证券代码：002846 证券简称：英联股份 公告编号：2025-084 本公司及全体董事会成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 9 月 30 日。 2、预计的业绩：扭亏为盈 同向上升 同向下降 | | | | 项 目 | 2025 年 1 月 1 日-2025 年 9 月 30 日 | 上年同期 | | --- | --- | --- | | 营业收入 | 163,000.00 万元–165,000.00 万元 | 万元 148,878.40 | | | 比上年同期增长：9.49%–10.83% | | | 归属于上市公司股 东的净利润 | 盈利：3,450.00 万元–3,750.00 万元 比上年同期增长： | 万元 盈利：211.51 | | | 1,531.13%–1,672.97% | | | 扣除非经常性损益 后的净利润 | 盈利：2,600.00 万元–2,900.00 万元 | 亏损：163.96 万元 | | 基本每股收益 | 盈利：0.0821 元/股–0.0893 ...

[I. Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) Jihong Co., Ltd. anticipates significant performance growth for both the first three quarters and the third quarter of 2025, with substantial year-over-year increases in profitability metrics [(1) 2025 Q1-Q3 Performance Forecast](index=1&type=section&id=(1)%202025%20%E5%B9%B4%E5%89%8D%E4%B8%89%E5%AD%A3%E5%BA%A6%E9%A2%84%E8%AE%A1%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) The company forecasts substantial growth in net profit, net profit attributable to shareholders, and non-recurring net profit for 2025 Q1-Q3, with net profit increasing by 95.07% to 105.31% and attributable net profit by 55.00% to 65.00% 2025 Q1-Q3 Performance Forecast | Item | Jan 1, 2025 - Sep 30, 2025 (Estimated) (million CNY) | Prior Period (million CNY) | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit | Profit: 256.74 to 270.21 | Profit: 131.61 | 95.07%—105.31% | | Net Profit Attributable to Shareholders of Listed Company | Profit: 208.74 to 222.21 | Profit: 134.67 | 55.00%—65.00% | | Net Profit Excluding Non-Recurring Gains and Losses | Profit: 200.24 to 213.71 | Profit: 120.83 | 65.72%—76.86% | | Basic Earnings Per Share | Profit: 0.51 to 0.55 (CNY/share) | Profit: 0.36 (CNY/share) | - | [(2) 2025 Q3 Performance Forecast](index=1&type=section&id=(2)%202025%20%E5%B9%B4%E7%AC%AC%E4%B8%89%E5%AD%A3%E5%BA%A6%E9%A2%84%E8%AE%A1%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) The company forecasts significant year-over-year growth in net profit, net profit attributable to shareholders, and non-recurring net profit for 2025 Q3, with net profit increasing by 83.03% to 103.55% and attributable net profit by 45.40% to 67.01% 2025 Q3 Performance Forecast | Item | Jul 1, 2025 - Sep 30, 2025 (Estimated) (million CNY) | Prior Period (million CNY) | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit | Profit: 120.11 to 133.58 | Profit: 65.62 | 83.03%—103.55% | | Net Profit Attributable to Shareholders of Listed Company | Profit: 90.60 to 104.06 | Profit: 62.31 | 45.40%—67.01% | | Net Profit Excluding Non-Recurring Gains and Losses | Profit: 86.97 to 100.44 | Profit: 57.70 | 50.72%—74.05% | | Basic Earnings Per Share | Profit: 0.21 to 0.25 (CNY/share) | Profit: 0.17 (CNY/share) | - | - The performance forecast period is from January 1, 2025, to September 30, 2025, showing an overall upward trend in performance[4](index=4&type=chunk) [II. Communication with Accounting Firm](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company has pre-communicated with its accounting firm regarding the performance forecast, with no discrepancies on the data, though the forecast remains unaudited - The financial data in this performance forecast has not been audited by an accounting firm[6](index=6&type=chunk) - The company has pre-communicated with the accounting firm regarding the performance forecast, and there are no discrepancies between the parties on the forecast[6](index=6&type=chunk) [III. Reasons for Performance Change](index=2&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0) Significant performance growth is primarily driven by enhanced brand building, regional expansion, and technology in cross-border social e-commerce, alongside improved profitability in packaging business through strategic partnerships and refined management - Cross-border social e-commerce business achieved substantial growth in revenue and profit through technology-driven initiatives, deepened brand building, and regional expansion, boosting the company's overall performance[7](index=7&type=chunk) - Packaging business benefited from long-term strategic collaborations with leading enterprises in fast-moving consumer goods sub-sectors, with refined group management continuously improving operational and resource utilization efficiency, leading to significant profitability enhancement[7](index=7&type=chunk) [IV. Other Related Information](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) This performance forecast represents preliminary financial department estimates, unaudited by certified public accountants, with final data subject to the company's 2025 Q3 report, cautioning investors about investment risks - This performance forecast is a preliminary estimate by the company's financial department and has not been audited by a certified public accountant[8](index=8&type=chunk) - Specific financial data should refer to the company's disclosed 2025 Q3 report; investors are advised to make prudent decisions and be aware of investment risks[8](index=8&type=chunk)

[Performance Forecast Overview](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%A6%82%E8%A7%88) The company provides a performance forecast for the first three quarters of 2025, detailing expected net profit growth [Performance Forecast Period](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5%20%28%E4%B8%80%29%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) The company's performance forecast covers the first three quarters from January 1, 2025, to September 30, 2025 - The performance forecast period spans from January 1, 2025, to September 30, 2025[2](index=2&type=chunk) [Performance Forecast Details](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5%20%28%E4%BA%8C%29%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company expects 2025 Q1-Q3 net profit attributable to shareholders to grow by 69.81% to 109.77%, and non-recurring net profit to grow by 79.88% to 124.29% 2025 Q1-Q3 Core Performance Forecast Data | Indicator | Estimated Amount (Million Yuan) | Year-on-Year Growth (%) | Increase Amount (Million Yuan) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 340 - 420 | 69.81 - 109.77 | 139.78 - 219.78 | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | 324 - 404 | 79.88 - 124.29 | 143.88 - 223.88 | - The data in this performance forecast has not been audited by an auditing firm[2](index=2&type=chunk) [Prior Period Performance Review](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) This section reviews the company's key financial performance indicators for the first three quarters of the previous year [Key Financial Indicators](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) In 2024 Q1-Q3, net profit attributable to shareholders was 200.2185 million yuan, non-recurring net profit was 180.1208 million yuan, and basic EPS was 0.093 yuan 2024 Q1-Q3 Prior Period Performance | Indicator | Amount (Million Yuan) | | :--- | :--- | | Net Profit Attributable to Shareholders | 200.2185 | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | 180.1208 | | Basic Earnings Per Share (Yuan) | 0.093 | [Analysis of Performance Growth Drivers](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%A2%9E%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) This section analyzes the primary factors contributing to the expected performance increase, including core business operations and non-recurring gains or losses [Impact of Main Business Operations](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%A2%9E%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0%20%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%BD%B1%E5%93%8D) The company's performance growth is primarily attributed to increased foreign trade market share, robust sales of high-value-added new materials, improved gross margins, and strengthened cost control - **Sales Strategy Adjustment and Foreign Trade Market Expansion:** The company adjusted its sales strategy, steadily increasing its foreign trade market share, with **PVA export volume growing by over 40%** year-on-year, **methyl acetate export volume growing by approximately 30%** year-on-year, and VAE emulsion export volume also achieving significant growth[5](index=5&type=chunk) - **Innovation-Driven and High-Value-Added Product Contribution:** The company focused on high-value-added new materials in the downstream PVA sector, increasing R&D investment and overcoming technical barriers, with some products breaking foreign monopolies, leading to robust production and sales of new materials like PVA optical film and significantly enhanced profitability[5](index=5&type=chunk) - **Falling Raw Material Prices:** Prices of major raw materials such as coal, acetic acid, and PTA experienced significant year-on-year declines, improving the gross margins and profitability of products like PVA and polyester chips[5](index=5&type=chunk) - **Cost Control and Efficiency Improvement:** The company strengthened cost control, steadily promoted cost reduction and efficiency improvement, and continuously enhanced operational efficiency[5](index=5&type=chunk) [Impact of Non-recurring Gains and Losses](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%A2%9E%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0%20%28%E4%BA%8C%29%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E7%9A%84%E5%BD%B1%E5%93%8D) During the reporting period, the company expects non-recurring gains and losses of approximately 16 million yuan, which is not expected to have a significant impact on overall performance - Expected non-recurring gains and losses attributable to shareholders are approximately **16 million yuan**, which does not have a significant impact on the company's performance[5](index=5&type=chunk) [Risk Warning and Disclosures](index=2&type=section&id=%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA%E4%B8%8E%E8%AF%B4%E6%98%8E) This section provides risk warnings and other important disclosures regarding the preliminary nature of the performance forecast [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company declares that there are no significant uncertainties affecting the accuracy of this performance forecast - The company confirms no significant uncertainties exist that would impact the accuracy of this performance forecast[6](index=6&type=chunk) [Other Disclosures](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The forecast data is a preliminary calculation; final financial data will be based on the company's officially disclosed Q3 2025 report, and investors are advised to be aware of investment risks - The forecast data represents preliminary calculations, with final accurate financial data subject to the company's officially disclosed Q3 2025 report[7](index=7&type=chunk) - Investors are kindly reminded to be aware of investment risks[7](index=7&type=chunk)

广州万孚生物技术股份有限公司 2025 年半年度报告全文 广州万孚生物技术股份有限公司 广州万孚生物技术股份有限公司 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。 公司负责人王继华、主管会计工作负责人余芳霞及会计机构负责人(会计 主管人员)彭彩媚声明：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。 1、分销商管理风险：公司在产品销售环节主要采用分销模式。POCT 行业 的终端客户主要包括各级医院和门急诊检验、医师办公室、疾控中心、执法 机关、个人消费者等，较为分散。采用分销模式，公司可利用分销商在当地 的资源优势，迅速打开局面，占领新的空白市场，提升市场占有率。在公司 的分销体系下，分销商主要负责与终端客户的商务谈判、合同签订、关系维 护等；而公司则主要负责产品的学术推广、技术支持、持续服务等。随着公 司销售规模和销售区域的不断扩大，分销商的数量也在持续上升。由于分销 商除了在业务上对公司存在一定 ...

江苏江顺精密科技集团股份有限公司 2025 年半年度报告全文 江苏江顺精密科技集团股份有限公司 2025 年半年度报告 2025 年 8 月 27 日 1 江苏江顺精密科技集团股份有限公司 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。 公司负责人张理罡、主管会计工作负责人陈锦红及会计机构负责人(会计 主管人员)陈剑声明：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"之"十、公司面临的风险和应 对措施"详细描述了公司经营中可能存在的风险及应对措施，敬请广大投资 者予以关注。 公司经本次董事会审议通过的利润分配预案为：以 2025 年 6 月 30 日的 总股本 60,000,000 股为基数，向全体股东每 10 股派发现金红利 8.00 元（含 税），送红股 0 股（含税），不以公积金转增股本。 2 | ਮ | | --- | | 第二节 | 公司简介和主要财 ...

[Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company forecasts positive and significantly increasing net profit for the first three quarters and the third quarter of 2025 - The performance forecast period is from January 1, 2025, to September 30, 2025, with net profit expected to be positive and increase year-over-year[4](index=4&type=chunk)[5](index=5&type=chunk) 2025 First Three Quarters Performance Forecast | Item | 2025 First Three Quarters (Forecast) (RMB 10,000) | Prior Period (Actual) (RMB 10,000) | Year-over-Year Growth (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | Profit: 82,700-87,700 | Profit: 35,739.88 | 131.39% to 145.38% | | Net Profit Excluding Non-Recurring Gains and Losses | Profit: 75,117-80,117 | Profit: 34,452.53 | 118.03% to 132.54% | 2025 Third Quarter Performance Forecast | Item | 2025 Third Quarter (Forecast) (RMB 10,000) | Prior Period (Actual) (RMB 10,000) | Year-over-Year Growth (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | Profit: 40,000-45,000 | Profit: 14,251.84 | 180.67% to 215.75% | | Net Profit Excluding Non-Recurring Gains and Losses | Profit: 39,400-44,400 | Profit: 13,604.31 | 189.61% to 226.37% | [Communication with Accounting Firm](index=2&type=section&id=Item%202.%20Communication%20with%20Accounting%20Firm) The company has engaged in preliminary discussions with its accounting firm regarding the performance forecast, with no significant disagreements, though no pre-audit has been conducted - The company has conducted preliminary communication with its accounting firm regarding the performance forecast, with no major disagreements between the parties[7](index=7&type=chunk) - This performance forecast has not been pre-audited by the accounting firm[7](index=7&type=chunk) [Explanation of Performance Changes](index=2&type=section&id=Item%203.%20Explanation%20of%20Performance%20Changes) Significant sales revenue growth driven by robust semiconductor market demand and strong customer orders has led to a substantial increase in profit, supplemented by government subsidies - Continuous growth in semiconductor industry market demand, strong customer demand, and abundant product orders have led to a significant year-over-year increase in sales revenue[8](index=8&type=chunk) - The substantial increase in sales revenue directly resulted in a significant year-over-year rise in profit for the current reporting period[8](index=8&type=chunk) - Non-recurring gains and losses for the third quarter of 2025 are estimated to be approximately **RMB 6 million**, primarily from government subsidies received during the reporting period[8](index=8&type=chunk) [Other Relevant Information](index=2&type=section&id=Item%204.%20Other%20Relevant%20Information) This performance forecast is based on preliminary internal calculations and is unaudited, with final financial data subject to the official Q3 2025 report, urging investors to exercise caution - The data in this performance forecast is a preliminary calculation by the company's finance department and has not been audited by an auditing firm[9](index=9&type=chunk) - Specific and accurate financial data will be subject to the company's officially disclosed 2025 third-quarter report[9](index=9&type=chunk) - Investors are advised to make prudent decisions and be aware of investment risks[9](index=9&type=chunk)

Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management guarantee the report's truthfulness and completeness, while advising investors of risks and confirming no dividend distribution or capital reserve conversion plans - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness[4](index=4&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital from capital reserves[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's overall structure, comprising eight main chapters from important notices to financial reports, providing navigation for investors - The report is clearly structured into eight main chapters[7](index=7&type=chunk) [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) This section specifies the list of reference documents for the semi-annual report, including financial statements, report summary and full text, original public disclosure documents, and other related files, with the designated location being the company's board of directors' office - Reference documents include financial statements signed and sealed by the legal representative, head of accounting, and head of accounting department[9](index=9&type=chunk) - Reference documents also include the semi-annual report summary and full text signed by the legal representative and sealed by the company[9](index=9&type=chunk) - All reference documents are kept at the company's board of directors' office[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company name, controlling shareholder, wholly-owned subsidiaries, key customers (e.g., Aptiv, Yazaki, Tesla, Xiaomi Auto), and the reporting period, ensuring accurate understanding of the report content - The company's controlling shareholder is Ningbo Xinxie Industrial Group Co., Ltd[11](index=11&type=chunk) - The reporting period refers to January to June 2025[12](index=12&type=chunk) - Key customers include Aptiv, Yazaki, Draexlmaier, Lear, Amphenol, Sumitomo Electric, and numerous well-known domestic and international automotive brands (e.g., Volkswagen, General Motors, Ford, BMW, Tesla, Xiaomi Auto)[11](index=11&type=chunk)[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=I.%20Company%20Profile) Ningbo KBE Electrical Technology Co., Ltd. (stock code: 300863) is listed on the Shenzhen Stock Exchange, with Lin Guangyao as its legal representative Company Basic Information | Indicator | Information | | :--- | :--- | | Stock Abbreviation | KBE | | Stock Code | 300863 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Ningbo KBE Electrical Technology Co., Ltd. | | Legal Representative | Lin Guangyao | [Contacts and Contact Information](index=7&type=section&id=II.%20Contacts%20and%20Contact%20Information) The company provides contact details for Board Secretary Qin Ci and Securities Affairs Representative Shi Jiujie, including address, phone, fax, and email, for investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Qin Ci | Wenxizhou Industrial Zone, Qiaotouhu Street, Ninghai County, Ningbo City, Zhejiang Province | 0574-65106655 | 0574-65192666 | stock@nbkbe.com | | Securities Affairs Representative | Shi Jiujie | Wenxizhou Industrial Zone, Qiaotouhu Street, Ninghai County, Ningbo City, Zhejiang Province | 0574-65106655 | 0574-65192666 | shijj@nbkbe.com | [Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, designated locations, or registration, with details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and designated locations remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration status remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, operating revenue grew 10.94% to **1.83 billion yuan**, net profit attributable to shareholders increased 1.33% to **91.73 million yuan**, and operating cash flow surged 82.11%, while basic and diluted EPS declined 12.33% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change in Current Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,830,410,996.32 | 1,649,921,322.23 | 10.94% | | Net Profit Attributable to Shareholders of Listed Company | 91,726,527.17 | 90,523,955.50 | 1.33% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 92,086,951.00 | 88,420,473.33 | 4.15% | | Net Cash Flow from Operating Activities | 207,894,540.07 | 114,159,857.56 | 82.11% | | Basic Earnings Per Share (yuan/share) | 0.64 | 0.73 | -12.33% | | Diluted Earnings Per Share (yuan/share) | 0.64 | 0.73 | -12.33% | | Weighted Average Return on Net Assets | 5.99% | 7.01% | -1.02% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from End of Prior Year** | | Total Assets | 3,967,850,897.22 | 3,746,965,962.11 | 5.90% | | Net Assets Attributable to Shareholders of Listed Company | 1,449,863,960.52 | 1,343,119,808.09 | 7.95% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&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 **-360,423.83 yuan**, primarily from disposal of non-current assets, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -6,957,710.24 | | Government Grants Included in Current Profit/Loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on company profit/loss) | 6,899,230.12 | | Other Non-Operating Income and Expenses Apart from the Above | -70,054.04 | | Less: Income Tax Impact | 231,889.67 | | Total | -360,423.83 | - The company has no other profit/loss items meeting the definition of non-recurring gains/losses, nor has it classified non-recurring gains/losses as recurring gains/losses[24](index=24&type=chunk) Management Discussion and Analysis [Company's Main Business During the Reporting Period](index=10&type=section&id=I.%20Company%27s%20Main%20Business%20During%20the%20Reporting%20Period) The company's core business is R&D, production, and sales of automotive cables, a critical component in the automotive parts manufacturing industry, with an increasing role driven by new energy vehicles and intelligent development, operating primarily on a make-to-order basis through direct sales to automotive wiring harness manufacturers [Company Industry Classification](index=10&type=section&id=1%E3%80%81Company%20Industry%20Classification) The company operates within the automotive parts manufacturing sector, specifically focusing on automotive cables - The company operates in the automotive parts manufacturing industry[26](index=26&type=chunk) [Industry Development Status and Trends](index=10&type=section&id=2%E3%80%81Industry%20Development%20Status%20and%20Trends) The automotive parts industry benefits from China's rapid automotive growth and global capacity shifts, with automotive cables gaining importance due to increasing demands for performance in new energy and intelligent vehicles, supported by national policies - China's automotive parts industry maintains rapid development, benefiting from high-

日月重工股份有限公司2025 年半年度报告 公司代码：603218 公司简称：日月股份 日月重工股份有限公司 2025 年半年度报告 1 / 163 日月重工股份有限公司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、 公司负责人傅明康、主管会计工作负责人杜志及会计机构负责人（会计主管人员）徐燕声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配及资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的发展战略、经营计划等前瞻性陈述受市场状况变化等多方面因素影响，并不构 成公司对投资者的实质承诺，提请广大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 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [I. The Company's Board of Directors, Supervisory Board, Directors, Supervisors, and Senior Management Guarantee the Truthfulness, Accuracy, and Completeness of the Semi-Annual Report, Free from False Records, Misleading Statements, or Material Omissions, and Assume Individual and Joint Legal Responsibility](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A0%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's board, supervisory board, and senior management affirm the semi-annual report's truthfulness and completeness, taking legal responsibility for this unaudited financial report - The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[3](index=3&type=chunk) - This semi-annual report is **unaudited**[5](index=5&type=chunk) - Company's responsible person Li Houwen, head of accounting Yu Teng, and head of accounting department Qu Rui declare the financial report is true, accurate, and complete[5](index=5&type=chunk) [Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including the company name "Lianhua Holdings" and its main subsidiaries - Clarifies that "the Company, Company, Lianhua Holdings" all refer to "**Lianhua Holdings Co., Ltd.**"[12](index=12&type=chunk) - Lists definitions for major related parties or subsidiaries such as Guohou Asset, Liantai Investment, Tian'an Technology, and Lianhua Zixing[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Introduces Lianhua Holdings Co., Ltd.'s basic information, including its Chinese name, abbreviation, and legal representative Li Houwen - The company's Chinese name is Lianhua Holdings Co., Ltd., abbreviated as **Lianhua Holdings**, with **Li Houwen** as the legal representative[14](index=14&type=chunk) [II. Contact Persons and Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Provides contact information for the company's Board Secretary Gu Youqun and Securities Affairs Representative Zhao Hangxiao - Board Secretary is **Gu Youqun**, Securities Affairs Representative is **Zhao Hangxiao**, both with the contact address at No. 18 Yinghe Road, Xiangcheng City, Henan Province[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) Outlines two changes in the company's registered address in August 2022 and May 2024, finally settling at No. 18 Yinghe Road - The company's registered address changed in August 2022 and May 2024, with the final address being **No. 18 Yinghe Road, Xiangcheng City, Henan Province**[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Discloses the company's designated information disclosure newspapers, website address, and report custody location - The company's designated information disclosure newspapers are "**China Securities Journal**," "**Shanghai Securities News**," "**Securities Daily**," and the report website is **http://www.sse.com.cn**[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) Introduces the company's A-shares listed on the Shanghai Stock Exchange, with stock abbreviation "Lianhua Holdings" and code "600186" - The company's A-shares are listed on the Shanghai Stock Exchange, stock abbreviation "**Lianhua Holdings**," code "**600186**," previously "**Lianhua Health**"[18](index=18&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue, total profit, net profit, and EPS significantly increased due to higher sales and improved gross margins, while operating cash flow substantially decreased 2025 H1 Key Accounting Data Comparison | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,620,757,763.22 yuan | 1,221,574,142.81 yuan | 32.68 | | Total Profit | 224,836,053.51 yuan | 138,680,263.39 yuan | 62.13 | | Net Profit Attributable to Parent Company Shareholders | 161,347,721.01 yuan | 100,837,212.58 yuan | 60.01 | | Net Cash Flow from Operating Activities | -122,046,458.58 yuan | 238,255,663.47 yuan | -151.22 | | Net Assets Attributable to Parent Company Shareholders (Period-end) | 1,811,845,119.78 yuan | 1,697,120,428.25 yuan | 6.76 | | Total Assets (Period-end) | 3,128,258,879.73 yuan | 3,639,292,952.43 yuan | -14.04 | 2025 H1 Key Financial Indicators Comparison | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0989 | 0.0562 | 75.98 | | Diluted Earnings Per Share (yuan/share) | 0.0989 | 0.0562 | 75.98 | | Weighted Average Return on Net Assets (%) | 9.08 | 6.35 | Increase of 2.73 percentage points | - Operating revenue, total profit, net profit, and EPS all increased due to **higher product sales** and **improved gross profit margins**[22](index=22&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses amounted to **-54,619.91 yuan**, primarily from asset disposal, government grants, and other non-operating items 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -1,089,468.53 | | Government grants recognized in current profit or loss | 661,385.00 | | Other non-operating income and expenses | -33,916.57 | | Income tax impact | -3,229.04 | | Impact on minority interests (after tax) | -404,151.15 | | **Total** | **-54,619.91** | [X. Companies with Equity Incentives or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting the Impact of Share-Based Payments](index=7&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) Discloses net profit after deducting the impact of share-based payments, which was **166,494,221.01 yuan** for the current period, a **65.11%** increase year-on-year Net Profit After Deducting Impact of Share-Based Payments | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-Based Payments | 166,494,221.01 yuan | 100,837,212.58 yuan | 65.11 | [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) [I. Explanation of the Company's Industry and Main Business During the Reporting Period](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%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Operating in the rigid-demand seasoning industry, the company's core product, "Lianhua MSG," anchors a diversified portfolio, extensive sales network, and robust R&D platform - The company operates in the food manufacturing industry, specifically the **seasoning industry**, characterized by rigid market demand and a favorable competitive landscape[30](index=30&type=chunk) - The flagship product "**Lianhua Monosodium Glutamate**" is recognized as "Green Food," forming a diversified product system including amino acid seasonings, compound seasonings, new compound seasonings, liquid seasonings, as well as flour, sugar, and beverages[30](index=30&type=chunk) - The company boasts over **30 branches**, **3,000 distributors**, and **10,000 clients**, with a sales network covering the entire country and exporting to over **70 countries and regions**[30](index=30&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company advanced its "Brand Revival Strategy" and "Consumption + Technology Dual-Driven Strategy," achieving new breakthroughs in business scale and efficiency, and exploring commercial applications for computing power-related businesses - The company, guided by its "**Brand Revival Strategy**," consolidated its fundamental advantages and focused on "six new" initiatives to expand and strengthen its main business[31](index=31&type=chunk) - Deeply promoted the "**Consumption + Technology Dual-Driven Strategy**," with the consumption sector focusing on seasonings and beverages, and the technology sector innovating business models around computing power, algorithms, intelligent agents, and semiconductor materials[31](index=31&type=chunk) - The company and Zhejiang University Shaoxing Research Institute obtained an invention patent for a flame-retardant build-up film used in integrated circuit chip packaging, currently exploring commercial applications[31](index=31&type=chunk) - Solidified the "**123456**" operational management system and built a "**Six Lianhua**" corporate culture to provide organizational and cultural guarantees for strategy implementation[32](index=32&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its brand, market position, sales network, and technology, featuring the "Lianhua" trademark, a dominant MSG market position, a comprehensive sales network, and a national-level R&D platform with leading proprietary technologies - The company owns the "**Lianhua**" well-known trademark, being the only MSG industry enterprise selected as a national trademark strategy implementation demonstration enterprise[34](index=34&type=chunk) - Holds a **dominant position in the MSG market**, with small and medium-sized MSG packaging leading in the terminal market, and possesses the largest chicken bouillon cube export base in China[35](index=35&type=chunk) - Established a mature and stable domestic and international seasoning food sales channel and a comprehensive service system[35](index=35&type=chunk) - Possesses a **national-level enterprise technology center** and a postdoctoral research workstation, with numerous domestically leading proprietary technologies in MSG and chicken bouillon cube production and technological processes[35](index=35&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) Revenue and costs grew significantly, with rising selling and financial expenses; asset-liability structure adjusted, increasing receivables and prepayments while reducing contract liabilities and long-term debt, alongside equity and private fund investments [(I) Analysis of Main Business](index=10&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) 2025 H1 Financial Statement Related Account Changes Analysis | Account | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,620,757,763.22 | 1,221,574,142.81 | 32.68 | | Operating Cost | 1,163,899,273.05 | 936,835,570.42 | 24.24 | | Selling Expenses | 129,726,243.44 | 71,594,755.21 | 81.20 | | Administrative Expenses | 55,166,062.74 | 51,075,245.49 | 8.01 | | Financial Expenses | 13,329,540.22 | 36,229.29 | 36,692.17 | | R&D Expenses | 19,711,389.22 | 14,210,536.84 | 38.71 | | Net Cash Flow from Operating Activities | -122,046,458.58 | 238,255,663.47 | -151.22 | | Net Cash Flow from Investing Activities | 182,085,444.54 | -368,112,502.57 | Not Applicable | | Net Cash Flow from Financing Activities | -252,599,694.02 | 364,350,448.42 | -169.33 | - Selling expenses significantly increased primarily due to higher e-commerce sales revenue, platform service fees, and promotional expenses[38](index=38&type=chunk) - Financial expenses substantially rose mainly due to increased bank loans and higher interest expenses[38](index=38&type=chunk) - Net cash flow from operating activities significantly decreased, primarily due to increased purchases of goods and services driven by higher sales volume[38](index=38&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) 2025 H1 Asset and Liability Status Changes | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 164,344,966.65 | 5.25 | 122,361,336.15 | 3.36 | 34.31 | Increased receivables from new product businesses | | Receivables Financing | 9,723,553.99 | 0.31 | 1,643,289.64 | 0.05 | 491.71 | Increased sales bill collections | | Prepayments | 159,138,745.21 | 5.09 | 98,170,467.32 | 2.70 | 62.10 | Increased payments for goods purchased | | Other Receivables | 51,863,802.88 | 1.66 | 13,171,036.79 | 0.36 | 293.77 | Increased intercompany payments | | Notes Payable | 361,677,750.00 | 11.56 | 595,266,700.00 | 16.36 | -39.24 | Increased spot payments for MSG purchases, reduced company bill business | | Contract Liabilities | 102,416,153.72 | 3.27 | 309,813,410.04 | 8.51 | -66.94 | 2025 "Open Door Red" policy led to increased shipments of advance receipts in the current year, reducing advance receipts | | Taxes Payable | 43,222,983.23 | 1.38 | 20,685,334.16 | 0.57 | 108.95 | Increased revenue and profit, increased sales taxes | | Long-term Borrowings | 251,040,626.81 | 8.02 | 443,156,990.00 | 12.18 | -43.35 | Repayment of borrowings, reclassified to liabilities due within one year | [(IV) Analysis of Investment Status](index=12&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) - In April 2025, the company increased its subscribed capital in Hangzhou Yugui Trading Co., Ltd. by **25.03 million yuan**, raising its shareholding from **30% to 83.43%**[42](index=42&type=chunk) 2025 H1 Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Current Period Purchase Amount (yuan) | Current Period Sale/Redemption Amount (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 15,653,056.97 | 2,194,718.91 | 36,851,739.22 | 30,124,256.55 | 25,370,145.74 | | Bonds | 113,046,000.00 | - | 12,663,323,000.00 | 12,682,683,347.06 | 92,214,369.69 | | Funds | 190,095.00 | -1,872.70 | 47,042,812.41 | 47,217,346.83 | 15,722.18 | | **Total** | **128,889,151.97** | **2,192,846.21** | **12,747,217,551.63** | **12,760,024,950.44** | **117,600,237.61** | - The company co-invested with Shanghai Orient Securities Capital Investment Co., Ltd. to establish an industrial M&A fund with a total subscribed capital of **500 million yuan**, of which the company subscribed **350 million yuan**, accounting for **70.00%**[48](index=48&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=17&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major Subsidiary Financial Data (2025 H1) | Company Name | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Henan Lianhua Food Trading Co., Ltd. | Pre-packaged food | 3,000,000.00 | 161,697,973.04 | -499,479,634.27 | 1,046,988,735.84 | 2,621,994.12 | 4,589,395.70 | | Zhejiang Lianhua Zixing Smart Computing Technology Co., Ltd. | Information transmission, software and information technology services | 150,000,000.00 | 556,921,962.27 | 141,764,760.25 | 69,277,282.64 | 3,183,749.35 | 1,451,873.79 | | Hangzhou Yugui Trading Co., Ltd. | Food sales, pre-packaged food sales, internet sales, information technology consulting services | 30,000,000.00 | 29,771,264.70 | 26,197,029.98 | 15,095,005.09 | -1,394,638.02 | -1,402,834.86 | [V. Other Disclosure Matters](index=18&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from intensifying market competition, food safety control, and challenges in attracting and retaining high-end talent - The company faces market risks, including a wide variety of seasonings and snack foods, increased customer demands, and misleading publicity regarding MSG food safety[52](index=52&type=chunk) - There are food safety control risks; despite strict evaluation and inspection supervision mechanisms, random factors may still arise in procurement, transportation, production, storage, and sales[52](index=52&type=chunk) - The company faces human resource risks, as intense industry competition and rising labor costs may create pressure to attract and retain high-end talent[52](index=52&type=chunk) [Corporate Governance, Environment, and Society](index=19&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) [I. Changes in the Company's Directors, Supervisors, and Senior Management](index=19&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) Senior management members Li Tao and Cao Jiasheng resigned for personal reasons, while Tang Xinyu was appointed Chief Digital Marketing Officer - Mr. Li Tao resigned from his positions as Senior Vice President and Chief Digital Marketing Officer[55](index=55&type=chunk) - Mr. Tang Xinyu was appointed as the company's Chief Digital Marketing Officer[55](index=55&type=chunk) - Mr. Cao Jiasheng resigned from his positions as Director, Senior Vice President, and Chief Technology Officer[56](index=56&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution or capital reserve conversion plan for this semi-annual period - The company has no profit distribution or capital reserve conversion plan for this reporting period[57](index=57&type=chunk) [III. Status and Impact of the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=19&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company disclosed the exercise results and share transfer registration for its 2023 stock option and restricted stock incentive plan, and announced the implementation of canceling some stock options and repurchasing and canceling some restricted shares - The company disclosed the announcement regarding the exercise results and share transfer registration for the first exercise period of its **2023 stock option and restricted stock incentive plan**[58](index=58&type=chunk) - The company announced the implementation of canceling some stock options and repurchasing and canceling some restricted shares[58](index=58&type=chunk) [Significant Matters](index=21&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) [I. Fulfillment of Commitments](index=21&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Both the company and equity incentive recipients promptly and strictly fulfilled commitments related to equity incentives, including the company not providing financial assistance and recipients returning benefits obtained due to false records - The company committed not to provide loans or any form of financial assistance to incentive recipients and has **promptly and strictly fulfilled** this[62](index=62&type=chunk) - Incentive recipients committed to returning benefits obtained if the company's information disclosure documents contained false records, and this has been **promptly and strictly fulfilled**[62](index=62&type=chunk) [VII. Material Litigation and Arbitration Matters](index=23&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company was involved in a creditor subrogation dispute related to Zhengzhou Dongfang Huifu Real Estate Co., Ltd., with a case amount of **3,734,173.25 yuan**, currently in the stage of reconsideration maintenance and resumption of enforcement - The company is involved in a creditor subrogation dispute related to Zhengzhou Dongfang Huifu Real Estate Co., Ltd. and Henan Green Chemical Co., Ltd[64](index=64&type=chunk) - The case amount is **3,734,173.25 yuan**, with current progress being reconsideration maintenance and receipt of a notice to resume enforcement[64](index=64&type=chunk) [XI. Material Contracts and Their Performance](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's total guarantee balance for subsidiaries was **352,214,500.00 yuan**, accounting for **19.44%** of net assets, and all guarantees were provided to entities with an asset-liability ratio exceeding **70%** Company's Total Guarantee Amount (End of 2025 H1) | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 352,214,500.00 | | Total Guarantees (A+B) | 352,214,500.00 | | Total Guarantees as % of Company's Net Assets | 19.44 | | Debt Guarantees Provided Directly or Indirectly to Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 352,214,500.00 | | Total of Above Three Guarantee Amounts (C+D+E) | 352,214,500.00 | [XII. Explanation of Progress in Use of Raised Funds](index=27&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's total raised funds amounted to **993.5452 million yuan**, with cumulative investment of **950.2605 million yuan**, and **419.4997 million yuan** invested this year; some projects were scaled down or terminated, and idle funds were used to supplement working capital [(I) Overall Use of Raised Funds](index=27&type=section&id=(%E4%B8%80)%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%95%B4%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) Overall Use of Raised Funds (Unit: 10,000 yuan) | Source of Raised Funds | Total Raised Funds (1) | Total Committed Investment of Raised Funds (2) | Cumulative Investment at Period-end (4) | Amount Invested This Year (5) | Investment Progress (%) (6)=(4)/(2) | | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 99,354.52 | 97,615.82 | 95,026.05 | 41,949.97 | 44.15 | | **Total** | **99,354.52** | **97,615.82** | **95,026.05** | **41,949.97** | **44.15** | - The company has reduced the investment scale and closed the "**Wheat Flour Series Products Project**"[75](index=75&type=chunk) [(II) Details of Raised Fund Investment Projects](index=27&type=section&id=(%E4%BA%8C)%E5%8B%9F%E6%8A%95%E9%A1%B9%E7%9B%AE%E6%98%8E%E7%BB%86) - The "**Annual Production of 100,000 Tons of Commercial MSG and 50,000 Tons of Compound Seasonings Advanced Technology Transformation Project**" has been closed, with **100% investment progress**[77](index=77&type=chunk) - The "**Bio-fermentation Products Project**" and "**Supporting Bio-fermentation Products Project**" were terminated due to intensified industry competition and uncertain returns[79](index=79&type=chunk) - The "**Wheat Flour Series Products Project**" had its investment scale reduced and was closed due to intensified market competition and difficulty in achieving ideal economic benefits in the short term[79](index=79&type=chunk) [(III) Changes or Termination of Raised Fund Investment Projects During the Reporting Period](index=31&type=section&id=(%E4%B8%89)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E6%8A%95%E5%8F%98%E6%9B%B4%E6%88%96%E7%BB%88%E6%AD%A2%E6%83%85%E5%86%B5) Changes in Raised Fund Investment Projects (Unit: 10,000 yuan) | Project Name Before Change | Change Date (First Announcement Disclosure Date) | Change Type | Total Committed Investment of Raised Funds Before Change/Termination | Total Raised Funds Invested Before Change/Termination | | :--- | :--- | :--- | :--- | :--- | | Wheat Flour Series Products Project | January 1, 2025 | Reduction in Raised Funds Investment Amount | 10,000.00 | 2,387.33 | - The reason for the change was intensified competition in the casual flour products industry, reducing the feasibility of continued investment, leading to a decision to reduce investment and close the project to mitigate risks and protect shareholder interests[83](index=83&type=chunk) [(IV) Other Circumstances Regarding the Use of Raised Funds During the Reporting Period](index=32&type=section&id=(%E5%9B%9B)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E7%9A%84%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) - The company used idle raised funds not exceeding **200 million yuan** to temporarily supplement working capital, aiming to improve efficiency and reduce financial expenses[84](index=84&type=chunk) - As of June 30, 2025, the unreturned idle raised funds amounted to **200 million yuan**, with the usage period not exceeding 12 months[84](index=84&type=chunk) [XIII. Explanation of Other Significant Matters](index=32&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 approved a share repurchase plan on October 30, 2024, intending to repurchase shares worth no less than **110 million yuan** and no more than **150 million yuan** for employee stock ownership plans or equity incentives; as of July 31, 2025, **24,967,600 shares** have been repurchased, totaling **124.85 million yuan** - The company plans to repurchase shares through centralized bidding, with a total amount of no less than **110 million yuan** and no more than **150 million yuan**, for employee stock ownership plans or equity incentives[85](index=85&type=chunk) - As of July 31, 2025, a cumulative total of **24,967,600 shares** have been repurchased, accounting for **1.39%** of the total share capital, with a total payment of **124,849,586.63 yuan**[86](index=86&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) [I. Share Capital Changes](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total shares decreased by **570,000 shares** due to the repurchase and cancellation of some restricted shares, changing from **1,794,572,141 shares** to **1,794,002,141 shares** Share Capital Change Table (Unit: shares) | | Quantity Before This Change | % Before This Change | Increase/Decrease in This Change (+,-) Subtotal | Quantity After This Change | % After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 7,861,700 | 0.44 | -570,000 | 7,291,700 | 0.41 | | II. Unrestricted Tradable Shares | 1,786,710,441 | 99.56 | 0 | 1,786,710,441 | 99.59 | | **III. Total Shares** | **1,794,572,141** | **100.00** | **-570,000** | **1,794,002,141** | **100.00** | - The company repurchased and canceled **570,000 restricted shares**, leading to a decrease in total share capital[90](index=90&type=chunk) [II. Shareholder Information](index=34&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the total number of common shareholders was **174,900**; the top two shareholders were Wuhu Liantai Investment Management Center (Limited Partnership) and Zhoukou Zhongkong Investment Co., Ltd., holding **10.06%** and **9.29%** respectively; the company's special repurchase securities account held **32,484,300 shares**, accounting for **1.81%** of the total share capital - As of the end of the reporting period, the total number of common shareholders was **174,900**[93](index=93&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period (Partial) | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Wuhu Liantai Investment Management Center (Limited Partnership) | 180,509,529 | 10.06 | Pledged | 52,500,000 | Domestic Non-State-Owned Legal Person | | Zhoukou Zhongkong Investment Co., Ltd. | 166,666,666 | 9.29 | None | 0 | State-Owned Legal Person | | Zhoukou Innovation Investment Group Co., Ltd. | 32,669,246 | 1.82 | None | 0 | State-Owned Legal Person | - As of the end of the reporting period, the company's special repurchase securities account held **32,484,300 shares**, accounting for **1.81%** of the company's total share capital[96](index=96&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=36&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) Former Senior Vice President and Chief Digital Marketing Officer Mr. Li Tao's shareholding decreased by **120,000 shares** due to the repurchase and cancellation of restricted shares Changes in Shareholdings of Directors, Supervisors, and Senior Management (Partial) | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Tao (Resigned) | Senior Vice President, Chief Digital Marketing Officer | 300,000 | 180,000 | 120,000 | Repurchase and cancellation of restricted shares | [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) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company had no corporate bonds or non-financial enterprise debt financing instruments[103](index=103&type=chunk) [II. Convertible Corporate Bonds](index=38&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E6%83%85%E5%86%B5) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds[103](index=103&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) [I. Audit Report](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [II. 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) Provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, reflecting financial position and operating results - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[105](index=105&type=chunk)[108](index=108&type=chunk)[112](index=112&type=chunk)[116](index=116&type=chunk)[123](index=123&type=chunk)[133](index=133&type=chunk) [III. Company Basic Information](index=63&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Details the company's registered address, organizational form, registered capital, legal representative, industry, business scope, equity structure, and ultimate controlling party as of June 30, 2025 - The company's registered address is No. 18 Yinghe Road, Xiangcheng City, Henan Province, with a registered capital of **1,794,002,141.00 yuan**, and **Li Houwen** as the legal representative[138](index=138&type=chunk) - The company belongs to the **food manufacturing industry**, with a business scope covering food sales, computer system services, data processing services, etc[138](index=138&type=chunk) - As of June 30, 2025, Wuhu Liantai Investment Management Center (Limited Partnership) is the controlling shareholder, holding **10.06%**, and **Mr. Li Houwen** is the actual controller[139](index=139&type=chunk) - Main businesses include the production and sale of MSG, chicken essence, computing power services, flour, organic fertilizer, cooking wine, and drinking water[141](index=141&type=chunk) [IV. Basis of Financial Statement Preparation](index=64&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and CSRC regulations, using the accrual basis of accounting and historical cost measurement - Financial statements are prepared on a **going concern basis**, adhering to enterprise accounting standards and CSRC information disclosure regulations[142](index=142&type=chunk) - Accounting is based on the **accrual method** and **historical cost measurement**[142](index=142&type=chunk) - The company possesses the ability to continue as a going concern for at least 12 months from the end of this reporting period[143](index=143&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=64&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates, covering compliance with standards, accounting period, business combinations, financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, and leases - Financial statements comply with enterprise accounting standards requirements, accurately and completely reflecting the company's financial position, operating results, and cash flows[144](index=144&type=chunk) - Clarifies key accounting policies such as business combinations (under common control and not under common control), consolidated financial statement preparation, financial instrument classification and measurement, inventory impairment provisions, fixed asset depreciation, intangible asset amortization, and capitalization of research and development expenditures[149](index=149&type=chunk)[153](index=153&type=chunk)[161](index=161&type=chunk)[171](index=171&type=chunk)[191](index=191&type=chunk)[198](index=198&type=chunk)[200](index=200&type=chunk) - Details revenue recognition and measurement methods, i.e., recognizing revenue when the customer obtains control of the goods, distinguishing between performance obligations satisfied over time and at a point in time[211](index=211&type=chunk)[212](index=212&type=chunk) - Explains accounting treatment for government grants, distinguishing between asset-related and income-related grants, using the gross method[214](index=214&type=chunk)[215](index=215&type=chunk) - For lease accounting, the lessee recognizes right-of-use assets and lease liabilities, while the lessor distinguishes between finance leases and operating leases[220](index=220&type=chunk)[224](index=224&type=chunk) [VI. Taxation](index=82&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) Discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax; the company is exempt from VAT on organic fertilizer sales and enjoys a **90%** corporate income tax reduction for compound fertilizer products Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Balance after deducting deductible input tax from output tax | 0, 3, 6, 9, 13 | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7 | | Education Surcharge | Amount of turnover tax payable | 3 | | Local Education Surcharge | Amount of turnover tax payable | 2 | | Corporate Income Tax | Taxable income | 25 | - The company's sales of **compound fertilizer products are exempt from VAT**[228](index=228&type=chunk) - The company's organic-inorganic compound fertilizer products, produced using MSG production wastewater, enjoy a corporate income tax reduction of **90%**[228](index=228&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=83&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Detailed notes on consolidated financial statement items, including assets, liabilities, equity, revenue, costs, and expenses, reflecting period-end balances and changes - Monetary funds balance at period-end was **1,297,697,364.81 yuan**, a decrease from the beginning of the period[230](index=230&type=chunk) - Accounts receivable balance at period-end was **164,344,966.65 yuan**, an increase of **34.31%** from the beginning of the period, mainly due to increased receivables from new product businesses[40](index=40&type=chunk)[231](index=231&type=chunk) - Inventory book value at period-end was **183,633,530.82 yuan**, with raw materials and inventory goods accounting for a larger proportion[259](index=259&type=chunk) - Long-term equity investment book value at period-end was **36,825,471.11 yuan**, with full impairment provision made for the investment in Henan Lianhua Tian'an Food Industry Co., Ltd[267](index=267&type=chunk) - Fixed assets book value at period-end was **656,668,829.08 yuan**, a decrease from the beginning of the period[275](index=275&type=chunk) - Short-term borrowings balance at period-end was **130,131,333.34 yuan**, a decrease from the beginning of the period[296](index=296&type=chunk) - Contract liabilities balance at period-end was **102,416,153.72 yuan**, a significant decrease of **66.94%** from the beginning of the period, mainly due to increased shipments of advance receipts in the current year from the 2025 "Open Door Red" policy[40](index=40&type=chunk)[304](index=304&type=chunk) - Operating revenue for the current period was **1,620,757,763.22 yuan**, a year-on-year increase of **32.68%**, with MSG and other amino acid seasonings contributing the most[37](index=37&type=chunk)[334](index=334&type=chunk) - Selling expenses for the current period were **129,726,243.44 yuan**, a year-on-year increase of **81.20%**, mainly due to increased e-commerce platform service fees and promotional expenses[37](index=37&type=chunk)[336](index=336&type=chunk) - Financial expenses for the current period were **13,329,540.22 yuan**, a year-on-year increase of **36,692.17%**, mainly due to increased bank loans leading to higher interest expenses[37](index=37&type=chunk)[342](index=342&type=chunk) - Net cash flow from operating activities was **-122,046,458.58 yuan**, a year-on-year decrease of **151.22%**, primarily due to increased purchases of goods and services driven by higher sales volume[37](index=37&type=chunk)[359](index=359&type=chunk) [VIII. Research and Development Expenses](index=129&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's total R&D expenses amounted to **19,711,389.22 yuan**, a **38.71%** increase year-on-year, primarily invested in employee compensation and material costs to actively develop new products R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 7,432,454.28 | 3,357,056.55 | | Materials | 10,282,122.56 | 10,099,057.33 | | Depreciation | 149,260.43 | 135,046.13 | | Other | 1,847,551.95 | 619,376.83 | | **Total** | **19,711,389.22** | **14,210,536.84** | - R&D expenses increased by **38.71%** year-on-year, mainly due to increased investment in R&D projects and active development of new products[38](index=38&type=chunk) [IX. Changes in Consolidation Scope](index=129&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company had no transactions or events involving business combinations under non-common control, common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control - During the reporting period, the company had no business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control[366](index=366&type=chunk)[367](index=367&type=chunk) [X. Interests in Other Entities](index=130&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) Discloses the company's interests in **20 subsidiaries**, including shareholding percentages and acquisition methods, as well as key financial information for **4 important non-wholly-owned subsidiaries** and interests in joint ventures or associates [(1). Composition of the Enterprise Group](index=130&type=section&id=(1).%E4%BC%81%E4%B8%9A%E9%9B%86%E5%9B%A2%E7%9A%84%E6%9E%84%E6%88%90) - The company owns **20 subsidiaries**, including Henan Lianhua Food Trading Co., Ltd., Henan Lianhua Flour Co., Ltd., and Zhejiang Lianhua Zixing Smart Computing Technology Co., Ltd[368](index=368&type=chunk)[369](index=369&type=chunk)[370](index=370&type=chunk) - Subsidiary business nature is diversified, including food manufacturing, logistics, agriculture, beverages, and technology services[368](index=368&type=chunk)[369](index=369&type=chunk)[370](index=370&type=chunk) [(2). Important Non-Wholly-Owned Subsidiaries](index=134&type=section&id=(2).%E9%87%8D%E8%A6%81%E7%9A%84%E9%9D%9E%E5%85%A8%E8%B5%84%E5%AD%90%E5%85%AC%E5%8F%B8) Minority Shareholder Equity Information of Important Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Minority Shareholder Equity Balance at Period-end (yuan) | | :--- | :--- | :--- | :--- | | Henan Lianhua Food Trading Co., Ltd. | 46.67 | 2,141,870.51 | -233,107,384.48 | | Henan Lianhua International Logistics Co., Ltd. | 48 | 0 | 3,926,550.68 | | Zhejiang Lianhua Zixing Smart Computing Technology Co., Ltd. | 36 | -251,071.05 | 49,899,729.80 | | Hangzhou Yugui Trading Co., Ltd. | 16.57 | -232,403.44 | 4,339,973.37 | [(3). Key Financial Information of Important Non-Wholly-Owned Subsidiaries](index=134&type=section&id=(3).%E9%87%8D%E8%A6%81%E9%9D%9E%E5%85%A8%E8%B5%84%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E4%BF%A1%E6%81%AF) Henan Lianhua Food Trading Co., Ltd. Key Financial Information (2025 H1) | Indicator | Period-end Balance (yuan) | Period-beginning Balance (yuan) | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 161,697,973.04 | 446,068,451.67 | - | - | | Total Liabilities | 661,177,607.31 | 950,137,480.64 | - | - | | Operating Revenue | - | - | 1,046,988,735.84 | 917,573,879.72 | | Net Profit | - | - | 4,589,394.70 | 4,275,082.74 | Zhejiang Lianhua Zixing Smart Computing Technology Co., Ltd. Key Financial Information (2025 H1) | Indicator | Period-end Balance (yuan) | Period-beginning Balance (yuan) | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 556,921,962.27 | 731,857,472.12 | - | - | | Total Liabilities | 415,157,202.02 | 584,908,011.21 | - | - | | Operating Revenue | - | - | 69,277,282.64 | 22,419,889.87 | | Net Profit | - | - | 1,451,873.79 | -2,042,514.10 | [(3). Important Joint Ventures or Associates](index=137&type=section&id=(3).%E9%87%8D%E8%A6%81%E7%9A%84%E5%90%88%E8%90%A5%E4%BC%81%E4%B8%9A%E6%88%96%E8%81%94%E8%90%A5%E4%BC%81%E4%B8%9A) Important Joint Ventures or Associates | Joint Venture or Associate Name | Business Nature | Shareholding Percentage (%) (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | | Henan Lianhua Tian'an Food Industry Co., Ltd. | Food processing | 49.00 | Equity method | | Henan Lianhua Sugar Industry Co., Ltd. | Food processing | 43.00 | Equity method | [XI. Government Grants](index=138&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company received total government grants of **661,385.00 yuan**, all income-related and recognized as non-operating income in the current period Liability Items Involving Government Grants (2025 H1) | Financial Statement Item | New Grant Amount for Current Period (yuan) | Amount Recognized as Non-Operating Income for Current Period (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | | Provincial Single Champion Enterprise Award | 300,000.00 | 300,000.00 | Income-related | | Tax Growth Advanced Enterprise Award | 311,385.00 | 311,385.00 | Income-related | | Statistics Bureau Project Bonus | 50,000.00 | 50,000.00 | Income-related | | **Total** | **661,385.00** | **661,385.00** | / | - Total government grants recognized in current period profit or loss amounted to **661,385.00 yuan**, all of which were income-related[380](index=380&type=chunk) [XII. Risks Related to Financial Instruments](index=139&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces market, credit, and liquidity risks, managed through policies monitoring foreign currency settlements, bank borrowing interest rates, customer creditworthiness, and cash and cash equivalents - The company faces market risks, including foreign exchange risk (overseas business settlements), interest rate risk (bank borrowings), and other price risks[381](index=381&type=chunk) - Credit risk primarily arises from bank deposits, accounts receivable, other receivables, and notes receivable; the company controls this by assessing customer creditworthiness and setting credit terms[382](index=382&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents, monitoring bank borrowing utilization, and securing commitments for backup funding[382](index=382&type=chunk) [XIII. Disclosure of Fair Value](index=141&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) During the reporting period, the company did not disclose fair value information for assets and liabilities measured at fair value at the end of the period, nor the basis for determining market prices, valuation techniques, and significant parameters for continuous and non-continuous Level 1, Level 2, and Level 3 fair value measurement items - During the reporting period, the company did not disclose fair value information for assets and liabilities measured at fair value at the end of the period[384](index=384&type=chunk) [XIV. Related Parties and Related Party Transactions](index=141&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Discloses the company's parent company, subsidiaries, joint ventures, associates, and other related parties; related party transactions included goods procurement and sales, and guarantees for subsidiaries; key management personnel compensation totaled **9,058,054.43 yuan** 1. Information on the Company's Parent Company](index=141&type=section&id=1%E3%80%81%E6%9C%AC%E4%BC%81%E4%B8%9A%E7%9A%84%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%83%85%E5%86%B5) - The parent company is Wuhu Liantai Investment Management Center (Limited Partnership), holding **10.06%** of shares[386](index=386&type=chunk) - The ultimate controlling party is **Mr. Li Houwen**[386](index=386&type=chunk) 4. Other Related Parties](index=141&type=section&id=4%E3%80%81%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E6%83%85%E5%86%B5) - Other related parties include Guohou Asset Management Co., Ltd., Anhui Guohou Investment Management Co., Ltd. (under the same ultimate controller), and Zhoukou Zhongkong Investment Co., Ltd., Zhoukou Innovation Investment Group Co., Ltd. (company shareholders)[387](index=387&type=chunk)[388](index=388&type=chunk) 5. Related Party Transactions](index=142&type=section&id=5%E3%80%81%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93%E6%83%85%E5%86%B5) Procurement of Goods/Acceptance of Services (Partial) | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Hangzhou Yugui Trading Co., Ltd. | Product procurement | 39,351,894.79 | 9,154,703.48 | Sale of Goods/Provision of Services (Partial) | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Guohou Asset Management Co., Ltd. | Sale of goods | 3,800.00 | 9,108.00 | | Hangzhou Yugui Trading Co., Ltd. | Sale of goods | 585,036.56 | 214,918.49 | Key Management Personnel Compensation | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 9,058,054.43 | 7,771,805.88 | 6. Unsettled Items with Related Parties, such as Receivables and Payables](index=144&type=section&id=6%E3%80%81%E5%BA%94%E6%94%B6%E3%80%81%E5%BA%94%E4%BB%98%E5%85%B3%E8%81%94%E6%96%B9%E7%AD%89%E6%9C%AA%E7%BB%93%E7%AE%97%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) Receivables (Partial) | Item Name | Related Party | Period-end Book Balance (yuan) | Impairment Provision (yuan) | | :--- | :--- | :--- | :--- | | Other Receivables | Henan Lianhua Sugar Industry Co., Ltd. | 270,777.74 | 187,277.74 | | Other Receivables | Henan Lianhua Tian'an Food Industry Co., Ltd. | 206,550.00 | 206,550.00 | Payables (Partial) | Item Name | Related Party | Period-end Book Balance (yuan) | Period-beginning Book Balance (yuan) | | :--- | :--- | :--- | :--- | | Accounts Payable | Hangzhou Yugui Trading Co., Ltd. | 11,897,678.30 | 3,878,346.34 | | Contract Liabilities | Henan Lianhua Sugar Industry Co., Ltd. | 265.49 | 265.49 | [XV. Share-Based Payments](index=145&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) During the reporting period, the company had no detailed information on equity instruments, outstanding stock options, equity-settled or cash-settled share-based payments, share-based payment expenses, or modifications/terminations of share-based payments - During the reporting period, the company had no detailed information regarding share-based payments[400](index=400&type=chunk) [XVI. Commitments and Contingencies](index=146&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the end of the reporting period, the company was involved in a creditor subrogation dispute related to Zhengzhou Dongfang Huifu Real Estate Co., Ltd., with a case amount of **3,734,173.25 yuan**, currently in the stage of reconsideration maintenance and resumption of enforcement - The company is involved in a creditor subrogation dispute related to Zhengzhou Dongfang Huifu Real Estate Co., Ltd., with a case amount of **3,734,173.25 yuan**[401](index=401&type=chunk) - The litigation progress is reconsideration maintenance, with a notice to resume enforcement received[401](index=401&type=chunk) [XVII. Events After the Balance Sheet Date](index=146&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) After the balance sheet date, the company's subsidiary Hangzhou Lianhua Technology Innovation Co., Ltd. established a wholly-owned subsidiary, Hangzhou Zixing Exploration Intelligent Agent Technology Co., Ltd., with a registered capital of **10 million yuan**; the company also established Jiaxing Lianhua Dongzheng Huaze Equity Investment Partnership (Limited Partnership) with a registered capital of **500 million yuan** - In February 2025, subsidiary Hangzhou Lianhua Technology Innovation Co., Ltd. established a wholly-owned subsidiary, Hangzhou Zixing Exploration Intelligent Agent Technology Co., Ltd., with a registered capital of **10 million yuan**[402](index=402&type=chunk) - In July 2025, the company established Jiaxing Lianhua Dongzheng Huaze Equity Investment Partnership (Limited Partnership), with a registered capital of **500 million yuan**, and the company's capital contribution ratio is **69.8%**[402](index=402&type=chunk) [XVIII. Other Significant Matters](index=147&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) As of June 30, 2025, the company had no other significant matters requiring disclosure - As of June 30, 2025, the company had no other significant matters requiring disclosure[403](index=403&type=chunk) [XIX. Notes to Major Items in Parent Company Financial Statements](index=148&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Detailed notes on parent company financial statement items, including accounts receivable, other receivables, and long-term equity investments; accounts receivable balance at period-end was **459,719,266.19 yuan**, with full impairment provisions for receivables from Henan Lianhua Food Trading Co., Ltd. and Henan Lianhua Flour Co., Ltd. - Parent company accounts receivable balance at period-end was **459,719,266.19 yuan**, with full impairment provisions made for receivables from Henan Lianhua Food Trading Co., Ltd. and Henan Lianhua Flour Co., Ltd[406](index=406&type=chunk)[408](index=408&type=chunk) - Parent company other receivables balance at period-end was **61,455,231.16 yuan**, with a larger proportion from intercompany balances with Henan Lianhua Flour Co., Ltd[414](index=414&type=chunk)[422](index=422&type=chunk) - Parent company long-term equity investment book value in subsidiaries at period-end was **319,797,421.06 yuan**, and in associates was **12,438,050.05 yuan**[427](index=427&type=chunk) - Parent company operating revenue for the current period was **1,033,174,712.34 yuan**, with MSG and other amino acid seasonings contributing the most[435](index=435&type=chunk)[437](index=437&type=chunk) - Parent company investment income primarily resulted from the disposal of trading financial assets, amounting to **1,029,051.90 yuan** for the current period[439](index=439&type=chunk) [XX. Supplementary Information](index=159&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) Provides supplementary information including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share; non-recurring gains and losses attributable to common shareholders were **-54,619.91 yuan**, and basic earnings per share was **0.0989 yuan/share** Non-Recurring Gains and Losses Attributable to Common Shareholders | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -1,089,468.53 | | Government grants recognized in current profit or loss | 661,385.00 | | Other non-operating income and expenses | -33,916.57 | | Income tax impact | -3,229.04 | | Impact on minority interests (after tax) | -404,151.15 | | **Non-Recurring Gains and Losses Attributable to Common Shareholders** | **-54,619.91** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (yuan/share) (Basic/Diluted) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 9.08 | 0.0989 | | Net Profit Attributable to Common Shareholders After Deducting Non-Recurring Gains and Losses | 9.08 | 0.0989 |

股票代码：002562 股票简称：兄弟科技 公告编号：2025-056 兄弟科技股份有限公司 2025 年前三季度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日-2025 年 9 月 30 日 2、业绩预告情况：扭亏为盈 同向上升 同向下降 （1）2025 年前三季度预计业绩情况 | 项目 | 2025年1月1日-2025年9月30日 | | 上年同期 | | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | 盈利：10,000.00 万元 | 万元–11,500.00 | 盈利：3,253.91万元 | | | 比上年同期增长：207.32%-253.42% | | | | 扣除非经常性损益 后的净利润 | 盈利：9,700.00 万元 | 万元–11,200.00 | 盈利：2,475.83 万元 | | | 比上年同期增长：291.79%-352.37% | | | | 基本每股收益 | 盈利：0.0940元/股–0.1081元/股 | | ...