | :--- | :--- | | Channel Distribution | 511,711,800.19 | 66.90% | -9.52% | | Direct Sales | 63,920,226.53 | 72.67% | -21.43% | - During the period, the number of **out-of-province distributors increased from 511 to 522**, a net addition of 11, while in-province distributors remained at 77[46](index=46&type=chunk) - Online e-commerce platform sales revenue reached **24.31 million Yuan**, a year-on-year increase of 4.64%[46](index=46&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its unique "Tianniang Craft," strong brands, market dominance, and continuous product innovation - **Brand Advantage**: "Huzhu" and "Tianyoude" are **China Well-known Trademarks**, with "Huzhu" being a "China Time-honored Brand" and its craft listed as a national intangible cultural heritage[51](index=51&type=chunk) - **Market Advantage**: The company's strategy is to "Root in Qinghai, Base in the Northwest, Expand Nationally, and Deploy Globally," holding a **high market share in Qinghai** with a loyal consumer base[52](index=52&type=chunk) - **Product & Innovation**: In H1 2025, the company successfully launched three new products, including a **28-proof lemon-flavored and a 43-proof sherry-finished highland barley wine**, and upgraded five existing products[53](index=53&type=chunk) - **Talent Advantage**: The company boasts a strong technical team, including experts with the **"State Council Special Government Allowance"** and national-level liquor tasters, with the team earning honors like the national "Youth Civilization Unit"[54](index=54&type=chunk) [Main Business Analysis](index=16&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) The company's main business revenue declined, with sales falling in domestic markets but showing strong growth internationally YoY Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 673,819,141.78 | 759,154,805.65 | -11.24% | No significant change | | **Operating Cost** | 278,525,713.28 | 307,871,180.69 | -9.53% | No significant change | | **Administrative Expenses** | 66,003,119.41 | 85,616,659.79 | -22.91% | No significant change | | **Financial Expenses** | 30,607.12 | -5,429,445.06 | 100.56% | Impact of USD exchange rate fluctuations | | **Net Cash Flow from Operating Activities** | 54,012,827.36 | 22,841,669.51 | 136.47% | Reduced payments for various procurements | | **Net Cash Flow from Investing Activities** | -114,022,894.98 | -30,410,920.11 | -274.94% | Purchase of short-term wealth management products | Operating Revenue Composition | Category | Current Period Revenue (Yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **By Region** | | | | | Within Qinghai Province | 461,478,578.47 | 68.49% | -8.49% | | Outside Qinghai Province | 198,488,079.61 | 29.46% | -17.18% | | International | 3,517,735.81 | 0.52% | 42.87% | | **By Product** | | | | | Highland Barley Wine (≥100 Yuan) | 299,430,578.55 | 44.44% | -10.19% | | Highland Barley Wine (<100 Yuan) | 270,781,479.17 | 40.19% | -11.44% | [Analysis of Assets and Liabilities](index=18&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) The company's total assets remained stable, with a significant shift from construction in progress to fixed assets upon project completion - **Construction in progress decreased by 941 million Yuan (95.22%)** from the beginning of the year, as the "17,300-ton high-quality highland barley raw spirit aging project" was transferred to fixed assets[62](index=62&type=chunk) - The company holds **overseas assets in the US valued at 180 million Yuan**, representing 6.22% of its net assets; these US operations generated 3.07 million Yuan in revenue and a net loss of 13.02 million Yuan in H1 2025[64](index=64&type=chunk) - During the period, the company purchased **80 million Yuan in trading financial assets** (wealth management products) and made a new 1.5 million Yuan equity investment in Hainan Jianyun Supply Chain Management Co, Ltd[62](index=62&type=chunk)[66](index=66&type=chunk) [Investment Analysis](index=21&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's primary investment is the ongoing highland barley raw spirit aging project, which has been delayed to year-end 2025 Progress of Major Non-Equity Investment Projects | Project Name | Investment Method | Investment in Current Period (Yuan) | Cumulative Investment (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | 17,300-ton high-quality highland barley raw spirit aging project | Self-construction | 19,828,056.72 | 117,302,238.61 | 55.86% | - Due to objective factors like the domestic economic situation, the progress of several fundraising projects has slowed, with the **"17,300-ton aging project" completion date postponed to December 31, 2025**[69](index=69&type=chunk)[78](index=78&type=chunk) - As of the end of the reporting period, **67.16% of the 405 million Yuan raised** in the 2021 private placement has been used, with 133 million Yuan remaining[73](index=73&type=chunk)[75](index=75&type=chunk) [Analysis of Major Holding and Participating Companies](index=25&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The main sales subsidiary remains the core profit contributor, while the US subsidiary continues to operate at a loss Operating Performance of Major Subsidiaries (H1 2025) | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Qinghai Huzhu Highland Barley Wine Sales Co, Ltd | 446,147,263.34 | 52,371,035.06 | | Oranos Group, Inc. | 3,073,637.28 | -13,022,757.48 | | Beijing Huzhu Tianyoude Highland Barley Wine Sales Co, Ltd | 1,831,739.69 | -7,982,207.95 | [Company's Risks and Countermeasures](index=26&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 shifting consumer preferences toward value and uncertainty in US tariff policies - **Risk 1**: A shift in liquor consumption towards private consumption and value-for-money; the company will respond by **enhancing market research, promoting its "Four-pronged" strategy, and increasing the supply of high-value products** like plain bottle liquor[85](index=85&type=chunk) - **Risk 2**: Uncertainty in US tariff policies; the company will **closely monitor tariff changes** and make adaptive adjustments[85](index=85&type=chunk) [Corporate Governance, Environment, and Society](index=26&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) [Corporate Governance](index=26&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%83%85%E5%86%B5) The company adjusted its board composition, appointed a new deputy general manager, and is proceeding with a restricted stock buyback - The company elected **Wang Yancai and Chen Bin as new independent directors** and appointed Lu Shuilong as Deputy General Manager[87](index=87&type=chunk)[88](index=88&type=chunk) - The company plans to **buy back and cancel a total of 2.895 million restricted shares** from its 2023 incentive plan due to unmet vesting conditions[90](index=90&type=chunk)[91](index=91&type=chunk) - The company's H1 2025 plan includes **no cash dividends, no bonus shares, and no capitalization of public reserves**[89](index=89&type=chunk) [Environmental and Social Responsibility](index=27&type=section&id=%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) The company is listed for mandatory environmental information disclosure and actively engages in rural revitalization and public welfare - The company and its subsidiaries are included in the list of enterprises **legally required to disclose environmental information**[92](index=92&type=chunk) - The company actively fulfilled its social responsibilities through various public welfare activities, including **poverty alleviation support, the "Highland Barley Student Aid Action" for rural education, and donating supplies to earthquake-stricken areas**[93](index=93&type=chunk)[94](index=94&type=chunk) [Important Matters](index=29&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) [Related-Party Transactions](index=30&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) All routine related-party transactions were conducted within approved limits and based on market prices Major Routine Related-Party Transactions in H1 2025 | Related Party | Transaction Type | Transaction Content | Transaction Amount (10k Yuan) | | :--- | :--- | :--- | :--- | | Tianyoude Group and its controlled companies | Purchase/Receive Services | Purchase of goods, receiving services (incl leasing) | 343.47 | | Zhongjiu (Beijing) Chain Commerce Management Co, Ltd | Sale of Goods | Sale of goods | 439.16 | [Major Contracts and Their Performance](index=33&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided a 100 million Yuan guarantee for a subsidiary and approved a total guarantee limit of 250 million Yuan - The company provided a **100 million Yuan joint liability guarantee** for its wholly-owned subsidiary, Tibet Alajiaobao Liquor Co, Ltd, for a one-year term[118](index=118&type=chunk) - During the period, the company used **80 million Yuan of its own funds to purchase brokerage wealth management products**[120](index=120&type=chunk) [Other Important Matters](index=35&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company increased its investment in its US subsidiary, while another subsidiary plans a major winery expansion - The company continued to increase its capital in the US subsidiary Oranos Group, Inc to support its business development, completing a **capital injection of 650,000 USD** during the period[121](index=121&type=chunk) - The wholly-owned subsidiary, Tibet Alajiaobao Liquor Co, Ltd, plans to use **160 million Yuan of self-raised funds for a winery renovation and expansion project**[124](index=124&type=chunk) [Share Capital Changes and Shareholder Information](index=37&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=37&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged during the reporting period, with a stock buyback plan in progress - The company's **total share capital remained unchanged at 482,002,974 shares** during the reporting period[127](index=127&type=chunk) [Shareholder Information](index=38&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 controlling shareholder holds a 41.39% stake, with a portion of its shares pledged, while index funds are among the top ten shareholders Top Ten Shareholders | Shareholder Name | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | | Qinghai Tianyoude Technology Investment Management Group Co, Ltd | 41.39% | 199,483,040 | | China Merchants CSI Liquor Index Fund | 4.95% | 23,858,066 | | Penghua CSI Liquor ETF | 1.27% | 6,142,300 | | Wang Shen | 1.21% | 5,808,808 | | Peking University Education Foundation | 0.94% | 4,510,400 | - The controlling shareholder, Qinghai Tianyoude Technology Investment Management Group Co, Ltd, holds **41.39% of the company's shares**, of which 90,730,000 shares are pledged[130](index=130&type=chunk) [Bond-Related Matters](index=42&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-Related Matters](index=42&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no bond-related matters to disclose for the reporting period - The company did not issue, trade, or hold any bonds during this reporting period, and there are **no related matters to disclose**[137](index=137&type=chunk) [Financial Report](index=43&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Opinion](index=43&type=section&id=%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81) The company's semi-annual financial report for 2025 has not been audited - This semi-annual financial report is **unaudited**[139](index=139&type=chunk) [Financial Statements](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements provide a comprehensive overview of the company's financial position, performance, and cash flows for H1 2025 [Consolidated Balance Sheet](index=43&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, the company maintained a stable balance sheet with total assets of 3.35 billion Yuan Key Items from Consolidated Balance Sheet (2025-06-30) | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | **3,348,709,268.35** | | Total Current Assets | 1,911,233,501.64 | | Total Non-current Assets | 1,437,475,766.71 | | **Total Liabilities** | **477,625,115.54** | | Total Current Liabilities | 437,557,034.76 | | Total Non-current Liabilities | 40,068,080.78 | | **Total Equity** | **2,871,084,152.81** | | Equity Attributable to Parent Company | 2,889,739,860.65 | [Consolidated Income Statement](index=47&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, the company generated total revenue of 674 million Yuan and net profit attributable to shareholders of 51.46 million Yuan Key Items from Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | **Total Operating Revenue** | **673,819,141.78** | | **Total Operating Cost** | **613,289,421.76** | | Operating Cost | 278,525,713.28 | | Taxes and Surcharges | 101,809,877.16 | | Selling Expenses | 158,361,898.36 | | Administrative Expenses | 66,003,119.41 | | **Total Profit** | **72,577,510.74** | | **Net Profit** | **51,553,072.89** | | Net Profit Attributable to Parent Company Shareholders | 51,460,249.67 | [Consolidated Cash Flow Statement](index=51&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The company's operating cash flow increased significantly, while investing activities resulted in a net outflow due to asset purchases Key Items from Consolidated Cash Flow Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | **54,012,827.36** | | **Net Cash Flow from Investing Activities** | **-114,022,894.98** | | **Net Cash Flow from Financing Activities** | **-4,447,476.28** | | Effect of Exchange Rate Changes on Cash | -31,781.37 | | **Net Increase in Cash and Cash Equivalents** | **-64,489,325.27** | | Cash and Cash Equivalents at End of Period | 299,248,391.21 | [Notes to the Financial Statements](index=61&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) The notes detail the company's accounting policies, including revenue recognition, inventory valuation, and R&D expenditure treatment - **Revenue Recognition Policy**: Revenue is recognized when the customer obtains control of the goods, typically upon customer acceptance[228](index=228&type=chunk) - **Inventory Valuation Method**: Inventories are recorded at actual cost upon acquisition and valued using the weighted average method upon dispatch, measured at the lower of cost or net realizable value at period-end[201](index=201&type=chunk) - **R&D Expenditure**: Research-phase expenditures are expensed as incurred, while development-phase expenditures meeting capitalization criteria are recognized as intangible assets[215](index=215&type=chunk)[216](index=216&type=chunk) [Other Submitted Data](index=152&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) [Other Important Matters and Investor Relations Activities](index=152&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E4%B8%8E%E6%8A%95%E8%B5%84%E8%80%85%E5%85%B3%E7%B3%BB%E6%B4%BB%E5%8A%A8) The company received a minor administrative penalty for environmental monitoring issues and actively engaged with investors - In January 2025, the company was fined **50,000 Yuan** for issues with its pollution source automatic monitoring equipment and has since completed rectification[529](index=529&type=chunk) - During the reporting period, the company held **multiple online earnings calls and investor reception events** to communicate with institutional and individual investors[530](index=530&type=chunk)

石家庄尚太科技股份有限公司 2025 年半年度报告全文 石家庄尚太科技股份有限公司 2025 年半年度报告 2025-091 2025 年 8 月 20 日 1 石家庄尚太科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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。 公司负责人欧阳永跃、主管会计工作负责人王惠广及会计机构负责人(会 计主管人员)王惠广声明：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。 本报告中所涉及的未来经营计划、发展战略、预测性信息等前瞻性描述 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，敬请投资者注意投 资风险。 公司在本报告"第三节 管理层讨论与分析"中"十、公司面临的风险和 应对措施"中对公司可能面对的重要风险进行相应的陈述，敬请投资者认真 阅读并注意投资风险。 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 石家庄尚 ...

英洛华科技股份有限公司 2025 年半年度报告全文 英洛华科技股份有限公司 2025 年半年度报告 【2025 年 08 月】 1 英洛华科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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。 公司负责人魏中华、主管会计工作负责人刘桂平及会计机构负责人(会计 主管人员)张建红声明：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， 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"中详细描述了公司经营中可能面临的风险，敬请投资者关注相关 内容并注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 1,097,380,974 为基 数，向全体股东每 10 股派发现金红利 1.38 元（含税），送红股 0 股（含税 ...

Section I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The company's leadership guarantees the report's accuracy and completeness, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4](index=4&type=chunk) - Company head Zhang Guohua, chief financial officer Chen Weiyi, and head of accounting department Zhu Chuanchang declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the structured table of contents of the report, including major chapters such as company profile and financial reports - The report's table of contents is clear, covering nine major chapters including company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, financial reports, and other submitted data[6](index=6&type=chunk) [List of Documents for Reference](index=4&type=section&id=List%20of%20Documents%20for%20Reference) This section specifies the list of documents for reference during the reporting period, primarily financial statements and publicly disclosed company documents - Documents for reference include signed and sealed financial statements and original company documents publicly disclosed in CSRC-designated newspapers[8](index=8&type=chunk)[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions of common terms used in the report, covering company names, subsidiaries, related parties, and core products - The report clearly defines company entities such as "Furi Shares," "Huarong Industrial," "Wanren Thermal Power," and core business products like "towel series products" and "decorative fabric series products"[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section introduces the company's basic information, including stock abbreviation, code, listing exchange, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Furi Shares | | Stock Code | 002083 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Furi Group Co., Ltd. | | Legal Representative | Zhang Guohua | [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact details for the company's board secretary and securities affairs representative, facilitating investor communication Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Peng Shiqiang | Securities Department, No. 1 Furi Street, Gaomi City, Shandong Province | 0536-2308043 | 0536-5828777 | furigufen@126.com | | Securities Affairs Representative | Sun Xiaowei | Securities Department, No. 1 Furi Street, Gaomi City, Shandong Province | 0536-2308043 | 0536-5828777 | furigufen@126.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) This section states that the company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period - The company's registered address, office address, website, email, information disclosure website and media name and website, and report storage location remained unchanged during the reporting period[14](index=14&type=chunk)[15](index=15&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue slightly decreased, but net profit attributable to shareholders and non-recurring net profit significantly increased, with operating cash flow also rising Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,587,398,531.93 | 2,668,337,962.80 | -3.03% | | Net Profit Attributable to Listed Company Shareholders | 245,721,113.58 | 221,532,844.55 | 10.92% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | 250,321,346.79 | 216,330,248.79 | 15.71% | | Net Cash Flow from Operating Activities | 447,023,285.69 | 150,031,056.55 | 197.95% | | Basic Earnings Per Share (RMB/share) | 0.26 | 0.27 | -3.70% | | Diluted Earnings Per Share (RMB/share) | 0.26 | 0.24 | 8.33% | | Weighted Average Return on Net Assets | 5.40% | 5.58% | -0.18% | | **Current Reporting Period End vs. Prior Year End** | | | | | Total Assets | 7,616,430,670.77 | 7,703,523,315.77 | -1.13% | | Net Assets Attributable to Listed Company Shareholders | 4,520,399,000.91 | 4,444,168,298.61 | 1.72% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses totaled negative 4.60 million RMB, primarily due to asset disposal and fair value changes Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -8,480,995.00 | | Government Grants Included in Current Profit and Loss | 1,708,304.46 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities (Excluding Effective Hedges Related to Normal Business) | -755,795.51 | | Other Non-operating Income and Expenses Apart from the Above | 904,120.69 | | Less: Income Tax Impact | -2,024,132.15 | | **Total** | **-4,600,233.21** | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[21](index=21&type=chunk) Section III Management Discussion and Analysis [I. Main Businesses Engaged by the Company During the Reporting Period](index=8&type=section&id=I.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company advanced its "home textiles + new materials" dual-main business strategy, with stable home textile operations and rapid growth in new materials - The company adheres to a "home textiles + new materials" dual-main business development strategy, with stable home textile business and rapid growth in new materials business[52](index=52&type=chunk) Report Period Key Financial Performance | Indicator | Amount (billion RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 25.87 | -3.03% | | Net Profit Attributable to Listed Company Shareholders | 2.46 | 10.92% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | 2.5 | 15.71% | [Industry Analysis](index=8&type=section&id=Industry%20Analysis) This section analyzes the macro environment and development trends of the home textile, coating materials, and lithium battery electrolyte additive industries - The home textile industry faces export pressure but domestic sales growth, with cotton prices under pressure, driven by consumption upgrades, intelligence, and green development[23](index=23&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The coating materials industry is driven by new national standards, dominated by foreign enterprises, with green and multi-functional development as trends, and broad space for domestic substitution[31](index=31&type=chunk)[32](index=32&type=chunk)[34](index=34&type=chunk) - The lithium battery electrolyte additive industry benefits from rapid growth in new energy vehicles, with continuous shipment growth, but remains at the bottom of the cycle, where cost control and technological iteration are key to competitiveness[35](index=35&type=chunk)[36](index=36&type=chunk) [Main Products and Businesses](index=10&type=section&id=Main%20Products%20and%20Businesses) The company's main businesses include home textiles (towel and decorative fabric series) and new materials (functional coating materials, lithium battery electrolyte additives) - The company's home textile business primarily offers mid-to-high-end towel and decorative fabric series, holding multiple honorary titles[38](index=38&type=chunk) - The new materials business focuses on functional coating materials, with products applied in petrochemical, marine engineering, automotive, and shipbuilding sectors, some technologies reaching domestic leading levels[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - The lithium battery electrolyte additive business mainly produces CEC and VC battery-grade products, achieving full-process integrated VC production with an annual capacity of 10,000 tons[42](index=42&type=chunk) [Main Operating Models](index=11&type=section&id=Main%20Operating%20Models) The company's home textile business adopts an integrated R&D, production, and sales model, while new materials focus on independent R&D and direct sales - The home textile business employs a global procurement model (domestic and international cotton), an agile and efficient production model (production based on sales), a diversified and balanced global sales model (international trade and domestic brands), and an integrated, innovative, multi-point supported global R&D and design model[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - The functional coating materials business adopts independent R&D, centralized procurement, production based on sales, and direct sales, securing orders through bidding and product promotion[49](index=49&type=chunk) - The lithium battery electrolyte additive business utilizes independent R&D (in collaboration with universities), sales plan-driven procurement, customer contract/order-driven production, and market expansion through business team visits and exhibitions[50](index=50&type=chunk)[51](index=51&type=chunk) [Main Business Analysis](index=13&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's home textile business demonstrated operational resilience, while the new materials business entered a period of rapid growth - The home textile business achieved stable development by strengthening its balanced global market presence (exports totaling **234 million USD**, with slight growth in European and Japanese markets) and continuously deepening its domestic market penetration (revenue of **342 million RMB**, group buying business up **11.6%**, e-commerce 618 promotion average order value up **194%**)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - The new materials business achieved a total main business revenue of **215 million RMB**, a year-on-year increase of **43.47%**, entering a period of rapid development[57](index=57&type=chunk) - Functional coating materials business revenue reached **97.71 million RMB**, a year-on-year increase of **18.97%**, achieving breakthroughs in the automotive and shipbuilding sectors, winning new energy vehicle coating projects, and obtaining China Classification Society factory approval[57](index=57&type=chunk)[58](index=58&type=chunk) - Lithium battery electrolyte additive business revenue reached **117 million RMB**, a year-on-year increase of **73.13%**, with VC sales of **2,793.69 tons**, up **71.92%**, and improved capacity and reduced costs through process optimization[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - In other businesses, thermal power profitability significantly improved due to falling coal prices, chemical operations remained stable, and motor business developed steadily[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) [II. Core Competitiveness Analysis](index=15&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its home textile product quality, balanced market layout, complete industrial chain, and R&D, alongside its new materials' innovation and cost advantages - The home textile business possesses core competencies such as leading product quality, good market reputation, balanced market layout, complete industrial chain, efficient operating mechanisms, deep innovation capabilities, and lean production[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - The new materials business's functional coating materials boast R&D innovation advantages led by industry experts, efficient market operation advantages, and a rich product matrix across multiple fields[74](index=74&type=chunk) - The lithium battery electrolyte additive business features R&D innovation advantages from close university collaboration, comprehensive cost advantages across the entire industrial chain, and customer resource advantages from deep cooperation with leading electrolyte companies[75](index=75&type=chunk)[76](index=76&type=chunk) [III. Main Business Analysis](index=16&type=section&id=III.%20Main%20Business%20Analysis) This section details the financial performance of the company's main businesses, including year-on-year changes in key financial data and operating revenue composition - During the reporting period, the company's operating revenue decreased by **3.03%** year-on-year, but net profit attributable to shareholders increased by **10.92%**, and non-recurring net profit increased by **15.71%**[16](index=16&type=chunk) Key Financial Data Year-on-Year Changes | Item | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,587,398,531.93 | 2,668,337,962.80 | -3.03% | | | Operating Cost | 2,034,268,286.33 | 2,182,628,422.71 | -6.80% | | | Selling Expenses | 59,250,342.11 | 51,030,141.00 | 16.11% | | | Administrative Expenses | 93,258,229.93 | 90,624,607.23 | 2.91% | | | Financial Expenses | 11,639,234.16 | 25,292,772.60 | -53.98% | Convertible bonds converted to shares in 2024, reducing interest expenses | | Income Tax Expenses | 92,797,633.70 | 67,687,896.25 | 37.10% | Increased profit led to increased income tax | | R&D Investment | 97,534,515.24 | 102,228,884.88 | -4.59% | | | Net Cash Flow from Operating Activities | 447,023,285.69 | 150,031,056.55 | 197.95% | Primarily due to decreased payments for major raw materials like cotton and coal | | Net Cash Flow from Investing Activities | -36,970,789.39 | -77,453,605.77 | -52.27% | Primarily due to decreased cash paid for the construction of fixed assets | | Net Cash Flow from Financing Activities | -405,073,145.28 | -436,650,830.52 | -7.23% | | | Net Increase in Cash and Cash Equivalents | 4,979,351.02 | -364,073,379.74 | -101.37% | | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (RMB) | % of Operating Revenue | Prior Year Period Amount (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Home Textile Industry | 1,806,547,318.06 | 69.82% | 1,909,403,363.17 | 71.56% | -5.39% | | | Coating Materials Industry | 97,710,671.98 | 3.78% | 82,128,448.58 | 3.08% | 18.97% | | | Chemical Industry | 100,273,852.15 | 3.88% | 104,244,641.42 | 3.91% | -3.81% | | | Other Industries | 582,866,689.74 | 22.53% | 572,561,509.63 | 21.46% | 1.80% | | **By Product** | Towel Series | 1,626,530,657.18 | 62.86% | 1,722,400,294.10 | 64.55% | -5.57% | | | Bedding Series | 180,016,660.88 | 6.96% | 187,003,069.07 | 7.01% | -3.74% | | | Coating Materials Products | 97,710,671.98 | 3.78% | 82,128,448.58 | 3.08% | 18.97% | | | Chemical Products | 100,273,852.15 | 3.88% | 104,244,641.42 | 3.91% | -3.81% | | | Thermal Power Products | 239,398,390.55 | 9.25% | 273,239,079.56 | 10.24% | -12.39% | | | Motor Products | 85,656,488.62 | 3.31% | 101,935,869.31 | 3.82% | -15.97% | | | Other | 257,811,810.57 | 9.96% | 197,386,560.76 | 7.40% | 30.61% | | **By Region** | Export Sales | 1,570,283,785.72 | 60.69% | 1,654,894,954.46 | 62.02% | -5.11% | | | Domestic Sales | 1,017,114,746.21 | 39.31% | 1,013,443,008.34 | 37.98% | 0.36% | [Textile and Apparel Related Business Disclosure](index=17&type=section&id=公司需遵守《深圳证券交易所上市公司自律监管指引第%203%20号——行业信息披露》中的%22纺织服装相关业务%22的披露要求) The company disclosed detailed operational information for its textile and apparel business, including physical stores, capacity, selling expenses, and brand building Physical Store Distribution and Changes | Store Type | Number of Stores (Period End) | New Stores Opened During Period | Stores Closed During Period | Reason for Closure | | :--- | :--- | :--- | :--- | :--- | | Direct-operated | 25 | 0 | 6 | Sales below expectations | | Franchised | 18 | 2 | 22 | Sales below expectations | - The company's total capacity is **34,310 tons**, with a capacity utilization rate of **87.86%**, a year-on-year decrease[83](index=83&type=chunk) Selling Expenses Composition and Year-on-Year Changes | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Salaries and Benefits | 23,865,372.70 | 23,118,237.88 | 3.23% | | Service Fees | 14,687,076.01 | 9,200,227.44 | 59.64% | | Advertising and Promotion Fees | 4,432,235.30 | 3,251,920.94 | 36.30% | | Inspection and Testing Fees | 1,475,564.17 | 1,114,072.40 | 32.45% | | **Total** | **59,250,342.11** | **51,030,141.00** | **16.11%** | - Online sales channels expanded, with new WeChat mini-stores, Jiyu Jingxi self-operated factory stores, Jiyu self-operated - Beijing Jingdong Century Trade (factory direct), and Tmall Jiyu Home Flagship Store - Shanghai, while closing Guangzhou Yueyang Wujie Internet (Onion) and Beijing Dounet Technology channels[87](index=87&type=chunk) - Inventory turnover days were **115 days**, with a decrease in inventory quantity and lower procurement unit prices, leading to a reduction in inventory value[88](index=88&type=chunk) - The company owns brands such as "Jiyu," "Furi," and "Saiweisi," and is authorized for the "Wuhuang Wansui" brand, continuously increasing brand promotion efforts, achieving over **80 million** brand exposures[90](index=90&type=chunk)[91](index=91&type=chunk) [V. Non-Main Business Analysis](index=20&type=section&id=V.%20Non-Main%20Business%20Analysis) During the reporting period, the company had no non-main business analysis content, indicating a focus on core operations - The company had no non-main business analysis during the reporting period[94](index=94&type=chunk) [VI. Analysis of Assets and Liabilities](index=20&type=section&id=VI.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and liabilities slightly decreased, with an increase in cash and accounts receivable, and a decrease in inventory and fixed assets Significant Changes in Asset Composition (Period End vs. Period Beginning) | Item | Current Reporting Period End Amount (RMB) | % of Total Assets | Prior Year End Amount (RMB) | % of Total Assets | % Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 1,006,635,130.58 | 13.22% | 864,123,940.65 | 11.22% | 2.00% | | Accounts Receivable | 824,807,461.72 | 10.83% | 777,028,177.30 | 10.09% | 0.74% | | Inventories | 1,010,590,026.08 | 13.27% | 1,133,061,804.39 | 14.71% | -1.44% | | Fixed Assets | 3,160,261,624.16 | 41.49% | 3,288,381,127.16 | 42.69% | -1.20% | | Short-term Borrowings | 1,575,696,363.89 | 20.69% | 1,591,355,755.30 | 20.66% | 0.03% | | Contract Liabilities | 65,988,994.53 | 0.87% | 98,989,155.27 | 1.28% | -0.41% | - The company's total assets at the end of the reporting period were **7.62 billion RMB**, a decrease of **1.13%** from the end of the previous year[17](index=17&type=chunk) Asset Rights Restricted as of the End of the Reporting Period | Item | Book Value at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 718,470,141.11 | Margin | | Fixed Assets | 792,258,053.72 | Loan collateral | | Intangible Assets | 401,591,836.92 | Loan collateral | | **Total** | **1,912,320,031.75** | | [VII. Investment Status Analysis](index=21&type=section&id=VII.%20Investment%20Status%20Analysis) During the reporting period, the company made no significant equity, non-equity, securities, or derivative investments, nor did it utilize raised funds - The company had no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds during the reporting period[99](index=99&type=chunk)[100](index=100&type=chunk)[105](index=105&type=chunk) [VIII. Major Asset and Equity Sales](index=22&type=section&id=VIII.%20Major%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell any major assets or equity, maintaining stability in its asset and equity structure - The company did not sell any major assets or equity during the reporting period[101](index=101&type=chunk) [IX. Analysis of Major Holding and Participating Companies](index=22&type=section&id=IX.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section discloses the financial status of the company's major subsidiary, Wanren Thermal Power, which significantly impacts overall performance Major Subsidiary Wanren Thermal Power Financial Information | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wanren Thermal Power | Subsidiary | Electricity and Steam | 100,000,000 | 1,380,896,907.04 | 288,127,227.59 | 463,140,968.16 | 68,706,875.55 | 45,322,027.78 | - During the reporting period, the company deregistered its subsidiary Shandong Xiaohu Maternal and Child Trade Co., Ltd., which had no significant impact on overall production, operations, or performance[102](index=102&type=chunk) [X. Information on Structured Entities Controlled by the Company](index=22&type=section&id=X.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[103](index=103&type=chunk) [XI. Risks Faced by the Company and Countermeasures](index=22&type=section&id=XI.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces operational risks across its home textile, coating materials, and electrolyte additive businesses, including raw material price volatility, market competition, and trade barriers - The home textile business faces risks from price fluctuations of major raw materials like cotton, intensified domestic and international market competition, and trade barriers imposed by developed countries[103](index=103&type=chunk)[104](index=104&type=chunk)[106](index=106&type=chunk) - The coating materials business faces risks from price fluctuations of major raw materials like resins, failure of technological development to meet expectations, sales and management risks from capacity expansion, and increasing accounts receivable[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) - The electrolyte additive business faces risks from price fluctuations of major raw materials like ethylene carbonate and intensified market competition due to the release of new industry capacity[111](index=111&type=chunk)[112](index=112&type=chunk) [XII. Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=XII.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period[113](index=113&type=chunk) [XIII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=23&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company did not disclose an announcement regarding its "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding its "Quality and Return Dual Improvement" action plan during the reporting period[113](index=113&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there was a change in the company's board of directors, with Fan Xiaona elected as a director and Sun Kexin resigning Director Changes | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Fan Xiaona | Director | Elected | January 03, 2025 | Personal reasons | | Sun Kexin | Director | Resigned | June 27, 2025 | Personal reasons | [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=24&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[116](index=116&type=chunk) [III. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=III.%20Implementation%20of%20Company's%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[117](index=117&type=chunk) [IV. Environmental Information Disclosure](index=24&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information and have done so, with no environmental accidents during the period - The company and its major subsidiaries (Furi Group Co., Ltd., Gaomi Wanren Thermal Power Co., Ltd.) are included in the list of enterprises required to disclose environmental information by law[118](index=118&type=chunk) - Environmental information disclosure reports are available on the Enterprise Environmental Information Disclosure System (Shandong)[118](index=118&type=chunk) - The listed company experienced no environmental accidents during the reporting period[118](index=118&type=chunk) Section V Significant Matters [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=25&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company%20During%20the%20Reporting%20Period) During the reporting period, the company had no commitments by the actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled - The company had no commitments by related parties that were fulfilled or overdue and unfulfilled during the reporting period[120](index=120&type=chunk) [II. Non-operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=25&type=section&id=II.%20Non-operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties of the listed company - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[121](index=121&type=chunk) [III. Irregular External Guarantees](index=25&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[122](index=122&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company reappointed Shanghai Certified Public Accountants as its audit service provider for 2025; this semi-annual report is unaudited - The company reappointed Shanghai Certified Public Accountants as its audit service provider for 2025[123](index=123&type=chunk) - The company's semi-annual report is unaudited[123](index=123&type=chunk) [V. Board of Directors' and Supervisory Board's Explanation on "Non-standard Audit Report" for This Reporting Period](index=25&type=section&id=V.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20for%20This%20Reporting%20Period) This explanation is not applicable to the company for the reporting period, indicating no non-standard audit report was received - This explanation is not applicable to the company for the reporting period[124](index=124&type=chunk) [VI. Board of Directors' Explanation on "Non-standard Audit Report" for the Previous Year](index=25&type=section&id=VI.%20Board%20of%20Directors'%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This explanation is not applicable to the company for the reporting period, indicating no non-standard audit report was received for the previous year - This explanation is not applicable to the company for the reporting period[124](index=124&type=chunk) [VII. Matters Related to Bankruptcy and Reorganization](index=25&type=section&id=VII.%20Matters%20Related%20to%20Bankruptcy%20and%20Reorganization) The company had no matters related to bankruptcy and reorganization during the reporting period - The company had no matters related to bankruptcy and reorganization during the reporting period[124](index=124&type=chunk) [VIII. Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during this reporting period - The company had no significant litigation or arbitration matters during this reporting period[125](index=125&type=chunk) [IX. Penalties and Rectification Status](index=25&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[125](index=125&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=X.%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) This explanation is not applicable to the company for the reporting period, indicating good integrity status for the company and its controlling parties - This explanation is not applicable to the company for the reporting period[126](index=126&type=chunk) [XI. Significant Related Party Transactions](index=26&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions, joint investments, or debt - The company had no related party transactions related to daily operations during the reporting period[126](index=126&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[127](index=127&type=chunk) - The company had no related party creditor-debtor transactions or other significant related party transactions during the reporting period[129](index=129&type=chunk)[130](index=130&type=chunk) [XII. Significant Contracts and Their Performance](index=26&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, no significant guarantees, and an outstanding wealth management balance of **17.69 million RMB** with no overdue amounts - The company had no entrustment, contracting, or leasing situations during the reporting period[135](index=135&type=chunk) - The company had no significant guarantee situations during the reporting period[135](index=135&type=chunk) Wealth Management Status | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management (million RMB) | Unexpired Balance (million RMB) | Overdue Unrecovered Amount (million RMB) | | :--- | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | Own funds | 0 | 17.69 | 0 | | **Total** | | **0** | **17.69** | **0** | - The company had no other significant contracts during the reporting period[132](index=132&type=chunk) [XIII. Explanation of Other Significant Matters](index=26&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[133](index=133&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=26&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) This explanation is not applicable to the company for the reporting period, indicating no significant matters concerning subsidiaries - This explanation is not applicable to the company for the reporting period[134](index=134&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Changes](index=27&type=section&id=I.%20Share%20Changes) During the reporting period, the company's restricted shares decreased by **62,500 shares**, unrestricted shares increased by **62,500 shares**, and total share capital remained unchanged Share Changes (Units: shares) | Item | Number Before Change | Proportion | Increase/Decrease in This Change (＋,－) | Number After Change | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 376,000 | 0.04% | -62,500 | 313,500 | 0.03% | | II. Unrestricted Shares | 946,263,012 | 99.96% | 62,500 | 946,325,512 | 99.97% | | III. Total Shares | 946,639,012 | 100.00% | 0 | 946,639,012 | 100.00% | - The decrease in restricted shares was due to the partial unlocking of shares after a director's resignation and completion of the lock-up period[138](index=138&type=chunk) - The company has completed its share repurchase plan, cumulatively repurchasing **39,484,931 shares**, accounting for **4.17%** of the total share capital, with a total payment of approximately **199.65 million RMB**[138](index=138&type=chunk) Restricted Share Changes (Units: shares) | Shareholder Name | Restricted Shares at Period Beginning | Unlocked Shares in Current Period | Increased Restricted Shares in Current Period | Restricted Shares at Period End | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Lv Yaomei | 250,000 | 62,500 | 0 | 187,500 | Director's lock-up period expired after resignation | | Zhang Guohua | 116,850 | 0 | 0 | 116,850 | Senior management lock-up shares | | Wang Qijun | 2,250 | 0 | 0 | 2,250 | Senior management lock-up shares | | Zhou Wenguo | 6,900 | 0 | 0 | 6,900 | Senior management lock-up shares | | **Total** | **376,000** | **62,500** | **0** | **313,500** | | [II. Securities Issuance and Listing](index=28&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance and listing activities during the reporting period - The company had no securities issuance and listing activities during the reporting period[142](index=142&type=chunk) [III. Company Shareholder Numbers and Shareholding Status](index=28&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding%20Status) At the end of the reporting period, the company had **45,465** common shareholders, with Gaomi Huarong Industrial Development Co., Ltd. as the largest shareholder - At the end of the reporting period, the total number of common shareholders was **45,465**[143](index=143&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period End (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gaomi Huarong Industrial Development Co., Ltd. | State-owned Legal Person | 17.96% | 170,000,000 | 170,000,000 | Pledged 85,000,000, Frozen 476,236,818 | | Gaomi Anxin Investment Management Co., Ltd. | Domestic Non-state-owned Legal Person | 7.70% | 72,902,954 | 72,902,954 | 0 | | Sun Rigui | Domestic Natural Person | 6.36% | 60,221,217 | 60,221,217 | Pledged 25,880,000 | | Sun Xiaohui | Domestic Natural Person | 3.17% | 30,000,055 | 30,000,055 | 0 | | Beijing Yian Capital Management Co., Ltd. - Yian Difeng No. 8 Private Securities Investment Fund | Other | 2.04% | 19,300,000 | 19,300,000 | 0 | - Gaomi Anxin Investment Management Co., Ltd. and Beijing Yian Capital Management Co., Ltd. - Yian Difeng No. 8 Private Securities Investment Fund have a concerted action relationship; Sun Rigui and Sun Xiaohui are father and daughter[143](index=143&type=chunk) - At the end of the reporting period, the company's special securities account for share repurchases held **39,484,931 shares**[143](index=143&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=29&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[145](index=145&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=29&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder and actual controller remained unchanged during the reporting period[146](index=146&type=chunk) [VI. Preferred Shares Related Information](index=29&type=section&id=VI.%20Preferred%20Shares%20Related%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[147](index=147&type=chunk) Section VII Bond Related Information [Not Applicable](index=30&type=section&id=Not%20Applicable) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[149](index=149&type=chunk) Section VIII Financial Report [I. Audit Report](index=31&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[151](index=151&type=chunk) [II. Financial Statements](index=31&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet Summary (Period End vs. Period Beginning) | Item | Period End Balance (RMB) | Period Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 7,616,430,670.77 | 7,703,523,315.77 | | Total Liabilities | 3,073,200,526.49 | 3,259,678,666.58 | | Total Equity Attributable to Parent Company Owners | 4,520,399,000.91 | 4,444,168,298.61 | Consolidated Income Statement Summary (Current Period vs. Prior Period) | Item | 2025 Half-Year (RMB) | 2024 Half-Year (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 2,587,398,531.93 | 2,668,337,962.80 | | Operating Profit | 340,869,677.73 | 281,743,803.39 | | Net Profit | 240,499,086.01 | 213,129,205.97 | | Net Profit Attributable to Parent Company Shareholders | 245,721,113.58 | 221,532,844.55 | | Basic Earnings Per Share (RMB/share) | 0.26 | 0.27 | | Diluted Earnings Per Share (RMB/share) | 0.26 | 0.24 | Consolidated Cash Flow Statement Summary (Current Period vs. Prior Period) | Item | 2025 Half-Year (RMB) | 2024 Half-Year (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 447,023,285.69 | 150,031,056.55 | | Net Cash Flow from Investing Activities | -36,970,789.39 | -77,453,605.77 | | Net Cash Flow from Financing Activities | -405,073,145.28 | -436,650,830.52 | | Net Increase in Cash and Cash Equivalents | 4,979,351.02 | -364,073,379.74 | [III. Company Profile](index=41&type=section&id=III.%20Company%20Profile) Furi Group Co., Ltd., a listed company in Shandong, China, primarily engages in home textiles, chemicals, thermal power, and water businesses - Furi Group Co., Ltd. (stock code: 002083) primarily operates in home textiles, chemicals, thermal power, and water businesses[176](index=176&type=chunk) - As of June 30, 2025, the company's controlling shareholder is Gaomi Huarong Industrial Development Co., Ltd., with the ultimate controlling party being Gaomi State-owned Assets Operation Center[176](index=176&type=chunk) [IV. Basis of Financial Statement Preparation](index=41&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, using the accrual basis and historical cost measurement, with a minimum 12-month going concern ability - The company's financial statements are prepared on a going concern basis, using the accrual basis and historical cost measurement, and in specific circumstances, replacement cost, net realizable value, present value, and fair value[177](index=177&type=chunk) - The company possesses the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting this ability[178](index=178&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=41&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's adherence to accounting standards, accounting periods, and key policies for financial instruments, inventory, fixed assets, revenue, and government grants - The company's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant regulations, accurately and completely reflecting its financial position[181](index=181&type=chunk) - The company applies the expected credit loss model for financial asset impairment, measures inventory at the lower of cost and net realizable value, and depreciates/amortizes fixed and intangible assets using the straight-line method over their useful lives[205](index=205&type=chunk)[221](index=221&type=chunk)[280](index=280&type=chunk) - The company recognizes revenue when customers obtain control of goods and capitalizes and amortizes contract costs[256](index=256&type=chunk)[260](index=260&type=chunk) - In applying accounting policies, the company made significant accounting judgments and estimates for items such as leases, financial instrument impairment, inventory write-downs, fair value, long-term asset impairment, goodwill impairment, depreciation and amortization, development expenditures, deferred income tax assets, and income tax[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk)[279](index=279&type=chunk)[280](index=280&type=chunk) [VI. Taxes](index=63&type=section&id=VI.%20Taxes) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 15%, 25% | | Property Tax | Original value of property or rental income | 1.2% or 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Shandong Gaomi Gaoyuan Chemical Co., Ltd., Shandong Furi Motor Technology Co., Ltd., and Shandong Furi Xuanwei New Material Technology Co., Ltd., as high-tech enterprises, enjoy a **15%** preferential corporate income tax rate[284](index=284&type=chunk) - The Group can apply for a **13%** VAT refund for exported towel products[284](index=284&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=64&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, covering assets, liabilities, equity, revenue, costs, expenses, and profits Cash and Bank Balances Composition (Period End Balance) | Item | Period End Balance (RMB) | | :--- | :--- | | Cash on Hand | 190,763.73 | | Bank Deposits | 287,973,776.37 | | Other Cash and Bank Balances | 718,470,590.48 | | **Total** | **1,006,635,130.58** | - At the end of the reporting period, the book balance of accounts receivable was **829 million RMB**, with a bad debt provision of **4.01 million RMB**[301](index=301&type=chunk) - At the end of the reporting period, the book value of inventory was **1.01 billion RMB**, with an inventory impairment provision of **5.71 million RMB**[332](index=332&type=chunk) - At the end of the reporting period, the book value of fixed assets was **3.16 billion RMB**, and intangible assets was **689 million RMB**[343](index=343&type=chunk)[359](index=359&type=chunk) - At the end of the reporting period, total assets with restricted ownership or use rights amounted to **1.91 billion RMB**, primarily cash and bank balances, fixed assets, and intangible assets restricted due to margins and loan collateral[383](index=383&type=chunk) - During the reporting period, financial expenses decreased by **53.98%** year-on-year, mainly due to reduced interest expenses from convertible bond conversion to shares[78](index=78&type=chunk) [VIII. Research and Development Expenses](index=92&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was **18.71 million RMB**, primarily expensed R&D, with capitalizable R&D remaining unchanged R&D Expenditure | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 6,759,158.64 | 5,227,291.97 | | Direct Materials | 8,770,431.19 | 12,961,433.80 | | Other | 3,181,033.48 | 3,188,067.92 | | **Total** | **18,710,623.31** | **21,376,793.69** | | Of which: Expensed R&D Expenditure | 18,710,623.31 | 20,451,127.42 | | Capitalized R&D Expenditure | 0.00 | 925,666.27 | - R&D projects eligible for capitalization include high-temperature surface application thermal insulation coating materials and self-healing long-lasting anti-corrosion coating materials for marine engineering, with a period-end balance totaling **3.02 million RMB**[482](index=482&type=chunk) [IX. Business Combinations and Scope of Consolidated Financial Statements](index=92&type=section&id=IX.%20Business%20Combinations%20and%20Scope%20of%20Consolidated%20Financial%20Statements) This section primarily explains changes in the scope of consolidation during the reporting period, including the deregistration of a subsidiary and increased equity in another - In June 2025, Shandong Xiaohu Maternal and Child Trade Co., Ltd. completed liquidation and deregistration[484](index=484&type=chunk) - In April 2025, the company's shareholding in Shandong Furi New Energy Material Co., Ltd. increased from **51%** to **100%**[484](index=484&type=chunk) [X. Interests in Other Entities](index=93&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including full ownership, controlling stakes, and increased equity - The company owns multiple wholly-owned subsidiaries, including Gaomi Mengyuan Home Furnishing Co., Ltd., Furi Group Pingdu Home Textile Co., Ltd., and Shanghai Furi Home Textile Technology Co., Ltd[486](index=486&type=chunk) - The company's shareholding in Shandong Furi New Energy Material Co., Ltd. increased from **51%** to **100%**, resulting in a **28.56 million RMB** decrease in minority interests[484](index=484&type=chunk)[495](index=495&type=chunk) Minority Interests in Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Profit/Loss Attributable to Minority Shareholders in Current Period (RMB) | Dividends Declared to Minority Shareholders in Current Period (RMB) | Minority Interests Balance at Period End (RMB) | | :--- | :--- | :--- | :--- | :--- | | Shandong Gaomi Gaoyuan Chemical Co., Ltd. | 1.00% | 75,196.34 | 500,000.00 | 2,501,788.42 | | Gaomi Shuangshan Home Textile Co., Ltd. | 40.00% | -10,725.80 | 0.00 | 113,593.73 | | Shandong Furi Xuanwei New Material Technology Co., Ltd. | 49.00% | -5,286,498.11 | 0.00 | 23,815,202.11 | - The company's significant associates include Gaomi Yulong Furi Home Textile Co., Ltd. (40% stake), Gaomi Xincheng Thermal Power Co., Ltd. (49% indirect stake), and Jiangsu Weiteli Motor Co., Ltd. (24.97% indirect stake), all accounted for using the equity method[496](index=496&type=chunk) [XI. Government Grants](index=96&type=section&id=XI.%20Government%20Grants) This section discloses the government grants received by the company during the reporting period, including asset-related deferred income and current period income Deferred Income Involving Government Grants (Period End Balance) | Item | Period Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Included in Other Income in Current Period (RMB) | Period End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Government Grants | 20,992,378.40 | 2,000,000.00 | 1,634,457.43 | 21,357,920.97 | Asset-related | | High-tech Enterprise VAT Input Tax Deduction | 0.00 | 665,728.98 | 574,745.75 | 90,983.23 | | | **Total** | **20,992,378.40** | **2,665,728.98** | **2,209,203.18** | **21,448,904.20** | | Government Grants Included in Current Profit and Loss | Accounting Account | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Individual Income Tax Handling Fee Refund | 129,604.19 | 90,561.90 | | Job Stabilization Subsidy | 48,347.03 | 21,723.60 | | Other | 27,686.47 | 0.00 | | **Total** | **205,637.69** | **882,525.94** | [XII. Risks Related to Financial Instruments](index=97&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company's financial instruments, including cash, receivables, and borrowings, expose it to market, credit, and liquidity risks, which are managed through various strategies - The company's main financial instruments include cash and bank balances, notes receivable, accounts receivable, financing receivables, other receivables, short-term borrowings, notes payable, accounts payable, and other payables[504](index=504&type=chunk) - The company faces exchange rate risk (primarily related to the USD, hedged with foreign currency forward contracts), interest rate risk (bank borrowings and interest-bearing debt), and other price risks (equity instrument investments)[505](index=505&type=chunk)[507](index=507&type=chunk) - The company faces credit risk, mainly from financial assets, managed by depositing liquid funds in highly-rated banks, transacting with reputable third parties, and assessing expected credit losses[508](index=508&type=chunk) - The company manages liquidity risk by maintaining sufficient cash and cash equivalents and monitoring bank borrowing utilization[509](index=509&type=chunk) [XIII. Disclosure of Fair Value](index=98&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, primarily including trading financial assets and financing receivables Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 0.00 | 11,380,002.00 | 0.00 | 11,380,002.00 | | (II) Financing Receivables | 0.00 | 0.00 | 20,186,213.62 | 20,186,213.62 | | (IV) Other Non-current Financial Assets | 0.00 | 0.00 | 63,609,808.34 | 63,609,808.34 | | **Total Assets Continuously Measured at Fair Value** | **0.00** | **11,380,002.00** | **83,796,021.96** | **95,176,023.96** | - Continuous Level 2 fair value measurement items are wealth management products purchased by the company, with fair value determined by the market value provided by the counterparty[512](index=512&type=chunk) - Continuous Level 3 fair value measurement for other equity instrument investments and other non-current financial assets represents the company's holdings of unlisted equity investments, valued using the discounted future free cash flow method[513](index=513&type=chunk) [XIV. Related Parties and Related Party Transactions](index=99&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's parent company, subsidiaries, joint ventures, and associates, as well as related party transactions during the reporting period - The company's parent company is Gaomi Huarong Industrial Development Co., Ltd., and the ultimate controlling party is Gaomi State-owned Assets Operation Center[514](index=514&type=chunk) Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (Current Period Amount) | Related Party | Related Transaction Content | Purchase of Goods/Acceptance of Services (RMB) | Sale of Goods/Provision of Services (RMB) | | :--- | :--- | :--- | :--- | | Shandong Hengci Motor Co., Ltd. | Hardware accessories, repair fees, rental fees, motors, etc. | 9,199,956.79 | 144,178.01 | | Gaomi Yulong Furi Home Textile Co., Ltd. | Processing services, rental fees, electricity, steam, towel products, etc. | 2,819,512.11 | 82,868.83 | | Gaomi Jindun Security Service Co., Ltd. | Security services | 1,318,386.16 | 0.00 | | Gaomi Xincheng Thermal Power Co., Ltd. | Heat, electricity, water, steam, rental, etc. | 4,243,265.81 | 13,691.43 | | Gaomi Fengcheng Pipeline Construction Investment Co., Ltd. | Heat, water | 0.00 | 68,188,276.86 | - The company, as guarantor, provided guarantees for Shandong Hengci Motor Co., Ltd.; the company, as guaranteed party, received guarantees from Gaomi Anxin Investment Management Co., Ltd., Gaomi State-owned Assets Management Co., Ltd., and other related parties[524](index=524&type=chunk)[525](index=525&type=chunk) - Key management personnel compensation for the current period amounted to **1.68 million RMB**[531](index=531&type=chunk) - Related party accounts receivable primarily include **164 million RMB** from Gaomi Fengcheng Pipeline Construction Investment Co., Ltd.; related party accounts payable primarily include **2.17 million RMB** to Gaomi Furun Industrial and Trade Co., Ltd. and **1.85 million RMB** to Shandong Hengci Motor Co., Ltd[533](index=533&type=chunk)[535](index=535&type=chunk) [XVIII. Other Significant Matters](index=102&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses the company's segment information, categorizing operating segments by home textiles, thermal power, chemicals, motors, coating materials, and others - The company divides its operating segments into home textiles, thermal power, chemicals, motors, coating materials, and other segments[536](index=536&type=chunk) Financial Information of Reporting Segments (Current Period Amount) | Item | Home Textile Segment (RMB) | Thermal Power Segment (RMB) | Chemical Segment (RMB) | Motor Segment (RMB) | Coating Materials Segment (RMB) | Other Segments (RMB) | Inter-segment Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,154,175,776.74 | 463,140,968.16 | 152,117,536.87 | 89,342,999.24 | 98,866,071.34 | 163,201,351.72 | -533,446,172.14 | 2,587,398,531.93 | | Operating Cost | 1,730,533,502.78 | 376,356,831.94 | 131,123,585.89 | 79,853,092.14 | 89,554,781.73 | 153,320,993.93 | -526,474,502.08 | 2,034,268,286.33 | | Total Profit | 328,047,647.16 | 60,507,310.42 | 10,819,866.42 | 6,066,679.65 | 12,021,335.63 | 1,395,530.12 | -58,727,918.19 | 333,296,719.71 | | Total Assets | 7,769,028,531.37 | 1,380,896,907.04 | 346,908,701.38 | 263,564,118.58 | 395,760,990.60 | 1,549,510,554.65 | -4,070,295,121.10 | 7,635,374,682.52 | [XIX. Notes to Parent Company Financial Statement Major Items](index=103&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section provides detailed notes for the parent company's major financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, operating costs, and investment income - The parent company's accounts receivable balance at period-end was **414 million RMB**, with a bad debt provision of **538,300 RMB**[543](index=543&type=chunk) - The parent company's other receivables balance at period-end was **2.38 billion RMB**, with inter-company related party balances accounting for **99.69%**[557](index=557&type=chunk) Parent Company Operating Revenue and Operating Costs (Current Period vs. Prior Period) | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,784,765,817.21 | 1,392,414,439.54 | 1,878,329,505.16 | 1,498,665,770.56 | | Other Businesses | 165,924,487.57 | 158,914,213.81 | 166,248,192.35 | 159,798,487.47 | | **Total** | **1,950,690,304.78** | **1,551,328,653.35** | **2,044,577,697.51** | **1,658,464,258.03** | - The parent company's investment income for the current period was **51.35 million RMB**, primarily from long-term equity investments accounted for using the cost method[573](index=573&type=chunk) [XX. Supplementary Information](index=108&type=section&id=XX.%20Supplementary%20Information) This section provides a detailed statement of non-recurring gains and losses, net asset return, earnings per share, and clarifies no differences under domestic and overseas accounting standards Current Period Non-recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -8,480,995.00 | | Government Grants Included in Current Profit and Loss | 1,708,304.46 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities (Excluding Effective Hedges Related to Normal Business) | -755,795.51 | | Other Non-operating Income and Expenses Apart from the Above | 904,120.69 | | Less: Income Tax Impact | -2,024,132.15 | | **Total** | **-4,600,233.21** | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 5.40% | 0.26 | 0.26 | | Net Profit Attributable to Common Shareholders of the Company (Excluding Non-recurring Gains/Losses) | 5.50% | 0.26 | 0.26 | - The company has no differences in net profit and net assets disclosed simultaneously under international or overseas accounting standards and Chinese accounting standards[577](index=577&type=chunk) Section IX Other Submitted Data [I. Other Significant Social Security Issues](index=109&type=section&id=I.%20Other%20Significant%20Social%20Security%20Issues) The company and its subsidiaries had no other significant social security issues or administrative penalties during the reporting period - The company and its subsidiaries had no other significant social security issues during the reporting period[579](index=579&type=chunk) - The company was not subject to administrative penalties during the reporting period[579](index=579&type=chunk) [II. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=109&type=section&id=II.%20Registration%20Form%20for%20Research,%20Communication,%20Interview,%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted three research, communication, and interview activities, primarily online and via conference calls, engaging institutions and individuals - During the reporting period, the company hosted three research activities, primarily through online platforms and conference calls[579](index=579&type=chunk) - Attendees included institutions and individuals, with participation from the chairman, general manager, CFO, board secretary, and independent directors[579](index=579&type=chunk) - The main topics discussed were the company's principal businesses and new projects, covering textiles, chemicals, and new energy[579](index=579&type=chunk) [III. Fund Transactions Between Listed Company and Controlling Shareholder and Other Related Parties](index=109&type=section&id=III.%20Fund%20Transactions%20Between%20Listed%20Company%20and%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) This explanation is not applicable to the company for the reporting period, indicating no fund transactions with controlling shareholders or other related parties - This explanation is not applicable to the company for the reporting period[580](index=580&type=chunk)

每日互动股份有限公司 2025 年半年度报告 每日互动股份有限公司 2025 年半年度报告全文 I 【披露时间】 每日互动股份有限公司 2025 年半年度报告全文 聚焦数据价值萃取，专注人工智能落地 2025 年，人工智能浪潮持续高涨，以不可阻挡之态势重塑全球产业格局。在此过程中，机遇与挑 战并存，公司聚焦数据智能赛道，坚定不移地加大在人工智能领域的投入，将原来的 DI（数据智能） 业务拓展至 GAI（人工智能）业务，以期在激烈的市场竞争中占据先机。在报告期内，公司主营业务 稳步发展，人工智能相关新业务一季度完成产品开发，二季度完成天使客户落地，下半年将进入落地放 量阶段；与此同时，公司积极构建开放合作的生态体系，与合作伙伴携手共同探索人工智能赋能的全新 路径，以人工智能作为技术驱动力，促进数据价值的最大化释放，从而推动实体经济和数字经济的深度 融合。 聚焦数据价值萃取，让数好用把数用好 公司深耕数据智能行业多年，构建了"数据积累-数据治理-数据应用"的业务闭环，实现"让数好 用，把数用好"，让数据可被用、易被用，让用数的效果好、结果好。报告期内，面临外部市场环境 压力，公司依然保持各项业务的稳步推进，展现了 ...

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