山东鲁阳节能材料股份有限公司 2025 年半年度报告全文 山东鲁阳节能材料股份有限公司 2025 年半年度报告 2025-037 二〇二五年八月 1 山东鲁阳节能材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人崔子娆、主管会计工作负责人 Brian Eldon Walker 及会计机构负责人(会计 主管人员)方梓如声明：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。 1、公司在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"章节描述了公 司经营中存在的主要困难和风险，敬请投资者注意投资风险。2、本报告中公司涉及对未 来计划的陈述在实际运营中存在变动风险，不构成对投资者的实质承诺。3、《证券时报》 《中国证券报》《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn）为本公司指定 信息披露媒体，本公司所发布信息均以上述媒体刊登为准。 公司计划不派 ...

茂名石化实华股份有限公司 2025 年半年度报告全文 茂名石化实华股份有限公司 2025 年半年度报告 【2025 年 8 月 30 日】 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 | | 2 | 1.2 | | --- | --- | --- | | | | > | 1 茂名石化实华股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人龙起龙、主管会计工作负责人陈海容及会计机构负责人(会计 主管人员)苏茂红声明：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。 公司化工主业由于受政策性因素、安全环保、市场周期及下游需求影响， 企业效益存在一定不确定性，敬请广大投资者注意风险。相关阐述请关注第 三节管理层讨论与分析。 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | ...

众信旅游集团股份有限公司 2025 年半年度报告 众信旅游集团股份有限公司 2025 年半年度报告全文 股票简称：众信旅游 股票代码：002707 公告编号：2025-035 2025 年 8 月 1 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。 公司负责人冯滨、主管会计工作负责人吕菊蓉及会计机构负责人（会计 主管人员）李永力声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划、业绩预测等方面的内容，均不构成本公司 对投资者的实质承诺，敬请广大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"之"十、公司面临的风险和应对 措施"，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者关注 相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 众信旅游集团股份有限公司 2025 年半年度报告全文 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | ...

[Glossary](index=4&type=section&id=Part%20I%20Glossary) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, covering company, regulatory bodies, related parties, and railway operation terminology, providing a foundation for understanding the report's content - The report defines "Company," "This Company," and "Beijing-Shanghai High-speed Railway" as Beijing-Shanghai High-speed Railway Co., Ltd[14](index=14&type=chunk) - The "reporting period" refers to January 1 to June 30, 2025[14](index=14&type=chunk) - "Undertaking" specifically refers to a railway transport enterprise obtaining passenger ticket revenue and bearing the operating costs of train services[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, registration, disclosure channels, stock information, and key financial performance metrics [Company Basic Information](index=5&type=section&id=I.%20Company%20Information) This section discloses the basic registration information of Beijing-Shanghai High-speed Railway Co., Ltd., including its Chinese name, abbreviation, foreign name, and legal representative Liu Hongrun - The company's Chinese name is Beijing-Shanghai High-speed Railway Co., Ltd., abbreviated as Beijing-Shanghai High-speed Railway[17](index=17&type=chunk) - The company's legal representative is Liu Hongrun[17](index=17&type=chunk) [Contact Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary, Zhao Fei, including address, phone, fax, and email, facilitating communication for investors and relevant parties - The Board Secretary's name is Zhao Fei, contact number is 010-51896399, and email is crjhgt@vip.163.com[18](index=18&type=chunk) [Registered and Office Address](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both located on the third and fourth floors of Building 1, Courtyard 5, Beifengwo Road, Haidian District, Beijing, with no historical changes during the reporting period - The company's registered and office addresses are both on the third and fourth floors of Building 1, Courtyard 5, Beifengwo Road, Haidian District, Beijing[19](index=19&type=chunk) - There have been no historical changes to the company's registered address[19](index=19&type=chunk) [Information Disclosure Channels](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Placement%20Locations) The company designates "China Securities Journal," "Shanghai Securities News," "Securities Times," and "Securities Daily" as information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's Board of Directors Office - The company's selected information disclosure newspapers include "China Securities Journal," "Shanghai Securities News," "Securities Times," and "Securities Daily"[20](index=20&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[20](index=20&type=chunk) [Stock Information](index=5&type=section&id=V.%20Company%20Stock%20Overview) The company's A-shares are listed and traded on the Shanghai Stock Exchange, with the stock abbreviation "Beijing-Shanghai High-speed Railway" and stock code 601816, with no prior stock abbreviation changes - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[21](index=21&type=chunk) - The stock abbreviation is Beijing-Shanghai High-speed Railway, and the stock code is 601816[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue slightly increased, total profit marginally rose, but net profit attributable to shareholders and non-recurring net profit slightly decreased, mainly due to tax adjustments for safety production special reserves. Total assets and net assets remained stable, with a slight decrease in net cash flow from operating activities [Key Accounting Data](index=5&type=section&id=%28I%29%20Key%20Accounting%20Data) From January to June 2025, the company's operating revenue increased by 0.72% year-over-year, total profit increased by 0.63%, but net profit attributable to shareholders decreased by 0.64%, and net cash flow from operating activities decreased by 0.52% Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Period-over-period change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 21,013,144,304.39 | 20,862,476,427.20 | 0.72% | | Total Profit | 8,501,928,740.85 | 8,448,817,767.48 | 0.63% | | Net Profit Attributable to Shareholders of the Listed Company | 6,316,143,838.25 | 6,356,858,543.01 | -0.64% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 6,316,127,607.93 | 6,352,943,169.84 | -0.58% | | Net Cash Flow from Operating Activities | 10,268,776,715.97 | 10,322,863,644.79 | -0.52% | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 202,258,423,232.71 | 202,403,433,271.18 | -0.07% | | Total Assets (Period-end) | 289,857,501,017.62 | 284,662,650,232.54 | 1.82% | - The increase in total profit and decrease in net profit for this period were mainly due to a higher tax adjustment for accrued but unspent safety production special reserves compared to the prior period[25](index=25&type=chunk) [Key Financial Indicators](index=6&type=section&id=%28II%29%20Key%20Financial%20Indicators) In the first half of 2025, the company's basic and diluted earnings per share both slightly decreased, and the weighted average return on net assets also marginally declined Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-over-period change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.1289 | 0.1295 | -0.46% | | Diluted Earnings Per Share (CNY/share) | 0.1289 | 0.1295 | -0.46% | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (CNY/share) | 0.1289 | 0.1294 | -0.39% | | Weighted Average Return on Net Assets (%) | 3.09 | 3.21 | decreased by 0.12 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 3.09 | 3.20 | decreased by 0.11 percentage points | [Non-recurring Gains and Losses](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for this reporting period amounted to **CNY 16,230.32**, primarily comprising other non-operating income and expenses, and other items defined as non-recurring gains and losses Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Other non-operating income and expenses apart from the above | -594,973.58 | | Other items defined as non-recurring gains and losses | 588,755.99 | | Less: Income tax impact | 51,078.88 | | Impact on minority interests (after tax) | -73,526.79 | | **Total** | **16,230.32** | [Management Discussion and Analysis](index=8&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business operations, financial performance, core competencies, and key risks during the reporting period [Industry and Main Business Overview](index=8&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) During the reporting period, the railway sector maintained steady progress, ensuring stable transport safety, achieving record-high passenger and freight volumes, and the company's main business did not add significant non-core operations - The overall railway operations showed a positive trend of steady progress, with passenger and freight transport achieving the best performance for the same period in history[31](index=31&type=chunk) - The company did not add any significant non-core businesses during the reporting period[31](index=31&type=chunk) [Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company achieved good operational results, with Beijing-Shanghai High-speed Railway's mainline trains transporting 1.2% more passengers year-over-year, and Jingfu Anhui Company achieving its first semi-annual profit, focusing on safety, passenger transport, R&D, governance, and shareholder returns - Beijing-Shanghai High-speed Railway's mainline trains transported **24.996 million passengers**, a **1.2% increase** compared to the prior year period[32](index=32&type=chunk) - Jingfu Anhui Company's managed lines completed **20.407 million train-kilometers**, a **7.5% increase** year-over-year, achieving its first semi-annual profit[32](index=32&type=chunk) [Transport Safety Assurance](index=8&type=section&id=1.%20Full%20Efforts%20to%20Ensure%20Safe%20and%20Stable%20Transport) The company strictly fulfills its safety management responsibilities, strengthens maintenance and safety investments for key equipment and facilities, and conducts activities like "Safety Production Month" and fire safety inspections to ensure continuous and stable transport safety - Strictly fulfilling the company's safety management responsibilities, strengthening maintenance and operational assurance for key equipment and facilities, and specifically increasing safety investments[33](index=33&type=chunk) - Actively carrying out "Safety Production Month" and fire safety inspections, and intensifying efforts to improve the external environment[33](index=33&type=chunk) [Passenger Revenue Growth Strategies](index=8&type=section&id=2.%20Vigorously%20Promoting%20Passenger%20Transport%20Growth%20and%20Revenue%20Increase) The company enhances passenger service and attractiveness by optimizing train schedules, piloting flexible ticket pricing, launching permanent fast-entry halls at Beijing South Station, high-speed rail pet consignment, and on-board coffee services, alongside "Happy Journey on Beijing-Shanghai" themed marketing campaigns - Strengthening cooperation with entrusted entities, optimizing train operation plans, and actively piloting flexible ticket pricing policies for specific sections[33](index=33&type=chunk) - Promoting the implementation of new measures such as permanent fast-entry halls at Beijing South Station, high-speed rail pet consignment, and on-board coffee services[33](index=33&type=chunk) - Deepening the "Happy Journey on Beijing-Shanghai" special initiative and collaborating with local governments along the route to launch preferential travel marketing measures[33](index=33&type=chunk) [R&D Innovation Progress](index=8&type=section&id=3.%20Continuously%20Deepening%20Scientific%20Research%20and%20Innovation) The company focuses on new quality productive forces in railways, deeply advancing the Beijing-Shanghai High-speed Railway intelligent upgrade project, completing implementation plans and five-year programs, formulating annual R&D project plans, and actively participating in exhibitions to showcase its technological leadership - Deeply advancing the Beijing-Shanghai High-speed Railway intelligent upgrade project, completing the implementation plan and five-year program development[34](index=34&type=chunk) - Formulating and implementing annual R&D project plans, fully leveraging the important role of technological innovation in the company's high-quality development[34](index=34&type=chunk) [Corporate Governance Optimization](index=8&type=section&id=4.%20Continuously%20Standardizing%20Corporate%20Governance) The company strictly implements its Articles of Association, convenes board, supervisory board, and shareholder meetings on time, signs new entrusted transport management contracts, actively addresses investor concerns, and is advancing amendments to the Articles of Association to abolish the supervisory board to improve corporate governance - Convening board, supervisory board, and shareholder meetings on time, and fulfilling decision-making procedures in accordance with laws and regulations[34](index=34&type=chunk) - Signing a new round of entrusted transport management and passenger station commercial asset entrusted operation contracts with three entrusted railway bureau group companies[34](index=34&type=chunk) - Actively promoting the revision of the "Articles of Association" to abolish the supervisory board, with plans to submit it to the general meeting of shareholders in the second half of the year[34](index=34&type=chunk) [Enhancing Shareholder Returns](index=8&type=section&id=5.%20Continuously%20Enhancing%20Shareholder%20Returns) The company actively fulfills its responsibility to reward investors, using **CNY 1 billion** of its own funds for share repurchases and cancellations, effectively increasing earnings per share; and distributed **CNY 5.783 billion** in cash dividends on July 15, 2025, setting a new high since its listing - Utilizing **CNY 1 billion** of its own funds for the first share repurchase by a state-owned railway enterprise, cumulatively repurchasing **180 million shares** which have all been cancelled, effectively boosting earnings per share and shareholder returns[35](index=35&type=chunk) - Distributed **CNY 5.783 billion** in cash dividends to all shareholders on July 15, 2025, with the annual dividend amount reaching a new high since listing[35](index=35&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competitiveness is reflected in five major advantages: geographical location, network, technology, safety, and brand, which collectively support its leading position and sustainable development in the transportation sector - The company's competitive advantages are primarily reflected in its managed lines' strengths within the transportation sector, specifically including geographical, network, technological, safety, and brand advantages[38](index=38&type=chunk) [Geographical Advantage](index=9&type=section&id=%28I%29%20Geographical%20Advantage) The Beijing-Shanghai High-speed Railway traverses the Beijing-Tianjin-Hebei and Yangtze River Delta economic zones, connecting China's most developed and densely populated cities, while Jingfu Anhui Company's lines are also within the Yangtze River Delta integrated demonstration zone, ensuring a strong passenger flow base - The Beijing-Shanghai High-speed Railway traverses three municipalities directly under the central government (Beijing, Tianjin, Shanghai) and four provinces (Hebei, Shandong, Anhui, Jiangsu), connecting the "Beijing-Tianjin-Hebei" and "Yangtze River Delta" economic zones[38](index=38&type=chunk) - Jingfu Anhui Company's managed lines serve as crucial transportation support for the Yangtze River Delta integrated demonstration zone, possessing a strong passenger flow base[38](index=38&type=chunk) [Network Advantage](index=9&type=section&id=%28II%29%20Network%20Advantage) The Beijing-Shanghai High-speed Railway is a key component of the "Eight Verticals and Eight Horizontals" high-speed rail network, connecting with multiple high-speed lines to form an extensive transport network. Jingfu Anhui Company's managed lines share unified technical standards with the Beijing-Shanghai High-speed Railway, enhancing utilization and passenger density through network synergy, making the company the domestic high-speed rail network operator with the largest asset scale and longest operating mileage - The Beijing-Shanghai High-speed Railway is one of the "Eight Verticals and Eight Horizontals" high-speed railway main channels, capable of providing fast and convenient high-speed rail transport services to passengers[38](index=38&type=chunk) - Jingfu Anhui Company's managed lines share unified technical standards with the Beijing-Shanghai High-speed Railway, and relying on network synergy, can effectively alleviate the current saturation of transport capacity on the Xuzhou-Bengbu section of the Beijing-Shanghai High-speed Railway, improving the overall utilization rate of the Beijing-Shanghai High-speed Railway[38](index=38&type=chunk) [Technological Advantage](index=9&type=section&id=%28III%29%20Technological%20Advantage) The Beijing-Shanghai High-speed Railway is the world's longest high-speed railway built in a single phase with the highest technical standards, designed for a target speed of **350 km/h**, with all technical indicators reaching international first-class levels. Jingfu Anhui Company's managed lines also align with Beijing-Shanghai High-speed Railway's technical standards, facilitating unified operation and management - The Beijing-Shanghai High-speed Railway is the world's longest high-speed railway built in a single phase with the highest technical standards, designed for a target speed of **350 km/h**[39](index=39&type=chunk) - The Beijing-Shanghai High-speed Railway is the culmination of China's high-speed rail technological innovation achievements, with all technical indicators reaching international first-class levels[39](index=39&type=chunk) [Safety Advantage](index=9&type=section&id=%28IV%29%20Safety%20Advantage) The company's technological advantage lays the foundation for safe transport, and it adopts an entrusted transport management model, leveraging the entrusted party's mature experience and talent pool, while also building a comprehensive disaster prevention and safety monitoring system to fully ensure railway transport safety - The technological advantage of the Beijing-Shanghai High-speed Railway has laid a solid foundation for the company's safe transport[39](index=39&type=chunk) - Adopting an entrusted transport management model, effectively utilizing the entrusted party's mature and systematic transport experience and rich talent pool[39](index=39&type=chunk) - The company and entrusted entities have formulated targeted emergency plans and built a comprehensive disaster prevention and safety monitoring system[39](index=39&type=chunk) [Brand Advantage](index=9&type=section&id=%28V%29%20Brand%20Advantage) Since its opening, the Beijing-Shanghai High-speed Railway, with its "safe, fast, convenient, and comfortable" operational quality, has greatly met the public's travel needs, establishing a strong brand image and market recognition - The Beijing-Shanghai High-speed Railway has earned high praise from domestic and international communities for its "safe, fast, convenient, and comfortable" operational quality[40](index=40&type=chunk) - The company has established a strong brand image and market recognition[40](index=40&type=chunk) [Key Operating Performance](index=9&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue and costs both saw slight increases, financial expenses significantly decreased, and net cash flow from financing activities substantially increased. Regarding assets, cash and cash equivalents, accounts receivable, and other payables at period-end significantly rose, and subsidiary Jingfu Anhui Company achieved its first semi-annual profit [Financial Analysis of Main Business](index=9&type=section&id=%28I%29%20Main%20Business%20Analysis) The company's operating revenue increased by 0.72% year-over-year, operating costs rose by 2.34%, administrative and R&D expenses remained largely stable, while financial expenses significantly decreased by **18.04%** due to reduced interest expenditures. Net cash flow from financing activities surged by **84.85%** Analysis of Financial Statement Item Changes (H1 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 21,013,144,304.39 | 20,862,476,427.20 | 0.72% | | Operating Cost | 11,233,965,909.08 | 10,976,628,128.20 | 2.34% | | Administrative Expenses | 400,488,871.63 | 396,593,132.87 | 0.98% | | Financial Expenses | 763,422,117.24 | 931,463,254.80 | -18.04% | | Research and Development Expenses | 2,090,997.86 | 2,798,237.45 | -25.27% | | Net Cash Flow from Operating Activities | 10,268,776,715.97 | 10,322,863,644.79 | -0.52% | | Net Cash Flow from Investing Activities | -451,974,659.60 | -486,182,734.10 | 7.04% | | Net Cash Flow from Financing Activities | -2,484,349,888.85 | -16,394,494,088.86 | 84.85% | - The change in net cash flow from financing activities was primarily due to a decrease in net bank borrowings and repayments compared to the prior year period, and unpaid dividends for the current period[43](index=43&type=chunk) [Asset and Liability Analysis](index=10&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) Cash and cash equivalents at period-end increased by **71.95%** from the end of the previous year, mainly due to reduced maturing borrowings and temporarily unpaid dividends; accounts receivable rose by **33.97%** due to increased operating revenue in June; other payables increased by **157.69%**, primarily because dividends accrued in the current period had not yet been paid Changes in Assets and Liabilities (H1 2025) | Item Name | Current Period End Amount (CNY) | Prior Period End Amount (CNY) | Period-end Amount Change from Prior Period End (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 17,523,463,700.22 | 10,191,011,532.70 | 71.95% | | Accounts Receivable | 1,592,919,703.35 | 1,189,033,608.82 | 33.97% | | Other Receivables | 623,863,515.64 | 448,672,445.18 | 39.05% | | Taxes Payable | 1,616,292,696.39 | 1,140,581,203.17 | 41.71% | | Other Payables | 9,046,224,422.81 | 3,510,462,690.22 | 157.69% | - The increase in cash and cash equivalents was mainly due to a decrease in maturing borrowings and temporarily unpaid 2024 dividends, leading to reduced net cash outflow from financing activities[44](index=44&type=chunk) - The increase in other payables was primarily due to dividends accrued in the current period that had not yet been paid[46](index=46&type=chunk) [Major Holding and Participating Companies](index=12&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Subsidiary Jingfu Railway Passenger Dedicated Line Anhui Co., Ltd. (Jingfu Anhui Company) achieved a net profit of **CNY 8.079 million** in the first half of 2025, marking its first semi-annual profitability Jingfu Anhui Company Financial Data for H1 2025 | Indicator | Amount (CNY) | | :--- | :--- | | Registered Capital | 78,662,000,000.00 | | Total Assets | 114,721,512,830.04 | | Net Assets | 65,450,745,205.14 | | Operating Revenue | 2,999,457,058.79 | | Operating Profit | 7,655,401.44 | | Net Profit | 8,079,012.71 | - Jingfu Anhui Company achieved its first semi-annual profit[32](index=32&type=chunk) [Risk Factors](index=13&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces various risks, including macroeconomic fluctuations, competition from other transport modes, rising energy prices, increasing financial expenses, railway transport accidents, and major natural disasters and public health events, all of which could adversely affect its performance and operations - Macroeconomic fluctuations may affect business activities and passenger travel demand, consequently impacting railway passenger transport[52](index=52&type=chunk) - Competition from other transport modes (road, air) may lead to structural changes in passenger travel choices, negatively impacting the company's business operations[52](index=52&type=chunk) - Significant increases in electricity prices could lead to a decline in the company's gross profit margin and operating performance[53](index=53&type=chunk) - A large scale of debt financing and rising comprehensive annual interest rates on borrowings could lead to increased financial expenses, negatively impacting net profit levels[53](index=53&type=chunk) - Railway transport accidents, major natural disasters, significant public health and safety events, and adverse weather conditions could lead to reduced revenue and increased maintenance costs[53](index=53&type=chunk)[54](index=54&type=chunk) [Corporate Governance, Environment, and Society](index=13&type=section&id=Part%20IV%20Corporate%20Governance%20and%20Social%20Responsibility) This section details changes in the company's directors, supervisors, and senior management, outlines the profit distribution plan, and highlights efforts in rural revitalization and social responsibility [Changes in Directors, Supervisors, and Senior Management](index=13&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were changes in the company's board of directors, with Ms. Li Chongqi elected as a director of the fifth board of directors, and former director Mr. Ding Jianqi stepping down - Ms. Li Chongqi was elected as a director of the company's fifth board of directors[58](index=58&type=chunk) - Mr. Ding Jianqi no longer serves as a company director[58](index=58&type=chunk) [Profit Distribution Plan](index=14&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) Pursuant to the board resolution, the company proposes to distribute a cash dividend of **CNY 0.385** (tax inclusive) per 10 shares to A-share shareholders, based on the total share capital as of June 30, 2025, totaling **CNY 1.884 billion** in cash dividends 2025 Semi-Annual Profit Distribution Plan | Item | Content | | :--- | :--- | | Is distribution or conversion | Yes | | Dividend per 10 shares (CNY) (tax inclusive) | 0.385 | | Total cash dividends distributed | 1,883,638,655.74 CNY | [Rural Revitalization Efforts](index=14&type=section&id=V.%20Specifics%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively responds to national calls, planning to invest **CNY 1 million** in Mian County, Shaanxi Province, for rural education facility upgrades and cultural, organizational revitalization, and talent training projects, contributing to consolidating poverty alleviation achievements and rural revitalization - The company plans to invest **CNY 1 million** to implement rural education facility upgrade projects and cultural, organizational revitalization, and talent training projects[60](index=60&type=chunk) - This project aims to effectively connect the consolidation of poverty alleviation achievements with rural revitalization, fostering joint efforts between railway and local authorities to promote revitalization[60](index=60&type=chunk) [Significant Matters](index=15&type=section&id=Part%20V%20Significant%20Matters) This section covers the fulfillment of commitments, significant litigation and arbitration cases, and major related party transactions, highlighting key events impacting the company [Fulfillment of Commitments](index=15&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, the company's actual controllers, shareholders, and related parties continuously fulfilled commitments regarding avoiding horizontal competition, standardizing related party transactions, resolving land title defects, and intentions for shareholding and reduction, ensuring the company's standardized operations and investor interests - China Railway Investment Group, China State Railway Group, Ping An Asset Management, National Social Security Fund, and other committed parties strictly fulfilled their respective commitments during or continuously throughout the reporting period[63](index=63&type=chunk) [Commitment to Avoid Horizontal Competition](index=15&type=section&id=1.%20Explanation%20of%20Commitment%20to%20Avoid%20Horizontal%20Competition) China Railway Investment Group commits not to directly or indirectly engage in businesses competing with the company's main operations and to prioritize offering new business opportunities to the company. China State Railway Group pledges to strengthen internal coordination to ensure the company's healthy development and prevent harm to investor interests - China Railway Investment Group commits not to directly or indirectly participate in any business or activity that directly or indirectly competes with the issuer's main business in any manner[64](index=64&type=chunk) - China State Railway Group commits to strengthening internal coordination and control management to ensure the issuer's healthy and sustainable development, preventing any situations that would harm the interests of the issuer and its public investors[67](index=67&type=chunk) [Commitment to Standardize Related Party Transactions](index=16&type=section&id=2.%20Explanation%20of%20Commitment%20to%20Standardize%20Related%20Party%20Transactions) China Railway Investment Group and China State Railway Group commit to minimizing unnecessary related party transactions, and for unavoidable transactions, they will ensure fair, reasonable, and normal commercial terms, strictly adhering to relevant laws, regulations, and decision-making procedures - China Railway Investment Group and China State Railway Group commit to minimizing and reducing unnecessary related party transactions with the issuer, both currently and in the future[68](index=68&type=chunk)[69](index=69&type=chunk) - For unavoidable related party transactions, they will ensure transactions are conducted under fair, reasonable, and normal commercial terms, strictly adhering to relevant national laws, regulations, and the company's articles of association[68](index=68&type=chunk)[69](index=69&type=chunk) [Land Title Commitment](index=16&type=section&id=3.%20Explanation%20of%20Commitment%20Regarding%20Houses%20and%20Land%20Without%20Title%20Certificates) China Railway Investment Group and China State Railway Group commit to actively urging and making best efforts to assist the company in obtaining title certificates for houses and land without them, and to bear any economic losses incurred by the company due to title disputes or inability to use such assets - China Railway Investment Group and China State Railway Group commit to actively urging and making best efforts to assist the issuer in obtaining title certificates for houses and land without them[70](index=70&type=chunk) - Should the issuer suffer economic losses as a result, the company will provide full compensation[70](index=70&type=chunk) [Shareholding and Share Reduction Commitment](index=17&type=section&id=4.%20Commitment%20Regarding%20Shareholding%20and%20Intention%20to%20Reduce%20Shares) China Railway Investment Group, Ping An Asset Management, and the National Social Security Fund commit that after the lock-up period expires, they will decide whether to reduce their holdings based on securities market conditions, company operating performance, and other factors, while adhering to laws, regulations, and information disclosure requirements - China Railway Investment Group, Ping An Asset Management, and the National Social Security Fund commit that after the lock-up period expires, they will decide whether to reduce their holdings under legal and compliant premises, considering the overall securities market conditions, the issuer's operating performance, and stock trends[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - If a reduction is decided, the company will be notified in writing in advance and will promptly make an announcement, adhering to relevant laws, regulations, and stock exchange rules[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Significant Litigation and Arbitration](index=18&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) The company is involved in an arbitration case concerning a service contract dispute with Max Bögl Construction Co., Ltd., where the arbitration tribunal ruled that the company and China Railway Design Corporation jointly pay **CNY 234.88 million** in contract price, interest, arbitration fees, translation fees, and legal fees. The company has applied to the Beijing Fourth Intermediate People's Court to revoke the arbitration award and has submitted an application to suspend the enforcement of the arbitration award - The company is involved in a service contract dispute arbitration case with Max Bögl Construction Co., Ltd[83](index=83&type=chunk) - The arbitration tribunal ruled that the company and the second respondent jointly pay **CNY 234,883,160.25** in contract price, interest, arbitration fees, translation fees, and legal fees[83](index=83&type=chunk) - The Beijing First Intermediate People's Court previously ruled to freeze **CNY 278,560,441.24** in the company's Industrial and Commercial Bank of China account, and the frozen funds have now been unfrozen[83](index=83&type=chunk) - The company has submitted an "Application for Suspension of Enforcement of Arbitration Award" to the Beijing First Intermediate People's Court, requesting a ruling to suspend the enforcement procedure of the arbitration award[85](index=85&type=chunk) [Significant Related Party Transactions](index=20&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company signed a "Financial Services Agreement" with China Railway Finance Co., Ltd., stipulating that the finance company will handle deposit, settlement, and loan services for the company and its subsidiaries, with the maximum daily deposit balance and comprehensive credit facility balance not exceeding **CNY 3 billion** each - The company signed a "Financial Services Agreement" with China Railway Finance Co., Ltd[89](index=89&type=chunk) - During the agreement's validity, the company's maximum daily deposit balance with the finance company shall not exceed **CNY 3 billion**[89](index=89&type=chunk) - The daily balance of loans, discounts, and other comprehensive credit facilities with the finance company shall not exceed **CNY 3 billion**[89](index=89&type=chunk) [Share Changes and Shareholder Information](index=23&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, including share repurchases and cancellations, and provides an overview of the total number of shareholders and the top ten shareholders' holdings [Share Capital Changes](index=23&type=section&id=I.%20Share%20Capital%20Changes) On June 3, 2025, the company completed the cancellation of **180,805,241 repurchased shares**, resulting in a change in total share capital from **49,106,484,611 shares** to **48,925,679,370 shares** Share Capital Change Status | Indicator | Quantity Before Change (shares) | Increase/Decrease in This Change (+, -) (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | Unrestricted Tradable Shares | 49,106,484,611 | -180,805,241 | 48,925,679,370 | | Total Shares | 49,106,484,611 | -180,805,241 | 48,925,679,370 | - The company completed the cancellation procedures for **180,805,241 repurchased shares** on June 3, 2025[97](index=97&type=chunk) - Following this cancellation, the company's total share capital changed from **49,106,484,611 shares** to **48,925,679,370 shares**[97](index=97&type=chunk) [Total Shareholders and Top Ten Shareholders' Holdings](index=24&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **166,726 common shareholders**. China Railway Investment Group Co., Ltd. was the largest shareholder, holding **43.55%** of the shares - As of the end of the reporting period, the total number of common shareholders was **166,726**[98](index=98&type=chunk) Top Ten Shareholders' Holdings (As of Period End) | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | China Railway Investment Group Co., Ltd. | 21,306,477,996 | 43.55 | State-owned Legal Person | | National Social Security Fund Council | 3,062,225,309 | 6.26 | State-owned Legal Person | | Jiangsu Provincial Railway Group Co., Ltd. | 2,344,607,848 | 4.79 | State-owned Legal Person | | Shanghai Jiushi Railway Investment Construction Co., Ltd. | 2,245,670,345 | 4.59 | State-owned Legal Person | | Nanjing Railway Construction Investment Co., Ltd. | 2,150,717,782 | 4.40 | State-owned Legal Person | | China Ping An Life Insurance Co., Ltd. - Traditional - High Interest Rate Policy Products | 1,929,201,945 | 3.94 | Domestic Non-state-owned Legal Person | | Tianjin Railway Construction Investment Holding (Group) Co., Ltd. | 1,887,671,850 | 3.86 | State-owned Legal Person | | Shandong Railway Investment Holding Group Co., Ltd. | 1,853,048,658 | 3.79 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 1,731,526,207 | 3.54 | Overseas Legal Person | | China Pacific Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products | 1,224,890,124 | 2.50 | State-owned Legal Person | [Bond-Related Information](index=27&type=section&id=Part%20VII%20Bond-Related%20Information) This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds and Debt Financing Instruments](index=27&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments that were issued but not yet due, or due but not fully redeemed - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[108](index=108&type=chunk) [Convertible Corporate Bonds](index=27&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds during the reporting period[108](index=108&type=chunk) [Financial Report](index=27&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and significant financial items [Audit Report](index=27&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[7](index=7&type=chunk) [Financial Statements](index=27&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=27&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **CNY 289.86 billion**, an increase of **1.82%** from the end of the previous year; total liabilities were **CNY 64.74 billion**, and total owners' equity was **CNY 225.12 billion** Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 17,523,463,700.22 | 10,191,011,532.70 | | Accounts Receivable | 1,592,919,703.35 | 1,189,033,608.82 | | Other Receivables | 623,863,515.64 | 448,672,445.18 | | Fixed Assets | 212,037,241,557.53 | 214,423,491,175.94 | | Intangible Assets | 57,265,246,713.82 | 57,625,955,304.04 | | Total Assets | 289,857,501,017.62 | 284,662,650,232.54 | | Accounts Payable | 1,081,442,655.14 | 1,069,256,085.04 | | Other Payables | 9,046,224,422.81 | 3,510,462,690.22 | | Long-term Borrowings | 49,341,815,213.88 | 50,613,974,435.20 | | Total Liabilities | 64,740,995,408.73 | 59,414,300,151.59 | | Paid-in Capital (or Share Capital) | 48,925,679,370.00 | 49,106,484,611.00 | | Total Equity Attributable to Parent Company Owners | 202,258,423,232.71 | 202,403,433,271.18 | | Total Owners' Equity | 225,116,505,608.89 | 225,248,350,080.95 | [Parent Company Balance Sheet](index=30&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **CNY 223.00 billion**, an increase of **2.80%** from the end of the previous year; total liabilities were **CNY 15.77 billion**, and total owners' equity was **CNY 207.23 billion** Parent Company Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 17,318,002,962.98 | 9,979,565,034.54 | | Accounts Receivable | 1,405,753,490.24 | 1,067,060,747.87 | | Other Receivables | 618,104,235.00 | 459,825,657.95 | | Long-term Equity Investments | 47,566,437,900.91 | 47,566,437,900.91 | | Fixed Assets | 116,258,686,354.57 | 117,682,748,186.43 | | Intangible Assets | 39,022,845,683.88 | 39,380,562,222.24 | | Total Assets | 223,003,790,170.32 | 216,918,304,652.14 | | Accounts Payable | 928,778,314.66 | 907,056,211.62 | | Other Payables | 6,995,810,871.58 | 1,387,147,417.96 | | Long-term Borrowings | 5,088,901,485.20 | 5,088,901,485.20 | | Total Liabilities | 15,771,591,865.66 | 9,516,564,221.33 | | Paid-in Capital (or Share Capital) | 48,925,679,370.00 | 49,106,484,611.00 | | Total Owners' Equity | 207,232,198,304.66 | 207,401,740,430.81 | [Consolidated Income Statement](index=32&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **CNY 21.01 billion**, an increase of **0.72%** year-over-year; net profit attributable to parent company shareholders was **CNY 6.32 billion**, a decrease of **0.64%** year-over-year Consolidated Income Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 21,013,144,304.39 | 20,862,476,427.20 | | Total Operating Cost | 12,511,209,345.95 | 12,418,878,443.49 | | Total Profit | 8,501,928,740.85 | 8,448,817,767.48 | | Net Profit | 6,318,965,360.73 | 6,305,154,620.30 | | Net Profit Attributable to Parent Company Shareholders | 6,316,143,838.25 | 6,356,858,543.01 | | Basic Earnings Per Share (CNY/share) | 0.1289 | 0.1295 | [Parent Company Income Statement](index=34&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was **CNY 18.01 billion**, an increase of **0.60%** year-over-year; net profit was **CNY 6.31 billion**, a decrease of **2.20%** year-over-year Parent Company Income Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 18,013,718,744.67 | 17,905,912,390.53 | | Operating Cost | 8,932,835,643.51 | 8,681,883,158.01 | | Total Profit | 8,494,491,493.60 | 8,597,515,501.22 | | Net Profit | 6,310,886,348.02 | 6,453,201,163.27 | [Consolidated Cash Flow Statement](index=36&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **CNY 10.27 billion**, a slight decrease of **0.52%** year-over-year. Net cash flow from financing activities was **-CNY 2.48 billion**, a significant decrease from the prior year period, mainly due to reduced net bank borrowings and repayments, and unpaid dividends for the current period Consolidated Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 10,268,776,715.97 | 10,322,863,644.79 | | Net Cash Flow from Investing Activities | -451,974,659.60 | -486,182,734.10 | | Net Cash Flow from Financing Activities | -2,484,349,888.85 | -16,394,494,088.86 | | Net Increase in Cash and Cash Equivalents | 7,332,452,167.52 | -6,557,813,178.17 | | Cash and Cash Equivalents at Period End | 17,523,463,700.22 | 6,345,345,234.32 | - The change in net cash flow from financing activities was primarily due to a decrease in net bank borrowings and repayments compared to the prior year period, and unpaid dividends for the current period[43](index=43&type=chunk) [Parent Company Cash Flow Statement](index=37&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was **CNY 8.71 billion**, an increase of **5.12%** year-over-year. Net cash flow from financing activities was **-CNY 962.02 million**, a significant decrease from the prior year period, mainly due to reduced debt repayments and dividend payments Parent Company Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 8,708,546,219.96 | 8,284,002,644.21 | | Net Cash Flow from Investing Activities | -408,088,708.08 | -418,922,846.23 | | Net Cash Flow from Financing Activities | -962,019,583.44 | -14,908,906,261.29 | | Net Increase in Cash and Cash Equivalents | 7,338,437,928.44 | -7,043,826,463.31 | | Cash and Cash Equivalents at Period End | 17,318,002,962.98 | 5,597,358,014.93 | - The significant decrease in net cash flow from financing activities was mainly due to reduced cash paid for debt repayment and cash paid for dividend distribution, profit, or interest payments compared to the prior year period[142](index=142&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=40&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the company's consolidated total owners' equity decreased by **CNY 131.84 million**, primarily influenced by share repurchases and cancellations, and profit distribution (cash dividends of **CNY 5.783 billion**) Consolidated Statement of Changes in Owners' Equity Key Data (H1 2025) | Item | Beginning Balance (CNY) | Current Period Change Amount (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 49,106,484,611.00 | -180,805,241.00 | 48,925,679,370.00 | | Capital Reserve | 122,596,155,858.47 | -819,640,192.00 | 121,776,515,666.47 | | Less: Treasury Stock | 44,458,082.21 | -44,458,082.21 | 0 | | Special Reserve | 332,886,563.88 | 277,848,775.60 | 610,735,339.48 | | Retained Earnings | 22,520,251,471.83 | 533,128,536.72 | 23,053,380,008.55 | | Total Equity Attributable to Parent Company Owners | 202,403,433,271.18 | -145,010,038.47 | 202,258,423,232.71 | | Total Owners' Equity | 225,248,350,080.95 | -131,844,472.06 | 225,116,505,608.89 | - The change in the current period was mainly influenced by share repurchases and cancellations, and profit distribution (cash dividends of **CNY 5.783 billion**)[147](index=147&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=44&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the parent company's total owners' equity decreased by **CNY 169.54 million**, primarily influenced by share repurchases and cancellations, and profit distribution (cash dividends of **CNY 5.783 billion**) Parent Company Statement of Changes in Owners' Equity Key Data (H1 2025) | Item | Beginning Balance (CNY) | Current Period Change Amount (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 49,106,484,611.00 | -180,805,241.00 | 48,925,679,370.00 | | Capital Reserve | 117,933,163,158.63 | -819,640,192.00 | 117,113,522,966.63 | | Less: Treasury Stock | 44,458,082.21 | -44,458,082.21 | 0 | | Special Reserve | 329,771,289.89 | 258,574,178.15 | 588,345,468.04 | | Retained Earnings | 32,184,666,605.29 | 527,871,046.49 | 32,712,537,651.78 | | Total Owners' Equity | 207,401,740,430.81 | -169,542,126.15 | 207,232,198,304.66 | - The change in the current period was mainly influenced by share repurchases and cancellations, and profit distribution (cash dividends of **CNY 5.783 billion**)[156](index=156&type=chunk) [Company Overview](index=47&type=section&id=III.%20Company%20Basic%20Information) Beijing-Shanghai High-speed Railway Co., Ltd. was established on January 9, 2008, jointly funded by eleven shareholders, with its registered capital undergoing multiple changes and currently standing at **CNY 48.93 billion**. The company operates in the railway transport industry, with a business scope covering Beijing-Shanghai High-speed Railway construction, passenger transport services, and related consulting services - Beijing-Shanghai High-speed Railway Co., Ltd. was initiated and established on January 9, 2008, jointly funded by eleven shareholders[161](index=161&type=chunk) - The company's registered capital has undergone multiple changes, with the latest change to **48,925,679,370.00 shares**[164](index=164&type=chunk) - The company belongs to the railway transport industry, with a business scope including Beijing-Shanghai High-speed Railway construction, passenger transport services, and consulting services[164](index=164&type=chunk)[165](index=165&type=chunk) [Basis of Financial Statement Preparation](index=47&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and within twelve months from the end of the reporting period, the company's production and operations are stable, it possesses the ability to continue as a going concern, and there are no significant adverse risks affecting its going concern ability - The company's financial statements are prepared on a going concern basis[165](index=165&type=chunk) - Within twelve months from the end of the reporting period, the company's production and operations are stable, it possesses the ability to continue as a going concern, and there are no significant adverse risks affecting its going concern ability[168](index=168&type=chunk) [Significant Accounting Policies and Estimates](index=48&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including compliance with enterprise accounting standards, accounting period, functional currency, materiality, business combinations, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, contract liabilities, employee benefits, provisions, revenue, government grants, deferred income tax assets/liabilities, and leases, ensuring the truthfulness and completeness of financial reporting - The company's financial statements comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and other information[169](index=169&type=chunk) - In terms of financial instrument recognition and measurement, the company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on business models and contractual cash flow characteristics[185](index=185&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the relevant goods or services, at the amount of consideration expected to be received, primarily including railway transport services (passenger transport service revenue and network service revenue) and revenue from the transfer of asset use rights[236](index=236&type=chunk) - Depreciation of fixed assets is calculated using the straight-line method, with detailed depreciation periods, salvage rates, and annual depreciation rates for various assets such as lines, houses, and buildings[213](index=213&type=chunk)[217](index=217&type=chunk)[219](index=219&type=chunk) [Taxation](index=63&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including Value-Added Tax (**9%, 6%, 5%**), Urban Maintenance and Construction Tax (**7%**), Education Surcharge (**3%**), Local Education Surcharge (**2%**), and Enterprise Income Tax (**25%**). As a railway transport enterprise, the company implements consolidated taxation and enjoys temporary exemptions from property tax and urban land use tax Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on output tax as stipulated by tax law, with the difference after deducting deductible input tax for the current period being the VAT payable | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Actual VAT paid | 7% | | Education Surcharge | Actual VAT paid | 3% | | Local Education Surcharge | Actual VAT paid | 2% | | Enterprise Income Tax | Taxable income | 25% | - The railway transport services provided by the company are subject to Value-Added Tax at a rate of **9%** and are subject to consolidated taxation[250](index=250&type=chunk) - The company's self-used properties and land are temporarily exempt from property tax and urban land use tax[252](index=252&type=chunk) [Notes to Consolidated Financial Statements](index=64&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the ending balances, beginning balances, and changes for each item in the consolidated financial statements, including cash and cash equivalents, accounts receivable, other receivables, fixed assets, intangible assets, construction in progress, long-term borrowings, accounts payable, other payables, share capital, capital reserve, and retained earnings, with explanations for significant changes Consolidated Financial Statement Key Item Ending Balances (As of June 30, 2025) | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 17,523,463,700.22 | 10,191,011,532.70 | | Accounts Receivable | 1,592,919,703.35 | 1,189,033,608.82 | | Other Receivables | 623,863,515.64 | 448,672,445.18 | | Fixed Assets | 212,037,241,557.53 | 214,423,491,175.94 | | Construction in Progress | 385,631,374.23 | 214,975,873.36 | | Intangible Assets | 57,265,246,713.82 | 57,625,955,304.04 | | Accounts Payable | 1,081,442,655.14 | 1,069,256,085.04 | | Other Payables | 9,046,224,422.81 | 3,510,462,690.22 | | Non-current Liabilities Due Within 1 Year | 2,579,836,914.97 | 2,030,365,169.10 | | Long-term Borrowings | 49,341,815,213.88 | 50,613,974,435.20 | | Share Capital | 48,925,679,370.00 | 49,106,484,611.00 | | Capital Reserve | 121,776,515,666.47 | 122,596,155,858.47 | | Retained Earnings | 23,053,380,008.55 | 22,520,251,471.83 | - Cash and cash equivalents increased by **71.95%** from the end of the previous year, mainly due to a decrease in maturing borrowings and temporarily unpaid 2024 dividends, leading to reduced net cash outflow from financing activities[44](index=44&type=chunk) - Other payables at period-end increased by **157.69%** from the end of the previous year, primarily because dividends accrued in the current period had not yet been paid[46](index=46&type=chunk) [Research and Development Expenses](index=105&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's R&D expenses were entirely expensed outsourced R&D costs, totaling **CNY 2.09 million** for the current period, a decrease from the prior period R&D Expense Status (H1 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Outsourced R&D Expenses | 2,090,997.86 | 2,798,237.45 | | Total | 2,090,997.86 | 2,798,237.45 | | Of which: Expensed R&D Expenses | 2,090,997.86 | 2,798,237.45 | | Capitalized R&D Expenses | 0 | 0 | [Changes in Consolidation Scope](index=106&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in its consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had no changes in its consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[439](index=439&type=chunk) [Equity in Other Entities](index=106&type=section&id=X.%20Equity%20in%20Other%20Entities) This section discloses the company's equity in its subsidiary Jingfu Anhui Company, including shareholding percentage and key financial information. Jingfu Anhui Company achieved a net profit of **CNY 8.079 million** for the current period, marking its first semi-annual profitability Jingfu Anhui Company Equity Status | Subsidiary Name | Minority Shareholding Percentage (%) | Current Period Profit Attributable to Minority Shareholders (CNY) | Minority Interest Balance at Period End (CNY) | | :--- | :--- | :--- | :--- | | Jingfu Anhui Company | 34.9241 | 2,821,522.48 | 22,858,082,376.18 | Jingfu Anhui Company Key Financial Information (H1 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Revenue | 2,999,457,058.79 | 2,956,583,900.00 | | Net Profit | 8,079,012.71 | -148,046,500.00 | | Total Comprehensive Income | 8,079,012.71 | -148,046,500.00 | | Cash Flow from Operating Activities | 1,560,230,500.00 | 2,038,861,000.00 | - Jingfu Anhui Company achieved a net profit of **CNY 8.079 million** for the current period, marking its first semi-annual profitability[447](index=447&type=chunk) [Government Grants](index=109&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant-related liability items, primarily for high-speed railway infrastructure project research and high-speed train and Beijing-Shanghai High-speed Railway system integration and application demonstration verification research, with a total ending balance of **CNY 4.51 million**, all related to income Government Grant Liability Items (As of June 30, 2025) | Financial Statement Item | Beginning Balance (CNY) | Current Period New Grant Amount (CNY) | Ending Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | High-speed Railway Infrastructure Project Research | 720,000.00 | 165,000.00 | 885,000.00 | Income Related | | High-speed Train and Beijing-Shanghai High-speed Railway System Integration and Application Demonstration Verification Project Research | 2,934,510.92 | 690,000.00 | 3,624,510.92 | Income Related | | Total | 3,654,510.92 | 855,000.00 | 4,509,510.92 | / | [Financial Instrument Risks](index=110&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (primarily interest rate risk), which it effectively manages through transactions with reputable third parties, continuous monitoring of accounts receivable, maintaining sufficient cash flow, and entering into borrowing agreements - The company faces credit risk, primarily stemming from counterparty default, which is managed by transacting with approved, reputable third parties and continuously monitoring accounts receivable balances[454](index=454&type=chunk) - The company faces liquidity risk, which is managed by maintaining and monitoring cash and cash equivalents deemed sufficient by management to meet operational needs[455](index=455&type=chunk) - The company faces market risk, primarily interest rate risk, which is mitigated by entering into borrowing agreements with banks, China State Railway Group, and other entities to obtain loans[456](index=456&type=chunk) [Fair Value Disclosure](index=111&type=section&id=XIII.%20Fair%20Value%20Disclosure) During the reporting period, the company had no assets or liabilities measured at fair value, nor were there any transfers between fair value measurement levels or changes in valuation techniques - During the reporting period, the company had no assets or liabilities measured at fair value[457](index=457&type=chunk) - During the reporting period, the company experienced no transfers between fair value measurement levels or changes in valuation techniques[457](index=457&type=chunk)[458](index=458&type=chunk) [Related Parties and Related Party Transactions](index=112&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, ultimate controlling party, subsidiaries, and other related parties, as well as related party transactions during the reporting period, including purchases/sales of goods/services, related party leases, and related party fund borrowings, ensuring transaction transparency and compliance - The company's parent company is China Railway Investment Group Co., Ltd., with a shareholding percentage of **43.55%**[460](index=460&type=chunk) - The ultimate controlling party of this enterprise is China State Railway Group Co., Ltd[460](index=460&type=chunk) - The company has related party transactions for purchases/sales of goods/services with China Railway Beijing Group Co., Ltd., China Railway Shanghai Group Co., Ltd., and other related parties, including entrusted transport management fees, engineering payments, high-speed rail transport capacity assurance, and EMU usage fees[467](index=467&type=chunk)[469](index=469&type=chunk) - The company has multiple related party fund borrowings with China State Railway Group Co., Ltd. in the form of centralized borrowing and repayment and railway bonds[483](index=483&type=chunk) [Share-based Payment](index=125&type=section&id=XV.%20Share-based%20Payment) During the reporting period, the company had no share-based payment transactions - The company had no share-based payment transactions during the reporting period[493](index=493&type=chunk) [Commitments and Contingencies](index=125&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company is involved in a service contract dispute arbitration case with Max Bögl Construction Co., Ltd., where the arbitration tribunal ruled that the company pay **CNY 234.88 million** plus interest. The company has applied to the Beijing Fourth Intermediate People's Court to revoke the arbitration award and has submitted an application to suspend its enforcement - The company is involved in a service contract dispute arbitration case with Max Bögl Construction Co., Ltd[494](index=494&type=chunk) - The arbitration tribunal ruled that the company and the second respondent jointly pay the applicant **CNY 234,883,160.25** in contract price, interest, arbitration fees, translation fees, and legal fees[500](index=500&type=chunk) - The company has applied to the Beijing Fourth Intermediate People's Court to revoke the arbitration award and has submitted an "Application for Suspension of Enforcement of Arbitration Award"[500](index=500&type=chunk)[502](index=502&type=chunk) [Events After the Balance Sheet Date](index=127&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) This section discloses the semi-annual profit distribution plan approved by the board resolution, proposing to distribute **CNY 1.884 billion** in profit or dividends - The company plans to distribute **CNY 1,883,638,655.74** in profit or dividends[504](index=504&type=chunk) - This profit distribution plan was approved by the resolution of the Ninth Meeting of the Fifth Board of Directors on August 29, 2025[8](index=8&type=chunk) [Other Significant Matters](index=127&type=section&id=XVIII.%20Other%20Significant%20Matters) During the reporting period, the company had no other significant transactions or matters affecting investor decisions, such as prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinu

雅戈尔时尚股份有限公司 2025 年半年度报告 公司代码：600177 公司简称：雅戈尔 雅戈尔时尚股份有限公司 2025 年半年度报告 1 / 216 雅戈尔时尚股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李如成、主管会计工作负责人朱吉及会计机构负责人（会计主管人员）梁玲声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司于2025年8月28日召开第十一届董事会第十九次会议，审议通过了《关于2025年第一季度 利润分配的议案》，同意以2025年第一季度权益分派实施公告确定的股权登记日的总股本为基数， 每股派发现金红利0.08元（含税）；截至审议本次利润分配方案的董事会召开日，公司总股本为 4,623,441,902股，以此为基数计算，共派发现金红利369,875,352.16元（含税）。本季度不送红股， ...

中国船舶工业股份有限公司2025 年半年度报告 公司代码：600150 公司简称：中国船舶 中国船舶工业股份有限公司 2025 年半年度报告 1 / 208 中国船舶工业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 一、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 张健德 | 公务原因 | 陶涛 | | 董事 | 韩东望 | 公务原因 | 施卫东 | | 董事 | 陈刚 | 公务原因 | 施卫东 | 二、 本半年度报告未经审计。 三、 公司负责人胡贤甫、主管会计工作负责人王洁及会计机构负责人（会计主管人员）郎文声明： 保证半年度报告中财务报告的真实、准确、完整。 四、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 五、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投 ...

安徽省交通规划设计研究总院股份有限公司 2025 年半年度报告 安徽省交通规划设计研究总院股份有限公司2025 年半年度报告 公司代码：603357 公司简称：设计总院 1 / 175 安徽省交通规划设计研究总院股份有限公司2025 年半年度报告 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人苏新国、主管会计工作负责人陈素洁及会计机构负责人（会计主管人员）舒明 先声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以实施权益分派时股权登记日的总股本为基数分配利润，拟向全体股东每10股派发现金股 利人民币0.70元（含税）。截至2025年半年度报告披露日，公司总股本560,577,909股，以此计算 合计拟派发现金股利人民币39,240,453.63元（含税），占2025年半年度合并报表归属于上市公司 股东净利润的22.16%。 在实施权益分派 ...

闻泰科技股份有限公司2025 年半年度报告 公司代码：600745 公司简称：闻泰科技 转债代码：110081 转债简称：闻泰转债 闻泰科技股份有限公司 2025 年半年度报告 1 / 286 闻泰科技股份有限公司2025 年半年度报告 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人杨沐、主管会计工作负责人张彦茹及会计机构负责人（会计主管人员）张彦茹 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 ...

[Important Notice](index=2&type=section&id=Important%20Notice) [Overview](index=2&type=section&id=Important%20Notice-Overview) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility, noting that this report is unaudited and contains no profit distribution or capital reserve conversion plans for the reporting period, while also cautioning investors about forward-looking statements and significant risks. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - There are no profit distribution or capital reserve conversion plans for the reporting period[6](index=6&type=chunk) - The company advises investors to be aware of investment risks, with detailed descriptions of potential risks provided in "Section III Management Discussion and Analysis"[6](index=6&type=chunk)[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Overview](index=4&type=section&id=Definitions-Overview) This section defines common terms used throughout the report, including the company, its controlling shareholder, and actual controller, to ensure accurate understanding of the content. - This section provides definitions for common terms used in the report, including company names, related parties, regulatory bodies, and the definition of the reporting period[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Information](index=4&type=section&id=Company%20Information) This section presents the company's basic registration details, such as its Chinese name, abbreviation, foreign name, and legal representative, providing essential identification information for investors. Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 大晟时代文化投资股份有限公司 | | Chinese Abbreviation | 大晟文化 | | Foreign Name | DASHENG TIMES CULTURAL INVESTMENT CO.,LTD. | | Legal Representative | 崔洪山 | [II. Contact Persons and Information](index=4&type=section&id=Contact%20Persons%20and%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email, to facilitate investor communication and inquiries. Contact Persons and Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | 曾庆生 | 0755-82359089 | dswh@600892.com.cn | | Securities Affairs Representative | 张媛媛 | 0755-82359089 | dswh@600892.com.cn | [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines the current status of the company's registered address, office address, website, and email, noting that historical changes can be found in Shanghai Stock Exchange announcements and there were no changes during the reporting period. - The company's registered address is Room 2406, Luohu Business Center, No. 2028 Shennan East Road, Chengdong Community, Dongmen Street, Luohu District, Shenzhen[17](index=17&type=chunk) - The company's office address is 6th Floor, Postal Comprehensive Building, No. 28-1 Jingtian North First Street, Futian District, Shenzhen[17](index=17&type=chunk) - There were no changes in the company's basic information during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's chosen newspapers for information disclosure, the website for semi-annual report publication (www.sse.com.cn), and the company's Board of Directors Office as the document custody location, with no changes during the reporting period. - The company's designated newspapers for information disclosure include Shanghai Securities News, Securities Times, Securities Daily, and China Securities Journal[18](index=18&type=chunk) - The semi-annual report is published on www.sse.com.cn[18](index=18&type=chunk) - There were no changes in information disclosure or document custody locations during the reporting period[18](index=18&type=chunk) [V. Company Stock Profile](index=5&type=section&id=Company%20Stock%20Profile) This section provides essential information about the company's stock, including its type, listing exchange, stock abbreviation, stock code, and previous abbreviations, indicating that the company's A-shares are listed on the Shanghai Stock Exchange under stock code 600892. Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | *ST大晟 | 600892 | ST宝诚、宝诚股份、大晟文化 | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 39.11% year-on-year, but total profit, net profit attributable to listed company shareholders, and non-recurring net profit all incurred significant losses, with the loss amount expanding year-on-year; net cash flow from operating activities also showed a substantial outflow, while net assets attributable to listed company shareholders decreased by 44.14% year-on-year, and total assets increased by 16.96% year-on-year. Key Accounting Data (January-June 2025 vs. Prior Year Period) | Key Accounting Data | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 108,778,620.36 | 78,193,878.61 | 39.11 | | Total Profit | -39,313,525.98 | -13,132,758.80 | N/A | | Net Profit Attributable to Listed Company Shareholders | -33,727,417.93 | -15,554,288.64 | N/A | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -33,498,443.95 | -17,094,373.85 | N/A | | Net Cash Flow from Operating Activities | -74,411,505.58 | -18,368,447.97 | N/A | Period-End Asset and Liability Data (June 30, 2025 vs. Prior Year-End) | Indicator | Current Period-End (yuan) | Prior Year-End (yuan) | Period-End vs. Prior Year-End Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Listed Company Shareholders | 42,677,786.77 | 76,405,204.70 | -44.14 | | Total Assets | 393,357,372.27 | 336,309,774.52 | 16.96 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.06 | -0.03 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.06 | -0.03 | N/A | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.06 | -0.03 | N/A | | Weighted Average Return on Net Assets (%) | -56.65 | -11.71 | N/A | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -56.26 | -12.87 | N/A | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **-228,973.98 yuan**, primarily comprising gains and losses from disposal of non-current assets, fair value changes, and other non-operating income and expenses, which negatively impacted net profit. Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -18,450.00 | | Government grants included in current profit and loss | 11,951.04 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | -460,773.34 | | Capital occupation fees received from non-financial enterprises included in current profit and loss | 6,226.42 | | Other non-operating income and expenses apart from the above | -486,604.55 | | Other items meeting the definition of non-recurring gains and losses | 1,221,126.69 | | Less: Income tax impact | 48,411.50 | | Impact on minority interests (after tax) | 454,038.74 | | Total | -228,973.98 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company's main business encompasses online game R&D and operation, along with film/TV series and short drama production and distribution; the game business operates on an integrated R&D and operation model, generating revenue through virtual item consumption, while the film/TV business invests in and produces content for broadcasters, cinemas, and video platforms, and the short drama business employs a "dual-driven" strategy, monetizing through user payments or advertising via self-produced, externally acquired, self-operated, and distributed content; the game market saw significant growth in the first half of the year, with mobile games dominating and AI and mini-games gaining momentum, while the film/TV market exhibited a "long-form stable, short-form expanding" trend, with short dramas becoming more refined, receiving increased policy support, and AI technology increasingly applied in post-production. - The company's main business is online game research and development, operation, and film/TV series and short drama production and distribution[27](index=27&type=chunk) - The short drama business adopts a "dual-driven" strategy, utilizing self-produced, externally acquired, self-operated, and distributed content to attract users for paid unlocking or advertising monetization[28](index=28&type=chunk) - In the first half of 2025, the domestic game market achieved actual sales revenue of **168 billion yuan**, a year-on-year increase of over **14%**, with the game user base reaching nearly **679 million**, a year-on-year increase of **0.72%**, both setting new historical highs[29](index=29&type=chunk) - In the first half of 2025, the Chinese drama market showed a "long-form stable, short-form expanding" pattern, with micro-short dramas increasing to **35%** of the total, and average investment in short dramas rising to **800,000 yuan**, with production quality approaching that of long-form dramas[31](index=31&type=chunk) [(I) The Company's Main Business is Online Game R&D, Operation, and Film/TV Series and Short Drama Production and Distribution](index=7&type=section&id=The%20Company's%20Main%20Business%20is%20Online%20Game%20R%26D,%20Operation,%20and%20Film/TV%20Series%20and%20Short%20Drama%20Production%20and%20Distribution) The company's core business activities include the research, development, and operation of online games, alongside the production and distribution of film/TV series and short dramas. - The company's main business includes online game research and development, operation (PC client games, mobile games), and film/TV series and short drama production and distribution[27](index=27&type=chunk) - The short drama business acquires content through self-production and external procurement, employing both self-operated and distribution models, generating revenue from user paid unlocking or advertising views[28](index=28&type=chunk) [(II) Industry Overview](index=7&type=section&id=Industry%20Overview) The game market experienced significant growth in the first half of 2025, with mobile games maintaining dominance and mini-games emerging as a key growth driver, while the drama market saw a rise in micro-short dramas, which are becoming more refined and receiving increased policy support, with AI technology increasingly applied in post-production. - In the first half of 2025, the domestic game market achieved actual sales revenue of **168 billion yuan**, a year-on-year increase of over **14%**, with the game user base reaching nearly **679 million**, a year-on-year increase of **0.72%**, both setting new historical highs[29](index=29&type=chunk) - Mobile games continue to hold a dominant position, accounting for **74.59%** of the domestic game market's actual sales revenue; client games account for **21.07%**; the mini-game market is heating up, becoming an important driver for industry growth[29](index=29&type=chunk)[30](index=30&type=chunk) - In the first half of 2025, the Chinese drama market showed a "long-form stable, short-form expanding" pattern, with micro-short dramas increasing to **35%** of the total, and average investment in short dramas rising to **800,000 yuan**, with production quality approaching that of long-form dramas[31](index=31&type=chunk) - The National Radio and Television Administration has issued multiple regulations to promote the standardization and high-quality development of micro-short dramas, and AI technology is increasingly applied in film and television post-production visual effects[32](index=32&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company focused on its "grand cultural strategic framework to build a pan-entertainment industry platform" goal, enhancing standardized management and risk control while improving business monetization capabilities; the game business, through its subsidiary Taole Network, boosted profitability by adjusting marketing strategies and optimizing game versions, with "Xian Ling Xiao Yao" and "Shao Nian Xian Jie Chuan" revenues increasing by **125%** and **90%** respectively; in the film and television cultural business, the company established a "creation-filming-editing-distribution" content matrix in the domestic short drama market and strengthened its pipeline of quality projects, while its overseas short drama platform App (Cafe Drama) launched a test version with approximately **100,000** installations and **10,000** daily active users; concurrently, mid-to-long-form dramas such as the licensed custom drama "Fly to My Heart" and the Chinese drama "My Name is Shen Qiye" commenced filming. - The company is committed to becoming a light-asset listed company integrating "culture, digital, and technology," aligning with its "grand cultural strategic framework to build a pan-entertainment industry platform" strategic goal[32](index=32&type=chunk) - The game business's profitability improved, with revenues from "Xian Ling Xiao Yao" and "Shao Nian Xian Jie Chuan" increasing by **125%** and **90%** year-on-year, respectively[34](index=34&type=chunk) - In the domestic short drama sector, the company has established a complete "creation-filming-editing-distribution" content matrix and continues to strengthen its pipeline of high-quality projects[34](index=34&type=chunk) - The overseas independent short drama platform App (Cafe Drama) has launched its first batch of test versions, with approximately **100,000** installations and a daily average active user (DAU) count of about **10,000**[34](index=34&type=chunk) - For mid-to-long-form dramas, licensed custom drama "Fly to My Heart" and Chinese drama "My Name is Shen Qiye" have successively commenced filming[35](index=35&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from its experienced management team and talent advantages, robust R&D capabilities and stable user base in online games, and a continuously upgraded film and television production chain covering investment, production, post-production, distribution, and artist management, forming a vertically integrated advantage. - The company's core management team in the online game business possesses years of industry experience from well-known enterprises, with a mature team dynamic[36](index=36&type=chunk) - The company has accumulated strong R&D capabilities in client games, web games, and mobile games, particularly excelling in key technologies such as image compression and installation package size control[37](index=37&type=chunk) - The company boasts a large and loyal user base for turn-based and role-playing games, which are easily converted into high-quality mobile game users[37](index=37&type=chunk) - The film and television business has established a vertically integrated industry chain covering investment, custom dramas, mid-to-short drama production, post-production, short drama distribution, and artist management[37](index=37&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=10&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by **39.11%** year-on-year, primarily due to new short drama, performing arts, film and television post-production, and technical service businesses; operating costs, selling expenses, administrative expenses, and financial expenses all significantly increased, with selling expenses rising due to increased advertising for short dramas, administrative expenses due to new personnel costs and concert business expenses, and financial expenses due to increased borrowings; R&D expenses decreased by **10.61%** year-on-year; net cash flow from operating activities showed a substantial outflow, net cash flow from investing activities turned negative, and net cash flow from financing activities significantly increased; regarding assets and liabilities, inventories surged by **129.38%** due to increased film and television investments, and short-term borrowings and accounts payable also rose significantly; the company made several equity investments, established multiple subsidiaries, and held financial assets measured at fair value, but fair value changes resulted in a loss. Financial Statement Item Fluctuation Analysis (January-June 2025 vs. Prior Year Period) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 108,778,620.36 | 78,193,878.61 | 39.11 | | Operating Cost | 32,683,103.18 | 6,728,498.82 | 385.74 | | Selling Expenses | 56,533,635.05 | 38,694,452.71 | 46.10 | | Administrative Expenses | 29,750,690.63 | 18,869,753.36 | 57.66 | | Financial Expenses | 2,208,551.39 | 717,278.17 | 207.91 | | R&D Expenses | 25,714,400.58 | 28,766,072.44 | -10.61 | | Net Cash Flow from Operating Activities | -74,411,505.58 | -18,368,447.97 | N/A | | Net Cash Flow from Investing Activities | -904,569.58 | 4,479,911.98 | -120.19 | | Net Cash Flow from Financing Activities | 61,964,972.21 | -2,455,296.91 | N/A | - Operating revenue growth is primarily due to new short drama business, performing arts business, film and television post-production, and technical service revenue in the current period[38](index=38&type=chunk) - The increase in selling expenses is mainly due to increased advertising costs for the short drama business; the increase in administrative expenses is mainly due to new personnel costs, office rent, and concert business expenses; the increase in financial expenses is mainly due to increased borrowing in the current period[38](index=38&type=chunk) [(I) Main Business Analysis](index=10&type=section&id=Main%20Business%20Analysis) Operating revenue increased by **39.11%** due to new short drama, performing arts, film and television post-production, and technical service businesses, while operating costs, selling expenses, administrative expenses, and financial expenses all saw significant increases, primarily driven by the expansion of new businesses and increased borrowing, leading to a substantial outflow in net cash flow from operating activities and a significant increase in net cash flow from financing activities. - Operating revenue increased by **39.11%**, mainly due to new short drama business, performing arts business, film and television post-production, and technical service revenue in the current period[38](index=38&type=chunk) - Operating costs increased by **385.74%**, mainly due to increased costs from new short drama business, performing arts business, film and television post-production, and technical service business in the current period[39](index=39&type=chunk) - Selling expenses increased by **46.10%**, mainly due to increased advertising costs for the short drama business[39](index=39&type=chunk) - Administrative expenses increased by **57.66%**, mainly due to increased personnel costs, office rent, and concert business expenses[39](index=39&type=chunk) - Financial expenses increased by **207.91%**, mainly due to increased borrowing in the current period[39](index=39&type=chunk) - Net cash flow from operating activities showed a substantial outflow, mainly due to increased film and television investments in the current period[39](index=39&type=chunk) - Net cash flow from financing activities significantly increased, mainly due to increased borrowing in the current period[40](index=40&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Inventories at period-end increased by **129.38%** due to increased film and television investments, while short-term borrowings and other payables also saw significant increases, primarily driven by increased loans and borrowings from the controlling shareholder, with overseas assets accounting for **2.63%** of total assets. Asset and Liability Fluctuation (June 30, 2025 vs. Prior Year-End) | Item Name | Current Period-End Amount (yuan) | Current Period-End % of Total Assets | Prior Year-End Amount (yuan) | Prior Year-End % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 43,898,773.73 | 11.16 | 57,788,313.44 | 17.18 | -24.04 | | | Accounts Receivable | 34,047,189.10 | 8.66 | 22,049,698.50 | 6.56 | 54.41 | Mainly due to business expansion in the current period | | Inventories | 71,974,085.79 | 18.30 | 31,377,013.80 | 9.33 | 129.38 | Mainly due to increased film and television investments in the current period | | Short-Term Borrowings | 21,019,111.12 | 5.34 | 10,011,611.11 | 2.98 | 109.95 | Mainly due to increased loans in the current period | | Accounts Payable | 72,334,465.86 | 18.39 | 47,982,188.84 | 14.27 | 50.75 | Mainly due to increased film and television business expansion in the current period | | Other Payables | 155,770,066.79 | 39.60 | 94,204,315.77 | 28.01 | 65.35 | Mainly due to increased borrowings from the controlling shareholder in the current period | - Inventories at period-end increased by **129.38%**, primarily due to increased film and television investments in the current period[41](index=41&type=chunk) - Short-term borrowings at period-end increased by **109.95%**, primarily due to increased loans in the current period[41](index=41&type=chunk) - Other payables at period-end increased by **65.35%**, primarily due to increased borrowings from the controlling shareholder in the current period[42](index=42&type=chunk) - Overseas assets amounted to **10,348,433.72 yuan**, accounting for **2.63%** of total assets[43](index=43&type=chunk) [(IV) Analysis of Investment Status](index=12&type=section&id=Analysis%20of%20Investment%20Status) The company made several new equity investments during the period, totaling **17.7 million yuan**, by establishing multiple subsidiaries, and held equity investments measured at fair value, which resulted in a negative fair value change loss of **460,741.81 yuan**. Significant Equity Investment Information | Investee Company Name | Main Business | Investment Method | Investment Amount (yuan) | Shareholding Ratio | Impact on Current Period Profit/Loss (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Wanhe Ruisheng Culture Media Co., Ltd. | Film/TV series, short drama production | New establishment | 3,500,000.00 | 70% | -1,466,835.49 | | Guangzhou Yimeng Culture Media Co., Ltd. | Short drama production, distribution | New establishment | 1,000,000.00 | 100% | -510,605.89 | | Beijing Liuliang Qidian Media Technology Co., Ltd. | Other technology promotion services | New establishment | 1,200,000.00 | 60% | 0.00 | | Yixin Shuzhi Technology (Hebei) Co., Ltd. | Digital technology | New establishment | 12,000,000.00 | 60% | 996,440.97 | | Total | / | / | 17,700,000.00 | / | -981,000.41 | - The company made several new equity investments in the current period, including the establishment of Beijing Wanhe Ruisheng Culture Media Co., Ltd., Guangzhou Yimeng Culture Media Co., Ltd., Beijing Liuliang Qidian Media Technology Co., Ltd., and Yixin Shuzhi Technology (Hebei) Co., Ltd., with a total investment of **17.7 million yuan**[45](index=45&type=chunk) - Financial assets measured at fair value are primarily equity investments, with a period-end balance of **660,031.82 yuan**, and a fair value change loss of **-460,741.81 yuan** in the current period[47](index=47&type=chunk)[48](index=48&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=15&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, several key subsidiaries reported net losses attributable to the parent company's shareholders, while the acquisition and establishment of new subsidiaries are expected to contribute to the company's long-term development. - The net profit attributable to the parent company's shareholders for the holding subsidiary Shenzhen Taole Network Technology Co., Ltd. was **-1.406 million yuan** during the reporting period[49](index=49&type=chunk) - The net profit attributable to the parent company's shareholders for the wholly-owned subsidiary Wuxi Zhonglian Chuandong Culture Communication Co., Ltd. was **-0.1701 million yuan** during the reporting period[50](index=50&type=chunk) - The net profit attributable to the parent company's shareholders for the wholly-owned subsidiary Shenzhen Yuerong Investment Management Co., Ltd. was **-18.6677 million yuan** during the reporting period[51](index=51&type=chunk) - During the reporting period, the company acquired and established several subsidiaries, including Beijing Hongyou Culture Media Co., Ltd., Beijing Wanhe Ruisheng Culture Media Co., Ltd., and Guangzhou Yimeng Culture Media Co., Ltd., all of which are beneficial for the company's long-term development[52](index=52&type=chunk) [V. Other Disclosure Matters](index=16&type=section&id=Other%20Disclosure%20Matters) The company faces heightened market competition, development risks for online game products, and industry policy changes; intense competition in the game industry could lead to player attrition and market share decline; the rapid iteration and limited life cycle of online game products, coupled with the challenge of consistently launching new products or upgrading existing ones to meet market expectations, could negatively impact performance; both the film/TV and game industries are susceptible to policy changes, such as stricter game license approvals and content censorship, which may pose challenges to the company's operations. - The company faces risks of intensified market competition in the game and film/TV industries, which could lead to player attrition and reduced market share[53](index=53&type=chunk) - Online game product development carries risks, including rapid product iteration, limited life cycles, and quick shifts in user preferences, which could negatively impact operating performance[53](index=53&type=chunk) - Both the film/TV and game industries are subject to risks from changes in industry policies, such as stricter game license approvals and film/TV content censorship, which could pose challenges to the company's business development[54](index=54&type=chunk)[55](index=55&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period. - There were no changes in the company's directors, supervisors, or senior management during the reporting period[57](index=57&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none," meaning no distribution or conversion will occur. - The company's proposed semi-annual profit distribution or capital reserve conversion plan is "no," indicating no distribution or conversion will take place[57](index=57&type=chunk) [III. Information and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=Information%20and%20Impact%20of%20Company%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. - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures[58](index=58&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=17&type=section&id=Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company is not included in the list of enterprises required to disclose environmental information by law, and therefore has no relevant environmental information to disclose. - The company is not included in the list of enterprises required to disclose environmental information by law[58](index=58&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=18&type=section&id=Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company has not disclosed specific progress regarding its efforts to consolidate poverty alleviation achievements and promote rural revitalization. - The company has not disclosed specific progress in consolidating poverty alleviation achievements or rural revitalization efforts[59](index=59&type=chunk) [Section V Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) [I. Fulfillment of Commitments](index=19&type=section&id=Fulfillment%20of%20Commitments) The company's actual controller, controlling shareholder, and other related parties have strictly fulfilled all commitments during or continuing into the reporting period, primarily concerning share lock-up, personnel independence, asset independence and completeness, financial independence, organizational independence, business independence, resolution of horizontal competition, and regulation of related party transactions. - The **97,067,037 shares** acquired by the company through agreement transfer will not be transferred in any form within **18 months** from the completion of the transfer registration procedures[61](index=61&type=chunk) - Controlling shareholder Tangshan Wenlv committed to ensuring the listed company's independence in personnel, assets, finance, organization, and business, and to taking measures to avoid horizontal competition and regulate related party transactions[61](index=61&type=chunk)[62](index=62&type=chunk) - Zhou Zhenke and Dasheng Asset unconditionally and irrevocably waived voting rights for a total of **68,808,835 shares** (accounting for **12.30%** of the total share capital) of Dasheng Culture held by them[61](index=61&type=chunk) - Dasheng Asset and its affiliated companies committed to avoiding or reducing related party transactions with the company and to preventing horizontal competition[62](index=62&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties During the Reporting Period](index=21&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, the company had no instances of non-operating funds being occupied by controlling shareholders or other related parties. - During the reporting period, the company had no instances of non-operating funds being occupied by controlling shareholders or other related parties[64](index=64&type=chunk) [III. Irregular Guarantees](index=21&type=section&id=Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures. - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[64](index=64&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=22&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) The company is involved in multiple previously disclosed significant litigation and arbitration matters; specifically, in the shareholder liability dispute with Qinhuangdao Xinda Asset Information Co., Ltd. concerning damage to company creditors' interests, the company appealed the first-instance judgment, but the second-instance court rejected the appeal and upheld the original judgment; the company has since applied for a retrial review of this case and filed an objection to the freezing of its bank account funds, which involves an amount of **5.328 million yuan**. - The company has multiple significant litigation and arbitration matters that have been disclosed in temporary announcements, with no further progress[65](index=65&type=chunk) - In the shareholder liability dispute with Qinhuangdao Xinda Asset Information Co., Ltd. concerning damage to company creditors' interests, the company appealed the first-instance judgment, but the second-instance court rejected the appeal and upheld the original judgment[67](index=67&type=chunk) - The company has applied for a retrial review of this case, which was officially filed on August 19, 2025[67](index=67&type=chunk) - The lawsuit involves an amount of **5.328 million yuan**, and approximately **5.2243 million yuan** of the company's bank account deposits have been frozen, against which the company has filed an objection to the enforcement[67](index=67&type=chunk) [X. Significant Related Party Transactions](index=24&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions related to its daily operations, including leasing premises from related parties, custom game development, and technical services, with estimated amounts of **2 million yuan** and **8 million yuan** respectively, and actual amounts of **0.9464 million yuan** and **4.52 million yuan**; additionally, the company co-invested with its controlling shareholder, Tangshan Wenlv, to establish Yixin Shuzhi Technology (Hebei) Co., Ltd., with the company contributing **12 million yuan** for a **60%** stake; the company also applied for a loan not exceeding **50 million yuan** from its controlling shareholder, Tangshan Wenlv. - The company's holding subsidiary won a bid for a brand IP design and development service project from the controlling shareholder, Tangshan Wenlv, as disclosed in a temporary announcement[68](index=68&type=chunk) 2025 Annual Estimated and Actual Related Party Transactions | Related Party Transaction Category | Related Party | 2025 Estimated Amount (ten thousand yuan) | 2025 Semi-Annual Actual Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Leasing premises, materials, etc. from related parties | Tangshan Cultural Tourism Investment Group Co., Ltd. and its controlled subsidiaries | 200.00 | 94.64 | | Custom game development, design, information technology, and related services for related parties | Tangshan Cultural Tourism Investment Group Co., Ltd. and its controlled subsidiaries | 800.00 | 452.00 | - The company and its controlling shareholder, Tangshan Wenlv, jointly invested to establish Yixin Shuzhi Technology (Hebei) Co., Ltd., with the company planning to invest **12 million yuan** of its own funds, holding **60%** of the registered capital[72](index=72&type=chunk) - The company and its consolidated subsidiaries plan to apply for a loan not exceeding **50 million yuan** from the controlling shareholder, Tangshan Cultural Tourism Investment Group Co., Ltd[73](index=73&type=chunk) [Section VI Share Changes and Shareholder Information](index=26&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Changes in Share Capital](index=26&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure. - During the reporting period, there were no changes in the company's total share capital or share structure[75](index=75&type=chunk) [II. Shareholder Information](index=27&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **17,458** common shareholders; among the top ten shareholders, Tangshan Cultural Tourism Investment Group Co., Ltd. is the controlling shareholder with a **17.35%** stake, and Zhou Zhenke and his concerted party, Shenzhen Dasheng Asset Management Co., Ltd., collectively hold company shares, though Zhou Zhenke and Dasheng Asset have waived a portion of their voting rights. - As of the end of the reporting period, the total number of common shareholders was **17,458**[76](index=76&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Tangshan Cultural Tourism Investment Group Co., Ltd. | 97,067,037 | 17.35 | None | 0 | | Zhou Zhenke | 44,306,083 | 7.92 | Pledged, Marked, Frozen | 35,000,000 (Pledged), 28,809,288 (Marked), 9,306,083 (Frozen) | | Xu Jinguang | 34,188,164 | 6.11 | Pledged, Frozen | 34,188,164 (Pledged), 17,094,082 (Frozen) | | Shenzhen Dasheng Asset Management Co., Ltd. | 24,502,752 | 4.38 | Pledged | 24,000,000 | - Zhou Zhenke and Dasheng Asset have unconditionally and irrevocably waived the voting rights corresponding to a total of **68,808,835 shares** (accounting for **12.30%** of the total share capital) of Dasheng Culture held by them[79](index=79&type=chunk) [Section VII Bond-Related Information](index=29&type=section&id=Section%20VII%20Bond-Related%20Information) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=29&type=section&id=Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments. - During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments[82](index=82&type=chunk) [II. Convertible Corporate Bonds](index=29&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds. - During the reporting period, the company had no convertible corporate bonds[82](index=82&type=chunk) [Section VIII Financial Report](index=30&type=section&id=Section%20VIII%20Financial%20Report) [I. Audit Report](index=30&type=section&id=Audit%20Report) This semi-annual report has not been audited. - This semi-annual report is unaudited[84](index=84&type=chunk) [II. Financial Statements](index=30&type=section&id=Financial%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; the consolidated statements show total assets of **393.36 million yuan**, total liabilities of **334.08 million yuan**, and owners' equity attributable to the parent company of **42.68 million yuan**, with consolidated operating revenue of **108.78 million yuan**, a net loss of **39.63 million yuan**, and net cash outflow from operating activities of **74.41 million yuan**; the parent company statements show total assets of **322 million yuan**, total liabilities of **232 million yuan**, and owners' equity of **90.47 million yuan**, with parent company operating revenue of **244,447.24 yuan**, a net loss of **40.77 million yuan**, and net cash outflow from operating activities of **7.91 million yuan**. Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 393,357,372.27 | | Total Liabilities | 334,081,735.20 | | Total Owners' Equity Attributable to Parent Company | 42,677,786.77 | | Minority Interests | 16,597,850.30 | | Total Owners' Equity | 59,275,637.07 | Consolidated Income Statement (January-June 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 108,778,620.36 | | Total Operating Costs | 147,228,002.09 | | Total Profit | -39,313,525.98 | | Net Profit | -39,625,573.36 | | Net Profit Attributable to Parent Company Shareholders | -33,727,417.93 | | Minority Interest Income/Loss | -5,898,155.43 | Consolidated Cash Flow Statement (January-June 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -74,411,505.58 | | Net Cash Flow from Investing Activities | -904,569.58 | | Net Cash Flow from Financing Activities | 61,964,972.21 | | Net Increase in Cash and Cash Equivalents | -13,360,267.90 | Parent Company Income Statement (January-June 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 244,447.24 | | Total Profit | -40,769,404.30 | | Net Profit | -40,769,404.30 | [III. Company Basic Information](index=49&type=section&id=Company%20Basic%20Information) The company, formerly "Shijiazhuang Quanyechang Co., Ltd.," underwent multiple name changes and equity transfers, eventually becoming "Dasheng Times Cultural Investment Co., Ltd." in 2016; on May 10, 2024, its controlling shareholder changed to Tangshan Wenlv, and its actual controller became Tangshan Municipal State-owned Assets Supervision and Administration Commission; the company's registered capital is **559.46 million yuan**, its legal representative is Cui Hongshan, and its main business scope includes investment and asset management, online game R&D and sales, and film and television cultural project investment, production, and distribution. - The company was formerly "Shijiazhuang Quanyechang Co., Ltd." and was listed on the Shanghai Stock Exchange in 1996[114](index=114&type=chunk) - On October 8, 2014, Dasheng Asset became the company's largest shareholder; after a non-public stock offering in 2015, Zhou Zhenke became the company's largest shareholder[115](index=115&type=chunk)[116](index=116&type=chunk) - Following the equity transfer on May 10, 2024, the company's controlling shareholder changed from Zhou Zhenke to Tangshan Wenlv, and the actual controller changed to Tangshan Municipal State-owned Assets Supervision and Administration Commission[121](index=121&type=chunk) - The company's registered capital is **559.46 million yuan**, and its legal representative is Cui Hongshan[121](index=121&type=chunk) - The company's business scope covers investment and asset management, metal ore sales, machinery and equipment leasing, import and export of goods, economic information consulting, film and television cultural project investment management, and online game research and development and operation[122](index=122&type=chunk) [IV. Basis for Preparation of Financial Statements](index=51&type=section&id=Basis%20for%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant regulations, using the accrual basis of accounting, measuring assets at historical cost except for specific financial instruments, and making provisions for asset impairment; the company assesses its going concern ability as reasonable. - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" and relevant regulations[125](index=125&type=chunk)[126](index=126&type=chunk) - Accounting is performed on an accrual basis, with historical cost as the measurement basis for all items except certain financial instruments[126](index=126&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no issues affecting its going concern ability[127](index=127&type=chunk) [V. Significant Accounting Policies and Estimates](index=52&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section comprehensively details the company's adherence to enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions and translation, financial instruments, inventories, contract assets, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases, which form the foundation of the company's financial reporting and ensure the accuracy and comparability of financial information. - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and other information[129](index=129&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[153](index=153&type=chunk) - The company's inventories are categorized into film/TV series inventories and non-film/TV series inventories, with film/TV series inventories including raw materials, work-in-progress, and finished goods, and detailed provisions for their valuation and cost transfer methods[166](index=166&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods, with detailed explanations for specific recognition methods for sales of goods (film/TV series, online games) and service revenue[218](index=218&type=chunk)[222](index=222&type=chunk)[224](index=224&type=chunk) [VI. Taxation](index=82&type=section&id=Taxation) The company's main taxes include Value-Added Tax, Urban Maintenance and Construction Tax, and Enterprise Income Tax; Enterprise Income Tax rates vary based on the taxpayer and tax incentives, with subsidiaries like Horgos Zhonglian Chuandong Film and Television Culture Co., Ltd., Shenzhen Taole Network Technology Co., Ltd., and Shenzhen Yuexiang Network Technology Co., Ltd. enjoying a **15%** high-tech enterprise tax rate or Western Development preferential policies, while some eligible small and micro enterprise subsidiaries benefit from a **20%** tax rate. Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 1%, 6% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 5%, 7% | | Enterprise Income Tax | Taxable income | 9%, 15%, 16.5%, 20%, 25% | Taxpayers with Different Enterprise Income Tax Rates | Taxpayer Name | Income Tax Rate (%) | | :--- | :--- | | Dasheng Times Cultural Investment Co., Ltd. | 25% | | Horgos Zhonglian Chuandong Film and Television Culture Co., Ltd. | 15.00% | | Beihai Wanwu Keai Technology Co., Ltd. | 9.00% | | Shenzhen Taole Network Technology Co., Ltd. | 15.00% | | Shenzhen Yuexiang Network Technology Co., Ltd. | 15.00% | | Planet International Co., Ltd. | 16.50% | | Subsidiaries eligible for small and micro enterprise tax relief policies | 20.00% | - Beihai Wanwu Keai Technology Co., Ltd. is subject to a **15%** enterprise income tax rate from January 1, 2023, to December 31, 2030, and is exempt from the local share of enterprise income tax for **five years** from April 1, 2023, to December 31, 2027[241](index=241&type=chunk) - Shenzhen Taole Network Technology Co., Ltd. and Shenzhen Yuexiang Network Technology Co., Ltd. are both recognized as national high-tech enterprises and are subject to a **15%** enterprise income tax rate[242](index=242&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=84&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures of the period-end balances, beginning balances, and changes for each major item in the consolidated financial statements, including monetary funds, trading financial assets, accounts receivable, prepayments, other receivables, inventories, other current assets, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, assets with restricted ownership or use rights, short-term borrowings, accounts payable, advances from customers, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, provisions, deferred income, share capital, capital reserves, other comprehensive income, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and foreign currency monetary items; notably, inventories significantly increased due to higher film and television investments, accounts receivable and short-term borrowings also rose considerably, while goodwill impairment provisions remained unchanged. - The period-end balance of monetary funds is **43,898,773.73 yuan**, of which the total amount deposited overseas is **1,419,374.75 yuan**[245](index=245&type=chunk) - The period-end book value of accounts receivable is **34,047,189.10 yuan**, with a single provision for bad debts amounting to **71,989,825.86 yuan**[251](index=251&type=chunk) - The period-end book value of inventories is **71,974,085.79 yuan**, including an inventory depreciation reserve for finished goods of **103,033,590.94 yuan**[277](index=277&type=chunk)[279](index=279&type=chunk) - The period-end balance of short-term borrowings is **21,019,111.12 yuan**, primarily comprising guaranteed borrowings and credit borrowings[320](index=320&type=chunk) - The period-end balance of other payables is **155,770,066.79 yuan**, mainly consisting of intercompany borrowings and accrued expenses[336](index=336&type=chunk)[338](index=338&type=chunk) - Operating revenue for the current period amounted to **108,778,620.36 yuan**, and operating costs were **32,683,103.18 yuan**[357](index=357&type=chunk) - Net cash flow from operating activities was **-74,411,505.58 yuan**, net cash flow from investing activities was **-904,569.58 yuan**, and net cash flow from financing activities was **61,964,972.21 yuan**[391](index=391&type=chunk) [VIII. Research and Development Expenses](index=131&type=section&id=Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was **25,714,400.58 yuan**, all of which was expensed, with employee compensation being the largest component, followed by depreciation and other expenses. R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 24,599,682.69 | 27,565,848.62 | | Lease Fees | 885.40 | | | Depreciation | 129,792.26 | 225,527.98 | | Office Expenses | 2,660.57 | | | Other | 981,379.66 | 974,695.84 | | Total | 25,714,400.58 | 28,766,072.44 | | Of which: Expensed R&D Expenditure | 25,714,400.58 | 28,766,072.44 | | Capitalized R&D Expenditure | | | - All R&D expenditure in the current period was expensed, with no capitalized R&D expenditure[397](index=397&type=chunk) [IX. Changes in Consolidation Scope](index=132&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed through non-same-control business combinations and the establishment of new subsidiaries; specifically, its wholly-owned subsidiary Shenzhen Yuerong Investment Management Co., Ltd. acquired **100%** equity in Beijing Hongyou Culture Media Co., Ltd. and Wuhan Aoxing Technology Co., Ltd. for **0 yuan**, bringing them into the consolidation scope; additionally, the company established and consolidated several new subsidiaries, including Beijing Wanhe Ruisheng Culture Media Co., Ltd., Beijing Liuliang Qidian Media Technology Co., Ltd., Guangzhou Yimeng Culture Media Co., Ltd., Qingdao Guangying Haoxi Culture Media Co., Ltd., and Yixin Shuzhi Technology (Hebei) Co., Ltd. - The company's wholly-owned subsidiary, Shenzhen Yuerong Investment Management Co., Ltd., acquired **100%** equity in Beijing Hongyou Culture Media Co., Ltd. and Wuhan Aoxing Technology Co., Ltd. for **0 yuan**, bringing them into the consolidation scope[399](index=399&type=chunk) Non-Same-Control Business Combinations Occurring in the Current Period | Acquired Company Name | Acquisition Date | Acquisition Cost (yuan) | Acquisition Percentage (%) | Net Profit of Acquired Company from Acquisition Date to Period-End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Beijing Hongyou Culture Media Co., Ltd. | February 2025 | 0 | 100 | -6,129,900.13 | | Wuhan Aoxing Technology Co., Ltd. | May 2025 | 0 | 100 | -171,257.83 | - During the reporting period, several new subsidiaries were established and included in the consolidation scope, including Beijing Wanhe Ruisheng Culture Media Co., Ltd., Beijing Liuliang Qidian Media Technology Co., Ltd., Guangzhou Yimeng Culture Media Co., Ltd., Qingdao Guangying Haoxi Culture Media Co., Ltd., and Yixin Shuzhi Technology (Hebei) Co., Ltd[402](index=402&type=chunk) [X. Interests in Other Entities](index=134&type=section&id=Interests%20in%20Other%20Entities) This section details the company's enterprise group structure, comprising multiple subsidiaries engaged in trade, online game R&D and operation, and film and television investment and production; Shenzhen Taole Network Technology Co., Ltd. is a significant non-wholly-owned subsidiary with a minority shareholder stake of **10.55%**, and its net loss attributable to minority shareholders for the current period was **-148,332.70 yuan**; its period-end current assets were **107 million yuan**, non-current assets **20.0754 million yuan**, total assets **127 million yuan**, current liabilities **41.558 million yuan**, non-current liabilities **3.2219 million yuan**, and total liabilities **44.78 million yuan**. - The company's enterprise group consists of multiple subsidiaries, with business activities spanning trade, online game research and development and operation, and film and television investment and production[404](index=404&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk) - Shenzhen Taole Network Technology Co., Ltd. is a significant non-wholly-owned subsidiary, with minority shareholders holding **10.55%** equity, and the net loss attributable to minority shareholders for the current period was **-148,332.70 yuan**[408](index=408&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiary Shenzhen Taole Network Technology Co., Ltd. (June 30, 2025) | Item | Period-End Balance (yuan) | | :--- | :--- | | Current Assets | 106,912,467.00 | | Non-Current Assets | 20,075,354.33 | | Total Assets | 126,987,821.33 | | Current Liabilities | 41,558,021.44 | | Non-Current Liabilities | 3,221,937.13 | | Total Liabilities | 44,779,958.57 | Key Financial Information of Significant Non-Wholly-Owned Subsidiary Shenzhen Taole Network Technology Co., Ltd. for the Current Period (January-June 2025) | Item | Current Period Amount (yuan) | | :--- | :--- | | Operating Revenue | 72,904,803.96 | | Net Profit | -525,351.14 | | Total Comprehensive Income | -525,351.14 | | Cash Flow from Operating Activities | -7,389,603.64 | [XI. Government Grants](index=139&type=section&id=Government%20Grants) As of the end of the reporting period, the company's deferred income from government grants totaled **2.11 million yuan**, primarily for the "Peach Blossom Spring" international brand cultivation and promotion project and the "100 Years of Chinese Animation" documentary subsidy; government grants recognized in current profit or loss amounted to **11,951.04 yuan**, mainly for income-related stable employment subsidies. Liability Items Involving Government Grants (June 30, 2025) | Financial Statement Item | Beginning Balance (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Deferred Income | 2,109,770.00 | 2,109,770.00 | - Government grants within deferred income primarily include development special funds for the "Peach Blossom Spring" international brand cultivation and promotion project and subsidy funds for the "100 Years of Chinese Animation" documentary[344](index=344&type=chunk)[345](index=345&type=chunk) Government Grants Recognized in Current Profit or Loss (January-June 2025) | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 11,951.04 | 2,371,408.01 | | Total | 11,951.04 | 2,371,408.01 | [XII. Risks Related to Financial Instruments](index=140&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk; credit risk primarily arises from monetary funds, notes receivable, and accounts receivable, which the company controls by assessing customer creditworthiness and regularly monitoring credit records; liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs; market risk includes foreign exchange risk and interest rate risk, with interest rate risk managed by maintaining fixed-rate borrowings; as of June 30, 2025, the company's undiscounted remaining contractual obligations for financial liabilities are mainly concentrated within one year. - The company's main financial instruments include equity investments, borrowings, accounts receivable, accounts payable, and other payables, exposing it to credit risk, liquidity risk, and market risk[416](index=416&type=chunk) - Credit risk is controlled by assessing customer creditworthiness, the possibility of obtaining third-party guarantees, credit history, and market conditions[417](index=417&type=chunk) - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs and borrowing agreements[422](index=422&type=chunk) Analysis of Undiscounted Remaining Contractual Obligations of Financial Liabilities by Maturity (June 30, 2025) | Item | Within 1 Year (yuan) | 1-2 Years (yuan) | 2-3 Years (yuan) | Over 3 Years (yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | 21,019,111.12 | | | | | Accounts Payable | 25,877,535.69 | 554,054.00 | 28,406.00 | 45,874,470.17 | | Other Payables | 154,043,305.98 | 842,606.20 | 50,000.00 | 834,154.61 | | Non-Current Liabilities Due Within 1 Year | 3,849,257.62 | | | | | Lease Liabilities | | 2,421,730.28 | 1,285,762.66 | | | Total | 204,789,210.41 | 3,818,390.48 | 1,364,168.66 | 46,708,624.78 | [XIII. Disclosure of Fair Value](index=143&type=section&id=Disclosure%20of%20Fair%20Value) The company's assets measured at fair value primarily consist of equity instrument investments within trading financial assets, with a period-end fair value of **660,031.82 yuan**, classified as Level 1 fair value measurement and determined using active market quotations; for financial assets and liabilities not measured at fair value, such as monetary funds, accounts receivable, and short-term borrowings, their carrying amounts are close to their fair values due to short remaining maturities. Period-End Fair Value of Assets and Liabilities Measured at Fair Value (June 30, 2025) | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 660,031.82 | | | 660,031.82 | | 1. Financial assets measured at fair value with changes recognized in current profit or loss | 660,031.82 | | | 660,031.82 | | (2) Equity instrument investments | 660,031.82 | | | 660,031.82 | | Total assets continuously measured at fair value | 660,031.82 | | | 660,031.82 | - The market price for Level 1 fair value measurement items is the closing price at the end of the year in active markets such as stock exchanges[430](index=430&type=chunk) - For financial assets and liabilities not measured at fair value, such as monetary funds, accounts receivable, and short-term borrowings, their carrying amounts are close to their fair values due to their short remaining maturities[434](index=434&type=chunk) [XIV. Related Parties and Related Party Transactions](index=145&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The company's controlling shareholder is Tangshan Cultural Tourism Investment Group Co., Ltd., with the ultimate controlling party being Tangshan Municipal People's Government State-owned Assets Supervision and Administration Commission; during the reporting period, the company, as the guaranteed party, received **11 million yuan** in guarantees from Tangshan Investment Holding Group Co., Ltd. and Shenzhen Yuexiang Network Technology Co., Ltd.; the company also engaged in intercompany borrowing with its controlling shareholder, Tangshan Cultural Tourism Investment Group Co., Ltd., with actual borrowed funds totaling **120 million yuan** as of the end of the current period; additionally, the company has outstanding unsettled items with related parties, including accounts receivable, other payables, and contract liabilities. - The company's controlling shareholder is Tangshan Cultural Tourism Investment Group Co., Ltd., and the ultimate controlling party is Tangshan Municipal People's Government State-owned Assets Supervision and Administration Commission[436](index=436&type=chunk) Related Party Guarantees (Company as Guaranteed Party) | Guarantor | Guaranteed Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Tangshan Investment Holding Group Co., Ltd. | 11,000,000 | 2025-3-10 | 2029-3-9 | No | | Shenzhen Yuexiang Network Technology Co., Ltd. | 11,000,000 | 2025-3-10 | 2029-3-9 | No | - The company signed two loan agreements, each with a maximum limit of **60 million yuan**, with its parent company, Tangshan Cultural Tourism Investment Group

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial preliminary information, including the report's structure and key terminology, ensuring clarity and compliance [Important Notes](index=2&type=section&id=Important%20Notes) Board, supervisory board, and senior management guarantee report accuracy; no cash dividends, bonus shares, or capital reserve conversions planned - Company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) Lists the report's nine main chapters and their starting page numbers, providing an overall structural overview [Directory of Documents for Reference](index=4&type=section&id=Directory%20of%20Documents%20for%20Reference) Discloses types and locations of reference documents, including financial statements and public announcements, available at the securities department - Documents for reference include original financial statements signed and sealed by the company's head, chief accountant, and head of accounting department; original 2025 semi-annual report and abstract signed by the legal representative and sealed by the company; and originals of all company documents and announcements publicly disclosed on the information disclosure platform designated by the CSRC during the reporting period[8](index=8&type=chunk) - These documents are available at the company's securities department[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) Defines common terms used in the report, including company abbreviations, subsidiaries, and regulatory bodies, for clarity [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and a summary of its financial performance [Company Profile](index=6&type=section&id=Company%20Profile) Introduces the company's stock information, listing exchange, and legal representative, providing a basic overview for investors - Company stock abbreviation: **Fangzheng Motor**, stock code: **002196**, listed on: **Shenzhen Stock Exchange**[12](index=12&type=chunk) - Legal representative: **Weng Weiwen**[12](index=12&type=chunk) [Contact Persons and Information](index=6&type=section&id=Contact%20Persons%20and%20Information) Discloses contact details for the board secretary and securities affairs representative, facilitating investor communication - Board Secretary: Huang Chengwei, Securities Affairs Representative: Shu Linyan, contact address for both: No. 626 Cheng Street, Nanmingshan Sub-district, Liandu District, Lishui City, Zhejiang Province[13](index=13&type=chunk) [Other Information](index=6&type=section&id=Other%20Information) States no changes in company's registered address, website, email, or information disclosure locations, as detailed in the 2024 annual report - Company's registered address, office address and postal code, website, email, etc., remained unchanged during the reporting period, as detailed in the 2024 annual report[14](index=14&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, and the location for the semi-annual report, remained unchanged during the reporting period, as detailed in the 2024 annual report[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue increased by 8.51%, but net profit attributable to shareholders significantly decreased by 951.93%, indicating profitability and cash flow pressure Key Accounting Data and Financial Indicators Comparison | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,264,932,580.58 | 1,165,683,946.97 | **8.51%** | | Net Profit Attributable to Shareholders | -7,196,216.60 | 844,693.87 | **-951.93%** | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -12,335,814.10 | -2,776,521.16 | **-344.29%** | | Net Cash Flow from Operating Activities | -41,923,155.56 | 116,531,926.50 | **-135.98%** | | Basic Earnings Per Share (RMB/share) | -0.0145 | 0.0017 | **-952.94%** | | Diluted Earnings Per Share (RMB/share) | -0.0145 | 0.0017 | **-952.94%** | | Weighted Average Return on Net Assets | -0.52% | 0.06% | **-0.58%** | | **End of Current Reporting Period (RMB)** | **End of Prior Year (RMB)** | **Change from Prior Year End** | | Total Assets | 4,168,522,300.66 | 4,123,034,534.42 | **1.10%** | | Net Assets Attributable to Shareholders | 1,394,263,144.06 | 1,404,107,025.64 | **-0.70%** | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) No differences in net profit and net assets between financial reports under international/overseas and Chinese accounting standards - No differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[18](index=18&type=chunk) - No differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses were RMB 5.14 million, mainly from government grants and fair value changes, with some VAT refunds classified as recurring Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Disposal gains/losses of non-current assets | -1,385,669.66 | | Government grants recognized in current profit/loss | 6,180,420.72 | | Gains/losses from fair value changes and disposal of financial assets and liabilities | 368,921.66 | | Gains/losses from entrusted investments or asset management | 40,492.15 | | Other non-operating income and expenses apart from the above | 147,889.99 | | Less: Income tax impact | 212,457.36 | | **Total** | **5,139,597.50** | - VAT input tax credit (**RMB 6,997,047.57**) and VAT over-tax refund (**RMB 913,186.55**) are classified as recurring gains/losses, as they are closely related to the company's normal operations, comply with relevant national industrial policies, and have a continuous impact on the company's profit and loss[22](index=22&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial condition, and future outlook [Company's Main Businesses During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) Company develops new energy drive motors, intelligent controllers, micro motors, and automotive electronics, with strong growth and new ventures in robotics and electric aircraft - New energy drive motor business shipped **463,600 units**, with cumulative shipments of **3.5636 million units**, applied in over 40 vehicle models, and continuous R&D investment in 800V high-voltage motors, flat wire motors, and oil-cooled motors[24](index=24&type=chunk) - Intelligent controller business saw increased sales volume, with operating revenue up **46.58%** year-on-year, but gross margin decreased by **8.68%** due to market competition and product structure changes, leading to an overall profit decline of **126.99%**[26](index=26&type=chunk) - Micro motor business operating revenue grew by **9.11%**, with overall profit increasing by **20.47%**, and electric tool motor business has entered the supply chains of international clients like TTI and Black & Decker[28](index=28&type=chunk) - Automotive electronics business revenue grew by **57.01%** due to mass production of National VI natural gas engine control systems, achieving new project breakthroughs in drone, hydrogen engine, and methanol engine control systems[30](index=30&type=chunk) - The company is actively developing robot joint and electric aircraft drive system businesses, with humanoid robot joint products and clients under development, and has secured a development project for an electric aircraft drive system from a client[31](index=31&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=Analysis%20of%20Core%20Competencies) Company leverages "technology-first" in R&D, market share, manufacturing, and supply chain, leading in sewing machine motors and new energy drive motors - Company continuously increases R&D investment, obtaining **56 authorized patents** from January to June 2025, including **5 software copyrights, 1 international patent, 6 invention patents, and 42 utility model patents**, providing comprehensive technical support for business development[32](index=32&type=chunk)[33](index=33&type=chunk) - Company holds leading market positions in several niche segments, with approximately **75% global market share** in multi-functional household sewing machine motors, new energy drive motor shipments ranking among the top for consecutive years, and being the only independent brand in China to self-develop and mass-produce diesel, natural gas engine, and exhaust after-treatment controllers[34](index=34&type=chunk) - Company has obtained IATF16949 and other four major system certifications, with SAP and MES systems online enabling product traceability, new energy drive motor production equipment reaching domestic leading levels, and Lishui Power Valley recognized as a "Future Factory" in Zhejiang Province[35](index=35&type=chunk) - Company consolidates supply chain advantages by centralized procurement of common raw materials, introducing high-quality suppliers to the industrial park, and strategic cooperation with core component suppliers, effectively reducing procurement, logistics, and warehousing costs[36](index=36&type=chunk) [Analysis of Main Business](index=11&type=section&id=Analysis%20of%20Main%20Business) Operating revenue grew by 8.51% due to intelligent controllers and micro motors, but rising costs, especially in intelligent controllers, pressured profits Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,264,932,580.58 | 1,165,683,946.97 | **8.51%** | Growth in intelligent controller and micro motor sales revenue | | Operating Cost | 1,105,718,942.41 | 1,003,044,770.65 | **10.24%** | Growth in intelligent controller and micro motor sales revenue | | Administrative Expenses | 66,734,940.29 | 60,471,963.46 | **10.36%** | Increase in employee compensation this period | | Financial Expenses | 13,249,164.10 | 15,896,417.65 | **-16.65%** | Lower bank loan interest rates this period compared to prior period | | Income Tax Expense | 281,951.41 | 2,223,363.12 | **-87.32%** | Decrease in corporate income tax provision due to lower profit this period | | R&D Investment | 89,818,493.08 | 82,506,975.94 | **8.86%** | Increase in R&D personnel salaries this period | | Net Cash Flow from Operating Activities | -41,923,155.56 | 116,531,926.50 | **-135.98%** | Increase in material procurement payments this period | | Net Cash Flow from Financing Activities | 107,339,243.28 | -54,960,290.06 | **295.30%** | Increase in project loans this period | Operating Revenue Composition (by Product) | By Product | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Drive Motors and Automotive Electronics | 599,903,376.29 | **47.43%** | 621,676,598.97 | 53.34% | **-3.50%** | | Intelligent Controllers | 433,515,240.77 | **34.27%** | 295,754,595.46 | 25.37% | **46.58%** | | Micro Motors | 202,630,806.24 | **16.02%** | 185,719,654.86 | 15.93% | **9.11%** | Year-on-Year Changes in Gross Margin of Main Products | By Product | Gross Margin | Change in Gross Margin from Prior Year Period | | :--- | :--- | :--- | | Drive Motors and Automotive Electronics | **12.12%** | **1.32%** | | Intelligent Controllers | **10.81%** | **-8.68%** | | Micro Motors | **15.85%** | **-0.16%** | [Analysis of Non-Main Business](index=13&type=section&id=Analysis%20of%20Non-Main%20Business) No non-main business analysis during the reporting period - No non-main business analysis during the reporting period[44](index=44&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets grew slightly, but monetary funds decreased, while inventories, receivables, and borrowings increased; significant assets are restricted Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 330,539,341.63 | **7.93%** | **-1.93%** | Decrease in time deposits and increase in payments this period | | Accounts Receivable | 833,849,448.08 | **20.00%** | **0.14%** | Increase in sales revenue this period, leading to higher accounts receivable | | Inventories | 387,097,400.84 | **9.29%** | **1.44%** | Increase in inventories due to mass production of new projects this period | | Fixed Assets | 994,666,911.23 | **23.86%** | **0.60%** | Construction in progress transferred to fixed assets this period | | Construction in Progress | 504,513,918.44 | **12.10%** | **-1.16%** | Construction in progress transferred to fixed assets this period | | Contract Liabilities | 31,856,661.90 | **0.76%** | **0.55%** | Increase in advance receipts this period | | Long-term Borrowings | 659,867,846.85 | **15.83%** | **2.38%** | Increase in loans due to project construction needs this period | Profitability of Major Overseas Assets | Specific Asset | Location | Net Profit for Jan-Jun 2025 (RMB 10,000) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | | Wholly-owned Grandson Company--Fangzheng Vietnam Co. | Vietnam | **1,373.26** | **10.42%** | | Wholly-owned Grandson Company--Fangde Vietnam Co. | Vietnam | **818.25** | **7.42%** | | Wholly-owned Grandson Company--Gaokerun Vietnam Co. | Vietnam | **-481.35** | **3.70%** | - As of the end of the reporting period, the company's restricted assets totaled **RMB 1,119,870,975.88**, primarily including monetary funds, notes receivable, accounts receivable financing, investment properties, fixed assets, and intangible assets, used for pledge or mortgage loans and issuing bank acceptance bills[49](index=49&type=chunk) [Analysis of Investment Status](index=16&type=section&id=Analysis%20of%20Investment%20Status) No significant equity, non-equity, securities, or derivative investments, nor use of raised funds during the reporting period - No securities investments during the reporting period[52](index=52&type=chunk) - No derivative investments during the reporting period[53](index=53&type=chunk) - No use of raised funds during the reporting period[54](index=54&type=chunk) [Major Asset and Equity Sales](index=17&type=section&id=Major%20Asset%20and%20Equity%20Sales) No major asset or equity sales during the reporting period - No major asset sales during the reporting period[55](index=55&type=chunk) - No major equity sales during the reporting period[56](index=56&type=chunk) [Analysis of Major Holding and Participating Companies](index=17&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Discloses financial data for major subsidiaries and associates, including Shenzhen Gaokerun and Vietnamese entities, showing generally good performance Financial Data of Major Holding and Participating Companies (Unit: RMB 10,000) | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Gaokerun Electronics Co., Ltd. | Subsidiary | Production and development of computer software, electronic products, etc. | 3,000 | **63,535.97** | **32,125.04** | **34,099.56** | **344.58** | **341.66** | | Fangzheng Motor (Vietnam) Co., Ltd. | Subsidiary | Household sewing machine motors, industrial automatic sewing machines, etc. | 800 USD | **14,528.69** | **11,406.45** | **9,212.80** | **1,415.56** | **1,373.26** | | Fangde Electromechanical (Vietnam) Technology Co., Ltd. | Subsidiary | Production and sales of electric tool motors and components, etc. | 800 USD | **10,343.21** | **5,043.64** | **2,533.08** | **818.25** | **818.25** | | Shanghai Haineng Automotive Electronics Co., Ltd. | Subsidiary | Engaged in various ECU controllers, gas system modules, etc. | 6,300 | **20,711.30** | **16,735.34** | **19,808.77** | **736.05** | **761.81** | | Yanfeng Adient Fangde Motor Co., Ltd. | Participating Company | Design, development, production, and sales of micro motors and related components | 10,000 | **115,187.47** | **15,733.85** | **82,913.59** | **4,371.55** | **3,683.95** | [Structured Entities Controlled by the Company](index=19&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) No structured entities controlled by the company during the reporting period - No structured entities controlled by the company during the reporting period[60](index=60&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) Company faces global economic, policy, capacity, raw material, technology, management, financial, and goodwill impairment risks, with mitigation strategies in place - Global economic environment risk: Instability in international situations may lead to a decline in overseas market orders for the company's micro motors and intelligent controllers[61](index=61&type=chunk) - Policy risk: Changes in new energy vehicle industry policies may adversely affect the company's production and operations, as the government adopts a phased subsidy reduction mechanism for new energy vehicles[62](index=62&type=chunk) - Risk of capacity utilization falling short of expectations: Significant adverse changes in market environment, competitor strategies, relevant policies, or the company's market expansion and technological iteration could lead to new production capacity from investment projects not being absorbed in a timely manner[63](index=63&type=chunk) - Raw material price fluctuation risk: Price fluctuations of key raw materials like silicon steel sheets and enameled wire directly impact the company's profitability; the company will seek to establish a price linkage mechanism with customers for major raw materials and increase technological development to optimize material usage[64](index=64&type=chunk) - Risk of goodwill impairment provision: As of the end of June 2025, the company still has net goodwill of approximately **RMB 63 million**, mainly formed from the acquisition of Shenzhen Gaokerun; if future operating conditions fall short of expectations, the company faces the risk of further goodwill impairment provisions[68](index=68&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) No market value management system or valuation enhancement plan has been formulated or disclosed - Company has not formulated a market value management system[69](index=69&type=chunk) - Company has not disclosed a valuation enhancement plan[69](index=69&type=chunk) [Implementation of “Quality and Return Dual Enhancement” Action Plan](index=21&type=section&id=Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Enhancement%E2%80%9D%20Action%20Plan) No announcement regarding the "Quality and Return Dual Enhancement" action plan has been disclosed - Company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[69](index=69&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=22&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's governance structure, environmental practices, and social responsibility initiatives [Changes in Company Directors, Supervisors, and Senior Management](index=22&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Multiple changes in directors, supervisors, and senior management occurred due to elections, personal reasons, or term expirations Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Jintao | Chairman of the Supervisory Board | Elected | May 07, 2025 | Term expiration | | Chen Haili | Director | Resigned | July 23, 2025 | Personal reasons | | Wan Fang | Supervisory Board Member | Resigned | April 16, 2025 | Personal reasons | | Guan Rui | Director | Resigned | April 16, 2025 | Personal reasons | | Cao Yi | Chief Engineer | Resigned | January 24, 2025 | Personal reasons | [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=22&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) No cash dividends, bonus shares, or capital reserve conversions for share capital increase are planned for the semi-annual period - Company plans no cash dividends, no bonus shares, and no capital reserve conversions for share capital increase for the semi-annual period[72](index=72&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented - No equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[73](index=73&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=Environmental%20Information%20Disclosure) Company and its major subsidiary are listed as enterprises required to disclose environmental information by law - The listed company and its major subsidiary, Zhejiang Fangzheng (Hubei) Automotive Components Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[74](index=74&type=chunk) [Social Responsibility](index=22&type=section&id=Social%20Responsibility) Company safeguards stakeholders' rights, ensures information disclosure, provides equal opportunities, offers quality products, and prioritizes environmental protection - Company strictly adheres to the "Articles of Association" and "Rules of Procedure for Shareholders' Meetings" to regulate the convening, holding, and voting of shareholders' meetings, ensuring shareholders' rights to information, participation, and voting on major company matters; diligently fulfills information disclosure obligations, treating all investors fairly, justly, and openly[75](index=75&type=chunk) - Company highly values the legitimate rights and interests of creditors, strictly complies with relevant contracts and systems, and promptly informs creditors of major information related to their interests[76](index=76&type=chunk) - Company adheres to a people-oriented approach, focusing on planning employee career development, providing equal development opportunities, and respecting and safeguarding employees' personal interests[76](index=76&type=chunk) - Company adheres to the principle of "serving customers, keeping promises," providing high-quality products; strengthening communication and cooperation with suppliers for mutual benefit; strictly controlling product quality, focusing on product safety, and protecting consumer interests[76](index=76&type=chunk) [Section V Significant Matters](index=24&type=section&id=Section%20V%20Significant%20Matters) This section details all significant events and commitments impacting the company during the reporting period [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=24&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Commitments by Excellent Auto (share lock-up, voting rights) and the company (dividends) are being fulfilled normally, with no overdue items - Excellent Auto Co., Ltd. committed that within five years from September 5, 2024, the cumulative self-transferred shares shall not exceed **30%** of its total holdings; if further reductions occur, the cumulative transferred shares shall not exceed **50%**, and Zhiju Technology shall have a priority acquisition right for the portion exceeding **30%**[78](index=78&type=chunk) - Excellent Auto Co., Ltd. entrusted all voting rights and nomination/proposal rights associated with its shares to Zhiju Technology[78](index=78&type=chunk) - The company committed that, provided distributable profit is positive and the audit report is an unqualified opinion, the annual cash dividend distribution shall not be less than **10%** of the distributable profit for that year, and the cumulative distributed profit over three consecutive years shall not be less than **30%** of the average annual distributable profit for those three years[78](index=78&type=chunk)[79](index=79&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=26&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) No non-operating funds were occupied by controlling shareholders or other related parties from the listed company - No non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period[80](index=80&type=chunk) [Irregular External Guarantees](index=26&type=section&id=Irregular%20External%20Guarantees) No irregular external guarantees during the reporting period - No irregular external guarantees during the reporting period[81](index=81&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - Company's semi-annual report was not audited[82](index=82&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the “Non-Standard Audit Report” for This Reporting Period](index=26&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20This%20Reporting%20Period) Not applicable, as the semi-annual report was not audited [Explanation by the Board of Directors on the “Non-Standard Audit Report” for the Prior Year](index=26&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Prior%20Year) Not applicable [Bankruptcy and Reorganization Matters](index=26&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy and reorganization matters occurred during the reporting period - No bankruptcy and reorganization matters occurred during the reporting period[83](index=83&type=chunk) [Litigation Matters](index=26&type=section&id=Litigation%20Matters) No significant litigation or arbitration matters during the reporting period - No significant litigation or arbitration matters for the company during this reporting period[84](index=84&type=chunk) [Penalties and Rectification](index=26&type=section&id=Penalties%20and%20Rectification) No penalties or rectification situations during the reporting period - No penalties or rectification situations for the company during the reporting period[84](index=84&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) Not applicable [Significant Related Party Transactions](index=27&type=section&id=Significant%20Related%20Party%20Transactions) Daily operational related party transactions totaled RMB 42.56 million; no other significant related party transactions occurred Daily Related Party Transactions (Unit: RMB 10,000) | Related Party | Type of Related Transaction | Content of Related Transaction | Amount of Related Transaction (RMB 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lishui Jinzheng Motor Technology Co., Ltd. | Purchase of goods | Stamped parts, molds | **1,157.49** | **8.17%** | 3,000 | | Lishui Ruicheng Human Resources Co., Ltd. | Acceptance of services | Acceptance of services | **354.17** | **11.43%** | 800 | | Huzhou Moganshan High-tech New Energy Development Co., Ltd. | Purchase of goods | Utilities (water, electricity) | **62.07** | **11.52%** | - | | Shanghai Runyang Chengtai New Composite Materials Co., Ltd. | Purchase of goods | Utilities (water, electricity) | **35.39** | **6.57%** | 100 | | Shanghai Runyang Chengtai New Composite Materials Co., Ltd. | Lease-in assets | Lease-in factory building | **237.10** | **11.89%** | 500 | | Deqing Hengfeng Construction Development Co., Ltd. | Lease-in assets | Lease-in factory building | **74.66** | **3.74%** | 300 | | Yanfeng Adient Fangde Motor Co., Ltd. | Sale of goods | Intelligent controllers | **207.28** | **0.48%** | 600 | | Yanfeng Adient Fangde Motor Co., Ltd. | Sale of goods | Sale of micro motors | **2,111.60** | **53.83%** | 4,000 | | **Total** | **--** | **--** | **4,256.02** | **--** | **9,365** | - No related party transactions involving asset or equity acquisition/disposal during the reporting period[88](index=88&type=chunk) - No related party transactions involving joint external investments during the reporting period[89](index=89&type=chunk) - No related party creditor-debtor relationships during the reporting period[91](index=91&type=chunk) [Significant Contracts and Their Performance](index=29&type=section&id=Significant%20Contracts%20and%20Their%20Performance) No entrustment, contracting, or leasing matters; significant guarantees for subsidiaries totaled RMB 1,054.36 million, with 75.62% of net assets - No entrustment situations during the reporting period[95](index=95&type=chunk) - No contracting situations during the reporting period[96](index=96&type=chunk) - No leasing situations during the reporting period[97](index=97&type=chunk) Company's Total Guarantee Situation (Unit: RMB 10,000) | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total approved guarantee limit during reporting period | **260,000** | | Total actual guarantee amount incurred during reporting period | **42,033** | | Total approved guarantee limit at end of reporting period | **260,000** | | Total actual guarantee balance at end of reporting period | **105,436** | | Proportion of total actual guarantee to company's net assets | **75.62%** | | Debt guarantee balance provided directly or indirectly for guaranteed entities with asset-liability ratio exceeding 70% | **62,245** | | Amount of total guarantee exceeding 50% of net assets | **35,723** | [Explanation of Other Significant Matters](index=32&type=section&id=Explanation%20of%20Other%20Significant%20Matters) No other significant matters requiring explanation during the reporting period - No other significant matters requiring explanation during the reporting period[104](index=104&type=chunk) [Significant Matters of Company Subsidiaries](index=32&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) Not applicable [Section VI Share Changes and Shareholder Information](index=33&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section outlines changes in the company's share capital and provides details on its shareholder structure [Share Change Situation](index=33&type=section&id=Share%20Change%20Situation) Restricted shares decreased, unrestricted shares increased, and total shares reduced to 495,871,930 due to repurchase and cancellation of 1,798,000 restricted shares Share Change Situation (Unit: Shares) | Share Type | Quantity Before This Change | Increase/Decrease in This Change | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 10,308,286 | **-2,721,763** | 7,586,523 | | II. Unrestricted Shares | 487,361,644 | **923,763** | 488,285,407 | | III. Total Shares | 497,669,930 | **-1,798,000** | 495,871,930 | - The reason for share change was the company's completion of repurchase and cancellation of **1,798,000 restricted shares** on January 18, 2025, accounting for **5.85%** of the total restricted shares granted under the 2021 Restricted Stock Incentive Plan[109](index=109&type=chunk) [Securities Issuance and Listing](index=34&type=section&id=Securities%20Issuance%20and%20Listing) Not applicable [Number of Shareholders and Shareholding Status](index=34&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) Total common shareholders were 73,484; largest shareholder controls 12.09% voting rights, with some major shareholders having pledged shares - Total number of common shareholders at the end of the reporting period: **73,484** households[110](index=110&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 End of Reporting Period (Shares) | Number of Pledged, Marked, or Frozen Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | | Huzhou Zhiju Technology Industry Development Co., Ltd. | State-owned legal person | **9.07%** | **45,000,000** | 0 | | Zhang Min | Domestic natural person | **5.33%** | **26,425,997** | **26,072,632** (Pledged) | | Su Ming | Domestic natural person | **3.29%** | **16,318,300** | 0 | | Excellent Auto Co., Ltd. | Domestic non-state-owned legal person | **3.02%** | **15,000,000** | **15,000,000** (Pledged) | | Xu Kaitong | Domestic natural person | **1.71%** | **8,480,100** | 0 | | Weng Weiwen | Domestic natural person | **1.45%** | **7,201,981** | 0 | - Huzhou Zhiju Technology Industry Development Co., Ltd. and Excellent Auto Co., Ltd. are parties acting in concert, and Excellent Auto Co., Ltd. has entrusted the voting rights of all its shares to Huzhou Zhiju Technology Industry Development Co., Ltd.[111](index=111&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Shareholdings of directors, supervisors, and senior management remained unchanged, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period, as detailed in the 2024 annual report[113](index=113&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) No changes in the company's controlling shareholder or actual controller during the reporting period - No change in the company's controlling shareholder during the reporting period[114](index=114&type=chunk) - No change in the company's actual controller during the reporting period[114](index=114&type=chunk) [Preferred Share Information](index=37&type=section&id=Preferred%20Share%20Information) No preferred shares during the reporting period - No preferred shares during the reporting period[115](index=115&type=chunk) [Section VII Bond-Related Information](index=38&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides information regarding any bonds issued or held by the company [Bond-Related Information](index=38&type=section&id=Bond-Related%20Information) Not applicable, as the company had no bond-related information during the reporting period [Section VIII Financial Report](index=39&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements and related notes [Audit Report](index=39&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - Company's semi-annual financial report was not audited[119](index=119&type=chunk) [Financial Statements](index=39&type=section&id=Financial%20Statements) Includes consolidated and parent company financial statements, reflecting financial position, operating results, and cash flows - Consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **RMB 4,168,522,300.66**, and total equity attributable to parent company owners was **RMB 1,394,263,144.06**[123](index=123&type=chunk) - Consolidated income statement shows that for this reporting period, total operating revenue was **RMB 1,264,932,580.58**, and net profit attributable to parent company shareholders was **RMB -7,196,216.60**[130](index=130&type=chunk)[131](index=131&type=chunk) - Consolidated cash flow statement shows that net cash flow from operating activities for this reporting period was **RMB -41,923,155.56**[135](index=135&type=chunk) [Company Basic Information](index=56&type=section&id=Company%20Basic%20Information) Established in 1995, listed in 2007, with 495,871,930 shares, primarily in new energy vehicle motors and micro motors, consolidating 17 subsidiaries - Zhejiang Fangzheng Motor Co., Ltd., formerly Lishui Fangzheng Motor Manufacturing Co., Ltd., was registered on July 3, 1995[154](index=154&type=chunk) - The company was listed on the Shenzhen Stock Exchange on December 12, 2007[154](index=154&type=chunk) - As of June 30, 2025, the company's total share capital was **495,871,930 shares**[155](index=155&type=chunk) - The company and its subsidiaries belong to the special equipment manufacturing industry, with main business scope including processing, manufacturing, and sales of new energy vehicle motors and controllers, micro motors, sewing machines, household appliances, and power tools[155](index=155&type=chunk) - The scope of the company's consolidated financial statements includes the parent company and its **17 subsidiaries**[156](index=156&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) Financial statements prepared under Chinese Accounting Standards, on a going concern basis, using accrual method and historical cost - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations, and disclose relevant financial information in accordance with CSRC's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (Revised 2023)[157](index=157&type=chunk) - These financial statements are presented on a going concern basis, with accounting based on the accrual method, and measured at historical cost except for certain financial instruments and investment properties[159](index=159&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=58&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) Details policies for financial asset impairment, R&D capitalization, revenue, business combinations, and fair value, ensuring accurate reporting - Company classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[193](index=193&type=chunk) - Company performs impairment accounting and recognizes loss provisions for notes receivable, accounts receivable, accounts receivable financing, other receivables, and contract assets based on expected credit losses[212](index=212&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) - Company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, distinguishing revenue recognition over a period of time or at a point in time based on the nature of the performance obligation[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk)[290](index=290&type=chunk) - Company distinguishes internal research and development project expenditures into research phase expenditures and development phase expenditures; research phase expenditures are recognized in current profit or loss, while development phase expenditures are capitalized if specific conditions are met simultaneously[257](index=257&type=chunk)[258](index=258&type=chunk) - Company adopts the fair value model for subsequent measurement of investment properties, with changes in fair value recognized in current profit or loss[239](index=239&type=chunk) [Taxation](index=102&type=section&id=Taxation) Discloses main tax types and rates, including VAT and corporate income tax, with preferential rates for high-tech and overseas subsidiaries Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | VAT | Taxable income | **13%**, **9%**, **6%**, **5%**, **3%** Export tax rebate rate **13%** | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | **7%**, **5%** | | Corporate Income Tax | Taxable income | **25%**, **15%**, **20%**, **10%** | | Property Tax | For value-based assessment, 1.2% of the remaining value after a one-time deduction of 30% from the original property value; for rent-based assessment, 12% of rental income | **1.2%**, **12%** | | Education Surcharge | Amount of turnover tax payable | **3%** | | Local Education Surcharge | Amount of turnover tax payable | **2%** | - The company and its subsidiaries, including Shenzhen Gaokerun, Shanghai Haineng, Hubei Fangzheng, Fangdi Shanghai, and Zhejiang Gaokerun, have all been recognized as high-tech enterprises, enjoying a **15%** corporate income tax preferential rate[103](index=103&type=chunk)[104](index=104&type=chunk) - Subsidiaries Fangzheng Vietnam Co., Fangde Vietnam Co., and Gaokerun Vietnam Co. enjoy a **10%** corporate income tax rate for 15 years, with a 4-year exemption and 9-year half-rate reduction period[104](index=104&type=chunk)[105](index=105&type=chunk) [Notes to Consolidated Financial Statement Items](index=105&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) Details period-end balances and changes for consolidated financial statement items, providing comprehensive financial status and operating results - Monetary funds period-end balance is **RMB 330,539,341.63**, of which **RMB 111,930,599.77** is restricted, mainly for pledged bank acceptance bills and guarantees[105](index=105&type=chunk)[106](index=106&type=chunk) - Accounts receivable period-end book balance is **RMB 855,356,226.03**, with bad debt provision of **RMB 21,506,777.95**, of which accounts receivable for which bad debt provision is accrued by portfolio accounts for **99.46%**[109](index=109&type=chunk) - Inventories period-end book value is **RMB 387,097,400.84**, an increase from the beginning of the period, mainly due to mass production of new projects[44](index=44&type=chunk)[119](index=119&type=chunk) - Fixed assets period-end book value is **RMB 994,666,911.23**, with an increase of **RMB 97,229,098.67** this period, of which **RMB 70,602,583.61** was transferred from construction in progress[126](index=126&type=chunk) - Goodwill period-end original book value is **RMB 1,112,124,334.65**, with impairment provision of **RMB 1,048,849,820.62**, mainly formed from the acquisition of Shanghai Haineng Co., former Devos Co., and Hubei Fangzheng Co.[132](index=132&type=chunk) - Short-term borrowings period-end balance is **RMB 333,160,893.73**, and long-term borrowings period-end balance is **RMB 659,867,846.85**, both showing an increase from the beginning of the period[136](index=136&type=chunk)[141](index=141&type=chunk) - Share capital period-end balance is **RMB 495,871,930.00**, reduced by **1,798,000.00 shares** this period due to repurchase and cancellation of restricted shares[144](index=144&type=chunk) [R&D Expenses](index=157&type=section&id=R%26D%20Expenses) Total R&D expenditure was RMB 98.50 million, with RMB 89.82 million expensed and RMB 8.68 million capitalized, showing ongoing R&D investment R&D Expenditure Composition | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 61,452,999.25 | 58,216,131.27 | | Development Testing and Material Costs | 19,341,457.39 | 20,788,759.08 | | Depreciation and Amortization | 9,930,064.46 | 11,882,875.16 | | Energy Consumption Costs | 815,724.54 | 1,262,835.85 | | Other | 6,955,634.50 | 5,400,822.04 | | **Total** | **98,495,880.14** | **97,551,423.40** | | Of which: Expensed R&D expenditure | **89,818,493.08** | 82,506,975.94 | | Capitalized R&D expenditure | **8,677,387.06** | 15,044,447.46 | - NIO Firefly 160 flat wire motor stator and rotor assembly R&D and 160 flat wire three-in-one integrated system R&D are **100% complete**, while Evamo EHPS EN2 high-functional safety dual-source integrated electric drive system R&D is **85.20% complete** and expected to be finished by December 31, 2025[158](index=158&type=chunk) [Changes in Consolidation Scope](index=159&type=section&id=Changes%20in%20Consolidation%20Scope) No business combinations or subsidiary disposals occurred, maintaining a stable consolidation scope - No business combinations under non-common control during the reporting period[159](index=159&type=chunk) - No business combinations under common control during the reporting period[160](index=160&type=chunk) - No reverse acquisitions during the reporting period[161](index=161&type=chunk) - No loss of control over subsidiaries during the reporting period[161](index=161&type=chunk) [Interests in Other Entities](index=162&type=section&id=Interests%20in%20Other%20Entities) Discloses enterprise group composition, including 17 subsidiaries and important associates, indicating stable control and investment income - Company owns **17 subsidiaries**, including Fangzheng Deqing Co., Shanghai Haineng Co., Fangde Micro Motor (Lishui) Co., Ltd., etc., with most shareholding ratios at **100%**, primarily engaged in manufacturing and technical services[162](index=162&type=chunk)[163](index=163&type=chunk) Financial Information of Important Associates (Unit: RMB) | Item | Lishui Jinzheng Co. (Period-end Balance/Current Period Amount, RMB) | Adient Fangde Co. (Period-end Balance/Current Period Amount, RMB) | | :--- | :--- | :--- | | Total Investment Book Value | **8,732,384.32** | **65,457,443.08** | | Net Profit | **625,831.01** | **11,051,863.32** | | Total Comprehensive Income | **625,831.01** | **11,051,863.32** | [Government Grants](index=167&type=section&id=Government%20Grants) Government grants totaling RMB 5.94 million were recognized in profit or loss, with RMB 75.35 million remaining in deferred income - Government grants included in deferred income at period-end totaled **RMB 75,347,066.22**, mainly for new energy vehicle electric drive and control system projects, and national subsidy funds for new energy vehicle motors and electric drive integrated systems[167](index=167&type=chunk)[168](index=168&type=chunk) Government Grants Recognized in Current Profit or Loss | Grant Item | Amount Recognized in Profit or Loss for Current Period (RMB) | | :--- | :--- | | Subtotal of government grants related to assets | **3,137,408.26** | | Subtotal of government grants related to income | **2,807,336.09** | | **Total** | **5,944,744.35** | [Risks Related to Financial Instruments](index=169&type=section&id=Risks%20Related%20to%20Financial%20Instruments) Company manages credit, liquidity, and market risks (interest rate, exchange rate) through various measures, with an asset-liability ratio of 66.50% - Credit risk primarily arises from bank deposits, notes receivable, accounts receivable, accounts receivable financing, other receivables, etc., managed by assessing customer creditworthiness, regular monitoring, and purchasing credit guarantee insurance[170](index=170&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents as deemed appropriate by management, monitoring bank loan utilization, obtaining standby credit commitments, and considering supplier financing arrangements[170](index=170&type=chunk)[171](index=171&type=chunk) - Interest rate risk primarily arises from interest-bearing debts such as bank borrowings; if floating-rate borrowing interest rates increase or decrease by **25 basis points**, the company's net profit and shareholders' equity would decrease or increase by approximately **RMB 1.1542 million**[171](index=171&type=chunk) - Exchange rate risk stems from financial instruments denominated in foreign currencies other than the functional currency (mainly USD and VND); assuming a **10% appreciation or depreciation** of RMB against foreign currencies, the company's shareholders' equity and net profit would both increase or decrease by approximately **RMB 11.4147 million**[172](index=172&type=chunk) - Company monitors its capital structure based on the asset-liability ratio (which was **66.50%** at period-end), aiming to ensure continuous operation and reduce capital costs[172](index=172&type=chunk) [Disclosure of Fair Value](index=173&type=section&id=Disclosure%20of%20Fair%20Value) Discloses period-end fair values of assets and liabilities, totaling RMB 360.28 million, and explains measurement levels and methods Total Assets Continuously Measured at Fair Value | Item | Period-end Fair Value (RMB) | | :--- | :--- | | Trading financial assets | **6,218,800.03** | | Accounts receivable financing | **254,135,694.56** | | Other equity instrument investments | **1,000,000.00** | | Investment properties | **98,927,954.72** | | **Total** | **360,282,449.31** | - Fair value measurement is divided into three levels: Level 1 for unadjusted quoted prices in active markets; Level 2 for observable inputs other than Level 1; and Level 3 for unobservable inputs[173](index=173&type=chunk)[174](index=174&type=chunk) [Related Parties and Related Party Transactions](index=174&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) Details related parties and daily transactions, including purchases, sales, leases, guarantees, and receivables/payables - Company's parent company is Huzhou Zhiju Technology Industry Development Co., Ltd., holding **9.07%** of shares and controlling a total of **12.09%** of voting rights through voting rights entrustment, with the ultimate controlling party being the High-tech Zone Management Committee[174](index=174&type=chunk) - During the reporting period, the company purchased **RMB 11.5749 million** in goods from Lishui Jinzheng Co., accepted **RMB 3.5417 million** in services from Lishui Ruicheng Human Resources Management Co., Ltd., and sold **RMB 21.1160 million** in micro motors to Yanfeng Adient Fangde Motor Co., Ltd.[175](index=175&type=chunk)[176](index=176&type=chunk) - As a lessee, the company leased factory buildings and structures from related parties such as Runyang Chengtai Co. and Deqing Hengfeng Construction Development Co., Ltd., with total rent paid this period approximately **RMB 3.26 million**[176](index=176&type=chunk) - As a guaranteed party, Zhang Min provided a guarantee of **RMB 220 million** for the company, and Excellent Auto provided a guarantee of **RMB 150 million** for the company[177](index=177&type=chunk) - Period-end receivables from related parties mainly include dividends receivable from Adient Fangde Co. of **RMB 13,529,289.42** and deposits/guarantees receivable from High-tech Zone Management Committee of **RMB 5,000,000.00**; payables to related parties mainly include notes payable to Lishui Jinzheng Co. of **RMB 8,104,293.12** and accounts payable of **RMB 6,829,565.37**[178](index=178&type=chunk) [Share-Based Payment](index=178&type=section&id=Share-Based%20Payment) No overall, equity-settled, or cash-settled share-based payment situations or expenses during the reporting period - No overall share-based payment situation during the reporting period[178](index=178&type=chunk) - No equity-settled share-based payment situation during the reporting period[178](index=178&type=chunk) - No cash-settled share-based payment situation during the reporting period[178](index=178&type=chunk) - No share-based payment expenses for the current period during the reporting period[178](index=178&type=chunk) [Commitments and Contingencies](index=179&type=section&id=Commitments%20and%20Contingencies) No significant commitments; two major contingencies involve engineering and leasing disputes, with RMB 5.65 million in frozen bank deposits - As of June 30, 2025, the company had no significant commitments requiring disclosure[179](index=179&type=chunk) - Subsidiary Fangzheng Deqing Co. had an engineering dispute with Zhejiang Zhensheng Construction Co., Ltd., was sued for payment of engineering progress and liquidated damages, resulting in **RMB 5,649,384.10** of bank deposits being frozen[179](index=179&type=chunk) - Lishui Liandu District New Youth Fitness Center had a dispute with the company regarding site vacation compensation after lease expiration, with both parties suing each other, and the cases are still under court review[179](index=179&type=chunk) [Events After the Balance Sheet Date](index=179&type=section&id=Events%20After%20the%20Balance%20Sheet%20Date) No significant non-adjusting events or profit distribution situations during the reporting period - No significant non-adjusting events during the reporting period[179](index=179&type=chunk) - No profit distribution situations during the reporting period[180](index=180&type=chunk) [Other Significant Matters](index=180&type=section&id=Other%20Significant%20Matters) Discloses transactions with third-party suppliers and segment reporting for drive motors, intelligent controllers, and micro motors - Company's business operations are divided into **3 reporting segments**: drive motors and automotive electronics, intelligent controllers, and micro motors, with management regularly evaluating the operating results of these segments[181](index=181&type=chunk) Segment Financial Information (Current Period or Period-end, Unit: RMB) | Item | Drive Motors and Automotive Electronics (RMB) | Intelligent Controllers (RMB) | Micro Motors (RMB) | Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | **628,312,193.81** | **434,626,219.87** | **203,722,979.17** | -1,728,812.27 | **1,264,932,580.58** | | Operating Cost | **547,977,406.57** | **387,182,402.74** | **171,163,453.49** | -604,320.39 | **1,105,718,942.41** | | Operating Profit (Loss) | **-15,506,969.82** | **-3,063,362.28** | **11,868,444.84** | -1,124,491.88 | **-7,826,379.14** | | Total Assets | **3,065,890,251.45** | **735,981,197.46** | **444,836,274.54** | -78,185,422.79 | **4,168,522,300.66** | - As of June 30, 2025, Zhang Min pledged a total of **26,425,997 shares** of the company to Zheshang Bank Lishui Branch; Excellent Auto pledged a total of **15,000,000 shares** of the company to Huaxia Bank Co., Ltd. Huzhou Deqing Branch[181](index=181&type=chunk) [Notes to Parent Company Financial Statement Items](index=182&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) Details parent company's accounts receivable, other receivables, long-term equity investments, revenue, cost, and investment income - Parent company accounts receivable period-end book balance is **RMB 331,449,630.60**, with bad debt provision of **RMB 16,045,261.04**, of which accounts receivable from drive motors and automotive electronics business accounts for **97.28%**[183](index=183&type=chunk) - Parent company other receivables period-end book balance is **RMB 117,549,511.71**, with bad debt provision of **RMB 26,027,002.74**, of which receivables from related parties account for **38.29%**[187](index=187&type=chunk)[188](index=188&type=chunk) - Parent company long-term equity investments period-end book value is **RMB 1,296,952,239.62**, including investments in subsidiaries of **RMB 1,222,762,412.22** and investments in associates and joint ventures of **RMB 74,189,827.40**[189](index=189&type=chunk) - Parent company's operating revenue for this period was **RMB 460,494,785.74**, and operating cost was **RMB 423,205,248.23**, mainly from drive motors and automotive electronics business[191](index=191&type=chunk)[192](index=192&type=chunk) - Parent company's investment income for this period was **RMB 19,677,694.33**, including **RMB 8,000,000.00** from long-term equity investments accounted for using the cost method and **RMB 11,677,694.33** from long-term equity investments accounted for using the equity method[192](index=192&type=chunk) [Supplementary Information](index=193&type=section&id=Supplementary%20Information) Provides non-recurring gains/losses, net asset return, EPS, and accounting data differences, supplementing key financial information Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Disposal gains/losses of non-current assets | -1,385,669.66 | | Government grants recognized in current profit/loss | 6,180,420.72 | | Gains/losses from fair value changes and disposal of financial assets and liabilities | 368,921.66 | | Entrusted investment or asset management gains/losses | 40,492.15 | | Other non-operating income and expenses apart from the above | 147,889.99 | | Less: Income tax impact | 212,457.36 | | **Total** | **5,139,597.50** | - VAT input tax credit (**RMB 6,997,047.57**) and VAT over-tax refund (**RMB 913,186.55**) are classified as recurring gains/losses[193](index=193&type=chunk) 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 | **-0.52%** | **-0.0145** | **-0.0145** | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | **-0.89%** | **-0.0249** | **-0.0249** | - No differences in accounting data under domestic and overseas accounting standards during the reporting period[194](index=194&type=chunk) [Section IX Other Submitted Data](index=195&type=section&id=Section%20IX%20Other%20Submitted%20Data) This section includes additional data and information submitted as part of the report [Other Significant Social Security Issues](index=195&type=section&id=Other%20Significant%20Social%20Security%20Issues) No other significant social security issues or administrative penalties for the company and its subsidiaries - The listed company and its subsidiaries have no other significant social security issues[794](index=794&type=chunk) - No administrative penalties during the reporting period[794](index=794&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=195&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) Not applicable [Fund Transactions Between Listed Company and Controlling Shareholder and Other Related Parties](index=195&type=section&id=Fund%20Transactions%20Between%20Listed%20Company%20and%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) Not applicable