[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, which is unaudited and contains forward-looking statements, advising investors to be aware of investment risks, and confirming no significant non-operating fund occupation by controlling shareholders or related parties, illegal guarantees, or other material risks affecting operations - This semi-annual report is unaudited[5](index=5&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[6](index=6&type=chunk) - During the reporting period, the company had no particularly significant risks materially affecting its production and operations[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms used in the report, covering company name, main business types (cigarette packaging printing, social packaging printing), product materials (ink, composite paper, transfer paper, anodized aluminum), and the reporting period, laying the foundation for understanding the report content - The company's main businesses include cigarette packaging printing (cigarette labels, tipping paper, sealing paper, and other cigarette packaging materials printing) and social packaging printing (packaging printing other than cigarette packaging printing)[12](index=12&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Section 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 outlines the company's basic information, contact details, stock overview, and key accounting data and financial indicators for the reporting period, showing a significant **63.38%** year-on-year decrease in operating revenue, a narrowed net loss attributable to parent, but a **104.06%** year-on-year decline in non-recurring net profit [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Discloses the company's basic registration information, including its full Chinese name 'Anhui Jiyou New Material Co., Ltd.' and its abbreviation 'Jiyou Shares', as well as legal representative Xu Shanshui - Company's Chinese name: Anhui Jiyou New Material Co., Ltd., abbreviation: Jiyou Shares[14](index=14&type=chunk) - Company's legal representative: Xu Shanshui[14](index=14&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Provides contact information for the company's Board Secretary Liu Lizheng and Securities Affairs Representative Hu Zhengqiu, including address, phone, fax, and email - Board Secretary: Liu Lizheng, Securities Affairs Representative: Hu Zhengqiu[15](index=15&type=chunk) - Contact number: **0556-4561111**, Email: jyzqb@genuinepacking.com[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) Introduces the company's registered address, office address, postal code, company website, and email, stating no historical changes to the registered address - The company's registered and office addresses are both in Taihu County Economic Development Zone, Anqing City, Anhui Province[16](index=16&type=chunk) - Company website: www.ahjiyou.com.cn[16](index=16&type=chunk) [IV. Information Disclosure and Document Custody Location Changes](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Specifies the company's designated information disclosure newspapers (China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily) and the website address for the semi-annual report (www.sse.com.cn), as well as the report's availability location - Company's selected information disclosure newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily[17](index=17&type=chunk) - Website address for the semi-annual report: www.sse.com.cn[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) Introduces the company's A-shares listed on the Shanghai Stock Exchange, with stock abbreviation 'Jiyou Shares' and stock code '603429' - Stock type: A-shares, Listing exchange: Shanghai Stock Exchange[18](index=18&type=chunk) - Stock abbreviation: Jiyou Shares, Stock code: **603429**[18](index=18&type=chunk) [VI. Other Relevant Information](index=5&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) Discloses the company's sponsor institution as Huajin Securities Co., Ltd., and lists the names of the signing sponsors and the duration of continuous supervision - The company's sponsor institution is Huajin Securities Co., Ltd[19](index=19&type=chunk) - Names of signing sponsors: Liu Chuanyun, Ye Yuexiang, Duration of continuous supervision: Until the raised funds are fully utilized[20](index=20&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue significantly decreased by **63.38%** year-on-year to **CNY 103.95 million**, primarily due to reduced cigarette packaging printing business and changes in consolidation scope; net loss attributable to parent narrowed to **CNY 1.39 million**, mainly due to decreased non-operating expenses; non-recurring net profit loss was **CNY 2.78 million**, a **104.06%** year-on-year decrease; and net cash flow from operating activities was a loss of **CNY 22.51 million**, but narrowed compared to the same period last year 2025 Half-Year Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 103,951,982.71 | 283,873,572.46 | -63.38 | | Total Profit | 845,002.08 | -55,835,120.88 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -1,387,143.86 | -69,157,148.89 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -2,784,630.10 | 68,563,585.20 | -104.06 | | Net Cash Flow from Operating Activities | -22,510,559.76 | -96,924,439.49 | Not applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,238,521,686.91 | 1,239,908,830.77 (Prior Year-end) | -0.11 | | Total Assets (Period-end) | 1,361,675,666.10 | 1,399,346,894.50

股票代码：601825 证券简称：沪农商行 上海农村商业银行股份有限公司 2025 年半年度报告 二〇二五年八月 | | | 上海农村商业银行股份有限公司 2025 年半年度报告 重要提示 1、本公司董事会及董事、高级管理人员保证本报告内容的真实、 准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担法律 责任。 2、本公司于 2025 年 8 月 29 日召开董事会 2025 年第七次会议审 议通过本报告，会议应出席董事 14 名，实际亲自出席董事 12 名。王 娟董事、李培功独立董事因公务原因未能亲自出席，王娟董事委托陈 缨独立董事代为出席并表决，李培功独立董事委托黄纪宪独立董事代 为出席并表决。14 名董事均行使表决权。本公司部分监事及非董事 高级管理人员列席了本次会议。 3、本公司按中国会计准则编制的 2025 年半年度财务报告已经毕 马威华振会计师事务所（特殊普通合伙）根据中国注册会计师审阅准 则审阅，并出具了无保留结论的审阅报告。 4、本公司法定代表人并代行行长职责主管会计工作负责人徐力、 会计机构负责人陈南华声明：保证本报告中财务报告的真实、准确、 完整。 5、经 2025 年 6 月 13 ...

山西安泰集团股份有限公司2025 年半年度报告 公司代码：600408 公司简称：安泰集团 山西安泰集团股份有限公司 2025 年半年度报告 1 / 120 山西安泰集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李猛、主管会计工作负责人展振莲及会计机构负责人（会计主管人员）展振莲 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 本报告期不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中若涉及前瞻性描述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。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 ...

广州发展集团股份有限公司2025 年半年度报告 公司代码：600098 公司简称：广州发展 广州发展集团股份有限公司 2025 年半年度报告 二○二五年八月 建设国内领先的绿色低碳综合智慧能源企业集团 To build a leading green and low-carbon comprehensive intelligent energy enterprise group in China 1 / 202 广州发展集团股份有限公司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、 公司负责人蔡瑞雄、主管会计工作负责人吴宏、马素英、财务总监梁建及会计机构负责人 （会计主管人员）张立更声明：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 本报告所涉及的未来计划、发展战略等前瞻性陈述 ...

花王生态工程股份有限公司2025 年半年度报告 公司代码：603007 公司简称：*ST 花王 花王生态工程股份有限公司 2025 年半年度报告 1 / 164 花王生态工程股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人余雅俊、主管会计工作负责人朱会俊及会计机构负责人（会计主管人员）朱会 俊声明：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 本报告期内，公司不进行利润分配或资本公积转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质性承诺，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、 ...

[Important Notice](index=2&type=section&id=Important%20Notice) The company's board and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which is unaudited, with no profit distribution plan for the period - This semi-annual report is unaudited[4](index=4&type=chunk) - Company head Li Ping, chief accountant Li Ping, and head of accounting Wang Yahua declare the financial report in the semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - There is no profit distribution or capital reserve capitalization plan for this reporting period[4](index=4&type=chunk) - No particularly significant risks substantially affecting the company's operations were identified during the reporting period[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines specific terms and company-related information used in the report, including the full company name, abbreviations, legal representative, key regulatory bodies, certifications, and operating models - Company, the Company, Nanwei Healthcare refers to Jiangsu Nanwei Healthcare Co., Ltd[14](index=14&type=chunk) - Japan's Ministry of Health, Labour and Welfare refers to the primary department responsible for medical health and social security in Japan[14](index=14&type=chunk) - FDA refers to the U.S. Food and Drug Administration[14](index=14&type=chunk) - ODM refers to Original Design Manufacture, where one manufacturer designs and produces products according to another manufacturer's specifications and requirements[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, stock overview, and key accounting data and financial indicators for the first half of 2025 - The company's stock abbreviation is Nanwei Healthcare, stock code: **603880**, listed on the Shanghai Stock Exchange[17](index=17&type=chunk) Key Accounting Data for H1 2025 (Consolidated Statements) | Indicator | Current Period (Jan－Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 306,075,903.06 RMB | 301,870,459.32 RMB | 1.39 | | Total Profit | -13,452,057.12 RMB | 1,997,147.46 RMB | -773.56 | | Net Profit Attributable to Shareholders of Listed Company | -12,967,713.84 RMB | 1,026,478.54 RMB | -1,363.32 | | Net Cash Flow from Operating Activities | 35,195,110.17 RMB | 3,303,181.38 RMB | 965.49 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 266,318,930.29 RMB | 279,286,644.13 RMB (Prior Year End) | -4.64 | | Total Assets (End of Period) | 986,986,162.81 RMB | 1,056,553,004.60 RMB (Prior Year End) | -6.58 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan－Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.045 | 0.004 | -1,225.00 | | Diluted Earnings Per Share (RMB/share) | -0.045 | 0.004 | -1,225.00 | | Basic EPS After Non-Recurring Gains/Losses (RMB/share) | -0.05 | 0.008 | -725.00 | | Weighted Average Return on Net Assets (%) | -4.75 | 0.22 | Decreased by 4.97 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains/Losses (%) | -5.65 | 0.52 | Decreased by 6.17 percentage points | - Net profit attributable to the listed company decreased significantly compared to the same period last year, primarily due to intense market competition and a decline in sales prices for some products[20](index=20&type=chunk) - Net cash flow from operating activities increased significantly compared to the same period last year, mainly due to increased receipts from other operating activities[20](index=20&type=chunk) Non-Recurring Gains and Losses for H1 2025 | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Current Profit/Loss | 2,899,650.66 | | Other Non-Operating Income and Expenses Apart from the Above | -2,916.68 | | Less: Income Tax Impact | -464,118.04 | | **Total** | **2,432,615.94** | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the industry trends, company's main business, operating model, and market position within the pharmaceutical manufacturing sector, highlighting stable revenue but a significant decline in net profit due to market competition [Explanation of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in the medical materials and pharmaceutical manufacturing sector, focusing on transdermal products, medical tapes, first aid kits, and protective items, with an ODM-centric model and a leading position in wound plaster production - The company's main business is in 'Medical Materials and Pharmaceutical Manufacturing (C2770)' within the 'Pharmaceutical Manufacturing (C27)' industry[25](index=25&type=chunk) - Key product series include medicated plasters, wound plasters, dressings, medical adhesive tapes and bandages, first aid kits, sports protection products, protective equipment, and nursing care products[25](index=25&type=chunk) - The company's business is primarily ODM-based; in recent years, it has gradually increased efforts in developing and expanding its own-brand products, focusing on first aid kits, sports protection products, protective equipment, and nursing care products under the existing 'Miaoshou' series[33](index=33&type=chunk) - The company has become a leading wound plaster production base in China[35](index=35&type=chunk) [Main Developments in the Industry](index=7&type=section&id=(I)%20Main%20Developments%20in%20the%20Industry) The pharmaceutical industry, a strategic national sector, is transitioning to innovation-driven growth, with national plans emphasizing advanced medical equipment and digital transformation, supported by policy and technological advancements like AI quality inspection - The pharmaceutical industry is a strategic sector vital to national welfare, economic development, and security, currently transitioning from factor-driven to innovation-driven growth[23](index=23&type=chunk) - The '14th Five-Year Plan for Medical Equipment Industry Development' explicitly states that by **2025**, the industrial foundation and modernization level of the medical equipment industry chain should be significantly enhanced[23](index=23&type=chunk) - The '15th Five-Year Plan' outlines 'quality and efficiency improvement, digital and intelligent transformation' as the core development path for the traditional medical supplies industry[23](index=23&type=chunk) - AI quality inspection system coverage has increased to **60%**, achieving a **50% leap** in sterile testing efficiency for traditional dressings, syringes, and other products[24](index=24&type=chunk) [Company's Main Business](index=7&type=section&id=(II)%20Company%27s%20Main%20Business) The company is a high-tech enterprise integrating R&D, manufacturing, and sales of pharmaceutical products, primarily offering transdermal products, medical tapes, first aid kits, sports protection, protective equipment, and nursing care products for medical and civilian use - The company primarily engages in the R&D, production, and sales of transdermal products, medical adhesive tapes and bandages, first aid kits, sports protection products, protective equipment, and nursing care products[25](index=25&type=chunk) - Transdermal products mainly include medicated plasters, dressings, and wound plasters, delivering medication through the skin for preventive or therapeutic effects[26](index=26&type=chunk) - Protective equipment primarily consists of nitrile gloves, suitable for medical, civilian, and various other industries[30](index=30&type=chunk) [Company's Operating Model](index=8&type=section&id=(III)%20Company%27s%20Operating%20Model) The company primarily operates under an ODM model, designing and producing products based on client needs, while also developing its own "Miaoshou" brand series, with procurement and production driven by sales orders for both domestic and international markets - The company's business is primarily ODM-based; in recent years, it has gradually increased efforts in developing and expanding its own-brand products[33](index=33&type=chunk) - The company adopts a 'purchase-to-order' procurement model, organizing raw material purchases based on production orders[31](index=31&type=chunk) - The company adopts a 'produce-to-order' production model, organizing production based on customer demand through order-based services[32](index=32&type=chunk) - International market sales models are mainly divided into sales to foreign brand owners and sales to domestic foreign trade companies[33](index=33&type=chunk) [Company's Market Position](index=9&type=section&id=(IV)%20Company%27s%20Market%20Position) With over thirty years of development, the company has become an influential medical device manufacturer and a leading wound plaster production base in China, leveraging its strengths and regional industrial clusters to serve both domestic and international markets - After more than thirty years of operation and development, the company has become a medical device manufacturer with significant market influence[35](index=35&type=chunk) - The company has become a leading wound plaster production base in China[35](index=35&type=chunk) - Through long-term and stable cooperation with overseas clients, the company has formed an ODM-centric operating model, while continuously increasing the proportion of direct sales to achieve a synergistic development of domestic and international markets[35](index=35&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company maintained stable operating revenue but experienced a significant decline in net profit due to market competition, while actively strengthening governance, optimizing production, increasing R&D investment, and improving financial operations - In H1 2025, operating revenue reached **306.08 million RMB**, an increase of **4.21 million RMB** compared to the same period last year[35](index=35&type=chunk) - Net profit attributable to parent company shareholders was **-12.97 million RMB**, a decrease of **13.99 million RMB** compared to the same period last year[35](index=35&type=chunk) - R&D expenses during the reporting period amounted to **13.29 million RMB**, a **9.7% decrease** compared to the same period last year[36](index=36&type=chunk) - The company and its subsidiaries collectively hold **16 invention patents**, **75 utility model patents**, **4 design patents**, **29 Class I medical device filings**, **19 Class II medical device registrations**, and **3 drug registration certificates**[36](index=36&type=chunk) - The company's main products, including medical adhesive tapes, bandages, wound plasters, dressings, and first aid kits, have all passed **US FDA** and **TÜV SÜD** certifications[36](index=36&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from its strong technical R&D capabilities, comprehensive quality and qualification systems, experienced management team, economies of scale, and advantageous regional location in the Yangtze River Delta - The company prioritizes enhancing technical R&D capabilities as a key to core competitiveness, continuously improving processes and upgrading equipment, and has jointly established a 'New Transdermal Preparation R&D Center' with Zhejiang University[39](index=39&type=chunk) - The company has adopted the **ISO13485** quality system standard and obtained multiple domestic and international qualifications, including drug certification from the National Medical Products Administration, **US FDA** factory registration, Japan Foreign Manufacturer Accreditation from Japan's Ministry of Health, Labour and Welfare, and medical device product registration from German medical device authorities[40](index=40&type=chunk) - The company's management team possesses rich experience and sound business philosophies, having established a standardized management system covering product R&D, technological innovation, raw material procurement, production, sales, and after-sales service, with a strong emphasis on cost control[41](index=41&type=chunk) - As one of the largest transdermal product manufacturers in China, the company's scale production helps reduce production costs, enhance profitability, strengthen raw material procurement bargaining power, and attract high-quality customers[42](index=42&type=chunk) - Located in the economically developed and transportation-convenient Yangtze River Delta region, the company benefits from the textile industry cluster effect, which helps reduce raw material procurement and transportation costs, and leverages port transportation advantages to quickly meet overseas customer demands[43](index=43&type=chunk)[44](index=44&type=chunk) [Main Operating Performance During the Reporting Period](index=11&type=section&id=IV.%20Main%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's operating performance, including financial statement changes, asset and liability status, and the performance of key subsidiaries and associates, noting stable revenue but declining profits and increased financial expenses [Analysis of Main Business](index=11&type=section&id=(I)%20Analysis%20of%20Main%20Business) Main business analysis shows a slight 1.39% increase in operating revenue, but total profit and net profit attributable to shareholders significantly decreased by 773.56% and 1,363.32% respectively, while net cash flow from operating activities surged by 965.49% Analysis of Changes in Financial Statement Items (H1 2025 vs H1 2024) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 306,075,903.06 | 301,870,459.32 | 1.39 | No significant change | | Operating Cost | 274,634,072.30 | 257,532,656.03 | 6.64 | No significant change | | Selling Expenses | 2,113,932.66 | 2,405,452.63 | -12.12 | No significant change | | Administrative Expenses | 22,250,086.65 | 21,878,586.00 | 1.7 | No significant change | | Financial Expenses | 11,233,219.18 | 3,837,254.65 | 192.74 | Mainly due to changes in short-term borrowing interest and exchange rate fluctuations | | R&D Expenses | 13,290,824.23 | 14,718,901.05 | -9.7 | No significant change | | Net Cash Flow from Operating Activities | 35,195,110.17 | 3,303,181.38 | 965.49 | Mainly due to increased receipts from other operating activities | | Net Cash Flow from Investing Activities | -6,678,847.92 | -8,898,516.59 | 24.94 | Mainly due to decreased payments for fixed asset purchases | | Net Cash Flow from Financing Activities | -59,838,401.10 | 57,704,626.41 | -203.7 | Mainly due to changes in short-term borrowings | | Other Income | 2,899,650.66 | 1,105,965.75 | 162.18 | Mainly due to increased government grants in current period | | Credit Impairment Loss (Losses shown with '-') | 119,896.72 | -738,500.30 | 116.24 | Mainly due to changes in bad debt provisions | | Asset Impairment Loss (Losses shown with '-') | -317,855.84 | 2,000,307.00 | -115.89 | Mainly due to changes in inventory impairment | | Non-Operating Expenses | 2,920.13 | 3,014,929.15 | -99.9 | Mainly due to penalty expenses in prior period, none in current period | [Analysis of Assets and Liabilities](index=11&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) As of the reporting period end, total assets and net assets attributable to shareholders decreased, with a significant drop in monetary funds, an increase in receivables and contract liabilities, and a reclassification-driven reduction in long-term borrowings Assets and Liabilities Status (H1 2025 vs FY 2024) | Item Name | Current Period End Amount (RMB) | Proportion of Total Assets at Period End (%) | Prior Year End Amount (RMB) | Proportion of Total Assets at Prior Year End (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 14,125,158.34 | 1.43 | 50,004,144.17 | 4.73 | -71.75 | Mainly due to decrease in bank deposits | | Receivables | 128,534,130.68 | 13.03 | 104,896,317.55 | 9.93 | 22.53 | Mainly due to increase in accounts receivable | | Inventories | 171,122,498.92 | 17.34 | 188,896,130.48 | 17.88 | -9.41 | | | Long-Term Equity Investments | 68,058,061.36 | 6.90 | 63,109,513.51 | 5.97 | 7.84 | | | Fixed Assets | 464,904,501.36 | 47.12 | 488,670,659.61 | 46.25 | -4.86 | | | Short-Term Borrowings | 419,825,899.76 | 42.55 | 451,929,333.99 | 42.77 | -7.10 | | | Contract Liabilities | 10,334,444.73 | 1.05 | 5,312,525.24 | 0.50 | 94.53 | Mainly due to increase in advance receipts | | Long-Term Borrowings | 11,235,858.07 | 1.14 | 21,134,905.34 | 2.00 | -46.84 | Mainly due to reclassification to current portion of non-current liabilities | | Receivables Financing | 6,148,864.98 | 0.62 | 20,084,314.09 | 1.90 | -69.38 | Mainly due to decrease in notes receivable | - As of the end of the reporting period, details of the company's restricted assets are provided in Note VII, 31 Restricted Assets[49](index=49&type=chunk) [Analysis of Major Holding and Associate Companies](index=14&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major subsidiaries, including Anhui Profit Medical Supplies and Anhui Nanwei Medical Supplies, reported significant net losses, while associate company Jiangsu Pharmaceutical Co., Ltd. performed well with 4.811 billion RMB in revenue and 52.35 million RMB in net profit Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit (Unit: 10,000 RMB) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou Nanfang Healthcare Medical Devices Co., Ltd. | Subsidiary | Sales of Class I and Class II medical devices, etc. | 200.00 | 1,685.54 | 2,189.85 | 203.30 | 5.65 | 12.86 | | Anhui Profit Medical Supplies Co., Ltd. | Subsidiary | Manufacturing and sales of Class I, Class II, Class III medical devices, disinfection products, non-medical protective masks, etc. | 21,500.00 | 20,473.48 | 19,175.84 | 6,952.06 | -622.07 | -648.36 | | Anhui Nanwei Medical Supplies Co., Ltd. | Subsidiary | Manufacturing and sales of Class I, Class II medical devices, nitrile gloves, PVC gloves, medical masks, non-medical masks, labor protection products, isolation gowns, protective clothing, etc. | 8,000.00 | 36,604.08 | -22,947.95 | 8,075.96 | -1,638.47 | -1,611.54 | | Anhui Huize New Material Technology Co., Ltd. | Subsidiary | R&D, production, and sales of high-performance film materials, high-performance continuous fiber reinforced thermoplastic composites, polymer anti-aging functional plastic pellets, masterbatches, halogen-free flame retardant materials, engineering plastics, etc. | 5,000.00 | 1,868.93 | 1,552.89 | 514.28 | -25.84 | -0.10 | | Nanfang Meibang (Changzhou) Nursing Products Co., Ltd. | Subsidiary | R&D and manufacturing of sports products (self-adhesive bandages, sports tape, kinesiology tape, sports sleeves), Class I medical devices (elastic bandages), cosmetics (nail strengthener liquid, nail strengthener pen, foot refreshing pen, foot refreshing spray), etc. | 500,000 USD | 349.88 | 349.88 | / | -10.60 | -8.50 | | Progressare Branding B.V. | Associate Company | Sports products, personal care product brand operations | 500,000 USD | 437,700 USD | 435,600 USD | / | -4,300 USD | -4,300 USD | | Jiangsu Pharmaceutical Co., Ltd. | Associate Company | Licensed projects: pharmaceutical wholesale; Class III medical device operation; sales of Class II and III radiation devices; decoction services for traditional Chinese medicine pieces; medical services; road freight transport (excluding dangerous goods); urban distribution transport services (excluding dangerous goods); pharmaceutical import and export; pharmaceutical retail; sales of pharmaceutical-grade precursor chemicals; internet information services for pharmaceuticals; internet information services for medical devices; internet sales of food (projects subject to approval by relevant departments, specific business scope subject to approval results). General projects: sales of Class II medical devices; sales of Class I medical devices; purchase and sale of local Chinese herbal medicines (excluding traditional Chinese medicine pieces); wholesale of edible agricultural products; retail of edible agricultural products; clinic services; elderly care services; institutional elderly care services; nursing institution services (excluding medical services); traditional Chinese medicine clinic services (subject to filing with traditional Chinese medicine authorities before operation); remote health management services; information technology consulting services; conference and exhibition services; supply chain management services; hospital management; information consulting services (excluding licensed information consulting services); health consulting services (excluding diagnostic and treatment services); technology services, technology development, technology consulting, technology exchange, technology transfer, technology promotion; software development; IoT technology services; domestic freight forwarding; international freight forwarding; low-temperature warehousing (excluding dangerous chemicals and other projects requiring licensing); general cargo warehousing services (excluding dangerous chemicals and other projects requiring licensing); warehousing equipment leasing services; goods import and export; internet sales (excluding licensed goods); sales of wearable smart devices; sales of smart home consumer devices; sales of mobile terminal devices; sales of special medical purpose formula foods; sales of health foods (pre-packaged); sales of infant formula milk powder and other infant formula foods; sales of glass instruments; sales of special labor protection products; sales of eyeglasses (excluding contact lenses); technology import and export; import and export agency; sales of chemical products (excluding licensed chemical products); sales of specialized chemical products (excluding dangerous chemicals); sales of daily chemical products; sales of sanitary products and disposable medical supplies; wholesale of cosmetics; retail of cosmetics; sales of disinfectants (excluding dangerous chemicals); sales of optical glass; sales of instruments and meters; sales of daily necessities; sales of household appliances; sales of electronic products; sales of IoT devices; non-residential real estate leasing; property management; retail of sporting goods and equipment; advertising design, agency; advertising production; advertising publishing; market research (excluding foreign-related surveys) (except for projects subject to approval by law, operate independently with business license). Limited to branch operations: catering services | 26,613.44 | 566,155.39 | 68,745.95 | 481,110.78 | 7,063.77 | 5,235.33 | | Changzhou Daoli Investment Management Co., Ltd. | Subsidiary | General projects: equity investment; venture capital (limited to investing in unlisted enterprises); investment activities with own funds; enterprise management; enterprise management consulting (except for projects subject to approval by law, operate independently with business license) | 310.00 | 276.97 | 276.82 | / | -13.60 | -10.24 | [Other Disclosures](index=18&type=section&id=V.%20Other%20Disclosures) The company faces various risks, including changes in pharmaceutical industry policies, intensified competition in the mid-to-low-end medical device market, shifts in the overseas market environment, exchange rate fluctuations, product liability, and potential sales decline due to dealer management issues - The pharmaceutical manufacturing industry is highly regulated by the state, and changes in industry policies may alter the competitive landscape, adversely affecting the company's production and operations[55](index=55&type=chunk) - The domestic mid-to-low-end medical device market is highly competitive, with international leading manufacturers dominating the mid-to-high-end market, and intensified market competition may adversely affect the company's operations[56](index=56&type=chunk) - Cross-border sales are influenced by factors such as national political environment, economic development level, regional conflicts, and trade policies towards China, which may adversely affect the company's operating performance[57](index=57&type=chunk) - The company's self-operated export revenue is primarily settled in **USD** and **EUR**, and exchange gains or losses from currency fluctuations will impact the company's performance[58](index=58&type=chunk) - The safety and effectiveness of the company's products are related to patient health, exposing the company to risks such as product liability, lawsuits, and arbitration[59](index=59&type=chunk) - Some of the company's products are sold through a distribution model, and poor dealer management, illegal activities, or termination of cooperation may lead to a decline in product sales[60](index=60&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=18&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section outlines the company's corporate governance during the reporting period, including board meetings and information disclosure, confirms no profit distribution plan, and notes the inclusion of the company and its subsidiaries in the list of enterprises required to disclose environmental information - During the reporting period, the company's board of directors lawfully and effectively convened and held **1 general meeting of shareholders** and **1 board meeting**[35](index=35&type=chunk) - The company diligently fulfilled its information disclosure obligations and improved its internal control management system[35](index=35&type=chunk) - The proposed semi-annual profit distribution plan and capital reserve capitalization plan are 'No'[63](index=63&type=chunk) - The company and its subsidiaries, Jiangsu Nanwei Healthcare Co., Ltd. and Anhui Nanwei Medical Supplies Co., Ltd., have been included in the list of enterprises required to disclose environmental information by law[64](index=64&type=chunk) [Section V Significant Matters](index=20&type=section&id=Section%20V%20Significant%20Matters) This section details the company's fulfillment of commitments, progress on a major lawsuit, the investigation and proposed administrative penalties against the controlling shareholder and CFO for alleged insider trading, and significant guarantees provided to subsidiaries - The company's controlling shareholder and actual controller, directors, and senior management have all strictly fulfilled commitments regarding share lock-up, stock price stability, immediate return compensation, information disclosure truthfulness, and avoidance of horizontal competition[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - In the sales contract dispute between the company and Changzhou Yier Man Bedding Co., Ltd., the second-instance judgment ordered Yier Man to refund **9.62 million RMB** in goods payment and pay **111,000 RMB** in liquidated damages; the company has applied for compulsory enforcement and has received a total of **4.8084 million RMB** to date[73](index=73&type=chunk) - The company's controlling shareholder and actual controller Li Ping, and CFO Xiang Qinhua, were investigated by the China Securities Regulatory Commission for alleged insider trading and have received a 'Notice of Administrative Penalty Pre-Hearing'[72](index=72&type=chunk) Total Company Guarantees (Including Guarantees to Subsidiaries) | Indicator | Amount (10,000 RMB) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 8,700 | | Total Guarantees to Subsidiaries at Period End (B) | 8,700 | | Total Guarantees (A+B) | 8,700 | | Proportion of Total Guarantees to Company's Net Assets (%) | 32.67 | | Amount of Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70% (D) | 8,700 | [Section VI Share Changes and Shareholder Information](index=29&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section reports no changes in the company's total shares or capital structure during the period, details the shareholder count, and lists the top ten shareholders, including the controlling shareholder Li Ping, whose significant stake is largely pledged - During the reporting period, there were no changes in the company's total share capital or equity structure[79](index=79&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **14,462**[80](index=80&type=chunk) Top Ten Shareholders' Holdings (Excluding Shares Lent via Securities Relending) | Shareholder Name | Shares Held at Period End | Proportion (%) | Pledged, Marked, or Frozen Status (Number of Shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Li Ping | 118,841,048 | 41.12 | Pledged 82,400,000 | Domestic Natural Person | | Xu Dong | 12,941,000 | 4.48 | Pledged 12,700,000 | Domestic Natural Person | | Li Yongping | 9,639,338 | 3.33 | Pledged 9,639,338 | Domestic Natural Person | | Li Yongzhong | 8,080,029 | 2.80 | None | Domestic Natural Person | | Suzhou Lanying Venture Capital Partnership (Limited Partnership) | 7,330,505 | 2.54 | None | Domestic Non-State-Owned Legal Person | | Niu Huaxiang | 3,823,800 | 1.32 | None | Domestic Natural Person | | Zhou Zhongkun | 3,171,400 | 1.10 | None | Domestic Natural Person | | Wang Xuan | 2,454,200 | 0.85 | None | Domestic Natural Person | | Li Fei | 2,001,000 | 0.69 | None | Domestic Natural Person | | Li Zhaoqiang | 1,939,420 | 0.67 | None | Domestic Natural Person | - Mr. Li Ping, Mr. Li Yongping, and Mr. Li Yongzhong are brothers[83](index=83&type=chunk) [Section VII Bond-Related Information](index=31&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[85](index=85&type=chunk) - The company has no convertible corporate bonds[85](index=85&type=chunk) [Section VIII Financial Report](index=32&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial items [Audit Report](index=32&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [Financial Statements](index=32&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets as of June 30, 2025, and income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025 - The consolidated balance sheet shows total assets of **986,986,162.81 RMB**, total liabilities of **715,584,727.31 RMB**, and total owners' equity of **271,401,435.50 RMB** as of June 30, 2025[87](index=87&type=chunk)[89](index=89&type=chunk) - The consolidated income statement shows total operating revenue of **306,075,903.06 RMB**, total profit of **-13,452,057.12 RMB**, net profit of **-13,009,722.44 RMB**, and net profit attributable to parent company shareholders of **-12,967,713.84 RMB** for January-June 2025[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **35,195,110.17 RMB**, net cash flow from investing activities of **-6,678,847.92 RMB**, and net cash flow from financing activities of **-59,838,401.10 RMB** for January-June 2025[99](index=99&type=chunk)[100](index=100&type=chunk) [Company Overview](index=56&type=section&id=III.%20Company%20Overview) Jiangsu Nanwei Healthcare Co., Ltd., established on October 31, 2012, with a registered capital of 289.042 million RMB, specializes in R&D, production, and sales of transdermal products, medical tapes, sports protection, first aid kits, nitrile gloves, and protective equipment - Jiangsu Nanwei Healthcare Co., Ltd. was established through overall restructuring on October 31, 2012, with a registered capital and share capital of **289.042 million RMB**[120](index=120&type=chunk) - The company and its subsidiaries primarily engage in the R&D, production, and sales of transdermal products, medical adhesive tapes and bandages, sports protection products, first aid kits, nitrile gloves, and protective equipment[120](index=120&type=chunk) - These financial statements and notes were approved for issuance by the company's board of directors on August 29, 2025[120](index=120&type=chunk) [Basis of Financial Statement Preparation](index=56&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to the Accounting Standards for Business Enterprises, with the board confident in sufficient operating funds for at least 12 months from the approval date - The company's financial statements are prepared on a going concern basis, recognizing and measuring transactions and events in accordance with the 'Accounting Standards for Business Enterprises - Basic Standards' and specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[121](index=121&type=chunk) - The company's board of directors believes that the company has sufficient working capital and will be able to continue as a going concern for a foreseeable period of not less than **12 months** from the date of approval of these financial statements[122](index=122&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's key accounting policies and estimates, including business combinations, consolidated financial statements, financial instrument classification, impairment provisions for receivables and inventories, fixed asset depreciation, intangible asset amortization, revenue recognition, government grants, and deferred tax assets/liabilities - The company's accounting year runs from January 1 to December 31, with **12 months** constituting an operating cycle[125](index=125&type=chunk)[126](index=126&type=chunk) - Financial assets are classified 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[140](index=140&type=chunk) Comparison Table of Receivables Aging and Expected Credit Loss Rates for Entire Lifetime | Aging | Provision Rate | | :--- | :--- | | Within 1 year | 5% | | 1 to 2 years | 10% | | 2 to 3 years | 30% | | 3 to 4 years | 50% | | 4 to 5 years | 80% | | Over 5 years | 100% | - Raw materials and finished goods are accounted for using the weighted average method at the end of the month when issued; at period-end, inventory impairment provisions are made for the difference between inventory cost and net realizable value[162](index=162&type=chunk)[163](index=163&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period (Years) | Salvage Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 20 | 5.00% | 4.75% | | Machinery and Equipment | Straight-line method | 10 | 5.00% | 9.50% | | Transportation Equipment | Straight-line method | 4 | 5.00% | 23.75% | | Electronic Equipment | Straight-line method | 3 | 5.00% | 31.67% | | Other Equipment | Straight-line method | 5 | 5.00% | 19.00% | - Revenue from goods sales is generally recognized by the company when control of the goods is transferred, based on a comprehensive consideration of various factors[203](index=203&type=chunk) [Taxation](index=77&type=section&id=VI.%20Taxation) This section lists the company's main tax types and rates, including VAT (13%, 5%), Urban Maintenance and Construction Tax (7%, 5%), Education Surcharge (5%), and Corporate Income Tax (5%, 15%, 25%), noting the parent company's 15% preferential rate as a high-tech enterprise Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Value-Added Amount | 13%，5% | | Urban Maintenance and Construction Tax | Amount of VAT Paid | 7%，5% | | Education Surcharge | Amount of VAT Paid | 5% | | Corporate Income Tax | Taxable Income | 5%，15%，25% | - The company (parent company) was recognized as a high-tech enterprise on December 12, 2022, and its corporate income tax is levied at a reduced rate of **15%**[217](index=217&type=chunk) - The policy of calculating taxable income at **25%** and paying corporate income tax at a **20%** rate for small low-profit enterprises will continue until December 31, 2027[217](index=217&type=chunk) [Notes to Consolidated Financial Statement Items](index=78&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including significant decreases in monetary funds, increases in receivables, provisions for inventory and fixed asset impairment, and a substantial rise in financial expenses due to interest and exchange rate fluctuations - Of the monetary funds balance at period-end, apart from guarantee deposits of **1,372,414.23 RMB** and litigation-frozen funds of **5,900,000.00 RMB**, there are no other amounts restricted from realization or with potential recovery risks due to pledges, freezes, etc[218](index=218&type=chunk) - Accounts receivable book balance at period-end is **179,391,794.01 RMB**, with bad debt provision of **50,857,663.33 RMB**[224](index=224&type=chunk) - Inventory book value at period-end is **171,122,498.92 RMB**, with inventory impairment provision of **20,155,531.26 RMB**[251](index=251&type=chunk) - Fixed assets book value at period-end is **464,904,501.36 RMB**, of which the total book value of fixed assets for which property certificates have not been obtained is **61,856,238.68 RMB**[262](index=262&type=chunk)[264](index=264&type=chunk) - Short-term borrowings balance at period-end is **419,825,899.76 RMB**, primarily guarantee and mortgage loans[284](index=284&type=chunk) - Financial expenses incurred in the current period amounted to **11,233,219.18 RMB**, mainly due to increased interest expenses and exchange gains/losses[322](index=322&type=chunk) - The company faces liquidity risk at period-end and plans to take measures including maintaining close cooperation with banks, accelerating asset turnover, improving inventory and accounts receivable turnover rates, maintaining normal credit terms from current material suppliers, and considering opportunistic disposal of investments to cover liquidity gaps[367](index=367&type=chunk) [Research and Development Expenses](index=132&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section discloses the company's R&D expenditures for H1 2025, totaling 13.29 million RMB, which decreased from the prior year, with all expenses recognized as period costs and no capitalized R&D projects R&D Expenses by Nature of Expense | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Expensed R&D Expenditure | 13,290,824.23 | 14,718,901.05 | | Capitalized R&D Expenditure | | | | **Total** | **13,290,824.23** | **14,718,901.05** | - There were no capitalized R&D expenditures in the current period[346](index=346&type=chunk) [Changes in Consolidation Scope](index=133&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that there were no changes in the company's consolidation scope during the reporting period, including no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[347](index=347&type=chunk) - There were no business combinations not under common control, business combinations under common control, reverse acquisitions, or similar situations[347](index=347&type=chunk) [Interests in Other Entities](index=134&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries like Nanfang Meibang, Anhui Profit, and Anhui Nanwei, and significant associates such as Progressare Branding B.V. and Jiangsu Pharmaceutical Co., Ltd., with the latter contributing substantial net profit - The company owns subsidiaries including Nanfang Meibang (Changzhou) Nursing Products Co., Ltd., Anhui Profit Medical Supplies Co., Ltd., Changzhou Nanfang Healthcare Medical Devices Co., Ltd., Anhui Huize New Material Technology Co., Ltd., Anhui Nanwei Medical Supplies Co., Ltd., and Changzhou Daoli Investment Management Co., Ltd.[349](index=349&type=chunk) Minority Interests in Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Profit/Loss Attributable to Minority Shareholders for Current Period (RMB) | Minority Interests Balance at Period End (RMB) | | :--- | :--- | :--- | :--- | | Nanfang Meibang (Changzhou) Nursing Products Co., Ltd. | 49.00% | -41,630.83 | 1,714,398.49 | | Anhui Huize New Material Technology Co., Ltd. | 35.00% | -377.77 | 3,368,106.72 | - The company's significant associate companies include PROGRESSARE BRANDING B.V. and Jiangsu Pharmaceutical Co., Ltd.[357](index=357&type=chunk) Key Financial Information of Significant Associate Companies (H1 2025) | Item | PROGRESSARE BRANDING B.V. (RMB) | Jiangsu Pharmaceutical Co., Ltd. (RMB) | | :--- | :--- | :--- | | Total Assets | 3,133,390.81 | 534,904,662.95 | | Total Liabilities | 31,225.81 | 4,650,018,998.89 | | Equity Attributable to Parent Company Shareholders | 3,102,165.00 | 651,762,790.92 | | Net Profit | -7,301.00 | 4,955,848.85 | [Government Grants](index=140&type=section&id=XI.%20Government%20Grants) This section discloses total government grants of 2.88 million RMB recognized during the reporting period, comprising 319,382.47 RMB related to assets for infrastructure and fixed asset investments, and 2.56 million RMB related to income, including foreign trade export relief and advanced manufacturing VAT deductions Government Grants Recognized in Current Profit/Loss | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Asset-Related | 319,382.47 | 239,382.48 | | Income-Related | 2,561,299.55 | 849,364.07 | | **Total** | **2,880,682.02** | **1,088,746.55** | - Key grant projects include infrastructure construction subsidies for Anhui Langxi production base, foreign trade export relief subsidies, fixed asset investment subsidies, and VAT super deduction for advanced manufacturing[323](index=323&type=chunk) [Risks Related to Financial Instruments](index=140&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (exchange rate and interest rate), credit risk, and liquidity risk, with exchange rate risk deemed non-material, interest rate sensitivity analyzed, credit risk managed through controls, and liquidity risk addressed by strategic financial measures - The company's foreign exchange risk is primarily related to its monetary assets and liabilities denominated in **USD** and **EUR**, but management considers the foreign exchange risk faced to be non-material[363](index=363&type=chunk) - In the event of a **50 basis point** increase/decrease in interest rates, the company's net profit attributable to parent company owners for H1 2025 would decrease/increase by **1.0475 million RMB**[364](index=364&type=chunk) - To mitigate credit risk, the company controls credit limits, conducts credit approvals, and implements other monitoring procedures to ensure necessary measures are taken to recover overdue receivables[365](index=365&type=chunk) - The company faces liquidity risk at period-end and plans to take measures including maintaining close cooperation with banks, accelerating asset turnover, improving inventory and accounts receivable turnover rates, maintaining normal credit terms from current material suppliers, and considering opportunistic disposal of investments to cover liquidity gaps[367](index=367&type=chunk) Maturity Analysis of Company's Financial Liabilities (June 30, 2025) | Item | Total (RMB) | Within 1 year (RMB) | 1-2 years (RMB) | 2-3 years (RMB) | Over 3 years (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | 419,825,899.76 | 419,825,899.76 | - | - | - | | Accounts Payable | 215,282,092.82 | 215,282,092.82 | - | - | - | | Other Payables | 4,101,476.12 | 4,101,476.12 | - | - | - | | Other Current Liabilities | 7,286,408.31 | 7,286,408.31 | - | - | - | | Long-Term Borrowings | 33,426,111.69 | 22,190,253.62 | 11,235,858.07 | - | - | | **Total** | **679,921,988.70** | **668,686,130.63** | **11,235,858.07** | **-** | **-** | [Fair Value Disclosures](index=144&type=section&id=XIII.%20Fair%20Value%20Disclosures) This section discloses the fair value of assets and liabilities measured at fair value at period-end, including trading financial assets (equity instrument investments) measured at Level 3 fair value and receivables financing (bank acceptance bills) measured at Level 1 Fair Value Measurement Items at Period End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets (Equity Instrument Investments) | | | 22,522,811.33 | 22,522,811.33 | | Receivables Financing | 6,148,864.98 | | | 6,148,864.98 | | **Total Assets Continuously Measured at Fair Value** | **6,148,864.98** | **-** | **22,522,811.33** | **28,671,676.31** | - The company's Level 2 fair value measurement item is receivables financing, which consists of bank acceptance bills whose face value is close to their fair value[378](index=378&type=chunk) - The company's Level 3 fair value measurement item is financial assets measured at fair value through profit or loss, which are equity instrument investments whose fair value is determined using valuation techniques[379](index=379&type=chunk) [Related Parties and Related Party Transactions](index=146&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section identifies key related parties, including the actual controller Li Ping and his spouse, and details significant related party transactions such as 388 million RMB in guarantees provided by Li Ping and Chen Meifang, and intercompany borrowings and receivables/payables - Other related parties include Chen Meifang (spouse of the actual controller), Shu Zhengjun (minority shareholder of a significant subsidiary), and Xu Dong (former shareholder holding over **5%**)[382](index=382&type=chunk) The Company as a Guaranteed Party (Related Party Guarantees) | Guarantor | Guaranteed Amount (RMB) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Li Ping | 10,000,000.00 | 2025/5/28 | 2026/5/25 | No | | Li Ping, Chen Meifang | 14,000,000.00 | 2025/1/26 | 2025/7/10 | No | | Li Ping | 87,000,000.00 | 2025/5/22 | 2028/5/20 | No | | **Total** | **388,766,814.35** | | | | - Related party fund borrowing: borrowed **20.2 million RMB** from Li Ping[386](index=386&type=chunk) Receivables from Related Parties | Item Name | Related Party | Book Balance at Period End (RMB) | Bad Debt Provision (RMB) | | :--- | :--- | :--- | :--- | | Other Receivables | Shu Zhengjun | 3,384,278.00 | 1,692,139.00 | | Other Receivables | Xu Dong | 684,771.06 | 67,474.26 | Payables to Related Parties | Item Name | Related Party | Book Balance at Period End (RMB) | | :--- | :--- | :--- | | Other Payables | Li Ping | 3,000,000.00 | [Share-Based Payments](index=149&type=section&id=XV.%20Share-Based%20Payments) This section states that the company had no share-based payment plans, equity instruments, or related expenses during the reporting period, nor any modifications or terminations of such plans - The company has no share-based payment arrangements[392](index=392&type=chunk) [Commitments and Contingencies](index=150&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section states that as of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure - The company has no significant commitments[393](index=393&type=chunk) - The company has no significant contingencies requiring disclosure[393](index=393&type=chunk) [Events After the Balance Sheet Date](index=150&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) This section states that no significant non-adjusting events, profit distributions, sales returns, or other material matters requiring disclosure occurred between the balance sheet date and the report disclosure date - The company has no significant non-adjusting events[393](index=393&type=chunk) - The company has no profit distribution events[393](index=393&type=chunk) - The company has no sales returns[393](index=393&type=chunk) [Other Significant Matters](index=150&type=section&id=XVIII.%20Other%20Significant%20Matters) This section confirms no prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, or discontinued operations occurred, and no reportable segments or other material transactions affecting investor decisions - The company has no prior period accounting error corrections[393](index=393&type=chunk) - The company has no significant debt restructurings[393](index=393&type=chunk) - The company has no asset exchanges[394](index=394&type=chunk) - The company has no discontinued operations[394](index=394&type=chunk) - The company has no reportable segments[394](index=394&type=chunk) [Notes to Parent Company Financial Statement Items](index=151&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for the parent company's financial statement items, including accounts receivable of 171 million RMB with 39.62 million RMB in bad debt provisions, other receivables of 475 million RMB (mostly loans and interest), long-term equity investments of 382 million RMB, and operating revenue of 221 million RMB with 4.95 million RMB in investment income - Parent company accounts receivable book balance at period-end is **170,892,704.16 RMB**, with bad debt provision of **39,619,271.89 RMB**[397](index=397&type=chunk) - Parent company other receivables book balance at period-end is **474,927,199.09 RMB**, of which loans and interest amount to **463,952,633.24 RMB**[409](index=409&type=chunk) - Parent company long-term equity investments book value at period-end is **381,774,279.36 RMB**, including investments in subsidiaries of **313,716,218.00 RMB** and investments in associates and joint ventures of **68,058,061.36 RMB**[414](index=414&type=chunk) - Parent company operating revenue for the current period is **220,923,034.59 RMB**, with operating cost of **191,639,539.44 RMB**[418](index=418&type=chunk) - Parent company investment income for the current period is **4,948,547.85 RMB**, all from long-term equity investments accounted for using the equity method[419](index=419&type=chunk) [Supplementary Information](index=162&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, primarily from government grants, and net asset return and earnings per share data, both of which are negative due to net losses Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Current Profit/Loss | 2,899,650.66 | | Other Non-Operating Income and Expenses Apart from the Above | -2,916.68 | | Less: Income Tax Impact | -464,118.04 | | **Total** | **2,432,615.94** | Return on Net Assets and Earnings Per Share | Item | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | -4.75 | -0.045 | -0.045 | | Net Profit Attributable to Ordinary Shareholders of the Company After Non-Recurring Gains and Losses | -5.65 | -0.05 | -0.05 | - Reconciliation of net profit to net cash flow from operating activities: net profit of **-13,009,722.44 RMB**, net cash flow from operating activities of **35,195,110.17 RMB**[338](index=338&type=chunk)

广汇物流股份有限公司2025 年半年度报告 公司代码：600603 公司简称：ST 广物 广汇物流股份有限公司 2025 年半年度报告 1 / 156 广汇物流股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人郭舰、主管会计工作负责人李建军及会计机构负责人（会计主管人员）王晓旭 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 本报告中如有涉及未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描 ...

重要提示 正平路桥建设股份有限公司2025 年半年度报告 公司代码：603843 公司简称：*ST 正平 正平路桥建设股份有限公司 2025 年半年度报告 1 / 196 正平路桥建设股份有限公司2025 年半年度报告 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、 公司负责人彭有宏、主管会计工作负责人闫文文及会计机构负责人（会计主管人员）韩雪 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 本报告中所涉及的发展战略、经营计划等前瞻性陈述不构成公司对投资者的实际承诺，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 是 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提 ...

衢州信安发展股份有限公司 2025 年半年度报告 公司代码：600208 公司简称：衢州发展 衢州信安发展股份有限公司 2025 年半年度报告 1 / 158 衢州信安发展股份有限公司 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、 公司负责人林俊波、主管会计工作负责人杨天及会计机构负责人（会计主管人员）胡倩倩声 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 本半年度报告中有涉及公司经营和发展战略等未来计划的前瞻性陈述，该计划不构成对公司投资 者的实质性承诺，请投资者注意风险。 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 无 十一、 其他 □适用 √不适用 2 / 158 九、 是否存在半数以上董事无法 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [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 lists the definitions of common terms used in the report to ensure clear understanding - Company's full name: **Shanghai Bright Meat Group Co., Ltd** (Bright Meat)[12](index=12&type=chunk) - Controlling shareholder: **Bright Food (Group) Co., Ltd**[12](index=12&type=chunk) - Major subsidiaries include **Yimin Food Group, Bright Finance Company, Bright Agriculture & Husbandry, Maling Co., Ltd, and Silver Fern Farms**[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information - Company's Chinese name: 上海光明肉业集团股份有限公司[14](index=14&type=chunk) - Company's stock short name: Bright Meat[14](index=14&type=chunk) - Legal representative: Li Junlong[14](index=14&type=chunk) [Contact Person and Methods](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative - Board Secretary: He Ru[15](index=15&type=chunk) - Contact number: 021-22866016[15](index=15&type=chunk) - Email: ir@brightmeat.com[15](index=15&type=chunk) [Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section discloses the company's registered and office addresses, noting no changes during the reporting period - Registered address: Room 101, Building 7, 1501 Chuanqiao Road, China (Shanghai) Pilot Free Trade Zone[16](index=16&type=chunk) - Company website: https://www.brightmeat.com/[16](index=16&type=chunk) - **No changes** occurred during the reporting period[16](index=16&type=chunk) [Changes in Information Disclosure and Report Preparation Location](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the designated newspapers and websites for information disclosure - Designated newspapers for information disclosure: *China Securities Journal*, *Shanghai Securities News*[17](index=17&type=chunk) - Website for semi-annual report disclosure: www.sse.com.cn[17](index=17&type=chunk) - Location for semi-annual report preparation: 18 Jining Road, Yangpu District, Shanghai[17](index=17&type=chunk) [Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides information on the company's stock listing exchange, short name, and code - Stock type: A-Share[18](index=18&type=chunk) - Stock exchange: Shanghai Stock Exchange[18](index=18&type=chunk) - Stock code: 600073[18](index=18&type=chunk) - Previous stock short name: Shanghai Maling[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&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) The company's H1 2025 data shows revenue growth but a significant profit decline due to fixed asset impairment Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Same Period Last Year | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 12,069,608,632.09 Yuan | 11,601,598,700.01 Yuan | 4.03 | | Total Profit | 259,445,280.73 Yuan | 354,873,612.21 Yuan | -26.89 | | Net Profit Attributable to Shareholders | 176,033,571.37 Yuan | 253,348,285.38 Yuan | -30.52 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 169,389,257.38 Yuan | 176,197,030.81 Yuan | -3.86 | | Net Cash Flow from Operating Activities | 90,713,195.38 Yuan | 99,787,186.64 Yuan | -9.09 | | Net Assets Attributable to Shareholders (End of Period) | 5,183,256,511.07 Yuan | 4,895,490,164.33 Yuan | 5.88 | | Total Assets (End of Period) | 14,402,538,375.63 Yuan | 14,885,174,768.82 Yuan | -3.24 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Same Period Last Year | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.19 | 0.27 | -29.63 | | Basic EPS (Excluding Non-recurring Items) (Yuan/Share) | 0.18 | 0.19 | -5.26 | | Weighted Average Return on Equity (%) | 3.49 | 5.07 | Decreased by 1.58 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 3.36 | 3.53 | Decreased by 0.17 percentage points | - Reason for change in net profit attributable to shareholders: **Significant impairment provision for fixed assets** was made during the period[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=6&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 lists the company's non-recurring profit and loss items for H1 2025, totaling RMB 6,644,313.99 Non-recurring Profit and Loss Items for H1 2025 | Non-recurring Profit and Loss Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -2,431,485.44 | | Government Grants Included in Current Profit/Loss | 9,689,413.22 | | Fair Value Change Gains/Losses and Gains/Losses from Disposal of Financial Assets/Liabilities | 692,855.44 | | Gains/Losses from Entrusted Investments or Asset Management | 11,767,352.18 | | Gains/Losses on Debt Restructuring | -13,367,029.56 | | Other Non-operating Income and Expenses | -5,444,241.61 | | Less: Income Tax Impact | 3,480,453.56 | | Minority Interest Impact (After Tax) | -9,217,903.33 | | **Total** | **6,644,313.99** | [Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Core Business Overview](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the company's market position, industry trends, and core business segments in pork, beef/lamb, and branded snack foods - The company is one of the largest food producers and sellers in China, holding a **leading position** in segments like canned meat, beef/lamb, honey, and milk candy[25](index=25&type=chunk) - **Pork Industry**: The company operates a **full industry chain** including hog farming, slaughtering, processing, and distribution; H1 2025 saw ample supply and declining prices in the hog farming sector[26](index=26&type=chunk)[27](index=27&type=chunk) - **Beef/Lamb Industry**: Per capita beef consumption in China is rising with significant growth potential; H1 2025 saw structural adjustments and price recovery in the domestic beef market[31](index=31&type=chunk)[32](index=32&type=chunk) - **Branded Food Industry**: The sector benefits from policies promoting domestic demand and rising incomes, with future trends toward functional, healthy, casual, and high-end products[33](index=33&type=chunk) - The company's core business comprises the **meat segment** (pork and beef/lamb across farming, slaughtering, and processing) and the **branded food segment**[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=11&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) Revenue grew 4.03% YoY, but net profit attributable to shareholders fell 30.52% due to fixed asset impairment provisions - In H1 2025, the company achieved **operating revenue of RMB 12.07 billion**, a YoY increase of **4.03%**; net profit attributable to shareholders was **RMB 176 million**, a YoY decrease of **30.52%**[40](index=40&type=chunk) - Net profit excluding non-recurring items was **RMB 169 million**, a YoY decrease of **3.86%**; basic earnings per share were **RMB 0.19/share**, down **29.63%** YoY[40](index=40&type=chunk) - The company focused on its annual goals of "focusing on meat strategy, optimizing chain layout, and accelerating value creation" through cost reduction and efficiency improvements[39](index=39&type=chunk) [(I) Key Operational Initiatives](index=11&type=section&id=(%E4%B8%80)%20%E9%87%8D%E7%82%B9%E7%BB%8F%E8%90%A5%E4%B8%BE%E6%8E%AA) The company implemented key initiatives including deepening meat business integration, optimizing costs, and strengthening brand building - **Pork Business**: Integrated feed business operations, improved formula quality to **reduce feed costs**, and lowered farming costs by closing inefficient farms and optimizing management[40](index=40&type=chunk) - **Meat Processing**: Shanghai Aisen developed 9 new products; Jiangsu Sushipin used patented "fresh-lock + automatic venting" packaging for its new fresh-braised product line[41](index=41&type=chunk)[42](index=42&type=chunk) - **Beef/Lamb Business**: New Zealand's Silver Fern Farms controlled costs through factory optimization and launched its first ready-to-heat burger product[42](index=42&type=chunk) - **Distribution System**: Expanded into fourth and fifth-tier cities, cultivated single-product sales for brands like "Dafan" and "Dabaitu Toffee", and penetrated new markets[42](index=42&type=chunk) - **Brand Building**: Increased brand exposure by sponsoring the "HADO 2025 World Cup" and collaborating with a Tencent variety show for the new "Dafan" series[43](index=43&type=chunk) - **Supporting Mechanisms**: Adjusted organizational structure, improved performance incentives, and accelerated innovation at the Bright Meat Technology Center[43](index=43&type=chunk)[44](index=44&type=chunk) - **Safety Management**: Completed **52 safety inspections**, rectifying 212 issues with a **100% correction rate**; achieved a **100% pass rate** in national and municipal spot checks[45](index=45&type=chunk) [(II) Operational Performance by Business Segment](index=13&type=section&id=(%E4%BA%8C)%20%E7%94%9F%E4%BA%A7%E7%BB%8F%E8%90%A5%E5%88%86%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The hog farming segment incurred losses due to price declines, while the beef/lamb business saw significant profit growth from higher prices and cost controls - **Hog Farming**: Revenue of **RMB 875 million** with a net loss of **RMB 407 million**; a subsidiary's litigation led to a **RMB 266 million fixed asset impairment**, reducing net profit attributable to parent by **RMB 128 million**[46](index=46&type=chunk) - **Hog Slaughtering, Processing & Distribution**: Sushipin launched six new "fresh-braised" products; Shanghai Aisen obtained certification for antibiotic-free pork; Shanghai Maling introduced the "Dafan" series using Tetra Pak technology[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - **Beef/Lamb Business**: Silver Fern Farms achieved sales revenue of **RMB 7.234 billion** and a net profit of **RMB 253 million**, a YoY increase of **311.81%**, driven by higher beef/lamb prices and effective cost reduction[50](index=50&type=chunk) - **Branded Food Business**: Guanshengyuan developed new products like Dabaitu Toffee, integrated online/offline channels, and launched a crossover collaboration with the mobile game "Arknights"[52](index=52&type=chunk) [Core Competitiveness Analysis](index=15&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 competitiveness lies in its strong brand value, full-chain synergy, R&D capabilities, and unique beef/lamb resource advantages - **Brand Value**: The company owns a portfolio of renowned domestic and international brands including "Maling B2", "Guanshengyuan", "Dabaitu", "Sushipin", "Lianhao", "Aisen", and "Silver Fern"[53](index=53&type=chunk) - **Full-Chain Synergy**: The pork business operates a complete industry chain from farming to distribution, enhancing its resilience against industry risks[54](index=54&type=chunk)[55](index=55&type=chunk) - **Technology and R&D**: The company operates three municipal-level technology centers and applied for **39 patents in 2024**, enhancing its processing capabilities and product competitiveness[55](index=55&type=chunk) - **Beef/Lamb Resource Advantage**: Through its controlling stake in Silver Fern Farms, New Zealand's largest meat processor, the company commands premium overseas resources and global market channels[55](index=55&type=chunk) [Key Operational Results](index=16&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 changes in key financial statement items, highlighting a 4.03% revenue increase and significant shifts in financial expenses and investment cash flow Analysis of Changes in Financial Statement Items | Item | Current Period (Yuan) | Same Period Last Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 12,069,608,632.09 | 11,601,598,700.01 | 4.03 | | Operating Costs | 10,631,919,811.77 | 10,380,568,578.14 | 2.42 | | Selling Expenses | 443,505,716.81 | 444,682,079.78 | -0.26 | | Administrative Expenses | 465,411,537.67 | 477,423,136.62 | -2.52 | | Financial Expenses | 90,559,206.50 | -10,092,709.02 | 997.27 | | R&D Expenses | 18,854,513.99 | 19,120,841.59 | -1.39 | | Net Cash Flow from Operating Activities | 90,713,195.38 | 99,787,186.64 | -9.09 | | Net Cash Flow from Investing Activities | -312,377,775.07 | -23,702,284.58 | -1,217.92 | | Net Cash Flow from Financing Activities | -297,979,089.87 | -522,887,347.75 | 43.01 | - Reason for change in financial expenses: Increased **foreign exchange losses** from overseas subsidiaries and decreased interest income from domestic companies[56](index=56&type=chunk) - Reason for change in net cash flow from investing activities: Land disposal in the prior period, asset construction by overseas subsidiaries, and changes in domestic term deposits[57](index=57&type=chunk) - Reason for change in net cash flow from financing activities: The amount of bank loan repayments was lower than in the same period last year[57](index=57&type=chunk) [(III) Analysis of Assets and Liabilities](index=17&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Total assets slightly decreased, while net assets attributable to shareholders grew; overseas assets, mainly from Silver Fern Farms, constitute a significant portion Changes in Assets and Liabilities | Item Name | Current Period-End (Yuan) | % of Total Assets | Prior Period-End (Yuan) | % of Total Assets | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,890,260,058.15 | 20.07 | 3,456,429,780.44 | 23.22 | -16.38 | | Accounts Receivable | 1,746,601,735.29 | 12.13 | 1,606,276,506.92 | 10.79 | 8.74 | | Inventories | 2,682,313,520.02 | 18.62 | 2,584,511,761.77 | 17.36 | 3.78 | | Fixed Assets | 3,582,955,231.54 | 24.88 | 3,813,377,432.31 | 25.62 | -6.04 | | Total Assets | 14,402,538,375.63 | - | 14,885,174,768.82 | - | -3.24 | | Short-term Borrowings | 2,761,182,662.54 | 19.17 | 2,936,704,184.48 | 19.73 | -5.98 | | Contract Liabilities | 276,085,965.98 | 1.92 | 407,823,258.46 | 2.74 | -32.30 | | Long-term Borrowings | 152,663,094.14 | 1.06 | 57,163,094.14 | 0.38 | 167.07 | - Overseas assets: **RMB 5,822,942,605.77**, accounting for **40.43%** of total assets[60](index=60&type=chunk) - Overseas assets are primarily contributed by **Silver Fern Farms Limited** in New Zealand, which generated revenue of **RMB 7,234,208,879.40** and net profit of **RMB 252,591,864.03** in the reporting period[62](index=62&type=chunk) - Restricted assets at period-end: **Cash of RMB 6,613,704.02** (deposits, pledges, frozen accounts) and **fixed assets of RMB 1,954,812,715.68** (mortgages, guarantees, seizures)[63](index=63&type=chunk) [(IV) Investment Analysis](index=19&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's external equity investments slightly decreased, and it utilized derivative instruments, primarily forward foreign exchange contracts, for hedging purposes - External equity investment balance at period-end was **RMB 408,023,051.51**, compared to **RMB 423,606,790.24** at the beginning of the period[65](index=65&type=chunk) - Investment income recognized under the equity method was **RMB 42,525,977.57**[65](index=65&type=chunk) Derivative Investments for Hedging Purposes | Derivative Type | Period-End Book Value (RMB 10k) | % of Net Assets | | :--- | :--- | :--- | | Forward Foreign Exchange Contracts | 2,185.98 | 0.42 | | **Total** | **2,185.98** | **0.42** | - Hedging effectiveness: The hedging activities effectively mitigated foreign exchange risks as intended[67](index=67&type=chunk) [(VI) Analysis of Major Subsidiaries and Associates](index=22&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Bright Agriculture & Husbandry incurred losses due to hog prices, while Silver Fern Farms' net profit surged on higher meat prices and cost efficiencies Operating Performance of Major Subsidiaries | Company Name | Core Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Bright Agriculture & Husbandry Technology Co., Ltd | Hog Farming | 874,934,962.39 | -406,721,383.42 | | Shanghai Maling Food Co., Ltd | Canned Food Production & Sales | 190,955,486.90 | 14,924,545.22 | | Shanghai Guanshengyuan Food Co., Ltd | Snack Food Production & Sales | 739,592,695.72 | 161,673,201.92 | | Silver Fern Farms Limited | Beef, Lamb, Venison Slaughter & Sales | 7,234,208,879.40 | 252,591,864.03 | - **Bright Agriculture & Husbandry Technology Co., Ltd performance fluctuation**: Affected by weak hog prices, the company's hog farming revenue was **RMB 875 million** with a net loss of **RMB 407 million**; a subsidiary's litigation resulted in a **RMB 266 million** fixed asset impairment, reducing net profit attributable to parent by **RMB 128 million**[69](index=69&type=chunk) - **Silver Fern Farms Limited performance fluctuation**: Benefiting from rising beef and lamb prices and effective cost-saving measures, Silver Fern Farms achieved sales revenue of **RMB 7.234 billion** and a net profit of **RMB 253 million**, a YoY increase of **311.81%**[69](index=69&type=chunk) [Other Disclosures](index=24&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 conditions, African swine fever, pork industry volatility, and overseas operational challenges - **Macroeconomic Risk**: Weakening global economic growth, trade barriers, geopolitical risks, and insufficient domestic demand may adversely affect the company's performance[70](index=70&type=chunk) - **African Swine Fever Risk**: The company prioritizes prevention in its hog farming operations, strictly implementing biosecurity and quarantine measures[70](index=70&type=chunk) - **Pork Industry Volatility Risk**: The hog farming sector faces risks from market fluctuations, disease, rising feed costs, policy changes, and environmental pressures, leading to cyclical profitability[71](index=71&type=chunk) - **Overseas Operational Risk**: The performance of New Zealand's Silver Fern Farms is subject to weather changes, environmental legislation, and international exchange rate fluctuations, which may cause volatility[71](index=71&type=chunk) [Corporate Governance, Environment, and Society](index=25&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) [Changes in Directors and Senior Management](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Independent directors Mr. Tian Rencan and Mr. Hong Liang resigned upon term completion and were replaced by Mr. Yu Leng and Mr. Wang Jie - Independent directors **Mr. Tian Rencan** and **Mr. Hong Liang** resigned from the 9th Board of Directors upon completion of their terms[74](index=74&type=chunk) - At the shareholders' meeting on June 11, 2025, **Mr. Yu Leng** and **Mr. Wang Jie** were elected as new independent directors to the 9th Board of Directors[74](index=74&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=25&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's proposed semi-annual profit distribution or capitalization of capital reserve plan is "None" - Proposed semi-annual profit distribution or capitalization of capital reserve plan: **None**[6](index=6&type=chunk) - Whether to distribute or capitalize: **No**[75](index=75&type=chunk) - Bonus shares, dividends, and capitalization per 10 shares are not applicable[75](index=75&type=chunk) [Environmental Information Disclosure](index=26&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) Six of the company's subsidiaries are included in the list of enterprises required to disclose environmental information - Number of enterprises on the mandatory environmental information disclosure list: **6**[77](index=77&type=chunk) - Key disclosing entities include: Shanghai Maling Food Co., Ltd, Shanghai Aisen Meat Food Co., Ltd, Shanghai Maling Zheng Guanghe (Mianyang) Co., Ltd, Jiangsu Huai'an Sushipin Co., Ltd, Bright Agriculture & Husbandry Technology Co., Ltd, and Gaoyou Pinwang Agriculture & Husbandry Technology Co., Ltd[77](index=77&type=chunk) [Significant Matters](index=27&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) [Fulfillment of Commitments](index=27&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) The actual controller and controlling shareholder have strictly fulfilled their commitments to resolve horizontal competition issues - **Bright Food (Group) Co., Ltd** committed not to engage in businesses that substantively compete with the company and has strictly adhered to this commitment[80](index=80&type=chunk) - **Shanghai Yimin Food No.1 Factory (Group) Co., Ltd** committed not to engage in businesses that compete or may constitute substantive horizontal competition and has strictly adhered to this commitment[80](index=80&type=chunk) - **Bright Food (Group) Co., Ltd** committed that its beef cattle, feed, and hog farming businesses would be primarily operated by Shanghai Maling and has strictly adhered to this commitment[80](index=80&type=chunk) [Major Litigation and Arbitration](index=28&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) The company is involved in several major lawsuits concerning loan, sales, and construction contract disputes, with some cases in the enforcement stage - **Shanghai Bright Meat Group Co., Ltd vs. China Merchants Bank et al.** (entrusted loan contract dispute): The company won the case in the second instance, and it is now under enforcement, with partial auction proceeds received[84](index=84&type=chunk) - **Shanghai Dingying Agricultural Co., Ltd vs. Ningxia Zhongle Forage Co., Ltd** (contract dispute): Dingying won the case in the second instance, applied for enforcement, reached a settlement, and received a total of **RMB 6.72 million**[84](index=84&type=chunk)[85](index=85&type=chunk) - **Jiangsu Fengda Guorun Construction Group Co., Ltd vs. Hebei Zhongwang Agriculture & Husbandry Technology Co., Ltd** (construction contract dispute): Hebei Zhongwang lost the case, and the court ordered a debt-for-asset swap, with foreclosed assets worth **RMB 20,356,800** transferred to the plaintiff[85](index=85&type=chunk) [Significant Related-Party Transactions](index=31&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in financial service transactions with Bright Food Group Finance Co., Ltd and routine operational transactions with other related parties - Transactions with **Bright Food Group Finance Co., Ltd**: As of June 30, 2025, the company had deposits of **RMB 2,508,893,577.01** and loans of **RMB 150,000,000.00**[86](index=86&type=chunk)[87](index=87&type=chunk) Routine Related-Party Transactions (Purchase of Goods/Services) | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Bright Food (Group) Co., Ltd and other subsidiaries | Purchase of goods/services | 61,182,856.85 | | Shanghai Wufeng Commerce Co., Ltd | Purchase of goods/services | 185,506,720.17 | | Associates | Purchase of goods/services | 250,245,254.69 | Routine Related-Party Transactions (Sale of Goods/Services) | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Bright Dairy & Food Co., Ltd and its subsidiaries | Sale of goods/services | 18,213,876.26 | | Bright Food (Group) Co., Ltd and other subsidiaries | Sale of goods/services | 54,693,654.84 | | Associates | Sale of goods/services | 323,459,401.20 | - **Related-party debt and credit**: The company and Yimin Food Group provided financial assistance totaling **RMB 200 million** to Bright Agriculture & Husbandry based on their shareholding ratios, with the company providing **RMB 102 million** and Yimin Food Group providing **RMB 98 million**[91](index=91&type=chunk)[92](index=92&type=chunk) [Significant Contracts and Their Performance](index=35&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) The company's total guarantees for subsidiaries amounted to RMB 100 million, representing 1.93% of its net assets - External guarantees (excluding those for subsidiaries): **RMB 0**[99](index=99&type=chunk) - Total guarantees provided to subsidiaries during the period: **RMB 100,000,000.00**[99](index=99&type=chunk) - Total outstanding guarantees for subsidiaries at period-end: **RMB 100,000,000.00**, representing **1.93%** of the company's net assets[99](index=99&type=chunk) - Guarantees provided for entities with an asset-liability ratio exceeding 70%: **RMB 100,000,000.00**[99](index=99&type=chunk) [Explanation of Other Significant Matters](index=37&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company's New Zealand subsidiary, Silver Fern Farms, procures raw materials from local farm operators through its minority shareholder, Silver Fern Co-operative - The company's New Zealand subsidiary, Silver Fern Farms, procures raw materials through the Silver Fern Co-operative from its individual shareholders and other local farm operators[100](index=100&type=chunk) - As of June 30, 2025, the procurement amount through the Silver Fern Co-operative was equivalent to **RMB 3,206,152,098.05**[100](index=100&type=chunk) - The Silver Fern Co-operative did not generate any profit from these transactions[100](index=100&type=chunk) [Changes in Share Capital and Shareholders](index=37&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Changes in Share Capital](index=37&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) The company's total number of shares and share capital structure remained unchanged during the reporting period - During the reporting period, the company's **total number of shares and share capital structure did not change**[103](index=103&type=chunk) [Shareholder Information](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the period-end, the company had 43,579 common shareholders, with Shanghai Yimin Food No.1 Factory (Group) Co., Ltd as the controlling shareholder - Total number of common shareholders at period-end: **43,579**[103](index=103&type=chunk) Top Ten Shareholders | Shareholder Name | Shares Held (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Yimin Food No.1 Factory (Group) Co., Ltd | 298,386,000 | 31.82 | State-owned legal person | | Bright Food (Group) Co., Ltd | 55,978,874 | 5.97 | State-owned legal person | | Hong Kong Securities Clearing Company Ltd | 40,801,192 | 4.35 | Unknown | | Cinda Guocui Equity Investment Fund (Shanghai) Partnership (LP) | 11,227,902 | 1.2 | Unknown | | China Construction Bank - Harvest Agriculture Industry Equity Fund | 9,522,327 | 1.02 | Unknown | | National Social Security Fund Portfolio 503 | 8,000,005 | 0.85 | Unknown | | Guo Dawei | 6,820,000 | 0.73 | Unknown | | China Merchants Bank - Southern CSI 1000 ETF | 6,088,700 | 0.65 | Unknown | | ICBC - CSI Shanghai SOE ETF | 6,060,400 | 0.65 | Unknown | | Agricultural Bank of China - Dacheng New-Growth Industry Hybrid Fund | 5,586,100 | 0.6 | Unknown | - **Shanghai Yimin Food No.1 Factory (Group) Co., Ltd** is the company's controlling shareholder, and **Bright Food (Group) Co., Ltd** is the actual controller[106](index=106&type=chunk) [Bond-related Matters](index=41&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=41&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company had **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[110](index=110&type=chunk) [Convertible Corporate Bonds](index=41&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 had no convertible corporate bonds during the reporting period - The company had **no convertible corporate bonds** during the reporting period[110](index=110&type=chunk) [Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report is **unaudited**[5](index=5&type=chunk)[112](index=112&type=chunk) [Financial Statements](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the semi-annual period of 2025 Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (Yuan) | | :--- | :--- | | Cash and Cash Equivalents | 2,890,260,058.15 | | Accounts Receivable | 1,746,601,735.29 | | Inventories | 2,682,313,520.02 | | Fixed Assets | 3,582,955,231.54 | | Total Assets | 14,402,538,375.63 | | Short-term Borrowings | 2,761,182,662.54 | | Accounts Payable | 1,729,764,702.27 | | Total Liabilities | 7,361,460,952.30 | | Total Equity Attributable to Parent Company | 5,183,256,511.07 | | Total Equity | 7,041,077,423.33 | Key Data from Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 12,069,608,632.09 | | Total Operating Costs | 11,672,562,425.19 | | Operating Profit | 264,794,522.34 | | Total Profit | 259,445,280.73 | | Net Profit | 105,965,474.17 | | Net Profit Attributable to Parent Company Shareholders | 176,033,571.37 | | Basic Earnings Per Share (Yuan/Share) | 0.19 | Key Data from Consolidated Cash Flow Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 90,713,195.38 | | Net Cash Flow from Investing Activities | -312,377,775.07 | | Net Cash Flow from Financing Activities | -297,979,089.87 | | Net Increase in Cash and Cash Equivalents | -567,130,625.68 | | Cash and Cash Equivalents at End of Period | 2,883,646,354.13 | [Company Basic Information](index=59&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 outlines the company's background, listing information, industry, registered capital, and ultimate controller - The company was established as a joint-stock limited company in Shanghai on June 27, 1997, and was listed on the Shanghai Stock Exchange in July 1997[141](index=141&type=chunk) - Registered capital is **RMB 937.73 million**, and the company belongs to the food processing industry[141](index=141&type=chunk) - Core business activities include the development, production, and sale of meat and snack foods, with main products including pork, beef, lamb, canned goods, honey, and milk candy[141](index=141&type=chunk) - The parent company is **Shanghai Yimin Food No.1 Factory (Group) Co., Ltd**, and the ultimate controller is **Bright Food (Group) Co., Ltd**[141](index=141&type=chunk) [Basis of Preparation for Financial Statements](index=59&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 financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises and on a going concern basis - These financial statements are prepared in accordance with the **"Accounting Standards for Business Enterprises"** issued by the Ministry of Finance and relevant regulations from the China Securities Regulatory Commission[142](index=142&type=chunk) - The Group has assessed its ability to continue as a going concern for the next 6 months from January 1, 2025, and found no material uncertainties, thus preparing the statements on a **going concern basis**[143](index=143&type=chunk) [Significant Accounting Policies and Estimates](index=59&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 company's specific accounting policies for financial instruments, inventory, fixed assets, revenue recognition, and other key areas - The company's fiscal year is from January 1 to December 31, and the functional currency is the **Renminbi (RMB)**[144](index=144&type=chunk)[147](index=147&type=chunk) - **Materiality standards**: Significant construction in progress is defined as ≥ RMB 30 million; significant long-term equity investments in joint ventures or associates are defined as ≥ 1% of the Group's total assets[148](index=148&type=chunk)[260](index=260&type=chunk) - **Financial instruments** are classified as financial assets at amortized cost, financial assets at fair value through other comprehensive income, and financial assets at fair value through profit or loss[158](index=158&type=chunk) - **Inventory** is valued using the weighted average method upon dispatch; subsidiary SFF uses the retail method for meat and related product inventories[185](index=185&type=chunk) - **Revenue recognition**: Revenue is recognized when the customer obtains control of the related goods or services[228](index=228&type=chunk) - **Hedge accounting**: The company formally designates and documents its hedging relationships, risk management objectives, and strategies, and continuously assesses hedge effectiveness[249](index=249&type=chunk)[250](index=250&type=chunk) [Taxes](index=89&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax types and rates, along with various tax incentives related to its agricultural and high-tech operations Main Tax Types and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax (VAT) | 0%, 2%, 3%, 5%, 6%, 9%, 11%, 13% | | Corporate Income Tax | 0%, 15%, 16.5%, 17%, 19%, 20%, 21%, 25%, 28% | | New Zealand Goods and Services Tax (GST) | 15% | - **Tax incentives**: VAT exemption for fresh meat products, feed products, and self-produced agricultural products sold by agricultural producers[263](index=263&type=chunk)[264](index=264&type=chunk) - **Tax incentives**: Income tax exemption for primary processing of meat products; a reduced corporate income tax rate of **15%** for high-tech enterprises; preferential policies for small and micro enterprises extended to December 31, 2027[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) - **Tax incentives**: Exemption from stamp duty, property tax, and urban land use tax for commodity reserve enterprises[267](index=267&type=chunk)[268](index=268&type=chunk) [Notes to the Consolidated Financial Statements](index=91&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on items in the consolidated financial statements, including balances, changes, and valuation methods - **Cash and cash equivalents** at period-end were **RMB 2,890,260,058.15**, including **RMB 1,767,093,577.01** deposited with Bright Food Group Finance Co., Ltd[270](index=270&type=chunk) - **Derivative financial assets** at period-end were **RMB 37,233,138.78**, primarily representing the fair value changes of forward foreign exchange contracts[272](index=272&type=chunk) - **Accounts receivable** book value at period-end was **RMB 1,746,601,735.29**, with a significant portion related to the New Zealand subsidiary, for which credit loss provisions are assessed individually[281](index=281&type=chunk)[283](index=283&type=chunk) - **Inventory** book value at period-end was **RMB 2,682,313,520.02**, including **RMB 583,795,940.32** in consumable biological assets[313](index=313&type=chunk) - **Fixed assets** book value at period-end was **RMB 3,582,955,231.54**; an impairment provision of **RMB 266,222,035.94** was made during the period[331](index=331&type=chunk)[437](index=437&type=chunk) - **Short-term borrowings** at period-end were **RMB 2,761,182,662.54**, including secured, guaranteed, and unsecured loans[368](index=368&type=chunk) - **Operating revenue** for the period was **RMB 12,069,608,632.09**, with the beef and lamb business contributing **RMB 7,385,084,862.08**[419](index=419&type=chunk)[422](index=422&type=chunk) - **Asset impairment loss** for the period was **-RMB 266,222,035.94**, primarily related to fixed asset impairment[437](index=437&type=chunk)[439](index=439&type=chunk) [R&D Expenses](index=152&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was RMB 18,854,513.99, all of which was expensed R&D Expense Composition | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 12,358,118.65 | 11,048,311.92 | | Material Costs | 5,288,228.31 | 5,364,211.95 | | Utility Fees | 25,475.80 | 25,860.88 | | Machine Depreciation | 735,574.54 | 1,070,290.07 | | Others | 447,116.69 | 1,612,166.77 | | **Total** | **18,854,513.99** | **19,120,841.59** | - All R&D expenditures for the current period were **expensed**[466](index=466&type=chunk) [Changes in Consolidation Scope](index=153&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) There were no changes in the consolidation scope due to business combinations or disposals during the reporting period - The company had **no business combinations under common control** during the reporting period[467](index=467&type=chunk) - The company had **no business combinations not under common control** during the reporting period[467](index=467&type=chunk) - The company had **no reverse acquisitions** during the reporting period[467](index=467&type=chunk) - The company had **no transactions or events leading to a loss of control** over subsidiaries during the reporting period[467](index=467&type=chunk) [Interests in Other Entities](index=154&type=section&id=%E5%8D%81%E3%80%81%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 discloses the company's interests in subsidiaries, joint ventures, and associates, including key financial information for significant non-wholly-owned subsidiaries - The company has several subsidiaries, including Shanghai Maling Food Co., Ltd, Shanghai Aisen Meat Food Co., Ltd, and Silver Fern Farms Limited[469](index=469&type=chunk) - Significant non-wholly-owned subsidiaries include Jiangsu Sushipin Co., Ltd, Jiangsu Huai'an Sushipin Co., Ltd, Bright Agriculture & Husbandry Technology Co., Ltd, and Silver Fern Farms Limited[473](index=473&type=chunk) - For **Silver Fern Farms Limited**, the minority interest is **50%**; profit attributable to minority shareholders for the period was **RMB 126,295,932.01**, and the period-end minority interest balance was **RMB 1,670,210,642.89**[473](index=473&type=chunk) - A significant joint venture is **Shanghai Shen-Mei Beverage and Food Co., Ltd**, which is accounted for using the equity method[475](index=475&type=chunk) [Government Grants](index=159&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company received various government grants during the period, totaling RMB 10,413,375.55 recognized in current profit or loss Liability Items Involving Government Grants (Deferred Income) | Item | Period-End Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | | Huatuo Relocation Project | 7,146,203.41 | Asset-related | | Smart, Healthy, Ecological, and Beautiful Integrated Pig Farm Construction Project | 475,169.17 | Income-related | | Yangpu District Trademark Subsidy | 150,000.00 | Income-related | | VAT Refund | 4,800,000.00 | Income-related | | Others | 15,706.00 | Income-related | | **Total** | **12,587,078.58** | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Fiscal Subsidies | 6,878,002.04 | 10,047,281.00 | | Meat Reserve Subsidies | 391,882.58 | 1,980,000.00 | | Training and Employment Stability Subsidies | 362,125.19 | 1,394,538.59 | | Agricultural Subsidies | 1,528,469.00 | 143,900.00 | | Other Miscellaneous Subsidies | 1,252,896.74 | 2,540,049.04 | | **Total** | **10,413,375.55** | **16,614,907.83** | [Risks Related to Financial Instruments](index=160&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%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 credit, liquidity, and market risks through various measures including credit assessments, cash management, and hedging - The company faces various financial risks in its operations: **credit risk, liquidity risk, and market risk** (including currency risk, interest rate risk, and other price risks)[484](index=484&type=chunk) - **Credit Risk Management**: The company places cash funds primarily with reputable financial institutions and has policies to control credit risk exposure for receivables[485](index=485&type=chunk)[486](index=486&type=chunk) - **Liquidity Risk Management**: Each subsidiary manages its own cash flow, regularly monitoring liquidity needs to ensure sufficient cash reserves and marketable securities[487](index=487&type=chunk) - **Market Risk Management**: The company monitors the impact of interest rate changes on cash flow risk and manages foreign currency exposure by trading currencies at market rates when necessary[488](index=488&type=chunk)[489](index=489&type=chunk) - **Hedging Activities**: SFF designates forward foreign exchange contracts as highly effective hedging instruments to manage cash flow risks arising from expected sales in USD, RMB, CAD, EUR, and GBP[491](index=491&type=chunk) [Fair Value Disclosure](index=164&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%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 fair value of assets and liabilities measured at fair value, primarily consisting of financial assets and liabilities Period-End Fair Value of Assets and Liabilities Measured Continuously at Fair Value | Item | Period-End Fair Value (Yuan) | | :--- | :--- | | **Total Assets Measured Continuously at Fair Value** | **186,495,134.57** | | Trading Financial Assets | 60,494,616.00 | | Of which: Equity Instrument Investments | 23,261,477.22 | | Of which: Derivative Financial Assets | 37,233,138.78 | | Receivables Financing | 126,000,518.57 | | **Total Liabilities Measured Continuously at Fair Value** | **15,373,360.69** | | Trading Financial Liabilities | 15,373,360.69 | | Of which: Derivative Financial Liabilities | 15,373,360.69 | - **Level 1 Fair Value Measurement**: Primarily listed stock investments, with fair value determined by public market quotes[502](index=502&type=chunk) - **Level 2 Fair Value Measurement**: Mainly forward foreign exchange contracts and receivables financing held by SFF, with fair value determined by forward quotes and market yields of similar instruments[503](index=503&type=chunk) - **Level 3 Fair Value Measurement**: Primarily unlisted equity investments, for which management considers the fair value to be approximate to the book investment cost[504](index=504&type=chunk) [Related Parties and Transactions](index=166&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%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 various transactions including sales, purchases, leases, guarantees, and financing - The company's parent is **Shanghai Yimin Food No.1 Factory (Group) Co., Ltd** (31.82% shareholding); the ultimate controller is **Bright Food (Group) Co., Ltd**[507](index=507&type=chunk) - **Sales/Purchases Transactions**: Purchases from Bright Food Group amounted to **RMB 61,182,856.85**, while sales to associates were **RMB 323,459,401.20**[514](index=514&type=chunk)[516](index=516&type=chunk) - **Related-Party Leases**: The company recognized **RMB 1,100,917.44** in rental income as a lessor (from Bright Dairy) and paid **RMB 4,545,804.88** in rent as a lessee (to Bright Food Group)[518](index=518&type=chunk)[519](index=519&type=chunk) - **Related-Party Guarantees**: As of June 30, 2025, guarantees totaling **RMB 30,975,000.00** provided by related parties had been fully discharged[520](index=520&type=chunk) - **Related-Party Financing**: The company borrowed **RMB 98,000,000.00** from Shanghai Yimin Food No.1 Factory (Group) Co., Ltd[523](index=523&type=chunk) - **Other Related-Party Transactions**: The New Zealand subsidiary SFF procured raw materials through its minority shareholder SFF Co-operative, with a transaction value of **RMB 3,206,152,098.05** in H1 2025[533](index=533&type=chunk) [Notes to Parent Company Financial Statements](index=180&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%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 the parent company's key financial items, reflecting its standalone financial performance - Parent company's accounts receivable had a gross balance of **RMB 67,700,122.81** with a bad debt provision of **RMB 12,878,043.87**[537](index=537&type=chunk) - Parent company's other receivables had a gross balance of **RMB 509,285,531.92** with a bad debt provision of **RMB 267,086,771.17**[552](index=552&type=chunk)[553](index=553&type=chunk) - Parent company's long-term equity investments had a book value of **RMB 4,200,308,860.01**, primarily investments in subsidiaries[558](index=558&type=chunk) Parent Company Operating Revenue and Costs | Item | Current Period (Yuan) | | :--- | :--- | | Operating Revenue | 452,507,165.12 | | Operating Costs | 387,990,867.79 | - Parent company's investment income for the period was **RMB 291,539,167.34**, mainly from long-term equity investments accounted for under the cost method[572](index=572&type=chunk) [Supplementary Information](index=191&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary details on non-recurring items and key performance ratios - Total non-recurring profit and loss for the current period: **RMB 6,644,313.99**[573](index=573&type=chunk) Return on Equity (ROE) and Earnings Per Share (EPS) | Profit for the Period | Weighted Average ROE (%) | Basic EPS (Yuan/Share) | | :--- | :--- | :--- | | Net profit attributable to common shareholders | 3.49 | 0.19 | | Net profit attributable to common shareholders (excluding non-recurring items) | 3.36 | 0.18 |