Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for key terms and abbreviations, including the company, affiliates, and regulatory bodies, essential for report comprehension - The report clarifies the designations of core companies and related parties such as **"Jiaoda Onlly," "Shanghai Yunjian," and "Dazhong Transportation"**[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=Company%20Information) This section provides the company's fundamental business registration details, including names, legal representative, and contact information - The company's full name is **Shanghai Jiaoda Onlly Co., Ltd.**, stock code **600530**, and legal representative is **Ji Min**[14](index=14&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company experienced a performance decline with revenue down 5.77% and net profit attributable to shareholders decreasing by 30.54%, while operating cash flow turned negative, indicating significant cash flow pressure Key Accounting Data for H1 2025 | Item | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 150,774,339.60 RMB | 160,012,804.82 RMB | -5.77% | | Net Profit Attributable to Shareholders of Listed Company | 2,248,634.38 RMB | 3,237,508.43 RMB | -30.54% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | -2,128,457.43 RMB | -1,137,481.09 RMB | N/A | | Net Cash Flow from Operating Activities | -9,486,541.87 RMB | 21,701,949.08 RMB | -143.71% | | Total Assets | 736,926,378.63 RMB | 758,879,487.15 RMB | -2.89% (vs. end of previous year) | | Net Assets Attributable to Shareholders of Listed Company | 318,812,621.60 RMB | 325,711,012.85 RMB | -2.12% (vs. end of previous year) | Key Financial Indicators for H1 2025 | Item | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0029 | 0.0042 | -30.95% | | Weighted Average Return on Net Assets (%) | 0.70% | 1.09% | Decreased by 0.39 percentage points | - During the reporting period, non-recurring gains and losses totaled **RMB 4.3771 million**, primarily from the reversal of loan impairment losses of **RMB 2.25 million** from Onlly Microcredit repayment, government subsidies, and non-operating income/expenses[23](index=23&type=chunk) Section III Management Discussion and Analysis [Main Business and Industry Overview](index=7&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main business comprises two segments: health products and medical care services, operating within the promising big health industry with strong growth prospects in probiotics and plant extracts - The company's main businesses include the **R&D, production, and sales of health products (including raw materials)**, and the **operation and management of elderly medical care institutions**[25](index=25&type=chunk) - The health product segment focuses on **probiotics and plant extracts**, with business models covering **B2C end-product sales and B2B raw material supply**[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - The medical care segment primarily operates **self-managed elderly care institutions**, providing **medical, rehabilitation, and nursing services** for the elderly, and offers **external management consulting services**[31](index=31&type=chunk) - The industry outlook is broad, with China's big health industry expected to reach **RMB 16 trillion by 2030**, and the **probiotics and plant extract markets** maintaining rapid growth[29](index=29&type=chunk)[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the health product segment expanded product lines, but raw material business declined due to competition and tariffs, while the medical care segment faced significant challenges from unilateral termination of management agreements and ongoing litigation - For health product end-products, the company expanded its **pet product line** and launched new **cognitive improvement and sports nutrition health products** on platforms like JD.com and Tmall[32](index=32&type=chunk)[33](index=33&type=chunk) - Raw material business performance slightly declined year-on-year due to **fierce domestic probiotics industry competition and North American tariff policy adjustments**, prompting the company to optimize personnel and production processes for cost reduction and efficiency improvement[34](index=34&type=chunk) - Several non-profit organizations under the medical care segment unilaterally terminated management consulting agreements and refused to pay management fees, preventing the company from obtaining related operating income; the company has filed a lawsuit, lost the first instance, appealed, and the second instance is ongoing, which has a **significant impact on the company's operations**[37](index=37&type=chunk)[59](index=59&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in its health product segment's strong R&D, brand recognition, and diverse product lines, and its medical care segment's industry focus, professional service quality, and cost control capabilities - The core competencies of the health product segment include **strong R&D platforms and technologies for probiotics and plant extracts**, with **42 invention patents**; **brand advantages** from honors like "China Well-known Trademark"; a **diversified product line** covering health products, daily necessities, and pet products; and a **quality control system** with multiple international certifications[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk) - The core competencies of the medical care segment include **first-mover scale advantages** from long-term cultivation; a **reputation for high-quality services** from professional operating teams and standardized service systems; and **cost control advantages** established through data analysis systems[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Financial Analysis of Main Operations](index=10&type=section&id=Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's financial performance, noting a slight decrease in revenue and costs, a significant increase in R&D expenses, a negative shift in operating cash flow due to increased loan disbursements, and a substantial rise in loans and short-term borrowings Analysis of Major Financial Statement Item Changes | Item | Current Period Amount | Prior Period Amount | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 150,774,339.60 RMB | 160,012,804.82 RMB | -5.77 | | R&D Expenses | 3,224,872.44 RMB | 2,280,318.27 RMB | 41.42 | | Net Cash Flow from Operating Activities | -9,486,541.87 RMB | 21,701,949.08 RMB | -143.71 | | Loans and Advances | 43,500,000.00 RMB | 4,250,000.00 RMB | 923.53 (vs. end of previous year) | | Short-term Borrowings | 36,026,307.22 RMB | 20,024,444.44 RMB | 79.91 (vs. end of previous year) | - The significant decrease in **net cash flow from operating activities** was primarily due to an **increase in net loans disbursed** by the investment and financing segment during the current period[46](index=46&type=chunk) - The company established a wholly-owned subsidiary, **"Onlly International Trading Co., Ltd."** in Hong Kong, with an actual investment of **HKD 10 million**, aiming to develop cross-border e-commerce and international trade businesses[50](index=50&type=chunk)[51](index=51&type=chunk) Operating Performance of Major Holding and Participating Companies (Unit: RMB Million) | Company Name | Main Business | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | | Shanghai Nuode Bio-Industry Co., Ltd. | Natural Plant Products | 45.2254 | 7.0653 | | Shanghai Bairen Yinggang Nursing Home Co., Ltd. | Rehabilitation Medicine, etc. | 29.2502 | 3.2387 | | Ningbo Jiangbei Kangyang Hospital Co., Ltd. | Rehabilitation Medicine, etc. | 23.5923 | 3.2726 | | Shanghai Xuhui Onlly Microcredit Co., Ltd. | Loans | 0.00 | 3.1433 | [Potential Risks](index=14&type=section&id=Potential%20Risks) The company faces specific risks in its health product segment, including intense competition and regulatory changes, while the medical care segment is exposed to policy shifts, rising labor costs, and significant litigation risks from contract disputes - The health product segment faces multiple risks including **industry competition, regulatory policies, talent gaps, cost pressures, and international political situations (tariffs)**[57](index=57&type=chunk) - The medical care segment faces risks from **changes in medical insurance and long-term care insurance policies** and **rising labor costs**; the most significant risk is the **unilateral termination of management agreements by affiliated non-profit organizations** and their refusal to pay, with ongoing litigation potentially preventing the company from continuing to obtain operating income[59](index=59&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Mr. Du Gang, a non-independent director, resigned from his positions due to personal reasons on June 26, 2025 - On **June 26, 2025**, non-independent director **Mr. Du Gang resigned** due to personal reasons[61](index=61&type=chunk) [Profit Distribution Plan](index=15&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution or capital reserve conversion plan for the first half of 2025 - No profit distribution or capital reserve conversion is planned for the half-year period[62](index=62&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=17&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the acquirer Shanghai Shijie and its concerted parties strictly fulfilled their commitments regarding avoiding horizontal competition and regulating related-party transactions - Commitments made in the acquisition report regarding **avoiding horizontal competition and regulating related-party transactions** were strictly fulfilled[66](index=66&type=chunk)[67](index=67&type=chunk) [Major Litigation and Arbitration Matters](index=19&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) The company is involved in several major litigations, including a withdrawn civil suit against former executives now a criminal report, and a third-party involvement in a joint venture's debt transfer dispute, with the most critical being ongoing appeals related to management contract disputes with non-profit nursing homes - The company's lawsuit against former directors and senior executives Yang Guoping and others for **damaging company interests** has been withdrawn and converted into a **criminal report to the public security organs**, but it has not been filed, and the company has applied for reconsideration[68](index=68&type=chunk) - The company participated as a third party in the **debt transfer contract dispute case** involving its associate company, **Shanghai Xuhui Onlly Microcredit Co., Ltd.**[68](index=68&type=chunk) [Regulatory Penalties and Rectification Status](index=19&type=section&id=Suspected%20Violations%2C%20Penalties%2C%20and%20Rectification%20Status%20of%20Listed%20Company%2C%20its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) In January 2025, the company and relevant former senior executives received a regulatory warning from the Shanghai Stock Exchange, prompting the company to implement rectification measures including strengthening internal controls and establishing a new auditor selection system - On **January 2, 2025**, the company and several former senior executives received a **regulatory warning from the Shanghai Stock Exchange**[69](index=69&type=chunk) - The company has undertaken rectification measures, including **strengthening internal controls, streamlining approval processes**, and approving the **"Accountant Firm Selection System"**[70](index=70&type=chunk) [Other Significant Matters](index=23&type=section&id=Explanation%20of%20Other%20Significant%20Matters) On July 11, 2025, the company received a "Notice of Case Filing" from the China Securities Regulatory Commission, indicating an ongoing investigation which the company will actively cooperate with - On **July 11, 2025**, the company received a **"Notice of Case Filing"** (No. CSRC Case Filing [2025] 024) from the China Securities Regulatory Commission, indicating that the company is **under investigation**[77](index=77&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Change Status](index=23&type=section&id=Share%20Capital%20Change%20Status) 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[79](index=79&type=chunk) [Shareholder Information](index=23&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 26,322 shareholders, with Shanghai Yunjian and its concerted parties holding 30.06% as the largest shareholder, and Dazhong Transportation and its concerted parties holding 19.88% - As of the end of the reporting period, the company had **26,322 common shareholders**[80](index=80&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | Dazhong Transportation (Group) Co., Ltd. | 112,184,187 | 14.48 | | Shanghai Yunjian Industrial Development Co., Ltd. | 94,048,695 | 12.14 | | Shanghai Shijie Decoration Design Engineering Co., Ltd. | 53,248,817 | 6.87 | | Shanghai Xinluda Commercial (Group) Co., Ltd. | 47,993,727 | 6.19 | | Lishui Xincheng Xinchuang Technology Development Partnership (Limited Partnership) | 45,133,650 | 5.82 | - There are two major concerted party groups among shareholders: **Shanghai Yunjian and its concerted parties** collectively hold **30.06%**; **Dazhong Transportation and its concerted parties** collectively hold **19.88%**[83](index=83&type=chunk) - In **February 2025**, **Shanghai Shijie completed a partial tender offer** for the company, after which its total shareholding with concerted parties reached **30.0620%**[84](index=84&type=chunk)[85](index=85&type=chunk) Section VII Bond-Related Information [Bond Status](index=26&type=section&id=Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has **no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds**[89](index=89&type=chunk) Section VIII Financial Report [Financial Statements](index=27&type=section&id=Financial%20Statements) This chapter provides the company's unaudited H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, showing total assets of RMB 737 million, operating revenue of RMB 151 million, net profit attributable to parent of RMB 2.25 million, and negative operating cash flow of RMB 9.49 million Consolidated Balance Sheet Summary (June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 736,926,378.63 | | Total Liabilities | 366,299,579.70 | | Total Owners' Equity Attributable to Parent Company | 318,812,621.60 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 150,774,339.60 | | Total Profit | 6,995,875.44 | | Net Profit Attributable to Parent Company Shareholders | 2,248,634.38 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -9,486,541.87 | | Net Cash Flow from Investing Activities | -158,887.97 | | Net Cash Flow from Financing Activities | -7,800,388.16 | | Net Increase in Cash and Cash Equivalents | -17,440,147.17 | [Significant Accounting Policies and Estimates](index=45&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's significant accounting policies and estimates, including consolidation methods, financial instrument classification, expected credit loss models, inventory valuation, long-term equity investments, revenue recognition, and lease accounting, all in accordance with Chinese accounting standards - Financial statements are prepared on a **going concern basis**, adhering to **Chinese Enterprise Accounting Standards**[124](index=124&type=chunk)[125](index=125&type=chunk)[127](index=127&type=chunk) - The company uses the **expected credit loss model** to accrue impairment provisions for financial assets, and for receivables without significant financing components, it applies a **simplified approach** to measure expected credit losses over their entire lifetime[167](index=167&type=chunk)[176](index=176&type=chunk) - Revenue recognition follows the **new revenue standards**, recognized when the customer obtains control of the related goods or services; health product sales are recognized upon **delivery or settlement** based on different models (buyout, consignment, online); medical care services are recognized **over the period of service provision**[234](index=234&type=chunk)[237](index=237&type=chunk) [Notes to Consolidated Financial Statement Items](index=72&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed explanations and data breakdowns for major consolidated financial statement items, highlighting that 40.24% of accounts receivable were fully impaired, loans and advances significantly increased, and a full impairment provision was made for RMB 361 million in operating income rights due to contract disputes - At period-end, the book balance of accounts receivable was **RMB 65.45 million**, of which **RMB 26.34 million (40.24%)** was fully impaired individually due to expected uncollectibility[265](index=265&type=chunk)[266](index=266&type=chunk) - The period-end balance of **loans and advances was RMB 43.50 million**, a significant increase from **RMB 4.25 million** at the beginning of the period, primarily due to new loans disbursed in the current period[299](index=299&type=chunk) - Due to contract disputes with several non-profit organizations, the company has fully accrued impairment provisions for **operating income rights** (listed under other non-current assets) with a book original value of **RMB 361 million**[348](index=348&type=chunk)[349](index=349&type=chunk) - At period-end, the book original value of goodwill was **RMB 193 million**, with impairment provisions of **RMB 83 million**, and a net value of **RMB 54.87 million**, with **no new impairment** recognized during the reporting period[333](index=333&type=chunk)[335](index=335&type=chunk) [Related Parties and Related Party Transactions](index=134&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) This chapter discloses the company's related party relationships and transactions, identifying Shanghai Yunjian and its concerted parties as the largest shareholder, noting minor related-party sales, and detailing impaired receivables from non-profit organizations and outstanding loans to an associate - The company's largest shareholder is **Shanghai Yunjian Industrial Development Co., Ltd.** and its concerted parties, collectively holding **30.06%**, with **Mr. Ji Lin** as the ultimate controlling person[444](index=444&type=chunk)[445](index=445&type=chunk) - During the reporting period, the amount of **goods purchase and sales transactions with related parties was small**[447](index=447&type=chunk)[448](index=448&type=chunk) - At period-end, accounts receivable from several affiliated non-profit organizations were **fully impaired**; loans and advances to associate **Shanghai Xuhui Onlly Microcredit Co., Ltd.** had a book balance of **RMB 14 million**, with an impairment provision of **RMB 10.5 million**[456](index=456&type=chunk)[457](index=457&type=chunk) [Commitments and Contingencies](index=140&type=section&id=Commitments%20and%20Contingencies) This chapter discloses the company's significant commitments, primarily a RMB 10 million short-term guaranteed loan, and major contingencies, specifically ongoing appeals in lawsuits with seven non-profit organizations regarding management service agreements, which pose significant uncertainty to future earnings - The company has a **RMB 10 million short-term guaranteed loan**, secured by its wholly-owned subsidiary **Shanghai Nuode Bio-Industry Co., Ltd.**[461](index=461&type=chunk) - The company has a **significant contingency** involving ongoing lawsuits with **seven non-profit organizations** regarding the validity of "Equity Transfer Agreements" and "Management Consulting Service Agreements"; the first instance ruling did not support the company's claims, and the company has appealed, with the second instance still ongoing, which may prevent the company from obtaining related operating income[462](index=462&type=chunk)[463](index=463&type=chunk)[464](index=464&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk)[467](index=467&type=chunk)[469](index=469&type=chunk)

海南双成药业股份有限公司 2025 年半年度报告全文 海南双成药业股份有限公司 2025 年半年度报告 2025 年 07 月 1 海南双成药业股份有限公司 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。 公司负责人王成栋、主管会计工作负责人王旭光及会计机构负责人(会计 主管人员)周云声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来计划等前瞻性描述，不构成公司对投资者的实 质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。 本公司存在行业政策变化风险、药品降价风险、原材料和辅料价格上涨 风险、固定资产折旧增加导致利润下降的风险、环保风险、产品价格风险、 药品质量风险、人才流失风险、财务风险、公共卫生事件影响、资产减值风 险、国际贸易环境风险、股票可能被终止上市的风险提示等风险，具体内容 在本报告"第三节 管理层讨论与分析"之"十、公司面临的 ...

贵阳新天药业股份有限公司 2025 年半年度报告全文 贵阳新天药业股份有限公司 2025 年半年度报告 2025-045 2025 年 7 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。 公司负责人董大伦、主管会计工作负责人曾志辉及会计机构负责人(会计 主管人员)曾志辉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及未来发展规划等事项的前瞻性陈述，不构成公司对投资者 的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异。 公司在本报告"第三节 管理层讨论与分析"中的"十、公司面临的风险 和应对措施"部分，详细阐述了公司未来可能面临的主要风险及应对措施， 敬请广大投资者认真阅读相关具体内容，注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 贵阳新天药业股份有限公司 2025 年半年度报告全文 | 第一节 重要提示、目录和释义 2 | ...

[Company Profile and Key Financial Indicators](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of Xiamen Airport's basic information, key financial performance, and non-recurring gains and losses for the reporting period [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides basic information about Yuanxiang (Xiamen) International Airport Co., Ltd. (Xiamen Airport, stock code: 600897), including its name, legal representative, contact details, and information disclosure channels, noting no changes during the reporting period - The company's legal representative is **Lin Shuangzhi**[13](index=13&type=chunk) - The company's designated information disclosure newspaper is "Shanghai Securities News", and its website is the official Shanghai Stock Exchange website (www.sse.com.cn)[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved operating revenue of **RMB 991 million**, a 7.10% year-on-year increase, with net profit attributable to shareholders reaching **RMB 253 million**, up 1.10%, and **RMB 219 million** after non-recurring items, indicating enhanced core business profitability Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 990,535,110.77 | 924,839,519.12 | 7.10 | | Net Profit Attributable to Shareholders | 252,968,296.53 | 250,215,574.65 | 1.10 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 218,587,445.50 | 189,399,638.58 | 15.41 | | Net Cash Flow from Operating Activities | 317,433,011.76 | 335,901,376.06 | -5.50 | | **Balance Sheet Data** | **End of Current Period (RMB)** | **End of Prior Year (RMB)** | **YoY Change (%)** | | Net Assets Attributable to Shareholders | 4,586,158,681.49 | 4,466,609,264.96 | 2.68 | | Total Assets | 6,038,260,887.39 | 5,759,673,023.51 | 4.84 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.6067 | 0.6001 | 1.10 | | Basic EPS (Excluding Non-Recurring Items) (RMB/share) | 0.5243 | 0.4543 | 15.41 | | Weighted Average Return on Net Assets (%) | 5.53 | 5.88 | Decrease of 0.35 percentage points | | Weighted Average RONAN (Excluding Non-Recurring Items) (%) | 4.78 | 4.45 | Increase of 0.33 percentage points | [Non-Recurring Gains and Losses and Amounts](index=5&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 34.38 million**, primarily driven by fair value changes and disposal gains/losses from financial assets and liabilities totaling **RMB 46.405 million**, alongside government grants and other non-operating income/expenses Non-Recurring Items | Non-Recurring Items | Amount (RMB) | | :--- | :--- | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 46,404,959.30 | | Government Grants Recognized in Current Profit/Loss | 2,753,863.81 | | Gains/Losses on Disposal of Non-Current Assets | 325,175.00 | | Other Non-Operating Income and Expenses | 584,192.40 | | Less: Income Tax Impact | 12,517,047.63 | | Less: Impact on Minority Interests (After Tax) | 3,170,291.85 | | **Total** | **34,380,851.03** | [Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive analysis of the company's operational performance, industry trends, core competencies, and financial position during the reporting period [Industry and Principal Business Overview](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In the first half of 2025, China's civil aviation industry saw stable growth in both passenger and cargo markets, with significant international recovery, while the company's core operations, including aeronautical and non-aeronautical services, adhere to CAAC regulations and market-based pricing - In the first half of 2025, national airport passenger throughput, cargo and mail throughput, and aircraft movements increased by **5.0%**, **9.2%**, and **0.1%** year-on-year, respectively[23](index=23&type=chunk) - The company's business is categorized into aeronautical and non-aeronautical services, with aeronautical fees primarily regulated by CAAC documents and key non-aeronautical fees subject to market-based pricing[25](index=25&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, Xiamen Airport achieved record operational metrics, with passenger throughput reaching **14.3164 million**, up 5.96% year-on-year, and international passenger growth of 15.51%, resulting in **RMB 219 million** net profit attributable to shareholders after non-recurring items, a 15.41% increase Operating Metrics (H1 2025) | Operating Metrics (H1 2025) | Quantity | YoY Growth | | :--- | :--- | :--- | | Aircraft Movements | 9.70 10,000 movements | 3.83% | | Passenger Throughput | 1431.64 million passengers | 5.96% | | - Domestic Passengers | 1224.50 million passengers | 4.50% | | - International Passengers | 207.14 million passengers | 15.51% | | Cargo and Mail Throughput | 18.54 10,000 tons | 3.91% | - The company was awarded the first National Civil Aviation Blue Sky Commendation, being one of only five airport companies nationwide and the sole recipient in East China[27](index=27&type=chunk) [Aeronautical Business](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E8%88%AA%E7%A9%BA%E4%B8%BB%E4%B8%9A) During the reporting period, the company optimized its route network, achieving record aircraft movements and passenger throughput, including increased domestic express flights, new international routes to Dili and Kuala Lumpur, exceeding 280 weekly international flights, and a new all-cargo route to East Midlands, UK - New international routes include Xiamen-Dili and Xiamen-Kuala Lumpur (with Batik Air Malaysia), increasing weekly international flights to over **280**[27](index=27&type=chunk) - In cargo, the first regular freight flight from Xiamen to East Midlands, UK, was launched[27](index=27&type=chunk) [Commercial Aspects](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%95%86%E4%B8%9A%E6%96%B9%E9%9D%A2) The company made positive commercial progress by introducing new brands like Yinchuantang and Guming, boosting terminal retail occupancy and revenue, and by attracting Huawei's first airport selective store in Southeast China, while innovating revenue streams through cultural tourism and exhibition collaborations - The terminal's duty-paid commercial areas introduced several new brands, including Huawei's first selective store in Southeast China's airports, boosting occupancy and revenue[28](index=28&type=chunk) - Innovative revenue generation was achieved by leveraging concert economy and exhibition pick-up services[28](index=28&type=chunk) [Safety Management](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%AE%89%E5%85%A8%E7%AE%A1%E7%90%86) During the reporting period, Xiamen Airport maintained stable and controllable safety operations by improving its responsibility system, enhancing safety capabilities, and strengthening core risk management, with a focus on hazardous materials, bird strikes, FOD prevention, and apron operations, deepening its dual prevention mechanism for risks and hazards - The company focused on managing core risks such as hazardous materials, bird strikes, FOD prevention, and apron operations, deepening the dual prevention mechanism for risks and hazards[29](index=29&type=chunk) [Operational Support](index=8&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E8%BF%90%E8%A1%8C%E4%BF%9D%E9%9A%9C) The company significantly improved operational efficiency by optimizing airspace structure and flight procedures, leading to a year-on-year decrease in delayed flights, with leading gate turnaround frequency and a flight cut-off time within 30 minutes, ranking first among airports with over 20 million passengers, and successfully completing a city-level aircraft emergency rescue drill - The daily turnaround frequency of C/D class close-in gates ranks **first nationwide**[31](index=31&type=chunk) - Flight cut-off time remained within **30 minutes**, ranking **first** among airports with annual passenger throughput exceeding 20 million[31](index=31&type=chunk) [Service Enhancement](index=9&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%9C%8D%E5%8A%A1%E6%8F%90%E5%8D%87) The company received multiple service quality awards, including "Excellent Service Quality Airport" and "Best Airport (10 Million+ Passengers)" for 11 consecutive years, continuously enhancing passenger experience by upgrading city terminals, innovating sea-air intermodal mechanisms, and exploring "aviation+X" service models - Awarded "Excellent Service Quality Airport" in the 2024 Civil Airport Service Quality Evaluation and named "Best Airport (10 Million+ Passengers)" for **11 consecutive years**[32](index=32&type=chunk) - Exploring the "aviation+X" model, building service systems such as "aviation+hotel", "aviation+exhibition", and "aviation+sports events"[32](index=32&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include its strategic position as a leading airport and regional aviation hub in the West Coast Economic Zone, exceptional lean management ensuring continuous profitability since listing, consistent safety assurance, a "humanistic airport" experience featuring Fujian-Taiwan marine culture, and highly efficient single-runway operations ranking among the industry's best - As a leading airport in the West Coast Economic Zone, its route network covers **129 cities**, serving as a crucial air hub for the "Belt and Road" initiative[33](index=33&type=chunk) - Leveraging excellent lean management capabilities, the company has maintained continuous profitability since its listing in **1996**, setting a benchmark for profitability in the civil aviation airport industry[34](index=34&type=chunk)[35](index=35&type=chunk) - The single-runway peak hour capacity reaches **35 (+1) movements/hour**, representing the highest level among single-runway airports in China[38](index=38&type=chunk) [Analysis of Key Operating Conditions](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details the financial performance during the reporting period, highlighting a **42.06%** year-on-year decrease in financial expenses due to reduced lease interest, an **81.56%** drop in other income primarily from lower government grants, a **138.26%** increase in other payables due to dividend accruals, and the company's financial assets, including trust and asset management products, valued at approximately **RMB 3.171 billion** at period-end [Analysis of Financial Statement Item Changes](index=10&type=section&id=1%E3%80%81%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E7%A7%91%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90%E8%A1%A8) During the reporting period, the company's financial expenses decreased by **42.06%** year-on-year due to reduced lease interest, net cash flow from financing activities changed by **86.65%** due to timing differences in rent payments, other income decreased by **81.56%** primarily due to lower government grants, and credit impairment losses decreased by **313.88%** due to increased bad debt provisions for accounts receivable Financial Statement Item Changes | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 990,535,110.77 | 924,839,519.12 | 7.10 | | Operating Cost | 609,934,924.62 | 596,347,942.14 | 2.28 | | Financial Expenses | 1,869,205.97 | 3,226,002.17 | -42.06 | | Other Income | 8,047,704.23 | 43,647,002.48 | -81.56 | | Credit Impairment Losses | -1,981,983.79 | 926,666.54 | -313.88 | | Net Cash Flow from Financing Activities | -2,536,241.35 | -19,002,537.09 | 86.65 | [Analysis of Assets and Liabilities](index=11&type=section&id=1%E3%80%81%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) At the end of the reporting period, the company's total assets were **RMB 6.038 billion**; other non-current assets increased by **154.98%** due to higher capital expenditures on equipment, while other payables surged by **138.26%** due to accrued dividends, and lease liabilities decreased by **49.19%** as lease terms shortened - Other payables increased by **138.26%** at period-end compared to the prior year-end, primarily due to dividends accrued based on shareholder meeting resolutions[41](index=41&type=chunk)[43](index=43&type=chunk) - Lease liabilities decreased by **49.19%** at period-end compared to the prior year-end, primarily due to the natural shortening of remaining lease terms over time[41](index=41&type=chunk)[43](index=43&type=chunk) [Financial Assets Measured at Fair Value](index=12&type=section&id=(3).%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) At the end of the reporting period, the company's financial assets measured at fair value, primarily trust and asset management products, totaled **RMB 3.171 billion** in book value, an increase from **RMB 2.791 billion** at the beginning of the period, generating **RMB 18.3392 million** in fair value change gains during the period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Trust Products | 1,151,930,675.92 | -17,585,949.42 | 409,344,726.50 | | Asset Management Products | 1,625,122,777.78 | 35,630,003.09 | 2,589,752,780.87 | | Other | 13,824,113.85 | 295,194.78 | 171,819,308.63 | | **Total** | **2,790,877,567.55** | **18,339,248.45** | **3,170,916,816.00** | [Analysis of Major Holding and Participating Companies](index=13&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major subsidiaries, including Yuanxiang Air Cargo Terminal, Yuanxiang Air Cargo Services, Yuanxiang Aircraft Engineering, and Xiamen Airport Terminal Investment Co., Ltd., all achieved profitability during the reporting period, with Yuanxiang Air Cargo Terminal (Xiamen) Co., Ltd. contributing **RMB 18.34 million** in net profit and Xiamen Airport Terminal Investment Co., Ltd. contributing **RMB 18.74 million**, serving as significant profit sources for the company Major Holding and Participating Companies | Company Name | Type | Operating Revenue (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | | Yuanxiang Air Cargo Terminal (Xiamen) Co., Ltd. | Subsidiary | 5,233.41 | 1,833.96 | | Yuanxiang Air Cargo Services (Xiamen) Co., Ltd. | Subsidiary | 1,094.09 | 988.23 | | Yuanxiang Aircraft Engineering (Fujian) Co., Ltd. | Subsidiary | 8,432.92 | 1,415.94 | | Xiamen Airport Terminal Investment Co., Ltd. | Subsidiary | 4,685.71 | 1,874.25 | [Risks and Opportunities](index=14&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces key risks including global economic uncertainty, challenges from the industry's "natural growth" cycle, and competition from other transport modes like high-speed rail and neighboring airports, while also benefiting from China's economic resilience, civil aviation policy dividends (e.g., "Belt and Road", visa-free policies), and regional industrial planning opportunities, though some trust products held by the company are at risk of overdue redemption - Risks include insufficient global economic growth momentum, trade policy uncertainties, high-speed rail network competition, and industry-specific risks such as oil prices and capacity[45](index=45&type=chunk) - Opportunities arise from China's economic resilience, civil aviation policy dividends like "Belt and Road" and visa-free policies, and regional development opportunities such as the Fujian Free Trade Zone and Xiamen-Zhangzhou-Quanzhou integration[46](index=46&type=chunk) - Significant risk alert: The company's Zhonghang Trust · Tianji Huicai No. 1 and No. 2 trust plans have experienced overdue unrecovered situations, and the company is actively taking measures to recover the funds[47](index=47&type=chunk) [Corporate Governance, Environment, and Society](index=15&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section outlines changes in the company's senior management, profit distribution plans, and efforts in social responsibility, particularly in rural revitalization [Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company experienced changes in senior management, with Deputy General Managers Ms. Wu Huifang and Mr. Lin Qinglin departing due to work adjustments, and Ms. Shi Xiaoyan appointed as the new Deputy General Manager - In April 2025, Deputy General Managers Wu Huifang and Lin Qinglin resigned, and **Shi Xiaoyan** was appointed as the new Deputy General Manager[49](index=49&type=chunk) [Profit Distribution Plan](index=15&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution or capital reserve capitalization plan for the first half of 2025 - The proposed semi-annual profit distribution plan is "No"[50](index=50&type=chunk) [Social Responsibility (Rural Revitalization)](index=16&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively fulfilled its social responsibility by procuring over **RMB 1.1 million** in aid products from Ningxia during the reporting period, while also providing targeted assistance to Xidong Village in Xiamen's Tongan District through industrial support, donating **RMB 0.25 million** for a "fitness park," and aiding in the construction of a rural revitalization exhibition hall - Over **RMB 1.1 million** was spent on purchasing aid products from the Ningxia region during the reporting period[52](index=52&type=chunk) - Provided targeted assistance to Xidong Village in Tongan District, Xiamen, investing **RMB 0.25 million** to build a "fitness park" and assisting in the construction of a rural revitalization exhibition hall[52](index=52&type=chunk) [Significant Matters](index=16&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant related party transactions, including operational dealings with the parent company and its subsidiaries, financial service agreements, and joint venture arrangements [Significant Related Party Transactions](index=17&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in extensive daily related party transactions with its parent company, Xiamen Xiangye Group, and its subsidiaries, including significant payments for maintenance services to Xiamen Zhaoxiang Smart Technology (**RMB 15.80 million**) and property management fees to Xiamen Zhaoxiang Property (**RMB 14.54 million**), while also providing services like media services to Fujian Baixiang Media (**RMB 21.04 million**), and maintaining financial service agreements with Xiamen Xiangye Group Finance Co., Ltd. for deposits and credit lines - The company has extensive daily related party transactions with its parent company, Xiamen Xiangye Group, and its subsidiaries, involving services received, goods purchased, services provided, goods sold, and leases, all priced at market rates[55](index=55&type=chunk)[56](index=56&type=chunk) - The company signed a "Financial Services Agreement" with Xiamen Xiangye Group Finance Co., Ltd., with a deposit balance of **RMB 71.39 million** and a credit line of **RMB 310 million** at the end of the reporting period[57](index=57&type=chunk)[58](index=58&type=chunk)[69](index=69&type=chunk) - The company entered into a 20-year "Underground Parking Lot Cooperative Joint Venture Agreement" with Xiamen Xiangye Group Co., Ltd. to jointly construct and operate an underground parking lot, with profits distributed at an **85%** (company) to **15%** (Xiangye Group) ratio[60](index=60&type=chunk) [Share Changes and Shareholder Information](index=22&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital stability and shareholder structure, including the total number of shareholders and the top ten shareholders [Changes in Share Capital](index=22&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - No changes occurred in the company's total share capital or share structure during the reporting period[72](index=72&type=chunk) [Shareholder Information](index=22&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) At the end of the reporting period, the company had **17,169** common shareholders, with controlling shareholder Xiamen Xiangye Group Co., Ltd. holding **68.00%**, indicating a stable equity structure, and the top ten shareholders, excluding the controlling shareholder, primarily comprising domestic individual and institutional investors, suggesting a relatively dispersed ownership - As of the end of the reporting period, the company had **17,169** common shareholders[73](index=73&type=chunk) Top Shareholders | Shareholder Name (Full) | Shares Held at Period-End | Proportion (%) | | :--- | :--- | :--- | | Xiamen Xiangye Group Co., Ltd. | 283,500,000 | 68.00 | | Huang Jujin | 7,500,000 | 1.80 | | Wang Wenfeng | 4,340,000 | 1.04 | | Hong Kong Securities Clearing Company Limited | 3,978,860 | 0.95 | | Chen Xiaoling | 1,648,380 | 0.40 | [Bond-Related Information](index=24&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments during the reporting period [Corporate Bond Information](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no applicable corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments[79](index=79&type=chunk) [Financial Report](index=25&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with significant accounting policies and notes [Audit Report](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual financial report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk)[81](index=81&type=chunk) [Financial Statements](index=25&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter presents the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows during the reporting period Financial Statements Summary | Statement Item | Period-End/Current Period Amount (Consolidated) (RMB) | Period-Beginning/Prior Period Amount (Consolidated) (RMB) | | :--- | :--- | :--- | | **Balance Sheet** | | | | Total Assets | 6,038,260,887.39 | 5,759,673,023.51 | | Total Liabilities | 1,149,141,244.58 | 1,008,327,711.54 | | Equity Attributable to Parent Company Owners | 4,586,158,681.49 | 4,466,609,264.96 | | **Income Statement** | | | | Total Operating Revenue | 990,535,110.77 | 924,839,519.12 | | Net Profit | 271,193,210.84 | 267,985,620.86 | | **Cash Flow Statement** | | | | Net Cash Flow from Operating Activities | 317,433,011.76 | 335,901,376.06 | [Significant Accounting Policies and Estimates](index=41&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This chapter details the company's fundamental accounting policies and estimates for financial statement preparation, including accounting standards, period, and functional currency, along with specific policies for financial instruments, revenue recognition, long-term equity investments, fixed assets, and leases, all prepared on a going concern basis in accordance with enterprise accounting standards - The company's financial statements are prepared on a **going concern basis** and comply with the requirements of enterprise accounting standards[110](index=110&type=chunk)[113](index=113&type=chunk) - Revenue recognition policy: The company recognizes revenue when customers obtain control of goods or services; aeronautical business revenue is recognized when services are provided, while non-aeronautical lease and concession income is recognized monthly based on agreed proportions or amounts[177](index=177&type=chunk)[181](index=181&type=chunk) - Financial instrument impairment: The company recognizes loss provisions for financial assets measured at amortized cost based on expected credit losses, and for accounts receivable, loss provisions are measured based on expected credit losses over the entire lifetime, regardless of significant financing components[136](index=136&type=chunk)[138](index=138&type=chunk) [Notes to Consolidated Financial Statement Items](index=67&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed notes and explanations for key consolidated financial statement items, including cash and cash equivalents, financial assets held for trading, accounts receivable, fixed assets, accounts payable, and revenue and cost, covering their composition, aging analysis, impairment provisions, and reasons for changes, along with detailed related party transactions [Accounts Receivable](index=69&type=section&id=5%E3%80%81%20%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) At the end of the reporting period, the company's accounts receivable had a book balance of **RMB 262 million**, with a bad debt provision of **RMB 11.60 million**, resulting in a carrying value of **RMB 251 million**, primarily within one year aging, and the top five debtors accounted for **33.78%** of the total ending balance Accounts Receivable Summary | Item | Ending Balance (RMB) | | :--- | :--- | | Accounts Receivable Book Balance | 262,362,741.57 | | Bad Debt Provision | 11,601,199.39 | | Accounts Receivable Carrying Value | 250,761,542.18 | - The top five debtors by ending balance are: Shandong Airlines, China Civil Aviation Information Network, Yuanxiang (Fuzhou) International Airport, Fujian Baixiang Media, and Air China[212](index=212&type=chunk) [Long-Term Equity Investments](index=84&type=section&id=17%E3%80%81%20%E9%95%BF%E6%9C%9F%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84) At the end of the reporting period, the company's long-term equity investments in associates had a carrying value of **RMB 52.91 million**, with an investment loss of **RMB 0.24 million** recognized under the equity method for the current period, primarily involving Xiamen Civil Aviation Kaiya Co., Ltd. and Fujian Zhaoxiang Airport Construction Co., Ltd. Long-Term Equity Investments Summary | Investee | Beginning Balance (RMB) | Investment Gain/Loss Recognized by Equity Method for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Xiamen Civil Aviation Kaiya Co., Ltd. | 46,797,745.28 | -245,445.74 | 46,552,299.54 | | Fujian Zhaoxiang Airport Construction Co., Ltd. | 6,353,173.98 | 5,178.67 | 6,358,352.65 | | **Total** | **53,150,919.26** | **-240,267.07** | **52,910,652.19** | [Operating Revenue and Operating Cost](index=100&type=section&id=61%E3%80%81%20%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) During the reporting period, the company achieved operating revenue of **RMB 991 million**, with principal business revenue at **RMB 980 million**, accounting for **98.9%** of total revenue, and operating costs at **RMB 610 million**, with principal business costs at **RMB 609 million** Operating Revenue and Cost Summary | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Principal Business | 980,367,855.83 | 609,486,629.58 | | Other Business | 10,167,254.94 | 448,295.04 | | **Total** | **990,535,110.77** | **609,934,924.62** |

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a significant H1 2025 performance decline, with revenue down 14.52% and net loss attributable to shareholders widening to CNY 49.46-74.20 million - The performance forecast covers the period from January 1, 2025, to June 30, 2025[2](index=2&type=chunk) Key Performance Indicators for H1 2025 Performance Forecast | Indicator | Estimated Amount/Range (Million CNY) | Year-over-Year Change | | :--- | :--- | :--- | | **Operating Revenue** | 670.28 | -14.52% | | **Net Profit Attributable to Parent** | -74.20 to -49.46 | Loss increased by 109.02% to 213.52% | | **Net Profit Attributable to Parent (Excluding Non-recurring Items)** | -122.10 to -81.40 | Loss increased by 9.55% to 64.33% | - The data in this performance forecast has not been audited by a certified public accountant[2](index=2&type=chunk) [Prior Period Performance Review](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) For the first half of 2024, the company reported operating revenue of CNY 784.18 million and a net loss attributable to parent of CNY 23.67 million H1 2024 Performance Review | Indicator | Amount (Million CNY) | | :--- | :--- | | **Operating Revenue** | 784.18 | | **Total Profit** | -23.83 | | **Net Profit Attributable to Parent** | -23.67 | | **Net Profit Attributable to Parent (Excluding Non-recurring Items)** | -74.31 | | **Earnings Per Share** | -0.07 CNY/share | [Key Reasons for Performance Change in Current Period](index=1&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8C%96%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) Performance decline is primarily due to significant revenue drops across segments, leading to an expanded net loss despite cost control and stable gross margins [Analysis of Revenue Decline](index=1&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%94%B6%E5%85%A5%E4%B8%8B%E9%99%8D%E7%9A%84%E5%8E%9F%E5%9B%A0) All three core business segments experienced revenue declines, with smart government services most severely impacted, while new AI model businesses are being developed for long-term growth Year-over-Year Revenue Changes by Business Segment | Business Segment | Year-over-Year Change | Primary Reason | | :--- | :--- | :--- | | **Smart Procurement** | -3.75% | Transitioning to operation-based fee model | | **Smart Government Services** | -30.94% | Tightened client budgets, extended project implementation cycles | | **Digital Construction** | -8.01% | Not explicitly stated | - The company remains focused on its three core businesses: smart procurement, smart government services, and digital construction, believing they have positive long-term development prospects[5](index=5&type=chunk) - In new business areas, the company launched a series of large AI model products and established benchmark cases in H1, with accelerated promotion planned for H2[5](index=5&type=chunk) [Analysis of Profit Change](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%88%A9%E6%B6%B5%E5%8F%98%E5%8A%A8%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) Despite optimized operational quality and stable gross margins, declining revenue and gross profit led to an expanded net loss, though operating cash flow improved year-over-year - Net profit and non-recurring net profit are expected to decline year-over-year due to decreased operating revenue and gross profit[5](index=5&type=chunk) - Operational quality continues to optimize: comprehensive gross margin maintained at approximately **60%**, H1 collections reached **CNY 902 million**, and net cash flow from operating activities improved compared to the prior year[5](index=5&type=chunk) - H2 Outlook: The company will increase investment in AI product R&D and innovation, accelerate the implementation of large models and data element businesses, and increase the proportion of operation-based revenue[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This performance forecast is a preliminary, unaudited estimate by the finance department, so final results may differ, with no major uncertainties currently identified - This performance forecast is a preliminary calculation by the company's finance department and has not been audited by a certified public accountant, thus subject to uncertainty[7](index=7&type=chunk) [Other Explanatory Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The disclosed forecast data is preliminary; investors should refer to the official 2025 semi-annual report for final accurate financial data and exercise caution regarding investment risks - Specific and accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report; investors are advised to pay attention to investment risks[8](index=8&type=chunk)

[Key Financial Data and Indicators for the First Half of 2025](index=1&type=section&id=Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) The company's total operating revenue for the first half of 2025 decreased by 8.75% year-on-year, while operating profit slightly increased by 0.74%; consequently, net profit attributable to shareholders decreased by 11.91% year-on-year, with basic earnings per share at 0.23 yuan, down 11.54%, while total assets and shareholders' equity saw a slight increase from the beginning of the period Key Financial Data and Indicators | Indicator | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | **Income Statement Items** | | | | | Total Operating Revenue (Million Yuan) | 982.68 | 1,076.93 | -8.75% | | Operating Profit (Million Yuan) | 226.88 | 225.22 | 0.74% | | Total Profit (Million Yuan) | 226.62 | 227.48 | -0.37% | | Net Profit Attributable to Shareholders (Million Yuan) | 155.70 | 176.76 | -11.91% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Million Yuan) | 155.57 | 170.99 | -9.02% | | Basic Earnings Per Share (Yuan) | 0.23 | 0.26 | -11.54% | | Weighted Average Return on Net Assets | 8.91% | 10.59% | Down 1.68 percentage points | | **Balance Sheet Items** | **End of Current Period** | **Beginning of Current Period** | **Change (%)** | | Total Assets (Million Yuan) | 4,070.16 | 3,987.78 | 2.07% | | Shareholders' Equity Attributable to Parent Company (Million Yuan) | 1,811.21 | 1,789.77 | 1.20% | | Net Assets Per Share Attributable to Parent Company (Yuan) | 2.55 | 2.51 | 1.59% | [Explanation of Operating Performance and Financial Condition](index=2&type=section&id=Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) During the reporting period, the company's core operating performance was influenced by multiple factors; while power generation volume decreased due to new energy impact, higher electricity sales prices partially offset this, and the coal business saw stable volume but falling prices, leading to a decline in total operating revenue but a slight increase in operating profit and a decrease in net profit attributable to shareholders, while the company's financial condition remained stable with slight increases in total assets and shareholders' equity from the beginning of the period [Explanation of Operating Performance](index=2&type=section&id=Explanation%20of%20Operating%20Performance) During the reporting period, the company's thermal power generation and grid-connected electricity volume both decreased by approximately 14.6% year-on-year due to increased regional new energy generation; however, the average electricity sales price rose by 4.74% year-on-year due to increased peak-shaving services from thermal power units, while the coal business maintained stable production and sales but saw a significant 24.65% year-on-year decrease in average sales price due to market supply-demand and declining coal quality, and despite the revenue decline, Q2 net profit increased by 9.27% quarter-on-quarter, indicating performance improvement - Power generation volume decreased: The company completed **24.324 billion kWh** of power generation during the reporting period, a **14.58% year-on-year decrease**, primarily due to increased new energy generation in the region, leading to more peak-shaving operations and reduced utilization hours for the company's thermal power units[8](index=8&type=chunk) - Electricity sales price increased: The average electricity sales price was **356.49 yuan/1000 kWh** (excluding tax), a **4.74% year-on-year increase**, mainly benefiting from the comprehensive revenue growth driven by increased peak-shaving operations of thermal power units[8](index=8&type=chunk) - Coal business volume stable, price down: Coal production increased by **1.74%** year-on-year, and sales volume increased by **1.60%** year-on-year, indicating stable production and sales; however, the average coal sales price decreased by **24.65%** year-on-year due to declining coal quality and market price adjustments[9](index=9&type=chunk) - Q2 performance improved quarter-on-quarter: The company achieved **812.9961 million yuan** in net profit attributable to shareholders in the second quarter of 2025, a **9.27% increase** from the first quarter[10](index=10&type=chunk) [Explanation of Financial Condition](index=3&type=section&id=Explanation%20of%20Financial%20Condition) As of the end of the reporting period, the company's financial condition remained stable, with total assets increasing by 2.07% from the beginning of the period, and shareholders' equity attributable to the parent company and net assets per share also showing slight increases Financial Condition Summary | Indicator | End of Period (Million Yuan) | Beginning of Period (Million Yuan) | Change from Beginning of Period | | :--- | :--- | :--- | :--- | | Total Assets | 4,070.16 | 3,987.78 | +2.07% | | Shareholders' Equity Attributable to Parent Company | 1,811.21 | 1,789.77 | +1.20% | | Net Assets Per Share Attributable to Parent Company (Yuan) | 2.55 | 2.51 | +1.59% | [Risk Warning](index=3&type=section&id=Risk%20Warning) The company advises investors that the financial data in this performance express are preliminary calculations and have not been audited by an accounting firm; the final data will be subject to the company's officially disclosed 2025 semi-annual report, and investors are urged to be aware of investment risks - The data in this announcement are preliminary and unaudited, and may differ from the final data disclosed in the company's 2025 semi-annual report[3](index=3&type=chunk)[12](index=12&type=chunk) - The company states that there are no significant uncertainties affecting the accuracy of this performance express[12](index=12&type=chunk)

江苏澄星磷化工股份有限公司2025 年半年度报告 1 / 160 江苏澄星磷化工股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 公司代码：600078 公司简称：澄星股份 江苏澄星磷化工股份有限公司 2025 年半年度报告 四、 公司负责人刘晓光、主管会计工作负责人徐西瑞及会计机构负责人（会计主管人员）杨晓 丹声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 十、 重大风险提示 公司的重大风险提示敬请查阅本报告第三节管理层讨论与分析第五点其他披露事项"可 ...

[2025 Semi-Annual Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a slight revenue increase for H1 2025, but significant year-on-year declines in net profit attributable to shareholders and non-recurring net profit [Core Performance Indicators Forecast](index=1&type=section&id=II.%20Performance%20Forecast%3A%20Year-on-Year%20Decline) The company anticipates a slight revenue increase of 1.44% to 3.12% for H1 2025, while net profit attributable to shareholders and non-recurring net profit are expected to decline significantly by 39.67% to 48.29% and 35.24% to 44.95% respectively, indicating revenue growth without profit increase Key Financial Performance Forecast for H1 2025 | Indicator | 2025 H1 Forecast (RMB) | 2024 H1 Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.82 billion - 1.85 billion | 1.794 billion | +1.44% to +3.12% | | Net Profit Attributable to Parent | 180 million - 210 million | 348 million | -39.67% to -48.29% | | Non-recurring Net Profit Attributable to Parent | 170 million - 200 million | 309 million | -35.24% to -44.95% | [Analysis of Performance Changes](index=1&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Changes) The significant decline in net profit is primarily due to a decrease in other income and a substantial increase in inventory impairment losses [Revenue and Gross Margin Analysis](index=2&type=section&id=I.%20Impact%20on%20Operating%20Revenue%20and%20Gross%20Margin) Despite intense market competition, the company achieved slight revenue growth by expanding new products and markets, with integrated circuit design product lines (excluding NVM) showing growth, while maintaining a stable overall gross margin year-on-year - Revenue growth primarily stemmed from the integrated circuit design segment (excluding NVM), as the company expanded new products and markets to address intense competition[6](index=6&type=chunk) - During the reporting period, the company's overall gross margin remained largely stable year-on-year[6](index=6&type=chunk) [Primary Reasons for Profit Decline](index=2&type=section&id=II.%20Impact%20of%20Other%20Income%20and%20Asset%20Impairment%20Losses) The significant decline in net profit is primarily due to a decrease of approximately **RMB 68 million** in other income from reduced VAT deductions and government subsidies, and a substantial increase of approximately **RMB 140 million** in inventory impairment losses due to decreased demand and longer inventory age - Other income decreased by approximately **RMB 68 million**, primarily due to reduced VAT super deduction for integrated circuit design enterprises and fewer government grants from project completion[6](index=6&type=chunk) - Inventory impairment losses increased by approximately **RMB 140 million** year-on-year, mainly due to decreased demand for certain products and extended inventory age[6](index=6&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=IV.%20Risk%20Warning) The company states no significant uncertainties affecting the accuracy of this performance forecast have been identified, advising investors to consult the 2024 Annual Report for detailed risk factors [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company states no significant uncertainties affecting the accuracy of this performance forecast have been identified, advising investors to consult the 2024 Annual Report for detailed risk factors - The company has not identified any significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) - For potential risk factors in the company's operations, refer to the **2024 Annual Report**[7](index=7&type=chunk) [Other Disclosures](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) This announcement is a voluntary disclosure under Hong Kong and Shanghai listing rules, emphasizing that forecast data are preliminary and final financial figures will be based on the official 2025 semi-annual report, cautioning investors about investment risks - This announcement is made in accordance with the listing rules of both Hong Kong and Shanghai stock exchanges[8](index=8&type=chunk) - The forecast data are preliminary, and the final financial figures will be subject to the official semi-annual report[8](index=8&type=chunk)

苏州苏试试验集团股份有限公司 2025 年半年度报告全文 苏州苏试试验集团股份有限公司 2025 年半年度报告 2025 年 07 月 1 苏州苏试试验集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人钟琼华、主管会计工作负责人钟琼华及会计机构负责人(会计 主管人员)朱丽军声明：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。 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，敬请投资者注意投资风险。 公司主要存在的风险具体请见本报告"第三节 管理层讨论与分析"之 "十、公司面临的风险和应对措施"。敬请广大投资者关注，并注意投资风 险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 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 ...

公司代码：688100 公司简称：威胜信息 威胜信息技术股份有限公司 2025 年半年度报告 1/214 威胜信息技术股份有限公司2025 年半年度报告 威胜信息技术股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本半年度报告中详细描述可能存在的风险，敬请查阅本报告第三节"管理层讨论与 分析"之"四、风险因素"中的内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人李鸿、主管会计工作负责人钟喜玉及会计机构负责人（会计主管人员）彭姣声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司 2025 年半年度合并报表归属于公司股东的净利润为 305,100,737.96 元，截至 2025 年 6 月 30 日，母公司期末可供分配利润为 1,292,783,368.77 元。经董事会决议，公司 2025 年半年度 拟以实施 ...