山西太钢不锈钢股份有限公司 2025 年半年度报告 2025 年 08 月 1 山西太钢不锈钢股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 山西太钢不锈钢股份有限公司 2025 年半年度报告全文 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。 公司负责人吴小弟、主管会计工作负责人尚佳君及会计机构负责人（会 计主管人员）张志君声明：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。 公司在第三节管理层讨论与分析中公司面临的风险和应对措施部分描述 了公司经营中存在的主要风险及应对措施，敬请查阅。 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 | | | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | | 第三节 | 管理层讨论与分析 9 | | | 第四节 | 公司治理、环境和社会 | 22 | | 第五节 | 重要事项 24 | ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, the report's structural overview, a list of reference documents, and definitions of key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) This section includes the company's board of directors and senior management's assurance regarding the truthfulness, accuracy, and completeness of the semi-annual report, alerts investors to investment risks, and discloses the current profit distribution plan - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[5](index=5&type=chunk) - Company head Ruan Hongxian, chief accountant Xiao Donglei, and accounting department head Yin Pengjuan declare that the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - The profit distribution plan approved by the board of directors is to distribute a cash dividend of **RMB 2 (tax inclusive) per 10 shares** to all shareholders, based on the total share capital of **585,604,125 shares** after deducting shares in the buyback special securities account, with no bonus shares or capital reserve conversions[5](index=5&type=chunk) - Forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors, so investors should be aware of investment risks[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section presents the complete table of contents for the semi-annual report, including nine main chapters and their starting page numbers, providing investors with the overall report framework - The report's table of contents includes nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[8](index=8&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) This section lists all original company documents, announcements, and financial statements publicly disclosed during the reporting period as reference documents, specifying the company's board of directors office as the storage location - Reference documents include financial statements bearing the signatures of the company's head, chief accountant, and head of accounting, original copies of all company documents and announcements publicly disclosed during the reporting period, and semi-annual reports published in other securities markets[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - The aforementioned reference documents are available at the company's board of directors office[13](index=13&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for key terms and company-related entities used in the report to ensure clear understanding of the information - The report defines regulatory bodies such as the China Securities Regulatory Commission, Ministry of Commerce, National Medical Products Administration, and Shenzhen Stock Exchange, as well as key subsidiaries like the Company, Guangxi Yixintang, and Guizhou Yixintang[14](index=14&type=chunk) - Industry-specific terms such as medical insurance stores, O2O, and B2C, along with general terms like financial statements, A-shares, and reporting period, are clearly explained[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics and indicators for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides the company's basic information, including stock abbreviation, code, listing exchange, and legal representative, confirming no changes in contact details or information disclosure locations during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yixintang | | Stock Code | 002727 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Yixintang Pharmaceutical Group Co., Ltd. | | Legal Representative | Ruan Hongxian | [Contacts and Contact Information](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section lists the names, contact addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Li Zhenghong | No. 1 Hongxiang Road, Kunming Economic and Technological Development Zone, Yunnan Province | 0871-68185283 | 0871-68185283 | 002727ir@hxyxt.com | | Securities Affairs Representative | Yin Guanxiang | No. 1 Hongxiang Road, Kunming Economic and Technological Development Zone, Yunnan Province | 0871-68185283 | 0871-68185283 | 002727ir@hxyxt.com | [Other Information](index=6&type=section&id=III.%20Other%20Information) This section confirms no changes in the company's registered address, office address, website, email, or information disclosure and storage locations during the reporting period, with details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period, with details available in the 2024 annual report[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the current and prior year periods, including operating revenue, net profit, and earnings per share, along with year-on-year changes Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,914,493,271.24 | 9,305,073,342.58 | -4.20% | | Net Profit Attributable to Shareholders of Listed Company | 249,650,382.88 | 281,904,888.90 | -11.44% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 243,199,442.19 | 298,071,629.16 | -18.41% | | Net Cash Flow from Operating Activities | 905,013,257.53 | 921,326,072.73 | -1.77% | | Basic Earnings Per Share (RMB/share) | 0.4263 | 0.4730 | -9.87% | | Diluted Earnings Per Share (RMB/share) | 0.4263 | 0.4730 | -9.87% | | Weighted Average Return on Net Assets | 3.34% | 3.57% | -0.23% | Period-End Financial Position Indicators (Year-on-Year) | Indicator | As of End of Current Period (RMB) | As of End of Prior Year (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 16,161,151,985.67 | 16,830,316,478.61 | -3.98% | | Net Assets Attributable to Shareholders of Listed Company | 7,418,679,897.32 | 7,491,014,022.79 | -0.97% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) This section states that during the reporting period, there were no differences in net profit and net assets disclosed in the company's financial reports under International or overseas accounting standards compared to Chinese accounting standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[22](index=22&type=chunk) - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses items and their amounts for the reporting period, totaling **RMB 6,450,940.69**, and clarifies that the company does not classify non-recurring items as recurring Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 381,225.62 | | Government Subsidies Recognized in Current Profit and Loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed by fixed standards, and having a continuous impact on company profit and loss) | 8,826,757.39 | | Other Non-Operating Income and Expenses Apart from the Above | -1,650,786.96 | | Less: Income Tax Impact | 1,255,665.85 | | Minority Interest Impact (After Tax) | -149,410.49 | | Total | 6,450,940.69 | - The company does not classify non-recurring gains and losses items listed in 'Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities - Non-Recurring Gains and Losses' as recurring gains and losses[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, core competencies, investment activities, and risk management strategies during the reporting period [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business is pharmaceutical retail and distribution, shifting towards quality improvement and a customer-centric big health strategy, with **11,372 stores** and diversified operations including professional pharmacies and cosmetic pharmacies, alongside significant growth in new retail and cross-border business initiatives [(I) Industry Development Overview](index=9&type=section&id=%28%E4%B8%80%29%20%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) In 2025, the pharmaceutical retail industry is shifting from scale expansion to quality enhancement, redefining growth through diversified services and professional capabilities, with the company firmly positioned as a customer-centric leader in the big health sector - In 2025, the pharmaceutical retail industry is transitioning from scale expansion to quality improvement, redefining growth logic through diversified services and professional capabilities[28](index=28&type=chunk) - The Premier of the State Council, in the 2025 government work report, proposed strengthening basic medical and health services, implementing a health-first development strategy, and promoting coordinated development and governance of medical care, medical insurance, and pharmaceuticals[28](index=28&type=chunk) - The company is customer-centric, committed to providing higher quality, more convenient, and empathetic health services, clearly positioning itself as a leader in the big health industry[28](index=28&type=chunk) [(II) Company's Market Position](index=9&type=section&id=%28%E4%BA%8C%29%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) The company's core business is pharmaceutical retail chain and distribution, establishing itself as a leading direct-operated chain enterprise in China, focusing on Southwest and South China regions while also developing in North China, and has received multiple industry honors including second place in China's Top 100 Direct-Operated Pharmacies - The company's main business activities are pharmaceutical retail chain and pharmaceutical distribution, with pharmaceutical retail chain being the core business[29](index=29&type=chunk) - The company has become one of the leading direct-operated pharmaceutical retail chain enterprises in China, focusing on development in the Southwest and South China regions, while also considering store expansion in North China[29](index=29&type=chunk) - The company received multiple honors, including **second place** in China Pharmacy's 2024-2025 Top 100 Direct-Operated Chains and **fifth place** in the Value List Top 100, **fifth place** in Minai.com's 2023-2024 China Chain Pharmacy Comprehensive Strength Top 100, **second place** in Direct Operation Strength Top 100, and **first place** in Minai.com's 2022 China Chain Pharmacy Direct-Operated Store Count ranking[29](index=29&type=chunk) [(III) Company Business Model](index=9&type=section&id=%28%E4%B8%89%29%20%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a 'centralized procurement + strategic cooperation' model to reduce costs through group-wide negotiation and digital management, while its sales model centers on direct-operated chains, integrating online and offline channels, and expanding into health food, maternal and infant, and beauty categories for balanced growth - The company primarily adopts a 'centralized procurement + strategic cooperation' purchasing model, reducing procurement costs through group-wide unified negotiation, scaled management, and coordinated resource allocation[30](index=30&type=chunk) - Leveraging a digital management system, the company achieves precise procurement demand forecasting, dynamic inventory optimization, and full supply chain visibility[30](index=30&type=chunk) - The company has established a multi-dimensional sales model centered on 'direct-operated chains, supported by omni-channel integration, and characterized by multi-category synergy,' forming a new retail closed-loop of 'online ordering - in-store pickup'[30](index=30&type=chunk) - The company is expanding into big health categories such as health foods, maternal and infant products, personal care and beauty, trendy lifestyle products, and wellness items to maintain a balanced development of scale and efficiency[30](index=30&type=chunk) [(IV) Progress of Company's Main Business Activities](index=9&type=section&id=%28%E5%9B%9B%29%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5) During the reporting period, the company deepened its core regional store network, reaching **11,372 stores** by period-end, actively diversifying into professional and cosmetic pharmacies with a **70% coverage target in 2-3 years**. Professional pharmacies focus on prescription and chronic disease management, while medicine-food homology business launched over **20 new health foods**. New retail sales hit **RMB 727 million**, with O2O at **81.02%**, and Yixintang Baian International was established in Hong Kong for cross-border operations [1. Store Operations Analysis](index=10&type=section&id=1%E3%80%81%E9%97%A8%E5%BA%97%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company maintained a high-density store layout in core regions, with **11,372 operational stores** by period-end, including **11,338 leased properties**, opening **203 new stores** and closing **241**, while the top ten revenue-generating stores accounted for **1.37% of total operating revenue** - During the reporting period, the company diligently maintained a high-density store layout in core regions, continuously strengthening its competitive advantage in key development areas[31](index=31&type=chunk) Operational Stores by Property Ownership at Period-End | Region | Business Format | Number of Owned Stores | Owned Property Area (sqm) | Number of Leased Stores | Leased Property Area (sqm) | | :--- | :--- | :--- | :--- | :--- | :--- | | Southwest Region | Pharmaceutical Retail Chain | 34 | 6,449.29 | 8,644 | 1,106,779.06 | | South China Region | Pharmaceutical Retail Chain | - | - | 1,556 | 200,571.66 | | North China Region | Pharmaceutical Retail Chain | - | - | 778 | 106,294.43 | | East China Region | Pharmaceutical Retail Chain | - | - | 79 | 13,891.49 | | Central China Region | Pharmaceutical Retail Chain | - | - | 281 | 36,813.33 | | Total | | 34 | 6,449.29 | 11,338 | 1,464,349.97 | Store Expansion in Key Regions During the Reporting Period (Jan-Jun 2025) | Region | Stores at Beginning of Period | New Stores Opened | Stores Closed | Stores at End of Period | | :--- | :--- | :--- | :--- | :--- | | Yunnan Province | 5,575 | 79 | 76 | 5,539 | | Sichuan Province | 1,973 | 36 | 24 | 1,971 | | Chongqing City | 611 | 7 | 39 | 577 | | Guangxi Province | 1,029 | 30 | 48 | 1,001 | | Shanxi Province | 771 | 6 | 25 | 747 | | Guizhou Province | 600 | 17 | 17 | 591 | | Hainan Province | 541 | 23 | 1 | 555 | | Henan Province | 288 | 3 | 10 | 281 | | Shanghai City | 80 | 0 | 1 | 79 | | Tianjin City | 30 | 2 | 0 | 31 | | Total | 11,498 | 203 | 241 | 11,372 | - The cumulative operating revenue of the top ten revenue-generating stores accounted for **1.37%** of the company's total operating revenue[33](index=33&type=chunk) [2. Diversified Store Development](index=11&type=section&id=2%E3%80%81%E9%97%A8%E5%BA%97%E5%A4%9A%E5%85%83%E5%8C%96%E5%8F%91%E5%B1%95) The company actively responds to national policies by categorizing pharmacies into professional and cosmetic pharmacies, establishing a 'professional services + pan-health ecosystem' dual-track model, planning to complete **1,000 cosmetic pharmacy renovations in 2025** and cover **70% of stores within 2-3 years** by introducing beauty, maternal and infant, and trendy categories to enhance customer transaction value and repurchase rates - The company actively responds to national requirements for 'classified and graded management of retail pharmacies,' categorizing stores into professional pharmacy development and cosmetic pharmacy development directions[35](index=35&type=chunk) - The company has established a dual-track model centered on professional pharmacies primarily selling medicines and cosmetic pharmacies with diversified full-category operations, promoting a transformation from traditional pharmaceutical retail to a 'professional services + pan-health ecosystem'[36](index=36&type=chunk) - Future stores will develop towards a model of **30% professional pharmacies** and **70% multi-category operating stores**[36](index=36&type=chunk) - In 2025, the entire group plans to complete the renovation of **1,000 cosmetic pharmacies**, with **500 stores** in Yunnan Province and **500 stores** collectively by subsidiaries outside Yunnan Province[36](index=36&type=chunk) - The company innovatively introduced trendy lifestyle categories, creating synergy with existing big health sub-categories, attracting more young customer groups, and achieving increased customer transaction value and repurchase rates[37](index=37&type=chunk) [3. Professional Pharmacy Development](index=11&type=section&id=3%E3%80%81%E4%B8%93%E4%B8%9A%E8%8D%AF%E6%88%BF%E5%8F%91%E5%B1%95) Professional pharmacies focus on prescription drug sales, DTP, and chronic disease management, enhancing service capabilities through talent development and system upgrades, with plans to create nearly **1/3 'pharmacy-clinic' stores** to build a professional pharmacy + medical ecosystem, and leveraging its wholly-owned subsidiary, Yiyang Company, to develop a three-tier integrated medical and elderly care model encompassing institutional, community, and home-based care - Professional pharmacies focus on specialized prescription drug sales, vigorously developing DTP and chronic disease management, and strengthening prescription drug service capabilities through talent development plans and enhanced systematic upgrade training[38](index=38&type=chunk) - Within its professional pharmacies, the company plans to establish nearly **1/3 'pharmacy-clinic' stores** to build a professional pharmacy + medical ecosystem, serving new public health demands[38](index=38&type=chunk) - Wholly-owned subsidiary Yiyang Company has initially formed a three-tier integrated medical and elderly care model encompassing institutional, community, and home-based care, developing institutional medical and elderly care based on the 'medical-elderly care integration' model of Jinding Geriatric Hospital and Jindingshan Nursing Home[39](index=39&type=chunk) - For community elderly care, the company leverages Chuncheng Huigu Community Elderly Care Service Center and managed community elderly care centers, combining with over **3,000 pharmacies** to establish elderly care service stations[39](index=39&type=chunk) [4. Medicine-Food Homology Business](index=12&type=section&id=4%E3%80%81%E8%8D%AF%E9%A3%9F%E5%90%8C%E6%BA%90%E4%B8%9A%E5%8A%A1) In the first half of 2025, the company fully completed product traceability code attachment, registered **342 traditional Chinese medicine formula granule quality standards and production process research varieties**, and achieved **300 medical channel sales and customer developments**. Following national policies, the company developed light medical insurance or non-medical insurance products and medicine-food homology wellness products, launching over **20 new health food products** in the first half - In the first half of 2025, the company fully completed product traceability code attachment, registered **342 traditional Chinese medicine formula granule quality standards and production process research varieties**, and achieved **300 medical channel sales and customer developments**[40](index=40&type=chunk) - The company closely follows national policy adjustments, accelerating the transformation of traditional Chinese medicine from treatment to wellness, developing light medical insurance or non-medical insurance products, and medicine-food homology wellness products[40](index=40&type=chunk) - Over **20 new health food products** were developed and launched in the first half, with future plans to further increase investment in medicine-food homology products and develop solid beverages, seasonings, and tea-containing products based on Yunnan's specialty products[40](index=40&type=chunk)[41](index=41&type=chunk) [5. New Retail Business Development](index=12&type=section&id=5%E3%80%81%E6%96%B0%E9%9B%B6%E5%94%AE%E4%B8%9A%E5%8A%A1%E5%8F%91%E5%B1%95) Yixintang's new retail business leverages technology to provide precise and convenient services, achieving **RMB 727 million in sales** in the first half of 2025, with O2O sales accounting for **81.02%**. Future plans include a customer-centric 'professional service + technology empowerment' dual-drive strategy, deepening consumer health demand prediction models, and exploring cross-border e-commerce and local health service ecosystem synergy through Hainan Free Trade Port policies - In the first half of 2025, Yixintang's new retail sales reached **RMB 727 million**, with O2O sales accounting for **81.02%**[42](index=42&type=chunk) - In the future, the new retail segment will remain customer-centric, driven by 'professional services + technology empowerment,' deepening consumer health demand prediction models based on big data and artificial intelligence technologies[42](index=42&type=chunk) - The company will collaborate with upstream suppliers to establish a product selection synergy mechanism, expanding the market presence of B2C private labels; simultaneously, it will leverage Hainan Free Trade Port policy opportunities to explore a synergistic model between cross-border e-commerce and local health service ecosystems[42](index=42&type=chunk) [6. Baian International](index=12&type=section&id=6%E3%80%81%E6%9F%8F%E5%AE%89%E5%9B%BD%E9%99%85) In May 2025, the company established Yixintang Baian International Co., Ltd. as a joint venture in Hong Kong, serving as the group's core cross-border business platform, leveraging the combined advantages of Hong Kong's free port and Hainan's free trade port policies. It plans to build an international supply chain system of 'intelligent procurement - efficient logistics - data empowerment' and aims to complete the introduction of **10 licensed products** and establish a cross-regional distribution network in the second half of the year - In May 2025, the company established Yixintang Baian International Co., Ltd. as a joint venture in Hong Kong, serving as the group's core cross-border business platform[43](index=43&type=chunk) - Baian International will fully leverage the combined policy advantages of Hong Kong's free port and Hainan's free trade port, building an international supply chain system of 'intelligent procurement - efficient logistics - data empowerment' in the future[43](index=43&type=chunk) - Through an AI supplier evaluation system, **87 high-value chronic disease medications** are carefully selected, enabling rapid DTP specialized drug delivery via a three-tier warehousing network, and utilizing blockchain technology to ensure full traceability[43](index=43&type=chunk) - In the second half of the year, the focus will be on completing the introduction of **10 licensed products** and establishing a cross-regional distribution network, laying the foundation for supply chain enhancement in 2026[43](index=43&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in its multi-dimensional store cluster strategy, ability to meet diverse customer needs with multiple categories, and a robust supply chain system, achieving deep regional coverage and efficient operations through differentiated store positioning and intelligent information systems, satisfying varied consumer demands by expanding into comprehensive big health categories, and building an efficient, transparent pharmaceutical supply chain paradigm through digitalization and intelligent upgrades - The company through a four-tier multi-dimensional store cluster strategy ('provincial capital - prefecture - county - township') achieves deep coverage, forming a vertical network comprising full-category flagship stores, single-category flagship stores, category-enhanced stores, standard stores, and community/township stores[44](index=44&type=chunk) - With pharmaceuticals as its core, the company gradually expands into comprehensive big health categories to meet diverse consumer needs, forming a multi-dimensional layout of 'pharmaceuticals + health products + services,' adding beauty and skincare, personal care, maternal and infant products, functional foods, and trendy lifestyle categories[45](index=45&type=chunk) - The company has fully integrated store replenishment and logistics replenishment, establishing a refined, efficient, and paperless logistics management system that tracks logistics operations throughout, implementing closed-loop management[46](index=46&type=chunk) - The company is gradually building a new paradigm for pharmaceutical supply chain with 'intelligent centralized procurement + digital logistics + omni-channel synergy,' enhancing procurement accuracy through a dynamic big data forecasting system and equipped with an automated sorting system to support '30-minute express delivery'[47](index=47&type=chunk) [III. Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by **4.20%** year-on-year, and net profit attributable to shareholders of the listed company decreased by **11.44%**. Retail business remained the primary revenue source but declined by **2.94%**, while wholesale business decreased by **9.23%**. Western and traditional Chinese medicines were the main products, with the Southwest region as the primary market, though Central China's revenue grew by **75.31%**. Financial expenses increased by **30.40%** due to lower agreed deposit interest rates, and net cash flow from investment activities surged by **464.23%**, mainly driven by the recovery of fixed deposit principal and reduced payments for store acquisitions Key Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 8,914,493,271.24 | 9,305,073,342.58 | -4.20% | | | Operating Cost | 6,013,461,977.11 | 6,379,971,960.68 | -5.74% | | | Selling Expenses | 2,250,333,897.33 | 2,220,976,513.76 | 1.32% | | | Administrative Expenses | 223,638,879.47 | 227,890,421.64 | -1.87% | | | Financial Expenses | 55,717,575.46 | 42,728,775.98 | 30.40% | Due to policy adjustments, agreed deposit interest rates further decreased, leading to a reduction in bank deposit interest earned by the company | | Income Tax Expense | 63,143,798.38 | 48,974,372.19 | 28.93% | | | R&D Investment | 24,486,252.00 | 24,066,202.14 | 1.75% | | | Net Cash Flow from Operating Activities | 905,013,257.53 | 921,326,072.73 | -1.77% | | | Net Cash Flow from Investing Activities | 765,626,647.90 | -210,204,128.69 | 464.23% | Formed by the recovery of fixed deposit principal and reduced payments for store acquisitions in this period | | Net Cash Flow from Financing Activities | -713,124,153.18 | -856,268,842.14 | 16.72% | | | Net Increase in Cash and Cash Equivalents | 957,515,752.25 | -145,146,898.10 | 759.69% | Formed by the recovery of fixed deposit principal and reduced payments for store acquisitions, increased borrowings received, and decreased total dividends distributed in this period | Operating Revenue Composition (by Industry) | By Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Retail Business | 6,520,309,406.49 | 73.15% | 6,718,009,020.79 | 72.20% | -2.94% | | Wholesale Business | 2,111,305,464.15 | 23.68% | 2,326,100,535.09 | 25.00% | -9.23% | | Other Businesses | 282,878,400.60 | 3.17% | 260,963,786.70 | 2.80% | 8.40% | Operating Revenue Composition (by Product) | By Product | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Western and Traditional Chinese Medicines | 6,688,520,230.56 | 75.03% | 6,997,131,756.71 | 75.20% | -4.41% | | Medical Devices, Family Planning, and Disinfection Products | 583,586,345.26 | 6.55% | 591,081,037.75 | 6.35% | -1.27% | | Traditional Chinese Medicine | 763,333,939.55 | 8.56% | 893,216,092.12 | 9.60% | -14.54% | | Other | 879,052,755.87 | 9.86% | 823,644,456.00 | 8.85% | 6.73% | Operating Revenue Composition (by Region) | By Region | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Southwest Region | 6,980,539,042.97 | 78.30% | 7,512,610,889.22 | 80.74% | -7.08% | | South China Region | 891,528,365.15 | 10.00% | 883,040,445.67 | 9.49% | 0.96% | | North China Region | 479,204,744.09 | 5.38% | 462,068,606.92 | 4.97% | 3.71% | | East China Region | 73,719,432.77 | 0.83% | 68,530,318.24 | 0.73% | 7.57% | | Central China Region | 206,623,285.66 | 2.32% | 117,859,295.83 | 1.27% | 75.31% | | Other Businesses | 282,878,400.60 | 3.17% | 260,963,786.70 | 2.80% | 8.40% | [IV. Non-Core Business Analysis](index=14&type=section&id=IV.%20Non-Core%20Business%20Analysis) During the reporting period, the company's non-core business primarily included investment income, asset impairment, non-operating income, and non-operating expenses. Investment income mainly stemmed from fixed deposits and losses from joint venture investments, asset impairment was primarily for inventory write-downs, non-operating income was mainly from natural disaster commodity claims, and non-operating expenses comprised routine non-operating expenditures and asset disposal write-offs Non-Core Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 208,656.77 | 0.06% | Income recognized from fixed deposit purchases and investment losses recognized from equity method accounting for Baiyunshan in this period | Yes | | Asset Impairment | -62,915,146.39 | -19.55% | Provision for inventory write-down | Yes | | Non-Operating Income | 2,425,258.68 | 0.75% | Commodity claims received due to natural disasters | No | | Non-Operating Expenses | 5,108,456.21 | 1.59% | Other non-operating expenses and asset disposal write-offs incurred in this period | No | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets decreased by **3.98%** year-on-year, and net assets attributable to shareholders of the listed company decreased by **0.97%**. Cash and equivalents and inventories decreased, while accounts receivable and construction in progress increased. On the liability side, short-term and long-term borrowings increased, while lease liabilities decreased. The fair value of financial assets measured at fair value at period-end was **RMB 176,045,571.91**, primarily comprising trading financial assets and other non-current financial assets. Total restricted assets at period-end amounted to **RMB 749,377,781.65** Significant Changes in Asset Composition | Item | As of End of Current Period (RMB) | Proportion of Total Assets | As of End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Equivalents | 3,149,526,102.96 | 19.49% | 3,417,670,869.61 | 20.31% | -0.82% | | Accounts Receivable | 1,510,318,777.17 | 9.35% | 1,429,171,664.48 | 8.49% | 0.86% | | Inventories | 3,817,797,248.41 | 23.62% | 4,087,748,989.37 | 24.29% | -0.67% | | Construction in Progress | 83,170,815.55 | 0.51% | 35,786,313.07 | 0.21% | 0.30% | | Right-of-Use Assets | 2,649,778,675.09 | 16.40% | 2,974,652,839.75 | 17.67% | -1.27% | | Short-Term Borrowings | 549,782,538.66 | 3.40% | 495,565,917.00 | 2.94% | 0.46% | | Long-Term Borrowings | 121,566,427.26 | 0.75% | - | - | 0.75% | | Lease Liabilities | 1,327,648,742.12 | 8.22% | 1,530,737,074.38 | 9.10% | -0.88% | Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (RMB) | | :--- | :--- | | Trading Financial Assets | 89,000,000.00 | | Investments in Other Equity Instruments | 4,000,000.00 | | Other Non-Current Financial Assets | 50,000,000.00 | | Financing for Accounts Receivable | 33,045,571.91 | | Total Above | 176,045,571.91 | Asset Restriction Status | Item | Period-End Carrying Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Fixed Assets | 71,956,818.67 | Pledged for loans | | Other Cash and Equivalents | 677,420,962.98 | Bill deposits | | Total | 749,377,781.65 | | [VI. Investment Analysis](index=16&type=section&id=VI.%20Investment%20Analysis) During the reporting period, the company's total investment was **RMB 46.47 million**, a significant year-on-year decrease of **83.95%**. Key equity investments included Yunnan Chinese Herbal Medicine Agricultural and Sideline Products Co., Ltd., Yixintang Handcrafted Yunnan Catering Co., Ltd., Yixintang Pharmaceutical (Sichuan) Co., Ltd., and Yixintang Pharmaceutical (Henan) Co., Ltd. Raised funds were primarily allocated to the Chinese Herbal Medicine Decoction Pieces Capacity Expansion Project, Information Technology Construction Project, and Yixintang (Sichuan) Big Health Smart Pharmaceutical Base Phase I Logistics Center Project, with a cumulative investment of **RMB 246.246 million**, and some fund uses have been changed Investment Amount During the Reporting Period | Investment Amount (RMB) | Prior Year Period Investment Amount (RMB) | Change Rate | | :--- | :--- | :--- | | 46,470,000.00 | 289,610,000.00 | -83.95% | Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Business | Investment Method | Investment Amount (RMB) | Shareholding Ratio | | :--- | :--- | :--- | :--- | :--- | | Yunnan Guoyun Medicinal Materials International Trading Co., Ltd. | Chinese herbal medicine acquisition, agricultural and sideline product sales | Acquisition | 670,000.00 | 67.00% | | Yixintang Handcrafted Yunnan Catering Co., Ltd. | Catering services; food sales | Acquisition | 1,800,000.00 | 55.00% | | Yixintang Pharmaceutical (Sichuan) Co., Ltd. | Pharmaceutical retail, wholesale | Acquisition | 40,000,000.00 | 100.00% | | Yixintang Pharmaceutical (Henan) Co., Ltd. | Pharmaceutical retail, wholesale | Acquisition | 4,000,000.00 | 100.00% | | Total | | | 46,470,000.00 | | Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Raised Funds Used in Current Period (RMB 10,000) | Cumulative Total Raised Funds Used (RMB 10,000) | Proportion of Raised Funds Used at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2018 | Public Issuance of Corporate Bonds | 60,263.92 | 59,603.54 | 8,252 | 24,624.6 | 41.31% | Status of Projects Pledged with Raised Funds | Financing Project Name | Total Pledged Investment (RMB 10,000) | Adjusted Total Investment (RMB 10,000) | Amount Invested in Current Period (RMB 10,000) | Cumulative Investment as of Period-End (RMB 10,000) | Investment Progress as of Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | | Chinese Herbal Medicine Decoction Pieces Capacity Expansion Project | 39,263.92 | 27,703.54 | 3,254.48 | 10,704.21 | 38.64% | | Information Technology Construction Project | 21,000 | 21,000 | 2,015.92 | 10,938.78 | 52.09% | | Yixintang (Sichuan) Big Health Smart Pharmaceutical Base Phase I Logistics Center Project (Phase I) | - | 10,900 | 2,981.6 | 2,981.6 | 27.35% | | Subtotal of Pledged Investment Projects | 60,263.92 | 59,603.54 | 8,252 | 24,624.6 | | - On November 26, 2024, the company's board of directors approved the 'Proposal on Changing the Use of Part of Raised Funds and Capitalizing Subsidiaries with Raised Funds to Implement Fundraising Projects,' agreeing to reallocate **RMB 109 million** from the 'Chinese Herbal Medicine Decoction Pieces Capacity Expansion Project' to implement the new 'Yixintang (Sichuan) Big Health Smart Pharmaceutical Base Phase I Logistics Center Project (Phase I)'[78](index=78&type=chunk)[87](index=87&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=23&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section analyzes the company's major holding and participating companies. Yunnan Hongxiang Traditional Chinese Medicine Technology Co., Ltd., a key subsidiary, achieved a net profit of **RMB 33,395,989.51** during the reporting period. The company established three new subsidiaries and deregistered one to optimize its business layout Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yunnan Hongxiang Traditional Chinese Medicine Technology Co., Ltd. | Subsidiary | Production of Chinese Herbal Decoction Pieces | 40,000,000.00 | 2,009,850,743.49 | 1,270,992,554.62 | 362,555,119.26 | 33,380,047.88 | 33,395,989.51 | - During the reporting period, the company established **one** third-tier wholly-owned subsidiary, Yixintang Health Management (Kunming) Co., Ltd., **one** third-tier non-wholly-owned subsidiary, Yixintang Handcrafted Yunnan Catering Co., Ltd., and **one** fourth-tier non-wholly-owned subsidiary, Yunnan Yunshang Youpin E-commerce Co., Ltd[93](index=93&type=chunk) - During the reporting period, the company deregistered **one** wholly-owned third-tier subsidiary, Shanghai Kangjunge Wenpeng Traditional Chinese Medicine Clinic Co., Ltd[93](index=93&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=24&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks including drug safety and quality management, store expansion pitfalls, lease renewal, market competition, and changes in industry regulatory policies. To mitigate these, the company has established a stringent quality management system, implemented a 'chessboard' layout strategy, prioritized long-term lease agreements, integrated online and offline channels while enhancing professional services, and actively adapted to policy changes - The company faces drug safety and quality management risks, having established a three-tier quality management system, strictly implementing 'Good Supply Practice for Pharmaceutical Products,' and strengthening supplier audits and quality inspection processes[94](index=94&type=chunk) - The company faces potential risks from store expansion, addressing this by implementing a 'chessboard' layout strategy, formulating strict acquisition evaluation and integration plans, focusing on refined management, and optimizing the supply chain[95](index=95&type=chunk) - The company faces lease renewal risks, prioritizing long-term lease agreements, clarifying preferential renewal rights, and forming a chessboard-like network layout to reduce the importance of individual stores[96](index=96&type=chunk) - The company faces market competition risks, addressing them by integrating offline store networks with online sales channels, strengthening professional service capabilities and business model innovation, and building an omni-channel service system[97](index=97&type=chunk) - The company faces risks from changes in industry regulatory policies, such as mandatory electronic prescriptions for dual-channel pharmacies, requiring continuous policy adaptation and strengthened compliance management[98](index=98&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's corporate governance structure, including board and management changes, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report[100](index=100&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=25&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company's board of directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of **RMB 2 (tax inclusive) per 10 shares** to all shareholders, with no bonus shares or capital reserve conversions to share capital. The total estimated cash dividend is **RMB 114,825,645.0

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board and management guarantee report accuracy and plans no cash dividends, bonus shares, or capital reserve conversions. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[6](index=6&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's nine main chapters, covering company profile, financials, management analysis, governance, and key events. - The report contains nine main chapters, covering company operations, finance, governance, and significant events[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, abbreviations, company entities, regulatory bodies, and business terminology for report clarity. - Defines regulatory bodies such as the **China Securities Regulatory Commission (CSRC)**, **Shenzhen Stock Exchange (SZSE)**, and **Shenzhen State-owned Assets Supervision and Administration Commission (SASAC)**[12](index=12&type=chunk) - Explains the names of the company and its main subsidiaries, such as **Telling Telecommunication**, **Palmtop Lottery**, **Tianfujin**, etc[12](index=12&type=chunk) - Clarifies business-related terms such as **APR** (Apple Premium Reseller), **MONO** (Apple Independent Store), **HES** (Huawei Authorized Experience Store), **O2O** (Online to Offline), and **AI** (Artificial Intelligence)[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides essential company details, including stock information, legal representative, and registered and office addresses. - Stock Abbreviation: **Telling Telecommunication Holdings**, Stock Code: **000829**, Listing Exchange: **Shenzhen Stock Exchange**[14](index=14&type=chunk) - The company's legal representative is **Huang Shaowen**[14](index=14&type=chunk) - The company's registered address is No. 60 Yingbin Avenue, Ganzhou Economic and Technological Development Zone, Ganzhou City, Jiangxi Province, and its office address is Block D, Desheng Shangcheng, No. 117 Dewai Street, Xicheng District, Beijing[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by **9.26%**, net profit turned to loss with a **739.66%** decline, while operating cash flow significantly increased by **558.41%**. Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 46,325,759,161.12 | 51,051,540,849.53 | -9.26% | | Net Profit Attributable to Shareholders of the Listed Company | -62,535,395.17 | 9,776,393.85 | -739.66% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | -69,875,296.93 | 2,155,285.20 | -3,342.04% | | Net Cash Flow from Operating Activities | 1,051,669,185.36 | 159,729,522.67 | 558.41% | | Basic Earnings Per Share (CNY/share) | -0.0610 | 0.0095 | -742.11% | | Diluted Earnings Per Share (CNY/share) | -0.0610 | 0.0095 | -742.11% | | Weighted Average Return on Net Assets | -2.12% | 0.33% | -2.45% | | **Period-End Indicators** | **End of Current Reporting Period (CNY)** | **End of Prior Year (CNY)** | **Change (%)** | | Total Assets | 24,561,046,405.17 | 22,957,174,933.89 | 6.99% | | Net Assets Attributable to Shareholders of the Listed Company | 2,914,749,691.05 | 2,988,409,811.29 | -2.46% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company's financial reports show no differences in net profit or net assets under domestic or international accounting standards. - The company's financial reports for the current period show no differences in net profit and net assets under International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - The company's financial reports for the current period show no differences in net profit and net assets under overseas accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled **CNY 7.34 million**, mainly from government grants and fair value changes, impacting net profit. Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -36,944.56 | | Government grants recognized in current period profit/loss | 11,748,419.86 | | Gains or losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, except for effective hedging activities related to the company's normal business operations | 3,177,288.13 | | Other non-operating income and expenses apart from the above | -3,951,743.68 | | Other profit/loss items that meet the definition of non-recurring gains and losses | 973,171.21 | | Less: Income tax impact | 914,876.86 | | Impact on minority interests (after tax) | 3,655,412.34 | | **Total** | **7,339,901.76** | - The company does not classify non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[24](index=24&type=chunk) Section III Management Discussion and Analysis [Main Businesses Engaged in During the Reporting Period](index=9&type=section&id=I.%20Main%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) The company, an intelligent terminal omni-channel service provider, offers sales, e-commerce, lottery, mobile virtual network, and after-sales services, leveraging a digital platform. - The company is a leading intelligent terminal omni-channel integrated service provider in China, with businesses covering intelligent terminal sales services, lottery, mobile virtual network operation, mobile phone after-sales services, etc[26](index=26&type=chunk) - Intelligent Terminal Sales Business: Core business, deeply cooperating with leading brands such as Apple, Samsung, and Huawei, forming a full-channel coverage system, with categories horizontally expanding to 3C digital products, smart wearables, smart home devices, etc[26](index=26&type=chunk) - E-commerce Business: Driven by digitalization, adopting a "1+N" category expansion strategy to build a "retail + distribution + service" multi-format model, deeply cultivating the electronics industry[29](index=29&type=chunk) - Lottery Business: Covers mainstream lottery game R&D, channel sales, marketing management, terminal supply, and overseas business services; subsidiary Suicai Technology is a professional lottery equipment and software service provider[30](index=30&type=chunk) - Mobile Virtual Network Operation Business: Cooperates with China Mobile, China Unicom, and China Telecom to purchase voice, SMS, and data traffic, and independently designs package tariffs and business brands for operation[31](index=31&type=chunk) - "Yixiuge" Mobile Phone After-Sales Service Business: Self-built brand, providing one-stop ecological services such as mobile phone repair, accessory sales, new phone sales, mobile phone recycling, and second-hand phone sales, adopting a "direct chain + brand franchise" model[32](index=32&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company enhances core competencies through business model innovation, AI empowerment in retail and lottery, and talent development, achieving synergy and efficiency. - Deepening Main Business Model Innovation: Centering on the "Integrated Industry Digital Network Platform" strategy, establishing three business objectives for retail (self-operated, national subsidy service providers, national subsidy O2O), distribution (platform self-operated, key accounts, market distribution), and services (supply chain finance, customer service live broadcast agency operations, warehousing and distribution services), achieving multi-channel synergy and digital empowerment[34](index=34&type=chunk) - AI Technology Deeply Empowering New Retail: Subsidiary Shanghai Nengliang relies on big data and machine learning to generate e-commerce indices, launched an AI recommendation system to improve procurement efficiency; introduced Nengliang AI intelligent agents for platform customer service and operational analysis, and built an HR intelligent agent "**Able**"[36](index=36&type=chunk)[37](index=37&type=chunk) - AI and Large Models Restructuring Lottery Business Ecosystem: Subsidiary Suicai Technology uses AI and large model technology to restructure the lottery digital business support platform, achieving business breakthroughs in human-computer interaction, intelligent customer service, intelligent betting, intelligent marketing, intelligent analysis, intelligent warehousing, intelligent operations, intelligent decision-making, and smart large screens[38](index=38&type=chunk) - Deepening Talent System to Empower Organizational Development: Systematically upgraded the cadre management system, strengthening the capabilities of the core team through comprehensive organizational inventory, special inventory, executive strategic training, new cadre training camps, and the "**Flying Eagle Program**"[39](index=39&type=chunk) [Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) Main businesses diversified, with strong intelligent terminal sales, e-commerce growth, lottery expansion, and mobile virtual network innovation, despite a **9.26%** revenue decrease, offset by **367.96%** overseas growth. - Intelligent Terminal Sales Business: Maintains deep cooperation with leading manufacturers such as Apple, Samsung, and Huawei, holding a leading market share. Apple business through online multi-platform instant retail projects (JD, Meituan, Tmall, Douyin, WeChat mini-programs) to expand capacity, with some Tmall stores participating in national subsidies. Huawei business continues HES authorized experience store image upgrades and channel penetration, with **58** new stores and **33** upgrades. Samsung business optimizes offline channel layout, adding **58** managed stores, and online Douyin content e-commerce single-month GMV exceeded **CNY 5 million**. Overseas business, with Shenzhen as a hub, is expanding into the Middle East, Africa, South America, and Russian markets, innovating with a parallel car export platform. WIKO products are deeply integrated into the HarmonyOS ecosystem, with all series products certified by HarmonyOS Connect[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - E-commerce Business: Nengliang E-commerce, driven by technological innovation, achieved leapfrog growth in sales scale. Its stores reached **441**, a **25%** increase from last year, with **77** stores exceeding **CNY 50 million** in sales. Actively participates in national subsidy programs for home appliances and mobile phones[45](index=45&type=chunk) - Lottery Business: Overall performance showed stable growth, with domestic business frequently winning bids in lottery projects across nearly twenty provinces and cities, upgraded lottery digital platform in operation, and the first batch of domestically produced terminals sold offline nationwide. Overseas business successfully won the South African national lottery project, with Brazilian, Mongolian, and Jamaican projects maintaining stable operations, and business expansion in Chile, Ghana, and Ethiopia entering a breakthrough phase[46](index=46&type=chunk)[47](index=47&type=chunk) - Mobile Virtual Network Operation Business: Telling Mobile achieved success in "government and enterprise and innovative businesses," with order-based innovative businesses growing by **49%** year-on-year[48](index=48&type=chunk) - Mobile Phone After-Sales Repair Business: "**Yixiuge**" brand deeply cultivates full life cycle mobile phone services, obtained Apple genuine parts provider qualification, with store count exceeding **300**, covering over **20** provinces and **60** cities, and a digital platform initially built[49](index=49&type=chunk) Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 46,325,759,161.12 | 51,051,540,849.53 | -9.26% | | | Operating Cost | 45,173,623,568.96 | 49,760,854,995.76 | -9.22% | | | Selling Expenses | 676,041,840.34 | 647,089,444.03 | 4.47% | | | Administrative Expenses | 165,094,896.72 | 155,149,203.41 | 6.41% | | | Financial Expenses | 240,785,463.63 | 334,023,972.85 | -27.91% | | | Income Tax Expense | 17,396,388.71 | 26,798,250.19 | -35.08% | Total profit decreased this period, leading to reduced income tax expense | | R&D Investment | 46,337,271.55 | 45,682,197.42 | 1.43% | | | Net Cash Flow from Operating Activities | 1,051,669,185.36 | 159,729,522.67 | 558.41% | Increase in payables this period, leading to reduced cash outflow | | Net Cash Flow from Investing Activities | -76,851,251.87 | -147,055,508.30 | 47.74% | Reduced investment in Super Headquarters project this period | | Net Cash Flow from Financing Activities | 18,655,315.55 | 378,810,161.73 | -95.08% | Increased loan repayment expenditure this period compared to prior year period | | Net Increase in Cash and Cash Equivalents | 993,657,467.28 | 391,747,479.03 | 153.65% | Due to increased net cash flow from operating activities this period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Amount for Current Period (CNY) | Proportion of Operating Revenue (%) | Amount for Prior Year Period (CNY) | Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Telecommunication | 32,183,370,513.23 | 69.47% | 36,785,108,790.58 | 72.05% | -12.51% | | | Retail E-commerce | 13,519,966,905.57 | 29.18% | 13,958,197,260.81 | 27.34% | -3.14% | | | Lottery Business | 114,436,212.66 | 0.25% | 103,891,002.92 | 0.20% | 10.15% | | | Other | 507,985,529.66 | 1.10% | 204,343,795.22 | 0.40% | 148.59% | | **By Product** | Telecommunication Product Sales | 32,112,359,596.95 | 69.32% | 36,702,226,070.13 | 71.89% | -12.51% | | | Retail E-commerce | 13,519,966,905.57 | 29.18% | 13,958,197,260.81 | 27.34% | -3.14% | | | Telecommunication Product Repair | 71,010,916.28 | 0.15% | 82,882,720.45 | 0.16% | -14.32% | | | Lottery Business | 114,436,212.66 | 0.25% | 103,891,002.92 | 0.20% | 10.15% | | | Other | 507,985,529.66 | 1.10% | 204,343,795.22 | 0.40% | 148.59% | | **By Region** | East Region | 16,478,821,345.28 | 35.57% | 17,780,505,208.44 | 34.83% | -7.32% | | | South Region | 18,162,433,530.39 | 39.21% | 20,628,061,958.14 | 40.41% | -11.95% | | | West Region | 1,833,406,859.19 | 3.96% | 2,184,119,995.97 | 4.28% | -16.06% | | | North Region | 7,267,219,518.35 | 15.69% | 9,906,691,798.99 | 19.41% | -26.64% | | | Overseas | 2,583,877,907.91 | 5.58% | 552,161,887.99 | 1.08% | 367.96% | [Non-Main Business Analysis](index=17&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main businesses negatively impacted total profit due to increased asset impairment losses, with limited contributions from investment income and fair value changes. Non-Main Business Analysis | Item | Amount (CNY) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,463,165.25 | 11.49% | Equity method accounting for associates, cash dividends from other equity instruments | No | | Fair Value Change Gains/Losses | 3,177,288.13 | 10.54% | Fair value changes in stocks held by the company | No | | Asset Impairment | -29,223,713.85 | -96.96% | Provision for inventory depreciation | No | | Non-Operating Income | 1,950,361.59 | 6.47% | Mainly insurance claims, clearing of unpayable debts, etc | No | | Non-Operating Expenses | 5,902,105.27 | 19.58% | Mainly after-sales compensation, etc | No | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew **6.99%** driven by cash and receivables, while liabilities increased due to short-term borrowings and payables; some assets are restricted by pledges and guarantees. Significant Changes in Asset Composition | Item | End of Current Reporting Period (CNY) | Proportion of Total Assets (%) | End of Prior Year (CNY) | Proportion of Total Assets (%) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 5,350,957,889.77 | 21.79% | 4,061,667,873.67 | 17.69% | 4.10% | | Accounts Receivable | 3,464,121,622.26 | 14.10% | 2,062,058,357.22 | 8.98% | 5.12% | | Inventories | 4,882,298,663.43 | 19.88% | 4,343,459,278.10 | 18.92% | 0.96% | | Investment Properties | 3,324,706,295.28 | 13.54% | 3,324,706,295.28 | 14.48% | -0.94% | | Short-Term Borrowings | 11,107,162,572.53 | 45.22% | 10,477,899,281.87 | 45.64% | -0.42% | | Contract Liabilities | 1,088,057,968.11 | 4.43% | 1,776,004,493.24 | 7.74% | -3.31% | | Long-Term Borrowings | 1,294,328,887.99 | 5.27% | 1,372,446,937.93 | 5.98% | -0.71% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gain/Loss for the Period (CNY) | Accumulated Fair Value Changes Recognized in Equity (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 3,177,288.13 | 4,219,270.28 | 10,240,646.82 | | Other Equity Instrument Investments | 993,226,594.20 | 0.00 | 0.00 | 993,226,594.20 | | Other Non-Current Financial Assets | 127,254,506.63 | 0.00 | 0.00 | 124,191,610.89 | | Investment Properties | 3,324,706,295.28 | 0.00 | 0.00 | 3,324,706,295.28 | | **Total** | **4,445,187,396.11** | **3,177,288.13** | **4,219,270.28** | **4,452,365,147.19** | Asset Restriction Status | Item | Book Balance (CNY) | Ending Book Value (CNY) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 2,178,026,228.69 | 2,178,026,228.69 | Pledge | Acceptance bill margin, time deposit certificates, letter of guarantee margin, pledged deposit certificates, etc | | Fixed Assets | 164,480,573.74 | 27,220,930.41 | Guarantee | Credit mortgage | | Telling Building Land Use Rights | 1,948,675,505.00 | 1,948,675,505.00 | Guarantee | Credit mortgage | | **Total** | **4,291,182,307.43** | **4,153,922,664.10** | | | [Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investment decreased by **39.79%** year-on-year, primarily in the Shenzhen Bay Super Headquarters project and securities, with no derivative investments or raised funds utilization. Investment Amount for the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount for the Reporting Period | 92,119,944.77 | | Investment Amount for Prior Year Period | 152,986,527.80 | | Change Rate | -39.79% | - No significant equity investments during the reporting period[65](index=65&type=chunk) - The ongoing significant non-equity investment is the Telling Building self-construction project, with a cumulative investment of **CNY 4,054,759,068.18** at period-end, reaching **96.00%** completion[66](index=66&type=chunk) Securities Investment Status | Security Type | Security Code | Security Name | Beginning Book Value (CNY) | Fair Value Change Gain/Loss for the Period (CNY) | Ending Book Value (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | 06682 | 4Paradigm | 0.00 | 3,177,288.13 | 10,240,646.82 | | **Total** | | | **0.00** | **3,177,288.13** | **10,240,646.82** | - The company had no derivative investments or use of raised funds during the reporting period[69](index=69&type=chunk)[70](index=70&type=chunk) [Significant Asset and Equity Sales](index=21&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company had no significant asset or equity sales during the reporting period. - The company did not sell significant assets during the reporting period[71](index=71&type=chunk) - The company did not sell significant equity during the reporting period[72](index=72&type=chunk) [Analysis of Major Holding and Associate Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes major subsidiaries and associates impacting net profit by over **10%**, and lists new/deregistered subsidiaries, with no significant operational or performance impact. Major Subsidiaries and Associate Companies with 10% or More Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Telling Telecommunication Co., Ltd. | Subsidiary | Commercial wholesale and retail | 1,200,000,000.00 | 19,994,308,202.13 | 3,336,011,818.38 | 32,716,044,660.12 | -57,951,365.33 | | Shenzhen Telling Technology Development Co., Ltd. | Subsidiary | Commercial wholesale and retail, telecommunication product repair | 9,489,348.00 | 2,502,383,970.45 | 139,267,779.95 | 3,032,492,519.25 | 2,144,878.57 | | Gongqingcheng Tianshihe Investment Management Partnership (Limited Partnership) | Subsidiary | Investment management, project investment, industrial investment | 500,000,000.00 | 4,554,228,050.82 | 255,564,412.71 | 13,077,327,506.77 | 31,424,430.37 | | Shenzhen Tianliancai Investment Co., Ltd. | Subsidiary | Investment consulting, investment advisory, industrial investment | 119,000,000.00 | 31,948,735.15 | -219,611,953.60 | 1,440,712.65 | -9,799,285.80 | | Gongqingcheng Chuangdongfang Huake Equity Investment Partnership (Limited Partnership) | Associate Company | Capital market services | 1,300,000,000.00 | 432,063,530.58 | 306,089,811.45 | 181,684,353.04 | 19,666,684.07 | - During the reporting period, the company established **38** new subsidiaries and deregistered **1** subsidiary (Telling Telecom Europe, S.L.), with these changes having no significant impact on overall production, operations, and performance[74](index=74&type=chunk) [Structured Entities Controlled by the Company](index=22&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no structured entities under its control during the reporting period. - The company had no structured entities under its control during the reporting period[75](index=75&type=chunk) [Risks Faced by the Company and Countermeasures](index=22&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces macroeconomic, new business, and lottery risks, addressed by strategic adherence, flexible market strategies, and continuous technological innovation. - Risks of Macroeconomic Cyclical Fluctuations: Global economic uncertainties and uneven recovery of the domestic consumer market may affect demand in the intelligent terminal market. The company will firmly implement the "**Integrated Industry Digital Network Platform**" strategy, accelerating the layout of online, new track, and overseas businesses[76](index=76&type=chunk) - Risks of New Business Expansion Falling Short of Expectations: New business layouts involve high upfront investment costs and uncertainties due to industry competition and national subsidy policies. The company will closely monitor industry changes and flexibly adjust market and operational management strategies[77](index=77&type=chunk) - Risks Related to Lottery Business: Project progress may be delayed due to customer budget adjustments, and policy adjustments may lead to short-term market fluctuations. The company will continue to promote technological innovation and channel optimization to seize new development opportunities[78](index=78&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan. - The company has not formulated a market value management system[79](index=79&type=chunk) - The company has not disclosed a valuation enhancement plan[79](index=79&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=24&type=section&id=XII.%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan%20Implementation) The company's "Quality and Return Dual Improvement" plan aims to enhance quality and investment value through core business focus, strategic implementation, improved disclosure, standardized operations, and strengthened investor returns. - Focusing on Main Business and Promoting High-Quality Development: Optimizing business structure and concentrating resources on developing mobile intelligent terminal sales, e-commerce services, lottery business, etc., as core businesses[80](index=80&type=chunk) - Accelerating Strategic Implementation and Enhancing Core Competitiveness: Comprehensively advancing the "**Integrated Industry Digital Network Platform**" strategy, improving core competitiveness from supply chain, consumption chain, and digitalization aspects[81](index=81&type=chunk) - Improving Information Disclosure Quality and Perfecting Corporate Governance: Strictly adhering to laws and regulations, ensuring truthful, accurate, complete, and timely information disclosure, and continuously improving the company's corporate governance structure and internal control system[82](index=82&type=chunk) - Standardizing Operations and Strengthening Investor and Media Relations Management: Operating strictly in accordance with regulations, improving the internal control system, attaching great importance to investor relations management, and communicating through various channels and platforms[83](index=83&type=chunk)[84](index=84&type=chunk) - Continuous Cash Dividends and Strengthening Investor Returns: The company highly values reasonable returns to investors and is committed to providing continuous and stable cash dividends, with the proportion of cash dividends to net profit attributable to the parent company maintained at around **30%** in the past three years[85](index=85&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, or senior management during the reporting period. - The company's directors, supervisors, and senior management had no changes during the reporting period[87](index=87&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=25&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[88](index=88&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive, employee stock ownership, or other employee incentive plans or their implementation during the reporting period. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[89](index=89&type=chunk) [Environmental Information Disclosure Status](index=26&type=section&id=IV.%20Environmental%20Information%20Disclosure%20Status) The company and its main subsidiaries are not legally required to disclose environmental information. - The listed company and its main subsidiaries are not included in the list of enterprises required by law to disclose environmental information[90](index=90&type=chunk) [Social Responsibility Status](index=26&type=section&id=V.%20Social%20Responsibility%20Status) The company actively fulfills social responsibilities by protecting stakeholder rights, prioritizing environmental protection, and engaging in social welfare while pursuing high-quality development. - Protection of Shareholder and Creditor Rights: Strictly adheres to laws and regulations, accurately, truthfully, completely, and timely discloses information, and communicates with investors through various channels to ensure equal right to know[91](index=91&type=chunk) - Protection of Employee Rights: Complies with labor laws and regulations, establishes legal employment systems, pays social insurance in accordance with the law, and cares for employees through paid annual leave, full medical examinations, and holiday benefits[92](index=92&type=chunk) - Protection of Supplier, Customer, and Consumer Rights: Seeks healthy win-win relationships, honest transactions, and fair competition, establishes strategic partnerships with suppliers and customers, and safeguards customer and consumer interests by improving service quality[93](index=93&type=chunk) - Environmental Protection: Actively promotes national environmental protection policies, raises employee environmental awareness, and advocates for a resource-saving society. The self-built brand "**Yixiuge**" mobile phone recycling business promotes the environmental significance of mobile phone recycling, fostering green consumption[94](index=94&type=chunk)[95](index=95&type=chunk) - Social Welfare: Company employees actively engage in public welfare, serving as volunteers and spreading care[95](index=95&type=chunk) Section V Significant Events [Commitments: Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period](index=28&type=section&id=I.%20Commitments%3A%20Fulfillment%20of%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The actual controller, shareholders, and related parties continued fulfilling commitments regarding independence, competition, related party transactions, and share lock-ups, with no overdue matters. Commitment Fulfillment Status | Commitment Reason | Commitment Party | Commitment Type | Summary of Commitment Content | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | | Commitments made in acquisition report or equity change report | Shenzhen Investment Holdings Co., Ltd. | Commitment to maintain the independence of the listed company | Ensure the independence of the listed company's personnel, assets, finance, organization, and business | Ongoing | | | Shenzhen Investment Holdings Co., Ltd. | Commitment to avoid horizontal competition | Will not actively seek to directly or indirectly operate businesses that compete with Telling Telecommunication Holdings | Ongoing | | | Shenzhen Investment Holdings Co., Ltd. | Commitment to standardize related party transactions | Minimize related party transactions, and conduct them on fair and equitable principles when unavoidable | Ongoing | | | Hong Kong Yiliang, Li Haidong | Commitment to avoid competition | Not to engage in businesses that compete with the main business of the target company and its controlled enterprises | Ongoing | | Commitments made during asset restructuring | All directors, supervisors, and senior management of the listed company | Other commitments | Guarantee the truthfulness, accuracy, and completeness of the information provided for this transaction | Ongoing | | | Transaction counterparty Tianfujin | Commitment to the truthfulness, accuracy, and completeness of information provided | Guarantee the truthfulness, accuracy, and completeness of information provided for this transaction | Ongoing | | | Supporting financing subscriber Shenzhen Investment Holdings | Commitment to the truthfulness, accuracy, and completeness of information provided | Guarantee the truthfulness, accuracy, and completeness of information provided for this transaction | Ongoing | | | Transaction counterparty Tianfujin | Commitment to reduce and standardize related party transactions | Minimize and standardize related party transactions with Telling Telecommunication Holdings | Ongoing | | | Supporting financing subscriber Shenzhen Investment Holdings | Commitment to reduce and standardize related party transactions | Continue to comply with the commitment to standardize related party transactions | Ongoing | | | Transaction counterparty Tianfujin | Commitment to avoid horizontal competition | Avoid engaging in any form of business that competes with Telling Telecommunication Holdings | Ongoing | | | Supporting financing subscriber Shenzhen Investment Holdings | Commitment to avoid horizontal competition | Continue to comply with the commitment to avoid horizontal competition | Ongoing | | | Transaction counterparty Tianfujin, supporting financing subscriber Shenzhen Investment Holdings | Letter of commitment to maintain the independence of the listed company | Guarantee the independence of Telling Telecommunication Holdings and Telling Telecommunication Co., Ltd.'s personnel, organization, assets, business, and finance | Ongoing | | | Transaction counterparty Tianfujin | Commitment regarding clear ownership of target assets | Guarantee legal ownership of Telling Telecommunication equity, with clear ownership and no disputes | Ongoing | | | Declaration and commitment regarding related party relationships and concerted action relationships between transaction parties and shareholders holding 5% or more of the company's shares before the transaction | No related party relationships or concerted action relationships, not seeking control of the listed company | Ongoing | | | Supporting financing subscriber Shenzhen Investment Holdings | Declaration and commitment regarding related party relationships and concerted action relationships between transaction parties and shareholders holding 5% or more of the company's shares before the transaction | No related party relationships or concerted action relationships | Ongoing | | | Directors and senior management of the listed company | Commitment regarding measures to mitigate dilution of immediate returns | Commit to faithfully and diligently perform duties, not harm company interests, and support linking compensation system with return measures | Ongoing | | Commitments made during initial public offering or refinancing | Directors, supervisors, and senior management of the listed company | Commitment to the truthfulness, accuracy, and completeness of information provided | Commit that the content of the prospectus is true, accurate, and complete | Ongoing | | | Issuer's controlling shareholder Shenzhen Investment Holdings | Commitment to the truthfulness, accuracy, and completeness of information provided | Commit that the content of the prospectus is true, accurate, and complete | Ongoing | | | Issuance of A-shares to specific objects, measures to mitigate dilution of immediate returns, and commitments by relevant parties | Commit to faithfully and diligently perform duties, not harm company interests, and support linking compensation system with return measures | Ongoing | | | Issuer's controlling shareholder Shenzhen Investment Holdings | Issuance of A-shares to specific objects, measures to mitigate dilution of immediate returns, and commitments by relevant parties | Commit not to overstep authority in interfering with the issuer's business management activities, and not to infringe upon or harm the issuer's interests | Ongoing | | | Refinancing subscriber | Share lock-up commitment | Shares subscribed by Shenzhen Investment Holdings shall not be transferred within 18 months from the end of the issuance, and shares subscribed by other subscribers shall not be transferred within 6 months | Ongoing | [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties of the Listed Company](index=41&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) No non-operating funds were occupied by the controlling shareholder or other related parties during the reporting period. - During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties of the listed company[110](index=110&type=chunk) [Illegal External Guarantees](index=41&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period. - The company had no illegal external guarantees during the reporting period[111](index=111&type=chunk) [Appointment and Dismissal of Accounting Firms](index=41&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited. - The company's semi-annual report was not audited[112](index=112&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" of the Accounting Firm for the Current Reporting Period](index=41&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20%22Non-Standard%20Audit%20Report%22%20of%20the%20Accounting%20Firm%20for%20the%20Current%20Reporting%20Period) Not applicable, as the company's semi-annual report was unaudited, no non-standard audit report exists. [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=41&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) Not applicable, as the company had no non-standard audit report for the prior year. [Bankruptcy and Reorganization Matters](index=41&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the reporting period. - The company had no bankruptcy and reorganization matters during the reporting period[113](index=113&type=chunk) [Litigation Matters](index=41&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation, arbitration, or other legal matters during the current reporting period. - The company had no significant litigation or arbitration matters during the current reporting period[114](index=114&type=chunk) [Penalties and Rectification Status](index=41&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company had no penalties or rectification matters during the reporting period. - The company had no penalties or rectification matters during the reporting period[114](index=114&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=42&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) Not applicable. [Significant Related Party Transactions](index=42&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in daily related party transactions for mobile phone procurement and sales at market prices, and a subsidiary collaborated on a **CNY 300 million** financing credit business. Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Type | Related Party Transaction Content | Transaction Amount (CNY ten thousands) | Proportion of Similar Transactions (%) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Aisidi Co., Ltd. | Procurement | Mobile phone sales and procurement | 6,245.71 | 0.60% | No | | Beijing Jingtianxun East Technology Co., Ltd. | Procurement | Mobile phone sales and procurement | 6,870.29 | 0.07% | No | | **Total** | | | **69,327.44** | | | - The company had no related party transactions involving asset or equity acquisition/disposal, or joint external investments during the reporting period[117](index=117&type=chunk)[118](index=118&type=chunk) - The company had no non-operating related party creditor-debtor transactions, nor any dealings with related financial companies during the reporting period[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - The company's controlling subsidiary, Shanghai Nengliang Electronic Technology Co., Ltd., and its wholly-owned subsidiaries plan to collaborate with Shenzhen Dandanzengxin Financing Guarantee Co., Ltd. or its related parties on financing credit business, with a total amount not exceeding **CNY 300 million**, constituting a related party transaction[122](index=122&type=chunk) [Significant Contracts and Their Fulfillment](index=44&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company had no entrustment, contracting, or leasing, but significant external guarantees for subsidiaries, totaling **700.37%** of net assets, primarily joint liability and mortgage guarantees. - The company had no entrustment, contracting, or leasing situations during the reporting period[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Guaranteed Party Name | Guaranteed Amount Limit (CNY ten thousands) | Actual Guaranteed Amount (CNY ten thousands) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Dandanzengxin Financing Guarantee Co., Ltd. | 5,000 | 5,000 | Joint liability guarantee | Five months | No | Yes | | Shenzhen Dandanzengxin Financing Guarantee Co., Ltd. | 5,000 | 5,000 | Joint liability guarantee | Five months | No | Yes | | **Total Approved External Guarantee Limit for the Reporting Period (A1)** | **30,000** | | | | | | | **Total Actual External Guarantee Amount for the Reporting Period (A2)** | **10,000** | | | | | | | **Total Approved External Guarantee Limit at Period-End (A3)** | **30,000** | | | | | | | **Total Actual External Guarantee Balance at Period-End (A4)** | **10,000** | | | | | | Company Guarantees for Subsidiaries (Partial) | Guaranteed Party Name | Guaranteed Amount Limit (CNY ten thousands) | Actual Guaranteed Amount (CNY ten thousands) | Guarantee Type | Collateral | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Telling Telecommunication Co., Ltd. | 340,000 | 49.31 | Joint liability guarantee, mortgage | Land located at the intersection of Baishi Road and Shenwan Road, Nanshan District, Shenzhen | Ten years | No | Yes | | Telling Telecommunication Co., Ltd. | 187,160 | 10,000 | Joint liability guarantee | None | Three months | No | Yes | | Telling Information Service (Beijing) Co., Ltd. | 20,000 | 10,000 | Joint liability guarantee | None | One year | No | Yes | | Shenzhen Tianlian Terminal Co., Ltd. | 150,000 | 10,000 | Joint liability guarantee | None | Four months | No | Yes | | Shenzhen Telling Technology Development Co., Ltd. | 10,000 | 10,000 | Joint liability guarantee | None | Half year | No | Yes | | Shanghai Nengliang Electronic Technology Co., Ltd. | 13,000 | 3,430 | Joint liability guarantee | None | Half year | No | Yes | | **Total Approved Guarantee Limit for Subsidiaries for the Reporting Period (B1)** | **1,842,500** | | | | | | | | **Total Actual Guarantee Amount for Subsidiaries for the Reporting Period (B2)** | **1,671,336** | | | | | | | | **Total Approved Guarantee Limit for Subsidiaries at Period-End (B3)** | **4,183,312** | | | | | | | | **Total Actual Guarantee Balance for Subsidiaries at Period-End (B4)** | **1,975,999.65** | | | | | | | Total Company Guarantees | Indicator | Amount (CNY ten thousands) | | :--- | :--- | | Total Approved Guarantee Limit for the Reporting Period (A1+B1+C1) | 1,982,500 | | Total Actual Guarantee Amount for the Reporting Period (A2+B2+C2) | 1,756,733.5 | | Total Approved Guarantee Limit at Period-End (A3+B3+C3) | 4,337,312 | | Total Actual Guarantee Balance at Period-End (A4+B4+C4) | 2,041,397.15 | | Proportion of Actual Total Guarantee Amount to Company Net Assets | 700.37% | | Of which: Guarantee Balance for Shareholders, Actual Controllers, and their Related Parties (D) | 10,000 | | Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (E) | 2,021,397.15 | | Amount of Guarantees Exceeding 50% of Net Assets (F) | 1,885,659.66 | | Total of the Above Three Guarantee Amounts (D+E+F) | 3,917,056.81 | - The company had no entrusted wealth management or other significant contracts during the reporting period[160](index=160&type=chunk)[161](index=161&type=chunk) [Explanation of Other Significant Matters](index=76&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company plans a non-public bond issuance up to **CNY 1.2 billion** and adjusted its **2023** A-share issuance, reducing funds and extending the resolution's validity. - Non-Public Issuance of Corporate Bonds: The company拟向深圳证券交易所申请面向专业投资者非公开发行公司债券，额度不超过（含）**CNY 1.2 billion**，期限不超过（含）**5**年[162](index=162&type=chunk) - Non-Public Issuance of A-Shares to Specific Objects: The company adjusted its **2023** non-public issuance of A-shares plan, reducing the maximum total raised funds from **CNY 1.847 billion** to **CNY 1.708 billion**. Concurrently, to ensure the smooth progress of the issuance, the validity period of the shareholders' meeting resolution for this issuance is proposed to be extended by **12 months** to **August 20, 2026**[163](index=163&type=chunk)[164](index=164&type=chunk) [Significant Matters of Company Subsidiaries](index=77&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) Arbitration confirmed Telling Telecommunication's claim for **CNY 24,830,580.21** performance compensation and **CNY 782,673.49** interest from Tianfujin, requiring a refund to Xufuyuebang due to a lower arbitrated amount. - The Shenzhen International Arbitration Court ruled that Tianfujin shall pay Telling Telecommunication performance compensation of **CNY 24,830,580.21**, and overdue payment interest of **CNY 782,673.49**[165](index=165&type=chunk) - The arbitration fee of **CNY 246,684** for the case shall be borne by Telling Telecommunication[165](index=165&type=chunk) - Given that the arbitrated amount is lower than the initial transfer price, Telling Telecommunication will refund the difference between the arbitrated amount and the initial transfer price to Xufuyuebang, as stipulated in the "Creditor's Rights Transfer Agreement"[165](index=165&type=chunk) Section VI Changes in Shares and Shareholder Information [Changes in Shares](index=78&type=section&id=I.%20Changes%20in%20Shares) The company's total shares and capital structure remained unchanged, with no shifts in restricted or unrestricted share numbers or proportions. Changes in Shares | Item | Number Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 970,769 | 0.09% | 0 | 970,769 | 0.09% | | II. Unrestricted Shares | 1,024,129,669 | 99.91% | 0 | 1,024,129,669 | 99.91% | | **III. Total Shares** | **1,025,100,438** | **100.00%** | **0** | **1,025,100,438** | **100.00%** | - The reasons for share changes, approval status, transfer status, progress of share repurchase implementation, and impact on financial indicators are not applicable or have no significant changes during the reporting period[169](index=169&type=chunk) [Issuance and Listing of Securities](index=79&type=section&id=II.%20Issuance%20and%20Listing%20of%20Securities) The company had no issuance or listing of securities during the reporting period. - The company had no issuance and listing of securities during the reporting period[169](index=169&type=chunk) [Number of Shareholders and Shareholding Status of the Company](index=79&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status%20of%20the%20Company) As of period-end, the company had **88,020** ordinary shareholders, with Shenzhen Investment Holdings as the largest at **19.03%**; some top shareholders had pledged/frozen shares and concerted action relationships. - The total number of ordinary shareholders at the end of the reporting period was **88,020**[170](index=170&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Investment Holdings Co., Ltd. | State-owned Legal Person | 19.03% | 195,032,514 | 195,032,514 | Not applicable: 0 | | Shenzhen Tianfujin Venture Capital Co., Ltd. | Domestic Non-State-owned Legal Person | 9.80% | 100,474,022 | 100,474,022 | Frozen: 100,473,933 | | China Huajian Investment Holdings Co., Ltd. | Domestic Non-State-owned Legal Person | 4.65% | 47,641,582 | 47,641,582 | Pledged: 8,300,000 | | He Zhiping | Overseas Natural Person | 3.16% | 32,440,000 | 32,440,000 | Pledged: 14,100,000 | | Shenzhen Dingpeng Investment Co., Ltd. | Domestic Non-State-owned Legal Person | 1.20% | 12,300,010 | 12,300,010 | Pledged: 7,000,000 | | Zhang Qiu | Domestic Natural Person | 0.75% | 7,706,900 | 7,706,900 | Not applicable: 0 | | Wu Guizhou | Domestic Natural Person | 0.74% | 7,612,000 | 7,612,000 | Not applicable: 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | Other | 0.74% | 7,568,514 | 7,568,514 | Not applicable: 0 | | Beijing International Trust Co., Ltd. - Telling Telecommunication Holdings Equity Investment Trust (formerly Gannan Fruit Industry) | Other | 0.73% | 7,513,319 | 7,513,319 | Not applicable: 0 | | Li Dongyuan | Domestic Natural Person | 0.62% | 6,320,400 | 6,320,400 | Not applicable: 0 | - Shenzhen Investment Holdings Co., Ltd. and Shenzhen Tianfujin Venture Capital Co., Ltd. signed a "**Concerted Action Agreement**" on **August 20, 2018**. China Huajian Investment Holdings Co., Ltd. and its actual controller Mr. He Zhiping, and Beijing Henghua Zhisheng Management Consulting Partnership (Limited Partnership) signed a "**Concerted Action Agreement**"[171](index=171&type=chunk)[172](index=172&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=81&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Shareholdings of directors, supervisors, and senior management remained unchanged during the reporting period. - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[173](index=173&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=81&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period. - The company's controlling shareholder did not change during the reporting period[174](index=174&type=chunk) - The company's actual controller did not change during the reporting period[174](index=174&type=chunk) [Preferred Shares Related Information](index=82&type=section&id=VI.%20Preferred%20Shares%20Related%20Information) The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[175](index=175&type=chunk) Section VII Bond Related Information [Bond Related Information](index=83&type=section&id=Bond%20Related%20Information) The company had no bond-related information to disclose during the reporting period. - The company had no bond-related information during the reporting period[177](index=177&type=chunk) Section VIII Financial Report [Audit Report](index=84&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[179](index=179&type=chunk) [Financial Statements](index=84&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for H1 **2025**, including balance sheet, income statement, cash flow, and equity changes, reflecting the company's financial position and results. - The consolidated balance sheet shows total assets of **CNY 24,561,046,405.17** and total liabilities of **CNY 21,551,598,865.62** at period-end[181](index=181&type=chunk)[183](index=183&type=chunk) - The consolidated income statement shows total operating revenue of **CNY 46,325,759,161.12** and net profit attributable to parent company shareholders of **CNY -62,535,395.17** for the current period[189](index=189&type=chunk)[190](index=190&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **CNY 1,051,669,185.36**[193](index=193&type=chunk)[194](index=194&type=chunk) [Company Basic Information](index=102&type=section&id=III.%20Company%20Basic%20Information) This section provides the company's basic information, including name, address, legal representative, industry, business scope, main activities, history, and consolidated financial statement scope. - Company Name: **Telling Telecommunication Holdings Co., Ltd.**, Registered Address: No. 60 Yingbin Avenue, Ganzhou Economic and Technological Development Zone, Ganzhou City, Jiangxi Province, Legal Representative: **Huang Shaowen**[208](index=208&type=chunk) - The company's industry nature is the telecommunication electronic product sales industry, and its actual main operating activities include intelligent terminal sales, lottery, mobile virtual network operation, and mobile internet businesses[208](index=208&type=chunk) - Company Historical Evolution: Originally named Jiangxi Gannan Fruit Industry Co., Ltd., it acquired **70%** equity of Telling Telecommunication Co., Ltd. in **2003** and was renamed Telling Telecommunication Holdings Co., Ltd. in **2007**[209](index=209&type=chunk) Subsidiaries in the Consolidated Financial Statements for the Current Period | Subsidiary Name | Shareholding Percentage (%) | Voting Rights Percentage (%) | | :--- | :--- | :--- | | Telling Telecommunication Co., Ltd. | 100.00 | 100.00 | | Shenzhen Telling Technology Development Co., Ltd. | 100.00 | 100.00 | | Jiangxi Gannan Fruit Industry Co., Ltd. | 100.00 | 100.00 | | Shenzhen Tianliancai Investment Co., Ltd. | 100.00 | 100.00 | | Telling Telecommunication Holdings International Co., Ltd. | 100.00 | 100.00 | | Gongqingcheng Tianshihe Investment Management Partnership (Limited Partnership) | 99.99 | 99.99 | [Basis of Financial Statement Preparation](index=103&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, adhering to Accounting Standards for Business Enterprises and CSRC regulations, confirming the company's **12-month** going concern ability. - The company prepares its financial statements on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations of the CSRC[212](index=212&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the current reporting period, with no significant matters affecting its going concern ability[213](index=213&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=104&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details significant accounting policies and estimates for financial statement preparation, covering business combinations, financial instruments, revenue, impairment, compensation, grants, deferred tax, and leases, ensuring report reliability. - Statement of Compliance with Accounting Standards for Business Enterprises: The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truthfully and completely reflecting the company's financial position, operating results, and cash flows for the reporting period[214](index=214&type=chunk) - Method for Determining Materiality Thresholds: For example, significant individually impaired accounts receivable exceed **CNY 1 million**, and significant construction in progress projects exceed **CNY 10 million**[215](index=215&type=chunk) - Accounting Treatment for Business Combinations: Distinguishes between same control and non-same control business combinations, and details the measurement of assets and liabilities and the recognition of goodwill[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk) - Financial Instruments: Classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, with detailed recognition criteria and measurement methods[234](index=234&type=chunk)[235](index=235&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - Revenue Recognition Principles: Revenue is recognized when the customer obtains control of the related goods or services, distinguishing between performance obligations satisfied over time or at a point in time based on their nature[347](index=347&type=chunk)[348](index=348&type=chunk)[349](index=349&type=chunk)[3

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, a comprehensive table of contents, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board, Supervisory Board, and senior management guarantee report authenticity, while key financial officers declare financial report truthfulness and completeness - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, with no false records, misleading statements, or major omissions[5](index=5&type=chunk) - CEO Li Zhong, CFO Peng Zhankai, and accounting head Xu Jiajun declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans no interim cash dividends, no bonus shares, and no capital increase from capital reserves[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the complete directory structure of the report, including chapter titles and corresponding starting page numbers, for quick navigation [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, including company name, subsidiaries, controlling shareholder, and regulatory bodies, to ensure clear understanding - Company, this company, listed company: Guangdong Ganhua Science and Technology Industrial Co., Ltd[13](index=13&type=chunk) - Controlling shareholder, major shareholder: Delixi Group Co., Ltd[13](index=13&type=chunk) - Main subsidiaries: Shenghua Power, Shenyang Hanneng, Shenyang Amorphous, Sichuan Ganhua, etc[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's basic information and presents a summary of its key financial performance metrics [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Guangdong Ganhua Science and Technology Industrial Co., Ltd. (stock code: 000576) is listed on the Shenzhen Stock Exchange, with Li Zhong as legal representative, and contact information remained unchanged - Stock Abbreviation: Ganhua Sci-Tech, Stock Code: **000576**, Listed Exchange: Shenzhen Stock Exchange[15](index=15&type=chunk) - Legal Representative: Li Zhong[15](index=15&type=chunk) - Company contact information and information disclosure locations remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, operating revenue increased by 18.64%, and net profit attributable to shareholders increased by 28.26%, while net profit excluding non-recurring items significantly decreased by 92.24% 2025 H1 Key Financial Indicators Comparison | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 236,213,566.00 | 199,093,710.72 | 18.64% | | Net Profit Attributable to Listed Company Shareholders | 33,797,536.07 | 26,351,647.70 | 28.26% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | 1,282,982.16 | 16,536,897.55 | -92.24% | | Net Cash Flow from Operating Activities | 31,799,126.60 | -17,767,726.60 | 278.97% | | Basic Earnings Per Share (Yuan/share) | 0.08 | 0.06 | 33.33% | | Diluted Earnings Per Share (Yuan/share) | 0.08 | 0.06 | 33.33% | | Weighted Average Return on Net Assets | 2.09% | 1.63% | 0.46% | | **Period-End Indicator Comparison:** | | | | | Total Assets | 1,872,171,538.60 | 1,844,340,893.78 | 1.51% | | Net Assets Attributable to Listed Company Shareholders | 1,618,907,531.84 | 1,612,340,099.58 | 0.41% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&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, the company had no differences in net profit and net assets between financial reports prepared under international/overseas accounting standards and Chinese accounting standards - No differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) - No differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) In H1 2025, the company's total non-recurring gains and losses amounted to **32.51 million yuan**, primarily from gains on equity transfer, stock sales, and non-operating income from Shenyang Amorphous performance compensation 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains and losses | -524,796.05 | | | Government grants recognized in current profit or loss | 1,040,681.71 | | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 10,331,573.65 | Primarily gains from transferring equity in Wuhu Huayuan Microelectronics Co., Ltd. and reducing shares in KAIWEITE | | Gains and losses from entrusted investments or asset management | 534,199.87 | | | Other non-operating income and expenses | 30,744,486.86 | Primarily non-operating income of **30.96 million yuan** recognized by the company at the fair value of equity, as the performance target asset Shenyang Amorphous failed to meet its performance commitment, and the performance guarantor Mr. Hao Hongwei transferred all his equity in Shenyang Amorphous to the company as compensation | | Less: Income tax impact | 9,347,492.54 | | | Impact on minority interests (after tax) | 264,099.59 | | | **Total** | **32,514,553.91** | | - The company has no other profit/loss items meeting the definition of non-recurring gains/losses, nor has it reclassified non-recurring items as recurring gains/losses[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's business operations, financial performance, and future outlook [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business involves R&D, production, and sales of military products such as power supplies and related products, and high-performance special alloy materials, with distinct subsidiaries handling each segment - The company's main business involves the R&D, production, and sales of military products, including power supplies and related products, and high-performance special alloy materials[28](index=28&type=chunk) - The power supply and related products business is undertaken by wholly-owned subsidiaries Shenghua Power and Sichuan Ganhua[29](index=29&type=chunk) - The high-performance special alloy materials business is undertaken by controlling subsidiaries Shenyang Hanneng and Shenyang Amorphous[32](index=32&type=chunk) [Power Supply and Related Products Business](index=9&type=section&id=%E7%94%B5%E6%BA%90%E5%8F%8A%E7%9B%B8%E5%85%B3%E4%BA%A7%E5%93%81%E4%B8%9A%E5%8A%A1) Shenghua Power focuses on high-efficiency, high-reliability, high-power-density power products for various weapon platforms, while Sichuan Ganhua develops and promotes civil aviation power products and advanced power technologies - Shenghua Power provides modular power supplies and customized power systems, applied in airborne, shipborne, missile-borne, and other weapon platforms[29](index=29&type=chunk)[30](index=30&type=chunk) - Sichuan Ganhua is dedicated to the R&D, promotion, and application of civil aviation power-related products and advanced power technologies[31](index=31&type=chunk) [High-Performance Special Alloy Materials Products Business](index=9&type=section&id=%E9%AB%98%E6%80%A7%E8%83%BD%E7%89%B9%E7%A7%8D%E5%90%88%E9%87%91%E6%9D%90%E6%96%99%E5%88%B6%E5%93%81%E4%B8%9A%E5%8A%A1) Shenyang Hanneng primarily produces tungsten-based pre-formed fragments for warhead components and sports, while Shenyang Amorphous develops and manufactures amorphous alloy composites for defense, aerospace, and petrochemical applications - Shenyang Hanneng's main products are tungsten spheres, rings, and columns for warhead components, with civilian applications in the sports industry[32](index=32&type=chunk)[33](index=33&type=chunk) - Shenyang Amorphous's core product is amorphous alloy composites, applied in defense, aerospace, petrochemical, and other fields, with some models already used in equipment[33](index=33&type=chunk) [Overview of Operating Performance During the Reporting Period](index=10&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E6%A6%82%E8%BF%B0) In H1 2025, the company achieved operating revenue of **236 million yuan**, up **18.64%** year-on-year, and net profit attributable to shareholders of **33.80 million yuan**, up **28.26%**, driven by optimized operations, cost reduction, and market expansion - In H1 2025, company operating revenue was **236 million yuan**, a year-on-year increase of **18.64%**[35](index=35&type=chunk) - Net profit attributable to listed company shareholders was **33.80 million yuan**, a year-on-year increase of **28.26%**[35](index=35&type=chunk) - The company promoted development by strengthening production quality control, expanding markets, optimizing processes, capital empowerment, and external expansion[36](index=36&type=chunk) [Overall Operating Performance](index=10&type=section&id=%E6%80%BB%E4%BD%93%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) As of June 30, 2025, the company's total assets were **1.872 billion yuan**, and net assets attributable to shareholders were **1.619 billion yuan** 2025 H1 Overall Operating Performance | Indicator | Amount (Billion Yuan) | | :--- | :--- | | Operating Revenue | 0.236 | | Net Profit Attributable to Listed Company Shareholders | 0.0338 | | Total Assets | 1.872 | | Net Assets Attributable to Listed Company Shareholders | 1.619 | [Key Work Progress](index=10&type=section&id=%E4%B8%BB%E8%A6%81%E5%B7%A5%E4%BD%9C%E8%BF%9B%E5%B1%95) The company's subsidiaries made progress in production, market expansion, and process optimization, while the parent company leveraged its capital platform for strategic investments and performance compensation resolution - Shenghua Power strengthened production and quality control, ensuring product delivery to key customers[36](index=36&type=chunk) - Shenyang Hanneng overcame rising raw material prices, achieving significant revenue growth in both military and civilian products[36](index=36&type=chunk) - Shenyang Amorphous improved production processes, optimized technical solutions, and achieved results in increasing revenue, reducing costs, and minimizing losses[36](index=36&type=chunk) - The company leveraged its listed company capital platform to empower subsidiaries in market expansion and management improvement, and actively researched investment targets for external expansion[36](index=36&type=chunk) - Handled the share compensation for Shenyang Amorphous's original shareholder's unfulfilled performance commitment and initiated the partial share reduction of associate company KAIWEITE[36](index=36&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=%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 competitiveness remained stable, primarily in the R&D capabilities, product quality, market position, and military qualifications of its subsidiaries, holding **155 patents** with products widely used in military projects - The company's core competitiveness remained unchanged, with key subsidiaries Shenghua Power, Shenyang Hanneng, and Shenyang Amorphous undertaking military product businesses[37](index=37&type=chunk) - Shenghua Power is a national high-tech enterprise with leading R&D capabilities and independent intellectual property rights, achieving **100% localization** of products for domestic main battle equipment[38](index=38&type=chunk) - Shenyang Hanneng is a national high-tech enterprise and a "specialized, refined, unique, and new" small giant enterprise, mastering key core technologies for pre-formed fragments and being a major domestic supplier for warhead applications[38](index=38&type=chunk) - Shenyang Amorphous is a national high-tech enterprise and a "specialized, refined, unique, and new" small and medium-sized enterprise, with domestically leading technology for amorphous alloy materials as multifunctional energetic metal materials, already applied in equipment matching[39](index=39&type=chunk) - As of the end of the reporting period, the company's main subsidiaries collectively held **155 patents**, including invention patents, utility model patents, and software copyrights[39](index=39&type=chunk) [Main Business Analysis](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, operating revenue increased by 18.64%, but operating costs increased by 53.46%, leading to a **13.07%** decrease in overall gross profit margin, while net cash flow from operating activities significantly turned positive 2025 H1 Key Financial Data Year-on-Year Change | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 236,213,566.00 | 199,093,710.72 | 18.64% | | | Operating Cost | 134,473,069.51 | 87,627,548.64 | 53.46% | Increase in operating revenue and decrease in overall gross profit margin | | Selling Expenses | 8,106,430.06 | 13,078,942.56 | -38.02% | Decrease in business promotion expenses | | Income Tax Expense | 13,483,658.05 | 2,914,142.82 | 362.70% | Increase in taxable income | | Net Cash Flow from Operating Activities | 31,799,126.60 | -17,767,726.60 | 278.97% | Increase in sales collection and government grants | | Net Cash Flow from Investing Activities | 77,316,857.25 | -5,122,359.67 | 1,609.40% | Increase in net redemption of wealth management products | | Net Cash Flow from Financing Activities | 10,548,366.49 | 7,456,777.78 | 41.46% | Increase in bank borrowings | - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[42](index=42&type=chunk) 2025 H1 Operating Revenue Composition (by Product) | Product | Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | High-Performance Special Alloy Materials Products | 122,860,317.67 | 52.01% | 74.56% | | Power Supply and Related Products | 111,080,848.66 | 47.03% | -11.66% | - Manufacturing gross profit margin decreased by **13.07%** year-on-year, with high-performance special alloy materials products gross profit margin decreasing by **12.18%**, and power supply and related products gross profit margin decreasing by **3.18%**[44](index=44&type=chunk) [Non-Core Business Analysis](index=13&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, non-core businesses significantly impacted total profit, with non-operating income accounting for **64.48%**, mainly from Shenyang Amorphous's performance compensation, while asset impairment losses accounted for **-49.00%** 2025 H1 Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,408,376.83 | 5.01% | Gains from transferring equity in Wuhu Huayuan Microelectronics Co., Ltd., reducing shares in KAIWEITE, bank wealth management income, and investment losses in associates | No | | Fair Value Change Gains and Losses | 1,688,404.07 | 3.51% | Unrealized gains from held wealth management products | No | | Asset Impairment | -23,553,964.45 | -49.00% | Primarily provision for goodwill impairment | No | | Non-Operating Income | 30,995,248.82 | 64.48% | Primarily non-operating income of **30.96 million yuan** recognized by the company at the fair value of equity, as the performance target asset Shenyang Amorphous failed to meet its performance commitment, and the performance guarantor Mr. Hao Hongwei transferred all his equity in Shenyang Amorphous to the company as compensation | No | [Analysis of Assets and Liabilities](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of June 30, 2025, the company's total assets were **1.872 billion yuan**, a **1.51%** increase from the end of the previous year, with monetary funds, accounts receivable, and contract liabilities significantly increasing - As of June 30, 2025, the company's total assets were **1,872,171,538.60 yuan**, an increase of **1.51%** from the end of the previous year[20](index=20&type=chunk)[48](index=48&type=chunk) - Net assets attributable to listed company shareholders were **1,618,907,531.84 yuan**, an increase of **0.41%** from the end of the previous year[20](index=20&type=chunk)[48](index=48&type=chunk) [Significant Changes in Asset Composition](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Monetary funds increased by **6.73%** due to increased sales collection, government subsidies, and net redemption of wealth management products, while trading financial assets and notes receivable decreased 2025 H1 Significant Changes in Asset Composition | Item | Period-End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 259,349,629.79 | 13.85% | 6.73% | Increase in sales collection, government grants; increase in net redemption of wealth management products | | Accounts Receivable | 299,087,651.13 | 15.98% | 3.80% | Increase due to seasonal collection patterns | | Trading Financial Assets | 150,296,359.57 | 8.03% | -3.50% | Increase in net redemption of wealth management products during the period | | Notes Receivable | 40,898,233.94 | 2.18% | -3.41% | Due to maturity and collection of bills during the period | | Goodwill | 439,519,669.74 | 23.48% | -1.59% | | [Major Overseas Assets](index=14&type=section&id=%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) During the reporting period, the company had no major overseas assets - The company had no major overseas assets during the reporting period[50](index=50&type=chunk) [Assets and Liabilities Measured at Fair Value](index=14&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) As of the end of the reporting period, the company's financial assets measured at fair value totaled **208.91 million yuan**, primarily including trading financial assets (wealth management products) and other equity instrument investments 2025 H1 Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (Yuan) | | :--- | :--- | | Trading Financial Assets | 150,296,359.57 | | Other Equity Instrument Investments | 58,611,906.40 | | **Subtotal Financial Assets** | **208,908,265.97** | - The measurement attributes of the company's main assets did not undergo significant changes during the reporting period[51](index=51&type=chunk) [Asset Restrictions as of the End of the Reporting Period](index=14&type=section&id=%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, **2.10 million yuan** of the company's monetary funds were restricted due to bill deposits - **2,101,103.36 yuan** of monetary funds were restricted due to bill deposits[52](index=52&type=chunk) [Investment Analysis](index=14&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company had no significant equity investments, non-equity investments, securities investments, or derivative investments, and there was no use of raised funds - The company had no securities investments, derivative investments, significant equity investments, or significant non-equity investments during the reporting period[54](index=54&type=chunk)[55](index=55&type=chunk) - The company had no use of raised funds during the reporting period[56](index=56&type=chunk) [Significant Asset and Equity Sales](index=15&type=section&id=%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 did not sell any significant assets or equity - The company did not sell any significant assets during the reporting period[57](index=57&type=chunk) - The company did not sell any significant equity during the reporting period[58](index=58&type=chunk) [Analysis of Major Holding and Associate Companies](index=15&type=section&id=%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) Shenyang Hanneng's operating revenue increased by **49%** but net profit decreased by **12.85%** due to rising raw material prices, while Shenyang Amorphous's revenue surged by **199.66%** and net profit increased by **80.35%** due to increased product delivery Major Subsidiary Operating Performance (2025 H1) | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Net Profit | Main Reasons | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenyang Hanneng Metal Material Manufacturing Co., Ltd. | 105,942,682.39 | 15,509,773.61 | 49% | -12.85% | Order volume growth, rising procurement prices of main raw material tungsten powder leading to decreased gross profit margin | | Sichuan Shenghua Power Technology Co., Ltd. | 111,237,062.64 | 25,575,676.66 | | | | | Shenyang Amorphous Metal Material Manufacturing Co., Ltd. | 17,505,533.15 | 1,766,187.48 | 199.66% | 80.35% | Increase in delivery amount of high-performance special alloy products | | Suzhou KAIWEITE Semiconductor Co., Ltd. (Associate) | 111,030,036.59 | 33,690,797.22 | | | | - The company did not acquire or dispose of subsidiaries during the reporting period[60](index=60&type=chunk) [Structured Entities Controlled by the Company](index=16&type=section&id=%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 during the reporting period[62](index=62&type=chunk) [Risks Faced by the Company and Countermeasures](index=16&type=section&id=%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces market uncertainty in military products, goodwill impairment, rising raw material prices, and increasing accounts receivable, and has adopted measures including closely following policies, strengthening R&D, optimizing procurement, and improving accounts receivable management - The company faces market risks in its military product business, with orders potentially fluctuating due to defense budget, international environment, and military policies[62](index=62&type=chunk) - The company has goodwill impairment risk, with some impairment provisions already made, but future continuous impairment cannot be ruled out[63](index=63&type=chunk) - Raw material price increase risk, with few qualified suppliers in the short term, increasing the difficulty of cost control[64](index=64&type=chunk)[65](index=65&type=chunk) - Accounts receivable increase risk, as major customers have long payment cycles, potentially affecting the company's cash flow and financial position[66](index=66&type=chunk) - The company will closely follow military commission equipment development policies, stabilize customer relationships, increase R&D investment, enhance product market competitiveness, and expand into civilian markets[67](index=67&type=chunk) - The company will strengthen analysis of raw material price fluctuations, optimize procurement rhythms, diversify procurement sources, and increase technological transformation efforts[68](index=68&type=chunk) - The company will actively expand new customers, improve accounts receivable management systems, and enhance capital turnover efficiency[68](index=68&type=chunk) [Risks Faced](index=16&type=section&id=%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces market uncertainty in military products, goodwill impairment risk, rising raw material prices, and increasing accounts receivable, all of which could impact its financial performance and operations - Military product business market risk: orders may fluctuate due to defense expenditure budget, international and domestic environment, and military policies[62](index=62&type=chunk) - Goodwill impairment risk: future performance growth forecasts for acquired entities are uncertain, potentially leading to continuous goodwill impairment[63](index=63&type=chunk) - Raw material price increase risk: raw material prices fluctuate significantly, with few qualified suppliers in the short term, increasing the difficulty of cost control[64](index=64&type=chunk)[65](index=65&type=chunk) - Accounts receivable increase risk: major customers have long payment cycles, which may adversely affect the company's cash flow and financial position[66](index=66&type=chunk) [Countermeasures Adopted](index=17&type=section&id=%E9%87%87%E5%8F%96%E7%9A%84%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company will closely follow military equipment development policies, stabilize customer relationships, increase R&D investment, enhance product market competitiveness, expand into civilian markets, and improve risk management - Closely follow military commission equipment development policies, stabilize customer relationships, increase R&D investment, enhance product market competitiveness, and expand into civilian markets[67](index=67&type=chunk) - Strengthen cooperation with universities and research institutes, improve the technology R&D system, and enhance independent innovation capabilities[67](index=67&type=chunk) - Leverage the listed company capital platform to assist subsidiaries in market and business expansion[67](index=67&type=chunk) - Strengthen analysis of raw material price fluctuations, optimize procurement rhythms, diversify procurement sources, and increase technological transformation efforts to control costs[68](index=68&type=chunk) - Actively expand new customers, improve accounts receivable management systems, enhance capital turnover efficiency, and control accounts receivable risk[68](index=68&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) During the reporting period, the company did not disclose any market value management system or valuation enhancement plan - The company has not formulated a market value management system[69](index=69&type=chunk) - The company has not disclosed a valuation enhancement plan[69](index=69&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=18&type=section&id=%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) During the reporting period, the company did not disclose any "Dual Improvement in Quality and Returns" action plan announcement - The company did not disclose the "Dual Improvement in Quality and Returns" action plan announcement[70](index=70&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 covers changes in governance, profit distribution, incentive plans, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, and senior management - There were no changes in the company's directors, supervisors, and senior management during the reporting period[71](index=71&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=18&type=section&id=%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no interim cash dividends, no bonus shares, and no capital increase from capital reserves - The company plans no interim cash dividends, no bonus shares, and no capital increase from capital reserves[72](index=72&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=%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%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[73](index=73&type=chunk) [Environmental Information Disclosure](index=18&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[74](index=74&type=chunk) [Social Responsibility](index=18&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) During the reporting period, the company did not carry out poverty alleviation or rural revitalization work - The company did not carry out poverty alleviation or rural revitalization work during the reporting period[74](index=74&type=chunk) [Significant Matters](index=19&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 events, including fulfilled commitments, related party transactions, and other material disclosures [Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=19&type=section&id=%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) Mr. Hao Hongwei's performance commitment for Shenyang Amorphous has been fulfilled, with all his direct and indirect equity in Shenyang Amorphous transferred to the company as compensation due to unfulfilled performance - Mr. Hao Hongwei's performance commitment for Shenyang Amorphous has been fulfilled[76](index=76&type=chunk) - Shenyang Amorphous did not meet its performance commitment during the profit guarantee period from July 1, 2022, to June 30, 2025 (three-year aggregate adjusted net profit after tax plus R&D expenses not less than **51 million yuan**)[76](index=76&type=chunk) - Mr. Hao Hongwei has gratuitously transferred all his directly and indirectly held equity in Shenyang Amorphous to the company as compensation, with the equity transfer procedures completed on July 23, 2025[76](index=76&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=19&type=section&id=%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%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%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 fund occupation by the controlling shareholder or other related parties of the listed company - There was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company during the reporting period[77](index=77&type=chunk) [Irregular External Guarantees](index=19&type=section&id=%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[78](index=78&type=chunk) [Appointment and Dismissal of Accounting Firms](index=20&type=section&id=%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[79](index=79&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period](index=20&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no non-standard audit report - The company had no non-standard audit report during the reporting period[80](index=80&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=20&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no non-standard audit report - The company had no non-standard audit report during the reporting period[80](index=80&type=chunk) [Bankruptcy and Reorganization Matters](index=20&type=section&id=%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 during the reporting period[80](index=80&type=chunk) [Litigation Matters](index=20&type=section&id=%E8%AF%89%E8%AE%BC%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 during the current reporting period[81](index=81&type=chunk) [Penalties and Rectification](index=20&type=section&id=%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, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[81](index=81&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=20&type=section&id=%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%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no inapplicable situations - The integrity status of the company, its controlling shareholder, and actual controller had no inapplicable situations[82](index=82&type=chunk) [Significant Related Party Transactions](index=20&type=section&id=%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 related party transactions related to daily operations, asset/equity acquisition/disposal, joint external investments, or related party creditor/debtor relationships, but a significant related party transaction occurred for Shenyang Amorphous's performance compensation - The company had no related party transactions related to daily operations during the reporting period[82](index=82&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[83](index=83&type=chunk)[84](index=84&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[86](index=86&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies[87](index=87&type=chunk) [Related Party Transactions Related to Daily Operations](index=20&type=section&id=%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions related to daily operations - The company had no related party transactions related to daily operations during the reporting period[82](index=82&type=chunk) [Related Party Transactions for Asset or Equity Acquisition/Disposal](index=21&type=section&id=%E8%B5%84%E4%BA%A7%E6%88%96%E8%82%A1%E6%9D%83%E6%94%B6%E8%B4%AD%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%91%E7%94%9F%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions involving asset or equity acquisition/disposal - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[83](index=83&type=chunk)[84](index=84&type=chunk) [Related Party Transactions for Joint External Investments](index=21&type=section&id=%E5%85%B1%E5%90%8C%E5%AF%B9%E5%A4%96%E6%8A%95%E8%B5%84%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions for joint external investments - The company had no related party transactions for joint external investments during the reporting period[85](index=85&type=chunk) [Related Party Creditor-Debtor Relationships](index=21&type=section&id=%E5%85%B3%E8%81%94%E5%80%BA%E6%9D%83%E5%80%BA%E5%8A%A1%E5%BE%80%E6%9D%A5) During the reporting period, the company had no related party creditor-debtor relationships - The company had no related party creditor-debtor relationships during the reporting period[86](index=86&type=chunk) [Dealings with Affiliated Financial Companies](index=21&type=section&id=%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E7%9A%84%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) During the reporting period, the company had no deposits, loans, credit lines, or other financial business with affiliated financial companies - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies[87](index=87&type=chunk) [Dealings Between the Company's Controlled Financial Company and Related Parties](index=21&type=section&id=%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E7%9A%84%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) During the reporting period, the company's controlled financial company had no deposits, loans, credit lines, or other financial business with related parties - The company's controlled financial company had no deposits, loans, credit lines, or other financial business with related parties[88](index=88&type=chunk) [Other Significant Related Party Transactions](index=21&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Due to Shenyang Amorphous not meeting its performance commitment, Mr. Hao Hongwei, the original performance guarantor and former senior management, gratuitously transferred his **29.21%** equity in Shenyang Amorphous to the company as compensation, constituting a related party transaction disclosed on July 9, 2025 - Shenyang Amorphous's performance commitment was not met, so the performance guarantor, Mr. Hao Hongwei, gratuitously transferred his **13.146 million shares** (corresponding to **29.21%** shareholding) in Shenyang Amorphous to the company as compensation[89](index=89&type=chunk) - Mr. Hao Hongwei, a former deputy general manager, constitutes a related natural person of the company as his resignation was less than 12 months ago, thus this performance commitment compensation constitutes a related party transaction[89](index=89&type=chunk) - This related party transaction was disclosed on July 9, 2025, on Juchao Information Network[90](index=90&type=chunk) [Significant Contracts and Their Performance](index=22&type=section&id=%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 trusteeship or contracting arrangements but had leasing and wealth management activities, with an outstanding balance of **150.30 million yuan** in wealth management products, and no significant guarantees or other major contracts - The company had no trusteeship or contracting arrangements during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk) - Wholly-owned subsidiary Shenghua Power leased industrial premises for production and operation, with the lease term from September 30, 2021, to March 14, 2039[93](index=93&type=chunk) - The company had no leasing projects that generated profit exceeding **10%** of the company's total profit during the reporting period[93](index=93&type=chunk) - The company had no significant guarantees during the reporting period[94](index=94&type=chunk) - The outstanding balance of the company's wealth management products was **150.30 million yuan**[96](index=96&type=chunk) - The company had no other significant contracts during the reporting period[97](index=97&type=chunk) [Trusteeship, Contracting, and Leasing Matters](index=22&type=section&id=%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) During the reporting period, the company had no trusteeship or contracting arrangements, but its wholly-owned subsidiary Shenghua Power leased industrial premises until March 14, 2039, which did not generate significant profit - The company had no trusteeship during the reporting period[91](index=91&type=chunk) - The company had no contracting arrangements during the reporting period[92](index=92&type=chunk) - Shenghua Power leased industrial premises for production and operation, with the lease term from September 30, 2021, to March 14, 2039[93](index=93&type=chunk) - This leasing project did not generate profit exceeding **10%** of the company's total profit during the reporting period[93](index=93&type=chunk) [Significant Guarantees](index=22&type=section&id=%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) During the reporting period, the company had no significant guarantees - The company had no significant guarantees during the reporting period[94](index=94&type=chunk) [Wealth Management](index=22&type=section&id=%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) During the reporting period, the company's wealth management transactions amounted to **244.40 million yuan**, with an outstanding balance of **150.30 million yuan** at period-end, all in bank wealth management products, with no overdue unrecovered amounts 2025 H1 Wealth Management Status | Specific Type | Wealth Management Transaction Amount (Million Yuan) | Outstanding Balance (Million Yuan) | Overdue Unrecovered Amount (Million Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 244.40 | 150.30 | 0 | | **Total** | **244.40** | **150.30** | **0** | - The company had no single significant, low-safety, low-liquidity, or high-risk wealth management products during the reporting period[97](index=97&type=chunk) [Other Significant Contracts](index=23&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) During the reporting period, the company had no other significant contracts - The company had no other significant contracts during the reporting period[97](index=97&type=chunk) [Explanation of Other Significant Matters](index=23&type=section&id=%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) All significant information of the company during the reporting period was publicly disclosed on designated media and Juchao Information Network, covering various corporate actions and financial updates - All significant information of the company was publicly disclosed on designated media and Juchao Information Network[98](index=98&type=chunk) - Disclosed matters include progress on controlling shareholder's share judicial auction, share repurchase progress and completion, 2024 annual performance forecast, board and supervisory board resolutions, 2024 annual report summary, profit distribution plan, investment and wealth management authorization, asset impairment provision, accounting policy changes, Q1 report, auditor re-appointment, articles of association amendment, and general meeting notices[98](index=98&type=chunk)[99](index=99&type=chunk) [Significant Matters of Company Subsidiaries](index=24&type=section&id=%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) During the reporting period, the company's subsidiaries had no other significant matters - The company's subsidiaries had no other significant matters[100](index=100&type=chunk) [Share Changes and Shareholder Information](index=25&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 the company's share capital, shareholder structure, and related party shareholdings [Share Change Status](index=25&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained **436.42 million shares**, with restricted shares increasing by **37,128 shares** and unrestricted shares decreasing by the same amount due to share lock-up regulations for directors, supervisors, and senior management - The company's total share capital remained unchanged at **436,418,214 shares**[102](index=102&type=chunk) - Restricted shares increased by **37,128 shares**, and unrestricted shares decreased by **37,128 shares**, mainly due to share lock-up regulations for directors, supervisors, and senior management[102](index=102&type=chunk) - The company completed its share repurchase plan on February 27, 2025, repurchasing a total of **4.38 million shares**, accounting for **1.00%** of the total share capital, with a total payment of **26.70 million yuan**[104](index=104&type=chunk) - Restricted shares for senior management totaled **106,768 shares** at period-end, with **25%** of held shares released from restriction annually[106](index=106&type=chunk) [Securities Issuance and Listing](index=26&type=section&id=%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[107](index=107&type=chunk) [Number of Shareholders and Shareholding Status](index=27&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **55,922** common shareholders, with controlling shareholder Delixi Group Co., Ltd. holding **35.77%** of shares, of which **40 million shares** were pledged - Total number of common shareholders at the end of the reporting period: **55,922**[109](index=109&type=chunk) - Controlling shareholder Delixi Group Co., Ltd. held **35.77%** of shares, totaling **156.09 million shares**, of which **40 million shares** were pledged[109](index=109&type=chunk) - Hu Chengzhong is the actual controller of the company's controlling shareholder, Delixi Group Co., Ltd., and acts in concert with Delixi Group Co., Ltd[109](index=109&type=chunk) - The company's special securities account for share repurchase held **4.38 million shares**, ranking fifth among the top 10 shareholders, and these shares do not have voting rights or rights to profit distribution[110](index=110&type=chunk) - Among the top 10 shareholders, there were instances of shareholding through credit trading guarantee securities accounts[110](index=110&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=28&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%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%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[111](index=111&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=29&type=section&id=%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 - The company's controlling shareholder did not change during the reporting period[112](index=112&type=chunk) - The company's actual controller did not change during the reporting period[112](index=112&type=chunk) [Preferred Share Information](index=29&type=section&id=%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 - The company had no preferred shares during the reporting period[113](index=113&type=chunk) [Bond-Related Information](index=30&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 bond-related activities during the reporting period [Bond-Related Information](index=30&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[115](index=115&type=chunk) [Financial Report](index=31&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 comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Audit Report](index=31&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[117](index=117&type=chunk) [Financial Statements](index=31&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, providing a comprehensive view of the company's financial position, operating results, and cash flows - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[118](index=118&type=chunk)[122](index=122&type=chunk)[126](index=126&type=chunk)[129](index=129&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk)[141](index=141&type=chunk) [Consolidated Balance Sheet](index=31&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **1.872 billion yuan**, with total liabilities of **238.26 million yuan**, and total owners' equity of **1.634 billion yuan** June 30, 2025 Consolidated Balance Sheet Summary | Item | Period-End Balance (Yuan) | | :--- | :--- | | Total Assets | 1,872,171,538.60 | | Total Current Assets | 988,705,556.37 | | Total Non-Current Assets | 883,465,982.23 | | Total Liabilities | 238,263,500.40 | | Total Owners' Equity | 1,633,908,038.20 | [Parent Company Balance Sheet](index=33&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **1.529 billion yuan**, with total liabilities of **23.50 million yuan**, and total owners' equity of **1.505 billion yuan** June 30, 2025 Parent Company Balance Sheet Summary | Item | Period-End Balance (Yuan) | | :--- | :--- | | Total Assets | 1,528,583,392.74 | | Total Current Assets | 314,357,150.08 | | Total Non-Current Assets | 1,214,226,242.66 | | Total Liabilities | 23,495,992.22 | | Total Owners' Equity | 1,505,087,400.52 | [Consolidated Income Statement](index=35&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company's consolidated total operating revenue was **236.21 million yuan**, up **18.64%** year-on-year, with net profit attributable to parent company shareholders of **33.80 million yuan**, up **28.26%** 2025 H1 Consolidated Income Statement Summary | Item | 2025 H1 (Yuan) | 2024 H1 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 236,213,566.00 | 199,093,710.72 | | Operating Profit | 17,322,395.58 | 24,519,705.51 | | Total Profit | 48,066,882.44 | 27,121,618.22 | | Net Profit | 34,583,224.39 | 24,207,475.40 | | Net Profit Attributable to Parent Company Shareholders | 33,797,536.07 | 26,351,647.70 | | Basic Earnings Per Share | 0.08 | 0.06 | [Parent Company Income Statement](index=37&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the parent company's operating revenue was **1.47 million yuan**, and net profit was **1.12 million yuan**, a significant year-on-year decrease of **96.19%**, mainly due to changes in asset impairment losses and investment income 2025 H1 Parent Company Income Statement Summary | Item | 2025 H1 (Yuan) | 2024 H1 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,471,590.66 | 1,565,480.97 | | Operating Profit | -22,149,183.76 | 25,869,425.35 | | Total Profit | 8,766,515.45 | 27,321,310.30 | | Net Profit | 1,123,448.27 | 29,475,184.59 | - Asset impairment losses for the current period were **-42,029,800.00 yuan**, compared to **0 yuan** in the prior period[129](index=129&type=chunk) [Consolidated Cash Flow Statement](index=38&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, the company's net cash flow from operating activities was **31.80 million yuan**, a significant positive turnaround from **-17.77 million yuan** in the prior year, with net cash flow from investing activities at **77.32 million yuan** 2025 H1 Consolidated Cash Flow Statement Summary | Item | 2025 H1 (Yuan) | 2024 H1 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 31,799,126.60 | -17,767,726.60 | | Net Cash Flow from Investing Activities | 77,316,857.25 | -5,122,359.67 | | Net Cash Flow from Financing Activities | 10,548,366.49 | 7,456,777.78 | | Net Increase in Cash and Cash Equivalents | 119,663,341.14 | -15,431,416.77 | [Parent Company Cash Flow Statement](index=39&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, the parent company's net cash flow from operating activities was **-9.35 million yuan**, from investing activities was **80.25 million yuan**, and from financing activities was **-0.19 million yuan**, resulting in a net increase in cash and cash equivalents of **70.71 million yuan** 2025 H1 Parent Company Cash Flow Statement Summary | Item | 2025 H1 (Yuan) | 2024 H1 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -9,353,151.56 | -16,673,431.26 | | Net Cash Flow from Investing Activities | 80,251,564.97 | -16,043,798.11 | | Net Cash Flow from Financing Activities | -190,942.62 | 0.00 | | Net Increase in Cash and Cash Equivalents | 70,707,470.79 | -32,717,229.37 | [Consolidated Statement of Changes in Owners' Equity](index=40&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, total owners' equity attributable to the parent company was **1.619 billion yuan**, an increase of **6.57 million yuan** from the beginning of the period, with total comprehensive income for the period of **33.80 million yuan** - As of June 30, 2025, total owners' equity attributable to the parent company was **1,618,907,531.84 yuan**[135](index=135&type=chunk) - Total comprehensive income attributable to parent company owners for the current period was **33,797,536.07 yuan**[135](index=135&type=chunk) - Owners' contributions and reductions in capital for the current period led to a decrease in capital reserve of **25,141,860.95 yuan** and an increase in treasury stock of **80,000.00 yuan**[136](index=136&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=44&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the parent company's total owners' equity was **1.505 billion yuan**, a decrease of **1.96 million yuan** from the beginning of the period, with total comprehensive income for the period of **1.12 million yuan** - As of June 30, 2025, the parent company's total owners' equity was **1,505,087,400.52 yuan**[144](index=144&type=chunk) - Total comprehensive income for the current period was **1,123,448.27 yuan**[145](index=145&type=chunk) - Owners' contributions and reductions in capital for the current period led to a decrease in capital reserve of **3,003,494.17 yuan** and an increase in treasury stock of **80,000.00 yuan**[145](index=145&type=chunk)[146](index=146&type=chunk) [Company Basic Information](index=48&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Guangdong Ganhua Science and Technology Industrial Co., Ltd. was established on April 15, 1993, with a registered capital of **436.42 million yuan**, focusing on R&D, production, and sales of military products, and this financial report was approved by the Board on August 28, 2025 - The company was established on April 15, 1993, with a registered capital of **436.42 million yuan**, and Li Zhong as the legal representative[147](index=147&type=chunk) - The company's main business involves the R&D, production, and sales of military products such as power supplies and related products, and high-performance special alloy materials[149](index=149&type=chunk) - This financial report was approved for issuance by the company's Board of Directors on August 28, 2025[150](index=150&type=chunk) [Basis of Financial Statement Preparation](index=48&type=section&id=%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 prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and relevant regulations, and has the ability to continue as a going concern for 12 months from the end of the reporting period - The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards, their application guidelines, and interpretations[151](index=151&type=chunk) - The company has the ability to continue as a going concern for 12 months from the end of the reporting period, with no significant matters affecting its going concern ability[152](index=152&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=48&type=section&id=%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 section details the company's specific accounting policies and estimates for revenue recognition, inventory valuation, financial instrument measurement, fixed asset depreciation, and other areas, ensuring compliance with enterprise accounting standards - The company's financial statements comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and other information[154](index=154&type=chunk) - The company's accounting year runs from January 1 to December 31 each calendar year, with a 12-month operating cycle[155](index=155&type=chunk)[156](index=156&type=chunk) - The company's recording currency is RMB[157](index=157&type=chunk) - This section elaborates on significant accounting policies and estimates for financial instruments, long-term equity investments, fixed assets, intangible assets, goodwill impairment, revenue recognition, and other areas[170](index=170&type=chunk)[223](index=223&type=chunk)[234](index=234&type=chunk)[246](index=246&type=chunk)[254](index=254&type=chunk)[278](index=278&type=chunk) [Taxation](index=83&type=section&id=%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with several subsidiaries enjoying preferential corporate income tax rates as high-tech or small and micro enterprises, and the company benefiting from R&D expense super deduction and military product VAT exemption Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 3%, 5%, 6%, 9%, 10%, 13%, Exempt | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%, 16.5%, 20%, 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - Shenghua Power, Shenyang Hanneng, and Shenyang Amorphous, as high-tech enterprises, enjoy a **15%** corporate income tax preferential rate[324](index=324&type=chunk)[325](index=325&type=chunk) - Shenghua Power enjoys a **15%** corporate income tax preferential rate under the Western Development policy[325](index=325&type=chunk) - Ganhua Power, Ganke Property, Shenghua Yuan, and Shenyang Chaoneng enjoy small and micro-enterprise corporate income tax benefits[326](index=326&type=chunk) - The company enjoys R&D expense super deduction benefits[327](index=327&type=chunk)[328](index=328&type=chunk) - Shenghua Power's sales of military products enjoy VAT exemption (for contracts signed before January 1, 2022)[329](index=329&type=chunk) [Notes to Consolidated Financial Statement Items](index=85&type=section&id=%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 section provides detailed notes on various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including monetary funds, trading financial assets, accounts receivab

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Section I Definitions [Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This section defines common terms used in the report, including company names, biological laboratory consumables, and financial and legal concepts, ensuring clarity and accuracy - Company and its main subsidiaries and associated companies: Guangzhou Jet Biofil Filtration Co., Ltd., Guangzhou Biofil Air Purification Materials Co., Ltd., Guangzhou Jet Investment Co., Ltd., Jet Life Sciences (Guangzhou) Co., Ltd., Jet Life Sciences (Shanghai) Co., Ltd., Guangzhou Jet Testing Technology Service Co., Ltd., Guangzhou Huangpu District Bay Area Entrepreneurship Service Center Co., Ltd., JET LIFE SCIENCES CO. INC. (Jet USA), Jet Life Sciences GmbH (Jet Germany), LabCart GmbH, Jet Science (Hong Kong) Co., Ltd., Guangzhou Jet Packaging Materials Co., Ltd., Guangzhou Jet Medical Packaging Co., Ltd., Zhongshan Jet Purification Engineering Co., Ltd., Guangzhou BGI Jet Bio-Technology Co., Ltd., Guangzhou Lanbo Biotechnology Co., Ltd., Guangzhou Bostar Controlled Release Pharmaceutical Co., Ltd., Zhuhai Kairui Biotechnology Co., Ltd.[8](index=8&type=chunk) - Biological laboratory consumables related terms: Pipettes, cell culture plates/flasks/dishes, centrifuge tubes, tips, ultrafiltration concentrators, filters, PET polyester membrane, cell scrapers, ELISA plates, PCR tubes, filter membrane types (MCE, NYLON, PVDF, PES, CA), ELISA, general purpose polystyrene (GPPS), polypropylene (PP), polyethylene (PE), filter membrane, ODM, hydrophilicity, hydrophobicity, adherent cells, assisted reproductive technology, cell therapy, GMP, cell culture slides, 3D printing technology, modification technology, plasma, contact angle.[8](index=8&type=chunk)[9](index=9&type=chunk) - Financial and legal terms: CSRC, SSE, Sponsor, Articles of Association, yuan/10,000 yuan, Current Reporting Period, A-shares, Convertible Bonds, Company Law, Securities Law.[9](index=9&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=6&type=section&id=2.1%20Company%20Basic%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name, legal representative, registered and office addresses, website, and email - Company Chinese name: Guangzhou Jet Biofil Filtration Co., Ltd., Chinese abbreviation: Jet Biofil.[11](index=11&type=chunk) - Legal Representative: Yuan Jianhua.[11](index=11&type=chunk) - Registered and Office Address: No. 1 Doutang Road, Yonghe Economic Zone, Guangzhou Economic and Technological Development Zone.[11](index=11&type=chunk) - Company Website: http://www.jetbiofil.com, Email: jetzqb@jetbiofil.com.[11](index=11&type=chunk) [Contact Person and Contact Information](index=6&type=section&id=2.2%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary (domestic representative for information disclosure) and Securities Affairs Representative, including name, address, phone, fax, and email - Board Secretary (domestic representative for information disclosure): Yuan Jianhua (acting), Contact Number: 020-32811868, Email: jetzqb@jetbiofil.com.[12](index=12&type=chunk) - Securities Affairs Representative: Xing Wanfang, Contact Number: 020-32811868, Email: jetzqb@jetbiofil.com.[12](index=12&type=chunk) [Information Disclosure and Location Change Briefing](index=6&type=section&id=2.3%20Information%20Disclosure%20and%20Location%20Change%20Briefing) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the report's availability location - Company's selected newspapers for information disclosure: "China Securities Journal", "Shanghai Securities News", "Securities Times", "Securities Daily".[13](index=13&type=chunk) - Website address for semi-annual reports: www.sse.com.cn.[13](index=13&type=chunk) - Location for company's semi-annual reports: Company Securities Department.[13](index=13&type=chunk) [Company Stock/Depositary Receipt Summary](index=6&type=section&id=2.4%20Company%20Stock%2FDepositary%20Receipt%20Summary) This section provides basic information about the company's stock, including the listing exchange, board, stock abbreviation, and code - Stock Type: A-shares.[14](index=14&type=chunk) - Stock Listing Exchange and Board: Shanghai Stock Exchange STAR Market.[14](index=14&type=chunk) - Stock Abbreviation: Jet Biofil, Stock Code: 688026.[14](index=14&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=2.5%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved significant growth in operating revenue, total profit, net profit attributable to shareholders, and non-recurring net profit attributable to shareholders, with a substantial increase in net cash flow from operating activities and steady growth in net and total assets 2025 Semi-Annual Key Accounting Data Comparison | Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (million yuan) | 268.14 | 236.25 | 13.50 | | Total Profit (million yuan) | 53.34 | 36.66 | 45.52 | | Net Profit Attributable to Shareholders of Listed Company (million yuan) | 46.34 | 30.00 | 54.46 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (million yuan) | 42.92 | 25.39 | 69.06 | | Net Cash Flow from Operating Activities (million yuan) | 84.17 | 15.47 | 444.19 | | Net Assets Attributable to Shareholders of Listed Company (End of Period, million yuan) | 1,226.22 | 1,189.78 | 3.06 | | Total Assets (End of Period, million yuan) | 1,732.47 | 1,702.02 | 1.79 | 2025 Semi-Annual Key Financial Indicators Comparison | Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.34 | 0.23 | 47.83 | | Diluted Earnings Per Share (yuan/share) | 0.34 | 0.23 | 47.83 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.31 | 0.20 | 55.00 | | Weighted Average Return on Net Assets (%) | 3.83 | 2.59 | Increased by 1.24 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 3.54 | 2.19 | Increased by 1.35 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 4.96 | 5.62 | Decreased by 0.66 percentage points | - Operating revenue, total profit, net profit attributable to shareholders, and non-recurring net profit attributable to shareholders increased primarily due to higher sales revenue and improved gross margin in the reporting period.[17](index=17&type=chunk) - Net cash flow from operating activities increased by **444.19%** year-on-year, mainly due to the collection of accounts receivable from overseas business in the current period, which was previously delayed due to changes in the audit method of the collection bank in Q4 2024.[18](index=18&type=chunk) - R&D investment as a percentage of operating revenue decreased by **0.66 percentage points** year-on-year, mainly due to faster revenue growth in the reporting period.[18](index=18&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=2.6%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **3.42 million yuan**, primarily from government grants, fair value changes of financial assets, and entrusted investment gains/losses 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government Grants Recognized in Current Period Profit/Loss | 1,290,704.66 | | Gains/Losses from Changes in Fair Value of Financial Assets/Liabilities Held by Non-Financial Enterprises and from Disposal of Financial Assets/Liabilities | 732,534.53 | | Gains/Losses from Entrusted Investments or Asset Management | 1,958,034.73 | | Other Non-Operating Income and Expenses Apart from the Above | 75,622.15 | | Less: Income Tax Impact | 632,785.68 | | Impact on Minority Interests (After Tax) | 1,788.18 | | **Total** | **3,422,322.21** | Section III Management Discussion and Analysis [Overview of Industry and Main Business in Reporting Period](index=9&type=section&id=3.1%20Overview%20of%20Industry%20and%20Main%20Business%20in%20Reporting%20Period) The company specializes in R&D, production, and sales of disposable plastic consumables for biological laboratories, serving the biological experiment and biopharmaceutical sectors, with a leading position in the domestic market and international partnerships - Company's industry belongs to "C29 Rubber and Plastic Products Manufacturing" and "Other Biomedical Materials and Products Manufacturing", with main products being disposable plastic consumables for biological laboratories.[24](index=24&type=chunk) - In 2024, the global life science laboratory consumables market reached **$22.7 billion**, with an estimated CAGR of approximately **9.8%** until 2030; in 2023, the Chinese market reached **46.3 billion yuan**, with a CAGR of **13.5%**, exceeding the global average.[24](index=24&type=chunk)[25](index=25&type=chunk) - The domestic market shows demand for import substitution driven by supply chain autonomy, and the company, as the "first stock of domestic consumables," holds a significant brand advantage.[25](index=25&type=chunk)[26](index=26&type=chunk) - The company's main business includes two major categories of biological laboratory consumables: biological culture and liquid handling, involving over a thousand products such as cell culture plates, pipettes, and tips.[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) - The company's operating model includes: raw material procurement (partially imported, partially localized, OEM procurement), production (domestic sales "safety stock", export "production-on-demand"), sales (domestic distribution/direct sales, overseas ODM-led/distribution/direct sales), and R&D (primarily independent R&D, with external collaborations).[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [Industry Overview in Reporting Period](index=9&type=section&id=3.1.1%20Industry%20Overview%20in%20Reporting%20Period) The company's primary products are disposable plastic consumables for biological laboratories, operating within the "C29 Rubber and Plastic Products Manufacturing" and "Other Biomedical Materials and Products Manufacturing" sectors, with the Chinese market showing strong growth and a trend towards domestic substitution - Company's industry belongs to "C29 Rubber and Plastic Products Manufacturing" and "Other Biomedical Materials and Products Manufacturing".[24](index=24&type=chunk) - In 2024, the global life science laboratory consumables market reached **$22.7 billion**, with an estimated CAGR of approximately **9.8%** until 2030.[24](index=24&type=chunk) - In 2023, the Chinese life science laboratory consumables market reached **46.3 billion yuan**, with a CAGR of **13.5%**, exceeding the global average, though foreign enterprises still dominate.[25](index=25&type=chunk) - The global market is primarily monopolized by giants such as Thermo Fisher Scientific Inc., Corning Incorporated, VWR, and Merck, while the domestic market shows demand for import substitution.[25](index=25&type=chunk) - The company is one of the leading domestic enterprises in biological laboratory consumables, particularly strong in liquid handling and cell culture consumables, collaborating with international giants through ODM, with some products meeting international standards.[26](index=26&type=chunk)[27](index=27&type=chunk) [Company's Main Business Operations in Reporting Period](index=10&type=section&id=3.1.2%20Company%27s%20Main%20Business%20Operations%20in%20Reporting%20Period) The company aims to provide comprehensive biological laboratory solutions, focusing on two main categories of disposable plastic consumables: biological culture and liquid handling, complemented by reagents and small laboratory instruments - The company's main business and products include biological culture (e.g., cell culture plates, 3D cell culture scaffolds) and liquid handling (e.g., pipettes, superhydrophobic tips), as well as other categories like ELISA plates and PCR tubes, involving over a thousand products.[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - Procurement model: Polymer materials are partially imported and partially localized; auxiliary materials combine self-supply and external procurement; some products are OEM procured.[30](index=30&type=chunk)[31](index=31&type=chunk) - Production model: Domestic sales business adopts a "safety stock" approach; export business adopts a "production-on-demand" approach.[31](index=31&type=chunk) - Sales model: Domestic sales are primarily through distribution and direct sales; overseas markets are mainly ODM sales, supplemented by distribution and direct sales.[32](index=32&type=chunk) - R&D model: Primarily independent R&D, while also leveraging external scientific research capabilities through technical cooperation with universities and research institutes.[32](index=32&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company's operating revenue grew by **13.50%** to **268.14 million yuan**, net profit attributable to shareholders increased by **54.46%** to **46.34 million yuan**, and non-recurring net profit attributable to shareholders rose by **69.06%** to **42.92 million yuan**, driven by customer pre-stocking and cost reduction efforts 2025 First Half Key Operating Performance | Indicator | Amount (million yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 268.14 | 13.50 | | Net Profit Attributable to Shareholders of Listed Company | 46.34 | 54.46 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 42.92 | 69.06 | - Performance growth is mainly due to some customers pre-stocking in anticipation of the company's factory relocation and to mitigate the impact of China-US trade frictions.[33](index=33&type=chunk) - As of June 30, 2025, the company's total assets were **1,732.47 million yuan**, total liabilities **497.90 million yuan**, total owner's equity **1,234.57 million yuan**, with an asset-liability ratio of **28.74%**, indicating a healthy financial position.[33](index=33&type=chunk) - Management improvement: Enhanced per capita output, raw material utilization efficiency, and unit freight costs through increased production automation and implementation of cost reduction and efficiency improvement management systems, effectively controlling costs.[33](index=33&type=chunk) - Technology and product R&D: Increased R&D investment in life science products, developing new products for cell therapy, biopharmaceuticals, IVD, and vaccine R&D, with **23 patent applications** and **15 granted patents** in the reporting period.[34](index=34&type=chunk)[35](index=35&type=chunk) - Market expansion: Deepened strategic cooperation with existing customers, improved or newly developed **13 series** of **56 specifications** of products; actively expanded domestic, European, and Asia-Pacific markets, adding **623 new customers**.[35](index=35&type=chunk) - Investor rights protection: Completed 2024 equity distribution, distributing **10.05 million yuan** in cash dividends, accounting for **13.92%** of 2024 net profit attributable to shareholders; engaged in in-depth communication with investors through performance briefings and e-interaction platforms.[35](index=35&type=chunk)[36](index=36&type=chunk) [Analysis of Core Competitiveness in Reporting Period](index=13&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20in%20Reporting%20Period) Leveraging years of experience in life science products, the company has developed nine core advantages—R&D, product categories, production capacity, qualifications, quality control, cost control, customer resources, marketing network, and brand effect—positioning it as a leader in the domestic market and competitive internationally - R&D advantage: Possesses a stable R&D team and a CNAS-accredited laboratory, with **255 patents** accumulated as of June 30, 2025 (including **37 invention patents**), recognized as a national "specialized, refined, unique, and new" "little giant" enterprise.[37](index=37&type=chunk) - Comprehensive product category advantage: Product system covers **7 major categories** including cell culture, liquid handling, filtration, and molecular detection, also offering reagents, instruments, cleanroom renovation, and testing services, aiming to provide comprehensive biological laboratory solutions.[38](index=38&type=chunk)[39](index=39&type=chunk) - Production capacity advantage: Owns a **65,000m² GMP-grade** clean production workshop, with further capacity expansion after the Zengcheng factory's full operation in 2025, making it one of the largest enterprises in the domestic industry.[39](index=39&type=chunk) - Qualification and certification advantage: Products use medical-grade polymer materials, passing multiple domestic and international certifications such as ISO9001, ISO13485, 3C, TUV, CE, ISO15378, and possessing approximately **13,000m² GMP standard workshops**.[40](index=40&type=chunk)[41](index=41&type=chunk) - Cost control advantage: Effectively controls production costs through strategic raw material procurement, automated production lines, and per capita output management, offering high-cost performance products.[41](index=41&type=chunk)[42](index=42&type=chunk) - Core technologies: Polymer material modification technologies (plasma treatment, plasma-induced grafting, temperature-sensitive modification of polymer materials) and polymer material processing technologies (high-precision injection molding, high-speed high-precision extrusion molding, automated pipette production, automated assembly of plastic product filter membranes).[45](index=45&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - R&D investment: Current period expensed R&D investment was **13.31 million yuan**, a slight year-on-year increase of **0.28%**; R&D investment as a percentage of operating revenue was **4.96%**, a year-on-year decrease of **0.66 percentage points**.[54](index=54&type=chunk) - R&D projects: Including 17 projects such as vaccine concentration ultrafiltration membrane packs for separation processes, sterilization filter series, bioprocess isolation bag series, nitrocellulose membranes for immunodiagnostics, mycoplasma filters, pre-filters, microporous filter membranes, breathable membrane-based culture flasks, cell culture bags, cell cryopreservation bags, dual-arm cell culture flasks, IVF dedicated oocyte retrieval needles, aseptic transfer cap closed transfer technology and products, chamber slides, baffled large-volume culture shaker flasks, high-centrifugal force centrifuge tube series, and 96-well UV culture plate product development, with an estimated total investment of **73.70 million yuan** and a current period investment of **12.79 million yuan**.[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=3.3.1%20Core%20Competitiveness%20Analysis) The company has established nine core advantages—R&D, comprehensive product categories, production capacity, qualifications, quality control, cost control, customer resources, marketing network, and brand effect—through years of accumulation in life science products, ensuring its leading position domestically and competitiveness internationally - R&D advantage: Possesses a stable R&D team and CNAS-accredited laboratory, with **255 patents** accumulated as of June 30, 2025 (including **37 invention patents**), recognized as a national "specialized, refined, unique, and new" "little giant" enterprise.[37](index=37&type=chunk) - Comprehensive product category advantage: Product system covers cell culture, liquid handling, filtration, molecular detection, etc., across **7 major categories**, and provides reagents, instruments, cleanroom renovation, and testing services, committed to offering comprehensive biological laboratory solutions.[38](index=38&type=chunk)[39](index=39&type=chunk) - Production capacity advantage: Owns a **65,000m² GMP-grade** clean production workshop, with further capacity expansion after the Zengcheng factory's full operation in 2025, making it one of the largest enterprises in the domestic industry.[39](index=39&type=chunk) - Qualification and certification advantage: Products use medical-grade polymer materials, passing multiple domestic and international certifications such as ISO9001, ISO13485, 3C, TUV, CE, ISO15378, and possessing approximately **13,000m² GMP standard workshops**.[40](index=40&type=chunk)[41](index=41&type=chunk) - Cost control advantage: Effectively controls production costs through strategic raw material procurement, automated production lines, and per capita output management, offering high-cost performance products.[41](index=41&type=chunk)[42](index=42&type=chunk) - Customer resource advantage: Products are sold to dozens of countries and regions including Europe and America, establishing close cooperative relationships with internationally renowned comprehensive service providers of biological laboratory supplies; domestic customers include universities, research institutions, medical institutions, and pharmaceutical companies.[42](index=42&type=chunk) - Marketing network advantage: Extensive domestic and international sales network, with ODM customers and distributors internationally, and **12 offices** and dozens of distributors domestically, supported by an intelligent warehousing and logistics distribution system.[42](index=42&type=chunk) - Brand effect advantage: As one of the earliest enterprises to produce life science products domestically, it holds a leading position in the segmented industry, with BIOFILJET and BIOFIL trademarks included in Guangdong Province's key trademark protection list.[43](index=43&type=chunk)[44](index=44&type=chunk) [Core Technologies and R&D Progress](index=16&type=section&id=3.3.2%20Core%20Technologies%20and%20R%26D%20Progress) The company's core technology system focuses on polymer material modification and processing, supporting over a thousand products in biological culture and liquid handling, with continuous R&D investment in cutting-edge biopharmaceutical fields and numerous patent achievements - Core technology system: Polymer material modification technologies (plasma treatment, plasma-induced grafting, temperature-sensitive modification of polymer materials) and polymer material processing technologies (high-precision injection molding, high-speed high-precision extrusion molding, automated pipette production, automated assembly of plastic product filter membranes).[45](index=45&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - R&D achievements: **23 patent applications** and **15 granted patents** in the reporting period; accumulated **343 patent applications** and **255 granted patents** (including **37 invention patents**).[51](index=51&type=chunk)[52](index=52&type=chunk) - New products launched: Reagent bottles, shaker flask closed systems (125-1000mL), contact dishes, centrifuge tube racks, etc.[50](index=50&type=chunk) 2025 Semi-Annual R&D Investment | Indicator | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 13,311,672.70 | 13,274,839.95 | 0.28 | | Total R&D Investment as Percentage of Operating Revenue (%) | 4.96 | 5.62 | Decreased by 0.66 percentage points | - R&D projects: Including 17 projects such as vaccine concentration ultrafiltration membrane packs for separation processes, sterilization filter series, bioprocess isolation bag series, nitrocellulose membranes for immunodiagnostics, mycoplasma filters, pre-filters, microporous filter membranes, breathable membrane-based culture flasks, cell culture bags, cell cryopreservation bags, dual-arm cell culture flasks, IVF dedicated oocyte retrieval needles, aseptic transfer cap closed transfer technology and products, chamber slides, baffled large-volume culture shaker flasks, high-centrifugal force centrifuge tube series, and 96-well UV culture plate product development, with an estimated total investment of **73.70 million yuan** and a current period investment of **12.79 million yuan**.[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - R&D personnel: Current period R&D personnel totaled **145**, accounting for **14.65%** of total employees, including **4 PhDs**, **17 Masters**, and **44 Bachelors**.[62](index=62&type=chunk) [Risk Factors](index=24&type=section&id=3.4%20Risk%20Factors) The company faces multiple risks including trade protectionism in overseas markets, exchange rate fluctuations, rising raw material prices, potential overcapacity, and market expansion falling short of expectations, which could adversely affect its operating performance and profitability - Overseas market risk: In the first half of 2025, overseas market revenue accounted for **62.83%** of main business revenue, with the US market exceeding **30%**. International trade protectionism and tariff policies may pose risks to performance.[63](index=63&type=chunk) - Exchange rate fluctuation risk: Export revenue is primarily denominated in US dollars, and fluctuations in the RMB-USD exchange rate may adversely affect operating performance.[63](index=63&type=chunk) - Raw material price fluctuation risk: Prices of main raw materials (GPPS, PP, PE) are closely related to oil prices, and price increases will directly impact product costs and profitability.[64](index=64&type=chunk) - Overcapacity risk: If the company's order growth does not match capacity expansion, it could lead to overcapacity and fierce price competition in the industry.[64](index=64&type=chunk) - Market expansion falling short of expectations risk: The domestic life science consumables market is still dominated by imported brands, and the company may not be able to rapidly expand its domestic market share.[65](index=65&type=chunk) [Major Operating Conditions in Reporting Period](index=25&type=section&id=3.5%20Major%20Operating%20Conditions%20in%20Reporting%20Period) This section analyzes the changes in financial statement items, the impact of non-main business on profit, asset and liability status, investment, and the operating performance of major subsidiaries and associated companies 2025 Semi-Annual Financial Statement Item Fluctuation Analysis | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 13.50 | Customer pre-stocking | | Operating Cost | 4.54 | Decrease in procurement prices of main raw materials | | Taxes and Surcharges | 59.25 | Increase in urban construction tax and education surcharge | | Selling Expenses | 8.82 | Increased remuneration for sales personnel recruited for overseas business expansion | | Administrative Expenses | 21.68 | Increased remuneration for newly introduced senior management personnel | | Financial Expenses | 13.55 | Annual increase in interest rate of existing convertible bonds | | R&D Expenses | 0.28 | Remained stable | | Other Income | -51.89 | Decrease in government grants | | Investment Income | 458.94 | Growth in structured deposit wealth management income | | Fair Value Change Gains | N/A | Fair value changes in foreign exchange swap business | | Credit Impairment Losses | 104.29 | Decrease in bad debt losses | | Asset Impairment Losses | N/A | Receipt of settlement funds and provision for impairment of fixed assets and inventory | | Asset Disposal Gains | -100.00 | Fixed asset disposal gains in prior period | | Non-Operating Income | 2,064.59 | Increase from clearing long-outstanding accounts | | Non-Operating Expenses | -56.35 | Interest paid to Jinbang Shares in prior period | | Net Cash Flow from Operating Activities | 444.19 | Collection of overseas accounts receivable in current period | | Net Cash Flow from Investing Activities | N/A | Purchase of bank wealth management products | | Net Cash Flow from Financing Activities | N/A | Repurchase of shares in prior period | - Asset and liability status: Significant increases in prepayments, other receivables, construction in progress, and other non-current assets; decreases in financial assets held for trading, employee benefits payable, taxes payable, non-current liabilities due within one year, and other current liabilities.[72](index=72&type=chunk)[73](index=73&type=chunk) - Overseas assets: Overseas assets totaled **15.61 million yuan**, accounting for **0.90%** of total assets.[73](index=73&type=chunk) - Major restricted assets: Monetary funds of **186.42 million yuan** were restricted, mainly for time deposits and guarantees.[75](index=75&type=chunk) - External equity investment: Increased capital by **15 million yuan** in wholly-owned subsidiary Jet Life Sciences (Guangzhou) during the reporting period.[77](index=77&type=chunk) - Private equity investment funds: Investment of **15 million yuan** in the reporting period, with a planned external investment of **25 million yuan** to establish Guangzhou Zengcheng District Nante Biomedical Investment Partnership (Limited Partnership).[78](index=78&type=chunk)[79](index=79&type=chunk) - Major subsidiaries and associated companies: Biofil's operating profit and net profit significantly exceeded operating revenue in the current period, mainly due to the receipt of **6.47 million yuan** in settlement funds from the Shandong Darong case.[80](index=80&type=chunk) Section IV Corporate Governance, Environment and Social [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=30&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel, maintaining the stability of the management team - No changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period.[83](index=83&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=30&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company did not formulate a profit distribution or capital reserve conversion plan for the semi-annual period - The proposed semi-annual profit distribution plan or capital reserve conversion plan is "No".[83](index=83&type=chunk) [Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=30&type=section&id=4.3%20Company%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company's 2021 Restricted Stock Incentive Plan continues to be implemented, with the third lifting of restrictions for the first vesting period of the initial grant portion expiring during the reporting period, resulting in 44,822 restricted shares held by 8 incentive recipients being lifted and listed for trading - The third lifting of restrictions for the first vesting period of the initial grant portion of the company's 2021 Restricted Stock Incentive Plan expired.[86](index=86&type=chunk) - **44,822 restricted shares** held by **8 incentive recipients** have been lifted and listed for trading on July 11, 2025.[86](index=86&type=chunk) Section V Important Matters [Fulfillment of Commitments](index=33&type=section&id=5.1%20Fulfillment%20of%20Commitments) During the reporting period, the company's actual controller, shareholders, related parties, and the company itself strictly fulfilled all public commitments, including share lock-up, truthfulness of information disclosure, avoidance of horizontal competition, return enhancement measures, and compensation for unfiled leased properties - Controlling shareholder, actual controller and their relatives, former and current senior management strictly adhered to share lock-up commitments, including a minimum reduction price not lower than the issue price, and annual share transfers not exceeding **25%** during their tenure.[89](index=89&type=chunk)[90](index=90&type=chunk) - The company, controlling shareholder, actual controller, all directors, supervisors, and senior management committed to the truthfulness, accuracy, and completeness of the prospectus and other information disclosure materials, and to bear corresponding legal responsibilities.[91](index=91&type=chunk)[92](index=92&type=chunk) - The actual controller committed not to engage in or participate in any business that competes with the company's main business, and to ensure close relatives comply.[92](index=92&type=chunk)[93](index=93&type=chunk) - The company, controlling shareholder, actual controller, directors, and senior management committed to taking measures to enhance immediate returns and to bear compensation liabilities for breach of commitments.[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - The controlling shareholder and actual controller committed to fully compensate the company and its subsidiaries for any losses incurred due to administrative penalties resulting from unfiled lease registration for leased properties.[94](index=94&type=chunk) - All commitments were fulfilled promptly and strictly, with no instances of failure to fulfill them in a timely manner.[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Major Litigation and Arbitration Matters](index=42&type=section&id=5.2%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company was involved in two major litigation/arbitration cases: a contract dispute with Shanghai Deyou Electronic Technology Co., Ltd. (under second-instance review) and a mold procurement contract dispute with Shenzhen Hesheng Medical Technology Co., Ltd. (first-instance judgment revoked and remanded for retrial) - Contract dispute with Shanghai Deyou Electronic Technology Co., Ltd.: Case amount **19.83 million yuan**. First-instance judgment ordered termination of contract, Deyou to refund **18.44 million yuan** and pay **0.92 million yuan** in liquidated damages, with Liu Keping bearing joint and several liability. Deyou has appealed, and the second-instance is currently under review.[141](index=141&type=chunk)[142](index=142&type=chunk) - Mold procurement contract dispute with Shenzhen Hesheng Medical Technology Co., Ltd.: Company sought refund of **10.34 million yuan** and compensation for losses of **0.64 million yuan**; Hesheng Medical counter-sued for remaining contract price of **8.83 million yuan** plus overdue interest, and acceptance of 5 sets of molds with payment of **1.51 million yuan** contract price plus overdue interest. Second-instance ruling revoked the first-instance judgment and remanded for retrial, which has now commenced.[140](index=140&type=chunk)[141](index=141&type=chunk) - Hesheng Medical applied for property preservation, resulting in the freezing of **11.47 million yuan** of the company's funds, which were later replaced by time deposits.[100](index=100&type=chunk) - Litigation with Shandong Darong New Material Co., Ltd.: A settlement was reached with Shandong Darong, which refunded **6.47 million yuan**, and the related lawsuit was withdrawn and closed, with the company's frozen funds released.[100](index=100&type=chunk) [Major Related Party Transactions](index=43&type=section&id=5.3%20Major%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions for disinfection services with BGI Jet and projected its 2025 annual ordinary related party transaction amount, also recognizing lease income from various related parties as a lessor - Related party transactions related to ordinary operations: BGI Jet provided disinfection services to the company, with a current period transaction amount of **2.67 million yuan** (including tax).[137](index=137&type=chunk) - Estimated 2025 annual ordinary related party transactions: Ordinary related party transactions with BGI Jet are estimated at **11.50 million yuan**.[101](index=101&type=chunk) Company as Lessor Related Lease Situations | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (yuan) | | :--- | :--- | :--- | | Guangzhou Tuozhan Investment Management Co., Ltd. | Buildings | 2,939.45 | | Guangzhou Luogang Huizi Investment Management Partnership (Limited Partnership) | Buildings | 2,939.45 | | Guangdong Jieke Membrane Separation Technology Co., Ltd. | Buildings | 3,275.22 | | Guangzhou BGI Jet Bio-Technology Co., Ltd. | Buildings | 660,945.24 | | Guangzhou BGI Jet Bio-Technology Co., Ltd. | Disinfection Facilities | 132,623.01 | | Guangzhou Jet Comprehensive Clinic Co., Ltd. | Buildings | 50,164.41 | | **Total** | **/** | **852,886.78** | - Related party transactions not disclosed in temporary announcements: The company, as lessor, leased office or business premises to Guangzhou Tuozhan Investment Management Co., Ltd., Guangzhou Luogang Huizi Investment Management Partnership (Limited Partnership), Guangdong Jieke Membrane Separation Technology Co., Ltd., and Guangzhou Jet Comprehensive Clinic Co., Ltd., with a total lease income of **0.06 million yuan** in the current period.[104](index=104&type=chunk) [Major Contracts and Their Fulfillment](index=45&type=section&id=5.4%20Major%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company was primarily involved in two major construction contracts and several lease agreements; the intelligent warehousing and logistics project with Beijing Institute of Automation has been accepted and settled, while the cleanroom renovation project with Guangzhou Jet Purification Technology Co., Ltd. is completed but not yet accepted - Contracting situation: The intelligent warehousing and logistics project contract for Jet Life Sciences (Guangzhou) Industrial Park with Beijing Institute of Automation Technology Development Co., Ltd., totaling **29.13 million yuan**, was accepted and settled in February 2025.[107](index=107&type=chunk) - Contracting situation: The cleanroom renovation project contract for Jet Life Sciences (Guangzhou) Industrial Park Intelligent Manufacturing and Intelligent Warehousing Construction Project (Phase I) with controlling subsidiary Guangzhou Jet Purification Technology Co., Ltd., totaling **29.18 million yuan**, is completed but not yet accepted.[108](index=108&type=chunk) - Leasing situation: The company leases multiple warehouses and office spaces, with major lease contracts exceeding **500,000 yuan** totaling **13.61 million yuan**.[110](index=110&type=chunk) [Progress of Raised Funds Utilization](index=47&type=section&id=5.5%20Progress%20of%20Raised%20Funds%20Utilization) The company's net proceeds from convertible bonds amounted to **432.49 million yuan**, with a cumulative investment of **185.93 million yuan** as of the end of the reporting period, representing a progress of **42.26%** - Net proceeds from raised funds: The company's net proceeds from convertible bonds, after deducting issuance expenses, amounted to **432.49 million yuan**.[112](index=112&type=chunk) - Cumulative investment: As of the end of the reporting period, the cumulative total investment of raised funds was **185.93 million yuan**, with an investment progress of **42.26%**.[113](index=113&type=chunk) Details of Raised Funds Investment Projects | Project Name | Planned Total Investment of Raised Funds (10,000 yuan) | Cumulative Investment of Raised Funds as of End of Reporting Period (10,000 yuan) | Cumulative Investment Progress as of End of Reporting Period (%) | Date Project Reaches Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Biological Laboratory Consumables Production Line Upgrade Intelligent Manufacturing Project | 35,000.00 | 11,370.34 | 32.49 | December 2026 | | Biological Laboratory Consumables New Product R&D Project | 4,000.00 | 2,223.00 | 55.58 | December 2025 | | Replenishment of Working Capital | 5,000.00 | 5,000.00 | 100.00 | N/A | | **Total** | **44,000.00** | **18,593.34** | **42.26** | **/** | - Postponement of raised fund investment projects: The Biological Laboratory Consumables Production Line Upgrade Intelligent Manufacturing Project was postponed to December 2026, and the Biological Laboratory Consumables New Product R&D Project was postponed to December 2025, mainly due to the time required for the construction and supporting investments of Jet Life Sciences (Guangzhou) factory.[116](index=116&type=chunk)[117](index=117&type=chunk) - Temporary replenishment of working capital with idle raised funds: The company used no more than **200 million yuan** of idle raised funds to temporarily replenish working capital, with a cumulative use of **56 million yuan** as of the end of the reporting period.[118](index=118&type=chunk) - Cash management of idle raised funds: The company used **200 million yuan** of idle raised funds for cash management, in the form of 1-year large-denomination certificates of deposit and structured deposits.[120](index=120&type=chunk) - Capital increase in subsidiary with raised funds: The company increased capital in its wholly-owned subsidiary Jet Life Sciences (Guangzhou) by **80 million yuan** to implement raised fund investment projects, with **18 million yuan** injected as of the end of the reporting period.[121](index=121&type=chunk)[122](index=122&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Changes](index=51&type=section&id=6.1%20Share%20Capital%20Changes) During the reporting period, the company's total number of ordinary shares and share capital structure remained unchanged - During the reporting period, the company's total number of ordinary shares and share capital structure remained unchanged.[126](index=126&type=chunk) [Shareholder Information](index=51&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the company had **7,848 ordinary shareholders**. This section details the top ten shareholders' holdings, identifies Yuan Jianhua as the largest shareholder, and explains the related party relationships among major shareholders - Total number of ordinary shareholders as of the end of the reporting period: **7,848**.[127](index=127&type=chunk) Top Ten Shareholders' Holdings as of End of Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Yuan Jianhua | 41,072,020 | 29.26 | 39,060 | Domestic Natural Person | | JET(H.K.) BIOSCIENCE CO., LIMITED | 17,547,293 | 12.50 | / | Overseas Legal Person | | Luoyang Mackinnon Enterprise Management Partnership (Limited Partnership) | 2,387,938 | 1.70 | / | Domestic Non-State-Owned Legal Person | | Zhuhai Abama Private Equity Fund Investment Management Co., Ltd. - Abama Yuanxiang Hongli No. 80 Private Securities Investment Fund | 1,986,258 | 1.42 | / | Other | | Bank of China Co., Ltd. - Harvest Leading Advantage Mixed Securities Investment Fund | 1,669,492 | 1.19 | / | Other | | Guangzhou Luogang Huizi Investment Management Partnership (Limited Partnership) | 1,396,950 | 1.00 | / | Domestic Non-State-Owned Legal Person | | Gongqingcheng Gaohe Zhongmin Investment Management Partnership (Limited Partnership) | 1,300,000 | 0.93 | / | Domestic Non-State-Owned Legal Person | | Yu Jing | 1,191,889 | 0.85 | / | Domestic Natural Person | | Agricultural Bank of China Co., Ltd. - China AMC CSI 500 Enhanced Index Securities Investment Fund | 1,121,200 | 0.80 | / | Other | | BARCLAYS BANK PLC | 715,413 | 0.51 | / | Overseas Legal Person | - Major shareholder related party relationships: Yuan Jianhua is the general partner of Mackinnon; Yuan Ye James is Yuan Jianhua's son and holds **100%** equity in Jet Hong Kong; Wang Jing is Yuan Ye James's spouse and the general partner of Huizi Investment. Yuan Jianhua, Jet Hong Kong, Mackinnon, and Huizi Investment have related party relationships and act in concert.[130](index=130&type=chunk) - Shareholders with restricted shares: Yuan Jianhua, Yuan Ye James, Dannie Yuan, Wang Jing, Wu Zhiyi, He Jing, Fang Xiangyuan, Li Huilun, and other shareholders' restricted shares are all from the first vesting period of the initial grant portion of the company's 2021 equity incentive plan, totaling **89,644 shares**, which will be tradable on July 11, 2025.[131](index=131&type=chunk)[132](index=132&type=chunk) - Repurchase special account: As of the end of the reporting period, the company's repurchase special account held **2,730,914 shares**, representing **1.95%** of total shares, with no voting rights.[130](index=130&type=chunk)[135](index=135&type=chunk) Section VII Bond-Related Information [Convertible Corporate Bonds](index=55&type=section&id=7.1%20Convertible%20Corporate%20Bonds) The company's convertible corporate bonds, "Jet Convertible Bonds," were listed on the Shanghai Stock Exchange on August 2, 2022, with a total issuance of **440 million yuan** - Convertible bond issuance: Jet Convertible Bonds (code 118010) were listed on the Shanghai Stock Exchange on August 2, 2022, with a total issuance of **440 million yuan** and net proceeds of **432.49 million yuan**.[138](index=138&type=chunk) - Conversion period: Convertible into company shares from January 4, 2023, to June 27, 2028.[139](index=139&type=chunk) - Number of convertible bond holders at period end: **6,002**.[140](index=140&type=chunk) Top Ten Convertible Corporate Bond Holders as of End of Reporting Period | Convertible Corporate Bond Holder Name | Amount of Bonds Held at Period End (yuan) | Holding Percentage (%) | | :--- | :--- | :--- | | Yuan Jianhua | 48,506,000 | 11.02 | | Li Yiming | 32,885,000 | 7.47 | | Ding Bixia | 28,218,000 | 6.41 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 20,112,000 | 4.57 | | Chen Xiaohong | 9,150,000 | 2.08 | | Industrial and Commercial Bank of China - Huaxia Hope Bond Fund | 9,100,000 | 2.07 | | China Construction Bank - E Fund Enhanced Return Bond Fund | 8,040,000 | 1.83 | | Shanghai Pudong Development Bank Co., Ltd. - E Fund Yuxiang Return Bond Fund | 7,270,000 | 1.65 | | Yuan Longlong | 6,700,000 | 1.52 | | Agricultural Bank of China Co., Ltd. - Anxin Target Income Bond Fund | 6,144,000 | 1.40 | - Convertible bond changes: Conversion amount in the reporting period was **0 yuan**, cumulative converted shares **60 shares**, unconverted amount **439.997 million yuan**, and unconverted bonds accounted for **99.9993%** of the total issuance.[143](index=143&type=chunk)[144](index=144&type=chunk) - Conversion price adjustment: The latest conversion price as of the end of the reporting period was **48.02 yuan/share**, adjusted to **47.95 yuan/share** on July 2, 2025, due to the 2024 annual equity distribution.[146](index=146&type=chunk) - Liabilities and credit situation: The company's operating revenue was **268.14 million yuan**, net cash flow from operating activities **84.17 million yuan**, asset-liability ratio **28.74%**, with good credit standing, maintaining an **A+** corporate credit rating and a "**stable**" outlook.[146](index=146&type=chunk)[147](index=147&type=chunk) - Interest payment: The company paid interest on "Jet Convertible Bonds" for the period from June 28, 2024, to June 27, 2025, on June 30, 2024, at **1.00 yuan** (including tax) per 100 yuan face value convertible bond.[148](index=148&type=chunk) Section VIII Financial Report [Audit Report](index=57&type=section&id=8.1%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited.[3](index=3&type=chunk) [Financial Statements](index=57&type=section&id=8.2%20Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, providing a comprehensive overview of its financial position, operating results, and cash flows - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **1.73 billion yuan**, total liabilities **497.90 million yuan**, and total owner's equity **1.23 billion yuan**.[151](index=151&type=chunk)[152](index=152&type=chunk) - The consolidated income statement shows that for the first half of 2025, total operating revenue was **268.14 million yuan**, total profit **53.34 million yuan**, and net profit attributable to parent company shareholders **46.34 million yuan**.[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk) - The consolidated cash flow statement shows that for the first half of 2025, net cash flow from operating activities was **84.17 million yuan**, net cash flow from investing activities **-49.66 million yuan**, and net cash flow from financing activities **-4.55 million yuan**.[164](index=164&type=chunk)[165](index=165&type=chunk) [Company Basic Information](index=72&type=section&id=8.3%20Company%20Basic%20Information) This section introduces Guangzhou Jet Biofil Filtration Co., Ltd.'s establishment date, registered capital, total shares, listing date, industry, and main business activities, identifying it as a manufacturer and seller of biological laboratory consumables - The company was established on April 11, 2001, with its headquarters in Guangzhou, Guangdong Province.[178](index=178&type=chunk) - Registered capital is **140.36 million yuan**, total shares **140,363,220 shares**, and its stock was listed on the Shanghai Stock Exchange on January 22, 2020.[178](index=178&type=chunk) - The company belongs to the biological laboratory consumables industry, primarily engaged in the production and sales of biological laboratory consumables, with main products including biological culture and liquid handling categories.[178](index=178&type=chunk) [Basis of Financial Statement Preparation](index=72&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with management assessing no significant doubts about its ability to continue as a going concern for the next 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis.[179](index=179&type=chunk) - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the next 12 months from the end of the reporting period.[180](index=180&type=chunk) [Significant Accounting Policies and Estimates](index=72&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, covering enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, employee benefits, share-based payments, revenue, government grants, deferred income tax, leases, and repurchase of company shares, ensuring transparency and comparability - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and other information.[180](index=180&type=chunk) - The accounting year runs from January 1 to December 31, with a short operating cycle, and 12 months are used as the standard for classifying assets and liabilities as current or non-current.[181](index=181&type=chunk)[182](index=182&type=chunk) - Financial instruments are classified as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, with detailed criteria for recognition, measurement, and derecognition.[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) - Accounts receivable and inventories are provided for bad debts and impairment based on credit risk characteristics, while fixed assets and investment properties are measured at cost and depreciated or amortized using the straight-line method over their useful lives.[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) - Revenue recognition principle: Identify distinct performance obligations and recognize revenue over time or at a point in time when the customer obtains control of the goods, depending on whether the performance obligation is satisfied over time or at a point in time.[246](index=246&type=chunk)[247](index=247&type=chunk) - Government grants are recognized when conditions are met, classified as asset-related or income-related, and either reduce the carrying amount of the asset, are recognized as deferred income, or are recognized in current period profit or loss.[251](index=251&type=chunk)[252](index=252&type=chunk) - Accounting treatment for repurchase of company shares: The actual amount paid is treated as treasury stock; upon cancellation, it reduces capital reserve or retained earnings; when awarded to employees, the cost of treasury stock is derecognized and capital reserve is adjusted.[259](index=259&type=chunk) [Taxes](index=86&type=section&id=8.6%20Taxes) This section discloses the main tax categories and rates for the company and its subsidiaries, including VAT, urban maintenance and construction tax, corporate income tax, property tax, land use tax, education surcharge, and local education surcharge Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 15%, 21%, 25% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Land Use Tax | Actual occupied land area | 3 yuan/m², 5 yuan/m² | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company obtained a high-tech enterprise certificate on December 22, 2022, valid for three years, and enjoys a reduced corporate income tax rate of **15%** during this period.[261](index=261&type=chunk) - Guangzhou Huangpu District Bay Area Entrepreneurship Service Center Co., Ltd., Guangzhou Jet Packaging Materials Co., Ltd., Guangzhou Biofil Air Purification Materials Co., Ltd., Zhongshan Jet Purification Engineering Co., Ltd., Guangzhou Jet Investment Co., Ltd., and Guangzhou Jet Testing Technology Service Co., Ltd. qualify as small and micro enterprises, enjoying a preferential policy of **25%** of taxable income taxed at a **20%** rate.[262](index=262&type=chunk) [Notes to Consolidated Financial Statement Items](index=87&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the ending balances, beginning balances, and current period changes for each item in the company's consolidated financial statements, providing comprehensive financial data Consolidated Financial Statement Major Items Ending Balances | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 338,193,110.87 | 284,205,896.01 | | Financial Assets Held for Trading | 120,732,534.53 | 175,000,000.00 | | Accounts Receivable | 140,294,901.01 | 188,470,063.65 | | Inventories | 124,298,907.32 | 129,819,999.01 | | Long-Term Equity Investments | 37,220,108.76 | 38,065,734.12 | | Fixed Assets | 512,369,419.35 | 508,958,149.50 | | Construction in Progress | 54,508,281.57 | 22,707,812.49 | | Accounts Payable | 42,390,729.03 | 51,925,868.87 | | Bonds Payable | 371,110,728.93 | 359,884,472.26 | | Retained Earnings | 502,060,888.86 | 465,769,398.40 | - Accounts receivable ending balance was **150.28 million yuan**, with bad debt provision of **9.98 million yuan**, and a carrying amount of **140.29 million yuan**. Of this, **95.06%** was within 1 year of age.[268](index=268&type=chunk)[270](index=270&type=chunk) - Inventories ending carrying amount was **124.30 million yuan**, with inventory impairment provision of **29.73 million yuan**, mainly comprising raw materials, work in progress, finished goods, and goods in transit.[288](index=288&type=chunk)[290](index=290&type=chunk) - Fixed assets ending carrying amount was **512.37 million yuan**, mainly composed of buildings, machinery and equipment, transportation equipment, and office equipment and others.[304](index=304&type=chunk) - Construction in progress ending carrying amount was **54.51 million yuan**, primarily for the Jet Life Sciences (Guangzhou) Industrial Park Intelligent Manufacturing and Intelligent Warehousing Construction Project (Phase I) and Building A3 project.[310](index=310&type=chunk) - Operating revenue for the current period was **268.14 million yuan**, operating cost **154.00 million yuan**, with main business revenue accounting for **96.90%**.[372](index=372&type=chunk) - Foreign currency monetary items: Ending balances included **$7,995,257.83** in USD monetary funds, **€3,740,655.73** in EUR monetary funds, and **HK$92,298,817.45** in HKD monetary funds.[390](index=390&type=chunk)[404](index=404&type=chunk) [R&D Expenses](index=128&type=section&id=8.8%20R%26D%20Expenses) This section discloses the company's R&D expenses for the reporting period, primarily categorized by nature of expense, including employee compensation, materials and fuel, depreciation and amortization, all of which are expensed R&D investments 2025 Semi-Annual R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 8,250,448.52 | 7,993,268.11 | | Materials and Fuel | 2,059,070.16 | 2,466,628.53 | | Depreciation and Amortization | 1,336,287.16 | 1,263,025.58 | | Review and Acceptance Fees | 460,789.17 | 289,462.02 | | External Testing Fees | 34,810.72 | 203,591.06 | | Other Expenses | 1,170,266.97 | 1,058,864.65 | | **Total** | **13,311,672.70** | **13,274,839.95** | | Of which: Expensed R&D Investment | 13,311,672.70 | 13,274,839.95 | | Capitalized R&D Investment | / | / | - All R&D expenses in the current period were expensed, with no capitalized R&D expenses.[411](index=411&type=chunk) [Changes in Consolidation Scope](index=128&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company did not experience any changes in its consolidation scope due to non-common control business combinations, common control business combinations, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company did not experience any changes in its consolidation scope due to non-common control business combinations, common control business combinations, reverse acquisitions, or disposal of subsidiaries.[412](index=412&type=chunk) [Interests in Other Entities](index=129&type=section&id=8.10%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including its wholly-owned and controlled subsidiaries, and investments in associates like Guangzhou Lanbo Biotechnology Co., Ltd. and Guangzhou BGI Jet Bio-Technology Co., Ltd - The company owns multiple wholly-owned and controlled subsidiaries, including Guangzhou Biofil Air Purification Materials Co., Ltd., Jet Life Sciences (Guangzhou) Co., Ltd., Guangzhou Jet Packaging Materials Co., Ltd., and Zhongshan Jet Purification Engineering Co., Ltd.[413](index=413&type=chunk) Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Ending Balance) | Subsidiary Name | Minority Shareholding Percentage (%) | Profit/Loss Attributable to Minority Shareholders in Current Period (yuan) | Dividends Declared to Minority Shareholders in Current Period (yuan) | Minority Interests Balance at Period End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Jet Packaging Materials Co., Ltd. | 15.00 | 34,198.23 | 150,000.00 | 595,073.70 | | Guangzhou Jet Medical Packaging Co., Ltd. | 49.00 | 123,978.83 | / | 1,485,406.60 | | Zhongshan Jet Purification Engineering Co., Ltd. | 45.00 | 1,083,285.71 | / | 6,270,908.55 | - The company invests in associates such as Guangzhou Lanbo Biotechnology Co., Ltd. and Guangzhou BGI Jet Bio-Technology Co., Ltd., with a combined net profit of **-0.85 million yuan** for the current period based on shareholding proportion.[417](index=417&type=chunk) [Government Grants](index=132&type=section&id=8.11%20Government%20Grants) This section discloses the company's government grant liability items and the amount of government grants recognized in current period profit or loss Government Grant Liability Items | Financial Statement Item | Beginning Balance (yuan) | Amount of New Grants in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Asset-Related/Income-Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 25,342,710.72 | 3,688,894.99 | 2,831,859.54 | 26,199,746.17 | Asset-Related | - The amount of government grants recognized in current period profit or loss was **2.83 million yuan**.[422](index=422&type=chunk) [Risks Related to Financial Instruments](index=132&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk), which are managed through various strategies such as credit assessment, diversified bank deposits, monitoring receivables, optimizing financing structure, and managing foreign currency exposure - The company faces credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk).[422](index=422&type=chunk)[426](index=426&type=chunk)[427](index=427&type=chunk)[428](index=428&type=chunk) - Credit risk management: Assess criteria for significant increase in credit risk of financial instruments, measure expected credit losses, place bank deposits with highly-rated financial institutions, regularly assess customer credit, and monitor accounts receivable balances.[423](index=423&type=chunk)[424](index=424&type=chunk)[425](index=425&type=chunk) - Liquidity risk management: Utilize various financing methods, such as issuing convertible bonds, combine long-term and short-term financing appropriately, and obtain bank credit lines from multiple commercial banks.[426](index=426&type=chunk) - Market risk management: Manage interest rate risk by regularly reviewing and monitoring an appropriate mix of fixed and floating rate financial instruments; manage foreign exchange risk by buying and selling foreign currencies to maintain net exposure at an acceptable level.[428](index=428&type=chunk) [Disclosure of Fair Value](index=135&type=section&id=8.13%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value at the end of the reporting period, primarily including financial assets he

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