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 |

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1 中国东方航空股份有限公司 2025 年半年度报告 目录 第一节 释义 2 中国东方航空股份有限公司 2025 年半年度报告 第二节 公司简介和主要财务指标 第三节 管理层讨论与分析 第四节 公司治理、环境和社会 第五节 重要事项 第六节 股份变动及股东情况 第七节 债券相关情况 第八节 财务报告 重要提示 本公司 2025 年半年度报告涉及国际和国内经济形势、本公司 2025 年下半年 工作计划等前瞻性陈述，不构成本公司对投资者的实质承诺，请投资者注意 投资风险。 否 3 中国东方航空股份有限公司 2025 年半年度报告 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。 公司全体董事出席董事会会议。 本半年度报告未经审计。 公司负责人王志清、主管会计工作负责人周启民及会计机构负责人（会计主 管人员）邵祖敏声明：保证半年度报告中财务报表的真实、准确、完整。 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。 报告期内，本公司未拟定半年度利润分配预案或公积金转增股本预案。 前瞻性陈述的风险声明 是否存在被 ...

凯盛新能源股份有限公司2025 年半年度报告 公司代码：600876 公司简称：凯盛新能 凯盛新能源股份有限公司 2025 年半年度报告 1 / 167 凯盛新能源股份有限公司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、 公司负责人谢军、主管会计工作负责人陈红照及会计机构负责人（会计主管人员）李雪娇 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的经营计划、发展战略等前瞻性描述不构成本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 报告期内，不存在对 ...

Important Notice [Statement on Report Authenticity](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's board of directors, supervisory board, and all directors, supervisors, and senior management declare the semi-annual report's content to be true, accurate, and complete, bearing legal responsibility - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report's content[3](index=3&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential operating risks in "Section III Management Discussion and Analysis - IV. Risk Factors," advising investors to be aware of investment risks - The company has elaborated on operating risks; investors should refer to “Section III Management Discussion and Analysis - IV. Risk Factors”[3](index=3&type=chunk) [Board Meeting Attendance](index=2&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%85%A8%E4%BD%93%E8%91%A3%E4%BA%8B%E5%87%BA%E5%B8%AD%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%BC%9A%E8%AE%AE%E3%80%82) All company directors attended the board meetings during this reporting period - All company directors attended the board meetings[4](index=4&type=chunk) [Audit Status](index=2&type=section&id=%E5%9B%9B%E3%80%81%E6%9C%AC%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1%E3%80%82) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [Financial Report Responsibility Statement](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%B4%9F%E8%B4%A3%E4%BA%BA%E9%83%AD%E6%AF%85%E5%86%9B%E3%80%81%E4%B8%BB%E7%AE%A1%E4%BC%9A%E8%AE%A1%E5%B7%A5%E4%BD%9C%E8%B4%9F%E8%B4%A3%E4%BA%BA%E7%99%BD%E9%9B%AA%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%9C%BA%E6%9E%84%E8%B4%9F%E8%B4%A3%E4%BA%BA%EF%BC%88%E4%BC%9A%E8%AE%A1%E4%B8%BB%E7%AE%A1%E4%BA%BA%E5%91%98%EF%BC%89%E8%92%8B%E8%B6%85%E5%A3%B0%E6%98%8E%EF%BC%9A%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E4%B8%AD%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E3%80%81%E5%87%86%E7%A1%AE%E3%80%81%E5%AE%8C%E6%95%B4%E3%80%82) Company head Guo Yijun, chief accountant Bai Xue, and head of accounting department Jiang Chao declare the financial report's truthfulness, accuracy, and completeness - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[4](index=4&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The board of directors did not approve any profit distribution or capital reserve to share capital increase plan for this reporting period - No profit distribution or capital reserve to share capital increase plan was approved by the board of directors[4](index=4&type=chunk) Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company abbreviations, related party names, laws and regulations, and medical device-related professional terms, specifying the reporting period as January 1 to June 30, 2025 - The reporting period is from January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Defined common terms such as the Company, Xishan Technology, Xishan Investment, Tongxin Investment, and Xingfuzhe[12](index=12&type=chunk) - Explained professional terms like medical devices, minimally invasive surgery, surgical power tools, endoscope systems, and energy surgical equipment[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Chongqing Xishan Science & Technology Co., Ltd. (Xishan Technology) has Guo Yijun as its legal representative, with its registered and office address at No. 2 Kangzhu Road, Kangmei Street, Liangjiang New Area, Chongqing, unchanged during the reporting period - The company's Chinese name is Chongqing Xishan Science & Technology Co., Ltd., abbreviated as Xishan Technology[10](index=10&type=chunk) - The legal representative is Guo Yijun[10](index=10&type=chunk) - The company's registered and office address is No. 2 Kangzhu Road, Kangmei Street, Liangjiang New Area, Chongqing, unchanged during the reporting period[10](index=10&type=chunk) [Contact Persons and Information](index=4&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) The company's contacts are Bai Xue and Li Zhengyang, both at No. 2 Kangzhu Road, Kangmei Street, Liangjiang New Area, Chongqing, with phone/fax 023-65764806 and email xishangufen@xishantech.com.cn - Contact persons include Bai Xue and Li Zhengyang[13](index=13&type=chunk) - Contact phone number is 023-65764806, and email is xishangufen@xishantech.com.cn[13](index=13&type=chunk) [Information Disclosure and Document Availability](index=5&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates five newspapers for information disclosure, publishes its semi-annual report on www.sse.com.cn, and makes the report available at the company's Board Secretary Office, with no changes during the reporting period - The company's selected newspapers for information disclosure include "China Securities Journal," "Shanghai Securities News," "Securities Daily," "Securities Times," and "Economic Reference News"[14](index=14&type=chunk) - The website address for the semi-annual report is www.sse.com.cn[14](index=14&type=chunk) - The company's semi-annual report is available at the Board Secretary Office[14](index=14&type=chunk) [Company Stock Profile](index=5&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Xishan Technology and stock code 688576 - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[15](index=15&type=chunk) - The stock abbreviation is Xishan Technology, and the stock code is 688576[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue grew 2.40% to 155 million yuan, but net profit attributable to shareholders decreased 41.62% to 34.382 million yuan, with non-recurring net profit down 30.87%, mainly due to reduced investment income, biopsy needle procurement price cuts, and new park operating costs; operating cash flow increased 145.25% due to tighter credit policies and accounts receivable recovery; total assets and net assets slightly decreased due to share repurchases and cash dividends 2025 H1 Key Accounting Data | 主要会计数据 | 本报告期（1－6月） | 上年同期 | 本报告期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | 营业收入 (Yuan) | 155,035,804.26 | 151,404,503.49 | 2.40 | | 利润总额 (Yuan) | 35,320,769.21 | 63,309,587.30 | -44.21 | | 归属于上市公司股东的净利润 (Yuan) | 34,382,000.32 | 58,894,600.71 | -41.62 | | 归属于上市公司股东的扣除非经常性损益的净利润 (Yuan) | 28,939,837.10 | 41,864,946.90 | -30.87 | | 经营活动产生的现金流量净额 (Yuan) | 17,525,062.41 | -38,725,231.91 | 145.25 | | **本报告期末** | **上年度末** | **本报告期末比上年度末增减(%)** | | | 归属于上市公司股东的净资产 (Yuan) | 1,708,215,861.18 | 1,765,030,666.76 | -3.22 | | 总资产 (Yuan) | 1,850,979,402.69 | 1,925,782,570.99 | -3.88 | 2025 H1 Key Financial Indicators | 主要财务指标 | 本报告期（1－6月） | 上年同期 | 本报告期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | 基本每股收益（元／股） | 0.76 | 1.12 | -32.14 | | 稀释每股收益（元／股） | 0.76 | 1.12 | -32.14 | | 扣除非经常性损益后的基本每股收益（元／股） | 0.64 | 0.80 | -20.00 | | 加权平均净资产收益率（%） | 1.97 | 2.75 | 减少0.78个百分点 | | 扣除非经常性损益后的加权平均净资产收益率（%） | 1.66 | 1.96 | 减少0.30个百分点 | | 研发投入占营业收入的比例（%） | 15.96 | 15.20 | 增加0.76个百分点 | - Net profit decline primarily due to a significant reduction in investment income, decreased gross profit from biopsy needle centralized procurement, and increased depreciation and operating expenses for the new park[19](index=19&type=chunk) - Net cash flow from operating activities increased by **145.25%** year-on-year, mainly due to tighter credit policies and recovery of prior accounts receivable[19](index=19&type=chunk) - Total assets and net assets slightly decreased, primarily due to share repurchases and cash dividends in the current period[19](index=19&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E5%85%AB%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) During the reporting period, the company's total non-recurring gains and losses amounted to 5.4422 million yuan, mainly from gains on entrusted investments (5.7579 million yuan) and government subsidies (0.9464 million yuan), also including losses from disposal of non-current assets (-0.2676 million yuan) and other non-operating income/expenses 2025 H1 Non-Recurring Gains and Losses Items | 非经常性损益项目 | 金额 (元) | | :--- | :--- | | 非流动性资产处置损益 | -267,573.13 | | 计入当期损益的政府补助 | 946,379.09 | | 委托他人投资或管理资产的损益 | 5,757,913.70 | | 除上述各项之外的其他营业外收入和支出 | -34,174.70 | | 减：所得税影响额 | 960,381.74 | | 合计 | 5,442,163.22 | Section III Management Discussion and Analysis [Industry and Main 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) The company specializes in the minimally invasive surgical tools segment of the medical device industry, benefiting from global industry growth and national policy support, positioning itself as a "total solution provider for minimally invasive surgical tools" with mature R&D, procurement, production, and sales models [Industry Development Overview](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The company operates in the minimally invasive surgical tools market within the medical device industry, experiencing rapid growth driven by global aging and health awareness, with China's market accelerating domestic high-end medical device substitution supported by national policies, and sub-segments like surgical power tools, endoscope systems, and energy surgical equipment showing significant innovation and market expansion - The company belongs to “C35 Special Equipment Manufacturing” under “C358 Medical Instrument and Device Manufacturing,” specifically the minimally invasive surgical tools industry[25](index=25&type=chunk) Global and China Medical Device Market Size | 指标 | 2023年全球市场规模 | 2024年中国市场规模 | | :--- | :--- | :--- | | 金额 | 582.6 billion USD | 1.35 trillion Yuan | | 复合增速（2020-2024年全球） | 8.1% | 6% (同比) | - National policies (e.g., "Special Review Procedure for Innovative Medical Devices") strongly support the development of domestic medical devices, accelerating the import substitution of high-end medical devices[27](index=27&type=chunk) - In the surgical power tools sector, disposable blades are gaining acceptance due to reduced infection risk, improved surgical efficiency, and reduced burden on medical staff, gradually being included in medical insurance service prices[28](index=28&type=chunk)[29](index=29&type=chunk) - The endoscope system market continues to expand, with the global market expected to exceed **$49.65 billion** by 2037, showing increased demand for traditional rigid, flexible, and disposable endoscopes[30](index=30&type=chunk) [Company's Main Business](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) As a national high-tech enterprise, the company is strategically positioned as a "total solution provider for minimally invasive surgical tools," with main products including surgical power tools, endoscope systems, and energy surgical equipment, holding 14 Class III and 61 Class II medical device registration certificates, 118 domestic invention patents, and leading the drafting of 8 national pharmaceutical industry standards as of June 30, 2025, with no significant changes to its main business or products during the reporting period - The company's strategic positioning is “total solution provider for minimally invasive surgical tools,” with main products including surgical power tools, endoscope systems, and energy surgical equipment[31](index=31&type=chunk) Company Product Registration Certificates and Patents (as of June 30, 2025) | 类型 | 数量 | | :--- | :--- | | 三类医疗器械产品注册证 | 14项 | | 二类医疗器械产品注册证 | 61项 | | 境内发明专利 | 118项 | | 牵头起草国家医药行业标准 | 8项 | - Surgical power tools cover neurosurgery, ENT, orthopedics, breast surgery, etc., with the breast lesion vacuum-assisted biopsy system being the first domestically certified and industrialized product[32](index=32&type=chunk) - The endoscope system builds a dual-track technology system of rigid and flexible endoscopy, independently developing an ultra-high-definition endoscope camera system supporting 4K/10-bit image output[32](index=32&type=chunk)[33](index=33&type=chunk) - Energy surgical equipment includes ultrasonic bone tissue surgical equipment, plasma surgical equipment, and high-frequency surgical equipment, synergizing with surgical power tools and endoscope systems to provide comprehensive solutions[33](index=33&type=chunk)[34](index=34&type=chunk) [Main Business Model](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company adheres to a technology innovation and independent R&D model, with projects driven by clinical needs and market trends; procurement involves market-based inquiries, supplier evaluation, and on-site audits by the supply department to ensure material quality; production combines make-to-order with safety stock, primarily in-house manufacturing, with some non-core processes outsourced; sales are mainly domestic buy-out distribution, supplemented by direct sales and delivery, with limited international sales through a distributor network for promotion and delivery - R&D Model: Adheres to technological innovation and independent R&D, with projects originating from clinical needs, industry trends, and new technology insights[34](index=34&type=chunk) - Procurement Model: Managed by the supply department, through market inquiries and comprehensive supplier evaluation (quality, delivery speed, service) to establish a qualified supplier list, with regular audits[35](index=35&type=chunk) - Production Model: Combines make-to-order with safety stock, primarily in-house production, with some non-core processes (e.g., machining, precision carving) outsourced to external manufacturers[35](index=35&type=chunk) - Sales Model: Domestically, primarily buy-out distribution, supplemented by direct sales and delivery; internationally, adopts a buy-out distribution model, with products covering **46 countries and regions**[36](index=36&type=chunk)[37](index=37&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) In H1 2025, the company's total operating revenue increased by 2.40%, but net profit attributable to shareholders decreased by 41.62%, and non-recurring net profit decreased by 30.87%, mainly due to reduced investment income, biopsy needle centralized procurement price cuts, and increased new park operating expenses; the company addresses market challenges and enhances core competitiveness by building a technology innovation mechanism, promoting "four modernizations" in capacity upgrades, strengthening end-sales channel construction, expanding multi-department total solutions, and reinforcing talent development and incentives [Performance During the Reporting Period](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%9A%E7%BB%A9%E8%A1%A8%E7%8E%B0) In H1 2025, the company's total operating revenue increased by 2.40% to 155 million yuan, but total operating costs increased by 15.99%; net profit attributable to shareholders decreased by 41.62% to 34.382 million yuan, with non-recurring net profit down 30.87%; R&D expenses increased by 7.52%, administrative expenses by 61.09%, and selling expenses decreased by 4.81% 2025 H1 Performance Overview | 指标 | 金额 (万元) | 同比增减 (%) | | :--- | :--- | :--- | | 营业总收入 | 15,503.58 | 2.40 | | 营业总成本 | 12,720.02 | 15.99 | | 归属于上市公司股东净利润 | 3,438.20 | -41.62 | | 归属于上市公司股东的扣非后净利润 | 2,893.98 | -30.87 | | 研发费用 | - | 7.52 | | 管理费用 | - | 61.09 | | 销售费用 | - | -4.81 | [Key Operating Initiatives](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E9%87%8D%E7%82%B9%E7%BB%8F%E8%90%A5%E5%B7%A5%E4%BD%9C) In the first half of the year, the company focused on five key areas: 1. Technological Innovation: Completed 85 patent applications, obtained 74 authorizations, added 10 medical device registration certificates, and overcame core technical challenges in electronic digestive flexible endoscopes; 2. Capacity Enhancement: New park fully operational, strengthening in-house production of core components, deepening modular and automated production, and establishing WMS/MES information systems; 3. Channel Development: Focused on hospital user development, increasing market share, optimizing channel strategies, and intensifying market promotion; 4. Market Expansion: Deepened minimally invasive surgery, built multi-department total solutions, increased international registration and promotion, with products covering 46 countries and regions; 5. Talent Development: Advanced "talent-driven development" strategy, optimized talent structure, upgraded performance and incentive mechanisms, and recruited full-time postdoctoral researchers - Built a technology innovation mechanism: Completed patent applications **85 items** (21 invention patents), obtained authorized patents **74 items** (2 invention patents), added Class III medical device registration certificates **2 items**, Class II **8 items**[38](index=38&type=chunk) - Overcame core technical bottlenecks in electronic digestive flexible endoscopes, with product registration progressing orderly[39](index=39&type=chunk) - Capacity enhancement: New park fully operational, strengthening in-house production of core components, deepening modular and automated production, establishing WMS/MES information systems for full traceability[41](index=41&type=chunk)[42](index=42&type=chunk) - Strengthened end-sales channel development: Focused on hospital user development, increasing equipment allocation and consumable usage, and enhancing market share through “maintain existing, promote growth” strategies[42](index=42&type=chunk)[43](index=43&type=chunk) - Expanded new markets: Deepened minimally invasive surgery, built multi-department product total solutions, increased international registration and promotion investment, with products covering **46 countries and regions**[43](index=43&type=chunk)[44](index=44&type=chunk) - Talent development and incentive mechanisms: Optimized talent structure, increased recruitment for key positions, upgraded performance and incentive plans, and successfully recruited full-time postdoctoral researchers[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [Core Competitiveness Analysis](index=13&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 technological leadership, R&D innovation, professional services, talent team, and quality cooperation resources, possessing multiple internationally advanced core technologies and patents in surgical power tools, being one of the domestic enterprises with the most registration certificates, continuously launching new products through agile R&D and "industry-academia-research-medical" collaborative innovation, and building competitive advantages through a professional pre-sales and after-sales service network, a stable core technical team, and deep cooperation with renowned institutions [Core Competitiveness](index=13&type=section&id=(%E4%B8%80)%20%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 includes technological leadership (e.g., cranial drill auto-stop, variable-angle burr, suspended sheath oscillating saw, breast biopsy technology), R&D innovation (extensive experience in surgical power tools, numerous registration certificates, strong new product development capabilities), professional service advantages (comprehensive pre-sales and after-sales service network, professional service engineers), talent team advantages (experienced, highly educated, stable core technical team), and quality cooperation resources (deep collaboration with renowned institutions and academic leaders to promote clinical application and talent training) - Technological leadership: Mastered core technologies such as medical micro-motor and transmission, cutter design and manufacturing, identification and control, and breast biopsy, with multiple technologies reaching international advanced levels[47](index=47&type=chunk)[48](index=48&type=chunk) - R&D innovation: Over **twenty years** of experience in surgical power tool R&D, being the domestic enterprise with the most registration certificates and product types in the surgical power tool field[49](index=49&type=chunk) - Professional service advantages: Established a comprehensive pre-sales service network and management system, cultivated a team of professional service engineers, providing all-round, all-time, and all-process after-sales service[50](index=50&type=chunk)[51](index=51&type=chunk) - Talent team advantages: Core technical team dedicated to surgical instrument development for a long time, possessing rich industry experience and diverse knowledge structures, with over **95%** of R&D personnel holding bachelor's degrees or higher[51](index=51&type=chunk)[52](index=52&type=chunk) - Quality cooperation resources: Engaged in deep industry-academia-research-medical cooperation with renowned institutions and academic leaders, jointly participating in research projects, establishing training centers, and promoting clinical applications[52](index=52&type=chunk)[53](index=53&type=chunk) [Core Technologies and R&D Progress](index=14&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company possesses 12 core technologies, including cranial drill auto-stop, variable-angle burr, suspended sheath oscillating saw, burr immediate stop control, cutter automatic identification, magnetic drive static seal, cutting window adjustment and monitoring, medical micro-motor, precision optical mechanical design, digital image processing, high-frequency output power adaptive control, and plasma signal sampling and energy control, all at industry-leading levels; during the reporting period, the company strengthened intellectual property protection, adding 2 authorized invention patents and applying for 21, with 51 authorized utility model patents and 58 applications; total R&D investment was 24.7419 million yuan, a 7.52% year-on-year increase, accounting for 15.96% of operating revenue; ongoing R&D projects include 10 items such as surgical power tool upgrades, disposable consumable upgrades, endoscope camera system upgrades, rigid endoscopes, flexible endoscopes, ultrasonic cutting and hemostasis systems, plasma surgical equipment, high-frequency surgical systems, and ultrasonic osteotomy systems, with a cumulative investment of 149.4921 million yuan - The company possesses 12 core technologies, including cranial drill auto-stop, variable-angle burr, suspended sheath oscillating saw, burr immediate stop control, cutter automatic identification, magnetic drive static seal, cutting window adjustment and monitoring, medical micro-motor, precision optical mechanical design, digital image processing, high-frequency output power adaptive control, and plasma signal sampling and energy control, all at industry advanced levels[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - During the reporting period, the company added invention patent authorizations **2 items**, applied for **21 items**; utility model patent authorizations **51 items**, applied for **58 items**; design patent authorizations **21 items**, applied for **6 items**[59](index=59&type=chunk) 2025 H1 R&D Investment | 指标 | 本期数 (元) | 上年同期数 (元) | 变化幅度 (%) | | :--- | :--- | :--- | :--- | | 费用化研发投入 | 24,741,852.25 | 23,011,841.76 | 7.52 | | 研发投入合计 | 24,741,852.25 | 23,011,841.76 | 7.52 | | 研发投入总额占营业收入的比例 | 15.96% | 15.20% | 增加0.76个百分点 | - Ongoing R&D projects include 10 items such as surgical power tool upgrades, disposable consumable upgrades, endoscope camera system upgrades, rigid endoscopes, flexible endoscopes, ultrasonic cutting and hemostasis systems, plasma surgical equipment, high-frequency surgical systems and ultrasonic osteotomy systems, with an estimated total investment of **226.18 million yuan**, current period investment of **24.7419 million yuan**, and cumulative investment of **149.4921 million yuan**[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) 2025 H1 R&D Personnel | 指标 | 本期数 | 上年同期数 | | :--- | :--- | :--- | | 研发人员数量（人） | 136 | 135 | | 研发人员数量占公司总人数的比例（%） | 21.02 | 21.33 | | 研发人员薪酬合计（万元） | 1,176.17 | 1,063.60 | | 研发人员平均薪酬（万元） | 8.65 | 7.88 | [Risk Factors](index=24&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces multiple risks, including intensified market competition, lower-than-expected market penetration of disposable consumables, R&D project suspension or failure, price reductions due to volume-based procurement policies, impact of "two-invoice system" on sales circulation, industry policy changes, product registration and renewal risks, product quality control risks, accounts receivable recovery risks, economic environment changes, and fundraising project delays - Intensified market competition risk: Intense competition from domestic and international brands; if the company fails to maintain advantages in technological innovation and channel development, it may face market share and performance decline[71](index=71&type=chunk) - Risk of lower-than-expected market penetration for disposable consumables: The company's business growth primarily relies on disposable consumables; if market promotion is hindered or penetration is below expectations, it may adversely affect performance[71](index=71&type=chunk) - Risk of R&D project suspension, new product R&D failure, or lack of market acceptance: Medical device R&D involves high investment, long cycles, and high uncertainty; new products may not meet clinical needs or penetrate existing competitive landscapes[72](index=72&type=chunk)[73](index=73&type=chunk) - Impact of “volume-based procurement” policy: Some of the company's products are already included in centralized procurement, and the scope may expand in the future, posing risks of failing to win bids or significant price reductions after winning bids[74](index=74&type=chunk)[75](index=75&type=chunk) - Impact of “two-invoice system” policy: Some of the company's products have implemented the two-invoice system in certain provinces; if implemented nationwide, it will significantly impact sales and distribution channels[76](index=76&type=chunk) - Product quality control risk: As Class II and Class III medical devices, product quality directly relates to patient safety; failure of the quality management system may lead to legal disputes, economic claims, or loss of market access[79](index=79&type=chunk) - Risk of fundraising project delays: Some fundraising projects (e.g., “Surgical Power System Industrialization Project,” “R&D Center Construction Project”) have been extended to December 31, 2026, with a risk of further delays[80](index=80&type=chunk) [Key Operating Conditions](index=26&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's total operating revenue increased by 2.40% to 155 million yuan, but net profit attributable to shareholders decreased by 41.62%; in surgical power tools, neurosurgery, ENT, and orthopedics consumables revenue grew, but breast surgery biopsy needle revenue declined due to centralized procurement price cuts; sales revenue for energy surgical equipment and endoscope products both increased; total operating costs increased by 15.99%, mainly due to increased depreciation and operating expenses for the new park and reduced gross profit from biopsy needles; in terms of assets and liabilities, trading financial assets and employee compensation decreased significantly, while accounts receivable financing, prepayments, and construction in progress increased significantly [Main Business Analysis](index=26&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue increased by 2.40%, mainly driven by growth in neurosurgery, ENT, and orthopedics consumables, as well as increased sales of energy surgical equipment and endoscope products; however, operating costs increased by 21.34% year-on-year, and administrative expenses increased by 61.09%, leading to a significant decline in total profit and net profit; net cash flow from operating activities increased by 145.25% year-on-year, net cash flow from investing activities increased by 576.77% year-on-year, and net cash flow from financing activities decreased by 9.87% year-on-year Financial Statement Items Change Analysis (2025 H1 vs. 2024 H1) | 科目 | 本期数 (元) | 上年同期数 (元) | 变动比例 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 155,035,804.26 | 151,404,503.49 | 2.40 | | 营业成本 | 53,793,039.41 | 44,332,689.41 | 21.34 | | 销售费用 | 35,602,161.17 | 37,399,550.16 | -4.81 | | 管理费用 | 17,200,142.75 | 10,677,034.82 | 61.09 | | 财务费用 | -6,604,366.46 | -6,918,995.27 | 4.55 | | 研发费用 | 24,741,852.25 | 23,011,841.76 | 7.52 | | 经营活动产生的现金流量净额 | 17,525,062.41 | -38,725,231.91 | 145.25 | | 投资活动产生的现金流量净额 | 193,306,200.25 | 28,562,849.13 | 576.77 | | 筹资活动产生的现金流量净额 | -92,227,053.06 | -102,323,127.91 | 9.87 | - Changes in administrative expenses mainly due to increased depreciation and operating expenses from the new park's operation[84](index=84&type=chunk) - Increase in net cash flow from operating activities mainly due to tighter credit policies and recovery of prior accounts receivable[84](index=84&type=chunk) - Increase in net cash flow from investing activities mainly due to reduced net purchases of wealth management products[85](index=85&type=chunk) - Changes in net cash flow from financing activities mainly due to reduced share repurchase amounts[85](index=85&type=chunk) [Analysis of Assets and Liabilities](index=27&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) At the end of the reporting period, the company's total assets and net assets decreased by 3.88% and 3.22% respectively compared to the end of the previous year; trading financial assets significantly decreased by 57.60%, accounts receivable financing significantly increased by 1120.92%, prepayments increased by 84.38%, and construction in progress increased by 141.65%; on the liability side, contract liabilities increased by 173.70%, employee compensation and taxes payable significantly decreased, and other current liabilities increased by 339.83% Changes in Assets and Liabilities (Period-end vs. Period-start) | 项目名称 | 本期期末数 (元) | 本期期末数占总资产的比例 (%) | 上年期末数 (元) | 上年期末数占总资产的比例 (%) | 本期期末金额较上年期末变动比例 (%) | 情况说明 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 交易性金融资产 | 184,272,383.57 | 9.96 | 434,570,958.90 | 22.57 | -57.60 | 未到期结构性存款减少 | | 应收款项融资 | 18,574,571.99 | 1.00 | 1,521,364.00 | 0.08 | 1,120.92 | 收到银行承兑汇票增加 | | 预付款项 | 14,137,239.55 | 0.76 | 7,667,253.06 | 0.40 | 84.38 | 技术服务费等预付款增多 | | 在建工程 | 34,642,602.11 | 1.87 | 14,335,607.14 | 0.74 | 141.65 | 新园区建设投入 | | 合同负债 | 21,539,051.26 | 1.16 | 7,869,652.39 | 0.41 | 173.70 | 预收账款增加 | | 应付职工薪酬 | 10,327,200.63 | 0.56 | 20,232,306.83 | 1.05 | -48.96 | 支付2024年年终奖金 | | 应交税费 | 6,282,001.83 | 0.34 | 16,910,498.47 | 0.88 | -62.85 | 支付2024年度计提的企业所得税 | | 其他流动负债 | 4,905,537.96 | 0.27 | 1,115,318.35 | 0.06 | 339.83 | 已背书转让但尚未终止确认的银行承兑汇票增加 | - The main restricted asset at period-end was accounts receivable of **2,675,504.32 yuan**, not derecognized[88](index=88&type=chunk) [Analysis of Investment Status](index=30&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 financial assets measured at fair value totaled 202.847 million yuan at period-end, with purchases of 715 million yuan and sales/redemptions of 961 million yuan during the period, resulting in a fair value change loss of -4.2986 million yuan Changes in Financial Assets Measured at Fair Value | 资产类别 | 期初数 (元) | 本期公允价值变动损益 (元) | 本期购买金额 (元) | 本期出售/赎回金额 (元) | 期末数 (元) | | :--- | :--- | :--- | :--- | :--- | :--- | | 其他 | 436,092,322.90 | -4,298,575.33 | 715,000,000.00 | 961,000,000.00 | 202,846,955.56 | | 合计 | 436,092,322.90 | -4,298,575.33 | 715,000,000.00 | 961,000,000.00 | 202,846,955.56 | Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=32&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel; after the reporting period, Mr. Bian Benben resigned as Deputy General Manager for personal reasons but will continue to serve as the company's National Sales Director - During the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel[93](index=93&type=chunk) - On July 28, 2025, Mr. Bian Benben resigned as Deputy General Manager but will continue to serve as the company's National Sales Director[93](index=93&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=32&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 has no profit distribution or capital reserve to share capital increase plan for this semi-annual period - The company has no profit distribution or capital reserve to share capital increase plan for this semi-annual period[93](index=93&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=32&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, the company had no previously disclosed equity incentive matters with no subsequent progress or changes, nor any undisclosed or subsequently progressing incentive situations - No equity incentive matters previously disclosed in temporary announcements had no subsequent progress or changes[94](index=94&type=chunk) - No incentive situations were undisclosed in temporary announcements or had subsequent progress[94](index=94&type=chunk) [Environmental Information](index=32&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) The company is not classified as a heavy polluting industry or a heavy polluting enterprise under relevant regulations, its production and operation activities do not involve environmental pollution, and there were no environmental violations during the reporting period - The company is not classified as a heavy polluting industry or a heavy polluting enterprise[95](index=95&type=chunk) - Production and operation activities do not involve environmental pollution, and there were no environmental violations during the reporting period[95](index=95&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=34&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 company's controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel have strictly fulfilled all commitments related to the initial public offering, including share lock-up, share price stabilization, fraudulent issuance share repurchase, measures to offset dilution of immediate returns, profit distribution policy, compensation or indemnification liabilities, restrictive measures for unfulfilled commitments, avoidance of horizontal competition, standardization and reduction of related party transactions, shareholder information disclosure, ensuring company independence, use of unregistered leased properties, re-lending related matters, and social insurance and housing provident fund contributions; all commitments were strictly fulfilled on time, with no uncompleted or untimely fulfillments - Controlling shareholder, actual controller, and their concerted parties, relatives, directors, supervisors, senior management, and core technical personnel have all fulfilled share lock-up commitments[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - The company, controlling shareholder, actual controller, directors (excluding independent directors), and senior management have made commitments and measures regarding stabilizing the company's share price[113](index=113&type=chunk) - The company, controlling shareholder, and actual controller committed that there were no fraudulent issuance and listing circumstances, and committed to repurchase shares[114](index=114&type=chunk) - The company, controlling shareholder, actual controller, directors, and senior management committed to measures to offset the dilution of immediate returns[115](index=115&type=chunk)[116](index=116&type=chunk) - Controlling shareholder, actual controller, and their concerted parties committed to avoiding horizontal competition and standardizing and reducing related party transactions[120](index=120&type=chunk)[121](index=121&type=chunk) [Significant Related Party Transactions](index=42&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no significant related party transactions related to daily operations, asset or equity acquisition/disposal, joint external investments, related party creditor-debtor relationships, or financial business with related financial companies - No significant related party transactions related to daily operations during the reporting period[128](index=128&type=chunk) - No related party transactions involving asset or equity acquisition or disposal during the reporting period[128](index=128&type=chunk) - No significant related party transactions involving joint external investments during the reporting period[129](index=129&type=chunk) - No related party creditor-debtor relationships during the reporting period[129](index=129&type=chunk) [Progress of Raised Funds Utilization](index=45&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) As of the end of the reporting period, the company's total raised funds from its initial public offering amounted to 1,799.3998 million yuan, with a net amount of 1,631.5286 million yuan, and a cumulative investment of 1,037.4031 million yuan, representing an investment progress of 63.58%; over-raised funds cumulatively invested 580 million yuan, with an investment progress of 59.78%; the construction progress of the fundraising projects "Surgical Power System Industrialization Project," "R&D Center Construction Project," "Information System Construction Project," and "Marketing Service Network Upgrade Project" were 53.53%, 81.71%, 71.38%, and 71.37% respectively, all extended to December 31, 2026; the company utilized idle raised funds for cash management, with a period-end balance of 24 million yuan Overall Utilization of Raised Funds (as of Period-end) | 指标 | 金额 (万元) | | :--- | :--- | | 募集资金总额 | 179,939.98 | | 募集资金净额 | 163,152.86 | | 招股书承诺投资总额 | 66,123.45 | | 超募资金总额 | 97,029.41 | | 截至报告期末累计投入募集资金总额 | 103,740.31 | | 截至报告期末超募资金累计投入总额 | 58,000.00 | | 截至报告期末募集资金累计投入进度 (%) | 63.58 | | 截至报告期末超募资金累计投入进度 (%) | 59.78 | | 本年度投入金额 | 6,971.15 | Detailed Utilization of Fundraising Projects (as of Period-end) | 项目名称 | 募集资金计划投资总额 (万元) | 截至报告期末累计投入募集资金总额 (万元) | 截至报告期末累计投入进度 (%) | 项目达到预定可使用状态日期 | | :--- | :--- | :--- | :--- | :--- | | 手术动力系统产业化项目 | 29,168.08 | 15,613.96 | 53.53 | 2026年12月 | | 研发中心建设项目 | 18,291.37 | 14,946.51 | 81.71 | 2026年12月 | | 营销服务网络升级项目 | 8,047.60 | 5,743.41 | 71.37 | 2026年12月 | | 信息化建设项目 | 4,616.40 | 3,295.29 | 71.38 | 2026年12月 | | 补充流动资金 | 6,000.00 | 6,141.14 | 102.35 | 不适用 | - The company has extended the completion deadline for some fundraising projects to December 31, 2026[80](index=80&type=chunk) - The company used idle raised funds for cash management, with a period-end balance of **24 million yuan**, not exceeding the authorized limit[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) [Other Significant Matters](index=50&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 completed its first share repurchase on March 20, 2025, canceling 3,124,532 shares, reducing total share capital from 49,627,313 shares to 46,502,781 shares; subsequently, the company changed the purpose of some repurchased shares, canceling 1,002,721 shares to reduce registered capital, completed on June 5, 2025, further reducing total share capital to 45,500,060 shares - The company completed a share repurchase on March 20, 2025, canceling **3,124,532 shares**, reducing total share capital from **49,627,313 shares** to **46,502,781 shares**[141](index=141&type=chunk) - The company changed the purpose of some repurchased shares, canceling **1,002,721 shares** to reduce registered capital, completed on June 5, 2025[142](index=142&type=chunk) - After this cancellation, the company's total share capital decreased from **46,502,781 shares** to **45,500,060 shares**[142](index=142&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Changes](index=51&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital changed due to share repurchases and cancellations, and the listing of some strategically placed restricted shares; the total share capital decreased by 4,127,253 shares from 49,627,313 shares at the beginning of the period to 45,500,060 shares at the end of the period; restricted shares decreased by 441,826 shares, and unrestricted tradable shares decreased by 3,685,427 shares Share Capital Change Table | | 本次变动前数量 | 本次变动前比例(%) | 本次变动增减（+,-）小计 | 本次变动后数量 | 本次变动后比例(%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 一、有限售条件股份 | 24,149,647 | 48.66 | -441,826 | 23,707,821 | 52.11 | | 二、无限售条件流通股份 | 25,477,666 | 51.34 | -3,685,427 | 21,792,239 | 47.89 | | 三、股份总数 | 49,627,313 | 100.00 | -4,127,253 | 45,500,060 | 100.00 | - The company canceled **3,124,532 shares** on March 20, 2025, reducing total share capital to **46,502,781 shares**[145](index=145&type=chunk) - Some strategically placed shares from the initial public offering, totaling **441,826 shares**, became tradable on June 6, 2025[145](index=145&type=chunk) - The company canceled **1,002,721 shares** on June 5, 2025, reducing total share capital to **45,500,060 shares**[146](index=146&type=chunk) [Shareholder Information](index=52&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 4,846 common shareholders; among the top ten shareholders, Chongqing Xishan Investment Co., Ltd. held the highest proportion at 42.01%, all as restricted shares; the actual controller, Guo Yijun, held 1,658,610 shares, of which 1,638,241 were restricted shares; among the top ten unrestricted shareholders, China Medical Investment Co., Ltd. held the most shares; the controlling shareholder, actual controller, and their concerted parties have related party relationships - As of the end of the reporting period, the total number of common shareholders was **4,846**[149](index=149&type=chunk) Top Ten Shareholders' Holdings (as of Period-end) | 股东名称 | 期末持股数量 | 比例 (%) | 持有有限售条件股份数量 | 股东性质 | | :--- | :--- | :--- | :--- | :--- | | 重庆西山投资有限公司 | 19,114,290 | 42.01 | 19,114,290 | 境内非国有法人 | | 重庆同心投资管理中心（有限合伙） | 2,314,290 | 5.09 | 2,314,290 | 其他 | | 中国医药投资有限公司 | 1,947,779 | 4.28 | 0 | 国有法人 | | 郭毅军 | 1,658,610 | 3.65 | 1,638,241 | 境内自然人 | | 苏州金阖二期股权投资合伙企业（有限合伙） | 1,457,649 | 3.20 | 0 | 其他 | | 上海鸿富私募基金管理有限公司－福建颂德股权投资合伙企业（有限合伙） | 1,362,443 | 2.99 | 0 | 其他 | | 重庆幸福者企业管理中心（有限合伙） | 641,000 | 1.41 | 641,000 | 其他 | | 刘洪泉 | 514,918 | 1.13 | 0 | 境内自然人 | | 黄海生 | 389,868 | 0.86 | 0 | 境内自然人 | | 黄玮 | 342,311 | 0.75 | 0 | 境内自然人 | - Xishan Investment, Tongxin Investment, Xingfuzhe, and Guo Yijun are concerted parties[153](index=153&type=chunk) - Chongqing Xishan Science & Technology Co., Ltd. Repurchase Special Securities Account held **310,000 shares**, with a shareholding ratio of **0.68%**[153](index=153&type=chunk) [Directors, Supervisors, Senior Management, and Core Technical Personnel](index=56&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of the company's current and resigned directors, supervisors, senior management, and core technical personnel, nor were they granted any equity incentives - During the reporting period, the shareholding changes of the company's directors, supervisors, senior management, and core technical personnel were “not applicable”[157](index=157&type=chunk) - During the reporting period, the company's directors, supervisors, senior management, and core technical personnel were not granted equity incentives[157](index=157&type=chunk) Section VII Bond-Related Information [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=57&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no outstanding or overdue corporate bonds (including enterprise 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[159](index=159&type=chunk) [Convertible Corporate Bonds](index=57&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[159](index=159&type=chunk) Section VIII Financial Report [Audit Report](index=58&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[161](index=161&type=chunk) [Financial Statements](index=58&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's balance sheet as of June 30, 2025, income statement, cash flow statement, and statement of changes in owners' equity for January-June 2025, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flow during the period - Financial statements include the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity[161](index=161&type=chunk)[164](index=164&type=chunk)[167](index=167&type=chunk)[170](index=170&type=chunk) [Balance Sheet](index=58&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total assets were 1.851 billion yuan, total liabilities were 143 million yuan, and owners' equity was 1.708 billion yuan; total current assets were 1.038 billion yuan, and total non-current assets were 813 million yuan; major asset changes included a 57.60% decrease in trading financial assets, a 1120.92% increase in accounts receivable financing, and a 141.65% increase in construction in progress Balance Sheet Key Data (June 30, 2025) | 项目 | 期末余额 (元) | 期初余额 (元) | | :--- | :--- | :--- | | 资产总计 | 1,850,979,402.69 | 1,925,782,570.99 | | 负债合计 | 142,763,541.51 | 160,751,904.23 | | 所有者权益合计 | 1,708,215,861.18 | 1,765,030,666.76 | | 货币资金 | 677,021,119.84 | 558,452,319.69 | | 交易性金融资产 | 184,272,383.57 | 434,570,958.90 | | 应收款项融资 | 18,574,571.99 | 1,521,364.00 | | 预付款项 | 14,137,239.55 | 7,667,253.06 | | 在建工程 | 34,642,602.11 | 14,335,607.14 | | 合同负债 | 21,539,051.26 | 7,869,652.39 | | 应付职工薪酬 | 10,327,200.63 | 20,232,306.83 | [Income Statement](index=60&type=section&id=%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the company achieved operating revenue of 155 million yuan, a year-on-year increase of 2.40%; net profit was 34.382 million yuan, a year-on-year decrease of 41.62%; total profit was 35.3208 million yuan, a year-on-year decrease of 44.21%; basic earnings per share were 0.76 yuan/share, a year-on-year decrease of 32.14% Income Statement Key Data (January-June 2025) | 项目 | 本期发生额 (元) | 上期发生额 (元) | | :--- | :--- | :--- | | 营业收入 | 155,035,804.26 | 151,404,503.49 | | 营业成本 | 53,793,039.41 | 44,332,689.41 | | 销售费用 | 35,602,161.17 | 37,399,550.16 | | 管理费用 | 17,200,142.75 | 10,677,034.82 | | 研发费用 | 24,741,852.25 | 23,011,841.76 | | 财务费用 | -6,604,366.46 | -6,918,995.27 | | 利润总额 | 35,320,769.21 | 63,309,587.30 | | 净利润 | 34,382,000.32 | 58,894,600.71 | | 基本每股收益(元/股) | 0.76 | 1.12 | [Cash Flow Statement](index=61&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, net cash flow from operating activities was 17.5251 million yuan, turning positive from negative in the prior year, an increase of 145.25%; net cash flow from investing activities was 193 million yuan, a year-on-year increase of 576.77%; net cash flow from financing activities was -92.2271 million yuan, a year-on-year decrease of 9.87%; cash and cash equivalents at period-end totaled 677 million yuan Cash Flow Statement Key Data (January-June 2025) | 项目 | 本期发生额 (元) | 上期发生额 (元) | | :--- | :--- | :--- | | 经营活动产生的现金流量净额 | 17,525,062.41 | -38,725,231.91 | | 投资活动产生的现金流量净额 | 193,306,200.25 | 28,562,849.13 | | 筹资活动产生的现金流量净额 | -92,227,053.06 | -102,323,127.91 | | 现金及现金等价物净增加额 | 118,568,800.15 | -112,425,561.76 | | 期末现金及现金等价物余额 | 677,021,119.84 | 599,822,568.59 | [Statement of Changes in Owners' Equity](index=63&type=section&id=%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) From January to June 2025, total owners' equity decreased by 56.8148 million yuan to 1.708 billion yuan; paid-in capital decreased by 4.1273 million yuan due to share repurchases and cancellations, capital surplus decreased by 268.3242 million yuan, treasury stock decreased by 226.4447 million yuan, and retained earnings decreased by 10.8081 million yuan Changes in Owners' Equity (January-June 2025) | 项目 | 期初余额 (元) | 本期增减变动金额 (元) | 期末余额 (元) | | :--- | :--- | :--- | | 实收资本（或股本） | 49,627,313.00 | -4,127,253.00 | 45,500,060.00 | | 资本公积 | 1,721,493,479.29 | -268,324,209.59 | 1,453,169,269.70 | | 减：库存股 | 250,058,611.78 | -226,444,716.69 | 23,613,895.09 | | 未分配利润 | 221,915,416.17 | -10,808,059.68 | 211,107,356.49 | | 所有者权益合计 | 1,765,030,666.76 | -56,814,805.58 | 1,708,215,861.18 | [Company Basic Information](index=66&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) Chongqing Xishan Science & Technology Co., Ltd. was listed on the STAR Market of the Shanghai Stock Exchange on June 6, 2023, stock code 688576; during the reporting period, the company's total share capital decreased from 53,001,466 shares at the beginning of the period to 45,500,060 shares at the end of the period due to multiple share repurchases and cancellations; the company's registered and headquarters addresses are both at No. 2 Kangzhu Road, Kangmei Street, Liangjiang New Area, Chongqing, with its main business being the R&D, production, and sales of surgical power tools - The company was listed on the Shanghai Stock Exchange on June 6, 2023, stock code: **688576**[174](index=174&type=chunk) - The company's total share capital decreased from **53,001,466 shares** to **45,500,060 shares** due to multiple share repurchases and cancellations[175](index=175&type=chunk)[176](index=176&type=chunk) - The company's registered and headquarters addresses are both at No. 2 Kangzhu Road, Kangmei Street, Liangjiang New Area, Chongqing[176](index=176&type=chunk) - The company's main operating activities are the R&D, production, and sales of surgical power tools, with main products including surgical power tool systems, consumables, and accessories[176](index=176&type=chunk) [Basis of Financial Statement Preparation](index=66&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, in accordance with "Enterprise Accounting Standards" and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)," using the accrual basis of accounting, and measured at historical cost except for certain financial instruments - Financial statements are prepared on a going concern basis, in compliance with “Enterprise Accounting Standards” and relevant disclosure regulations[177](index=177&type=chunk) - Accounting is based on the accrual method, and except for certain financial instruments, all items are measured at historical cost[177](index=177&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting its going concern ability[178](index=178&type=chunk) [Significant Accounting Policies and Estimates](index=67&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 statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, and materiality criteria; it focuses on the classification, recognition, measurement, and derecognition methods for financial instruments, particularly the measurement of expected credit losses; additionally, it covers the provision for bad debts for notes receivable, accounts receivable, accounts receivable financing, and other receivables; the classification, valuation, inventory system, and impairment provisions for inventories; the amortization methods for intangible assets and capitalization conditions for R&D expenditures; and the accounting treatment for contract liabilities, employee compensation, provisions, share-based payments, revenue recognition, and government grants; for lease accounting, as a lessee, the company applies simplified treatment for short-term leases and low-value asset leases, and recognizes right-of-use assets and lease liabilities - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[188](index=188&type=chunk) - The company performs impairment testing for financial assets measured at amortized cost, debt instruments measured at fair value through other comprehensive income, and contract assets, based on expected credit losses[194](index=194&type=chunk) - Inventories are valued using the weighted-average method at month-end and measured at the lower of cost and net realizable value, with provisions for inventory impairment[212](index=212&type=chunk)[213](index=213&type=chunk) - R&D expenditures are distinguished between research and development phases, with development phase expenditures capitalized as intangible assets when specific conditions are met[222](index=222&type=chunk) - Revenue recognition principle: Identify distinct performance obligations, determine if performed over time or at a point in time, and recognize revenue based on progress or when the customer obtains control[236](index=236&type=chunk)[237](index=237&type=chunk) - Government grants are classified as asset-related or income-related, recognized when conditions are met, and accounted for as deferred income or current profit or loss based on their nature[241](index=241&type=chunk)[242](index=242&type=chunk) [Taxation](index=80&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (13%), urban maintenance and construction tax (7%), education surcharge (3%), and corporate income tax (15%); as a high-tech enterprise, the company enjoys a preferential corporate income tax rate of 15%; additionally, the company benefits from tax incentives such as 100% super deduction for R&D expenses, immediate VAT refund for software products, and a 5% VAT super deduction for advanced manufacturing enterprises Main Tax Categories and Rates | 税种 | 税率 | | :--- | :--- | | 增值税 | 13% | | 城市维护建设税 | 7% | | 教育费附加 | 3% | | 企业所得税 | 15% | - As a high-tech enterprise, the company pays corporate income tax at a reduced rate of **15%**[249](index=249&type=chunk) - The company enjoys tax incentives such as **100% super deduction for R&D expenses**, **immediate VAT refund for software products**, and a **5% VAT super deduction for advanced manufacturing enterprises**[249](index=249&type=chunk)[250](index=250&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&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 various asset, liability, and owners' equity items in the consolidated financial statements; these include cash and bank balances, trading financial assets, notes receivable, accounts receivable, accounts receivable financing, prepayments, other receivables, inventories, other current assets, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets restricted in ownership or use, accounts payable, contract liabilities, employee compensation payable, ta

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