2025年 当不 TEEP 创新,世纪华通 证券代码:002602.SZ 浙江世纪华通集团股份有限公司 ZHEJIANG CENTURY HUATONG GROUP CO., LTD P 浙江世纪华通集团股份有限公司 2025 年半年度报告全文 浙江世纪华通集团股份有限公司 2025 年半年度报告 二〇二五年八月 1 浙江世纪华通集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人谢斐、主管会计工作负责人钱昊及会计机构负责人(会计主管 人员)钱昊声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资 者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应 当理解计划、预测与承诺之间的差异。 公司已在本报告中详细描述可能对公司未来发展战略和经营目标的实现 产生不利影响的风险因素，具体内容请见本报告"第三节 ...

陕西烽火电子股份有限公司 2025 年半年度报告全文 陕西烽火电子股份有限公司 2025 年半年度报告 2025 年 8 月 1 陕西烽火电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人赵刚强、主管会计工作负责人马玲及会计机构负责人(会计主 管人员)韩笑声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。本公司作为特殊行业企业，部分信息涉及国家秘密， 根据特殊行业企业对外信息披露相关规定，豁免披露下列信息：部分销售对 象、采购对象及在建工程项目的具体名称，豁免披露的信息不会对本公司信 息披露的真实、准确、完整、及时构成重大影响。 公司不存在生产经营状况、财务状况和持续盈利能力有严重不利影响的有 关风险因素。 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 | 1 1 | | | --- ...

安徽富煌钢构股份有限公司 2025 年半年度报告全文 安徽富煌钢构股份有限公司 2025 年半年度报告 2025 年 8 月 1 安徽富煌钢构股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人郑茂荣、主管会计工作负责人李汉兵及会计机构负责人(会计 主管人员)圣婷婷声明：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。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 安徽富煌钢构股份有限公司 2025 年半年度报告全文 目录 | 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………………………………………23 | | 第五节 重要事项………………………………… ...

Part I Definitions [Definitions of Common Terms](index=5&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section provides definitions of common terms used in the report, including company names, subsidiary names, relevant industry terms (e.g., fine paper packaging, cigarette labels, wine labels, semiconductors, epitaxial equipment), and the reporting period, to ensure clear understanding of the report content - Company entity definition: Yongji Co./Company/The Company refers to Guizhou Yongji Printing Co., Ltd.; TB refers to Tasmanian Botanics Pty Ltd; Phytoca Holdings refers to Phytoca Holdings Pty Ltd[14](index=14&type=chunk) - Core business terms: Fine paper packaging refers to packaging made from high-quality paper as the core raw material, crafted through precision processes to combine functionality, aesthetic value, and customized design, including the company's cigarette and wine label products[14](index=14&type=chunk) - Reporting period: January 1, 2025, to June 30, 2025[14](index=14&type=chunk) Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock profile, and key financial performance for the first half of 2025, highlighting revenue growth driven by overseas controlled substances and a decline in net profit due to paper packaging market conditions [1. Company Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the basic information of Guizhou Yongji Printing Co., Ltd., including its Chinese name, abbreviation, foreign name, legal representative, providing investors with fundamental identification details - Company Chinese Name: Guizhou Yongji Printing Co., Ltd[17](index=17&type=chunk) - Company Chinese Abbreviation: Yongji Co[17](index=17&type=chunk) - Company Legal Representative: Deng Daixing[17](index=17&type=chunk) [2. Contact Person and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating information inquiries and communication for investors - Board Secretary: Yu Genxiao, contact number **0851-86607332**, email ygx_787@sina.com[18](index=18&type=chunk) - Securities Affairs Representative: Zhang Yingzhi, contact number **0851-86607332**, email dsh@yongjigf.com[18](index=18&type=chunk) [3. Brief Introduction to Changes in Basic Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section introduces the company's registered and office addresses and states that there were no historical changes to these addresses during the reporting period - The company's registered and office addresses are both No. 198 Guanshan East Road, Yunyan District, Guiyang City, Guizhou Province[19](index=19&type=chunk) - Historical changes to the company's registered address: Not applicable[19](index=19&type=chunk) [4. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the newspapers selected by the company for information disclosure, the website address for publishing semi-annual reports, and the location where the company's semi-annual reports are kept, ensuring investors can access public company information promptly - Newspapers selected by the company for information disclosure: "Shanghai Securities News", "Securities Times", "China Securities Journal", "Securities Daily"[20](index=20&type=chunk) - Website address for publishing semi-annual reports: www.sse.com.cn[20](index=20&type=chunk) - Location for keeping the company's semi-annual reports: Company Board Secretary's Office[20](index=20&type=chunk) [5. Company Stock Profile](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides brief information on the company's stock, including stock type, listing exchange, stock abbreviation, and stock code, to facilitate investor identification and trading of company shares - Stock Type: A-share[21](index=21&type=chunk) - Stock Listing Exchange: Shanghai Stock Exchange[21](index=21&type=chunk) - Stock Abbreviation: Yongji Co., Stock Code: **603058**[21](index=21&type=chunk) [7. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section details the company's key accounting data and financial indicators for the first half of 2025, comparing them with the same period last year. During the reporting period, the company's operating revenue increased by 11.91% year-on-year, but net profit attributable to shareholders decreased by 27.67% year-on-year, mainly due to a decrease in sales prices of paper packaging products. Revenue from overseas controlled substances business grew significantly, becoming a new performance driver - Operating revenue increased by **11.91%**, primarily due to a significant year-on-year increase in revenue from the overseas controlled substances business[23](index=23&type=chunk) - Net profit attributable to shareholders, basic earnings per share, and return on net assets all decreased year-on-year, mainly due to the macroeconomic environment and increasing competition in the printing and packaging industry, leading to a decrease in sales prices of the company's main paper packaging products, with some key product unit prices falling by over **15%**, resulting in a year-on-year decrease in profit for the current period[24](index=24&type=chunk) [(1) Key Accounting Data](index=7&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) This section lists the company's key accounting data for the first half of 2025, including operating revenue, total profit, net profit, net cash flow from operating activities, net assets, and total assets, comparing them with the same period last year and the end of the previous year Main Accounting Data (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 427,804,602.29 yuan | 382,288,425.78 yuan | 11.91 | | Total Profit | 74,786,358.04 yuan | 97,506,963.06 yuan | -23.30 | | Net Profit Attributable to Shareholders of the Listed Company | 56,605,072.61 yuan | 78,254,888.62 yuan | -27.67 | | Net Cash Flow from Operating Activities | 189,900,628.11 yuan | 122,706,086.35 yuan | 54.76 | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 1,222,000,874.85 yuan | 1,195,360,708.43 yuan | 2.23 | | Total Assets (End of Period) | 1,944,301,733.82 yuan | 1,953,011,439.17 yuan | -0.45 | [(2) Key Financial Indicators](index=7&type=section&id=%28%E4%BA%8C%29%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section lists the company's key financial indicators for the first half of 2025, including earnings per share and return on net assets, comparing them with the same period last year, showing a decline in profitability and shareholder returns Main Financial Indicators (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.1348 | 0.1883 | -28.41 | | Diluted Earnings Per Share (yuan/share) | 0.1343 | 0.1856 | -27.64 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.1080 | 0.1852 | -41.68 | | Weighted Average Return on Net Assets (%) | 4.60 | 7.07 | Decrease of 2.47 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 3.68 | 6.96 | Decrease of 3.28 percentage points | [9. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section discloses the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 11,274,892.44 yuan, primarily including fair value change gains and losses and government subsidies Non-Recurring Gains and Losses Items and Amounts (Jan-Jun 2025) | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 381.64 | | Government grants recognized in current profit or loss | 801,366.59 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 12,134,593.18 | | Other non-operating income and expenses | 277,121.26 | | Less: Income tax impact | 1,936,564.07 | | Impact on minority interests (after tax) | 2,006.16 | | Total | 11,274,892.44 | [10. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) This section discloses the company's net profit after deducting the impact of share-based payments, which is 55,655,224.69 yuan, a year-on-year decrease of 25.96%, providing clearer operating profit data Net Profit After Deducting Share-Based Payment Impact (Jan-Jun 2025 vs. Same Period Last Year) | Key Accounting Data | Current Period (Jan-Jun) | Same Period Last Year | Current Period vs. Same Period Last Year Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 55,655,224.69 yuan | 75,170,677.40 yuan | -25.96 | Part III Management Discussion and Analysis This section discusses the company's industry landscape, main business operations, core competencies, and key financial performance drivers, emphasizing the growth of the overseas controlled substances business and strategic initiatives in new markets [1. Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business is fine paper packaging, benefiting from consumption upgrades and green transformation, with the industry moving towards environmental friendliness, intelligence, and high-end development. Concurrently, the company has entered the overseas controlled substances industry through investment, a market rapidly growing globally, especially strong in Australia, becoming the company's second main business - The company's main business involves the design, R&D, production, and sales of fine paper packaging products, actively exploring the overseas controlled substances industry as its second core business[33](index=33&type=chunk) - The fine paper packaging industry is upgrading towards environmental friendliness, intelligence, and high-end development, driven by consumption upgrades and green transformation[30](index=30&type=chunk) - The controlled substances industry faces global opportunities, with a global market value of **$37 billion in 2024**, projected to reach **$87.4 billion by 2030**, at a compound annual growth rate (CAGR) of **20.50%**[31](index=31&type=chunk) [(1) Industry Development Overview](index=9&type=section&id=%28%E4%B8%80%29%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) This section analyzes the development status and trends of the fine paper packaging industry and the overseas controlled substances industry in which the company operates. The fine paper packaging industry is moving towards high-end and sustainable development, driven by consumption upgrades and environmental demands; the controlled substances industry shows rapid growth globally, especially in Australia - The fine paper packaging industry benefits from stable domestic economic growth, consumption upgrades, and green transformation demands, with continuous market expansion and an upgrade towards environmental friendliness, intelligence, and high-end products[30](index=30&type=chunk) - The global controlled substances industry faces unprecedented opportunities, with **57 countries having legalized it by 2025**, a global market value of **$37 billion in 2024**, projected to reach **$87.4 billion by 2030**, at a compound annual growth rate (CAGR) of **20.50%**[31](index=31&type=chunk) - The Australian controlled substances market shows exponential growth, with sales reaching **$402 million in the first six months of 2024**, and is expected to expand to **$2 billion by 2028** with a **46% CAGR** from 2020-2028[32](index=32&type=chunk) [(2) Company's Main Business and Products](index=10&type=section&id=%28%E4%BA%8C%29%20%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%BA%A7%E5%93%81) This section details the company's main business of designing, researching, developing, producing, and selling fine paper packaging products, actively expanding into social printing markets such as tobacco, liquor, and pharmaceuticals. Additionally, the company has entered the overseas controlled substances industry through investment, cultivating new growth curves, with main products including dried flower and essential oil controlled substances - The company's main business is the design, R&D, production, and sales of fine paper packaging products, continuously increasing R&D investment and expanding into social printing markets for tobacco, liquor, and pharmaceutical businesses[33](index=33&type=chunk) - The company has entered the overseas controlled substances industry through investment, actively exploring a second main business and optimizing its industrial layout[33](index=33&type=chunk) - Fine paper packaging products primarily include outer packaging for tobacco products, alcoholic beverages, and some pharmaceutical products, involving famous brands such as "Guiyan", "Maotai 1935", and "Xijiu"[34](index=34&type=chunk) - Overseas controlled substances business is mainly in Australia, used for treating chronic pain, cancer pain relief, and childhood epilepsy, with products categorized into dried flower types (e.g., T-Opal) and essential oil types (e.g., C100)[35](index=35&type=chunk)[36](index=36&type=chunk) [(3) Company's Main Operating Model](index=11&type=section&id=%28%E4%B8%89%29%20%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) This section elaborates on the company's "production-to-order" operating model, detailing the procurement, production, and sales processes. The company obtains orders through bidding, has established a strict supplier management and quality control system, and its overseas business operates on a distribution model - The company's operating model is typically "production-to-order", organizing production based on downstream customer order demands[37](index=37&type=chunk) - Procurement model: The Material Management Department prepares procurement plans based on orders and production schedules, obtains approval, then solicits quotes, compares prices, and places orders with qualified suppliers, establishing a strict supplier selection and management system[38](index=38&type=chunk) - Production model: Production is order-based, with the Production Management Department preparing production plans, the Process Management Department setting technical standards, production workshops arranging production, and the Quality Inspection Department monitoring the entire process[39](index=39&type=chunk) - Sales model: Fine paper packaging business obtains orders through public bidding and signs supply contracts; overseas business adopts a distribution model, selling products through clinics, pharmacies, and professional pharmaceutical distributors[40](index=40&type=chunk) [(4) Key Performance Drivers During the Reporting Period](index=12&type=section&id=%28%E5%9B%9B%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) This section highlights that the company's performance is primarily driven by its main business, with stable development in fine paper packaging, and new orders secured through technological innovation and market expansion. Additionally, the overseas controlled substances business has gradually become the company's second main business, with revenue second only to tobacco product packaging - The company's performance primarily stems from its main business, having focused on fine paper packaging for over two decades, accumulating a strong market reputation and customer recognition[41](index=41&type=chunk) - The company continuously introduces professional talent, pursues technological innovation, conducts various business activities in an orderly manner, and intensifies efforts to expand markets and secure new projects and orders[41](index=41&type=chunk) - The overseas controlled substances business has gradually become the company's second main business, with revenue exceeding that of liquor packaging and second only to tobacco product packaging revenue[41](index=41&type=chunk) [(5) Company's Industry Position](index=12&type=section&id=%28%E4%BA%94%29%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) This section emphasizes the company's extensive experience in supplying and servicing fine paper packaging, ranking among the industry leaders in process technology, corporate qualifications, brand, and market share, and having received multiple honorary titles. In the controlled substances business, subsidiary TB has also won several annual awards, demonstrating its leading position in the Australian market - The company has extensive experience in supplying and servicing fine paper packaging products, ranking among the industry leaders in process technology, corporate qualifications, brand, and market share[42](index=42&type=chunk) - The company supplies supporting products including outer packaging for tobacco products, alcoholic beverages, and some pharmaceutical products, involving brands such as Kweichow Moutai, Xijiu, and well-known tobacco products[42](index=42&type=chunk) - The company has received multiple honorary titles, including "2024 Guizhou Province Green Manufacturing Factory" and "Top Ten Private Enterprises in Guiyang City"[42](index=42&type=chunk) - In the controlled substances business, subsidiary TB received multiple awards in Australia for 2024, including "Cultivator of the Year", "Manufacturer of the Year", and "Company of the Year", among others[43](index=43&type=chunk) [2. Discussion and Analysis of Operations](index=13&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company's operating revenue increased by 11.91% year-on-year, but net profit decreased by 27.67%. The fine paper packaging business saw a 9.52% year-on-year decrease in revenue due to intensified market competition and price reductions. Revenue from the overseas controlled substances business significantly increased by 101.13% year-on-year, becoming a crucial growth point for the company, which is also actively exploring new card game business - From January to June 2025, the company achieved operating revenue of **427.8046 million yuan**, a year-on-year increase of **11.91%**; net profit attributable to shareholders was **56.6051 million yuan**, a year-on-year decrease of **27.67%**[44](index=44&type=chunk) - Fine paper packaging business operating revenue was **280.5356 million yuan**, a year-on-year decrease of **9.52%**, mainly due to the macroeconomic environment and intensified industry competition, leading to a slight decrease in product sales prices[44](index=44&type=chunk)[47](index=47&type=chunk) - Overseas controlled substances related business operating revenue was **113.7304 million yuan**, a year-on-year increase of **101.13%**[44](index=44&type=chunk) [1、Fine Paper Packaging Business](index=13&type=section&id=1%E3%80%81%E7%B2%BE%E5%93%81%E7%BA%B8%E5%8C%85%E8%A3%85%E4%B8%9A%E5%8A%A1) In the first half of 2025, the company's fine paper packaging business operating revenue decreased by 9.52% year-on-year, primarily due to the macroeconomic environment and intensified industry competition leading to a decrease in product sales prices. The company continuously improves R&D, production, and marketing quality control, consolidating existing markets and expanding into potential ones - In the first half of 2025, the fine paper packaging business achieved operating revenue of **280.5356 million yuan**, a year-on-year decrease of **9.52%**[44](index=44&type=chunk)[47](index=47&type=chunk) - The business decline was mainly due to the macroeconomic environment and increasing competition in the fine packaging industry, leading to a slight decrease in sales prices of the company's main fine paper packaging products[47](index=47&type=chunk) - The company continuously improves full-process quality control for R&D, production, and marketing, enhancing management efficiency and quality, strengthening full-chain service capabilities, and consolidating existing markets while expanding into potential ones[46](index=46&type=chunk) [2、Controlled Substances Business](index=14&type=section&id=2%E3%80%81%E7%AE%A1%E5%88%B6%E8%8D%AF%E5%93%81%E4%B8%9A%E5%8A%A1) The company's controlled substances business achieved rapid growth in Australia, with subsidiary TB maintaining stable production capacity and continuously expanding sales channels, generating operating revenue of 70.9913 million yuan, a year-on-year increase of 25.55%. The company also further improved its industry chain through the acquisition of Phytoca Pty, which generated 38.1771 million yuan in operating revenue from April to June 2025, exceeding expectations and creating synergistic effects - The company owns approximately **20 acres of controlled substances cultivation base** in Tasmania, Australia, with subsidiary TB utilizing natural advantages for indoor greenhouse and outdoor cultivation[47](index=47&type=chunk) - TB subsidiary achieved operating revenue of **70.9913 million yuan** in the first half of 2025, a year-on-year increase of **25.55%**[47](index=47&type=chunk) - TB subsidiary optimized its product structure, with dried flower products accounting for approximately **60% of sales**, and greenhouse dried flowers consistently in high demand, with T23 and T25 dried flowers as key products[48](index=48&type=chunk) - In February 2025, the company, through its subsidiary Y Cannabis, acquired **100% equity of Phytoca Holdings**, indirectly obtaining **100% equity of Phytoca Pty**, with the first phase of equity transfer completed in April, giving Y Cannabis a **60% stake**[50](index=50&type=chunk) - Phytoca Pty achieved operating revenue of **38.1771 million yuan (AUD 8.2457 million)** from April to June 2025, exceeding sales expectations, with its sales network covering multiple Australian states[51](index=51&type=chunk) - Phytoca Pty and TB formed synergistic effects, completing the industry chain from raw material cultivation and processing to sales and import/export, to seize the rapidly growing market opportunities in Australia[54](index=54&type=chunk) - In the industrial hemp sector, Qujing Yunma continued trial production of industrial hemp flower and leaf processing for cannabidiol (CBD) projects and completed the experimental cultivation task for June 2025[54](index=54&type=chunk)[57](index=57&type=chunk) [3、Active Exploration of Card Business](index=17&type=section&id=3%E3%80%81%E5%8D%A1%E7%89%8C%E4%B8%9A%E5%8A%A1%E7%9A%84%E7%A7%AF%E6%9E%81%E6%8E%A2%E7%B4%A2) On June 27, 2025, the company established Shanghai Card Artisan Cultural Creative Co., Ltd., aiming to leverage its advantages in printing craftsmanship and supply chain to actively explore new cultural consumption markets and address bottlenecks in traditional printing business development. The card business is expected to officially operate in August 2025 - On June 27, 2025, the company established Shanghai Card Artisan Cultural Creative Co., Ltd. as the operating platform for its card business[57](index=57&type=chunk) - The card industry market size is growing rapidly, with the collectible card market reaching **26.3 billion yuan in 2024**, projected to exceed **35.1 billion yuan by 2027**[58](index=58&type=chunk) - The establishment of Card Artisan Culture aims to leverage the company's strengths in printing craftsmanship and printing supply chain to explore new initiatives for adjusting the printing business structure[58](index=58&type=chunk) - Card Artisan Culture's organizational structure is complete, and the card production process flow has been established, with official operations expected to commence in August 2025[58](index=58&type=chunk) [3. Analysis of Core Competencies During the Reporting Period](index=17&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include geographical advantages (packaging demand from Guizhou's major liquor, traditional Chinese medicine, and tobacco industries), technological R&D advantages (multiple core technologies, cooperation with research institutes), scaled production advantages (advanced equipment, full closed-loop management), and talent advantages (stable management team, rich industry experience) - The company fully leverages Guizhou's geographical and industrial advantages as a major province for traditional liquor, traditional Chinese medicine, and tobacco, establishing stable cooperative relationships with key customers[59](index=59&type=chunk) - The company possesses multiple core printing and packaging technologies, has established long-term stable cooperative relationships with research institutes such as Guizhou University and advanced suppliers, and is undertaking over **30 joint development projects**[61](index=61&type=chunk) - The company owns advanced, ultra-high precision, and highly stable imported printing equipment, forming a standardized and unified professional printing and packaging production process and quality control system, achieving cost reduction and efficiency improvement[62](index=62&type=chunk) - The company's middle and senior management team is well-structured, long-term stable, and possesses rich experience in packaging and printing product production, management, technology, and service, capable of keeping pace with industry development trends[63](index=63&type=chunk) [4. Key Operating Performance During the Reporting Period](index=18&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's financial statement item changes, asset and liability situation, and investment status during the reporting period. Operating revenue growth was primarily driven by the controlled substances business, but operating costs, administrative expenses, and financial expenses also saw significant increases. The company expanded its overseas controlled substances business through acquisitions and divested equity in an associate company to optimize its asset structure - During the reporting period, the company's operating revenue increased by **11.91%**, mainly due to a significant year-on-year increase in revenue from controlled substances[64](index=64&type=chunk)[65](index=65&type=chunk) - Operating costs, administrative expenses, and financial expenses increased by **33.58%**, **24.42%**, and **130.73%** year-on-year, respectively, primarily due to revenue growth and increased interest expenses[64](index=64&type=chunk)[65](index=65&type=chunk) - Net cash flow from investment activities was **-104.4774872 million yuan**, mainly due to increased cash payments for acquiring subsidiaries and other business units[64](index=64&type=chunk)[65](index=65&type=chunk) - The company, through its subsidiary Y Cannabis, acquired a **60% stake in Phytoca Holdings** in Australia, further expanding its overseas controlled substances business[70](index=70&type=chunk) - The company sold a **22.131% stake in Guizhou Xiniu Wang Printing Co., Ltd.** for **55.23598132 million yuan**, aiming to integrate and optimize its asset structure and focus on its main business[76](index=76&type=chunk) [(1) Main Business Analysis](index=18&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes the changes in financial statement items related to the company's main business. During the reporting period, operating revenue increased significantly due to the controlled substances business, but operating costs, administrative expenses, and financial expenses also rose considerably, while selling expenses decreased Financial Statement Item Change Analysis (Current Period vs. Same Period Last Year) | Item | Current Period (yuan) | Same Period Last Year (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 427,804,602.29 | 382,288,425.78 | 11.91 | Significant year-on-year increase in controlled substances operating revenue | | Operating Cost | 287,478,515.21 | 215,210,878.37 | 33.58 | Increased with operating revenue | | Selling Expenses | 4,689,493.77 | 10,116,667.73 | -53.65 | Mainly due to decreased employee compensation and packaging fees compared to the same period last year | | Administrative Expenses | 50,331,546.68 | 40,451,617.74 | 24.42 | Mainly due to increased employee compensation with revenue growth | | Financial Expenses | 8,026,394.42 | 3,478,636.89 | 130.73 | Increased interest expenses, etc., year-on-year | | R&D Expenses | 18,058,640.05 | 19,278,180.46 | -6.33 | | | Net Cash Flow from Operating Activities | 189,900,628.11 | 122,706,086.35 | 54.76 | Mainly due to increased cash collection from customers compared to the same period last year | | Net Cash Flow from Investing Activities | -104,477,487.20 | -47,008,829.50 | Not applicable | Increased net cash paid for acquiring subsidiaries and other business units | | Net Cash Flow from Financing Activities | -85,403,481.54 | -45,889,650.32 | Not applicable | Increased cash paid for debt repayment year-on-year | [(3) Analysis of Assets and Liabilities](index=19&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes the changes in the company's asset and liability structure at the end of the reporting period. Trading financial assets and goodwill significantly increased due to investment activities, while accounts receivable and long-term equity investments decreased. Overseas assets account for a high proportion of total assets, and some monetary funds are restricted - At the end of the period, overseas assets totaled **500.96394941 million yuan**, accounting for **25.77% of total assets**[68](index=68&type=chunk) - Monetary funds at the end of the reporting period included **6.60080504 million yuan** in bank acceptance bill deposits[69](index=69&type=chunk) Asset and Liability Status Changes (End of Current Period vs. End of Previous Year) | Item Name | Current Period End (yuan) | Previous Year End (yuan) | Change from Previous Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 115,154,600.50 | 53,020,007.32 | 117.19 | Increased private equity securities investments year-on-year | | Accounts Receivable | 174,295,256.37 | 300,995,778.55 | -42.09 | Increased customer collections | | Notes Receivable Financing | 54,447,967.27 | 82,482,189.33 | -33.99 | Decreased bank acceptance bills year-on-year | | Prepayments | 52,704,000.93 | 16,175,009.13 | 225.84 | Increased prepaid material costs year-on-year | | Long-term Equity Investments | 854,170.39 | 56,313,885.99 | -98.48 | Recovered investment in associate company | | Goodwill | 183,761,116.43 | 81,543,542.00 | 125.35 | Increased due to premium acquisition of new subsidiaries | | Short-term Borrowings | 84,392,514.47 | 40,000,000.00 | 110.98 | Increased working capital loans obtained | | Notes Payable | 22,000,000.00 | 47,700,000.00 | -53.88 | Decreased balance of bank acceptance bills issued year-on-year | | Deferred Income Tax Liabilities | 7,702,143.12 | 5,881,954.14 | 30.95 | Increased deferred income tax liabilities due to fair value changes in trading financial assets | [(4) Investment Status Analysis](index=20&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes the company's investment activities, primarily including the acquisition of equity in controlled substances supplier Phytoca Holdings in Australia through subsidiary Y Cannabis, and the company's holdings of financial assets measured at fair value and private equity fund investments - In February 2025, the company, through its subsidiary Y Cannabis, acquired **100% equity of licensed pharmaceutical supplier Phytoca Holdings** in Australia in three phases, with the first phase of equity transfer completed in April, giving Y Cannabis a **60% stake**[70](index=70&type=chunk) - Phytoca Pty's main business includes sales, channel services, and import/export of its own brand controlled substances[73](index=73&type=chunk) Financial Assets Measured at Fair Value (End of Period) | Asset Category | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 53,020,007.32 | 50,000,000.00 | 115,154,600.50 | | Notes Receivable Financing | 82,482,189.33 | | 54,447,967.27 | | Other Non-Current Financial Assets | 180,100,124.96 | | 177,920,124.96 | | Other Equity Instrument Investments | 10,000,000.00 | | 10,000,000.00 | | Total | 325,602,321.61 | 50,000,000.00 | 357,522,692.73 | Private Equity Fund Investment (End of Period Balance) | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 115,154,600.50 | 53,020,007.32 | | Other Non-Current Financial Assets | 177,920,124.96 | 180,100,124.96 | | Total | 293,074,725.46 | 233,120,132.28 | [(5) Significant Asset and Equity Disposals](index=22&type=section&id=%28%E4%BA%94%29%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) This section discloses the company's significant disposal of a 22.131% equity stake in its associate company, Guizhou Xiniu Wang Printing Co., Ltd., for a transaction amount of 55.23598132 million yuan. This disposal aims to optimize asset structure, focus on core business, improve asset liquidity, and enhance cash flow - The company resolved on March 3, 2025, to sell its **22.131% equity stake in Guizhou Xiniu Wang Printing Co., Ltd.** for a transaction amount of **55.23598132 million yuan**[76](index=76&type=chunk) - This transaction is beneficial for integrating and optimizing the company's asset structure, focusing on its main business, improving asset liquidity and utilization efficiency, and simultaneously increasing operating funds and improving the company's cash flow situation[76](index=76&type=chunk) - As of March 12, 2025, the company had received the full equity transfer payment and completed the industrial and commercial change registration procedures, with the equity transfer fully completed[76](index=76&type=chunk) [(6) Analysis of Major Holding and Associate Companies](index=22&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the basic information and financial data of the company's major holding and associate subsidiaries, including registered capital, total assets, net assets, operating revenue, operating profit, and net profit, and explains the methods of acquiring and disposing of subsidiaries during the reporting period and their impact on the company's operations and performance Major Subsidiary Financial Data (Jan-Jun 2025) | Company Name | Company Type | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Jianzheng Yongji Venture Capital Partnership (Limited Partnership) | Subsidiary | 145.00 | 178.6512 | 178.6511 | 0 | -0.2216 | -0.2216 | | Guizhou Jinma Packaging Materials Co., Ltd. | Subsidiary | 35.00 | 236.9643 | 66.2359 | 114.7152 | 32.5450 | 27.6603 | | Guizhou Yongji Shenglong Packaging Co., Ltd. | Subsidiary | 40.00 | 277.1866 | 36.8915 | 73.3088 | 1.3706 | 1.2413 | | Qiannan Yongji Printing Co., Ltd. | Subsidiary | 100.00 | 328.0023 | 97.0020 | 63.8911 | 0.1557 | -0.0293 | | Pijen No 22 Pty Ltd | Subsidiary | | 224.3831 | 161.8057 | 70.9913 | 7.9479 | 7.6479 | | Phytoca Holdings Pty Ltd | Subsidiary | | 65.6886 | 29.3561 | 38.1771 | 11.7783 | 11.5783 | - During the reporting period, the company established subsidiaries including Cannabis (Fujian) Trading Co., Ltd., Cannabis (Shanghai) Technology Co., Ltd., Shanghai Card Artisan Cultural Creative Co., Ltd., Yongji Health Limited (HK), and Yongji Health Ltd (NZ)[78](index=78&type=chunk) - The company acquired Phytoca Holdings Pty Ltd, Phytoca Pty Ltd, Caelum Holdings Ltd (HK), and Aeris Health Pty Ltd (AU) through non-same-control mergers, which is beneficial for further improving the company's controlled substances business sales network, expanding sales scale, and developing international markets[78](index=78&type=chunk) - On April 15, 2025, the company established Yongji Health Limited (HK) and acquired Caelum Holdings Ltd (HK) to strategically expand into the Asian controlled substances market[79](index=79&type=chunk) [5. Other Disclosure Matters](index=23&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces multiple risks including macroeconomic environment and policies, customer concentration, declining product sales prices, raw material price fluctuations, implementation of overseas investment projects, securities investments, intensified market competition, and exchange rate fluctuations. The company has formulated corresponding countermeasures, including increasing R&D investment, expanding new customers, optimizing the supply chain, improving management efficiency, and perfecting risk management mechanisms - The company's main business is affected by macroeconomic fluctuations and changes in national policies, which may have a certain impact on business development[80](index=80&type=chunk) - The company's sales to its largest customer (Guizhou Zhongyan) remain high, posing a risk of customer concentration[82](index=82&type=chunk) - Intense competition in the fine paper packaging industry and pressure from downstream customers to reduce costs and increase efficiency may lead to a decrease in the company's product sales prices, affecting profitability[83](index=83&type=chunk) - Fluctuations in raw material prices have a significant impact on the company's operating costs and gross profit margin, posing a risk of raw and auxiliary material price fluctuations[84](index=84&type=chunk) - Overseas investment projects face operational risks arising from macroeconomic, industry policy, political, legal, and cultural differences[86](index=86&type=chunk) - Securities investment involves both returns and risks, influenced by various factors, which may adversely affect the company's operating performance[87](index=87&type=chunk) - Intensified competition in the packaging and printing industry demands higher requirements for enterprises' printing processes, equipment production capacity, timely supply capability, and R&D design capabilities[88](index=88&type=chunk) - The company is actively expanding into international markets, and exchange rate fluctuations may adversely affect its operating performance[90](index=90&type=chunk) Part IV Corporate Governance, Environment, and Society This section covers changes in the company's board and management, profit distribution plans, equity incentive programs, and contributions to poverty alleviation and rural revitalization efforts [1. Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=%E4%B8%80%E3%80%81%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) This section states that there were no changes in the company's directors, supervisors, and senior management during the reporting period - No changes in the company's directors, supervisors, and senior management during the reporting period[93](index=93&type=chunk) [2. Profit Distribution or Capital Reserve Conversion Plan](index=27&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) This section discloses that the company's proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is "none", meaning no profit distribution or capital reserve conversion will be carried out - The proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is "none"[93](index=93&type=chunk) [3. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) This section discloses the implementation progress of the company's 2022 Restricted Stock Incentive Plan, where the second vesting period for the initial grant and the first vesting period for the reserved grant have been unlocked, with related matters disclosed in temporary announcements - The second vesting period for the initial grant and the first vesting period for the reserved grant under the company's 2022 Restricted Stock Incentive Plan have been unlocked[94](index=94&type=chunk) - Related equity incentive matters have been disclosed on the Shanghai Stock Exchange website (www.sse.com.cn)[94](index=94&type=chunk) [5. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=28&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) This section discloses the company's specific actions in consolidating and expanding poverty alleviation achievements and rural revitalization, including a 6,000 yuan donation by a company subsidiary in May 2025 to help repair farmland irrigation ditches in Tuanjie Village, Longli County - In May 2025, a company subsidiary donated **6,000 yuan** to help repair farmland irrigation ditches in Tuanjie Village, Longli County, contributing to rural revitalization[95](index=95&type=chunk) Part V Significant Matters This section addresses the fulfillment of commitments, absence of fund occupation or irregular guarantees, audit status, significant litigation, integrity of controlling parties, related party transactions, major contracts, and the progress of raised funds utilization [1. Fulfillment of Commitments](index=29&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the commitments made by the company's controlling shareholder, actual controller, directors, and senior management regarding measures to mitigate the dilutive effect of convertible bonds on immediate returns, as well as commitments under the company's 2022 Restricted Stock Incentive Plan, all of which have been strictly fulfilled on time - The company's controlling shareholder and actual controller commit not to overstep their authority in interfering with the listed company's operations, not to infringe upon the listed company's interests, and to earnestly fulfill the return compensation measures[99](index=99&type=chunk) - The company's directors and senior management commit to faithfully and diligently perform their duties, not to transfer benefits to other entities or individuals without compensation or under unfair conditions, and to restrain their job-related consumption behaviors[100](index=100&type=chunk) - The company commits not to provide loans or other financial assistance to incentive recipients for acquiring restricted shares[102](index=102&type=chunk) - Incentive recipients commit to returning all benefits obtained from the incentive plan if the company's information disclosure documents contain false records, misleading statements, or major omissions[102](index=102&type=chunk) [2. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=33&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) This section states that there was no non-operating fund occupation by the controlling shareholder and other related parties during the reporting period - No non-operating fund occupation by the controlling shareholder and other related parties during the reporting period[9](index=9&type=chunk) [3. Irregular Guarantees](index=33&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) This section states that there were no instances of the company providing external guarantees in violation of prescribed decision-making procedures during the reporting period - No instances of the company providing external guarantees in violation of prescribed decision-making procedures during the reporting period[9](index=9&type=chunk) [4. Semi-Annual Report Audit Status](index=34&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This section states that the company's 2025 semi-annual report was not audited - This semi-annual report is unaudited[7](index=7&type=chunk) [7. Significant Litigation and Arbitration Matters](index=34&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) This section states that there were no significant litigation or arbitration matters for the company during the reporting period - No significant litigation or arbitration matters for the company during this reporting period[104](index=104&type=chunk) [9. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=34&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section states that the company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled obligations determined by effective court legal documents or overdue large debts - The company, its controlling shareholder, and actual controller have no unfulfilled obligations determined by effective court legal documents or large overdue debts[104](index=104&type=chunk) [10. Significant Related Party Transactions](index=34&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses the progress of the company's daily operating related party transactions during the reporting period, primarily involving sales of products to and purchases of goods from related parties - The company expects to sell products totaling **3.5 million yuan** to related party Guizhou Huangguoshu Lishuang Pharmaceutical Co., Ltd. in 2025, with **1.14781915 million yuan** incurred during the reporting period[106](index=106&type=chunk) - The company expects to sell products totaling **5.5 million yuan** to related party Guizhou Sanli Pharmaceutical Co., Ltd. in 2025, with **1.79319938 million yuan** incurred during the reporting period[106](index=106&type=chunk) - The company expects to purchase goods totaling **600,000 yuan** from related party Guizhou Xiniu Wang Printing Co., Ltd. in 2025, with **101,413.50 yuan** incurred during the reporting period[106](index=106&type=chunk) [11. Significant Contracts and Their Fulfillment](index=37&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the significant guarantee situations fulfilled and not yet fulfilled by the company during the reporting period. As of the end of the reporting period, all external guarantees provided by the company were for its subsidiaries, totaling 432 million yuan, accounting for 36.14% of the company's net assets - As of the disclosure date of this announcement, all external guarantees provided by the company are for its subsidiaries[111](index=111&type=chunk) Company Guarantee Total (As of End of Reporting Period) | Indicator | Amount (billion yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 0.432 | | Total outstanding guarantees to subsidiaries at the end of the reporting period (B) | 0.432 | | Total guarantees (A+B) | 0.432 | | Ratio of total guarantees to company net assets (%) | 36.14 | [12. Explanation of Progress in Use of Raised Funds](index=38&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) This section details the progress in the use of funds raised from the company's convertible bonds. During the reporting period, the fundraising projects "Yongji Shenglong Wine Box Production Base Construction Project" and "Repayment of Australian Acquisition Project Loan" have both been completed and closed, with the remaining raised funds permanently supplementing working capital and the special account closed - The net amount of funds raised from the company's convertible bonds was **141.10405019 million yuan**[113](index=113&type=chunk) - As of the end of the reporting period, the cumulative amount of raised funds invested totaled **135.51343707 million yuan**, with an investment progress of **96.04%**[113](index=113&type=chunk) - The fundraising project "Yongji Shenglong Wine Box Production Base Construction Project" has been completed and reached its intended usable state[117](index=117&type=chunk) - The fundraising project "Repayment of Australian Acquisition Project Loan" has been fully repaid, and the company has closed all fundraising projects for the 2022 publicly issued convertible bonds[117](index=117&type=chunk) - The company has permanently supplemented working capital with the remaining balance of raised funds in the special account, for use in the company's daily production and operation activities, and completed the closure of the special account on May 29, 2025[118](index=118&type=chunk) Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, including restricted and unrestricted shares, and provides comprehensive information on the total number of shareholders, top ten shareholders, and equity incentive holdings of directors and management [1. Share Capital Changes](index=42&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital slightly decreased, restricted shares decreased due to the unlocking of equity incentives, and unrestricted tradable shares increased accordingly, mainly affected by share repurchases and cancellations, and convertible bond conversions - On February 25, 2025, the company canceled **175,800 repurchased shares** in the special repurchase securities account[123](index=123&type=chunk) - As of June 30, 2025, the total number of shares converted from convertible bonds was **10,020 shares**[123](index=123&type=chunk) - The second vesting period for the initial grant and the first vesting period for the reserved grant under the company's 2022 Restricted Stock Incentive Plan unlocked **1,400,960 shares**, which became tradable on April 9, 2025[124](index=124&type=chunk) Share Change Table (Unit: Shares) | Item | Quantity Before This Change | Proportion Before This Change (%) | Increase/Decrease in This Change (+, -) Subtotal | Quantity After This Change | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,451,600 | 0.58 | -1,400,960 | 1,050,640 | 0.25 | | Of which: Shares held by domestic natural persons | 2,451,600 | 0.58 | -1,400,960 | 1,050,640 | 0.25 | | II. Unrestricted Tradable Shares | 417,608,342 | 99.42 | 1,235,180 | 418,843,522 | 99.75 | | Of which: RMB ordinary shares | 417,608,342 | 99.42 | 1,235,180 | 418,843,522 | 99.75 | | III. Total Shares | 420,059,942 | 100 | -165,780 | 419,894,162 | 100 | [2. Shareholder Information](index=44&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of shareholders, the top ten shareholders, and the top ten unrestricted tradable share shareholders' holdings as of the end of the reporting period, as well as the number of shares held by the top ten restricted share shareholders and their restriction conditions. The controlling shareholder, Guizhou Yongji Holding Co., Ltd., holds 34.19% of the shares - As of the end of the reporting period, the total number of ordinary shareholders was **18,395**[128](index=128&type=chunk) - Guizhou Yongji Holding Co., Ltd. and Mr. Deng Daixing constitute a concerted action relationship[131](index=131&type=chunk) - Shares held by the top ten restricted shareholders are restricted shares granted under the 2022 Restricted Stock Incentive Plan, some of which became tradable on April 9, 2025[133](index=133&type=chunk) Top Ten Shareholders' Holdings (As of End of Reporting Period) | Shareholder Name | Change During Reporting Period (shares) | Shares Held at End of Period (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Share Status | Pledged, Marked, or Frozen Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guizhou Yongji Holding Co., Ltd. | -7,984,600 | 143,581,600 | 34.19 | 0 | Pledged | 57,480,000 | Domestic Non-State-Owned Legal Person | | Guizhou Yunshang Printing Co., Ltd. | 0 | 28,845,900 | 6.87 | 0 | Unrestricted | - | Domestic Non-State-Owned Legal Person | | Zhang Hai | -1,050,000 | 20,950,000 | 4.99 | 0 | Unrestricted | - | Domestic Natural Person | | Deng Daixing | 0 | 19,291,500 | 4.59 | 0 | Unrestricted | - | Domestic Natural Person | | Gao Xiang | 0 | 14,000,000 | 3.33 | 0 | Unrestricted | - | Domestic Natural Person | | Guizhou Xiongrun Printing Co., Ltd. | 0 | 12,027,900 | 2.86 | 0 | Unrestricted | - | Domestic Non-State-Owned Legal Person | | Yuan Yi | 3,709,017 | 4,222,300 | 1.01 | 0 | Pledged | 2,940,000 | Domestic Natural Person | | Beijing Jinhao Pharmaceutical Co., Ltd. | 0 | 4,141,000 | 0.99 | 0 | Unrestricted | - | Domestic Non-State-Owned Legal Person | | Zou Hanbin | 4,113,000 | 4,113,000 | 0.98 | 0 | Unrestricted | - | Domestic Natural Person | | Zhang Wang | 514,500 | 4,000,000 | 0.95 | 0 | Unrestricted | - | Domestic Natural Person | [3. Information on Directors, Supervisors, and Senior Management](index=47&type=section&id=%E4%B8%89%E3%80%81%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%83%85%E5%86%B5) This section discloses the equity incentive status of the company's directors, supervisors, and senior management during the reporting period, including the number of restricted shares held at the beginning of the period, unlocked, and held at the end of the period Equity Incentive Status of Directors, Supervisors, and Senior Management (Unit: Shares) | Name | Position | Restricted Shares Held at Beginning of Period | Unlocked Shares | Unlocked Shares | Restricted Shares Held at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Kai | Director & Senior Management | 150,000 | 120,000 | 30,000 | 30,000 | | Wang Chen | Senior Management | 200,000 | 160,000 | 40,000 | 40,000 | | Yu Genxiao | Director & Senior Management | 150,000 | 120,000 | 30,000 | 30,000 | | Wu Tianyi | Director | 300,000 | 240,000 | 60,000 | 60,000 | | Total | / | 800,000 | 640,000 | 160,000 | 160,000 | Part VII Bond-Related Information This section provides details on the company's convertible corporate bonds, including issuance, conversion status, pricing adjustments, and the company's credit rating and repayment capabilities [2. Convertible Corporate Bonds](index=48&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company issued 145.868 million yuan in convertible corporate bonds (Yongji Convertible Bonds) in April 2022, with a six-year term, convertible into shares from October 20, 2022. During the reporting period, Yongji Convertible Bonds cumulatively converted 10,020 shares, with the conversion price adjusted multiple times, most recently to 8.07 yuan/share. The company's asset-liability structure is stable, with a credit rating of AA- and a stable outlook, demonstrating repayment capability - The company publicly issued **145.868 million yuan** in convertible corporate bonds on April 14, 2022, with a total of **1,458,680 bonds** and a six-year term[140](index=140&type=chunk) - Yongji Convertible Bonds became convertible into company shares from October 20, 2022[140](index=140&type=chunk) - During the reporting period, Yongji Convertible Bonds converted **82,000 yuan** into **10,020 shares**, with a cumulative conversion of **995,562 shares**[145](index=145&type=chunk) - As of the end of this reporting period, the latest conversion price was **8.07 yuan/share** (adjusted on June 3, 2025)[148](index=148&type=chunk) - As of June 30, 2025, the company's asset-liability ratio was **29.11%**, with a main credit rating of **AA-** and a stable outlook[149](index=149&type=chunk) - The convertible bond fundraising projects have been closed, and the remaining raised funds have permanently supplemented working capital and the special account has been closed[150](index=150&type=chunk)[151](index=151&type=chunk) Part VIII Financial Report This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and notes on significant accounting policies, taxation, and financial risks [2. Financial Statements](index=52&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides Guizhou Yongji Printing Co., Ltd.'s unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flows during the reporting period - The company's 2025 semi-annual report is unaudited[7](index=7&type=chunk) Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 1,944,301,733.82 | | Total Liabilities | 565,986,413.06 | | Total Owners' Equity Attributable to Parent Company | 1,222,000,874.85 | Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 427,804,602.29 | | Total Profit | 74,786,358.04 | | Net Profit | 62,758,397.23 | | Net Profit Attributable to Parent Company Shareholders | 56,605,072.61 | Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 189,900,628.11 | | Net Cash Flow from Investing Activities | -104,477,487.20 | | Net Cash Flow from Financing Activities | -85,403,481.54 | [3. Company Basic Information](index=75&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces the overview of Guizhou Yongji Printing Co., Ltd., including its company name, unified social credit code, type, domicile, legal representative, registered capital, establishment date, industry nature, and business scope, and reviews the company's historical evolution and share capital changes since its establishment - Company Name: Guizhou Yongji Printing Co., Ltd., Unified Social Credit Code: **91520100214435085H**[189](index=189&type=chunk) - Registered Capital: **419.979443 million yuan**, Establishment Date: March 12, 1997[189](index=189&type=chunk) - Industry Nature: Printing and reproduction of recorded media, Business Scope includes packaging and decoration printing, sales of printing materials, chemical products, etc[187](index=187&type=chunk) - As of June 30, 2025, the company's total shares were **420.059942 million shares**, including **1.05064 million restricted tradable shares** and **418.843522 million unrestricted tradable shares**[191](index=191&type=chunk) [4. Basis of Financial Statement Preparation](index=76&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and are evaluated based on the going concern assumption, with no significant doubts about going concern ability identified - The company prepares its financial statements in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[192](index=192&type=chunk) - The company evaluated its going concern ability for the 12 months from the end of the reporting period and found no significant doubts or circumstances regarding its going concern ability, thus the financial statements are prepared on a going concern basis[193](index=193&type=chunk) [5. Significant Accounting Policies and Estimates](index=76&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, and other aspects, aiming to ensure the truthfulness, accuracy, and completeness of financial information - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, cash flows, and other relevant information for the reporting period[195](index=195&type=chunk) - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use Australian Dollars as their functional currency[198](index=198&type=chunk) - The company classifies fina

星宸科技股份有限公司 2025 年半年度报告全文 星宸科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 星宸科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人林永育、主管会计工作负责人萧培君及会计机构负责人(会计 主管人员)萧培君声明：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。 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资 者的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异，请投资者注意投资风险。 公司在本报告"第三节管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请 投资者关注投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 备查文件目录 一、经法定代表人签名的 2025 年半年度报告文本原件； 二、 载有公 ...

珠海润都制药股份有限公司 2025 年半年度报告全文 证券代码：002923 证券简称：润都股份 公告编号：2025-041 珠海润都制药股份有限公司 2025 年半年度报告 【2025 年 8 月 30 日】 1 珠海润都制药股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘杰、主管会计工作负责人刘杰及会计机构负责人(会计主管 人员)石深华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成公司对 投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并 且应当理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 公司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 ...

Part I [Important Notes and Table of Contents](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) This section provides important disclaimers, the report's table of contents, and a list of reference documents [Important Notes](index=2&type=section&id=1.1%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, with the financial report certified by key executives - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[4](index=4&type=chunk) - Company head Mr. Ren Jun, chief financial officer Mr. Zhou Bin, and head of accounting Mr. Zhang Jinyou declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=1.2%20%E7%9B%AE%E5%BD%95) This section lists the report's eight main chapters, covering company operations, finance, governance, and significant matters, with corresponding page numbers - The report comprises eight main chapters, covering company operations, finance, governance, and significant matters[8](index=8&type=chunk) [Reference Documents](index=4&type=section&id=1.3%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include signed financial statements and original announcements of all publicly disclosed company documents during the reporting period - Reference documents include signed and sealed financial statements by the company head, chief financial officer, and head of accounting, as well as originals of all company documents publicly disclosed during the reporting period[10](index=10&type=chunk) Part II [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information, contact details, and a summary of key financial data and indicators for the reporting period [Company Profile](index=5&type=section&id=2.1%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Suning.com Group Co., Ltd., stock ticker "Yigou ST" (002024), is listed on the Shenzhen Stock Exchange, with Ren Jun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yigou ST | | Stock Code | 002024 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 苏宁易购集团股份有限公司 | | Legal Representative | Ren Jun | [Contact Persons and Information](index=5&type=section&id=2.2%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Huang Wei and Securities Affairs Representative is Liu Jie, with contact details provided for address, phone, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Huang Wei | No. 1 Suning Avenue, Xuanwu District, Nanjing, Jiangsu Province | 025-84418888-888122/888480 | 025-83213880 | stock@suning.com | | Securities Affairs Representative | Liu Jie | No. 1 Suning Avenue, Xuanwu District, Nanjing, Jiangsu Province | 025-84418888-888122/888480 | 025-83213880 | stock@suning.com | [Other Information](index=5&type=section&id=2.3%20%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period, as detailed in the 2024 annual report - Company contact information and information disclosure locations remained unchanged during the reporting period, refer to the 2024 annual report[14](index=14&type=chunk)[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=2.4%20%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, revenue grew 0.44% to RMB 25.895 billion, and net profit attributable to shareholders increased 230.03% to RMB 48.693 million, despite a 63.24% wider loss in non-recurring net profit and a 33.48% decrease in net operating cash flow Key Accounting Data and Financial Indicators (Unit: Thousand Yuan) | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 25,894,760 | 25,782,585 | 0.44% | | Net Profit Attributable to Shareholders | 48,693 | 14,754 | 230.03% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -864,713 | -529,714 | -63.24% | | Net Cash Flow from Operating Activities | 1,490,075 | 2,240,034 | -33.48% | | Basic Earnings Per Share (RMB/share) | 0.0054 | 0.0016 | 237.50% | | Diluted Earnings Per Share (RMB/share) | 0.0054 | 0.0016 | 237.50% | | Weighted Average Return on Net Assets | 0.39% | 0.13% | 0.26% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | | Total Assets | 119,894,816 | 119,042,939 | 0.72% | | Net Assets Attributable to Shareholders | 12,486,926 | 12,430,605 | 0.45% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=6&type=section&id=2.5%20%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) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and those under Chinese accounting standards - No differences in accounting data under domestic and overseas accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=2.6%20%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled RMB 913.41 million, primarily from debt restructuring, disposal of long-term equity investments, fair value changes, and government subsidies Non-Recurring Gains and Losses and Amounts (Unit: Thousand Yuan) | Item | Amount | | :--- | :--- | | Non-current asset disposal gains/losses | 35,822 | | Government subsidies included in current profit/loss | 72,129 | | Fair value change gains/losses and gains/losses from disposal of financial assets and liabilities | 142,287 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 37,886 | | Debt restructuring gains/losses | 516,805 | | One-off expenses incurred due to cessation of related business activities | 1,284 | | Investment gains/losses from disposal of long-term equity investments | 399,437 | | Other non-operating income and expenses | -236,864 | | Less: Income tax impact | 26,538 | | Minority interest impact (after tax) | 28,842 | | **Total** | **913,406** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it reclassify non-recurring gains and losses as recurring gains and losses[22](index=22&type=chunk)[23](index=23&type=chunk) Part III [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operations, financial performance, and risk management strategies during the reporting period [Principal Businesses Engaged by the Company During the Reporting Period](index=8&type=section&id=3.1%20%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) In H1 2025, Suning.com focused on home appliance and 3C retail, leveraging "trade-in" policies, expanding all channels with offline store sales growing 11.7%, optimizing supply chain, and integrating AI technology to enhance efficiency and user experience, reaching 10,100 retail cloud franchised stores [Industry Development Overview](index=8&type=section&id=3.1.1%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The home appliance industry saw stable growth in H1 2025, driven by "trade-in" policies, but faced challenges from slowing incentives and intense competition, requiring enhanced supply chain management and innovation - In H1 2025, the home appliance industry experienced stable and progressive development, with national and local "trade-in" incentive policies continuing to expand from 8 to 12 categories, including digital products like mobile phones and tablets, stimulating upgrade consumption demand for home appliances and 3C products[25](index=25&type=chunk) - The industry faces challenges such as slowing incentive effects, pressure on growth in some categories, and intense channel price competition, which demand higher requirements for enterprises' refined supply chain management, user demand insight, and product innovation and service upgrade capabilities[25](index=25&type=chunk) - The company will seize the "trade-in" market opportunity, leveraging its national store network and localized retail service expertise to deepen its retail main business, continuously strengthening core competitiveness by enriching product categories, optimizing sales network layout, upgrading consumption scene experience, and improving service quality[25](index=25&type=chunk) [Company's Main Business Operations](index=8&type=section&id=3.1.2%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company pursued a retail service provider strategy, focusing on home appliance and 3C retail, expanding all channels, building supply chains, and integrating AI, resulting in 11.7% offline sales growth and 10,100 retail cloud stores by June 30, 2025 - During the reporting period, the company firmly implemented its retail service provider development strategy, focusing on home appliance and 3C retail businesses, and advancing all-channel expansion, commodity supply chain construction, and service capability enhancement[26](index=26&type=chunk) - In the first half of the year, the company's offline store sales revenue increased by **11.7%** year-on-year, with comparable store revenue for home appliance 3C home life specialty stores growing by **14.45%**[26](index=26&type=chunk) - As of June 30, 2025, the number of Suning.com Retail Cloud franchised stores was **10,100**, with **297** new stores opened in the second quarter[28](index=28&type=chunk) - The company increased investment in artificial intelligence technology research and development, deepened the application of the Cambricon computing platform, innovatively adopted model distillation technology to integrate Suning.com's "Ling Si" large model, and promoted the implementation of over 800 intelligent agents, achieving multi-dimensional breakthroughs in enterprise management efficiency, store operation efficiency, supply chain decision-making efficiency, user service experience, and marketing conversion effectiveness[30](index=30&type=chunk)[31](index=31&type=chunk) [Store Operations During the Reporting Period](index=10&type=section&id=3.1.3%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E9%97%A8%E5%BA%97%E6%83%85%E5%86%B5) As of June 30, 2025, the company operated 37 Suning.com Plazas, 895 home appliance 3C home life specialty stores, and 10,100 Retail Cloud franchised stores, with comparable store revenue for specialty stores growing 14.45% and per-square-meter efficiency increasing 11.12% Store Distribution as of June 30, 2025 (Unit: Stores, 10,000 sq.m.) | Store Type | Number | Area | | :--- | :--- | :--- | | Suning.com Plaza (Department Store & Appliance Integrated Store) | 37 | 99.15 | | Home Appliance 3C Home Life Specialty Store | 895 | 369.73 | | Suning.com Retail Cloud Franchised Store | 10,100 | / | - In the first half of 2025, the company's home appliance 3C home life specialty stores achieved a **14.45%** year-on-year increase in comparable store revenue, and comparable store per-square-meter efficiency improved by **11.12%**, further enhancing operational quality[35](index=35&type=chunk) Home Appliance 3C Home Life Specialty Store Per-Square-Meter Efficiency and Sales Revenue YoY Change (Unit: Annualized, RMB/sq.m.) | Region | Per-Square-Meter Efficiency | H1 Sales Revenue YoY Change | | :--- | :--- | :--- | | East China I | 8,991.84 | 21.22% | | East China II | 10,436.78 | 15.83% | | Central China | 7,008.87 | 5.81% | | South China | 15,392.39 | 11.25% | | North China | 10,658.77 | 10.03% | | Southwest China | 8,624.46 | 13.64% | | Northwest China | 8,223.62 | 22.87% | | Northeast China | 5,394.90 | 6.07% | | **Total** | **9,375.39** | **14.45%** | [Core Competitiveness Analysis](index=12&type=section&id=3.2%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Suning.com boasts over 30 years in home appliance and 3C retail, with integrated online-offline channels, extensive national store network, comprehensive supply chain management, and leading self-built logistics and after-sales service infrastructure - The company has been deeply involved in home appliance 3C retail for over **30 years**, possessing integrated online and offline full-scenario development and marketing capabilities, with a store network covering core urban business districts, community business districts, supermarkets, shopping centers, and county-level markets nationwide[38](index=38&type=chunk) - The company possesses comprehensive and professional supply chain management capabilities and retail operation management capabilities in the home appliance 3C product sector, with product assortment and brand promotion capabilities across all retail channels, enabling large-scale customized procurement with upstream brand suppliers[39](index=39&type=chunk) - Suning.com owns a leading national self-built logistics infrastructure and after-sales service network, committed to continuously improving supply chain fulfillment efficiency and service capabilities, particularly in the "last-mile" and integrated delivery-installation services for large appliances[39](index=39&type=chunk)[40](index=40&type=chunk) [Main Business Analysis](index=13&type=section&id=3.3%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, revenue grew 0.44% to RMB 25.895 billion, with offline sales up 11.7%, but gross margin declined 1.25%; net profit attributable to shareholders reached RMB 48.693 million, a 230.03% increase, driven by debt resolution and disposal of loss-making subsidiaries [Overview](index=13&type=section&id=3.3.1%20%E6%A6%82%E8%BF%B0) This section's overview refers to the "Principal Businesses Engaged by the Company During the Reporting Period" section - The overview content for this section refers to the relevant content in "I. Principal Businesses Engaged by the Company During the Reporting Period"[41](index=41&type=chunk) [Year-on-Year Changes in Key Financial Data](index=13&type=section&id=3.3.2%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) H1 revenue increased 0.44% to RMB 25.895 billion, with net profit attributable to shareholders up 230.03% to RMB 48.693 million, driven by significant growth in investment income and fair value changes, despite increased credit impairment losses and a 33.48% decrease in net operating cash flow, while overall expense ratio declined 0.53% Year-on-Year Changes in Key Financial Data (Unit: Thousand Yuan) | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 25,894,760 | 25,782,585 | 0.44% | | Net Profit Attributable to Shareholders | 48,693 | 14,754 | 230.03% | | Net Cash Flow from Operating Activities | 1,490,075 | 2,240,034 | -33.48% | | Net Cash Flow from Investing Activities | 1,714,996 | 90,371 | 1797.73% | | Net Cash Flow from Financing Activities | -3,468,376 | -2,386,359 | -45.34% | | Investment Income | 1,101,040 | 556,576 | 97.82% | | Fair Value Change Gains/Losses | 142,287 | -163,327 | 187.12% | | Credit Impairment Losses | -108,837 | -61,905 | -75.81% | | Asset Disposal Gains/Losses | 35,822 | 213,644 | -83.23% | | Income Tax Expense | 6,846 | -263,300 | 102.60% | - During the reporting period, the company's overall gross profit margin decreased by **1.25%**, primarily due to intense industry price competition and an increased proportion of revenue from lower-margin consumer electronics products[44](index=44&type=chunk) - The company's total expenses steadily decreased, with the overall expense ratio falling by **0.53%**, mainly benefiting from improved internal management efficiency and financial debt interest reduction efforts[44](index=44&type=chunk) - Net cash flow from operating activities was **RMB 1.49 billion**, a **33.48%** decrease compared to the same period last year, primarily due to an increase in government subsidy receivables; if government subsidy collections are considered, cash flow is largely consistent with the prior year[48](index=48&type=chunk) [Operating Revenue Composition](index=15&type=section&id=3.3.3%20%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) H1 operating revenue was RMB 25.895 billion, with main business revenue accounting for 91.70% (up 1.34%), and home appliance and consumer electronics revenue comprising 82.55% (up 2.28%); East China II and Northwest regions showed significant revenue growth of 26.85% and 31.48%, respectively Operating Revenue Composition (Unit: Thousand Yuan) | Item | Current Period Amount | Proportion of Operating Revenue | Prior Period Amount | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 25,894,760 | 100.00% | 25,782,585 | 100.00% | 0.44% | | Main Business Revenue | 23,746,238 | 91.70% | 23,432,571 | 90.89% | 1.34% | | Other Business Revenue | 2,148,522 | 8.30% | 2,350,014 | 9.11% | -8.57% | | **Main Business by Product** | | | | | | | Home Appliances & Consumer Electronics | 21,376,905 | 82.55% | 20,901,208 | 81.07% | 2.28% | | Daily Merchandise | 1,494,832 | 5.77% | 1,613,064 | 6.26% | -7.33% | | Services & Others | 874,501 | 3.38% | 918,299 | 3.56% | -4.77% | | **Main Business by Region** | | | | | | | East China I | 7,255,150 | 28.02% | 8,015,805 | 31.09% | -9.49% | | North China | 3,327,223 | 12.85% | 3,517,430 | 13.64% | -5.41% | | East China II | 4,006,084 | 15.47% | 3,158,020 | 12.25% | 26.85% | | South China | 2,818,843 | 10.89% | 3,010,906 | 11.68% | -6.38% | | Southwest China | 2,561,629 | 9.89% | 2,546,077 | 9.88% | 0.61% | | Central China | 1,836,881 | 7.09% | 1,541,002 | 5.98% | 19.20% | | Northwest China | 1,393,123 | 5.38% | 1,059,547 | 4.11% | 31.48% | | Northeast China | 547,305 | 2.11% | 583,784 | 2.26% | -6.25% | [Non-Core Business Analysis](index=16&type=section&id=3.4%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core businesses significantly impacted total profit, with investment income surging 3074.93% from debt restructuring and subsidiary disposals, and fair value changes and non-operating income also contributing, while credit impairment, asset impairment, and non-operating expenses had negative impacts, none of which are sustainable Impact of Non-Core Business on Total Profit (Unit: Thousand Yuan) | Item | Amount | Proportion of Total Profit | Explanation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Other Income | 74,647 | 208.47% | Mainly government subsidies during the reporting period | No | | Investment Income | 1,101,040 | 3074.93% | Mainly debt restructuring gains, disposal of subsidiaries, and 3 subsidiaries taken over by administrators | No | | Fair Value Change Gains/Losses | 142,287 | 397.37% | Mainly fair value changes of trading financial assets and other non-current financial assets | No | | Credit Impairment Losses | -108,837 | -303.95% | Mainly bad debt losses on accounts receivable and other receivables | No | | Asset Impairment Losses | -165,402 | -461.93% | Mainly impairment losses on right-of-use assets and inventories | No | | Asset Disposal Gains/Losses | 35,822 | 100.04% | Mainly gains from disposal of right-of-use assets | No | | Non-Operating Income | 140,175 | 391.47% | Mainly compensation income, fine income, etc. during the reporting period | No | | Non-Operating Expenses | -377,039 | -1052.98% | Mainly provision for estimated compensation for pending lawsuits during the reporting period | No | [Analysis of Assets and Liabilities](index=17&type=section&id=3.5%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's asset and liability structure remained stable, with total assets at RMB 119.895 billion and net assets attributable to shareholders at RMB 12.487 billion; accounts receivable increased by 0.78% due to "trade-in" subsidies, while other equity instrument investments decreased by 1.38% due to sales, and the current ratio of 0.58 indicates short-term debt pressure, addressed by debt resolution and asset revitalization [Significant Changes in Asset Composition](index=17&type=section&id=3.5.1%20%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) At the end of the reporting period, total assets were RMB 119.895 billion and net assets attributable to shareholders were RMB 12.487 billion; accounts receivable increased by 0.78% to 3.55% due to "trade-in" government subsidies, other equity instrument investments decreased by 1.38% to 0.46% due to sales, and long-term payables increased by 0.47% to 1.29% due to reclassification Significant Changes in Asset Composition (Unit: Thousand Yuan) | Item | Amount at End of Period | Proportion of Total Assets | Amount at End of Prior Year | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 4,256,698 | 3.55% | 3,296,814 | 2.77% | 0.78% | Mainly due to the increase in government subsidies receivable from the "trade-in" policy | | Receivables Financing | 11,626 | 0.01% | 639 | 0.001% | 0.009% | Increase in notes receivable used for discounting, factoring, etc. | | Other Equity Instrument Investments | 548,533 | 0.46% | 2,194,897 | 1.84% | -1.38% | Mainly due to the company's disposal of other equity instrument investments during the reporting period | | Long-term Payables | 1,541,374 | 1.29% | 981,860 | 0.82% | 0.47% | Mainly due to reclassification of some other payables to long-term payables after arrangement for extension beyond one year | Major Creditor-Debtor Relationships (Unit: Thousand Yuan) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Short-term Borrowings | 26,905,105 | 26,271,758 | 2.41% | | Long-term Borrowings | 1,810,887 | 1,438,279 | 25.91% | | Non-current Liabilities Due Within One Year - Long-term Borrowings Due Within One Year | 1,670,136 | 3,483,738 | -52.06% | | Notes Payable | 3,864,647 | 4,018,444 | -3.83% | | Accounts Payable | 14,057,357 | 14,428,125 | -2.57% | Solvency Analysis | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 0.58 | 0.55 | 0.03 | | Quick Ratio | 0.49 | 0.47 | 0.02 | | Asset-Liability Ratio | 90.67% | 90.63% | 0.04% | - The company's current ratio is less than 1, indicating short-term debt repayment pressure, which will be addressed by strengthening the joint credit committee's operations, improving profitability, and accelerating asset revitalization[59](index=59&type=chunk) - The company's asset-liability ratio remained largely stable, as it continued to promote debt resolution efforts, including subsidiary debt settlements and disposal of loss-making subsidiary equity, to alleviate its debt burden[60](index=60&type=chunk) Asset Turnover Analysis | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Accounts Receivable Turnover Days | 28.63 | 20.03 | 8.60 | | Inventory Turnover Days | 52.30 | 49.22 | 3.08 | | Notes Payable Turnover Days | 35.03 | 37.46 | -2.43 | | Accounts Payable Turnover Days | 126.57 | 128.19 | -1.62 | - The increase in accounts receivable turnover days is mainly due to an increase in the balance of subsidy receivables; the increase in inventory turnover days is due to appropriate stocking for the peak air conditioner season; the acceleration of accounts payable turnover is due to the company's continuous promotion of debt resolution[60](index=60&type=chunk) [Major Overseas Assets](index=18&type=section&id=3.5.2%20%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[61](index=61&type=chunk) [Assets and Liabilities Measured at Fair Value](index=19&type=section&id=3.5.3%20%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) At the end of the reporting period, financial assets measured at fair value totaled RMB 16.624 billion, including RMB 15.365 billion in trading financial assets, RMB 551 million in other equity instrument investments, and RMB 708 million in other non-current financial assets, with a fair value change gain of RMB 145 million for the period Assets and Liabilities Measured at Fair Value (Unit: Thousand Yuan) | Item | Opening Balance | Fair Value Change Gains/Losses for the Period | Accumulated Fair Value Changes Included in Equity | Amount Purchased During the Period | Amount Sold During the Period | Closing Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | | | 1. Trading Financial Assets | 15,398,796 | 122,986 | -191,735 | 160,000 | -125,171 | 15,364,876 | | 4. Other Equity Instrument Investments | 2,197,797 | / | 215,112 | / | -1,861,475 | 551,434 | | 5. Other Non-current Financial Assets | 687,841 | 21,943 | / | 4,100 | -5,750 | 708,134 | | **Financial Assets Subtotal** | **18,284,434** | **144,929** | **23,377** | **164,100** | **-1,992,396** | **16,624,444** | - No significant changes in the measurement attributes of the company's major assets occurred during the reporting period[63](index=63&type=chunk) [Restricted Asset Rights as of the End of the Reporting Period](index=20&type=section&id=3.5.4%20%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 June 30, 2025, the company's restricted assets totaled RMB 49.281 billion, primarily comprising trading financial assets, investment properties, fixed assets, monetary funds, long-term equity investments, intangible assets, Suning Department Store equity pledge, and inventories, restricted due to pledges, mortgages, and judicial seizures Company Asset Mortgages, Pledges, and Other Restricted Use Arrangements as of June 30, 2025 (Unit: Thousand Yuan) | No. | Restricted Asset | Value of Restricted Assets | Reason for Restriction | | :--- | :--- | :--- | :--- | | 1 | Trading Financial Assets | 12,169,842 | Borrowing pledge, supplier payment pledge | | 2 | Investment Properties | 8,272,021 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | 3 | Fixed Assets | 8,970,923 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | 4 | Monetary Funds | 9,655,129 | Bank acceptance bill margin, letter of guarantee margin, other margins, borrowing pledge, litigation freeze | | 5 | Long-term Equity Investments | 4,142,605 | Pledge guarantee for short-term borrowings and payables | | 6 | Intangible Assets | 3,253,345 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | 7 | Suning Department Store Equity Pledge | 2,700,000 | Borrowing pledge | | 8 | Inventories | 117,395 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | **Total** | | **49,281,260** | | - Fixed assets, investment properties, intangible assets, and inventories subject to litigation seizure are mainly properties held by Carrefour and some non-core operating assets of the company, which will not significantly impact daily operations[65](index=65&type=chunk) [Investment Analysis](index=20&type=section&id=3.6%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investments totaled RMB 467 million, a 1359.38% increase, primarily for paid-in capital of 9 subsidiaries. No significant equity or non-equity investments occurred. Securities investments, mainly in China Unicom, E-House Enterprise Holdings, and LAOX stocks, had a book value of RMB 775 million at period-end. No derivative investments or raised capital utilization [Overall Situation](index=20&type=section&id=3.6.1%20%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company's investments totaled RMB 467 million, a 1359.38% increase, primarily for paid-in capital of 9 subsidiaries to meet new Company Law requirements Investment Amount for the Reporting Period (Unit: 100 Million Yuan) | Investment Amount for the Reporting Period | Investment Amount for the Prior Period | Change Rate | | :--- | :--- | :--- | | 4.67 | 0.32 | 1359.38% | - The significant increase in investment is mainly to meet the requirements of the new "Company Law" by contributing paid-in capital to 9 subsidiaries through debt-to-equity swaps and cash contributions[66](index=66&type=chunk) [Significant Equity Investments Acquired During the Reporting Period](index=20&type=section&id=3.6.2%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period[67](index=67&type=chunk) [Significant Non-Equity Investments Underway During the Reporting Period](index=21&type=section&id=3.6.3%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant non-equity investments underway during the reporting period - The company had no significant non-equity investments underway during the reporting period[67](index=67&type=chunk) [Financial Asset Investments](index=21&type=section&id=3.6.4%20%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E6%8A%95%E8%B5%84) At the end of the reporting period, the company's securities investments had a total book value of RMB 775 million, primarily comprising China Unicom, E-House Enterprise Holdings, and LAOX stocks, with China Unicom at RMB 549 million and LAOX at RMB 223 million. No derivative investments were made Securities Investment Status (Unit: Thousand Yuan) | Security Type | Security Code | Security Name | Opening Book Value | Amount Sold During the Period | Gains/Losses for the Reporting Period | Closing Book Value | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | 600050.SH | China Unicom | 2,194,897 | -1,861,475 | 6,380 | 548,533 | | Domestic and Overseas Stocks | 2048.HK | E-House Enterprise Holdings | 2,900 | / | / | 2,901 | | Domestic and Overseas Stocks | 8202.T | LAOX | 232,516 | / | -28,961 | 223,236 | | **Total** | | | **2,430,313** | **-1,861,475** | **-22,581** | **774,670** | - The company had no derivative investments during the reporting period[70](index=70&type=chunk) [Use of Raised Funds](index=22&type=section&id=3.6.5%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company did not use any raised funds during the reporting period - The company had no use of raised funds during the reporting period[71](index=71&type=chunk) [Significant Asset and Equity Disposals](index=22&type=section&id=3.7%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not dispose of any significant assets but sold equity in four subsidiaries, including Shanghai Ningbo Carrefour Co., Ltd., which collectively increased net profit by approximately RMB 595 million, reducing debt burden and improving operational performance and risk management [Disposal of Significant Assets](index=22&type=section&id=3.7.1%20%E5%87%BA%E5%94%AE%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company did not dispose of any significant assets during the reporting period - The company did not dispose of any significant assets during the reporting period[72](index=72&type=chunk) [Disposal of Significant Equity](index=22&type=section&id=3.7.2%20%E5%87%BA%E5%94%AE%E9%87%8D%E5%A4%A7%E8%82%A1%E6%9D%83%E6%83%85%E5%86%B5) The company sold equity in four subsidiaries: Shanghai Ningbo Carrefour Co., Ltd., Hangzhou Carrefour Supermarket Co., Ltd., Zhuzhou Carrefour Commercial Co., Ltd., and Shenyang Carrefour Commercial Co., Ltd., which collectively increased net profit by approximately RMB 595 million, reducing debt burden and improving operational performance and risk management - The company sold equity in Shanghai Ningbo Carrefour Co., Ltd., Hangzhou Carrefour Supermarket Co., Ltd., Zhuzhou Carrefour Commercial Co., Ltd., and Shenyang Carrefour Commercial Co., Ltd.[74](index=74&type=chunk) - These transactions collectively increased the listed company's net profit by approximately **RMB 595 million**, helping to alleviate the listed company's debt burden, improve its operating performance, and reduce business and management risks[74](index=74&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=3.8%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries and associates include Beijing Suning.com Sales Co., Ltd., Sichuan Suning.com Sales Co., Ltd., Carrefour China, and Jiangsu Suning Bank Co., Ltd. Carrefour China reported a net profit of RMB 1.08 billion, primarily due to debt restructuring and business reorganization, while Wuhu Suning.com Procurement Center Co., Ltd.'s net profit was affected by credit impairment losses from subsidiary disposals Major Holding and Participating Companies (Unit: Thousand Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Suning.com Sales Co., Ltd. | Subsidiary | Retail business | 597,507 | 2,741,613 | 1,302,041 | 1,483,577 | 88,708 | 60,072 | | Sichuan Suning.com Sales Co., Ltd. | Subsidiary | Retail business | 359,142 | 2,066,113 | 724,805 | 802,434 | 122,740 | 100,091 | | Carrefour China | Subsidiary | Retail business | 1,153,437 | 6,762,751 | -15,430,941 | 258,585 | 1,075,944 | 1,079,791 | | Jiangsu Suning Bank Co., Ltd. | Associate | Financial business | 4,000,000 | 143,607,776 | 8,077,394 | 2,936,218 | 501,084 | 418,951 | | LAOX HOLDINGS Co., Ltd. | Associate | Retail business | 84,669 | 1,929,518 | 1,060,619 | 1,199,236 | -61,670 | -69,169 | | Suning Shenzhen Capital-Cloud Enjoy Warehousing Logistics Facilities Phase II Fund | Associate | Investment business | / | 2,132,856 | 1,065,512 | 89,109 | 12,780 | 16,565 | | Shanghai Xingtou Financial Services Group Co., Ltd. | Associate | Financial business | 1,356,349 | 19,679,387 | 15,765,760 | 1,165,202 | 64,969 | 20,371 | | Zhuhai Puhang Equity Investment Fund Partnership (Limited Partnership) | Associate | Investment business | 3,292,364 | 3,752,684 | 2,582,773 | 172,215 | -45,225 | -47,657 | - Carrefour China reported a net profit of **RMB 1.08 billion**, primarily due to debt restructuring gains from debt settlement agreements with 18 subsidiaries, including Dongguan Sufou Commercial Co., Ltd., and investment gains from business reorganization and subsidiary disposals[78](index=78&type=chunk) - Wuhu Suning.com Procurement Center Co., Ltd.'s net profit was affected by credit impairment losses from subsidiary disposals during the reporting period[78](index=78&type=chunk) - During the reporting period, the company acquired and disposed of subsidiaries through new establishments, deregistrations, and sales; specific details can be found in Note VII "Changes in Consolidation Scope" of the financial report[79](index=79&type=chunk) [Structured Entities Controlled by the Company](index=25&type=section&id=3.9%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[80](index=80&type=chunk) [Risks Faced by the Company and Countermeasures](index=25&type=section&id=3.10%20%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 industry challenges, intense market competition, liquidity shortages, and exchange rate fluctuations; countermeasures include leveraging consumption policies, strengthening supplier cooperation, enhancing services, optimizing operations, accelerating asset revitalization, pursuing legal actions, and improving asset management - Industry development still faces challenges and pressures, including slowing incentive effects from "trade-in" policies, fluctuating consumer expectations, and intense market competition[80](index=80&type=chunk) - The retail industry faces fierce competition, with new formats and channels diverting sales, persistent internet low-price competition, and the effectiveness of enterprise strategic upgrades and optimizations requiring time to materialize[81](index=81&type=chunk) - The company's liquidity shortage remains prominent, with significant pressure on accounts payable, requiring continuous capital investment for supply chain recovery, store optimization and upgrades, expansion into lower-tier markets, and service experience enhancement[83](index=83&type=chunk) - Exchange rate fluctuations bring risks of fair value volatility and exchange gains/losses for the company's overseas financial assets[83](index=83&type=chunk) - The company's stock is subject to other risk warning situations, reminding investors to be aware of investment risks[84](index=84&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=3.11%20%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) The company has not established a market value management system nor disclosed a valuation enhancement plan - The company has not established a market value management system[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=26&type=section&id=3.12%20%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) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[87](index=87&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=27&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 the company's governance structure, profit distribution, employee incentive plans, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=4.1%20%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) There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period; specific details can be found in the 2024 annual report[89](index=89&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=27&type=section&id=4.2%20%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 cash dividends, bonus shares, or capital reserve conversions to share capital 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[90](index=90&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=4.3%20%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) The company had no equity incentive plans but implemented second and third employee stock ownership plans, with the fifth and sixth plans' shares to be handled according to rules due to unmet performance targets; some plan participants disposed of shares during the period - The company had no equity incentive plans during the reporting period[91](index=91&type=chunk) All Effective Employee Stock Ownership Plans During the Reporting Period | Employee Stock Ownership Plan Name | Scope of Employees | Number of Employees at End of Period (persons) | Total Shares Held at End of Period (shares) | Proportion of Total Share Capital of Listed Company at End of Period | | :--- | :--- | :--- | :--- | :--- | | Suning.com Group Co., Ltd. - Second Employee Stock Ownership Plan | Company directors, supervisors, and senior management; middle and senior personnel in online/offline operations, supply chain, logistics; technical development backbone; middle and senior personnel in functional management; and other employees recognized for special contributions | 523 | 62,402,472 | 0.67% | | Suning.com Group Co., Ltd. - Third Employee Stock Ownership Plan | Company directors, senior management, middle and senior personnel and business backbone in retail, logistics, finance; core technical personnel in technical development; middle and senior personnel in functional management; and other employees deemed to have a direct impact on company performance and future development | 167 | 7,230,716 | 0.08% | - During the reporting period, participants in the employee stock ownership plans disposed of some shares, resulting in a reduction of **116,607 shares** for the second employee stock ownership plan and **49,000 shares** for the third employee stock ownership plan[94](index=94&type=chunk) - For the fifth employee stock ownership plan, due to the company's failure to meet performance assessment targets, the proceeds from the sale of all underlying shares after the lock-up period will belong to the company[97](index=97&type=chunk) - For the sixth employee stock ownership plan, due to unmet performance targets, after the repurchased shares are sold, the contributions will be returned to the holders at the lower of the contribution amount or the net value[98](index=98&type=chunk) [Environmental Information Disclosure](index=31&type=section&id=4.4%20%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 major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[100](index=100&type=chunk) [Social Responsibility](index=31&type=section&id=4.5%20%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) Suning.com actively fulfills social responsibilities in corporate governance, supply chain, circular economy, environmental protection, community, and employee development, strengthening party building, optimizing governance, enhancing supply chain services, promoting "trade-in" policies, green operations, and talent development - The company firmly implements its retail service provider development strategy, continuously strengthening Party building leadership, optimizing governance, focusing on risk control and compliance, integrity in operations, intellectual property, and investor relations, thereby fulfilling its governance responsibilities[100](index=100&type=chunk) - The company adheres to the philosophy that "service is Suning's only product," continuously building differentiated service advantages, strengthening retail channels, optimizing scenario experiences, improving service quality, and building core full-process supply chain service capabilities[100](index=100&type=chunk) - The company actively responds to the 2025 national "trade-in" policy, promoting green and energy-efficient products through both online and offline channels to meet consumers' demand for low-carbon, green, smart, and fashionable home appliance consumption upgrades[101](index=101&type=chunk) - Suning Logistics adopts "focusing on ecological civilization, concentrating on green development" as its core strategic direction, exploring and practicing green solutions covering warehousing, transportation, and last-mile delivery, and was selected as a "Green and Low-Carbon Typical Case for Warehousing and Distribution"[102](index=102&type=chunk) - The company deeply cultivates the field of barrier-free services, earning the title of "Practicing Unit for High-Quality Development of Internet Aging-Friendly and Accessibility Construction"; it continuously implements talent engineering, safeguards employee rights, provides a comfortable working environment, organizes diverse employee activities, and innovates AI applications to care for employees[103](index=103&type=chunk)[104](index=104&type=chunk) Part V [Significant Matters](index=33&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 the fulfillment of commitments by related parties, absence of non-operating fund occupation, significant litigation, related party transactions, and other important events [Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Unfulfilled Commitments as of the End of the Reporting Period](index=33&type=section&id=5.1%20%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) During the reporting period, former non-circulating shareholders, Mr. Zhang Jindong, Suning Appliance Group Co., Ltd., Ms. Chen Jinfeng, and Ms. Zhao Bei fulfilled their share reduction and non-compete commitments, with no overdue unfulfilled commitments - During the reporting period, the company's former non-circulating shareholders fulfilled their share reduction commitments[108](index=108&type=chunk) - Mr. Zhang Jindong, Suning Appliance Group Co., Ltd., Ms. Chen Jinfeng, and Ms. Zhao Bei fulfilled their non-compete commitments[108](index=108&type=chunk) - All committed parties fulfilled their commitments on time, with no overdue unfulfilled matters[108](index=108&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=33&type=section&id=5.2%20%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) The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[109](index=109&type=chunk) [Irregular External Guarantees](index=34&type=section&id=5.3%20%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[110](index=110&type=chunk) [Appointment and Dismissal of Accounting Firms](index=34&type=section&id=5.4%20%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 report was not audited - The company's semi-annual report was unaudited[111](index=111&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period](index=34&type=section&id=5.5%20%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) The company reported no "non-standard audit report" issued by the accounting firm for the current period - The company had no "non-standard audit report" issued by the accounting firm for the current period[112](index=112&type=chunk) [Board of Directors' Explanation on Matters Related to "Non-Standard Audit Report" for the Prior Year](index=34&type=section&id=5.6%20%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) The Board continues to address prior year's non-standard audit report concerns by focusing on revenue growth, cost reduction, efficiency improvement, asset revitalization, and debt reduction; H1 revenue reached RMB 25.895 billion, with net profit attributable to shareholders at RMB 48.693 million, alongside ongoing debt resolution and disposal of loss-making subsidiaries - The company continues to resolve issues through development, firmly focusing on increasing revenue, reducing costs, and improving efficiency, vigorously advancing various operational tasks to enhance its profitability and improve its financial condition[112](index=112&type=chunk) - The company seized the opportunity of the "trade-in" national subsidy policy, strengthened channel construction, and improved store image and shopping experience, achieving sales scale growth[113](index=113&type=chunk) - In the first half of the year, the company achieved operating revenue of **RMB 25.895 billion**, a **0.44%** increase year-on-year, with net profit attributable to shareholders of **RMB 48.693 million**[113](index=113&type=chunk) - With the support of provincial and municipal governments, the company's joint credit committee continued to operate stably, maintaining existing credit lines, strengthening cooperation with financial institutions to seek incremental financing, and accelerating asset revitalization and recovery of external investments[113](index=113&type=chunk)[114](index=114&type=chunk) - The company continued to promote the streamlining of non-core business units and resolve outstanding payables to suppliers and partners; as of June 30, 2025, the ending balance of accounts payable and commercial acceptance bills decreased by **RMB 1.145 billion** compared to the beginning of the period[114](index=114&type=chunk) [Bankruptcy Reorganization Matters](index=35&type=section&id=5.7%20%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not undergo bankruptcy reorganization, but four subsidiaries (Guangzhou Jiaguang Supermarket Co., Ltd., Dongguan Carrefour Commercial Co., Ltd., Chengdu Carrefour Supermarket Co., Ltd., and Hefei Yuejia Commercial Co., Ltd.) were declared bankrupt and transferred to administrators, ceasing to be consolidated, collectively reducing net profit attributable to shareholders by RMB 483 million - The company had no bankruptcy reorganization matters during the reporting period[115](index=115&type=chunk) - Guangzhou Jiaguang Supermarket Co., Ltd., Dongguan Carrefour Commercial Co., Ltd., and Chengdu Carrefour Supermarket Co., Ltd. were applied for bankruptcy by creditors and have been transferred to bankruptcy administrators, resulting in the company losing control and no longer consolidating them, collectively reducing net profit attributable to shareholders by **RMB 173 million**[115](index=115&type=chunk) - Hefei Yuejia Commercial Co., Ltd. was applied for bankruptcy by creditors, accepted by the court, and a bankruptcy administrator was appointed, resulting in the company losing control and no longer consolidating it, reducing net profit attributable to shareholders by **RMB 310 million**[115](index=115&type=chunk) [Litigation Matters](index=36&type=section&id=5.8%20%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) A tort liability dispute with Yunnan International Trust was withdrawn with no impact on profit/loss, and an arbitration with Wanda Group and Wanda Commercial Management regarding a strategic cooperation agreement was resolved without significant impact on daily operations; additionally, new lawsuits/arbitrations as plaintiff/applicant totaled RMB 725 million, and as defendant/respondent totaled RMB 1.324 billion, mainly for contract disputes and Carrefour subsidiary cases - The case involving the defendant Luo Jing and her controlled companies, Zhongcheng Company and Kangan Company, defrauding Yunnan International Trust of financing funds, was withdrawn by the plaintiff, with no impact on the company's profit or loss[118](index=118&type=chunk) - The arbitration between the company and Wanda Group and Wanda Commercial Management regarding the strategic cooperation agreement has been ruled, which will not have a significant impact on the company's daily operations[118](index=118&type=chunk) - From January to June 2025, the company and its controlled subsidiaries initiated new lawsuits and arbitrations totaling approximately **RMB 725 million**, primarily involving contract disputes[120](index=120&type=chunk) - From January to June 2025, the company and its controlled subsidiaries were involved in new lawsuits and arbitrations as defendants/respondents totaling approximately **RMB 1.324 billion**, with an estimated liability of **RMB 923 million**, mainly for contract disputes and Carrefour subsidiary cases[124](index=124&type=chunk) [Penalties and Rectification](index=37&type=section&id=5.9%20%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company reported no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[122](index=122&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=37&type=section&id=5.10%20%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) The company has no controlling shareholder or actual controller; its shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., maintains good integrity, with no unfulfilled legal obligations or large overdue debts - The company has no controlling shareholder or actual controller[123](index=123&type=chunk) - The company's shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., maintains good integrity, with no unfulfilled obligations determined by effective court legal documents or large overdue debts[123](index=123&type=chunk) [Significant Related Party Transactions](index=38&type=section&id=5.11%20%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in various daily related party transactions, including commercial plaza operations, property services, store leases, third-party payment services, IT services, goods procurement, and promotion services, with significant transactions involving Alibaba Group. No related party transactions for asset/equity acquisition/disposal, joint external investment, non-operating related party receivables/payables, or financial company-related transactions occurred. Trademark licensing agreements with Suning Appliance Group and Suning Holdings Group are in place, with 2025 fees pending [Related Party Transactions Related to Daily Operations](index=38&type=section&id=5.11.1%20%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) The company engaged in various daily related party transactions with Suning Real Estate Group, Shanghai Xingtou Financial Services Group, Alibaba Group, and LAOX HOLDINGS Co., Ltd., including commercial plaza operations, property services, store leases, third-party payment, factoring, IT services, goods procurement, promotion, and logistics, all priced at market rates and within approved limits Related Party Transactions Related to Daily Operations (Unit: 10,000 Yuan) | Related Party | Related Transaction Type | Related Transaction Content | Related Transaction Amount (10,000 Yuan) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Suning Real Estate Group Co., Ltd. | Acceptance of services from related parties | Providing commercial plaza operation services | 525.97 | 0.19% | | Suning Real Estate Group Co., Ltd. | Acceptance of services from related parties | Providing property services | 4,257.85 | 1.54% | | Suning Real Estate Group Co., Ltd. | Listed company leases assets | Store leasing | 2,213.55 | 0.80% | | Shanghai Xingtou Financial Services Group Co., Ltd. | Acceptance of services from related parties | Company extended warranty business entrusted to Xingtou Financial subsidiary for operation | 2,573.72 | 0.93% | | Shanghai Xingtou Financial Services Group Co., Ltd. | Acceptance of services from related parties | Providing third-party payment services | 3,747.23 | 1.35% | | Shanghai Xingtou Financial Services Group Co., Ltd. | Acceptance of services from related parties | Providing factoring financing services | Accounts receivable factoring balance **RMB 2.071 billion**, H1 financing interest **RMB 64.1919 million** | 77.02% | | Alibaba Group | Acceptance of services from related parties | Suning.com Tmall flagship store related business | 38,363.26 | 13.84% | | Alibaba Group | Services provided to related parties | Logistics business cooperation | 2,269.30 | 0.82% | | 25 subsidiaries of Suning Appliance Group | Property Lease | | 21,251.41 | 86.43% | [Related Party Transactions for Asset or Equity Acquisition/Disposal](index=44&type=section&id=5.11.2%20%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) The company did not engage in any related party transactions involving asset or equity acquisition/disposal during the reporting period - The company had no related party transactions for asset or equity acquisition/disposal during the reporting period[136](index=136&type=chunk) [Related Party Transactions for Joint External Investment](index=44&type=section&id=5.11.3%20%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) The company did not engage in any related party transactions involving joint external investment during the reporting period - The company had no related party transactions for joint external investment during the reporting period[137](index=137&type=chunk) [Related Party Receivables and Payables](index=44&type=section&id=5.11.4%20%E5%85%B3%E8%81%94%E5%80%BA%E6%9D%83%E5%80%BA%E5%8A%A1%E5%BE%80%E6%9D%A5) The company had no non-operating related party receivables or payables during the reporting period - The company had no non-operating related party receivables or payables during the reporting period[138](index=138&type=chunk) [Dealings with Related Financial Companies](index=44&type=section&id=5.11.5%20%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) The company had no deposits, loans, credit lines, or other financial business with related financial companies - The company had no deposits, loans, credit lines, or other financial business with related financial companies[139](index=139&type=chunk) [Dealings Between Company-Controlled Financial Companies and Related Parties](index=44&type=section&id=5.11.6%20%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) The company's controlled financial companies had no deposits, loans, credit lines, or other financial business with related parties - The company's controlled financial companies had no deposits, loans, credit lines, or other financial business with related parties[140](index=140&type=chunk) [Other Significant Related Party Transactions](index=44&type=section&id=5.11.7%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company has trademark licensing agreements with Suning Appliance Group and Suning Holdings Group for the "Suning" series trademarks, with the 2025 annual license fees yet to be paid - The company licenses the "SUNING" series registered trademarks and the "Suning" and "NS" combined series registered trademarks to Suning Appliance Group and its subsidiaries[141](index=141&type=chunk) - The company licenses the "Suning" and "SUNING" series trademarks to Suning Appliance Group and its direct or indirect subsidiaries with over **20%** shareholding[142](index=142&type=chunk) - The company agrees that Suning Holdings Group and its subsidiaries may use trademarks containing "Suning" globally within the company's non-core business scope[143](index=143&type=chunk) - Suning Appliance Group and Suning Holdings Group have not yet paid the 2025 annual trademark license fees[143](index=143&type=chunk) [Significant Contracts and Their Performance](index=45&type=section&id=5.12%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no significant asset leases beyond normal operating leases. It provided significant guarantees totaling 44.90% of its net assets for related parties and subsidiaries, including Shanghai Xingtou Financial Services Group and Nanjing Suning Department Store Co., Ltd. The company also had entrusted wealth management with an outstanding balance of RMB 335 million, with no overdue amounts. Subsidiaries provided RMB 14.573 billion in actual used guarantees to the parent company [Custody, Contracting, and Leasing Matters](index=45&type=section&id=5.12.1%20%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) The company had no custody or contracting arrangements during the reporting period, nor any significant asset leases beyond normal operating leases, or any leasing projects contributing over 10% of total profit - The company had no custody arrangements during the reporting period[144](index=144&type=chunk) - The company had no contracting arrangements during the reporting period[144](index=144&type=chunk) - During the reporting period, the company had no significant asset leasing matters, either occurring in the current period or continuing from prior periods, other than normal leasing of properties for opening stores, offices, and logistics warehousing operations, and providing properties for external operations[145](index=145&type=chunk) - The company h

精华制药集团股份有限公司 2025 年半年度报告全文 精华制药集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 精华制药集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人尹红宇、主管会计工作负责人成剑及会计机构负责人(会计主 管人员)赵丽声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展计划等前瞻性陈述属于计划性事项，不构成公 司对投资者的实质性承诺，敬请投资者注意投资风险。 可能存在原材料采购、销售价格下降、产品质量、安全环保等风险，有 关风险因素内容与对策举措已在本报告中第三节"管理层讨论与分析"第十 部分公司面临的风险和应对措施部分予以描述。敬请广大投资者注意投资风 险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | . | 4 | | --- | --- | | . | | | 第一节 | 重要提示、目录 ...

Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notices, a detailed table of contents, and definitions of key terms used throughout the report, ensuring clarity and completeness [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - Company head Tong Yongsheng, chief accountant Wang Tao, and head of accounting department Luo Ying declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data, with starting page numbers Report Chapter Directory | Chapter | Title | Starting Page | | :--- | :--- | :--- | | Section I | Important Notice, Table of Contents, and Definitions | 2 | | Section II | Company Profile and Key Financial Indicators | 7 | | Section III | Management Discussion and Analysis | 10 | | Section IV | Corporate Governance, Environment and Society | 37 | | Section V | Significant Events | 45 | | Section VI | Changes in Shares and Shareholder Information | 56 | | Section VII | Bond-Related Information | 61 | | Section VIII | Financial Report | 62 | | Section IX | Other Submitted Data | 228 | [Reference Documents Directory](index=4&type=section&id=Reference%20Documents%20Directory) The company's reference documents include signed and sealed financial statements, the company's financial reports, all company documents and original announcements disclosed on Juchao Information Network, and the chairman's signed original semi-annual report, all kept at the company's headquarters secretary's office - Reference documents include signed and sealed financial statements, company-issued financial reports, original documents and announcements disclosed on Juchao Information Network, and the chairman's signed original semi-annual report[8](index=8&type=chunk) - These reference documents are kept at the company's headquarters Board Secretary's Office[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, including the company name, major wholly-owned and controlled subsidiaries (e.g., Zhuzhou Megmeet, Hunan Weilang, Yihe Sanitary Ware), and important financial and legal concepts (e.g., reporting period, exchange, company law), clarifying the referential relationships of various entities Partial Definitions | Term | Definition | | :--- | :--- | | Company, the Company, Megmeet | Shenzhen Megmeet Electrical Co., Ltd | | Zhuzhou Electrical | Zhuzhou Megmeet Electrical Co., Ltd., a wholly-owned subsidiary of the Company | | Reporting Period, This Reporting Period, This Period | January 1, 2025 to June 30, 2025 | | Prior Period, Same Period Last Year | January 1, 2024 to June 30, 2024 | Part II [Company Profile and Key Financial Indicators](index=7&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, including its stock details, legal representative, and key financial performance indicators for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) The company's stock ticker is "Megmeet" (stock code 002851), listed on the Shenzhen Stock Exchange, with Tong Yongsheng as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Megmeet | | Stock Code | 002851 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Megmeet Electrical Co., Ltd | | Legal Representative | Tong Yongsheng | - During the reporting period, there were no changes in the company's contact information, information disclosure, or document storage locations[16](index=16&type=chunk)[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's operating revenue increased by 16.52% to **4.67 billion yuan** in the current reporting period, but net profit attributable to shareholders decreased by 44.82% to **174 million yuan**, with non-recurring net profit down 49.97% Key Accounting Data and Financial Indicators (Current Reporting Period vs. Same Period Last Year) | Indicator | Current Reporting Period (yuan) | Same Period Last Year (Adjusted, yuan) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,673,733,754.96 | 4,011,199,616.98 | 16.52% | | Net Profit Attributable to Shareholders of the Listed Company | 173,590,606.69 | 314,584,753.01 | -44.82% | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-recurring Gains and Losses | 140,918,936.94 | 281,655,934.63 | -49.97% | | Net Cash Flow from Operating Activities | 192,100,900.06 | 66,158,591.76 | 190.36% | | Basic Earnings Per Share (yuan/share) | 0.3199 | 0.6314 | -49.33% | | Diluted Earnings Per Share (yuan/share) | 0.3152 | 0.5975 | -47.25% | | Weighted Average Return on Net Assets | 2.85% | 6.92% | -4.07% | | Total Assets (End of Period, yuan) | 12,412,907,198.01 | 11,985,590,774.79 | 3.57% | | Net Assets Attributable to Shareholders of the Listed Company (End of Period, yuan) | 6,219,767,827.57 | 6,014,447,654.28 | 3.41% | - Accounting policy change: The Ministry of Finance's "Compilation of Application Guidelines for Enterprise Accounting Standards 2024" and "Interpretation No. 18 of Enterprise Accounting Standards" clarify that warranty expenses should be included in operating costs, and the company has retrospectively adjusted this since December 6, 2024[19](index=19&type=chunk) [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[21](index=21&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards[22](index=22&type=chunk) [VI. Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the current reporting period amounted to **32.67 million yuan**, primarily comprising government subsidies, fair value changes and disposal gains/losses of financial assets, and disposal gains/losses of non-current assets Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -518,136.36 | Asset disposal gains and losses | | Government subsidies included in current profit and loss | 16,590,680.64 | Government subsidies | | Gains and losses from changes in fair value and disposal of financial assets and liabilities held by non-financial enterprises | 24,116,738.74 | Gains and losses from changes in fair value of trading financial assets, other non-current financial assets, and investment income from disposal of trading financial assets | | Other non-operating income and expenses apart from the above | -3,457,826.34 | | | Other profit and loss items that meet the definition of non-recurring gains and losses | 1,157,842.49 | | | Less: Income tax impact | 5,074,295.48 | | | Impact on minority interests (after tax) | 143,333.94 | | | Total | 32,671,669.75 | | - Other profit and loss items that meet the definition of non-recurring gains and losses primarily relate to individual income tax handling fee refunds[24](index=24&type=chunk) Part III [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's business operations, core competitiveness, financial performance, investment activities, and risk management strategies during the reporting period [I. Main Business Activities of the Company During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20of%20the%20Company%20During%20the%20Reporting%20Period) The company, an electrical automation firm based on power electronics and related control technologies, focuses on power conversion, automation control, and applications, achieving steady revenue growth despite market challenges - The company is based on power electronics and related control technologies, focusing on power conversion, automation control, and applications[44](index=44&type=chunk) - The company's products primarily include smart home appliance electronic controls, power supply products, new energy and rail transit components, industrial automation, smart equipment, and precision connectors[46](index=46&type=chunk) 2025 H1 Company Overall Financial Performance | Indicator | Amount (billion yuan) | Year-on-year Change | | :--- | :--- | :--- | | Operating Revenue | 4.67 | +16.52% | | Operating Profit | 0.215 | -34.83% | | Net Profit Attributable to Shareholders of the Listed Company | 0.174 | -44.82% | - In the first half of 2025, the company's R&D expenses were **514 million yuan**, a year-on-year increase of 15.24%, accounting for **11.00% of sales revenue**[50](index=50&type=chunk) - In the first half of 2025, the company achieved direct overseas revenue of **1.522 billion yuan**, a year-on-year increase of 9.21%, accounting for **32.57% of total sales revenue**; total overseas revenue (direct + indirect) accounted for over **40%**[52](index=52&type=chunk) [(I) Industry Overview](index=10&type=section&id=(I)%20Industry%20Overview) The company operates in the electrical automation industry, with diverse downstream applications, experiencing growth in smart home appliances, power products (especially AI server power), new energy vehicles, industrial automation, smart equipment, and precision connectors - Smart home appliance market: Global market size is expected to reach **$68.7 billion in 2025** (9.8% year-on-year growth), with China's home appliance retail sales reaching **453.7 billion yuan** in H1 2025 (9.2% year-on-year growth)[27](index=27&type=chunk) - Power product market: Domestic market size approximately **385.3 billion yuan in 2024** (8% year-on-year growth), expected to exceed **540 billion yuan in 2025**. Global AI server power market is projected to grow from **$2.846 billion in 2024** to **$60.81 billion by 2031** (45.00% CAGR from 2025-2031)[30](index=30&type=chunk)[31](index=31&type=chunk) - New energy vehicles and rail transit: In January-June 2025, new energy vehicle production and sales reached **6.968 million units** and **6.937 million units** respectively, up 41.4% and 40.3% year-on-year, with market penetration reaching **44.3%**. Exports reached **1.06 million units**, a surge of 75.2% year-on-year[33](index=33&type=chunk)[35](index=35&type=chunk) - Industrial automation: Market size reached **196.8 billion yuan** in H1 2025 (16.2% year-on-year growth). SCARA robot localization rate increased to **62%**, collaborative robots to **58%**, and core controller localization rate exceeded **40%** for the first time[37](index=37&type=chunk) - Smart equipment industry: Industry scale further climbed to **2.1 trillion yuan** in H1 2025 (18.5% year-on-year growth)[40](index=40&type=chunk) - Precision connection market: Global market size will reach **$112.4 billion in 2025**, with China's market size reaching **231.2 billion yuan**[42](index=42&type=chunk) [(II) Company's Main Business and Product Overview](index=13&type=section&id=(II)%20Company%27s%20Main%20Business%20and%20Product%20Overview) The company, centered on power electronics and control technologies, has developed platforms for power conversion hardware, digital power control, and automation software, expanding into mechatronics and thermal management integration, with no significant changes in business or product uses during the reporting period - The company has built power conversion hardware technology platforms, digital power control technology platforms, and automation control and communication software platforms, expanding into mechatronics and thermal management integration[45](index=45&type=chunk) - Main products include smart home appliance electronic control products (e.g., inverter home appliance power controllers, smart sanitary ware), power supply products (e.g., medical power supplies, communication and server power supplies), new energy and rail transit components (e.g., PEU, MCU, OBC), industrial automation (e.g., servo and inverter drives, PLC), smart equipment (e.g., digital welding machines, industrial microwave equipment), and precision connectors (e.g., shaped electromagnetic wires, FFC)[46](index=46&type=chunk) - During the reporting period, there were no significant changes in the company's main business activities, main products, or their uses[47](index=47&type=chunk) [(III) Overall Business Overview of the Company During the Reporting Period](index=14&type=section&id=(III)%20Overall%20Business%20Overview%20of%20the%20Company%20During%20the%20Reporting%20Period) Despite a challenging domestic economic environment, the company achieved a 16.52% increase in operating revenue in H1 2025, but net profit declined by 44.82% due to cost pressures and underperforming inverter home appliance business, while maintaining high R&D investment and expanding global presence 2025 H1 Company Overall Financial Performance | Indicator | Amount (billion yuan) | Year-on-year Change | | :--- | :--- | :--- | | Operating Revenue | 4.67 | +16.52% | | Operating Profit | 0.215 | -34.83% | | Net Profit Attributable to Shareholders of the Listed Company | 0.174 | -44.82% | - The company faces unfavorable conditions such as weaker-than-expected consumption recovery, real estate drag, increased global trade friction, and intensified industry competition, leading to damage to operating gross profit margin and profit margin[49](index=49&type=chunk) - In the first half of 2025, the company's R&D expenses were **514 million yuan**, a year-on-year increase of 15.24%, accounting for **11.00% of sales revenue**[50](index=50&type=chunk) - New business expansion is progressing smoothly, including data center general and AI server power supplies, home energy products, office automation equipment power supplies, PC equipment power supplies, new energy vehicle thermal management components, and vehicle-mounted oxygen concentrators[50](index=50&type=chunk) - The company will focus on four key areas: data center server power supplies, new energy vehicles, solar storage and charging, and smart home appliances, accelerating technological iteration[51](index=51&type=chunk) - In the first half of 2025, the company achieved direct overseas revenue of **1.522 billion yuan**, a year-on-year increase of 9.21%, accounting for **32.57% of total sales revenue**; total overseas revenue (direct + indirect) accounted for over **40%**[52](index=52&type=chunk) [(4) Overall Business Operations by Segment](index=15&type=section&id=(4)%20Overall%20Business%20Operations%20by%20Segment) Smart home appliance electronic control product sales revenue grew by 6.97%, with smart sanitary ware performing well despite a decline in inverter home appliance business; new energy and rail transit components saw a significant 150.94% increase, driven by new clients and orders 2025 H1 Sales Revenue by Business Segment | Business Segment | Sales Revenue (billion yuan) | Year-on-year Growth | Proportion of Operating Revenue | | :--- | :--- | :--- | :--- | | Smart Home Appliance Electronic Control Products | 2.146 | +6.97% | 45.92% | | Power Supply Products | 1.157 | +5.48% | 24.77% | | New Energy and Rail Transit Components | 0.508 | +150.94% | 10.87% | | Industrial Automation Products | 0.389 | +27.90% | 8.32% | | Smart Equipment Products | 0.238 | +23.45% | 5.09% | | Precision Connection Products | 0.204 | +12.75% | 4.37% | - Smart home appliance electronic control products: Inverter home appliance business sales declined due to intensified domestic competition and abnormal rainy weather in India, but smart sanitary ware business achieved good growth[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - Power supply products: OA power, commercial display power, PC power, industrial power, medical power, and solar storage and charging businesses all grew. The company has established a partnership with NVIDIA Corporation, becoming one of its designated data center component providers, actively participating in the construction of Blackwell series architecture data center hardware systems[60](index=60&type=chunk)[61](index=61&type=chunk)[63](index=63&type=chunk) - New energy and rail transit components: Benefited from new incremental customer demand and smooth project finalization since 2024, revenue achieved high growth of more than double, with over **80** ongoing finalized projects[66](index=66&type=chunk) - Operations management: The company continues to promote marketing system integration, global R&D, and manufacturing resource layout. Changsha Megmeet Global R&D Center has been activated, and the first phase of the Thailand production base is about to be put into use. The company plans to further expand its manufacturing and R&D platforms through a private placement project[77](index=77&type=chunk)[78](index=78&type=chunk) - In the first half of 2025, the company added **3** new associate companies, with a total external equity investment of **110 million yuan**, accumulating **46** external equity investment companies and a total investment of **754 million yuan**, achieving fair value revaluation gains and investment income totaling **595 million yuan**[79](index=79&type=chunk) [II. Analysis of Core Competitiveness](index=22&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness) The company has built strong comprehensive competitiveness through a clear strategic layout, continuous R&D innovation, multi-point core technology breakthroughs, strengthened platform construction, optimized talent team, extensive high-quality customer resources, and comprehensive domestic and international market布局 - Clear and effective strategic layout: Focusing on power electronics and related control core technologies, extending to cross-cutting and emerging fields, from board-level to system-level products, forming synergistic effects[83](index=83&type=chunk)[84](index=84&type=chunk) - Continuous innovative R&D technical advantages: Maintaining R&D investment at around **11% of sales revenue** for many years, with R&D expenses of **514 million yuan** in H1 2025, employing approximately **3,000 R&D engineers** (accounting for **35.14%**), and holding over **1,890 valid patents**[85](index=85&type=chunk) - Multi-point core technology breakthroughs, gradually expanding from points to lines to surfaces: Forming diversified product layouts and technological integration in environmental control, vehicle technology, AI data center power supply systems, and other fields[86](index=86&type=chunk)[87](index=87&type=chunk) - Continuously strengthened platform construction: Adopting a "business unit + resource platform" matrix operational model, providing support for marketing, R&D, testing, supply chain, financial human resources, and IT[88](index=88&type=chunk)[89](index=89&type=chunk) - Continuously optimized talent team: Building a highly educated, high-level, and international management team, strengthening core employee cohesion through equity incentive plans (2022 stock options, 2025 restricted stock)[90](index=90&type=chunk)[91](index=91&type=chunk) - Extensive and high-quality customer resources: Accumulating a large number of leading domestic and international key customers, deeply participating in customer product demand design and solution development[92](index=92&type=chunk) - Comprehensive domestic and international market layout: Establishing overseas R&D centers in the United States and Germany, investing in production capacity construction in Thailand, India, and other overseas locations, and setting up representative offices in multiple global locations, with overseas revenue significantly supporting the company's profitability[93](index=93&type=chunk)[94](index=94&type=chunk) [III. Main Business Analysis](index=26&type=section&id=III.%20Main%20Business%20Analysis) The company's main business achieved operating revenue of **4.674 billion yuan** in the reporting period, a 16.52% increase, but operating costs grew by 22.13%, leading to a general decline in gross profit margins across most segments Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Same Period Last Year (yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,673,733,754.96 | 4,011,199,616.98 | 16.52% | | | Operating Cost | 3,642,245,057.73 | 2,982,187,862.62 | 22.13% | | | Selling Expenses | 181,033,293.21 | 163,481,189.83 | 10.74% | | | Administrative Expenses | 134,814,094.26 | 108,484,667.58 | 24.27% | | | Financial Expenses | -3,221,948.05 | 13,159,408.65 | -124.48% | Primarily due to significant convertible bond interest expenses recognized in the prior period | | Income Tax Expenses | 24,247,335.98 | 8,951,463.24 | 170.88% | Primarily due to increased profitability of subsidiaries in the current period | | R&D Investment | 513,934,460.44 | 445,973,663.15 | 15.24% | | | Net Cash Flow from Operating Activities | 192,100,900.06 | 66,158,591.76 | 190.36% | Primarily due to increased cash flow from sales collections in the current period | | Net Cash Flow from Investing Activities | -29,264,234.65 | -150,650,138.46 | 80.57% | Primarily due to reduced purchases of wealth management products in the current period | | Net Cash Flow from Financing Activities | -87,655,693.97 | 741,991,013.97 | -111.81% | Primarily due to repayment of maturing borrowings in the current period | | Net Increase in Cash and Cash Equivalents | 73,715,045.76 | 657,075,490.80 | -88.78% | | Operating Revenue Composition (by Product, Industry, Region) | Category | Item | Amount (yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Power Electronics | 4,469,317,777.17 | 95.63% | 16.70% | | | Precision Connection | 204,415,977.79 | 4.37% | 12.75% | | **By Product** | Smart Home Appliance Electronic Control Products | 2,146,015,327.51 | 45.92% | 6.97% | | | Power Supply Products | 1,157,457,696.69 | 24.77% | 5.48% | | | New Energy and Rail Transit Components | 508,131,345.60 | 10.87% | 150.94% | | | Industrial Automation | 388,638,918.74 | 8.32% | 27.90% | | | Smart Equipment | 238,060,576.69 | 5.09% | 23.45% | | | Precision Connection | 204,415,977.79 | 4.37% | 12.75% | | **By Region** | Domestic Sales | 3,151,615,629.71 | 67.43% | 20.41% | | | Export Sales | 1,522,118,125.25 | 32.57% | 9.21% | Main Business Gross Profit Margin Year-on-Year Change | Category | Item | Gross Profit Margin (Current Reporting Period) | Gross Profit Margin Change from Prior Year | | :--- | :--- | :--- | :--- | | **By Industry** | Power Electronics | 22.85% | -3.70% | | | Precision Connection | 5.07% | -1.70% | | **By Product** | Smart Home Appliance Electronic Control Products | 22.57% | -3.47% | | | Power Supply Products | 22.20% | -2.57% | | | New Energy and Rail Transit Components | 13.98% | -10.17% | | | Industrial Automation | 28.42% | -1.63% | | | Smart Equipment | 36.03% | +1.21% | | | Precision Connection | 5.07% | -1.70% | | **By Region** | Domestic Sales | 19.54% | -3.16% | | | Export Sales | 27.31% | -3.90% | [IV. Non-Main Business Analysis](index=27&type=section&id=IV.%20Non-Main%20Business%20Analysis) The company's non-main business activities impacted total profit, with investment income of **3.886 million yuan** (1.84% of total profit) from large-denomination deposit interest, and fair value change gains of **16.897 million yuan** (7.99%) from investment companies Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation | | :--- | :--- | :--- | :--- | | Investment Income | 3,886,318.15 | 1.84% | Primarily interest income from large-denomination deposits | | Gains and Losses from Fair Value Changes | 16,896,710.43 | 7.99% | Primarily due to fair value changes of investment companies | | Asset Impairment | -13,199,738.69 | -6.24% | Primarily inventory depreciation losses | | Non-operating Income | 1,856,433.17 | 0.88% | Primarily fines and liquidated damages income | | Non-operating Expenses | 5,314,259.51 | 2.51% | Primarily asset write-offs and damage losses | | Other Income | 34,649,817.44 | 16.39% | Primarily government subsidies such as software tax refunds | | Credit Impairment Losses | -3,119,674.70 | -1.48% | Primarily provision for bad debts on accounts receivable | [V. Analysis of Assets and Liabilities](index=27&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets reached **12.413 billion yuan**, a 3.57% increase from the end of the previous year, while net assets attributable to shareholders increased by 3.41% to **6.22 billion yuan** Significant Changes in Asset Composition (End of Period vs. End of Prior Year) | Item | End of Period Amount (yuan) | Proportion of Total Assets (End of Period) | End of Prior Year Amount (yuan) | Proportion of Total Assets (End of Prior Year) | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,375,469,878.92 | 11.08% | 1,301,254,731.57 | 10.86% | 0.22% | No significant change | | Accounts Receivable | 2,511,706,672.55 | 20.23% | 2,576,229,639.77 | 21.49% | -1.26% | Primarily due to increased sales collections in the current period | | Inventories | 2,541,596,058.49 | 20.48% | 2,416,000,337.56 | 20.16% | 0.32% | No significant change | | Long-term Equity Investments | 282,888,787.00 | 2.28% | 211,924,372.02 | 1.77% | 0.51% | No significant change | | Fixed Assets | 1,902,865,332.63 | 15.33% | 1,747,361,778.40 | 14.58% | 0.75% | No significant change | | Short-term Borrowings | 982,710,891.13 | 7.92% | 1,093,999,544.23 | 9.13% | -1.21% | Primarily due to reduced borrowings in the current period | | Debt Investments | 105,429,342.10 | 0.85% | 241,523,787.54 | 2.02% | -1.17% | Primarily due to maturity and redemption of large-denomination deposits in the current period | Major Overseas Asset Information | Specific Asset Content | Asset Scale (million yuan) | Country/Region | Profitability (million yuan) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | MEGMEET HONGKONG LIMITED | 1,911.21 | Hong Kong | Operating Revenue 1,224.01, Net Profit Attributable to Parent 120.64 | 7.64% | Assets and Liabilities Measured at Fair Value | Item | End of Period Book Value (yuan) | | :--- | :--- | | Trading Financial Assets | 143,791,808.49 | | Other Non-current Financial Assets | 944,172,897.96 | | Accounts Receivable Financing | 288,743,658.08 | | Total | 1,376,708,364.53 | [VI. Investment Status Analysis](index=29&type=section&id=VI.%20Investment%20Status%20Analysis) The company's total investment for the reporting period was **425.13 million yuan**, a 9.80% year-on-year increase, with significant investments in convertible bond projects and a remaining balance of unutilized funds Reporting Period Investment Amount | Indicator | Amount (yuan) | Year-on-year Change | | :--- | :--- | :--- | | Reporting Period Investment Amount | 425,126,260.98 | 9.80% | - Securities investment: Holds **23.1 million yuan** in Huayang Racing shares, measured at fair value[113](index=113&type=chunk) 2019 Convertible Bond Raised Funds Utilization | Committed Investment Project | Committed Investment Amount (million yuan) | Actual Investment Amount (million yuan) | | :--- | :--- | :--- | | Supplement Working Capital | 151.0016 | 151.3625 | | Headquarters Base Construction Project | 180.2882 | 136.2567 | | Acquisition of 14% Equity in Zhejiang Yihe Sanitary Ware Co., Ltd. Project | 105.4480 | 105.4559 | | Megmeet Smart Industrial Center Construction Project | 211.7098 | 225.5084 | | Total | 648.4476 | 618.5835 | - As of June 30, 2025, the 2019 convertible bond raised funds had a cumulative utilization of **619 million yuan**, with a remaining balance of **59.0444 million yuan** (including **36.59 million yuan** in wealth management products)[120](index=120&type=chunk) 2022 Convertible Bond Raised Funds Utilization | Committed Investment Project | Committed Investment Amount (million yuan) | Actual Investment Amount (million yuan) | | :--- | :--- | :--- | | Megmeet Hangzhou High-end Equipment Industrial Center Project | 300.00 | 307.2727 | | Megmeet Zhuzhou Base Expansion Project (Phase II) | 310.00 | 227.2479 | | Smart Warehousing Project | 250.00 | 168.8595 | | Supplement Working Capital | 353.2974 | 353.7135 | | Total | 1,213.2974 | 1,057.0936 | - As of June 30, 2025, the 2022 convertible bond raised funds had a cumulative utilization of **1.057 billion yuan**, with a remaining balance of **189 million yuan** (including **176 million yuan** in wealth management products)[122](index=122&type=chunk) - The Headquarters Base Construction Project has been postponed to September 2026, and the Smart Warehousing Project to October 2026[125](index=125&type=chunk)[126](index=126&type=chunk) [VII. Major Asset and Equity Sales](index=34&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[129](index=129&type=chunk) - The company did not sell significant equity during the reporting period[130](index=130&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=35&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section discloses the financial performance of Zhuzhou Megmeet Electrical Co., Ltd., a subsidiary significantly impacting the company's net profit, which reported a net loss despite substantial assets and revenue Financial Performance of Zhuzhou Megmeet Electrical Co., Ltd. | Indicator | Amount (million yuan) | | :--- | :--- | | Registered Capital | 1,000.00 | | Total Assets | 2,371.94 | | Net Assets | 1,245.39 | | Operating Revenue | 1,382.98 | | Operating Profit | -9.36 | | Net Profit | -2.19 | [IX. Information on Structured Entities Controlled by the Company](index=35&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[131](index=131&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=35&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from macroeconomic fluctuations, international geopolitical tensions, changing trade environments (e.g., US tariff policies), and intensified market competition leading to declining gross margins - Macroeconomic fluctuation risk: The company has a diverse product portfolio and wide application areas, giving it strong overall risk resistance, and will strengthen risk identification and control[131](index=131&type=chunk) - Risks from international geopolitical tensions and changes in the international trade environment: The company's direct overseas sales revenue accounts for approximately **32%**. It has begun establishing production capacity in overseas regions such as Thailand and India and conducts foreign exchange hedging to mitigate risks[132](index=132&type=chunk)[133](index=133&type=chunk) - Risks from intensified market competition and declining gross margins: Price wars in the domestic home appliance and new energy vehicle markets are fierce, with overcapacity. The company will prioritize resources towards key customers, increase product technology iteration and cost reduction, and explore emerging areas such as AI server power systems[134](index=134&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=36&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[135](index=135&type=chunk) - The company has not disclosed a valuation enhancement plan[135](index=135&type=chunk) [XII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=36&type=section&id=XII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has disclosed and is implementing its "Quality and Return Dual Improvement" action plan, aiming to enhance listed company quality and investment value through strategic focus, R&D investment, global market presence, improved governance, and stable profit distribution - The company published the "Shenzhen Megmeet Electrical Co., Ltd. Announcement on 'Quality and Return Dual Improvement' Action Plan" on October 10, 2024[136](index=136&type=chunk) - Key measures of the action plan include: focusing on power electronics core technologies, continuous high R&D investment, comprehensive domestic and international market layout, improving corporate governance, enhancing information disclosure quality, valuing investor relations, and implementing active share repurchases and stable profit distribution policies[135](index=135&type=chunk) 2025 H1 Company Financial Performance | Indicator | Amount (billion yuan) | Year-on-year Change | | :--- | :--- | :--- | | R&D Expenses | 0.514 | +15.24% | | R&D Expenses as % of Sales Revenue | 11.00% | | | Operating Revenue | 4.674 | +16.52% | | Operating Profit | 0.215 | -34.83% | | Net Profit Attributable to Shareholders of the Listed Company | 0.174 | -44.82% | - The company's 2024 profit distribution plan is: based on the total share capital, a cash dividend of **0.5 yuan (including tax)** will be distributed for every 10 shares to all shareholders[138](index=138&type=chunk) Part IV [Corporate Governance, Environment and Society](index=37&type=section&id=Corporate%20Governance%2C%20Environment%20and%20Society) This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, implementation of equity incentive plans, environmental information disclosure, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management of the Company](index=37&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20of%20the%20Company) There were no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[140](index=140&type=chunk) [II. Profit Distribution and Capital Reserve to Share Capital Conversion Plan for the Current Reporting Period](index=37&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20Plan%20for%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital 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[141](index=141&type=chunk) [III. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=37&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implemented the 2022 Stock Option Incentive Plan and the 2025 Restricted Stock Incentive Plan, with **11,130,002 options exercised** under the 2022 plan and **3.089 million restricted shares granted** under the 2025 plan - 2022 Stock Option Incentive Plan: First grant date was June 9, 2022, granting **18.142 million stock options** to **605 incentive recipients**, with an exercise price adjusted to **17.39 yuan/option** after multiple adjustments[144](index=144&type=chunk)[156](index=156&type=chunk)[903](index=903&type=chunk) - 2022 Stock Option Incentive Plan: Reserved grant date was May 18, 2023, granting **1.858 million stock options** to **80 incentive recipients**, with an exercise price adjusted to **17.39 yuan/option** after multiple adjustments[146](index=146&type=chunk)[156](index=156&type=chunk)[906](index=906&type=chunk) - As of June 30, 2025, a total of **11,130,002 options** from the initial and reserved grants of the 2022 Stock Option Incentive Plan were independently exercised by incentive recipients, increasing the company's total share capital by **11,130,002 shares**[157](index=157&type=chunk) - 2025 Restricted Stock Incentive Plan: Grant date was June 17, 2025, granting a total of **3.089 million restricted shares** to **240 incentive recipients** at a grant price of **22.97 yuan/share**[162](index=162&type=chunk)[907](index=907&type=chunk)[908](index=908&type=chunk) - The company did not implement employee stock ownership plans or other employee incentive measures during the reporting period[163](index=163&type=chunk)[164](index=164&type=chunk) [IV. Environmental Information Disclosure](index=43&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law, thus no mandatory disclosure is required - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[164](index=164&type=chunk) [V. Social Responsibility](index=43&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by improving corporate governance, safeguarding shareholder and creditor rights, protecting employee interests, fostering good relationships with suppliers and customers, and participating in social welfare activities - The company strictly adheres to laws, regulations, and its articles of association, improving corporate governance to protect shareholder and creditor interests, and implemented the 2024 annual profit distribution[165](index=165&type=chunk) - The company complies with the Labor Law, establishes sound employment management systems, prioritizes employee rights protection, provides learning and training, and enhances employee cohesion[166](index=166&type=chunk) - The company respects the interests of suppliers and customers, adheres to honesty, trustworthiness, and mutual benefit, establishes a sound quality control system, and provides high-quality products and services[167](index=167&type=chunk) - The company pays taxes according to law, cares for vulnerable social groups, focuses on social charity, and actively participates in social welfare activities[169](index=169&type=chunk) Part V [Significant Events](index=45&type=section&id=Significant%20Events) This section covers the fulfillment of commitments by various parties, non-operating fund occupation, illegal external guarantees, auditor appointments, non-standard audit reports, bankruptcy reorganization, litigation, penalties, integrity status, related party transactions, major contracts, and other significant matters [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=45&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) The company, its actual controller, directors, supervisors, and senior management have made various commitments, including not harming company interests, linking remuneration to return measures, not overstepping management authority, not guaranteeing returns, and not reducing shareholdings - All company directors and senior management commit not to transfer benefits to other entities or individuals without compensation or under unfair conditions, not to use company assets for investments or consumption unrelated to their duties, and to link their remuneration system to the implementation of the company's return-filling measures[171](index=171&type=chunk)[172](index=172&type=chunk) - The company's controlling shareholder and actual controller, Tong Yongsheng, commits not to overstep company operational management activities, not to infringe upon company interests, and to earnestly fulfill return-filling measures[171](index=171&type=chunk)[172](index=172&type=chunk) - The company commits that there are no circumstances where it has made promises of guaranteed returns or disguised guaranteed returns to investors participating in the subscription[171](index=171&type=chunk) - During the reporting period, all commitments were fulfilled on time, with no overdue unfulfilled commitments[174](index=174&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=48&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[175](index=175&type=chunk) [III. Irregular External Guarantees](index=48&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[176](index=176&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=48&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[177](index=177&type=chunk) [V. Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Reporting Period](index=48&type=section&id=V.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) The company did not have a non-standard audit report during the reporting period, thus no explanation from the board of directors or supervisory board is required - The company did not have a non-standard audit report during the reporting period[178](index=178&type=chunk) [VI. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=48&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company did not have a non-standard audit report in the previous year, thus no explanation from the board of directors is required - The company did not have a non-standard audit report during the reporting period[178](index=178&type=chunk) [VII. Bankruptcy Reorganization Related Matters](index=48&type=section&id=VII.%20Bankruptcy%20Reorganization%20Related%20Matters) The company did not experience any bankruptcy reorganization related matters during the reporting period - The company did not experience any bankruptcy reorganization related matters during the reporting period[178](index=178&type=chunk) [VIII. Litigation Matters](index=49&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the current reporting period, but was involved in several other lawsuits, including a sales contract dispute with Guangzhou Wancheng Wanchong New Energy Technology Co., Ltd. (company won), a labor dispute with Ying Huilong (both parties appealed), and a sales contract dispute with Wuxi Mingheng Hybrid Power Technology Co., Ltd. (settled) - The company had no significant litigation or arbitration matters during the current reporting period[179](index=179&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (million yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Guangzhou Wancheng Wanchong New Energy Technology Co., Ltd. vs. Shenzhen Megmeet | 14.7813 | Won | The second instance upheld the original judgment, Megmeet has paid Wancheng Wanchong **35,000 yuan** | | Ying Huilong vs. Shenzhen Megmeet Labor Dispute Case | 24.7428 | Won | Labor arbitration confirmed the employment relationship between Ying Huilong and Megmeet, but did not support Ying Huilong's claim for compensation. Both parties were dissatisfied with the arbitration result and have filed lawsuits with the court; the case is now in the first instance stage | | Beijing Yinaite Technology Co., Ltd. applies for arbitration against Shenzhen Drive sales contract dispute | 23.1073 | First hearing held, second hearing pending | / | | Shenzhen Electrical vs. Wuxi Mingheng Hybrid Power Technology Co., Ltd. sales contract dispute | 22.7936 | Won | Settled through mediation, the court issued a legally enforceable "Civil Mediation Document" clearly stating the repayment plan | [IX. Penalties and Rectification](index=49&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[180](index=180&type=chunk) [X. Integrity Status of the Company and its Controlling Shareholder, Actual Controller](index=49&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%20and%20its%20Controlling%20Shareholder%2C%20Actual%20Controller) The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[181](index=181&type=chunk) [XI. Significant Related Party Transactions](index=49&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in related party transactions related to daily operations during the reporting period, primarily involving the purchase and sale of goods and provision of services, such as selling **9.3018 million yuan** of products to Tangshan Huimi Smart Home Technology Co., Ltd. Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Transaction Content | Amount Incurred in Current Period (yuan) | Approved Transaction Limit (million yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Guangdong Guoyan New Material Co., Ltd. | Purchase of materials | 4,851,932.75 | 30.00 | No | | Xiamen Rongji Precision Technology Co., Ltd. | Purchase of materials | 9,731,960.52 | 20.00 | No | | Tangshan Huimi Smart Home Technology Co., Ltd. | Sale of products | 9,301,767.25 | 30.00 | No | | Shenzhen Lineng Times Technology Co., Ltd. | Sale of products | 11,723,863.61 | | No | Related Lease Situations (Company as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (yuan) | | :--- | :--- | :--- | | Guangdong Guoyan New Material Co., Ltd. | Buildings and Structures | 1,434,600.07 | | Guangdong Jingci New Material Co., Ltd. | Buildings and Structures | 497,055.54 | | Shenzhen Lineng Times Technology Co., Ltd. | Buildings and Structures | 155,003.88 | - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[183](index=183&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[184](index=184&type=chunk) - The company had no related party debt and credit transactions during the reporting period[185](index=185&type=chunk) [XII. Major Contracts and Their Performance](index=51&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company had no trusteeship or contracting matters during the reporting period, with leasing primarily involving normal property leases; significant guarantees include joint liability for several subsidiaries totaling **560.58 million yuan**, representing 9.01% of net assets - The company had no trusteeship situations during the reporting period[189](index=189&type=chunk) - The company had no contracting situations during the reporting period[190](index=190&type=chunk) - Explanation of leasing situations: Aside from normal property leases for production, warehousing, and office space, there were no other significant leasing matters[191](index=191&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Guarantee Period | | :--- | :--- | :--- | :--- | :--- | | Zhuzhou Megmeet Electrical Co., Ltd. | 470.00 | 66.151 | Joint and Several Liability Guarantee | Three years | | Zhuzhou Megmeet Electrical Co., Ltd. | 120.00 | 100.00 | Joint and Several Liability Guarantee | Three years | | Zhejiang Yihe Sanitary Ware Co., Ltd. | 100.00 | 64.4277 | Joint and Several Liability Guarantee | Three years | | Hangzhou Qianjing Technology Co., Ltd. | 30.00 | 10.00 | Joint and Several Liability Guarantee | Three years | | Shenzhen Megmeet Welding Technology Co., Ltd. | 10.00 | 10.00 | Joint and Several Liability Guarantee | Three years | | Shenzhen Megmeet Electrical Supply Chain Management Co., Ltd. | 300.00 | 20.00 | Joint and Several Liability Guarantee | Three years | | ALTATRONIC INTERNATIONAL CO., LTD. | 50.00 | 50.00 | Joint and Several Liability Guarantee | Three years | | **Total Actual Guarantee Balance for Subsidiaries at End of Reporting Period** | **1,930.00** | **560.5787** | | | - The total actual guarantee amount accounts for **9.01%** of the company's net assets[195](index=195&type=chunk) Wealth Management Product Information | Specific Type | Amount of Wealth Management Products Incurred (million yuan) | Unmatured Balance (million yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products (Raised Funds) | 243.59 | 212.59 | | Bank Wealth Management Products (Own Funds) | 616.1875 | 306.2018 | | Total | 859.7775 | 518.7918 | [XIII. Explanation of Other Significant Matters](index=53&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company disclosed its 2024 annual profit distribution plan of **0.5 yuan (including tax)** per 10 shares, with an equity registration date of July 10, 2025, and its 2025 private placement A-share issuance plan has been approved by shareholders and accepted by the Shenzhen Stock Exchange, currently awaiting review - The company's 2024 annual profit distribution plan is: a cash dividend of **0.5 yuan (including tax)** will be distributed for every 10 shares to all shareholders, with an equity registration date of July 10, 2025[199](index=199&type=chunk) - The company's 2025 plan to issue A-shares to specific targets has been approved by the shareholders' meeting and accepted by the Shenzhen Stock Exchange on July 17, 2025[202](index=202&type=chunk) - This issuance matter is currently in the Shenzhen Stock Exchange's review and inquiry response stage, and its final approval by the China Securities Regulatory Commission and the timing remain uncertain[204](index=204&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=55&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[205](index=205&type=chunk) Part VI [Changes in Shares and Shareholder Information](index=56&type=section&id=Changes%20in%20Shares%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance and listing, shareholder numbers and shareholding structure, changes in director, supervisor, and senior management shareholdings, and changes in controlling shareholder or actual controller [I. Changes in Shares](index=56&type=section&id=I.%20Changes%20in%20Shares) During the reporting period, the company's total share capital increased by **2,068,107 shares** due to the exercise of stock options under the 2022 Stock Option Incentive Plan, bringing the total share capital to **547,693,154 shares** at period-end Changes in Shares | Item | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 89,139,040 | 16.34% | 0 | 89,139,040 | 16.28% | | II. Unrestricted Shares | 456,486,007 | 83.66% | 2,068,107 | 458,554,114 | 83.72% | | III. Total Shares | 545,625,047 | 100.00% | 2,068,107 | 547,693,154 | 100.00% | - Reason for share change: During the current reporting period, incentive recipients under the 2022 Stock Option Incentive Plan (initial and reserved grants) independently exercised options, leading to an increase of **2,068,107 shares** in the company's total share capital[208](index=208&type=chunk) - The share change has been approved by the company's board of directors and shareholders' meeting[209](index=209&type=chunk)[210](index=210&type=chunk) [II. Securities Issuance and Listing](index=57&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance and listing activities during the reporting period - The company had no securities issuance and listing activities during the reporting period[212](index=212&type=chunk) [III. Company Shareholder Numbers and Shareholding Structure](index=57&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding%20Structure) As of the end of the reporting period, the company had **71,484 common shareholders**, with Tong Yongsheng as the largest shareholder, holding 17.80% and, together with Wang Ping, controlling 24.42% of the shares - Total number of common shareholders at the end of the reporting period: **71,484 accounts**[212](index=212&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tong Yongsheng | Domestic Natural Person | 17.80% | 97,483,231 | 73,112,423 | 24,370,808 | 0 | | Wang Ping | Domestic Natural Person | 6.62% | 36,240,117 | 0 | 36,240,117 | 0 | | Zhang Zhi | Domestic Natural Person | 2.91% | 15,949,050 | 11,961,787 | 3,987,263 | 3,000,000 (Pledged) | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 2.63% | 14,392,299 | 0 | 14,392,299 | 0 | - Mr. Tong Yongsheng and Ms. Wang Ping are a married couple and acting in concert, jointly holding **24.42%** of the company's shares[213](index=213&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=59&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[215](index=215&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=59&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[216](index=216&type=chunk) - The company's actual controller did not change during the reporting period[216](index=216&type=chunk) [VI. Preferred Shares Information](index=60&type=section&id=VI.%20Preferred%20Shares%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[217](index=217&type=chunk) Part VII [Bond-Related Information](index=61&type=section&id=Bond-Related%20Information) This section confirms that the company had no bond-related information during the reporting period [Bond-Related Information](index=61&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[219](index=219&type=chunk) Part VIII [Financial Report](index=62&type=section&id=Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial statement items [I. Audit Report](index=62&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[221](index=221&type=chunk) [II. Financial Statements](index=62&type=section&id=II.%20Financial%20Statements) This section provides Shenzhen Megmeet Electrical Co., Ltd.'s consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows at the end of the reporting period - Consolidated Balance Sheet (as of June 30, 2025)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk) - Parent Company Balance Sheet (as of June 30, 2025)[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk) - Consolidated Income Statement (First Half 2025)[230](index=230&type=chunk)[231](index=231&type=chunk) - Parent Company Income Statement (First Half 2025)[233](index=233&type=chunk)[234](index=234&type=chunk) - Consolidated Cash Flow Statement (First Half 2025)[236](index=236&type=chunk)[237](index=237&type=chunk) - Parent Company Cash Flow Statement (First Half 2025)[239](index=239&type=chunk) - Consolidated Statement of Changes in Owners' Equity (Current Period and Prior Year Amounts)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk) - Parent Company Statement of Changes in Owners' Equity (Current Period and Prior Year Amounts)[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk)[252](index=252&type=chunk) [III. Company Basic Information](index=78&type=section&id=III.%20Company%20Basic%20Information) Shenzhen Megmeet Electrical Co., Ltd., established on September 9, 2010, and listed on the Shenzhen Stock Exchange on March 6, 2017, has a registered capital and total share capital of **547.693154 million yuan**, with a broad business scope in power electronics and related equipment - The company was established on September 9, 2010, and listed on the Shenzhen Stock Exchange on March 6, 2017[253](index=253&type=chunk) - The company's current registered capital and total share capital are both **547.693154 million yuan**[253](index=253&type=chunk) - From January to June 2025, the independent exercise of options by incentive recipients led to an increase of **2.068107 million shares** in the company's share capital, changing the total share capital to **547.693154 million shares**[260](index=260&type=chunk) - The company's main business involves the research, development, design, production, and sale of power electronic products, electrical products, mechatronic equipment, household appliances, and their components[260](index=260&type=chunk)[261](index=261&type=chunk) [IV. Basis of Financial Statement Preparation](index=80&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and CSRC disclosure rules, accurately reflecting financial status, operating results, and cash flows, with no significant doubts about going concern - The company prepares its financial statements on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[263](index=263&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 12 months from the end of the reporting period[264](index=264&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=80&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering financial instrument classification, recognition, and measurement, accounting for receivables, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, and deferred income tax - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and cash flows[266](index=266&type=chunk) - The accounting year runs from January 1 to December 31 of the Gregorian calendar, with 12 months constituting an operating cycle[267](index=267&type=chunk)[268](index=268&type=chunk) - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use USD, EUR, INR, etc[269](index=269&type=chunk)[270](index=270&type=chunk) - Detailed disclosure of financial instrument classification, recognition criteria, and measurement metho

鼎捷数智股份有限公司 2025 年半年度报告全文 【2025 年 8 月 30 日】 1 鼎捷数智股份有限公司 2025 年半年度报告 所有董事均已出席了审议本次半年报的董事会会议。 请投资者认真阅读本半年度报告全文，并特别注意以下风险因素： （一）公司部分股东和子公司住所地有关规定发生变化导致的风险。中 国台湾地区所谓"台湾人民与大陆地区人民关系条例"、"在大陆地区从事 投资或技术合作许可办法"与"在大陆地区从事投资或技术合作审查原则" 针对中国台湾籍自然人、法人到中国大陆地区投资的范围加以限制，分为禁 止类与一般类。本公司所处的管理软件行业属于一般类项目，不受上述规定 关于投资范围的限制。同时，本公司的子公司台湾鼎新目前是本公司合并报 表中营业收入和利润的主要来源之一，其对中国台湾地区以外的母公司进行 利润分配及汇出的行为受中国台湾地区所谓"公司法"的约束。如果中国台 湾地区对在中国大陆地区投资范围加以限制或向中国大陆地区分配利润采取 较为严格的限制措施，将会对本公司的生产经营产生不利影响。 （二）无实际控制人风险。本公司股权结构相对分散，单一股东的持股 比例均为 30%以下。由于公司股权相对分散，使得公 ...