Here's a clear and professionally structured report outline in Markdown format, translated into English and adhering to all specified requirements: [Section I. Definitions](index=5&type=section&id=Section%20I.%20Definitions) This section defines key terms used throughout the report, including company names, major shareholders, subsidiaries, related parties, and industry-specific terms, ensuring accurate understanding of the content [Common Terminology Definitions](index=5&type=section&id=Common%20Terminology%20Definitions) This chapter defines key terms used in the report, such as company names, major shareholders, subsidiaries, related parties, and aviation logistics industry terms, ensuring accurate understanding - The reporting period is defined as January 1, 2025, to June 30, 2025, with the end of the reporting period being June 30, 2025[13](index=13&type=chunk) - Eastern Air Logistics, the Company, and "this Company" all refer to Eastern Air Logistics Co, Ltd[13](index=13&type=chunk) - China Eastern Airholding Group is the actual controller and controlling shareholder of the Company[13](index=13&type=chunk) [Section II. Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of Eastern Air Logistics Co, Ltd., including basic company information, contact details, changes in fundamental information, and key financial performance metrics [I. Company Information](index=6&type=section&id=I.%20Company%20Information) This section provides basic information about Eastern Air Logistics Co, Ltd., including its Chinese name, abbreviation, English name, acronym, and legal representative Guo Lijun - The company's Chinese name is 东方航空物流股份有限公司, abbreviated as 东航物流 (Eastern Air Logistics)[15](index=15&type=chunk) - The company's legal representative is Guo Lijun[15](index=15&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section lists the contact information for the company's Board Secretary Wan Wei and Securities Affairs Representative Fan Jizhong, including address, phone, fax, and email, for investor communication - The Board Secretary is Wan Wei, and the Securities Affairs Representative is Fan Jizhong[16](index=16&type=chunk) - The contact address for both is 199 Konggang Sixth Road, Changning District, Shanghai, with phone number 021-22365112 and email EAL-IR@ceair.com[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered address is 66 Airport Avenue, Pudong Airport, Shanghai, and its office address is 199 Konggang Sixth Road, Changning District, Shanghai, with no historical changes during the reporting period - The company's registered address is 66 Airport Avenue, Pudong Airport, Shanghai, and its office address is 199 Konggang Sixth Road, Changning District, Shanghai[17](index=17&type=chunk) - There were no historical changes to the company's registered address during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) The company designates China Securities Journal, Securities Times, Shanghai Securities News, and Securities Daily as its information disclosure newspapers, with the semi-annual report published on www.sse.com.cn, and documents stored at the company's Board Office, with no changes during the reporting period - The company's designated information disclosure newspapers are China Securities Journal, Securities Times, Shanghai Securities News, and Securities Daily[18](index=18&type=chunk) - The semi-annual report is published on the Shanghai Stock Exchange website, www.sse.com.cn[18](index=18&type=chunk) [V. Company Stock Overview](index=6&type=section&id=V.%20Company%20Stock%20Overview) The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation Eastern Air Logistics and stock code 601156, and no applicable previous stock abbreviation - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) - The stock abbreviation is Eastern Air Logistics, and the stock code is 601156[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue slightly decreased, but total profit and net profit attributable to shareholders increased, with net cash flow from operating activities significantly rising by 177.31% due to reduced cash payments for goods and services, while total assets and net assets attributable to shareholders also grew, indicating a stable financial position 2025 H1 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11,256,449,533.71 Yuan | 11,286,096,133.67 Yuan | -0.26 | | Total Profit | 1,929,753,752.02 Yuan | 1,797,752,420.36 Yuan | 7.34 | | Net Profit Attributable to Shareholders of Listed Company | 1,288,727,842.23 Yuan | 1,277,201,508.72 Yuan | 0.90 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 1,156,192,052.84 Yuan | 1,196,603,056.05 Yuan | -3.38 | | Net Cash Flow from Operating Activities | 2,814,737,968.29 Yuan | 1,015,016,358.73 Yuan | 177.31 | | **End of Current Reporting Period** | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders of Listed Company | 18,336,046,135.32 Yuan | 17,510,787,770.30 Yuan | 4.71 | | Total Assets | 29,609,293,343.93 Yuan | 26,271,181,851.05 Yuan | 12.71 | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.81 | 0.80 | 1.25 | | Diluted Earnings Per Share (Yuan/share) | 0.81 | 0.80 | 1.25 | | Basic EPS (Excluding Non-recurring Gains/Losses) (Yuan/share) | 0.73 | 0.75 | -2.67 | | Weighted Average Return on Net Assets (%) | 7.10 | 7.94 | Decrease of 0.84 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 6.37 | 7.44 | Decrease of 1.07 percentage points | - Net cash flow from operating activities increased by **177.31%** year-on-year, primarily due to a reduction in cash paid for goods and services during the reporting period[22](index=22&type=chunk) [IX. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) In the first half of 2025, the company's total non-recurring gains and losses amounted to **132,535,789.39 Yuan**, mainly comprising gains/losses from disposal of non-current assets and government subsidies recognized in current profit or loss 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (Yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets | 41,675,117.87 | Net gains/losses from demolition land and other assets | | Government subsidies recognized in current profit or loss | 140,806,714.29 | Primarily includes enterprise development special funds | | Fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 257,968.42 | | | Other non-operating income and expenses apart from the above | 228,694.19 | | | Other items that meet the definition of non-recurring gains and losses | 2,986,496.41 | | | Less: Income tax impact | 46,485,032.20 | | | Less: Impact on minority interests (after tax) | 6,934,169.59 | | | Total | 132,535,789.39 | | [Section III. Management Discussion and Analysis](index=9&type=section&id=Section%20III.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's operations, financial performance, and strategic initiatives during the reporting period [I. Industry and Principal Business Overview during the Reporting Period](index=9&type=section&id=I.%20Industry%20and%20Principal%20Business%20Overview%20during%20the%20Reporting%20Period) This section details the

南京新街口百货商店股份有限公司2025 年半年度报告 公司代码：600682 公司简称：南京新百 南京新街口百货商店股份有限公司 2025 年半年度报告 1 / 225 南京新街口百货商店股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人蔡邕、主管会计工作负责人唐志清及会计机构负责人（会计主管人员）郭仪平 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的经营计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十 ...

合肥江航飞机装备股份有限公司2025 年半年度报告 公司代码：688586 公司简称：江航装备 合肥江航飞机装备股份有限公司 2025 年半年度报告 1 / 229 合肥江航飞机装备股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中描述公司面临的风险，敬请查阅本报告"第三节 管理层讨论 与分析"之"四、风险因素"相关内容，请投资者予以关注。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人邓长权、主管会计工作负责人孙军及会计机构负责人（会计主管人 员）江娟声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 十二、 其他 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承 诺，敬请投资者注意投资风险。 九、 ...

技源集团股份有限公司2025 年半年度报告 公司代码：603262 公司简称：技源集团 技源集团股份有限公司 2025 年半年度报告 1 / 194 技源集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 三、 本半年度报告未经审计。 四、 公司负责人龙玲、主管会计工作负责人汪燕及会计机构负责人（会计主管人员）汪燕声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来发展计划、发展战略等前瞻性陈述，不构成公司对投资者的实质 承诺，请投资者注意投资风险。本报告中涉及的行业数据，为公司内部对行业情况的 统计数据或引用的外部第三方数据，仅供参考，不构成任何投资建议。 九、 是 ...

湖南华纳大药厂股份有限公司2025 年半年度报告 公司代码：688799 公司简称：华纳药厂 湖南华纳大药厂股份有限公司 2025 年半年度报告 1 / 202 湖南华纳大药厂股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中描述可能存在的相关风险，敬请查阅本报告"第三节 管理层讨论与分析" 之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人黄本东、主管会计工作负责人吴桂英及会计机构负责人（会计主管人员）吴桂 英声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 九、 是否存在被控股股东 ...

南方电网电力科技股份有限公司2025 年半年度报告 公司代码：688248 公司简称：南网科技 南方电网电力科技股份有限公司 2025 年半年度报告 1 / 213 南方电网电力科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 五、 公司负责人姜海龙、主管会计工作负责人叶敏娜及会计机构负责人（会计主管人员）陈雅 莉声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司 2025 年半年度拟以实施权益分派股权登记日登记的总股本为基数分配利润。公司拟向全 体股东每 10 股派 1.30 元（含税），合计派发现金红利 7,341.10 万元（含税），现金分红比例为 42.05%。若公司股本总额在分配预案披露后至分配方案实施期间，因新股股份上市、股权激励授 予行权、股份回购等事项而发生变化的，公司拟维持每股分配比例不变，调整拟分配的利润总额。 本事项已经公司于 2025 年 8 月 ...

北京富吉瑞光电科技股份有限公司2025 年半年度报告 公司代码：688272 公司简称：富吉瑞 北京富吉瑞光电科技股份有限公司 2025 年半年度报告 1 / 193 北京富吉瑞光电科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告"第三节管理层讨论与分析"之"四、风险因素"相关内容，请投资者予以关注。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人黄富元、主管会计工作负责人周静及会计机构负责人（会计主管人员）郝丽霞 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 报告所涉及的公司未来计划、发展战略、经营计划等前瞻性陈述，不构成公司 ...

Part I Definitions This section defines common terms to ensure consistent understanding of professional terminology and company-related entities [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms to ensure consistent understanding of professional terminology and company-related entities - The reporting period refers to the accounting period from **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) - "Company", "the Company", and "SDIC Zhonglu" all refer to **SDIC Zhonglu Fruit Juice Co., Ltd**[11](index=11&type=chunk) Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, key financial performance, and significant changes during the reporting period [Company Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides basic registration details, including the company's name, legal representative, and any changes - The company's Chinese name is SDIC Zhonglu Fruit Juice Co., Ltd., with **Mr. Wang Wei serving as the legal representative since July 16, 2025**[13](index=13&type=chunk) [Contact Persons and Information](index=5&type=section&id=%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 details for the board secretary and securities affairs representative for investor communication - The Board Secretary is **Yin Shi**, and the Securities Affairs Representative is **Yao Tielong**, both located at 21st Floor, Block B, Wantong Financial Center, No. 2 Fuchengmenwai Street, Xicheng District, Beijing[14](index=14&type=chunk) [Overview of Basic Information Changes](index=5&type=section&id=%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 summarizes the company's registered and office addresses, with no significant changes during the reporting period - The company's registered address is Room 205, No. 7 Kexing Road, Fengtai District, Beijing, and its office address is 21st Floor, Block B, Wantong Financial Center, No. 2 Fuchengmenwai Street, Xicheng District, Beijing[15](index=15&type=chunk) [Overview of Information Disclosure and Document Storage Location Changes](index=5&type=section&id=%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 details the company's information disclosure channels and report storage location, with no changes in the reporting period - The company's designated information disclosure newspapers are **"China Securities Journal"** and **"Shanghai Securities News"**, and the website for semi-annual reports is **www.sse.com.cn**[16](index=16&type=chunk) [Company Stock Overview](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides details on the company's A-share listing, including its exchange, abbreviation, and stock code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation **"SDIC Zhonglu"** and stock code **"600962"**[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%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) The company's operating revenue and total profit significantly increased due to higher customer orders, sales growth, and reduced credit impairment losses Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,007,394,327.48 | 721,233,050.66 | 39.68 | | Total Profit | 37,231,727.37 | 4,952,658.85 | 651.75 | | Net Profit Attributable to Shareholders of Listed Company | 25,080,177.53 | 1,115,155.09 | 2,149.03 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 22,230,288.21 | 979,150.57 | 2,170.36 | | Net Cash Flow from Operating Activities | 874,649,358.73 | 415,280,711.09 | 110.62 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 939,613,711.63 | 897,363,470.52 | 4.71 | | Total Assets (End of Period) | 2,047,086,766.13 | 2,814,097,049.95 | -27.26 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.0956 | 0.0043 | 2,123.26 | | Diluted Earnings Per Share (CNY/share) | 0.0956 | 0.0043 | 2,123.26 | | Basic EPS Excluding Non-recurring Gains/Losses (CNY/share) | 0.0848 | 0.0037 | 2,191.89 | | Weighted Average Return on Net Assets (%) | 2.73 | 0.13 | Increased by 2.60 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains/Losses (%) | 2.42 | 0.11 | Increased by 2.31 percentage points | - The changes in key accounting data and financial indicators are primarily due to **higher customer order demand and increased sales volume**, leading to increased operating revenue and gross profit, alongside a **significant reduction in credit impairment losses** compared to the prior period[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the composition and total amount of non-recurring gains and losses, including asset disposal, government grants, and fair value changes Non-recurring Gains and Losses Items for H1 2025 | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets, including the write-back of asset impairment provisions | 210,980.64 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 390,496.83 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, excluding effective hedging activities related to the company's normal business operations | 2,359,800.00 | | Other non-operating income and expenses apart from the above items | -54,867.25 | | Less: Income tax impact | 45,104.28 | | Minority interests impact (after tax) | 11,416.62 | | **Total** | **2,849,889.32** | Part III Management Discussion and Analysis This section provides a comprehensive analysis of the company's industry, business operations, core competitiveness, and financial performance during the reporting period [Industry and Main Business Overview During the Reporting Period](index=8&type=section&id=%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) This section describes the concentrated fruit and vegetable juice industry, the company's main business, operating model, and leading global market position for concentrated apple juice - Concentrated fruit and vegetable juice products are **basic raw materials for the food and beverage industry**, with sustainable overall market demand, and **concentrated apple juice is the dominant product**[26](index=26&type=chunk)[27](index=27&type=chunk) - The company adopts a **"produce-to-order, seasonal production, annual sales"** operating strategy, with production facilities in major apple-producing regions of China and Europe to ensure dynamic raw material management and rational production planning[28](index=28&type=chunk) - The company holds a **leading position in the global concentrated apple juice industry**, with its domestic and overseas subsidiaries' total concentrated apple juice exports accounting for approximately **8% of the global total in 2024**, and domestic subsidiaries' exports accounting for approximately **20% of China's total**[29](index=29&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%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) The company achieved positive operating results through strategic guidance, lean management, optimized sales, and scientific innovation, while also disclosing a major asset restructuring plan - Under the strategic guidance of the **"14th Five-Year Plan" development plan optimization and adjustment scheme**, the company systematically promotes the implementation of the plan, focusing on precise achievement of planning objectives[30](index=30&type=chunk) - The company continues to deepen **"lean management"**, aiming for **"efficient operations, stable quality, and waste elimination"** to enhance management levels and ensure stable main business development[32](index=32&type=chunk) - To mitigate the impact of tariff changes, the company closely monitors tariff trends, **adjusts shipping plans promptly, controls related expenses**, and intensifies efforts to expand into domestic and emerging markets[33](index=33&type=chunk) - The company actively participates in the **"14th Five-Year Plan" national key R&D program's China-Europe cooperation project**, securing **3 patent authorizations** and deepening collaboration with renowned domestic universities and research institutions to enhance competitive vitality[34](index=34&type=chunk) - The company is planning a major asset restructuring, intending to acquire **100% of China Electronic Engineering Design Institute Co., Ltd. shares through a stock issuance** and raise supporting funds from no more than 35 specific investors[35](index=35&type=chunk)[36](index=36&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=%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 competitiveness stems from its brand, robust quality management, global production and sales network, and strong R&D capabilities - As a pioneer in China's concentrated apple juice processing industry, the company has established a **high reputation and strong brand recognition**, fostering deep and stable partnerships with world-renowned beverage and food companies[38](index=38&type=chunk) - The company has established a **comprehensive food safety and quality management system**, being among the first domestic enterprises to obtain **ISO9001 and HACCP certifications**, with several subsidiaries also certified with FSSC22000, Kosher, and HALAL[39](index=39&type=chunk)[40](index=40&type=chunk) - The company has established **production bases in China and Poland**, leveraging sales teams in Beijing, the US, and Poland to reach over **30 countries and regions globally**, forming a "China-Europe" dual production capacity layout and a global sales network[41](index=41&type=chunk) - The company possesses **extensive technological accumulation and rich R&D experience** in fruit and vegetable processing, with a diversified business foundation; its Rushan R&D Center is equipped with a fully functional integrated fruit and vegetable processing pilot line and maintains close cooperation with multiple renowned domestic universities and research institutes[42](index=42&type=chunk) [Key Operating Performance During the Reporting Period](index=10&type=section&id=%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 changes in financial statement items, asset-liability status, investment, and subsidiary performance, detailing operational shifts and influencing factors - Changes in **operating revenue and operating costs** were primarily due to **increased sales volume**[44](index=44&type=chunk) - Changes in **selling expenses** were mainly due to a **year-on-year increase in land transportation costs** influenced by sales volume in the current period[44](index=44&type=chunk) - Changes in **financial expenses** were primarily due to a **year-on-year increase in interest expenses** and a **decrease in net exchange gains/losses**[44](index=44&type=chunk) - Changes in **net cash flow from operating activities** were mainly due to a **year-on-year increase in cash received from sales of goods and rendering of services** in the current period[44](index=44&type=chunk) [Asset and Liability Status](index=11&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) At period-end, monetary funds, prepayments, construction in progress, and undistributed profits increased, while accounts receivable, inventories, total assets, short-term borrowings, accounts payable, contract liabilities, and taxes payable decreased Changes in Asset and Liability Status | Item | Amount at Period-End (CNY) | Proportion of Total Assets at Period-End (%) | Amount at Prior Year-End (CNY) | Proportion of Total Assets at Prior Year-End (%) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 256,078,894.93 | 12.51 | 161,877,407.49 | 5.75 | 58.19 | | Accounts Receivable | 368,773,952.31 | 18.01 | 556,367,654.91 | 19.77 | -33.72 | | Inventories | 588,187,935.52 | 28.73 | 1,257,638,600.02 | 44.69 | -53.23 | | Prepayments | 44,315,688.20 | 2.16 | 8,088,725.19 | 0.29 | 447.87 | | Construction in Progress | 9,249,743.33 | 0.45 | 1,067,928.19 | 0.04 | 766.14 | | Short-term Borrowings | 829,225,113.23 | 40.51 | 1,561,713,707.13 | 55.50 | -46.90 | | Accounts Payable | 39,367,294.44 | 1.92 | 107,413,308.28 | 3.82 | -63.35 | | Undistributed Profits | 64,715,690.95 | 3.16 | 39,635,513.42 | 1.41 | 63.28 | - **Monetary funds increased** primarily due to higher bank deposits; **accounts receivable decreased** mainly due to intensified collection efforts and reduced credit-period receivables; **inventories decreased** primarily due to increased sales volume and reduced stock; **short-term borrowings decreased** mainly due to enhanced accounts receivable management, reducing demand for bank loans; **undistributed profits increased** primarily due to profitability in the current year[47](index=47&type=chunk) [Overseas Asset Status](index=11&type=section&id=%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) This section details the company's overseas assets, their proportion of total assets, and the operating performance of key overseas subsidiaries - **Overseas assets totaled CNY 723.71 million**, accounting for **35.35% of total assets**[48](index=48&type=chunk) Financial Data of Major Overseas Subsidiaries | Overseas Asset Name | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | | Zhonglu America | 536,430,790.97 | -17,478,623.96 | | Zhonglu Europe | 59,304,943.18 | -20,325,300.43 | [Investment Status Analysis](index=13&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's fair value financial assets were mainly derivative instruments, totaling CNY 41,100 at period-end, with hedging objectives and risk control measures detailed Financial Assets Measured at Fair Value | Asset Category | Amount at Period-End (CNY) | | :--- | :--- | | Derivative Instruments | 41,100.00 | | **Total** | **41,100.00** | - The company utilizes the **hedging function of foreign exchange instruments** to effectively manage exchange rate risks, reducing the adverse impact of exchange rate fluctuations on operating results and enhancing financial stability[54](index=54&type=chunk) - During the reporting period, the company recorded a **delivery loss of CNY 1.3 million from forward foreign exchange contracts** and a **fair value change gain of CNY 3.66 million**[54](index=54&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section presents financial data for major holding subsidiaries, including total assets, net assets, operating revenue, operating profit, and net profit Financial Data of Major Holding Subsidiaries | Company Name | Total Assets (CNY 10k) | Net Assets (CNY 10k) | Operating Revenue (CNY 10k) | Operating Profit (CNY 10k) | Net Profit (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wanrong Zhonglu | 7,311.45 | 3,108.02 | 2,799.50 | 464.99 | 461.52 | | Zhonglu America | 34,912.12 | 3,829.91 | 53,643.08 | -1,747.86 | -1,747.86 | | Liaoning Zhonglu | 13,031.52 | 6,881.68 | 4,346.14 | 422.96 | 418.95 | | Hebei Zhonglu | 13,984.38 | 9,400.75 | 5,427.39 | 586.96 | 586.31 | | Zhongxin Fruit Industry | 34,936.16 | 20,637.24 | 7,055.22 | 770.92 | 740.20 | | Zhonglu Europe | 28,184.86 | 15,531.13 | 5,930.49 | -2,086.40 | -2,032.53 | [Other Disclosure Matters](index=16&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section details the company's main risks, such as raw material price, market demand, and exchange rate fluctuations, and their mitigation strategies - The company's main business is the production and sale of concentrated fruit and vegetable juice, with apples as a core raw material; their procurement cost constitutes a significant portion of production costs, exposing the company to **risks of apple yield and raw fruit price fluctuations**[57](index=57&type=chunk) - The company's main product, concentrated apple juice, is primarily for export, facing challenges from **market demand fluctuations, escalating Sino-US trade friction, and unstable geopolitical situations**[58](index=58&type=chunk) - The company has a high proportion of export business, primarily settled in USD, facing **exchange rate fluctuation risks**, which will be hedged by closely monitoring exchange rate trends, strengthening foreign currency asset management, and utilizing hedging tools like forward foreign exchange settlements[59](index=59&type=chunk) Part IV Corporate Governance, Environment, and Society This section covers changes in the company's directors and senior management, profit distribution plans, and environmental information disclosure for listed subsidiaries [Changes in Company Directors and Senior Management](index=17&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company saw multiple changes in directors and senior management, including elections, board re-election, and appointments, during the reporting period - On **January 21, 2025, Mr. Liu Zhong was elected as a company director**[63](index=63&type=chunk) - On **April 18, 2025, the company abolished its supervisory board** and completed the re-election of the board of directors, with **Ms. Li Ling and Mr. Liu Bin elected as new independent directors**[63](index=63&type=chunk) - On **May 27, 2025, Mr. Chen Hao resigned as director and general manager**, while **Mr. Wang Wei was appointed as general manager**, and **Mr. Chen Hao was appointed as Chief Marketing Officer**[64](index=64&type=chunk) - On **July 16, 2025, Mr. He Jun resigned as chairman**, and the company's board of directors elected **Mr. Wang Wei as the new chairman of the Ninth Board of Directors**[65](index=65&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company did not propose any semi-annual profit distribution or capital reserve conversion plans during the reporting period - The company has **no profit distribution plan or capital reserve conversion plan** for this semi-annual period[67](index=67&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the Legally Mandated Environmental Information Disclosure List](index=18&type=section&id=%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%83%85%E5%86%B5) This section identifies four subsidiaries on the legally mandated environmental information disclosure list and provides an inquiry index - **Four of the company's subsidiaries are included in the legally mandated environmental information disclosure list**: Hebei SDIC Zhonglu Fruit and Vegetable Juice Co., Ltd., Shanxi SDIC Zhonglu Fruit Juice Co., Ltd., Wanrong Zhonglu Fruit Juice Co., Ltd., and Yunnan SDIC Zhonglu Fruit Juice Co., Ltd[68](index=68&type=chunk) Part V Significant Matters This section details the fulfillment of commitments, significant related-party transactions, and major contracts during the reporting period [Fulfillment of Commitments](index=20&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The controlling shareholder, SDIC Group, strictly fulfilled its long-term commitment to avoid horizontal competition during the reporting period - The controlling shareholder, **State Development & Investment Corporation (SDIC) Group**, committed not to directly or indirectly engage in or participate in any business or activity that constitutes commercial competition with the company, both domestically and internationally[71](index=71&type=chunk) - This commitment has been **long-term effective since February 28, 2002**, and was **strictly fulfilled** during the reporting period[71](index=71&type=chunk) [Significant Related-Party Transactions](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in significant related-party transactions, including financial services, major asset restructuring planning, and fund borrowings - The company signed a **"Financial Services Agreement" with SDIC Finance Co., Ltd.**, valid until the company's 2026 annual general meeting resolution, with a **maximum daily deposit balance not exceeding CNY 800 million** and a **maximum daily loan limit not exceeding CNY 400 million**[72](index=72&type=chunk)[73](index=73&type=chunk) - During the reporting period, the company's **maximum daily deposit balance with SDIC Finance Co., Ltd. was CNY 300 million**, and the **maximum daily loan limit was CNY 200 million**, both within the agreed limits[73](index=73&type=chunk) - The company is planning a major asset restructuring, intending to acquire **100% of China Electronic Engineering Design Institute Co., Ltd. shares from SDIC Group and other parties through a stock issuance** and raise supporting funds[74](index=74&type=chunk)[75](index=75&type=chunk) Related-Party Fund Borrowing Status | Related Party | Borrowing Amount (CNY) | Start Date | Maturity Date | Loan Interest Rate | | :--- | :--- | :--- | :--- | :--- | | SDIC Finance Co., Ltd. | 50,000,000.00 | 2024-11-21 | 2025-03-03 | 2.5000% | | SDIC Finance Co., Ltd. | 50,000,000.00 | 2024-11-21 | 2025-03-06 | 2.5000% | | SDIC Finance Co., Ltd. | 100,000,000.00 | 2024-11-21 | 2025-08-21 | 2.5000% | SDIC Finance Co., Ltd. Financial Business Status | Business Type | Related Party | Maximum Daily Deposit Limit/Loan Limit (CNY) | Deposit Interest Rate Range/Loan Interest Rate | Period-End Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Deposit Business | SDIC Finance Co., Ltd. | Not exceeding 800,000,000.00 | 0.05%-0.20% | 52,889,966.73 | | Loan Business | SDIC Finance Co., Ltd. | 200,000,000.00 | 2.50% | 100,000,000.00 | [Major Contracts and Their Fulfillment](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company signed a "Framework Agreement for Issuing Shares to Purchase Assets" with SDIC Group for a major asset restructuring, which remains uncertain pending audit and appraisal completion - On **June 22, 2025, the company signed a "Framework Agreement for Issuing Shares to Purchase Assets" with SDIC Group**, planning a major asset restructuring[86](index=86&type=chunk) - This transaction intends to acquire **100% of China Electronic Engineering Design Institute Co., Ltd. shares through a stock issuance** and raise supporting funds from no more than 35 specific investors[87](index=87&type=chunk) - The audit, appraisal, and due diligence work for the target assets of this transaction are **not yet complete**, and there is **uncertainty regarding the successful approval and implementation** of the transaction[88](index=88&type=chunk) Part VI Share Changes and Shareholder Information This section details the company's share capital changes and shareholder structure, including the total number of shareholders and the top ten shareholders' holdings [Share Capital Changes](index=26&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital and share structure remained unchanged during the reporting period - During the reporting period, there were **no changes in the company's total share capital or share structure**[91](index=91&type=chunk) [Shareholder Information](index=26&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) At period-end, the company had 13,131 common shareholders, with controlling shareholder SDIC Group holding 44.57% - As of the end of the reporting period, the total number of common shareholders was **13,131**[92](index=92&type=chunk) Top Ten Shareholders' Holdings as of Period-End | Shareholder Name | Number of Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | State Development & Investment Corporation (SDIC) Group | 116,855,469 | 44.57 | State-owned Legal Person | | Rushan State-owned Capital Operation Co., Ltd. | 7,733,348 | 2.95 | State-owned Legal Person | | Huang Dehe | 4,109,580 | 1.57 | Unknown | | Ying Zhijiang | 3,403,000 | 1.30 | Unknown | | Luo Hongbo | 2,306,450 | 0.88 | Unknown | | Liu Fang | 2,108,903 | 0.80 | Unknown | | Jiang Huamin | 1,941,677 | 0.74 | Unknown | | Zheng Fangping | 1,930,697 | 0.74 | Unknown | | Li Guojuan | 1,636,600 | 0.62 | Unknown | | Zhu Hailong | 1,340,000 | 0.51 | Unknown | - The company's controlling shareholder, **State Development & Investment Corporation (SDIC) Group (the principal)**, signed a "Delegated Management Agreement" with its subsidiary, **China SDIC High-tech Industrial Investment Co., Ltd. (the trustee)**, stipulating that the trustee shall fully exercise shareholder rights on behalf of the principal[95](index=95&type=chunk) Part VII Bond-Related Information This section confirms that the company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=29&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[99](index=99&type=chunk) [Convertible Corporate Bonds](index=29&type=section&id=%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 had no convertible corporate bonds during the reporting period - During the reporting period, the company had **no convertible corporate bonds**[99](index=99&type=chunk) Part VIII Financial Report This section presents the company's unaudited financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and financial items [Audit Report](index=30&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [Financial Statements](index=30&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for H1 2025, reflecting its financial position and operating results - The financial statements include the **Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity**[101](index=101&type=chunk)[104](index=104&type=chunk)[108](index=108&type=chunk)[112](index=112&type=chunk)[115](index=115&type=chunk)[118](index=118&type=chunk)[121](index=121&type=chunk)[128](index=128&type=chunk) [Consolidated Balance Sheet](index=30&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were CNY 2.047 billion, liabilities CNY 1.024 billion, and owners' equity CNY 1.023 billion Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 2,047,086,766.13 | 2,814,097,049.95 | | Total Current Assets | 1,314,797,393.48 | 2,080,544,616.54 | | Total Non-current Assets | 732,289,372.65 | 733,552,433.41 | | Total Liabilities | 1,024,420,605.26 | 1,840,070,504.41 | | Total Owners' Equity | 1,022,666,160.87 | 974,026,545.54 | [Parent Company Balance Sheet](index=32&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, parent company total assets were CNY 1.671 billion, liabilities CNY 1.056 billion, and owners' equity CNY 615 million Key Data from Parent Company Balance Sheet | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 1,671,407,307.97 | 2,189,995,357.75 | | Total Current Assets | 1,027,930,047.39 | 1,545,404,039.84 | | Total Non-current Assets | 643,477,260.58 | 644,591,317.91 | | Total Liabilities | 1,055,951,773.98 | 1,586,579,393.49 | | Total Owners' Equity | 615,455,533.99 | 603,415,964.26 | [Consolidated Income Statement](index=34&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, total operating revenue reached CNY 1.007 billion (+39.68%), net profit CNY 37.35 million (+659.45%), and net profit attributable to parent company shareholders CNY 25.08 million (+2149.03%) Key Data from Consolidated Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,007,394,327.48 | 721,233,050.66 | | Total Operating Costs | 970,792,047.34 | 707,381,906.32 | | Total Profit | 37,231,727.37 | 4,952,658.85 | | Net Profit | 37,348,047.16 | 4,920,406.50 | | Net Profit Attributable to Parent Company Shareholders | 25,080,177.53 | 1,115,155.09 | | Minority Interests | 12,267,869.63 | 3,805,251.41 | | Basic Earnings Per Share (CNY/share) | 0.0956 | 0.0043 | [Parent Company Income Statement](index=36&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, parent company operating revenue was CNY 566 million, with net profit of CNY 12.04 million, reversing a prior-period loss Key Data from Parent Company Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 566,190,338.37 | 491,558,638.81 | | Operating Profit | 12,055,214.41 | -7,074,701.29 | | Total Profit | 12,039,569.73 | -5,963,733.68 | | Net Profit | 12,039,569.73 | -5,963,733.68 | [Consolidated Cash Flow Statement](index=38&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash from operating activities was CNY 875 million (+110.62%), net cash outflow from investing activities CNY 11.03 million, and net cash outflow from financing activities CNY 782 million Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 874,649,358.73 | 415,280,711.09 | | Net Cash Flow from Investing Activities | -11,032,396.89 | -7,299,384.19 | | Net Cash Flow from Financing Activities | -781,965,804.27 | -422,468,067.38 | | Net Increase in Cash and Cash Equivalents | 84,208,714.08 | -7,807,450.67 | [Parent Company Cash Flow Statement](index=39&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, parent company net cash from operating activities was CNY 1.041 billion, net cash outflow from investing activities CNY 1.46 million, and net cash outflow from financing activities CNY 939 million Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,041,341,413.68 | 397,908,920.38 | | Net Cash Flow from Investing Activities | -1,460,291.39 | 343,355.84 | | Net Cash Flow from Financing Activities | -939,088,375.02 | -399,741,500.04 | | Net Increase in Cash and Cash Equivalents | 101,894,016.71 | 4,222,806.41 | [Consolidated Statement of Changes in Owners' Equity](index=41&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, consolidated owners' equity increased by CNY 48.64 million, mainly due to higher total comprehensive income Changes in Consolidated Owners' Equity | Item | H1 2025 Period-End Balance (CNY) | H1 2025 Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 262,210,000.00 | 262,210,000.00 | | Capital Reserve | 544,367,356.55 | 544,367,356.55 | | Other Comprehensive Income | 23,148,095.35 | 5,978,031.77 | | Surplus Reserve | 45,172,568.78 | 45,172,568.78 | | Undistributed Profits | 64,715,690.95 | 39,635,513.42 | | Total Owners' Equity Attributable to Parent Company | 939,613,711.63 | 897,363,470.52 | | Minority Interests | 83,052,449.24 | 76,663,075.02 | | Total Owners' Equity | 1,022,666,160.87 | 974,026,545.54 | [Parent Company Statement of Changes in Owners' Equity](index=46&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, parent company owners' equity increased by CNY 12.04 million, mainly due to higher net profit Changes in Parent Company Owners' Equity | Item | H1 2025 Period-End Balance (CNY) | H1 2025 Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 262,210,000.00 | 262,210,000.00 | | Capital Reserve | 519,612,583.66 | 519,612,583.66 | | Other Comprehensive Income | -10,000.00 | -10,000.00 | | Surplus Reserve | 45,172,568.78 | 45,172,568.78 | | Undistributed Profits | -211,529,618.45 | -223,569,188.18 | | Total Owners' Equity | 615,455,533.99 | 603,415,964.26 | [Company Basic Information](index=50&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's establishment, capital, legal representative, address, and main business, classifying it within the beverage manufacturing industry - SDIC Zhonglu Fruit Juice Co., Ltd. was established as a joint-stock company through the overall restructuring of the former Shandong Zhonglu Fruit Juice Co., Ltd., approved by the former State Economic and Trade Commission, and **registered on March 15, 2001**[132](index=132&type=chunk) - The company has undergone several share capital changes, with a current **registered capital of CNY 262.21 million** and a **total share capital of 262.21 million shares**[133](index=133&type=chunk) - The company's legal representative is **Wang Wei**, its registered address is Room 205, No. 7 Kexing Road, Fengtai District, Beijing, and its main business is the production and sale of concentrated fruit and vegetable juice, with concentrated apple juice as its primary product, belonging to the **wine, beverage, and refined tea manufacturing industry**[133](index=133&type=chunk)[134](index=134&type=chunk) [Basis of Financial Statement Preparation](index=50&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, with no significant doubts identified regarding the company's ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a **going concern basis**[135](index=135&type=chunk) - The company assessed its ability to continue as a going concern for **12 months from the end of the reporting period** and found **no factors that could raise significant doubts** about its going concern ability[136](index=136&type=chunk) [Significant Accounting Policies and Estimates](index=50&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section outlines the company's significant accounting policies and estimates, covering accounting standards, period, operating cycle, functional currency, financial instruments, inventories, and revenue recognition - The financial statements prepared by the company comply with **Enterprise Accounting Standards**, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[138](index=138&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar, with a **12-month operating cycle** used as the criterion for classifying assets and liabilities as current or non-current[139](index=139&type=chunk)[140](index=140&type=chunk) - Upon initial recognition, the company's financial assets are classified based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets, into **financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss**[150](index=150&type=chunk) - The company's inventories primarily include **raw materials, work-in-progress, and finished goods**, with actual costs determined using the **weighted average method**, and impairment provisions recognized at the lower of cost or net realizable value[165](index=165&type=chunk)[166](index=166&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the relevant goods or services; **domestic sales revenue is recognized upon shipment and customer acceptance**, while **export revenue is recognized upon actual customs declaration and receipt of the bill of lading**[199](index=199&type=chunk)[202](index=202&type=chunk) [Taxation](index=68&type=section&id=%E7%A8%8E%E9%A1%B9) This section details the company's main tax categories and rates, including VAT, property tax, and corporate income tax, along with subsidiary tax incentives Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | Domestic sales of goods or taxable services: exempt, 5%, 6%, 9%, 13%; VAT rates applicable to overseas subsidiaries: 0%, 5%, 7%, 8%, 23% | | Export Tax Rebate | Export sales: 13% | | Property Tax | Ad valorem: 1.2%, 12%; Based on rental income: 12%; Building area (Poland): PLN 18.83-20.00/sqm | | Land Use Tax | Land use area: CNY 4/sqm to CNY 11/sqm, CNY 24/sqm, PLN 0.78/sqm | | Urban Maintenance and Construction Tax | Amount of turnover tax payable: 1%, 5%, 7% | | Education Surcharge | Amount of turnover tax payable: 3% | | Local Education Surcharge | Amount of turnover tax payable: 2% | | Corporate Income Tax | Domestic companies based on taxable income: exempt, 25%; Overseas subsidiaries pay according to local laws: 19%, 29.84% | - **SDIC Zhonglu (Shandong) Agriculture and Animal Husbandry Development Co., Ltd.** has enjoyed a **direct VAT exemption policy since June 1, 2011**[218](index=218&type=chunk) - Subsidiaries such as **Linyi SDIC Zhonglu Fruit Juice Co., Ltd., Fuping Zhonglu Fruit and Vegetable Juice Co., Ltd., and Wanrong Zhonglu Fruit Juice Co., Ltd.**, whose apple and pear juice production falls within the scope of agricultural product primary processing eligible for corporate income tax incentives, **continue to enjoy income tax exemption in 2025**[219](index=219&type=chunk) [Notes to Consolidated Financial Statement Items](index=69&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, equity, income, costs, expenses, profits, and cash flows, with period-end balances and changes - **Monetary funds** at period-end totaled **CNY 256.08 million**, including **CNY 50.55 million deposited overseas** and **restricted monetary funds of CNY 22.31 million (customs deposits)**[221](index=221&type=chunk)[222](index=222&type=chunk) - **Accounts receivable** at period-end had a carrying value of **CNY 368.77 million**, a **33.72% decrease from the beginning of the period**, primarily due to intensified collection efforts and reduced credit-period receivables in the current year[228](index=228&type=chunk)[47](index=47&type=chunk) - **Inventories** at period-end had a carrying value of **CNY 588.19 million**, a **53.23% decrease from the beginning of the period**, primarily due to increased sales volume and reduced stock in the current year[253](index=253&type=chunk)[47](index=47&type=chunk) - **Short-term borrowings** at period-end totaled **CNY 829.23 million**, a **46.90% decrease from the beginning of the period**, primarily due to enhanced accounts receivable management and reduced demand for bank loans[305](index=305&type=chunk)[47](index=47&type=chunk) - **Operating revenue** for the current period was **CNY 1.007 billion**, and **operating costs were CNY 860.11 million**, primarily due to **increased sales volume**[335](index=335&type=chunk)[44](index=44&type=chunk) - **Financial expenses** for the current period were **CNY 20.05 million**, a **51.13% increase from the prior period**, primarily due to a **year-on-year increase in interest expenses** and a **decrease in net exchange gains/losses**[341](index=341&type=chunk)[44](index=44&type=chunk) - **Net cash flow from operating activities** was **CNY 874.65 million**, a **110.62% increase from the prior period**, primarily due to a **year-on-year increase in cash received from sales of goods and rendering of services** in the current period[354](index=354&type=chunk)[44](index=44&type=chunk) [Research and Development Expenses](index=122&type=section&id=%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's total R&D expenses were CNY 1.95 million, fully expensed, mainly for personnel, testing, materials, and depreciation R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 1,173,201.88 | 1,676,931.09 | | Testing and Material Fees | 300,127.43 | 219,008.41 | | Depreciation Expense | 275,557.74 | 795,005.74 | | Other | 204,790.95 | 906,363.42 | | **Total** | **1,953,678.00** | **3,597,308.66** | | Of which: Expensed R&D Expenses | 1,953,678.00 | 3,597,308.66 | [Interests in Other Entities](index=124&type=section&id=%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's 18 subsidiaries and explains discrepancies between shareholding percentages and voting rights - The company owns **18 subsidiaries** with business activities covering fruit juice production and sales, feed production and sales, etc., primarily operating in Shandong, Hebei, Liaoning, Shanxi, Yunnan, Shaanxi, California (USA), Singapore, and Poland[365](index=365&type=chunk) - The company holds **40% equity in SDIC Zhonglu (Shandong) Agriculture and Animal Husbandry Development Co., Ltd.**, and it is included in the consolidated scope due to the company's actual control over it[364](index=364&type=chunk) - Subsidiary **Shanxi SDIC Zhonglu Fruit Juice Co., Ltd. holds the remaining 5% equity in Qingdao SDIC Zhonglu Fruit Juice Co., Ltd.**, with voting rights exercised by the company on its behalf[364](index=364&type=chunk) - Subsidiary **Zhongxin Fruit and Juice Limited holds 50% equity in Linyi SDIC Zhonglu Fruit Juice Co., Ltd.**, with the company exercising voting rights on behalf of its indirect 26.56% stake[366](index=366&type=chunk) [Government Grants](index=128&type=section&id=%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized CNY 390,896.83 in government grants in current profit or loss, primarily income-related Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-related | 0 | 13,666.68 | | Income-related | 390,896.83 | 1,496,286.63 | | **Total** | **390,896.83** | **1,509,953.31** | [Risks Related to Financial Instruments](index=129&type=section&id=%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages market, credit, and liquidity risks associated with financial instruments through hedging and credit limit policies - The company's **exchange rate risk** primarily relates to the **USD, PLN, and EUR**, managed by closely monitoring exchange rate fluctuations and their impact on the company[375](index=375&type=chunk)[377](index=377&type=chunk) - The company's **interest rate risk** arises from interest-bearing debts such as bank borrowings; floating-rate financial liabilities expose the company to **cash flow interest rate risk**, while fixed-rate financial liabilities expose it to **fair value interest rate risk**[378](index=378&type=chunk) - The company manages **credit risk** by portfolio classification, primarily arising from monetary funds, accounts receivable, and other receivables, mitigating it through measures such as establishing a dedicated department to determine credit limits and conduct credit approvals[380](index=380&type=chunk) - The company manages **liquidity risk** by ensuring sufficient cash liquidity to meet maturing debts, maintaining credit lines through regular analysis of debt structure and maturity, monitoring bank loan utilization, and engaging in financing negotiations[383](index=383&type=chunk) [Disclosure of Fair Value](index=134&type=section&id=%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the period-end fair value of the company's fair value measured assets and liabilities, mainly trading financial assets and equity investments, and describes valuation techniques Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Period-End Fair Value (CNY) | | :--- | :--- | | Trading Financial Assets (Derivative Financial Assets) | 41,100.00 | | Other Equity Instrument Investments | 102,704.48 | | **Total Assets Continuously Measured at Fair Value** | **143,804.48** | - The company determines the fair value of **other equity instruments and trading financial assets measured at Level 2 fair value** based on quotes for similar assets in inactive markets, with necessary adjustments[393](index=393&type=chunk) [Related Parties and Related-Party Transactions](index=136&type=section&id=%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's related parties and transactions, including sales, fund borrowings, and key management compensation - The ultimate controlling party of the company is **State Development & Investment Corporation (SDIC) Group**, with a **registered capital of CNY 33.8 billion** and a **shareholding ratio of 44.57%** in the company[396](index=396&type=chunk) - During the reporting period, the company sold goods to related parties including **SDIC Property Co., Ltd. Beijing Branch 1, China SDIC High-tech Industrial Investment Co., Ltd., and Shandong Lihe Zhonglu Fruit and Vegetable Processing Co., Ltd.**[399](index=399&type=chunk) Related-Party Fund Borrowing Status | Related Party | Borrowing Amount (CNY) | Start Date | Maturity Date | Loan Interest Rate | | :--- | :--- | :--- | :--- | :--- | | SDIC Finance Co., Ltd. | 50,000,000.00 | 2024-11-21 | 2025-03-03 | 2.5000% | | SDIC Finance Co., Ltd. | 50,000,000.00 | 2024-11-21 | 2025-03-06 | 2.5000% | | SDIC Finance Co., Ltd. | 100,000,000.00 | 2024-11-21 | 2025-11-21 | 2.5000% | - **Key management personnel compensation** for the current period was **CNY 1.32 million**[402](index=402&type=chunk) - The company had related-party transactions with **SDIC Finance Co., Ltd.**, including **interest income of CNY 129,137.07** and **interest expense of CNY 1,690,972.22**[403](index=403&type=chunk) [Commitments and Contingencies](index=139&type=section&id=%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) This section discloses a significant contingency regarding Linyi Zhonglu's unfulfilled capital contribution due to pledged equipment, with the case now closed and no further appeal - When subsidiary **Linyi SDIC Zhonglu Fruit Juice Co., Ltd. was established**, its founders, Sanmenxia Hubin Fruit Juice Co., Ltd. and Xinhubin (Sanmenxia) Development Co., Ltd., used contributed equipment as collateral for loans before ownership was transferred to Linyi Zhonglu, constituting an **unfulfilled capital contribution**[407](index=407&type=chunk)[408](index=408&type=chunk) - Linyi Zhonglu had previously filed a lawsuit with the Linyi County People's Court in Shanxi Province, but the court **rejected the plaintiff's claims**, and Linyi Zhonglu decided **not to appeal**, thus the case is closed[408](index=408&type=chunk) [Notes to Parent Company Financial Statement Items](index=141&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key parent company financial statement items, including receivables, long-term equity investments, operating revenue/costs, and investment income - The parent company's **accounts receivable** at period-end had a carrying value of **CNY 456.78 million**, of which **CNY 299.50 million due from Zhonglu America was not provisioned for bad debts**[413](index=413&type=chunk)[415](index=415&type=chunk) - The parent company's **other receivables** at period-end had a book balance of **CNY 308.24 million**, including **CNY 307.37 million due from related parties**[426](index=426&type=chunk) - The parent company's **long-term equity investments** at period-end had a carrying value of **CNY 598.35 million**, primarily consisting of **investments in subsidiaries**[434](index=434&type=chunk) - The parent company's **operating revenue** for the current period was **CNY 566.19 million**, and **operating costs were CNY 526.88 million**[440](index=440&type=chunk) - The parent company's **investment income** for the current period was **CNY 9.59 million**, primarily including **income from long-term equity investments accounted for using the cost method of CNY 10.92 million**[441](index=441&type=chunk)[443](index=443&type=chunk) [Supplementary Information](index=152&type=section&id=%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides a detailed statement of non-recurring gains and losses and supplementary financial information, including return on net assets and earnings per share Detailed Statement of Non-recurring Gains and Losses for the Current Period | Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets, including the write-back of asset impairment provisions | 210,980.64 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 390,496.83 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, excluding effective hedging activities related to the company's normal business operations | 2,359,800.00 | | Other non-operating income and expenses apart from the above items | -54,867.25 | | Less: Income tax impact | 45,104.28 | | Minority interests impact (after tax) | 11,416.62 | | **Total** | **2,849,889.32** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (CNY) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 2.73 | 0.0956 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-recurring Gains and Losses | 2.42 | 0.0848 |

广东欧莱高新材料股份有限公司2025 年半年度报告 公司代码：688530 公司简称：欧莱新材 广东欧莱高新材料股份有限公司 2025 年半年度报告 1 / 188 广东欧莱高新材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，具体内容详 见本报告第三节"管理层讨论与分析"之"四、风险因素"，敬请广大投资者查阅。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人文宏福、主管会计工作负责人毛春海及会计机构负责人（会计主管人员）李润 女声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述均不构成公司对投资者的实质 ...

曲美家居集团股份有限公司2025 年半年度报告 公司代码：603818 公司简称：曲美家居 曲美家居集团股份有限公司 2025 年半年度报告 二〇二五年八月二十九日 1 / 174 曲美家居集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人赵瑞海、主管会计工作负责人孙海凤及会计机构负责人（会计主管人员）张砾 元声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的经营计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 | 第一节 | 释义 | 4 | | --- | --- | --- | | 第二节 ...