浙江中国小商品城集团股份有限公司2025 年半年度报告 公司代码：600415 公司简称：小商品城 浙江中国小商品城集团股份有限公司 2025 年半年度报告 1 / 175 浙江中国小商品城集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈德占、主管会计工作负责人包华及会计机构负责人（会计主管人员）赵笛芳 声明：保证半年度报告中财务报告的真实、准确、完整。 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，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 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 ...

深圳新益昌科技股份有限公司 2025 年半年度报告 公司代码：688383 公司简称：新益昌 深圳新益昌科技股份有限公司 2025 年半年度报告 1 / 205 深圳新益昌科技股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述了可能存在的相关风险，敬请查阅本报告"第三节管理层讨论与 分析"之"四、风险因素"部分，请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人胡新荣、主管会计工作负责人王丽红及会计机构负责人（会计主管人员）蒋星星 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持 ...

苏州华之杰电讯股份有限公司2025 年半年度报告 公司代码：603400 公司简称：华之杰 苏州华之杰电讯股份有限公司 2025 年半年度报告 1 / 155 苏州华之杰电讯股份有限公司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、 公司负责人陆亚洲、主管会计工作负责人陈芳及会计机构负责人（会计主管人员）吴娟娟 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 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 本报告对公司可能面对的风险进行详细描述，具体内容请查阅"第三节 管理层讨论与分析" 之"五、其他披露事项"之"（一）可能面对的风险"。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前 ...

铜陵有色金属集团股份有限公司 2025 年半年度报告全文 证券代码：000630 证券简称：铜陵有色 公告编号：2025－055 债券代码：124024 债券简称：铜陵定 02 铜陵有色金属集团股份有限公司 Tongling Nonferrous Metals Group Co.,Ltd. 2025 年半年度报告 报告日期：2025 年 8 月 1 铜陵有色金属集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人龚华东、主管会计工作负责人姚兵及会计机构负责人(会计主 管人员)朱敏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来展望及计划等前瞻性陈述，不构成公司对投资者 的实质承诺，请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 1 | | --- | --- | ...

双乐颜料股份有限公司 2025 年半年度报告全文 双乐颜料股份有限公司 2025 年半年度报告 2025-035 【2025-8-18】 1 双乐颜料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人杨汉洲、主管会计工作负责人杨汉栋及会计机构负责人(会计 主管人员)赵小芳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资 者的实质承诺。投资者及相关人士均应当对此保持足够的风险认识，并且应 当理解计划、预测与承诺之间的差异。 公司在经营中可能存在的风险因素内容已在本报告"第三节 管理层讨论 与分析"之"十、公司面临的风险和应对措施"部分予以描述，敬请投资者 注意并仔细阅读该章节全部内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 双乐颜料股份有限公司 2025 年半年度报告全文 | | | | 第 ...

杭州广立微电子股份有限公司 2025 年半年度报告全文 杭州广立微电子股份有限公司 2025 年半年度报告 2025-044 2025 年 8 月 1 杭州广立微电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 杭州广立微电子股份有限公司 2025 年半年度报告全文 公司负责人郑勇军、主管会计工作负责人陆春龙及会计机构负责人(会计 主管人员)盛龙凤声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司 对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异，敬请投资者注意投资风 险。 请投资者认真阅读本半年度报告全文，并特别注意相关风险因素，具体内 容详见本报告"第三节管理层讨论与分析"之"十、公司面临的风险和应对措 施"，敬请投资者注意投资风险。 公司计划不派 ...

京北方信息技术股份有限公司 2025 年半年度报告全文 京北方信息技术股份有限公司 2025 年半年度报告 2025 年 8 月 1 京北方信息技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人费振勇、主管会计工作负责人马志刚及会计机构负责人(会计 主管人员)王悦声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告中的未来工作思路、工作计划等前瞻性描述不构成公司对投 资者的实质性承诺，敬请投资者注意投资风险。 公司在本报告中详细阐述了未来可能发生的有关风险因素及对策，具体请 参阅本报告"第三节管理层讨论与分析"之"十、公司面临的风险和应对措 施"部分。敬请广大投资者注意投资风险！ 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | A | | --- | --- | | | 4 | | œ | 1 | | 第一节 | 重要提示、目录和释义 2 ...

宁夏晓鸣农牧股份有限公司 2025 年半年度报告全文 证券代码：300967 证券简称：晓鸣股份 公告编号：2025-118 债券代码：123189 债券简称：晓鸣转债 2025-118 2025 年 08 月 1 宁夏晓鸣农牧股份有限公司 2025 年半年度报告 宁夏晓鸣农牧股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人魏晓明、主管会计工作负责人孙灵芝及会计机构负责人(会计 主管人员)蒋俊赫声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告所涉及未来计划等前瞻性陈述，不构成公司对投资者的实 质承诺；投资者及相关人士均应对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异，请投资者注意投资风险。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"畜禽、水产养殖相关业务"的披露要求 （一）禽类疫病的风险 禽类疫病是制 ...

武汉凡谷电子技术股份有限公司 Wuhan Fingu Electronic Technology Co.,LTD. 2025 年半年度报告 2025 年 08 月 1 武汉凡谷电子技术股份有限公司 2025 年半年度报告全文 武汉凡谷电子技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人贾雄杰、主管会计工作负责人范志辉及会计机构负责人(会计 主管人员)苏建军声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及的未来计划等前瞻性陈述，并不代表对公司未来的预 测及对投资者的实质承诺，敬请广大投资者注意投资风险。 公司存在对移动通信运营商资本支出依赖形成的行业周期性风险、客户 相对集中及市场竞争风险、研发风险、宏观环境风险、原材料价格波动风险、 汇率风险等，详细内容见本报告"第三节 十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential preliminary information, including the table of contents and key definitions for the report [Company Profile and Key Financial Indicators](index=8&type=section&id=Section%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics [Company Profile](index=8&type=section&id=I.%20Company%20Profile) Zhongwei New Materials Co., Ltd. (stock code: 300919), listed on the Shenzhen Stock Exchange, is a new materials company with Deng Weiming as its legal representative - The company's basic information includes stock abbreviation "Zhongwei New Materials", code "300919", and listing on the Shenzhen Stock Exchange[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved operating revenue of 21.32 billion yuan, a 6.16% year-on-year increase, while net profit attributable to shareholders decreased by 15.20% to 733 million yuan, with operating cash flow increasing by 13.12% to 1.48 billion yuan and total assets growing 2.29% to 74.69 billion yuan Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 21,322,547,151.55 | 20,086,185,811.78 | 6.16% | | **Net Profit Attributable to Shareholders (RMB)** | 732,774,616.71 | 864,076,698.38 | -15.20% | | **Net Cash Flow from Operating Activities (RMB)** | 1,475,640,821.04 | 1,304,533,096.06 | 13.12% | | **Basic Earnings Per Share (RMB/share)** | 0.79 | 0.92 | -14.13% | | **Total Assets (RMB)** | 74,694,105,807.05 | 73,023,031,322.31 (Prior Year-End) | 2.29% | | **Net Assets Attributable to Shareholders (RMB)** | 20,339,787,270.83 | 20,140,751,297.81 (Prior Year-End) | 0.99% | [Non-recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 79.28 million yuan, primarily comprising 55.74 million yuan in government grants and 48.92 million yuan from fair value changes of financial assets and liabilities held by non-financial enterprises Details of Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Current Profit/Loss | 55,737,629.76 | | Fair Value Changes from Financial Assets and Liabilities Held by Non-financial Enterprises | 48,922,767.77 | | Funds Occupancy Fees Received from Non-financial Enterprises Recognized in Current Profit/Loss | 21,492,703.76 | | Other Non-operating Income/Expenses and Non-current Asset Disposal Gains/Losses | -21,682,000.00 (Estimated) | | **Total** | **79,282,252.85** | [Management Discussion and Analysis](index=11&type=section&id=Section%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, and strategic outlook [Principal Business, Business Model, and Industry Overview](index=11&type=section&id=I.%20Principal%20Business%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of new energy battery cathode materials and precursors, covering nickel, cobalt, phosphorus, and sodium systems for EVs, energy storage, and consumer electronics, operating on a "production-to-order, centralized procurement" model with leading global clients, benefiting from 28% growth in global EV sales and 106% growth in energy storage battery output in H1 2025, achieving over 188,000 tons in product sales, a 33.91% increase - The company's core business is new energy battery cathode materials and precursors, covering nickel, cobalt, phosphorus, and sodium series materials, applied in new energy vehicles, energy storage, and consumer electronics[31](index=31&type=chunk) - The company adopts a "production-to-order, centralized procurement" business model, establishing stable partnerships with leading domestic and international clients including Tesla, Samsung SDI, LG Chem, CATL, and BYD[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - From January to June 2025, global new energy vehicle sales reached **9.1 million units**, a **28% year-on-year increase**, while global energy storage battery output reached **258 GWh**, a **106% year-on-year increase**, demonstrating strong industry growth momentum[38](index=38&type=chunk)[41](index=41&type=chunk) - During the reporting period, the company's product sales volume exceeded **188,000 tons**, a **33.91% year-on-year increase**, maintaining a leading market share for core products[48](index=48&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include industrialized R&D and continuous technological innovation with industry-first technologies, global industrial layout and market services with production bases in Indonesia, Morocco, and South Korea, a global and diversified high-quality client structure, a closed-loop industrial ecosystem from resource extraction to recycling, and excellent global engineering and manufacturing capabilities for rapid R&D-to-mass production conversion - The company has established an integrated full-stack R&D platform from mineral smelting to battery recycling, achieving multiple industry "firsts" in areas such as ultra-high nickel ternary precursors, high-voltage cobalt-based precursors, and sodium-ion battery precursors[54](index=54&type=chunk) - The company has built a global product supply and service system, establishing production bases in Morocco, Indonesia, and South Korea to serve European, American, and Southeast Asian markets[56](index=56&type=chunk)[57](index=57&type=chunk) - The company has established a client system covering global leading enterprises such as Tesla, Samsung SDI, LG Chem, CATL, and BYD[57](index=57&type=chunk) - The company has built an industrial ecological closed-loop from resource extraction, smelting, material production to secondary resource recycling, with a total nickel ore crude refining capacity of nearly **200,000 metal tons** in Indonesia, enabling flexible raw material supply switching[58](index=58&type=chunk)[59](index=59&type=chunk) [Analysis of Principal Business](index=18&type=section&id=III.%20Analysis%20of%20Principal%20Business) During the reporting period, the company's operating revenue increased by 6.16%, driven by higher new energy metal sales, with battery materials revenue at 9.63 billion yuan (down 5.55%, 17.34% gross margin) and new energy metals revenue at 9.27 billion yuan (up 44.01%, 7.44% gross margin), while overseas revenue accounted for 50.58% with a 18.18% increase, and cobalt and phosphorus material revenues grew significantly by 30.21% and 171.62% respectively Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 21,322,547,151.55 | 20,086,185,811.78 | 6.16% | | **Operating Cost** | 18,741,801,194.04 | 17,521,384,860.97 | 6.97% | | **Financial Expenses** | 580,803,462.89 | 384,421,369.53 | 51.09% | | **R&D Investment** | 544,763,768.39 | 450,534,841.08 | 20.91% | Operating Performance by Product or Service | Product/Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Battery Materials** | 9,632,251,739.46 | 7,962,480,582.09 | 17.34% | -5.55% | -6.04% | 0.43% | | **New Energy Metals** | 9,272,894,658.26 | 8,582,723,755.66 | 7.44% | 44.01% | 48.92% | -3.06% | - The company's overseas revenue reached **10.78 billion yuan**, accounting for **50.58%** of current operating revenue, a **18.18% year-on-year increase**[66](index=66&type=chunk)[68](index=68&type=chunk) [Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were 74.69 billion yuan, up 2.29% from the end of last year, with total liabilities at 45.27 billion yuan and an asset-liability ratio of 60.60%, maintaining a stable asset structure primarily composed of fixed assets (31.95%), inventories (13.69%), and cash (14.12%), while significant overseas assets include PT Nadesico Nickel Industry in Indonesia, accounting for 55.65% of the company's net assets Asset Composition | Asset Item | Period-End Amount (RMB) | Proportion of Total Assets | Period-Beginning Amount (RMB) | Proportion of Total Assets | | :--- | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 10,546,064,426.16 | 14.12% | 11,188,987,853.63 | 15.32% | | **Inventories** | 10,226,750,981.48 | 13.69% | 9,826,363,829.69 | 13.46% | | **Fixed Assets** | 23,863,614,973.29 | 31.95% | 23,754,988,308.80 | 32.53% | | **Construction in Progress** | 6,082,209,456.86 | 8.14% | 5,217,156,690.65 | 7.14% | | **Total Assets** | **74,694,105,807.05** | **100%** | **73,023,031,322.31** | **100%** | - The company's significant overseas asset is PT Nadesico Nickel Industry in Indonesia, with an asset scale of **11.32 billion yuan**, accounting for **55.65%** of the company's net assets[74](index=74&type=chunk) [Risks Faced by the Company and Countermeasures](index=30&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces four main risks: intensified industry competition potentially leading to market share and gross margin decline, management challenges from rapid business expansion and global layout, significant impact of raw material price fluctuations on operating performance, and foreign exchange rate volatility from overseas business expansion, which the company actively addresses by strengthening core competencies, improving management systems, upstream supply chain layout, and hedging activities - Intensified industry competition requires the company to maintain leadership in technology, cost, and brand, otherwise facing risks of declining market share and gross margins[105](index=105&type=chunk) - Rapid business expansion and overseas layout impose higher demands on the company's organizational management, talent reserves, and institutional development[106](index=106&type=chunk) - The company mitigates raw material price fluctuation risks by strategically deploying upstream supply chains, increasing self-sufficiency in raw materials, and engaging in commodity hedging activities[107](index=107&type=chunk)[108](index=108&type=chunk) - To control foreign exchange risks, the company utilizes financial instruments such as forward foreign exchange settlements and currency swaps for hedging[109](index=109&type=chunk) [Corporate Governance, Environment, and Society](index=35&type=section&id=Section%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, employee incentive programs, and commitment to environmental and social responsibilities [Corporate Governance and Incentive Mechanisms](index=35&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company's board secretary changed, and no semi-annual profit distribution is planned; the company continued to implement equity incentive plans, performing vesting, cancellation, and repurchase of restricted shares for 2022 and 2023 plans, while the 2022 employee stock ownership plan's duration was extended to May 2027 - The company's Board Secretary changed from Liao Hengxing to Tang Huateng[128](index=128&type=chunk) - The company repurchased and cancelled a portion of shares from the 2022 Restricted Stock Incentive Plan due to employee departures or unmet performance targets[136](index=136&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk) - The company vested and cancelled some shares from the 2023 Restricted Stock Incentive Plan, completing their listing and circulation[146](index=146&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) - The company's 2022 Employee Stock Ownership Plan's duration was extended by two years, until May 29, 2027[150](index=150&type=chunk) [Environmental Information Disclosure](index=41&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its five main subsidiaries are included in the list of enterprises required to disclose environmental information by law, demonstrating corporate social responsibility through community building, educational assistance, and rural revitalization initiatives in Indonesia, Hunan, and Guizhou under the principle of "Global Development, Responsibility Together" - The company and its five subsidiaries are included in the list of enterprises required to disclose environmental information by law[153](index=153&type=chunk) - The company continues to deepen community building at its Morowali industrial base in Indonesia, including road construction assistance and visiting disadvantaged families[154](index=154&type=chunk) - Domestic bases conduct social responsibility activities tailored to local characteristics, such as blood drives at the Ningxiang base, educational assistance at the Tongren base, and consumer-driven rural revitalization at the Qinzhou base[155](index=155&type=chunk) [Significant Matters](index=42&type=section&id=Section%205.%20Significant%20Matters) This section details important events and transactions impacting the company's operations and financial position [Significant Related Party Transactions](index=49&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company's ordinary related party transactions primarily involved procuring engineering infrastructure, equipment, and labor services from related parties, totaling 18.21 million yuan, which did not exceed the annual estimated limit of 360 million yuan, while also providing non-operating related party loans to joint ventures and associates to support their project construction and operational funding needs Ordinary Related Party Transactions | Related Party | Transaction Type | Transaction Content | Amount in Current Period (RMB 10,000) | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Honglin Construction Engineering Group Co., Ltd. | Acceptance of Services | Engineering Infrastructure | 5,356.48 | 36,000 | | Hunan Zhongxian Intelligent Technology Co., Ltd. | Purchase of Goods/Acceptance of Services | Equipment Procurement, Installation | 30.92 | 7,000 | | COBCO S.A. | Provision of Services | Provision of Engineering Services | 12,528.21 | 19,000 | | **Total** | -- | -- | **18,211.46** | **127,100** | - The company provides non-operating intercompany loans to joint ventures and associates to meet their working capital and operational funding needs, ensuring the smooth progress of the company's integrated industrial chain projects[176](index=176&type=chunk)[177](index=177&type=chunk) [Significant Contracts and Their Performance](index=55&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company's significant contracts primarily involve guarantees for subsidiaries, with approved guarantee limits totaling 7.66 billion yuan and actual outstanding guarantees of 3.29 billion yuan during the reporting period, including 1.08 billion yuan for subsidiaries with asset-liability ratios exceeding 70%, while ordinary operating contracts with major client A were performed normally, recognizing 1.84 billion yuan in sales revenue this period Summary of Guarantees for Subsidiaries (RMB 10,000) | Item | Amount | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 7,654,844.45 | | Total Actual Guarantee Balance for Subsidiaries at Period-End | 3,286,420.69 | | Of which: Debt Guarantee Balance Provided for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% | 1,076,667.87 | - The company's significant ordinary operating contracts with Client A were performed normally, recognizing **1.84 billion yuan** in sales revenue this period, with cumulative recognized revenue of **9.91 billion yuan**[202](index=202&type=chunk) [Other Significant Matters](index=71&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) To advance its globalization strategy and build an international capital platform, the company has initiated plans to issue H-shares and list on the Main Board of the Hong Kong Stock Exchange, with relevant proposals approved by the Board, Supervisory Committee, and Shareholders' Meeting in April 2025, and an application submitted to the HKEX - The company plans to issue H-shares and list on the Hong Kong Stock Exchange, with the proposed number of shares not exceeding **15%** of the total share capital after issuance (including over-allotment option)[204](index=204&type=chunk) - The company submitted its listing application and published application materials to the Hong Kong Stock Exchange on April 22, 2025[205](index=205&type=chunk) [Share Changes and Shareholder Information](index=72&type=section&id=Section%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Changes](index=72&type=section&id=I.%20Share%20Changes) As of the end of the reporting period, the company's total share capital was 937 million shares, with a relatively stable share structure; the company is implementing a 500-1000 million yuan share repurchase plan, having cumulatively repurchased 18.95 million shares, or 2.02% of total share capital, for a total transaction amount of 662 million yuan as of June 30, 2025 - The company is implementing a share repurchase plan, having cumulatively repurchased **18,951,939 shares**, representing **2.02%** of total share capital, for a total transaction amount of **662 million yuan** as of June 30, 2025[209](index=209&type=chunk)[210](index=210&type=chunk) [Shareholder Information](index=73&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the end of the reporting period, the company had 35,908 common shareholders, with controlling shareholder Hunan Zhongwei Holding Group Co., Ltd. holding 51.39% and actual controller Deng Weiming directly holding 3.16%, indicating a relatively concentrated equity structure among the top ten shareholders Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholder Type | Shareholding Percentage | Shares Held at Period-End | | :--- | :--- | :--- | :--- | | Hunan Zhongwei Holding Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 51.39% | 481,600,000 | | Deng Weiming | Domestic Natural Person | 3.16% | 29,570,194 | | Tongren Hongxin Chengda Enterprise Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.82% | 17,052,000 | | Qianhai Equity Investment Fund (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.71% | 16,058,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.68% | 15,760,078 | [Bond-Related Information](index=78&type=section&id=Section%207.%20Bond-Related%20Information) This section provides details on the company's outstanding bonds and other debt financing instruments [Corporate Bonds](index=78&type=section&id=II.%20Corporate%20Bonds) The company has two outstanding USD green bonds, a 4.55% bond due in 2027 and a 5.70% bond due in 2025, and also issued a green super short-term commercial paper in April 2025 with a 1.99% interest rate, which has matured Basic Information of Outstanding Corporate Bonds | Bond Abbreviation | Maturity Date | Bond Balance (RMB 10,000) | Interest Rate | | :--- | :--- | :--- | :--- | | Zhongwei New Materials 2027-03-03 | March 3, 2027 | 72,336.63 | 4.55% | | Zhongwei New Materials 2025-09-05 | September 5, 2025 | 102,107.55 | 5.70% | [Convertible Corporate Bonds](index=79&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company's subsidiary FINO INC. issued 70 billion Korean Won in unsecured private convertible bonds, exercisable by bondholders between July 2025 and June 2027, with the company's subsidiaries collectively holding a 51% stake in these convertible bonds - Subsidiary FINO INC. issued **70 billion Korean Won** in private convertible bonds, with the company holding a **51%** stake through its subsidiaries[225](index=225&type=chunk)[227](index=227&type=chunk) [Financial Report](index=82&type=section&id=Section%208.%20Financial%20Report) This section presents the company's financial statements and outlines its significant accounting policies and estimates [Financial Statements](index=82&type=section&id=II.%20Financial%20Statements) As of June 30, 2025, the company's total assets reached 74.69 billion yuan, total liabilities 45.27 billion yuan, and equity attributable to parent company owners 20.34 billion yuan; for H1 2025, operating revenue was 21.32 billion yuan, net profit 703 million yuan (with 733 million yuan attributable to parent), operating cash flow was 1.48 billion yuan, investing cash outflow 2.54 billion yuan, and financing cash inflow 745 million yuan, resulting in a net decrease of 439 million yuan in cash and cash equivalents Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | **Total Assets** | **74,694,105,807.05** | **73,023,031,322.31** | | Total Current Assets | 33,924,751,246.34 | 33,718,431,493.60 | | Total Non-current Assets | 40,769,354,560.71 | 39,304,599,828.71 | | **Total Liabilities** | **45,264,509,659.07** | **43,534,465,152.87** | | Total Current Liabilities | 26,487,311,435.77 | 24,039,468,990.44 | | Total Non-current Liabilities | 18,777,198,223.30 | 19,494,996,162.43 | | **Total Owners' Equity** | **29,429,596,147.98** | **29,488,566,169.44** | | Owners' Equity Attributable to Parent Company | 20,339,787,270.83 | 20,140,751,297.81 | Consolidated Income Statement Summary (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | **Total Operating Revenue** | **21,322,547,151.55** | **20,086,185,811.78** | | Operating Profit | 845,533,309.71 | 1,313,464,915.55 | | **Total Profit** | **824,635,794.68** | **1,310,187,611.20** | | **Net Profit** | **703,232,374.81** | **1,156,673,929.40** | | Net Profit Attributable to Parent Company Shareholders | 732,774,616.71 | 864,076,698.38 | Consolidated Cash Flow Statement Summary (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | **1,475,640,821.04** | **1,304,533,096.06** | | **Net Cash Flow from Investing Activities** | **-2,536,486,765.84** | **-3,016,064,725.22** | | **Net Cash Flow from Financing Activities** | **745,285,111.71** | **2,934,223,331.78** | | **Net Increase in Cash and Cash Equivalents** | **-438,682,145.04** | **1,371,178,375.10** | [Significant Accounting Policies and Estimates](index=102&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The company's financial statements are prepared under the going concern assumption, adhering to Chinese Enterprise Accounting Standards, with RMB as the functional currency; significant accounting policies include recognition and measurement of financial instruments (expected credit loss model), inventory valuation (weighted average method), long-term equity investments (cost and equity methods), fixed asset depreciation (straight-line method), intangible asset amortization (straight-line or output method), revenue recognition (when customer obtains control of goods or services), and government grant recognition and measurement - Revenue is recognized when the customer obtains control of the related goods or services; for domestic sales, this is upon customer acceptance and receipt of proof of delivery, and for exports, upon goods being shipped to port, loaded, customs declared, and bill of lading obtained[347](index=347&type=chunk) - Impairment of financial instruments is assessed using the expected credit loss model; for receivables without significant financing components, the simplified approach is applied, recognizing expected credit losses over the entire lifetime[310](index=310&type=chunk) - R&D expenditures are categorized into research and development phases, with research phase expenditures expensed as incurred and development phase expenditures capitalized when specific criteria are met[335](index=335&type=chunk)