CHUN Li 8 北京市春立正达医疗器械股份有限公司 Beijing Chunlizhengda Medical Instruments Co., Ltd.* (于中华人民共和国注册成立的股份有限公司) A+H 688236.SH 上市企业| 01858.HK 中 期 报 告 ·仪供识别 北京市春立正达医疗器械股份有限公司2025 年半年度报告 港股代码：01858 公司代码：688236 公司简称：春立医疗 北京市春立正达医疗器械股份有限公司 2025 年半年度报告 二零二五年八月 2 / 150 北京市春立正达医疗器械股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中描述可能存在的重大风险，敬请参阅本报告"第三节 管理层讨论与分析- 四、风险因素"相关内容。 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、 公司负责人史文玲、主管会计工作负责人卢宏悦及会计机构负责人（会计主管人员）卢宏 ...

江西洪都航空工业股份有限公司2025 年半年度报告 江西洪都航空工业股份有限公司2025 年半年度报告 1 / 107 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：600316 公司简称：洪都航空 江西洪都航空工业股份有限公司 2025 年半年度报告 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 十、 重大风险提示 公司可能存在的相关风险已在本报告中第三节"管理层讨论与分析"中"五、其他披露事项" 之"（一）可能面对的风险"部分予以了详细描述，敬请查阅相关内容。 十一、 其他 □适用 √不适用 四、 公司负责人王卫华、主管会计工作负责人曹春及会计机构负责人（会计主管人员）王訢声明： 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 2 / 107 八、 是否存在违反规定决策程序对 ...

扬州金泉旅游用品股份有限公司2025 年半年度报告 公司代码：603307 公司简称：扬州金泉 扬州金泉旅游用品股份有限公司 2025 年半年度报告 1 / 181 扬州金泉旅游用品股份有限公司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、 公司负责人林明稳、主管会计工作负责人赵仁萍及会计机构负责人（会计主管人员）刘玉 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 为回报股东，在充分考虑公司现阶段财务状况、2025年度经营发展对资金的需求及中长期发 展等因素后，根据2024年年度股东大会授权，公司拟定的2025年半年度利润分配方案为：拟向全 体股东每10股派发现金红利4.00元（含税）。截至2025年6月30日，公司总股本67,877,000股，以 此计算合计拟派发现金红利27,150,800.00元（含税），不送红股，不转增股本。 ...

海南天然橡胶产业集团股份有限公司2025 年半年度报告 公司代码：601118 公司简称：海南橡胶 海南天然橡胶产业集团股份有限公司 2025 年半年度报告 1 / 190 海南天然橡胶产业集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王宏向、主管会计工作负责人谢琳璐及会计机构负责人（会计主管人员）曾胜 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告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 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 ...

[Glossary](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms, company information, reporting periods, and key subsidiaries to ensure clarity and consistency [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) The company defined common terms, including company name, organizational structure, reporting period, major subsidiaries, and industry terms, for clear and consistent disclosure - Defines "Company/This Company/Xidamen" as Zhejiang Xidamen New Materials Co., Ltd[12](index=12&type=chunk) - Defines "Reporting Period" as January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Lists major subsidiaries such as Xidamen Home, Xidamen E-commerce, XM Singapore, and XM US[12](index=12&type=chunk) - Explains industry terms like water-based acrylic, PVC, polyester fiber, warping, weaving, finishing, and coating[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information, contact details, stock profile, and key financial performance metrics for the reporting period [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Zhejiang Xidamen New Materials Co., Ltd. (Xidamen) is a functional shading material manufacturer, with Liu Qinghua as its legal representative - Company's Chinese Name: Zhejiang Xidamen New Materials Co., Ltd[14](index=14&type=chunk) - Company's Chinese Abbreviation: Xidamen[14](index=14&type=chunk) - Legal Representative: Liu Qinghua[14](index=14&type=chunk) [Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Discloses contact information for Board Secretary Dong Yuting and Securities Affairs Representative Liu Yan, including address, phone, fax, and email, to facilitate investor communication - Board Secretary: Dong Yuting[15](index=15&type=chunk) - Securities Affairs Representative: Liu Yan[15](index=15&type=chunk) - Contact Address: Rungang Village, Lanting Town, Keqiao District, Shaoxing City, Zhejiang Province[15](index=15&type=chunk) - Phone: 0575-84600929[15](index=15&type=chunk) - Email: xidamen@xidamen.com[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered and office addresses are both in Rungang Village, Lanting Town, Keqiao District, Shaoxing City, Zhejiang Province, with no historical changes during the reporting period - Company Registered Address: Rungang Village, Lanting Town, Keqiao District, Shaoxing City, Zhejiang Province[16](index=16&type=chunk) - Company Office Address: Rungang Village, Lanting Town, Keqiao District, Shaoxing City, Zhejiang Province[16](index=16&type=chunk) - Company Website: www.xidamen.com[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates Securities Times, Shanghai Securities News, and Securities Daily as information disclosure newspapers, publishes its semi-annual report on the Shanghai Stock Exchange website (www.sse.com.cn), and keeps it available at the company's securities department - Information Disclosure Newspapers: Securities Times, Shanghai Securities News, Securities Daily[17](index=17&type=chunk) - Website for Semi-Annual Report Publication: www.sse.com.cn[17](index=17&type=chunk) - Company Semi-Annual Report Placement Location: Company Securities Department[17](index=17&type=chunk) [Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Xidamen and stock code 605155 - Stock Type: A-shares[18](index=18&type=chunk) - Stock Exchange: Shanghai Stock Exchange[18](index=18&type=chunk) - Stock Abbreviation: Xidamen, Stock Code: 605155[18](index=18&type=chunk) [Other Relevant Information](index=5&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) The company appointed Tianjian Certified Public Accountants (Special General Partnership) as its domestic accounting firm and Zheshang Securities Co., Ltd. as its sponsor, with the continuous supervision period extending to December 31, 2023 - Domestic Accounting Firm Appointed by the Company: Tianjian Certified Public Accountants (Special General Partnership)[19](index=19&type=chunk) - Sponsor Fulfilling Continuous Supervision Responsibilities During the Reporting Period: Zheshang Securities Co., Ltd[20](index=20&type=chunk) - Period of Continuous Supervision: December 31, 2020, to December 31, 2023[20](index=20&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 14.51% to 419.22 million yuan, net profit attributable to the parent company increased by 1.45% to 55.80 million yuan, and net cash flow from operating activities significantly grew by 83.45% Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 419,221,716.09 | 366,100,561.38 | 14.51 | | Total Profit (yuan) | 64,647,979.83 | 61,774,777.07 | 4.65 | | Net Profit Attributable to Shareholders (yuan) | 55,804,587.80 | 55,006,778.72 | 1.45 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (yuan) | 50,868,905.88 | 53,843,134.22 | -5.52 | | Net Cash Flow from Operating Activities (yuan) | 97,433,048.10 | 53,112,384.62 | 83.45 | | | Period End | Prior Year End | Change from Prior Year End (%) | | Net Assets Attributable to Shareholders (yuan) | 1,291,848,728.65 | 1,276,833,129.22 | 1.18 | | Total Assets (yuan) | 1,389,107,403.74 | 1,384,909,341.47 | 0.30 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.29 | 0.29 | 0.00 | | Diluted EPS (yuan/share) | 0.29 | 0.29 | 0.00 | | Basic EPS (Excluding Non-Recurring Items) (yuan/share) | 0.27 | 0.28 | -3.57 | | Weighted Average ROE (%) | 4.30 | 4.49 | Decrease of 0.19 percentage points | | Weighted Average ROE (Excluding Non-Recurring Items) (%) | 3.92 | 4.40 | Decrease of 0.48 percentage points | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=6&type=section&id=%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, there were no differences in accounting data under domestic and overseas accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%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 4.94 million yuan, primarily from gains/losses on entrusted investments and government subsidies Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -149,869.74 | | | Government Subsidies Included in Current Profit/Loss | 1,620,843.21 | Primarily government subsidies received | | Gains/Losses from Entrusted Investments or Asset Management | 4,399,603.00 | | | Other Non-Operating Income and Expenses | -64,489.99 | | | Less: Income Tax Impact | 870,404.56 | | | Total | 4,935,681.92 | | [Net Profit After Deducting Impact of Share-Based Payments](index=7&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) During the reporting period, the company's net profit after deducting the impact of share-based payments was 57.81 million yuan, a year-on-year increase of 0.77% Net Profit After Deducting Impact of Share-Based Payments | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-Based Payments (yuan) | 57,807,996.73 | 57,367,416.41 | 0.77 | [Management Discussion and Analysis](index=8&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 analyzes the company's industry, main business operations, core competencies, and key financial performance during the reporting period, along with potential risks and other significant disclosures [Industry and Main Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company specializes in the architectural shading industry, offering functional shading materials and finished products. Global market demand is highly differentiated, with developed markets dominated by international players, while the fragmented domestic market is supported by policies promoting smart, multi-functional, and eco-friendly development, projected to reach 65 billion yuan in sales by 2030 [(I) Company's Industry](index=8&type=section&id=(%E4%B8%80)%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company operates in the architectural shading industry, with its main products being functional shading materials and finished products - Company's Industry: Architectural shading industry[29](index=29&type=chunk) - Main Products: Functional shading materials and finished products[29](index=29&type=chunk) [(II) Global Industry Overview](index=8&type=section&id=(%E4%BA%8C)%20%E5%85%A8%E7%90%83%E5%BB%BA%E7%AD%91%E9%81%AE%E9%98%B3%E8%A1%8C%E4%B8%9A%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The global architectural shading industry is driven by increasing energy-saving awareness, with functional shading products achieving up to 70% penetration in developed countries. Market demand is highly differentiated, with developed nations seeking high-end customization and European markets preferring standardized functional products. The competitive landscape is regionally fragmented, with international giants dominating developed markets and numerous SMEs sharing non-developed markets - In 2018, global energy consumption related to building construction and operation accounted for **35% of global energy consumption**, with **39% of carbon dioxide emissions**[29](index=29&type=chunk) - Architectural shading, as a passive building energy-saving technology, can save approximately **30% of air conditioning energy** and **14% of heating energy** in the EU28 countries[29](index=29&type=chunk) - The penetration rate of functional shading products in developed countries like Europe and the US is as high as **70%**, with a replacement cycle of 3-5 years or even shorter[29](index=29&type=chunk) - Global market demand is highly differentiated; for example, the US, Canada, and Australia pursue high-end quality and customized services, while Europe focuses on window decoration functionality[30](index=30&type=chunk) - The global competitive landscape shows regional differentiation, with developed country markets primarily dominated by international manufacturers like Hunter Douglas, while non-developed country markets are fragmented among numerous small and medium-sized enterprises[30](index=30&type=chunk) [(III) Domestic Industry Overview](index=8&type=section&id=(%E4%B8%89)%20%E5%9B%BD%E5%86%85%E5%BB%BA%E7%AD%91%E9%81%AE%E9%98%B3%E8%A1%8C%E4%B8%9A%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The domestic architectural shading industry, supported by policies, is evolving towards intelligence, multi-functionality, and green environmental protection to achieve "dual carbon" goals. Domestic functional shading product sales are projected to reach 65 billion yuan by 2030. The industry is fragmented, but leading enterprises are highly competitive, and market concentration is expected to increase - Policy support: The state has issued the 'Catalogue of Promoted Technologies for Architectural Shading,' and the '14th Five-Year Plan' requires all new urban buildings to be green buildings by **2025**, with shading facilities added as appropriate[31](index=31&type=chunk)[32](index=32&type=chunk) - Market size: Domestic functional shading product sales reached **22.63 billion yuan in 2022**, projected to reach **65 billion yuan by 2030**[33](index=33&type=chunk) - Competitive landscape: Numerous enterprises (approximately **3,000+**), small average scale, clear market segmentation, and scarcity of high-end supply[33](index=33&type=chunk) - Industry trend: High-quality development towards intelligence, multi-functionality, and green environmental protection, with industry resources expected to concentrate towards leading enterprises in the first tier, potentially increasing market concentration[31](index=31&type=chunk)[34](index=34&type=chunk) [(IV) Main Business and Products](index=9&type=section&id=(%E5%9B%9B)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%92%8C%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company is a leading domestic manufacturer of functional shading materials, specializing in R&D, production, and sales, with products exported to over 70 countries and regions worldwide. Its main products include shading fabrics and functional shading finished products, featuring sun protection, energy saving, environmental protection, mildew resistance, antibacterial properties, flame retardancy, sound insulation, and heat insulation - Company positioning: A leading domestic manufacturer of functional shading materials with extensive scale, comprehensive product range, and first-class technology[34](index=34&type=chunk) - Main products: Shading fabrics and functional shading finished products[34](index=34&type=chunk) - Product features: Possesses special properties such as sun protection, energy saving, environmental protection, mildew resistance, antibacterial, flame retardant, sound insulation, and heat insulation[34](index=34&type=chunk) - Market coverage: Products are exported to over **70 countries and regions** across six continents worldwide[34](index=34&type=chunk) [Analysis of Operating Conditions](index=9&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) During the reporting period, the company focused on strategic planning, increasing global market sales and overseas finished product expansion, with fundraising projects completed to support capacity. Operating revenue grew by 14.51% to 419.22 million yuan, and net profit attributable to the parent company increased by 1.45% to 55.80 million yuan, indicating continuous improvement in profitability. The company strengthened its marketing system, increased R&D investment, implemented equity incentives, and enhanced quality and safety management - As of the end of the reporting period, the company achieved operating revenue of **419.22 million yuan**, a year-on-year increase of **14.51%**[35](index=35&type=chunk) - Net profit attributable to shareholders was **55.80 million yuan**, a year-on-year increase of **1.45%**[35](index=35&type=chunk) - Fundraising projects such as the 'Annual Production of **16.5 million square meters** of New Architectural Shading Materials Project' and the 'Annual Production of **2 million square meters** of Finished Architectural Shading Products' have all been completed, providing capacity support for future sales expansion[35](index=35&type=chunk) - Strengthened marketing system construction by building a high-performance marketing team, improving the omni-channel marketing network, continuously enhancing market penetration capabilities, and expanding cross-border e-commerce business and deploying overseas warehouses[36](index=36&type=chunk)[37](index=37&type=chunk) - Continuously increased R&D investment, obtaining **2 invention patents**, **5 utility model patents**, and **21 design patents**, totaling **28 items**, and applying for **3 invention patents**[37](index=37&type=chunk) - Implemented the 2023 Restricted Stock Incentive Plan, granting restricted shares to **79 incentive recipients**, binding key company personnel, with performance assessment targets for **2023 and 2024** successfully met[38](index=38&type=chunk) - Strengthened product quality and safety production management, improved the 'Product Quality Responsibility System' and quality inspection standards, with no liability accidents occurring throughout the year[38](index=38&type=chunk)[39](index=39&type=chunk) [Analysis of Core Competencies](index=11&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 industry brand advantage, strong technical strength and R&D advantage, rich product differentiation competitive advantage, integrated production advantage, experience and capability in serving global customers, and regional advantage in the Yangtze River Delta - Industry brand advantage: Products are exported to over **70 countries and regions** across six continents worldwide, relying on strong technical strength, excellent product quality, and high-quality integrated services[40](index=40&type=chunk) - Core technology and R&D advantage: Possesses a 'Zhejiang Provincial High-Tech Enterprise Research and Development Center,' with strong core technologies in material improvement, performance enhancement, process optimization, and equipment upgrades, and has introduced advanced production equipment from Germany, France, and South Korea[41](index=41&type=chunk) - Product differentiation competitive advantage: Rich and comprehensive product structure, having developed **four major categories**, **over a hundred series**, and **over a thousand products**, offering one-stop procurement services and customized solutions[42](index=42&type=chunk) - Integrated production advantage: Formed a production chain integrating granulation, monofilament coating, warping, weaving, coating, post-treatment, and finished product assembly, effectively reducing costs, improving efficiency, and increasing product yield[42](index=42&type=chunk)[43](index=43&type=chunk) - Experience and capability advantage in serving global customers: Customers are spread across over **70 countries and regions** on six continents worldwide, establishing stable cooperative relationships with internationally renowned clients such as Hunter Douglas and Vertilux[44](index=44&type=chunk) - Regional advantage: Located in the Yangtze River Delta chemical fiber industry base, relying on the mature industrial cluster effect, possessing significant advantages in supply chain, market information, R&D innovation, and market expansion[44](index=44&type=chunk) [Key Operating Conditions](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue increased by 14.51%, primarily due to growth in finished curtain sales. Selling expenses surged by 56.69% due to increased e-commerce platform and advertising investments, while administrative and R&D expenses slightly decreased. Net cash flow from operating activities significantly rose by 83.45%, and net cash flow from investing activities saw a substantial outflow due to increased purchases of wealth management products. The asset-liability structure remained stable, with increases in construction in progress and non-current assets [(I) Main Business Analysis](index=12&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 14.51%, primarily due to growth in finished curtain sales. Operating costs increased by 8.40%. Selling expenses surged by 56.69% due to increased e-commerce platform and advertising investments. Administrative and R&D expenses decreased by 9.75% and 9.54%, respectively. Net cash flow from operating activities significantly grew by 83.45% Analysis of Changes in Financial Statement Items | Item | Current Period Amount | Prior Period Amount | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 419,221,716.09 | 366,100,561.38 | 14.51 | Primarily due to increased sales of finished curtains | | Operating Cost (yuan) | 232,266,957.48 | 214,268,103.39 | 8.40 | Primarily due to increased costs in line with operating revenue growth | | Selling Expenses (yuan) | 92,651,694.10 | 59,130,660.61 | 56.69 | Primarily due to increased investment in e-commerce platforms and advertising | | Administrative Expenses (yuan) | 18,158,546.76 | 20,121,267.28 | -9.75 | Primarily due to a decrease in the number of employees | | Financial Expenses (yuan) | -2,395,050.35 | -10,201,350.54 | 76.52 | Primarily due to a decrease in interest income and exchange gains | | R&D Expenses (yuan) | 13,836,053.58 | 15,295,180.94 | -9.54 | Primarily due to a phased decline in R&D projects | | Net Cash Flow from Operating Activities (yuan) | 97,433,048.10 | 53,112,384.62 | 83.45 | Primarily due to increased operating revenue | | Net Cash Flow from Investing Activities (yuan) | -103,791,392.40 | -49,079,421.75 | Not applicable | Primarily due to increased purchases of wealth management products | | Net Cash Flow from Financing Activities (yuan) | -48,001,161.95 | -52,253,736.31 | Not applicable | Primarily due to increased dividend distribution | [(II) Changes in Non-Core Business Profit](index=13&type=section&id=(%E4%BA%8C)%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%AF%BC%E8%87%B4%E5%88%A9%E6%B6%A6%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no significant changes in profit due to non-core business activities - The company had no significant changes in profit due to non-core business activities[47](index=47&type=chunk) [(III) Asset and Liability Analysis](index=13&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets and net assets maintained stable growth. Construction in progress significantly increased by 8454.60% to 18.31 million yuan, primarily due to increased equipment investment. Other non-current assets grew by 132.20% to 171.70 million yuan, mainly due to an increase in large-denomination certificates of deposit. Taxes payable and other payables decreased. Overseas assets accounted for 1.20% of total assets Changes in Assets and Liabilities | Item Name | Current Period End Amount | Proportion of Total Assets at Period End (%) | Prior Year End Amount | Proportion of Total Assets at Prior Year End (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Construction in Progress (yuan) | 18,313,562.86 | 1.32 | 214,078.43 | 0.02 | 8454.60 | Primarily due to increased equipment investment | | Non-Current Assets Due Within One Year (yuan) | 0 | - | 54,990,123.44 | 3.97 | -100.00 | Primarily due to maturity and recovery of time deposits | | Other Non-Current Assets (yuan) | 171,698,454.76 | 12.36 | 73,943,165.95 | 5.34 | 132.20 | Primarily due to an increase in large-denomination certificates of deposit and a decrease in prepaid equipment | | Taxes Payable (yuan) | 8,944,613.68 | 0.64 | 15,848,124.70 | 1.14 | -43.56 | Primarily due to payment of prior period corporate income tax in the current period | | Other Payables (yuan) | 7,702,245.62 | 0.55 | 13,021,628.81 | 0.94 | -40.85 | Primarily due to a decrease in restricted stock repurchase obligations in the current period | - Overseas assets amounted to **16.70 million yuan**, accounting for **1.20% of total assets**[49](index=49&type=chunk) [(IV) Analysis of Investment Status](index=14&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's board of directors approved using up to 500 million yuan of idle自有资金 for cash management, investing in highly secure and liquid financial institution products, with funds available for revolving investment within a 12-month validity period - Plans to use up to **500 million yuan** of idle自有资金 for cash management[51](index=51&type=chunk) - To be used for purchasing highly secure and liquid investment products sold by financial institutions (including but not limited to structured deposits, time deposits, large-denomination certificates of deposit)[51](index=51&type=chunk) - Valid for **12 months** from the date of board approval, with funds available for revolving investment and rolling use[51](index=51&type=chunk) [(V) Significant Asset and Equity Sales](index=14&type=section&id=(%E4%BA%94)%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company had no significant asset or equity sales - The company had no significant asset or equity sales[52](index=52&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=14&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) During the reporting period, the operating performance of the company's major subsidiaries, Xidamen Home and Xidamen E-commerce, diverged, with Xidamen Home incurring losses and Xidamen E-commerce being profitable. The newly established subsidiary Yuefenghua had no significant impact on overall production, operations, and performance Financial Status of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xidamen Home | Subsidiary | Furniture sales | 20,000,000 | 752,571.04 | 721,276.98 | 67,625.17 | -62,384.94 | -58,995.19 | | Xidamen E-commerce | Subsidiary | Internet sales | 2,000,000 | 984,480.49 | 919,155.93 | 813,263.69 | 65,549.93 | 62,265.77 | - The newly established subsidiary Yuefenghua had no significant impact on overall production, operations, and performance[54](index=54&type=chunk) [(VII) Structured Entity Information](index=15&type=section&id=(%E4%B8%83)%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company had no controlled structured entities - The company had no controlled structured entities[54](index=54&type=chunk) [Other Disclosure Matters](index=15&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces market risks such as intense market competition, raw material price fluctuations, reliance on export sales, and human resource attrition, as well as technological risks like maintaining product technological leadership and potential loss of core technical processes. Fundraising projects may encounter risks related to construction, capacity expansion, increased fixed asset depreciation, and declining return on net assets. Furthermore, changes in tax preferential policies, export tax rebate policies, RMB exchange rate fluctuations, and improper control by the actual controller also constitute financial risks [(I) Potential Risks](index=15&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 multiple risks, including intense market competition, raw material price fluctuations, high reliance on export sales, and loss of professional talent, constituting market and human resource risks; technological risks such as difficulty in maintaining product technological leadership and loss of core technical processes; fundraising project risks including construction progress, significant capacity expansion, increased fixed asset depreciation, and declining return on net assets; and financial risks such as changes in tax preferential policies, export tax rebate policies, RMB exchange rate fluctuations, and improper control by the actual controller - Market risks: Include intense market competition, raw material price fluctuations, high reliance on export sales (**81.64% of main business revenue from exports in Jan-Jun 2025**), and human resource attrition risk[54](index=54&type=chunk)[55](index=55&type=chunk) - Technological risks: Include the inability to continuously maintain product leadership and the risk of losing core technical processes[56](index=56&type=chunk)[57](index=57&type=chunk) - Fundraising project risks: Include project construction progress, significant capacity expansion, increased fixed asset depreciation (**28.16 million yuan annually**), and declining return on net assets risk[57](index=57&type=chunk)[58](index=58&type=chunk) - Financial risks: Include changes in tax preferential policies (**15% income tax preference for high-tech enterprises**), changes in export tax rebate policies, and RMB exchange rate fluctuation risk[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) - Risk of improper control by actual controllers: Actual controllers Liu Qinghua and Wang Yuehong hold **60.32% of the company's shares**, potentially exerting significant influence over major company decisions[61](index=61&type=chunk) [(II) Other Disclosure Matters](index=17&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no other matters requiring disclosure - The company had no other disclosure matters[62](index=62&type=chunk) [Corporate Governance, Environment, and Society](index=18&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in directors and senior management, profit distribution plans, equity incentive programs, environmental information disclosure, and contributions to poverty alleviation and rural revitalization [Changes in Directors, Supervisors, and Senior Management](index=18&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, Supervisory Board Chairman Bai Jianmin, Supervisor Ma Fangfang, and Supervisor Ren Danping resigned. Ren Danping was elected as an employee representative director, and Shen Lanfen was elected as a director of the company's fourth board of directors. The company has abolished its supervisory board - Supervisory Board Chairman Bai Jianmin, Supervisor Ma Fangfang, and Supervisor Ren Danping resigned[64](index=64&type=chunk) - Ren Danping was elected as an employee representative director of the company's fourth board of directors[64](index=64&type=chunk) - Shen Lanfen was elected as a director of the company's fourth board of directors[65](index=65&type=chunk) - The company has abolished its supervisory board[65](index=65&type=chunk) [Profit Distribution Plan](index=18&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 board of directors resolved not to distribute profits or convert capital reserves into share capital for the current reporting period - No distribution or conversion for the current reporting period[66](index=66&type=chunk) [Equity Incentive Plan](index=18&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) In May 2025, the company adjusted the repurchase price of its 2023 Restricted Stock Incentive Plan and approved the resolution for the achievement of unlocking conditions for the second unlocking period. Due to unmet performance targets, the company repurchased and cancelled 249,340 restricted shares, with 837,060 shares listed for circulation on August 4, 2025 - On May 21, 2025, the company's board of directors and supervisory board convened and approved the 'Resolution on Adjusting the Repurchase Price of the Company's 2023 Restricted Stock Incentive Plan' and the 'Resolution on the Achievement of Unlocking Conditions for the Second Unlocking Period of the 2023 Restricted Stock Incentive Plan'[67](index=67&type=chunk) - The company repurchased and cancelled a total of **249,340 restricted shares** that had been granted but not yet unlocked, with the cancellation date being July 24, 2025[68](index=68&type=chunk) - The total number of shares listed for circulation is **837,060 shares**, with the listing date for circulation being August 4, 2025[68](index=68&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) During the reporting period, the company was not included in the list of enterprises required to disclose environmental information by law - The company was not included in the list of enterprises required to disclose environmental information by law[69](index=69&type=chunk) [Poverty Alleviation and Rural Revitalization](index=19&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) During the reporting period, the company had no specific activities related to consolidating poverty alleviation achievements or rural revitalization - The company had no specific activities related to consolidating poverty alleviation achievements or rural revitalization[69](index=69&type=chunk) [Significant Matters](index=20&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the fulfillment of commitments, absence of related-party fund occupation or illegal guarantees, unaudited status of the semi-annual report, and the lack of significant litigation, violations, or other major transactions [Fulfillment of Commitments](index=20&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's actual controllers, shareholders, and incentive recipients strictly fulfilled all commitments related to the initial public offering and equity incentives, including not occupying company funds, reducing related-party transactions, refraining from engaging in competitive businesses, and fulfilling equity incentive obligations - Actual controllers Liu Qinghua and Wang Yuehong committed not to occupy company funds or assets in the future, nor to abuse control to misappropriate company funds or assets[71](index=71&type=chunk) - Actual controllers Liu Qinghua and Wang Yuehong committed to minimize related-party transactions with the company, and unavoidable transactions will be conducted based on fair, equitable, and compensatory principles[72](index=72&type=chunk) - Actual controllers Liu Qinghua and Wang Yuehong committed not to engage in businesses or activities that compete or may compete with Xidamen's main business[74](index=74&type=chunk) - The company committed not to provide loans or any other form of financial assistance to incentive recipients for acquiring restricted shares under this incentive plan[75](index=75&type=chunk) - Incentive recipients committed to return all benefits obtained from the incentive plan if the company's information disclosure documents contain false records, misleading statements, or major omissions[75](index=75&type=chunk) - All commitments were strictly fulfilled during the reporting period[71](index=71&type=chunk) [Occupation of Funds by Related Parties](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties - The company had no non-operating occupation of funds by controlling shareholders or other related parties[76](index=76&type=chunk) [Illegal Guarantees](index=22&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no illegal guarantees - The company had no illegal guarantees[76](index=76&type=chunk) [Semi-Annual Report Audit Status](index=22&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk)[76](index=76&type=chunk) [Changes in Non-Standard Audit Opinions](index=22&type=section&id=%E4%BA%94%E3%80%81%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%89%80%E6%B6%89%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) During the reporting period, there were no changes or handling of matters involving non-standard audit opinions in the company's prior year's annual report - The company's prior year's annual report had no changes or handling of matters involving non-standard audit opinions[76](index=76&type=chunk) [Bankruptcy and Reorganization Matters](index=22&type=section&id=%E5%85%AD%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters[76](index=76&type=chunk) [Significant Litigation and Arbitration Matters](index=22&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters[76](index=76&type=chunk) [Violations and Penalties](index=22&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%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%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, neither the company nor its directors, senior management, controlling shareholders, or actual controllers were involved in alleged violations, penalties, or rectification situations - Neither the company nor its directors, senior management, controlling shareholders, or actual controllers were involved in alleged violations, penalties, or rectification situations[76](index=76&type=chunk) [Integrity Status](index=22&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company and its controlling shareholders and actual controllers maintained good integrity, with no instances of failure to repay large debts on time, unfulfilled commitments, or public condemnation - During the reporting period, the company and its controlling shareholders and actual controllers maintained good integrity[76](index=76&type=chunk) - There were no instances of failure to repay large debts on time, unfulfilled commitments, or public condemnation by the CSRC or SSE[76](index=76&type=chunk) [Significant Related-Party Transactions](index=22&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) During the reporting period, the company had no significant related-party transactions, whether disclosed or undisclosed, related to daily operations, asset acquisition/disposal, joint external investments, or related-party creditor-debtor relationships - The company had no related-party transactions related to daily operations that were disclosed in interim announcements with no subsequent progress or changes[77](index=77&type=chunk) - The company had no matters disclosed in interim announcements with subsequent progress or changes[78](index=78&type=chunk) - The company had no related-party transactions related to daily operations that were not disclosed in interim announcements[78](index=78&type=chunk) - The company had no related-party transactions involving asset or equity acquisition/disposal[78](index=78&type=chunk)[79](index=79&type=chunk) - The company had no significant related-party transactions involving joint external investments[79](index=79&type=chunk) - The company had no related-party creditor-debtor relationships[79](index=79&type=chunk)[80](index=80&type=chunk) - The company had no financial business with related financial companies or financial companies controlled by the company and related parties[80](index=80&type=chunk) - The company had no other significant related-party transactions[81](index=81&type=chunk) [Fulfillment of Significant Contracts](index=23&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment, contracting, or leasing matters, no significant guarantees, and no other significant contracts - The company had no entrustment, contracting, or leasing matters[81](index=81&type=chunk) - The company had no significant guarantees performed or unfulfilled during the reporting period[81](index=81&type=chunk) - The company had no other significant contracts[82](index=82&type=chunk) [Progress of Raised Funds Utilization](index=24&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) As of the end of the reporting period, all funds raised from the company's initial public offering have been fully utilized, with a cumulative investment of 471.49 million yuan, reaching an investment progress of 103.41%. The 'Architectural Shading New Materials Expansion Project' achieved 110.41% investment progress, the 'Smart Fashion Curtain Production Line Project' 67.52%, and the 'Smart Shading New Materials R&D Center Project' 83.14%. The company has used 92.97 million yuan of raised funds to replace self-raised funds previously invested [(I) Overall Utilization](index=24&type=section&id=(%E4%B8%80)%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%95%B4%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) As of the end of the reporting period, all funds raised from the company's initial public offering have been fully utilized, with a cumulative investment of 471.49 million yuan, reaching an investment progress of 103.41% Overall Utilization of Raised Funds | Source of Raised Funds | Date Funds Received | Total Raised Funds (yuan) | Net Raised Funds (1) (yuan) | Committed Investment Amount in Prospectus (2) (yuan) | Cumulative Investment of Raised Funds as of Period End (4) (yuan) | Investment Progress of Raised Funds as of Period End (%) (6)=(4)/(1) | Amount Invested This Year (8) (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 2020年12月28日 | 50,808.00 | 45,590.88 | 45,590.88 | 47,149.20 | 103.41 | 1,670.85 | | Total | / | 50,808.00 | 45,590.88 | 45,590.88 | 47,149.20 | / | 1,670.85 | [(II) Details of Fundraising Projects](index=24&type=section&id=(%E4%BA%8C)%20%E5%8B%9F%E6%8A%95%E9%A1%B9%E7%9B%AE%E6%98%8E%E7%BB%86) The 'Architectural Shading New Materials Expansion Project' achieved 110.41% investment progress, the 'Smart Fashion Curtain Production Line Project' 67.52%, and the 'Smart Shading New Materials R&D Center Project' 83.14%. All projects have been completed or reached their intended usable state Detailed Utilization of Fundraising Projects | Project Name | Planned Total Investment (1) (yuan) | Cumulative Investment of Raised Funds as of Period End (3) (yuan) | Investment Progress as of Period End (%) (2)/(1) | Date Reached Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Architectural Shading New Materials Expansion Project | 35,029.88 | 38,676.79 | 110.41 | June 2025 | | Smart Fashion Curtain Production Line Project | 5,208.00 | 3,516.24 | 67.52 | June 2024 | | Smart Shading New Materials R&D Center Project | 2,353.00 | 1,956.17 | 83.14 | June 2024 | | Replenishment of Working Capital | 3,000.00 | 3,000.00 | 100 | / | [(III) Changes or Termination of Fundraising Projects](index=26&type=section&id=(%E4%B8%89)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E6%8A%95%E5%8F%98%E6%9B%B4%E6%88%96%E7%BB%88%E6%AD%A2%E6%83%85%E5%86%B5) During the reporting period, the company had no changes or termination of fundraising projects - The company had no changes or termination of fundraising projects[86](index=86&type=chunk) [(IV) Other Uses of Raised Funds](index=27&type=section&id=(%E5%9B%9B)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E7%9A%84%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company has used 92.97 million yuan of raised funds to replace self-raised funds previously invested. As of the end of the reporting period, all funds raised from the initial public offering have been fully utilized - The company used **92.97 million yuan** of raised funds to replace self-raised funds previously invested[87](index=87&type=chunk) - As of the end of the reporting period, all funds raised from the company's initial public offering have been fully utilized[88](index=88&type=chunk) [(V) Verification Opinions of Intermediary Agencies](index=27&type=section&id=(%E4%BA%94)%20%E4%B8%AD%E4%BB%8B%E6%9C%BA%E6%9E%84%E5%85%B3%E4%BA%8E%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E5%AD%98%E5%82%A8%E4%B8%8E%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5%E7%9A%84%E4%B8%93%E9%A1%B9%E6%A0%B8%E6%9F%A5%E3%80%81%E9%89%B4%E8%AF%81%E7%9A%84%E7%BB%93%E8%AE%BA%E6%80%A7%E6%84%8F%E8%A7%81) During the reporting period, the company had no conclusive opinions from intermediary agencies regarding special verification or attestation of the storage and utilization of raised funds - The company had no conclusive opinions from intermediary agencies regarding special verification or attestation of the storage and utilization of raised funds[89](index=89&type=chunk) [(VI) Rectification of Irregularities in Raised Funds Utilization](index=27&type=section&id=(%E5%85%AD)%20%E6%93%85%E8%87%AA%E5%8F%98%E6%9B%B4%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E7%94%A8%E9%80%94%E3%80%81%E8%BF%9D%E8%A7%84%E5%8D%A0%E7%94%A8%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E7%9A%84%E5%90%8E%E7%BB%AD%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, the company had no subsequent rectification of unauthorized changes in the use of raised funds or illegal occupation of raised funds - The company had no subsequent rectification of unauthorized changes in the use of raised funds or illegal occupation of raised funds[89](index=89&type=chunk) [Other Significant Matters](index=27&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters[89](index=89&type=chunk) [Share Changes and Shareholder Information](index=28&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 changes in share capital, shareholder structure, and the holdings and incentives of directors and senior management, confirming no changes in controlling shareholder or preferred shares [Changes in Share Capital](index=28&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, the company's total share capital remained unchanged at 191,547,440 shares, with no change in the proportion of restricted and unrestricted tradable shares. After the reporting period, the company repurchased and cancelled 249,340 restricted shares due to equity incentives, changing the total share capital to 191,298,100 shares, which will impact earnings per share and net assets per share Table of Share Changes | | Quantity Before Change | Proportion Before Change (%) | Change (+,-) Subtotal | Quantity After Change | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,450,000 | 1.28 | 0 | 2,450,000 | 1.28 | | 3. Other Domestic Shares | 2,450,000 | 1.28 | 0 | 2,450,000 | 1.28 | | Of which: Domestic Natural Person Holdings | 2,450,000 | 1.28 | 0 | 2,450,000 | 1.28 | | II. Unrestricted Tradable Shares | 189,097,440 | 98.72 | 0 | 189,097,440 | 98.72 | | 1. RMB Ordinary Shares | 189,097,440 | 98.72 | 0 | 189,097,440 | 98.72 | | III. Total Shares | 191,547,440 | 100 | 0 | 191,547,440 | 100 | - After the reporting period, the company repurchased and cancelled **249,340 restricted shares** due to equity incentives, changing the total share capital to **191,298,100 shares**, which will impact earnings per share and net assets per share[93](index=93&type=chunk) [Shareholder Information](index=29&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 12,862 common shareholders. Among the top ten shareholders, Liu Qinghua held 57.52% as the largest shareholder, is married to Wang Yuehong and acts in concert with her, and Liu Xiaohua is Liu Qinghua's brother. The company's dedicated share repurchase account held 1.62% of shares - Total number of common shareholders as of the end of the reporting period: **12,862**[95](index=95&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name (Full Name) | Number of Shares Held at Period End | Proportion (%) | Number of Restricted Shares Held | Pledged, Marked, or Frozen Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Qinghua | 110,173,771 | 57.52 | 0 | None | Domestic Natural Person | | Wang Yuehong | 5,368,229 | 2.80 | 0 | None | Domestic Natural Person | | Zhejiang Xidamen New Materials Co., Ltd. Repurchase Special Securities Account | 3,106,332 | 1.62 | 0 | None | Other | | Cai Chunyan | 1,742,436 | 0.91 | 0 | None | Domestic Natural Person | | Shen Huafeng | 1,498,000 | 0.78 | 225,400 | None | Domestic Natural Person | | Liu Xiaohua | 1,480,500 | 0.77 | 0 | None | Domestic Natural Person | | Ye Mingshan | 1,128,580 | 0.59 | 0 | None | Domestic Natural Person | | Chen Ye | 1,000,000 | 0.52 | 0 | None | Domestic Natural Person | | Hangzhou Zhongda Junyue Investment Co., Ltd. - Junyue Runze Selected Private Securities Investment Fund | 902,692 | 0.47 | 0 | None | Other | | China Construction Bank Co., Ltd. - Noah Multi-Strategy Stock Fund | 840,200 | 0.44 | 0 | None | Other | - Among the top ten shareholders, Liu Qinghua and Wang Yuehong are married and act in concert, and Liu Xiaohua is Liu Qinghua's brother[98](index=98&type=chunk) Top Ten Restricted Shareholders' Holdings and Restrictions | No. | Restricted Shareholder Name | Number of Restricted Shares Held | Tradable Date | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Shen Huafeng | 225,400.00 | In batches according to incentive plan | Restricted according to incentive plan | | 2 | Wang Ping | 196,000.00 | In batches according to incentive plan | Restricted according to incentive plan | | 3 | Dai Huijin | 147,000.00 | In batches according to incentive plan | Restricted according to incentive plan | | 4 | Shen Huaqiang | 98,000.00 | In batches according to incentive plan | Restricted according to incentive plan | | 5 | Yu Jie | 88,200.00 | In batches according to incentive plan | Restricted according to incentive plan | | 6 | Wang Fei | 88,200.00 | In batches according to incentive plan | Restricted according to incentive plan | | 7 | Fu Xiaoyu | 88,200.00 | In batches according to incentive plan | Restricted according to incentive plan | | 8 | Liu Ying | 78,400.00 | In batches according to incentive plan | Restricted according to incentive plan | | 9 | Dong Yuting | 78,400.00 | In batches according to incentive plan | Restricted according to incentive plan | | 10 | Zhou Li | 78,400.00 | In batches according to incentive plan | Restricted according to incentive plan | [Holdings and Incentives of Directors, Supervisors, and Senior Management](index=31&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of the company's directors and senior management, nor were they granted any equity incentives - No changes in shareholdings of current and resigned directors and senior management during the reporting period[101](index=101&type=chunk) - Directors and senior management were not granted any equity incentives during the reporting period[101](index=101&type=chunk) [Changes in Controlling Shareholder/Actual Controller](index=31&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[101](index=101&type=chunk) [Preferred Shares Information](index=31&type=section&id=%E4%BA%94%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares - During the reporting period, the company had no preferred shares[101](index=101&type=chunk) [Bond-Related Information](index=32&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 the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [Corporate Bonds and Debt Financing Instruments](index=32&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 corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[103](index=103&type=chunk) [Convertible Corporate Bonds](index=32&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds[103](index=103&type=chunk) [Financial Report](index=33&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 unaudited financial statements, company background, accounting policies, tax information, detailed notes to consolidated and parent company financial statements, R&D expenses, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties and transactions, share-based payments, commitments, contingencies, and other significant matters [Audit Report](index=33&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[105](index=105&type=chunk) [Financial Statements](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Discloses the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively reflecting the financial position and operating results at the end of the reporting period - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **1.39 billion yuan**, and total equity attributable to parent company owners was **1.29 billion yuan**[107](index=107&type=chunk) - The consolidated income statement shows that for Jan-Jun 2025, the company's operating revenue was **419.22 million yuan**, and net profit attributable to parent company owners was **55.80 million yuan**[114](index=114&type=chunk) - The consolidated cash flow statement shows that for Jan-Jun 2025, net cash flow from operating activities was **97.43 million yuan**, net cash flow from investing activities was **-103.79 million yuan**, and net cash flow from financing activities was **-48.00 million yuan**[118](index=118&type=chunk) - The consolidated statement of changes in owners' equity shows that for Jan-Jun 2025, total equity attributable to parent company owners increased by **15.02 million yuan**[123](index=123&type=chunk) [Company Basic Information](index=52&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Zhejiang Xidamen New Materials Co., Ltd. was established in 1997, listed on the Shanghai Stock Exchange in 2020, with a registered capital of 192 million yuan. The company primarily engages in R&D, production, and sales of functional shading materials and finished shading products, including sun fabric, coated fabric, dimmable fabric, and finished curtains - Zhejiang Xidamen New Materials Co., Ltd. was registered on December 22, 1997, and listed on the Shanghai Stock Exchange on December 31, 2020[137](index=137&type=chunk) - The company's registered capital is **191.68 million yuan**, with a total of **191.68 million shares**[137](index=137&type=chunk) - The company's main business activities are the R&D, production, and sales of functional shading materials and finished shading products[137](index=137&type=chunk) - The company's main products include sun fabric, coated fabric, dimmable fabric, and finished curtains[137](index=137&type=chunk) [Basis of Financial Statement Preparation](index=52&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, with no matters raising significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[138](index=138&type=chunk) - The company has no matters or circumstances that raise significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period[139](index=139&type=chunk) [Significant Accounting Policies and Estimates](index=52&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) The company adheres to enterprise accounting standards, disclosing specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, and detailing the classification, measurement, derecognition, fair value determination, and expected credit loss measurement methods for financial assets and liabilities - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and other information[141](index=141&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar[142](index=142&type=chunk) - The company's operating cycle is short, using **12 months** as the liquidity classification standard for assets and liabilities[143](index=143&type=chunk) - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries choose the currency of their primary economic environment as their functional currency[144](index=144&type=chunk) Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant construction in progress projects | Individual projects exceeding 10.00 million yuan are considered significant construction in progress projects | | Significant cash flows from investing activities | Individual amounts exceeding 5% of total assets are considered significant cash flows from investing activities | - Financial assets are classified at initial recognition 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[152](index=152&type=chunk) - The company performs impairment testing based on expected credit losses for financial assets measured at amortized cost, debt instrument investments measured at fair value with changes recognized in other comprehensive income, and contract assets[157](index=157&type=chunk) - Revenue recognition principle: At contract inception, identify each distinct performance obligation within the contract and determine whether each distinct performance obligation is satisfied over time or at a point in time[194](index=194&type=chunk) - Government grants are classified as asset-related or income-related, recognized as deferred income or included in current profit or loss, respectively[198](index=198&type=chunk)[199](index=199&type=chunk) - As a lessee, simplified treatment is applied to short-term leases and leases of low-value assets; other leases recognize right-of-use assets and lease liabilities. As a lessor, leases are classified as finance leases or operating leases[203](index=203&type=chunk)[206](index=206&type=chunk) [Taxation](index=67&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, corporate income tax, property tax, urban maintenance and construction tax, and education surcharge. The company enjoys a 15% corporate income tax preference as a high-tech enterprise, and some subsidiaries enjoy a 20% corporate income tax preference as small low-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services calculated according to tax laws, less deductible input VAT for the current period | 13%, 6% | | Corporate Income Tax | Taxable income | 8.25%, 15%, 17%, 20%, 21%, 25

杭州市园林绿化股份有限公司2025 年半年度报告 公司代码：605303 公司简称：园林股份 杭州市园林绿化股份有限公司 2025 年半年度报告 1 / 200 杭州市园林绿化股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真 实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人吴光洪、主管会计工作负责人戴永华及会计机构负责人（会计主管 人员）张娟利声明：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 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 整性 否 十、 重 ...

Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, subsidiary names, government agencies, reporting periods, and specialized technical terms, ensuring accurate understanding of the report content - Defined company entities such as **Xingqiu Graphite**, **Inner Mongolia New Material**, **Inner Mongolia Tongqiu**, **Beijing Planide**, and **Hunan Tongqiu**[10](index=10&type=chunk) - Clarified the **reporting period** as January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Explained professional terms such as **MPa**, **ppm**, **VCM**, **coefficient of thermal expansion**, **graphite synthesis furnace**, **graphite heat exchanger**, **graphite tower**, **silicon carbide heat exchanger**, **impregnant**, **graphite raw materials**, and **standard coal**[10](index=10&type=chunk) Company Profile and Key Financial Indicators [I. Company Overview](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Introduced the basic information of Nantong Xingqiu Graphite Co., Ltd., including its Chinese name, abbreviation, foreign name, legal representative, registered and office address, website, and email address - Company Chinese name: Nantong Xingqiu Graphite Co., Ltd., abbreviation: **Xingqiu Graphite**[12](index=12&type=chunk) - Legal Representative: **Qian Shujuan**[13](index=13&type=chunk) - Registered and office address: **No. 8 Huaxing Road, Jiuhua Town, Rugao City**[13](index=13&type=chunk) [II. Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Provided contact information for the company's Board Secretary (domestic representative for information disclosure) Yang Zhicheng and Securities Affairs Representative Zou Hongyan, including address, phone, fax, and email - Board Secretary: **Yang Zhicheng**, contact number: **0513-69880509**, email: **yangzhicheng@ntxingqiu.com**[14](index=14&type=chunk) - Securities Affairs Representative: **Zou Hongyan**, contact number: **0513-69880509**, email: **zouhongyan@ntxingqiu.com**[14](index=14&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=5&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Disclosed that the company's designated information disclosure newspaper is Shanghai Securities News, the website for semi-annual reports is www.sse.com.cn, and the report's custody location is the company's Securities Affairs Department office - Information disclosure newspaper: **Shanghai Securities News**[15](index=15&type=chunk) - Report website: **www.sse.com.cn**[15](index=15&type=chunk) - Report custody location: **Company Securities Affairs Department office**[15](index=15&type=chunk) [IV. Company Stock/Depositary Receipts Overview](index=5&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) Briefly introduced the company's stock listing exchange and board, stock abbreviation and code, and stated that the company has no depositary receipts - Stock type: **RMB ordinary shares (A-shares)**[16](index=16&type=chunk) - Listing exchange and board: **Shanghai Stock Exchange STAR Market**[16](index=16&type=chunk) - Stock abbreviation: **Xingqiu Graphite**, stock code: **688633**[16](index=16&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 5.77% year-on-year, but net profit attributable to shareholders and non-recurring net profit decreased by 24.50% and 30.54% respectively, mainly due to declining graphite material prices and intensified market competition, while net cash flow from operating activities significantly increased by 483.41% Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 310,400,180.14 | 293,458,559.14 | 5.77 | | Total Profit | 54,284,110.34 | 69,791,262.16 | -22.22 | | Net Profit Attributable to Shareholders of Listed Company | 46,666,368.69 | 61,806,591.53 | -24.50 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 35,501,563.53 | 51,109,591.10 | -30.54 | | Net Cash Flow from Operating Activities | 121,417,431.67 | 20,811,798.31 | 483.41 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.32 | 0.42 | -23.81 | | Diluted EPS (yuan/share) | 0.32 | 0.42 | -23.81 | | Basic EPS after Non-Recurring Items (yuan/share) | 0.24 | 0.35 | -31.43 | | Weighted Average ROE (%) | 2.86 | 3.97 | 减少1.11个百分点 | | Weighted Average ROE after Non-Recurring Items (%) | 2.18 | 3.28 | 减少1.10个百分点 | | R&D Investment as % of Revenue (%) | 6.89 | 8.08 | 减少1.19个百分点 | - Net profit decline primarily due to falling graphite material and entrusted processing prices, leading to losses at subsidiary Inner Mongolia New Material, and intensified market competition in graphite heat exchangers resulting in lower gross profit margins[21](index=21&type=chunk) - Net cash flow from operating activities significantly increased, primarily due to higher amounts of matured notes receivable and increased efforts in collecting payments, as well as a reduction in matured notes payable[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%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 11,164,805.16 yuan, primarily from fair value changes in financial assets and investment income from entrusted investments Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains/Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 162,637.45 | | Government grants recognized in current profit or loss | 667,963.48 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 8,743,017.13 | | Gains or losses from entrusted investments or asset management | 3,774,483.26 | | Gains or losses from debt restructuring | -100,533.02 | | Other non-operating income and expenses apart from the above | -117,156.35 | | Less: Income tax impact | 1,965,606.79 | | Total | 11,164,805.16 | Management Discussion and Analysis [I. Industry and Main Business Operations During the Reporting

A 股股票代碼：600036 招商銀行股份有限公司 2025年半年度報告 目录 招商银行股份有限公司 2025年半年度报告（A股） 目录 1 本公司、本行、招行、招商银行 ： 招商银行股份有限公司 本集团 ： 招商银行及其子公司 中国证监会 ： 中国证券监督管理委员会 2 释义 2 重大风险提示 2 备查文件目录 3 重要提示 4 第一章 公司基本情况 6 第二章 会计数据和财务指标摘要 10 第三章 管理层讨论与分析 10 3.1 总体经营情况分析 11 3.2 利润表分析 17 3.3 资产负债表分析 22 3.4 贷款质量分析 28 3.5 资本充足情况分析 32 3.6 分部经营业绩 32 3.7 根据监管要求披露的其他财务信息 33 3.8 发展战略实施情况 37 3.9 经营中关注的重点问题 43 3.10 业务运作 55 3.11 风险管理 60 3.12 前景展望与应对措施 61 第四章 环境、社会与治理(ESG) 71 第五章 公司治理 77 第六章 重要事项 80 第七章 股份变动及股东情况 85 第八章 财务报告 释义 / 重大风险提示 / 备查文件目录 招商银行股份有限公司 2025年 ...

中成进出口股份有限公司 2025 年半年度报告全文 中成进出口股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 中成进出口股份有限公司 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。 公司负责人朱震敏、主管会计工作负责人王毅及会计机构负责人(会计主 管人员)潘薇声明：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。 本年度报告中涉及公司未来发展展望、经营计划等前瞻性陈述，不构成对 投资者的实质承诺，请投资者认真阅读，注意投资风险。公司在本报告"第三 节管理层讨论与分析-十、公司面临的风险和应对措施"中描述了公司未来经 营中可能面临的风险及对策，请广大投资者查阅。 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 中成进出口股份有限公司 2025 年半年度报告全文 | . | 4 | 4 | | --- | --- | --- | | | | | | 第一节 重要提示、目录和 ...

北京华联商厦股份有限公司 2025 年半年度报告全文 北京华联商厦股份有限公司 2025 年半年度报告 2025 年 8 月 1 北京华联商厦股份有限公司 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。 公司负责人范熙武、主管会计工作负责人王欣荣及会计机构负责人(会计 主管人员)赵京晶声明：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。 公司已在本报告中详细描述可能存在的相关风险，敬请查阅第三节第十 项：公司面临的风险和应对措施描述的内容。 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 | | . | | | --- | --- | --- | | | 4 | | | | | . | | 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 | | 7 | | 第三节 | 管理层讨论与分析 | | ...