[Glossary](index=4&type=section&id=Glossary) This section provides definitions for key terms used within the report [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) Overview of the company's basic information and a summary of its key financial performance and position [Company Basic Information](index=6&type=section&id=Company%20Basic%20Information) Biyi Micro is a Shenzhen-registered joint-stock company specializing in the design and sale of high-performance analog and mixed-signal integrated circuits, with Xie Pengcun as its legal representative - The company's full Chinese name is "Shenzhen Biyi Microelectronics Co., Ltd.", abbreviated as "Biyi Micro", with Xie Pengcun as its legal representative[14](index=14&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 6.99% year-over-year, while net loss attributable to shareholders narrowed; net cash flow from operating activities decreased by 43.56% due to reduced government subsidies and increased payroll taxes, yet cost control and product adjustments led to a 12.76 million CNY reduction in non-recurring loss and improved gross margin Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Year-over-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 282.58 million CNY | 303.82 million CNY | -6.99% | | Net Profit Attributable to Shareholders of Listed Company | -8.81 million CNY | -10.61 million CNY | N/A | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -14.52 million CNY | -27.28 million CNY | N/A | | Net Cash Flow from Operating Activities | 4.15 million CNY | 7.36 million CNY | -43.56% | | **Asset Status** | **End of Current Period** | **End of Prior Year** | **Year-over-year Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 1.37 billion CNY | 1.36 billion CNY | 1.34% | | Total Assets | 1.44 billion CNY | 1.46 billion CNY | -1.37% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Year-over-year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.13 | -0.15 | N/A | | Weighted Average Return on Net Assets (%) | -0.62 | -0.76 | increased by 0.14 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -1.03 | -1.96 | increased by 0.93 percentage points | | R&D Expenditure as % of Operating Revenue (%) | 25.42 | 27.91 | decreased by 2.49 percentage points | - Net loss attributable to shareholders after deducting non-recurring gains and losses narrowed by **12.76 million CNY** year-over-year, primarily due to the company's cost reduction efforts through design refinement, process upgrades, and supply chain optimization, coupled with proactive adjustments to product structure and market pricing strategies, leading to an increase in product gross margin[22](index=22&type=chunk) - During the reporting period, total non-recurring gains and losses amounted to **5.71 million CNY**, primarily from fair value changes and disposal gains/losses on financial assets and liabilities held by non-financial enterprises[26](index=26&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) Management's review and analysis of the company's operations, financial condition, and future outlook [Industry and Main Business Overview](index=10&type=section&id=Industry%20and%20Main%20Business%20Overview) The company specializes in high-performance analog and mixed-signal IC design and sales, with products spanning power management, motor drive control, battery management, signal chain, and microcontrollers; the industry benefits from AI, new energy, and 5G, driving steady market demand and significant domestic substitution opportunities across various applications [Industry Overview](index=10&type=section&id=Industry%20Overview) The company operates in the integrated circuit design industry, benefiting from AI, new energy, 5G, and IoT, driving steady global and Chinese market growth; global semiconductor sales are projected to reach 697 billion USD by 2025, with China's IC market at 1.89 trillion CNY, while the analog chip market in China is expected to reach 333.95 billion CNY by 2025 with significant domestic substitution potential, and the global MCU market is forecast to reach 38.8 billion USD by 2028 Integrated Circuit Industry Market Size Forecast | Market | Forecast Year | Forecast Size | | :--- | :--- | :--- | | Global Semiconductor Sales | 2025 | 697.0 billion USD | | China Integrated Circuit | 2025 | 1.89 trillion CNY | | China Analog Chip | 2025 | 333.95 billion CNY | | Global MCU | 2028 | 38.8 billion USD | - The company operates in the integrated circuit design industry with broad downstream applications; benefiting from global semiconductor supply chain shifts and domestic policy support, China's integrated circuit industry is rapidly growing, with its market size projected to reach **1.89 trillion CNY** by 2025[29](index=29&type=chunk) - China is the world's largest analog chip consumption market with a growth rate exceeding the global average; despite immense market demand, domestic self-sufficiency is low, indicating vast import substitution potential, with China's analog chip market size projected to grow to **333.95 billion CNY** by 2025[30](index=30&type=chunk) [Main Business and Key Products](index=11&type=section&id=Main%20Business%20and%20Key%20Products) The company's main business is the design and sale of high-performance analog and mixed-signal integrated circuits, offering a comprehensive product matrix primarily categorized into five types: power management, motor drive control, battery management, signal chain, and microcontrollers - The company offers a comprehensive product portfolio covering five major categories: power management, motor drive control, battery management, signal chain, and microcontrollers, providing customers with one-stop chip solutions[32](index=32&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, overall revenue declined nearly 7% year-over-year, mainly due to weak LED driver chip demand, yet new products like motor drive control and DC-DC saw 64.57% growth, driving a nearly 30% sequential revenue increase in Q2; cost reduction and efficiency gains led to four consecutive quarters of gross margin improvement, reaching nearly 30% in Q2, with net loss narrowing by 16.92% in H1 and Q2 achieving a net profit of 4.32 million CNY H1 2025 Operational Highlights | Indicator | Performance | Source | | :--- | :--- | :--- | | **Overall Revenue** | Declined nearly 7% year-over-year | Primarily affected by LED driver chip business | | **New Product Revenue** | Motor drive control, DC-DC, etc., grew 64.57% year-over-year | Successful product structure adjustment | | **Quarterly Growth** | Q2 revenue grew nearly 30% sequentially | New product volume ramp-up | | **Gross Margin** | Grew for four consecutive quarters, Q2 nearly 30% | Cost reduction, efficiency gains, pricing strategy adjustment | | **Net Profit** | H1 net profit attributable to parent company -8.81 million CNY, loss narrowed by 16.92% year-over-year | Improved profitability | | **Q2 Net Profit** | Achieved net profit attributable to parent company of 4.32 million CNY, sequential growth of 132.88% | Quarterly turnaround to profit | - R&D investment remained high, with expenses reaching **71.85 million CNY** in H1 2025, accounting for **25.42%** of operating revenue[43](index=43&type=chunk)[44](index=44&type=chunk) - The company achieved significant progress across multiple product lines, including AC-DC, LED drivers, motor drive control, DC-DC, battery management, digital isolation, and MCUs, continuously launching new products and successfully integrating them into the supply chains of several leading customers[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies include continuous R&D innovation, a mature and stable R&D and management team, reliable supply channels, and a 'head effect' market promotion model; during the period, six new core technologies were added, accumulating 242 patents, with H1 R&D investment at 71.85 million CNY, accounting for 25.42% of revenue, and R&D personnel comprising nearly 70% of the workforce - The company's core competencies include: - **Continuous R&D innovation**: Mastering core technologies such as high-voltage integrated processes and low-power consumption control - **Talent and management team**: Experienced core R&D team, with R&D personnel accounting for over **69%** - **Reliable supply channels**: Adopting a Fabless model with close supplier collaboration - **Market promotion model**: Focusing on serving key accounts, creating a 'head effect' that facilitates rapid product market entry[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [Core Technologies and R&D Progress](index=17&type=section&id=Core%20Technologies%20and%20R%26D%20Progress) During the reporting period, the company added six core technologies, including rapid input overvoltage protection and high-precision LLC primary-side constant current control; as of period-end, it held 242 domestic and international patents (129 invention patents) and 583 integrated circuit layout designs; H1 R&D investment was 71.85 million CNY, representing 25.42% of revenue, with ongoing development in five major projects including AC-DC, motor drive, DC-DC, battery management, and signal chain chips - Six new core technologies were added during the reporting period, including: rapid response input overvoltage protection technology, high-precision LLC primary-side constant current control solution, adaptive dynamic response threshold technology, high-efficiency three-phase BLDC motor drive freewheeling control technology, high-reliability half-bridge IPM dedicated gate drive technology, and high-reliability optocoupler-compatible isolated gate drive technology[60](index=60&type=chunk) R&D Investment Overview | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 71.85 million CNY | 84.78 million CNY | -15.26% | | Total R&D Investment as % of Revenue (%) | 25.42% | 27.91% | decreased by 2.49 percentage points | R&D Personnel Overview | Item | Current Period Amount (persons) | Prior Year Period Amount (persons) | | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 261 | 254 | | R&D Personnel as % of Total Company Headcount (%) | 69.79% | 70.17% | [Risk Factors](index=25&type=section&id=Risk%20Factors) The company faces multi-faceted risks, including potential significant performance decline or loss if industry demand recovery or new product ramp-up falls short of expectations, core technology leakage and talent loss, intense market competition, reliance on external manufacturers for quality control, accounts receivable impairment and inventory write-down risks, and broader macroeconomic fluctuations and international trade frictions - The company faces key risks including: - **Performance risk**: Potential losses due to sustained high R&D investment if market demand or new product ramp-up falls short of expectations[72](index=72&type=chunk) - **Core competency risk**: Technology leakage, talent attrition, and inability of product iteration to keep pace with market demand[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) - **Operational risk**: Intensified market competition and reliance on external suppliers for product quality control[76](index=76&type=chunk)[77](index=77&type=chunk) - **Financial risk**: Accounts receivable impairment and inventory write-down risks[77](index=77&type=chunk)[78](index=78&type=chunk) - **Industry and macroeconomic risk**: Downstream market demand fluctuations and international trade frictions[79](index=79&type=chunk) [Analysis of Assets and Liabilities](index=28&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) As of the reporting period end, total assets were 1.44 billion CNY, a slight 1.37% decrease from year-end; significant asset structure changes include a 69.57% decrease in monetary funds, primarily due to investments in wealth management products, real estate, and equity, leading to substantial increases in financial assets held for trading, construction in progress, and other non-current financial assets, while employee compensation payable decreased by 67.12% due to prior year bonus payments Major Balance Sheet Item Changes | Item Name | Amount at Period End (CNY) | Change from Prior Year End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 293.31 million CNY | -69.57% | Purchase of wealth management products, real estate, and increased equity investments | | Financial Assets Held for Trading | 614.36 million CNY | N/A | Purchase of wealth management products | | Construction in Progress | 26.49 million CNY | N/A | Newly acquired real estate not yet ready for use | | Other Non-Current Financial Assets | 58.00 million CNY | 222.22% | New equity investments | | Employee Compensation Payable | 8.58 million CNY | -67.12% | Payment of prior year bonuses | [Corporate Governance, Environment, and Society](index=33&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) Details on corporate governance structure, changes in key personnel, and social responsibility initiatives [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=33&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, based on the company's long-term strategic development plan and R&D project progress, Mr. Wang Yi was no longer designated as a core technical personnel - During the reporting period, Mr. Wang Yi was no longer designated as a core technical personnel due to adjustments in the company's strategic development plan[96](index=96&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=33&type=section&id=Equity%20Incentive%20and%20Employee%20Stock%20Ownership%20Plans) During the reporting period, the company cancelled certain restricted shares from the 2022, 2023, and 2024 incentive plans due to reasons like employee departures or unmet performance targets, completed the first vesting period of the 2024 restricted stock incentive plan, terminated the second phase of the 2024 restricted stock incentive plan, and the lock-up period for the 2024 employee stock ownership plan expired on May 7, 2025 - The company cancelled certain restricted shares due to incentive recipients' departures or the company's/individual's failure to meet performance targets[97](index=97&type=chunk) - The first vesting period of the 2024 restricted stock incentive plan completed share registration, with **788,880 shares** vested, increasing the company's total share capital[98](index=98&type=chunk) - The company terminated the implementation of the second phase of the 2024 restricted stock incentive plan[98](index=98&type=chunk) [Significant Events](index=36&type=section&id=Significant%20Events) Information on significant commitments, use of raised funds, and other material events affecting the company [Fulfillment of Commitments](index=36&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the company's actual controller, shareholders, related parties, and the company itself strictly fulfilled all commitments made during the initial public offering, including share lock-up, price stabilization, information disclosure accuracy, avoidance of horizontal competition, and regulation of related party transactions; certain shareholders' share lock-up periods were automatically extended by six months due to triggered conditions - The company's controlling shareholder, actual controller Xie Pengcun, and his concerted parties, along with certain directors, supervisors, and senior management, committed not to transfer pre-IPO shares within **36 months** from the company's listing date[103](index=103&type=chunk)[105](index=105&type=chunk) - Due to triggering the condition of "closing price falling below the offering price for 20 consecutive trading days within 6 months after listing," the lock-up period for pre-IPO shares held by relevant committing parties was automatically extended by **6 months**, until November 25, 2025[149](index=149&type=chunk) [Explanation of Progress in Use of Raised Funds](index=87&type=section&id=Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) As of the reporting period end, the company's net proceeds from its initial public offering totaled 861 million CNY, with cumulative investment reaching 610 million CNY, representing a 70.88% progress rate, primarily allocated to power management and motor drive control chip development and industrialization projects, and R&D center construction; during the period, internal investment structures for some projects were adjusted, and the expected completion dates for two major industrialization projects were extended to May 2027 Overall Use of Raised Funds | Item | Amount (CNY) | | :--- | :--- | | Net Proceeds from Raised Funds | 860.78 million CNY | | Total Committed Investment | 652.52 million CNY | | Cumulative Investment as of Period End | 610.11 million CNY | | Overall Investment Progress | 70.88% | - The company adjusted the internal investment structure for the "Power Management Series Control Chip Development and Industrialization Project" and the "Motor Drive Control Chip Development and Industrialization Project," extending their expected completion dates to **May 2027**[170](index=170&type=chunk) [Share Changes and Shareholder Information](index=93&type=section&id=Share%20Changes%20and%20Shareholder%20Information) Analysis of changes in share capital and detailed information regarding the company's shareholders [Changes in Share Capital](index=93&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, the company issued 788,880 shares to incentive recipients due to the first vesting period of the 2024 restricted stock incentive plan, increasing total share capital from 69,048,939 shares to 69,837,819 shares - Due to the completion of the first vesting period of the 2024 restricted stock incentive plan, the company's total share capital increased from **69,048,939 shares** to **69,837,819 shares**, with **788,880 new shares** issued[175](index=175&type=chunk)[176](index=176&type=chunk) [Shareholder Information](index=94&type=section&id=Shareholder%20Information) As of the reporting period end, the company had 6,014 common shareholders; among the top ten shareholders, controlling shareholder and actual controller Xie Pengcun held 18.39%, with Suzhou Fangguang Phase II Venture Capital Partnership (Limited Partnership) as the second largest at 10.23%, indicating a relatively concentrated equity structure among the top ten Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | Xie Pengcun | 12,844,050 | 18.39% | | Suzhou Fangguang Phase II Venture Capital Partnership (Limited Partnership) | 7,143,000 | 10.23% | | Shenzhen Kaiweis Enterprise Management Center (Limited Partnership) | 5,001,950 | 7.16% | | Yuan Chengjun | 4,671,051 | 6.69% | | Shenzhen Kawester Enterprise Management Center (Limited Partnership) | 4,633,900 | 6.64% | | Zhang Bo | 4,285,700 | 6.14% | | Shenzhen Kawete Enterprise Management Center (Limited Partnership) | 3,312,300 | 4.74% | | Yu Huijie | 2,142,850 | 3.07% | | Beijing Fenghui Investment Management Co., Ltd. | 1,900,000 | 2.72% | | Shenzhen Meikai Shanhe Enterprise Management Consulting Partnership (Limited Partnership) | 433,789 | 0.62% | - Controlling shareholder Xie Pengcun is a concerted party with shareholders Zhang Bo and Yu Huijie; Xie Pengcun also serves as the executive partner for employee stock ownership platforms Kawete, Kawester, and Kaiweis[181](index=181&type=chunk) [Bond-Related Information](index=100&type=section&id=Bond-Related%20Information) Overview of the company's outstanding bonds and other debt financing instruments [Company Bonds and Other Debt Financing Instruments](index=100&type=section&id=Company%20Bonds%20and%20Other%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company had no corporate bonds or non-financial enterprise debt financing instruments during the current reporting period[191](index=191&type=chunk) [Financial Report](index=101&type=section&id=Financial%20Report) Presents the company's unaudited consolidated and parent company financial statements for the period [Consolidated Balance Sheet](index=101&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were 1.44 billion CNY, total liabilities 107 million CNY, and equity attributable to parent company owners 1.37 billion CNY, with a debt-to-asset ratio of 7.43%; compared to the beginning of the period, asset structure significantly changed, with decreased monetary funds and increased financial assets held for trading and construction in progress Consolidated Balance Sheet Summary | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | **Total Current Assets** | 1.21 billion CNY | 1.30 billion CNY | | **Total Non-Current Assets** | 228.77 million CNY | 160.08 million CNY | | **Total Assets** | **1.44 billion CNY** | **1.46 billion CNY** | | **Total Current Liabilities** | 98.30 million CNY | 131.44 million CNY | | **Total Non-Current Liabilities** | 8.66 million CNY | 10.40 million CNY | | **Total Liabilities** | **106.97 million CNY** | **141.84 million CNY** | | **Total Equity Attributable to Parent Company Owners** | 1.37 billion CNY | 1.36 billion CNY | | **Total Owners' Equity** | **1.33 billion CNY** | **1.32 billion CNY** | [Consolidated Income Statement](index=107&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the company achieved operating revenue of 283 million CNY, a 6.99% year-over-year decrease; operating cost decreased by 12.65% to 199 million CNY, improving gross margin from 25.0% to 29.6%; R&D expenses were 71.85 million CNY, accounting for 25.4% of revenue, resulting in a net loss attributable to parent company shareholders of 8.82 million CNY, a narrower loss compared to 10.61 million CNY in the prior year Consolidated Income Statement Summary | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | **Operating Revenue** | **282.58 million CNY** | **303.82 million CNY** | | Operating Cost | 199.00 million CNY | 227.82 million CNY | | **Gross Profit** | **83.58 million CNY** | **76.00 million CNY** | | R&D Expenses | 71.85 million CNY | 84.78 million CNY | | **Operating Profit** | **-14.77 million CNY** | **-20.13 million CNY** | | Total Profit | -14.86 million CNY | -20.14 million CNY | | **Net Profit** | **-12.06 million CNY** | **-19.47 million CNY** | | **Net Profit Attributable to Parent Company Shareholders** | **-8.81 million CNY** | **-10.61 million CNY** | [Consolidated Cash Flow Statement](index=111&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was 4.15 million CNY, a 43.6% year-over-year decrease; net cash outflow from investing activities was 583 million CNY, primarily for wealth management products and long-term asset acquisition; net cash inflow from financing activities was 8.07 million CNY, mainly from capital contributions, resulting in a significant decrease in cash and cash equivalents to 293 million CNY at period-end Consolidated Cash Flow Statement Summary | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | **4.15 million CNY** | **7.36 million CNY** | | **Net Cash Flow from Investing Activities** | **-582.62 million CNY** | **-445.28 million CNY** | | **Net Cash Flow from Financing Activities** | **8.07 million CNY** | **-22.32 million CNY** | | Effect of Exchange Rate Changes on Cash | -845.47 CNY | 1,105.66 CNY | | **Net Increase in Cash and Cash Equivalents** | **-570.40 million CNY** | **-460.24 million CNY** | | Cash and Cash Equivalents at Beginning of Period | 863.71 million CNY | 724.17 million CNY | | **Cash and Cash Equivalents at End of Period** | **293.31 million CNY** | **263.94 million CNY** |

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) The company's board and management guarantee the report's accuracy, and no cash dividends or bonus shares are planned for H1 2025 - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, with no false records, misleading statements, or material omissions[4](index=4&type=chunk) - Company responsible officer Zhu Ming, head of accounting Qin Liang, and head of accounting department Chen Jiaxi declare that the financial report herein is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2025[5](index=5&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information and presents its key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Delong Huineng Group Co., Ltd. (stock code: 000593) is a company listed on the Shenzhen Stock Exchange, with Zhu Ming as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Delong Huineng | | Stock Code | 000593 | | Listing Exchange | Shenzhen Stock Exchange | | Full Chinese Name | Delong Huineng Group Co., Ltd. | | Legal Representative | Zhu Ming | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved operating revenue of **RMB 889.56 million**, a 4.49% increase year-on-year, but net profit attributable to shareholders decreased by 20.25% to **RMB 24.71 million**, with operating cash flow significantly down by 38.92% Key Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 889,562,105.55 | 851,310,393.35 | 4.49% | | Net Profit Attributable to Shareholders | 24,707,380.75 | 30,980,179.68 | -20.25% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 24,564,133.81 | 26,962,569.87 | -8.90% | | Net Cash Flow from Operating Activities | 38,078,904.35 | 62,337,775.10 | -38.92% | | Basic Earnings Per Share (RMB/share) | 0.070 | 0.087 | -19.54% | | Weighted Average Return on Net Assets | 2.87% | 3.61% | Decreased 0.74 percentage points | | Total Assets | 1,923,975,305.64 | - | -1.71% (vs. prior year-end) | | Net Assets Attributable to Shareholders | 874,393,841.62 | - | 3.02% (vs. prior year-end) | [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's non-recurring gains and losses totaled **RMB 0.14 million** during the reporting period, primarily from government subsidies and fair value changes from equity transfer Details of Non-recurring Gains and Losses | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 50,851.67 | Gains/losses from disposal of certain fixed assets | | Government Grants Recognized in Current P&L | 942,761.52 | Various government awards and subsidies received | | Fair Value Changes from Financial Assets/Liabilities | -777,600.00 | Loss from transfer of associate company equity during the reporting period | | Other Non-operating Income and Expenses | 88,651.85 | Contract liquidated damages received by subsidiaries | | **Total** | **143,246.94** | - | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operations, financial performance, and strategic initiatives [Principal Business](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business is clean energy supply services, primarily urban gas, with strategic expansion into LNG, hydrogen energy, and distributed PV - The company aims to be a leading clean energy supply service provider, deeply cultivating the gas business while actively expanding into new energy, promoting integrated development[28](index=28&type=chunk) - Urban gas business is the company's core, operating an integrated "resource + pipeline + terminal" model with exclusive concessions in multiple regions including Sichuan, Jiangxi, Liaoning, and Hubei; new users increased by **10,000** during the period, serving a total of **558,000** users[30](index=30&type=chunk) - The company actively develops its LNG business, becoming a leading supplier in East China and expanding into Southwest China, while steadily developing comprehensive energy services like contract energy management, industrial park hydrogen energy services, and distributed PV in line with "dual carbon" policies[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies stem from its exclusive operating rights, integrated pipeline and diversified gas sources, centralized procurement, talent strategy, and established brand - The company holds exclusive gas operating rights in multiple cities, a key competitive advantage that secures government support for urban renewal and pipeline upgrades[42](index=42&type=chunk) - The company employs a dual-driven strategy of "pipeline infrastructure + gas source management," maintaining strong partnerships with upstream suppliers like the "three major oil companies" to ensure stable gas supply and cost advantages[43](index=43&type=chunk) - The company implements centralized material procurement, effectively reducing purchasing costs and inventory risks; during the period, production-related centralized procurement amounted to **RMB 26.23 million**, with a centralized procurement rate of **79.4%**, up **0.7 percentage points** year-on-year[44](index=44&type=chunk) [Analysis of Principal Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by 4.49% due to higher gas sales, but a greater increase in operating costs led to a 2.65 percentage point decline in gas supply gross margin, with Sichuan and Jiangsu showing strong revenue growth while Jiangxi and Yunnan declined Key Financial Data Year-on-Year Changes | Item | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 889,562,105.55 | 851,310,393.35 | 4.49% | Increase in gas sales, sales, installation, and service revenue | | Operating Cost | 789,291,649.98 | 738,301,673.65 | 6.91% | Increase in gas sales, related procurement and operating costs | | Net Cash Flow from Operating Activities | 38,078,904.35 | 62,337,775.10 | -38.92% | Subsidiary received large pipeline renovation funds in prior period, no such item this period | Principal Business by Industry/Product | Industry/Product Segment | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gas Supply and Related Revenue | 842,442,591.70 | 768,868,780.40 | 8.73% | 4.15% | 7.26% | -2.65% | Principal Business by Region | Region | Operating Revenue (RMB) | Proportion of Total Revenue | YoY Change in Operating Revenue | Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Sichuan Province | 297,152,121.54 | 33.40% | 14.16% | 18.18% | | Jiangsu Province | 215,882,974.05 | 24.27% | 11.31% | 4.77% | | Jiangxi Province | 132,611,160.15 | 14.91% | -16.15% | 13.15% | | Yunnan Province | 97,879,644.37 | 11.00% | -6.49% | -1.20% | [Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets were **RMB 1.92 billion**, a slight decrease of 1.71% from year-end, with stable asset structure and a significant reduction in long-term borrowings due to reclassification and repayment - Long-term borrowings at period-end were **RMB 82.315 million**, a significant decrease from **RMB 151 million** at year-end, primarily due to reclassification of some long-term borrowings to non-current liabilities due within one year and loan repayments[54](index=54&type=chunk) - Receivables financing increased from **RMB 49.68 million** at the beginning of the period to **RMB 68.18 million**, mainly due to an increase in bank acceptance bills received during the reporting period[54](index=54&type=chunk) - As of the end of the reporting period, **RMB 82.06 million** in assets were restricted due to security deposits, letters of guarantee, and bank borrowings[58](index=58&type=chunk) [Analysis of Investment Status](index=16&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investment amounted to **RMB 5.64 million**, a 93.80% increase year-on-year, with the natural gas-to-hydrogen project still in early stages Investment Amount Change | Investment in Current Period (RMB) | Investment in Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | | 5,641,440.97 | 2,910,947.00 | 93.80% | - The company's significant ongoing non-equity investment is a self-built natural gas-to-hydrogen project, with a progress of **2.35%** and an investment of **RMB 0.17 million** during the reporting period[60](index=60&type=chunk) [Significant Asset and Equity Disposals](index=17&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company sold a 3.60% stake in Sichuan Senpu Pipe Industry Co., Ltd. for **RMB 3.73 million**, resulting in a **RMB 0.661 million** reduction in consolidated net profit Significant Equity Disposal Details | Counterparty | Equity Disposed | Transaction Price (RMB million) | Impact on Company Net Profit (RMB million) | | :--- | :--- | :--- | :--- | | Sichuan Jiannanchun (Group) Co., Ltd. | 3.60% equity in Sichuan Senpu Pipe Industry Co., Ltd. | 3.7325 | -0.6610 | [Analysis of Major Holding and Associate Companies](index=18&type=section&id=%E5%85%AB%E3%80%81%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) The primary profit contributor was Deyang Jingneng Natural Gas Co., Ltd. with **RMB 25.90 million** net profit, while some subsidiaries like Qujing Malong Shengneng Gas Co., Ltd. and Dalian New Century Gas Co., Ltd. incurred losses Operating Performance of Major Subsidiaries (H1 2025) | Company Name | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Deyang Jingneng Natural Gas Co., Ltd. | 347,464,097.88 | 30,392,943.31 | 25,902,446.61 | | Shangrao Datong Gas Engineering Co., Ltd. | 133,267,933.83 | 6,250,186.26 | 5,044,461.54 | | Suzhou Tianhong Gas Co., Ltd. | 216,561,227.75 | 3,671,302.62 | 2,643,212.60 | | Qujing Malong Shengneng Gas Co., Ltd. | 97,879,644.37 | -2,921,648.19 | -2,902,159.69 | | Dalian New Century Gas Co., Ltd. | 44,838,377.67 | -3,031,724.29 | -3,030,094.29 | [Risks and Countermeasures](index=19&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from macroeconomic and policy fluctuations, natural gas price volatility, investment and M&A, safety management, and human resources, with corresponding mitigation strategies in place - The company faces risks including: - **Macroeconomic and Policy Risks**: The natural gas industry is highly correlated with the macroeconomy and susceptible to policy adjustments - **Price Risks**: Lagging upstream and downstream price linkage mechanisms may prevent timely cost pass-through - **Investment and M&A Risks**: Uncertainties exist regarding competition, integration synergy, and value realization - **Safety Risks**: Safety management is critical for gas companies, as any oversight could lead to significant risks - **Human Resources Risks**: Company expansion necessitates urgent demand for specialized and diversified talent[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance structure, its environmental initiatives, and social responsibility efforts [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were significant changes in the Board of Directors, Supervisory Board, and senior management, including several departures and the appointment of new directors, a supervisor, and a new President - During the reporting period, several directors, supervisors, and senior management personnel resigned due to personal reasons or job transfers[77](index=77&type=chunk) - Zhu Ming was elected as a director and appointed as President, while Guo Xiaopeng and Zhang Fu were newly elected as directors, and Wei Peiqi as a supervisor[77](index=77&type=chunk) [Social Responsibility (ESG)](index=21&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by ensuring energy supply, enhancing safety, promoting human-centric governance, fostering shared value, and driving green transformation - The company fully ensures residential gas supply, achieving the goal of "zero gas supply interruptions for residential users"[80](index=80&type=chunk) - Regarding safety, the company completed **187,000** household safety inspections, **205,600 kilometers** of pipeline patrols, identified and rectified **5,331** safety hazards, and participated in drafting the "Safety Production Risk Prevention and Control Guide for Piped Gas Operators"[81](index=81&type=chunk) - The company explores a "gas + new energy" dual-driven low-carbon strategy, with the Jiangsu Huineng distributed PV project operating stably, and a natural gas-to-hydrogen and supporting pipeline integration project being developed in cooperation with Yangzhou Chemical Industrial Park[85](index=85&type=chunk) [Significant Matters](index=23&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers major legal proceedings, related party transactions, significant contracts, and other important corporate actions [Litigation Matters](index=23&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in two major lawsuits: a **RMB 59.15 million** contract dispute where a subsidiary appealed an unfavorable first-instance ruling, and a **RMB 149.5 million** equity repurchase dispute against former shareholders, currently in first-instance proceedings Significant Litigation and Arbitration Matters | Plaintiff/Applicant | Defendant/Respondent | Amount Involved (RMB million) | Litigation Progress | | :--- | :--- | :--- | :--- | | Subsidiary Ruiheng Energy, Beijing Baixiang | Guanghuan New Network, Kexin Shengcai | 59.1508 | First-instance judgment dismissed plaintiff's claims, second-instance appeal filed, no judgment yet | | Delong Huineng | Gao Ge, Ai Xue, Hao Mengyu (former shareholders of Shengneng Gas) | 149.50 | Lawsuit filed and pre-trial preservation applied for, defendant's jurisdiction objection dismissed, first-instance case not yet judged | [Significant Related Party Transactions](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in **RMB 14.60 million** in energy management services with Beijing Longyuan Weide Energy Technology Co., Ltd., a related party controlled by the ultimate controlling shareholder, remaining within the annual approved limit Related Party Transactions in Ordinary Course of Business | Related Party | Relationship | Transaction Content | Transaction Amount (RMB million) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | | Beijing Longyuan Weide Energy Technology Co., Ltd. | Enterprise controlled by ultimate controlling shareholder | Provision of labor (energy management services) | 14.6016 | 28.00 | [Significant Contracts and Their Performance](index=26&type=section&id=%E5%8D%81%E4%BA%8C%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 significant contracts primarily involve guarantees for subsidiaries, totaling **RMB 191.5 million** in actual outstanding guarantees, and a long-term lease agreement generating **RMB 5.998 million** in rental income - Subsidiary Chengdu Hualian leased its Donghuan Plaza shopping mall assets to Chengdu Yilian Niuke Commercial and Trade Co., Ltd. for twenty years; during the reporting period, this lease generated **RMB 5.998 million** in rental income and **RMB 2.017 million** in net profit[104](index=104&type=chunk) Summary of Company Guarantees | Guarantee Type | Total Approved Guarantee Limit at Period-End (RMB million) | Total Actual Guarantee Balance at Period-End (RMB million) | | :--- | :--- | :--- | | Guarantees for Subsidiaries | 466.10 | 191.50 | | Subsidiary Guarantees for Other Subsidiaries | 39.99 | 24.975 | | **Total** | **506.09** | **216.475** | - As of the end of the reporting period, the company's total actual guarantees accounted for **24.76%** of its net assets[109](index=109&type=chunk) [Other Significant Matters](index=31&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 share repurchase plan on March 24, 2025, repurchasing **3.23 million** shares, or 0.8998% of total share capital, for **RMB 17 million**, intended for equity incentives or employee stock ownership plans - The company's share repurchase plan has been completed, repurchasing **3,226,800** shares, or **0.8998%** of total share capital, through centralized bidding transactions[114](index=114&type=chunk) Share Repurchase Details | Item | Content | | :--- | :--- | | Number of Shares Repurchased | 3,226,800 shares | | Proportion of Total Share Capital | 0.8998% | | Highest Transaction Price | RMB 5.88/share | | Lowest Transaction Price | RMB 4.60/share | | Total Transaction Amount | RMB 16,998,909.00 (excluding transaction fees) | [Significant Matters of Subsidiaries](index=31&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Due to Shengneng Gas's underperformance in 2024, the company initiated a lawsuit against former shareholders for **RMB 149.5 million** in outstanding equity repurchase payments and interest - Shengneng Gas's 2024 performance fell short of expectations, triggering the equity repurchase obligation of former shareholders Gao Ge and others[115](index=115&type=chunk) - As of the end of the reporting period, former shareholders had only paid **RMB 20.6 million** of the repurchase amount and failed to fulfill further obligations; the company has filed a lawsuit to recover the remaining repurchase amount and interest[117](index=117&type=chunk) [Share Changes and Shareholder Information](index=33&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) This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders and their equity pledges [Share Change Status](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at **358.63 million** shares, despite completing a share repurchase plan that added **3.23 million** shares to treasury stock - The company's total share capital remained unchanged at **358,631,009** shares during the reporting period[120](index=120&type=chunk) - The company completed a share repurchase on March 25, 2025, repurchasing **3,226,800** shares for approximately **RMB 17 million**, reaching the lower limit of the repurchase plan[122](index=122&type=chunk) [Shareholder Numbers and Shareholding Status](index=34&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **25,814** common shareholders; controlling shareholder Beijing Dingxin Ruitong Technology Development Co., Ltd. held 32.00% with 74.94% pledged, while second-largest shareholder Tianjin Datong Investment Group Co., Ltd. held 10.80% with 100% frozen and pledged Shareholding of Top Two Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period-End | Share Status | | :--- | :--- | :--- | :--- | | Beijing Dingxin Ruitong Technology Development Co., Ltd. | 32.00% | 114,761,828 | Pledged 86,000,000 shares | | Tianjin Datong Investment Group Co., Ltd. | 10.80% | 38,732,528 | Frozen 38,732,528 shares; Pledged 38,540,000 shares | - Controlling shareholder Beijing Dingxin Ruitong pledged **74.94%** of its company shares, accounting for **23.98%** of the company's total share capital[126](index=126&type=chunk) - Shareholder Tianjin Datong Investment Group Co., Ltd.'s entire shareholding was pledged and frozen; post-reporting period, **16.09 million** of its shares were judicially auctioned, reducing its stake to **6.31%**[127](index=127&type=chunk)[641](index=641&type=chunk) [Bond-Related Information](index=38&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) This section confirms the absence of any bond-related activities or outstanding bonds during the reporting period - The company had no bond-related information during the reporting period[133](index=133&type=chunk) [Financial Report](index=39&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) This section presents the company's audited financial statements, including balance sheets, income statements, and cash flow statements [Financial Statements](index=39&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of June 30, 2025, total assets were **RMB 1.924 billion**, total liabilities **RMB 964.11 million**, and equity attributable to parent **RMB 874.39 million**; H1 2025 operating revenue was **RMB 889.56 million**, net profit **RMB 25.31 million**, and net cash from operations **RMB 38.08 million** Consolidated Balance Sheet Key Items (2025-06-30) | Item | Period-End Balance (RMB) | | :--- | :--- | | Total Assets | 1,923,975,305.64 | | Total Liabilities | 964,112,629.89 | | Total Equity Attributable to Parent Company Owners | 874,393,841.62 | | Total Liabilities and Owners' Equity | 1,923,975,305.64 | Consolidated Income Statement Key Items (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 889,562,105.55 | | Operating Profit | 33,569,021.03 | | Total Profit | 33,656,038.53 | | Net Profit | 25,309,202.01 | | Net Profit Attributable to Parent Company Shareholders | 24,707,380.75 | Consolidated Cash Flow Statement Key Items (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 38,078,904.35 | | Net Cash Flow from Investing Activities | -24,787,217.62 | | Net Cash Flow from Financing Activities | -29,908,209.81 | | Net Increase in Cash and Cash Equivalents | -16,616,523.08 | [Other Submitted Data](index=143&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) This section includes additional data submitted, such as investor relations activities [Investor Relations Activities](index=143&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, the company engaged in two investor communication events via phone and online platforms, discussing operations, strategy, and market value management - The company conducted two investor reception activities during the reporting period, including phone calls and online earnings briefings[691](index=691&type=chunk) - Key topics discussed with investors included the company's principal business, future development plans, market value management measures, and revenue sustainability[691](index=691&type=chunk)

西安饮食股份有限公司 2025 年半年度报告全文 西安饮食股份有限公司 2025 年半年度报告 2025 年 8 月 1 西安饮食股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准 确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人刘勇、主管会计工作负责人田百千及会计机构负责人(会计主管人员)崔纯 静声明：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。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应对措施"中 详述了公司未来可能面临的风险及应对措施，敬请投资者关注相关内容。 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 | 第二节 | 公司简介和主要财务指标 6 | | --- | --- | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 18 | | 第五节 | 重要事项 19 | | 第六节 | 股份变动及股东情况 23 | | 第七节 | 债券相关情况 27 ...

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, lists the report structure, and defines key terms [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management assures report accuracy and completeness, cautions on forward-looking statements, and confirms no profit distribution for the period - Company management guarantees the report's truthfulness, accuracy, and completeness, advising investors to note risks in forward-looking statements[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this half-year period[4](index=4&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This chapter defines key terms and concepts used in the report, covering company operations, core technologies, and financial periods for clarity Definitions of Core Business and Technical Terms | Term | Definition | | :--- | :--- | | **Flue Gas Treatment** | Removal of harmful substances such as sulfur oxides, nitrogen oxides, and dust from exhaust gases emitted by coal-fired boilers and kilns to meet discharge standards | | **Non-Power Industry** | Coal-fired industries other than thermal power, primarily including steel, coking, and building materials | | **SCR** | Selective Catalytic Reduction, the most widely used denitration technology, where a reducing agent reacts with nitrogen oxides in flue gas to form nitrogen and water under the action of a catalyst | | **Low-Temperature SCR Denitration Catalyst** | A catalyst with high denitration performance in the temperature range of 180℃ to 300℃ | | **CCUS** | Refers to Carbon Capture, Utilization, and Storage technology | | **Reporting Period** | January 1, 2025, to June 30, 2025 | [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides basic company information and highlights key financial performance metrics [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Tongxing Environmental Protection Technology Co Ltd, stock code 003027, listed on the Shenzhen Stock Exchange, with Zheng Guangming as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | **Stock Abbreviation** | Tongxing Technology | | **Stock Code** | 003027 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Full Company Name** | Tongxing Environmental Protection Technology Co Ltd | | **Legal Representative** | Zheng Guangming | [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved robust performance with revenue growing **33.49%** to **405 million yuan** and net profit attributable to shareholders surging **166.07%** to **52.48 million yuan**, reflecting strong core business profitability and healthy cash flow Key Financial Indicators for H1 2025 | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 404,922,215.94 | 303,339,565.55 | 33.49% | | **Net Profit Attributable to Shareholders (Yuan)** | 52,484,491.57 | 19,725,504.27 | 166.07% | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (Yuan)** | 50,372,305.64 | 6,903,494.78 | 629.66% | | **Net Cash Flow from Operating Activities (Yuan)** | 125,636,687.68 | 68,505,457.30 | 83.40% | | **Basic Earnings Per Share (Yuan/Share)** | 0.40 | 0.15 | 166.67% | | **Weighted Average Return on Net Assets** | 3.11% | 1.16% | Increased by 1.95 percentage points | - During the reporting period, the company's total non-recurring gains and losses amounted to **2.11 million yuan**, primarily from government subsidies[23](index=23&type=chunk)[24](index=24&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth review of the company's operations, financial performance, and strategic initiatives [Principal Business and Operating Performance](index=10&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%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business spans flue gas treatment, catalyst R&D, CCUS, and sodium-ion battery materials, achieving significant revenue and net profit growth driven by project deliveries, while making key advancements in new energy sectors and initiating overseas revenue [Principal Business and Operating Model](index=10&type=section&id=%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E4%B8%8E%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's main business focuses on four segments: environmental engineering, catalyst R&D, CCUS, and sodium-ion battery materials, primarily operating through EPC contracts and direct sales with a build-to-order model - The company's main business is divided into four segments: - **Flue Gas Treatment**: Provides EPC services for dust removal, desulfurization, and denitration, focusing on non-power industries - **Catalyst Products**: R&D and production of low-temperature SCR denitration catalysts, carbon capture absorbents, etc - **CCUS**: Carbon capture, utilization, and storage - **Sodium-ion Batteries**: R&D and production of key materials and components for sodium-ion batteries[26](index=26&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - The company adopts a build-to-order production model and direct sales, with products and services characterized by non-standardization and customization[36](index=36&type=chunk)[40](index=40&type=chunk) [Operating Performance Review](index=12&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%9B%9E%E9%A1%BE) In H1 2025, the company significantly improved operating performance with substantial revenue and net profit growth, increased new orders, strengthened market position in denitration, advanced CCUS and sodium-ion battery technologies, and achieved initial overseas revenue Key Operating Indicators for H1 2025 | Indicator | Amount | Year-on-Year Growth | | :--- | :--- | :--- | | **Operating Revenue** | 405 million yuan | 33.49% | | **Net Profit Attributable to Shareholders** | 52.48 million yuan | 166.07% | | **New Orders Signed** | 459 million yuan | - | | **New Catalyst Orders Signed** | 281 million yuan | 42.22% | | **Net Cash Flow from Operating Activities** | 107 million yuan | 83.40% | - **CCUS Business Progress**: TX series absorbents have been applied in two marine carbon capture units, and strategic cooperation agreements have been signed with Wison Engineering and MCC Jingcheng for joint domestic and international market development[43](index=43&type=chunk)[45](index=45&type=chunk) - **Sodium-ion Battery Business Progress**: Third-generation NFPP material is in formal production, achieving domestic first-class performance; first-generation high initial charge S-NFPP material is ready for mass production; and a 50Ah short-blade cell has been successfully co-developed with a third party[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - **Overseas Business Breakthrough**: Overseas operating revenue reached **1.53 million yuan** in H1, with a gross profit margin of **57.21%**, marking the first step in the company's internationalization strategy[51](index=51&type=chunk) [Analysis of Core Competencies](index=14&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies lie in technology, talent, management, innovation, and brand, featuring advanced ultra-low emission technologies, a stable management team, continuous R&D, and a strong brand reputation in non-power flue gas treatment - **Technological Advantages**: The company possesses various ultra-low emission technologies, including dry, semi-dry, wet desulfurization, and medium-to-low temperature SCR denitration, with its low-temperature SCR denitration catalysts, TX series carbon capture absorbents, and third-generation NFPP sodium-ion battery materials reaching international advanced or domestic first-class levels[56](index=56&type=chunk)[57](index=57&type=chunk) - **Management and Talent Advantages**: A stable core management team and abundant human resource reserves enhance organizational vitality and operational efficiency through business unit implementation, refined operations, and digitalization[58](index=58&type=chunk)[59](index=59&type=chunk) - **Innovation and Brand Advantages**: The company has established a provincial technology center and postdoctoral workstation, actively participates in industry standard setting, and has built a leading position and strong brand image in non-power industry flue gas treatment through benchmark projects in coking and steel sectors[60](index=60&type=chunk)[61](index=61&type=chunk) [Analysis of Principal Business](index=16&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's principal business revenue grew **33.49%** due to project deliveries, while financial expenses significantly decreased by **1341.61%** due to increased financing income and interest; flue gas treatment engineering was the main growth driver, and the atmospheric pollution control sector contributed **99.7%** of revenue with improved gross margin Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 404,922,215.94 | 303,339,565.55 | 33.49% | Concentrated delivery of key projects | | **Financial Expenses** | -18,783,238.16 | 1,512,811.37 | -1,341.61% | Increase in unrealized financing income and interest income | | **Income Tax Expense** | 6,303,918.34 | 1,065,037.69 | 491.90% | Due to increased gross profit | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (Yuan) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Flue Gas Treatment Engineering and Equipment** | 248,304,960.10 | 61.32% | 72.39% | | **Catalysts** | 154,930,277.49 | 38.26% | -2.09% | | **Absorbents** | 461,946.94 | 0.11% | - | [Analysis of Assets and Liabilities](index=17&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the reporting period end, total assets increased by **3.77%** to **2.56 billion yuan**, with accounts receivable rising due to project deliveries, while short-term borrowings significantly decreased to reduce financial expenses, indicating overall stable asset quality Changes in Key Balance Sheet Items | Item | End of Current Reporting Period (Yuan) | Proportion of Total Assets | Explanation of Change from End of Previous Year | | :--- | :--- | :--- | :--- | | **Total Assets** | 2,557,084,349.57 | 100% | Increased by 3.77% | | **Accounts Receivable** | 491,869,271.58 | 19.24% | Increased by 2.28 percentage points, mainly due to concentrated delivery of key projects | | **Short-term Borrowings** | 0.00 | 0.00% | Decreased by 3.25 percentage points, mainly due to reduced bank financing to lower financial expenses | - As of the reporting period end, **61.64 million yuan** of the company's assets were restricted, primarily comprising bank acceptance bill deposits, letter of guarantee deposits, and frozen account funds[75](index=75&type=chunk) [Risks and Countermeasures](index=21&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from intensified market competition, accounts receivable collection, and new product industrialization, addressed by increased R&D, diversified business expansion, enhanced credit assessment, and continuous market research and innovation - **Intensified Market Competition Risk**: Increased technological capabilities of industry players and new entrants, including large state-owned enterprises, may reduce market share and profitability[85](index=85&type=chunk) - **Accounts Receivable Collection Risk**: As business expands, accounts receivable may increase, potentially leading to bad debt losses if downstream customers' financial conditions deteriorate[86](index=86&type=chunk) - **New Product and Project Industrialization Risk**: New businesses like CCUS and sodium-ion batteries face risks of not meeting expected benefits due to market demand, policy changes, and competition[86](index=86&type=chunk) [Corporate Governance, Environment and Society](index=22&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's governance structure, changes in key personnel, and its commitment to environmental and social responsibilities [Corporate Governance](index=22&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) During the reporting period, the company experienced changes in its board and senior management, including a CFO dismissal and director appointments, while confirming no profit distribution or equity incentive plans for the half-year Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Guangming | CFO | Dismissal | April 28, 2025 | Personal reasons | | Chu Hongzhou | Director | Resignation | May 13, 2025 | Personal reasons | | He Hong | Director | Elected | May 14, 2025 | Work transfer | | Shen Bolei | Director | Elected | May 14, 2025 | Work transfer | - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period[90](index=90&type=chunk) [Environmental and Social Responsibility](index=23&type=section&id=%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) The company actively fulfills its environmental and social responsibilities, with a subsidiary listed for environmental information disclosure and approximately **730,000 yuan** invested in philanthropy during the reporting period - Subsidiary Ma'anshan Fangxin Environmental Protection Technology Co Ltd has been included in the list of enterprises required to disclose environmental information by law[92](index=92&type=chunk) - During the reporting period, the company invested approximately **730,000 yuan** in social responsibility initiatives, including donations for education and public welfare activities[93](index=93&type=chunk) [Significant Matters](index=24&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) During the reporting period, the company had no significant related party transactions, illegal guarantees, or controlling shareholder fund occupation, and its semi-annual financial report is unaudited; minor litigation exists, and the company engaged in approximately **410 million yuan** in entrusted wealth management - The company had no significant unfulfilled commitments, controlling shareholder fund occupation, illegal guarantees, major related party transactions, or bankruptcy reorganization matters during the reporting period[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[104](index=104&type=chunk) Summary of Other Litigation Matters | Litigation Party | Amount Involved (Ten Thousand Yuan) | Progress | | :--- | :--- | :--- | | **Company as Plaintiff** | 5,048.63 | Some cases settled/withdrawn/won | | **Company as Defendant** | 741.82 | Some cases heard but not yet ruled/re-trial application | Entrusted Wealth Management (Unit: Ten Thousand Yuan) | Specific Type | Amount of Entrusted Wealth Management Occurred | Unmatured Balance | | :--- | :--- | :--- | | **Bank Wealth Management Products** | 37,070.56 | 28,213.74 | | **Brokerage Wealth Management Products** | 4,000.00 | 4,000.00 | | **Total** | 41,070.56 | 32,213.74 | [Share Changes and Shareholder Information](index=28&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) This section details changes in share capital, share repurchase activities, and the company's shareholder structure [Share Changes](index=28&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained at **130,723,200 shares**, with restricted shares increasing by **27,000** due to executive lock-ups, and a share repurchase program completed on March 21, 2025, totaling **2.93 million shares** or **2.24%** of total capital for approximately **39.99 million yuan** - During the reporting period, restricted shares increased by **27,000** to **25,862,232** due to executive share lock-ups, while unrestricted shares decreased accordingly to **104,860,968**, with total share capital remaining unchanged[123](index=123&type=chunk)[124](index=124&type=chunk) - The company completed a share repurchase on March 21, 2025, accumulating **2.93 million shares** (**2.24%** of total share capital) for a total transaction value of **39.99 million yuan**[124](index=124&type=chunk) [Shareholder Information](index=30&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **19,489** common shareholders, with the top ten holding **53.57%**; Zhu Qingya, Zhu Ning, Xie Daodong, and Lang Yiguang are parties acting in concert, collectively holding **43.65%** of the total shares, and the actual controller remains unchanged - As of the reporting period end, the company had **19,489** shareholders[129](index=129&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period End | | :--- | :--- | :--- | | **Zhu Qingya** | 17.49% | 22,869,516 | | **Zhu Ning** | 10.66% | 13,937,550 | | **Xie Daodong** | 9.23% | 12,066,282 | | **Lang Yiguang** | 6.27% | 8,196,745 | | **Zheng Zhicheng** | 2.24% | 2,933,653 | - Shareholders Zhu Qingya, Zhu Ning, Xie Daodong, and Lang Yiguang are parties acting in concert; Zhu Qingya and Zhu Ning are siblings[129](index=129&type=chunk) [Financial Report](index=35&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) This chapter presents the company's unaudited H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes covering company information, accounting policies, and major financial items [Financial Statements](index=35&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's core financial statements for H1 2025, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, reflecting financial position, operating results, and cash flows - Financial statements include: - Consolidated and Parent Company Balance Sheets (as of June 30, 2025) - Consolidated and Parent Company Income Statements (H1 2025) - Consolidated and Parent Company Cash Flow Statements (H1 2025) - Consolidated and Parent Company Statements of Changes in Owners' Equity (H1 2025)[139](index=139&type=chunk)[143](index=143&type=chunk)[147](index=147&type=chunk)[152](index=152&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk)[164](index=164&type=chunk) [Notes to Consolidated Financial Statements](index=120&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes and analysis of key consolidated financial statement items, including **485 million yuan** in monetary funds with **61.46 million yuan** restricted, **878 million yuan** in accounts receivable and contract assets related to project deliveries, **145 million yuan** in stable inventory, and flue gas treatment engineering as the primary revenue driver - As of period end, monetary funds totaled **485 million yuan**, with **61.46 million yuan** restricted, including bank acceptance bill deposits, letter of guarantee deposits, and frozen funds[435](index=435&type=chunk) - Accounts receivable book value was **492 million yuan** at period end, a **17.7%** increase from the beginning of the period; the top five customers' accounts receivable and contract assets collectively accounted for **41.42%** of the total[457](index=457&type=chunk)[468](index=468&type=chunk) - Inventory book value was **145 million yuan** at period end, largely unchanged from the beginning of the period, with raw materials and semi-finished goods accounting for a higher proportion[524](index=524&type=chunk) - Revenue corresponding to performance obligations from contracts signed but not yet fulfilled or fully fulfilled amounted to **422 million yuan** at the end of the reporting period[686](index=686&type=chunk)

北京华大九天科技股份有限公司 2025 年半年度报告全文 北京华大九天科技股份有限公司 2025 年半年度报告 2025-048 2025 年 8 月 1 北京华大九天科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人刘伟平、主管会计工作负责人刘二明及会计机构负责人(会计 主管人员)陶莉莉声明：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，敬请投资者注意投资风险。 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，敬请投资者予以 关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 重要提示、目录 ...

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北京京城机电股份有限公司2025 年半年度报告摘要 公司代码：600860 公司简称：京城股份 北京京城机电股份有限公司2025 年半年度报告摘要 第一节 重要提示 1.1 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 1.2 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。 1.3 公司全体董事出席董事会会议。 1.4 本半年度报告未经审计。 1.5 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 北京京城机电股份有限公司 2025 年半年度报告摘要 北京京城机电股份有限公司2025 年半年度报告摘要 | 营业收入 | 680,343,762.00 | 748,773,482.80 | -9.14 | | --- | --- | --- | --- | | 利润总额 | -4,795,551.54 | 10,427,057.97 | - | | 归属于上市公司股 | - ...