浙江佐力药业股份有限公司 2025 年半年度报告全文 浙江佐力药业股份有限公司 2025 年半年度报告 （公告编号：2025-051） 2025 年 8 月 1 浙江佐力药业股份有限公司 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。 公司负责人汪涛、主管会计工作负责人叶利及会计机构负责人(会计主管 人员)冷鹤声明：保证本半年度报告中财务报告的真实、准确、完整。 浙江佐力药业股份有限公司 2025 年半年度报告全文 备查文件目录 一、载有法定代表人签名的 2025 年半年度报告文本； 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及未来计划等前瞻性陈述不构成公司对投资者的实质承诺， 敬请投资者及相关人士理解计划、预测和承诺之间的差异。公司已在本报告 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， 详细描述了公司经营中可能存在的风险，敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本 ...

深圳诺普信作物科学股份有限公司 2025 年半年度报告全文 深圳诺普信作物科学股份有限公司 2025 年半年度报告 证券代码：002215 证券简称：诺普信 披露日期：2025年8月20日 1 深圳诺普信作物科学股份有限公司 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。 公司负责人高焕森、主管会计工作负责人袁庆鸿及会计机构负责人(会计 主管人员)袁庆鸿声明：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。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 1 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 5 | | 第三节 | 管理层讨论与分析 | | 8 | | 第九节 | 其他报送数据 | | 219 | 深圳诺普信作物科学股份有限公司 2025 年半年度报告全文 4 释义项 指 释 ...

华致酒行连锁管理股份有限公司 2025 年半年度报告全文 证券代码：300755 证券简称：华致酒行 公告编号：2025-029 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人杨武勇、主管会计工作负责人胡亮锋及会计机构负责人(会计 主管人员)廖扬刚声明：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。 本报告涉及未来计划等前瞻性陈述，不构成本公司对投资者的实质承诺， 投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测与 承诺之间的差异。 华致酒行连锁管理股份有限公司 2025 年半年度报告 2025 年 08 月 1 华致酒行连锁管理股份有限公司 2025 年半年度报告全文 华致酒行连锁管理股份有限公司 2025 年半年度报告全文 备查文件目录 一、载有公司法定代表人、主管会计工作负责人、会计机构负责人（会计主管人员）签名并盖章的财务报表。 二、报告期内在中国证监会指定网站上公开披露过的所有公司文件的正本及公告的原 ...

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。 2025 年 8 月 1 广东顺钠电气股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 广东顺钠电气股份有限公司 2025 年半年度报告全文 广东顺钠电气股份有限公司 2025 年半年度报告 公司负责人张译军、主管会计工作负责人魏恒刚及会计机构负责人(会计 主管人员)梁小明声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。 公司在本报告"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"部分，详细描述了公司经营发展过程中可能会面临的风险及应对 措施，敬请投资者参阅相关内容。 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 | . | 2 | | --- | --- | | 1 | 1 | | 第一节 | 重 ...

深圳市菲菱科思通信技术股份有限公司 2025 年半年度报告全文 深圳市菲菱科思通信技术股份有限公司 2025 年半年度报告 2025-058 【二〇二五年八月二十日】 1 深圳市菲菱科思通信技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人陈龙发、主管会计工作负责人闫凤露及会计机构负责人(会计 主管人员)操信军声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在本报告"第三节 管理层讨论与分析"之第十部分"公司面临的风 险和应对措施"部分，详细描述了公司经营中可能存在的风险，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 深圳市菲菱科思通信技术股份有限公司 2 ...

普洛药业股份有限公司 2025 年半年度报告全文 普洛药业股份有限公司 2025 年半年度报告 【2025 年 8 月 20 日】 1 普洛药业股份有限公司 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。 公司负责人祝方猛、主管会计工作负责人张进辉及会计机构负责人(会计 主管人员)石新跃声明：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。 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请 投资者注意投资风险。 本报告第三节"管理层讨论与分析"中描述了公司未来经营中可能存在的 风险及应对措施，敬请投资者关注相关内容。 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 日公 司总股本 1,158,443,576 股扣减回购专用证券账户中股份 10,030,000 股后的 股本 1,148,413,576 股为基数，向全体股东每 10 股派发现金红利 3.4835 ...

绍兴贝斯美化工股份有限公司 2025 年半年度报告全文 绍兴贝斯美化工股份有限公司 2025 年半年度报告 2025-066 2025 年 8 月 1 绍兴贝斯美化工股份有限公司 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。 公司负责人钟锡君、主管会计工作负责人屠汶君及会计机构负责人(会计 主管人员)屠汶君声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划、业绩预测等方面的内容，均不构成公司对任 何投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足够的风 险认识，并且应当理解计划、预测与承诺之间的差异。 公司面对的主要风险因素为市场增长不及预期风险、新产品开发风险、安 全及环境保护风险、收购后的整合风险、税收优惠政策变动、汇率波动风险 等。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"中详细描述了公司经营中可能存在的各项风险因素以及应对 ...

软控股份有限公司 2025 年半年度报告全文 软控股份有限公司 2025 年半年度报告 2025 年 08 月 1 软控股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人官炳政、主管会计工作负责人张垚及会计机构负责人(会计主 管人员)廖永健声明：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 2025 年半年度报告中所涉及的未来计划、发展战略等前瞻性陈述不 构成公司对投资者的实质性承诺，敬请投资者及相关人士均对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异，注意投资风险。 公司可能存在的风险因素请查阅本报告"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"相关内容。 公司经本次董事会审议通过的利润分配预案为：以实施权益分派股权登 记日的公司总股本为基数，向全体股东每 10 股派发现金红利 0.50 元（含税）， 送红股 0 股（含税），不以公积金转增股本。 ...

中南红文化集团股份有限公司 2025 年半年度报告全文 中南红文化集团股份有限公司 2025 年半年度报告 2025 年 8 月 20 日 1 中南红文化集团股份有限公司 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。 公司负责人薛健、主管会计工作负责人张弘伟及会计机构负责人(会计主 管人员)陆曙宏声明：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。 请投资者注意阅读本报告"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"中对公司风险提示的相关内容，敬请广大投资者注意 投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 重要提示、目录和释 ...

[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, outlines the report structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility, with all directors attending the review meeting - The company's board and senior management ensure the report's authenticity, accuracy, and completeness, bearing corresponding legal liabilities[5](index=5&type=chunk) - The company approved the 2025 half-year profit distribution plan, proposing a cash dividend of **CNY 2.0 (tax inclusive) per 10 shares**[6](index=6&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This chapter defines key abbreviations for the company and its associated entities, such as "Huabong Pharma," "Yingtai Bio," and "Kaisheng New Materials," providing a foundation for understanding the report's content - The report clarifies abbreviations for the company and its major holding and participating subsidiaries, facilitating investor comprehension of various business entities[13](index=13&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 introduces 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) Huabong Life Health Co Ltd (stock code: 002004) is a company listed on the Shenzhen Stock Exchange, with Zhang Songshan as its legal representative, and its contact information and disclosure locations remained unchanged during the reporting period Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Huabong Health | | Stock Code | 002004 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Zhang Songshan | [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) In the first half of 2025, the company's operating revenue slightly increased by 0.39% year-on-year, while net profit attributable to the parent company grew significantly by 23.90%, and net cash flow from operating activities surged by 46.10%, indicating improved profitability and cash flow management Key Financial Performance | Key Financial Indicator | Current Reporting Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 5,945,032,088.09 | 5,922,042,354.85 | 0.39% | | Net Profit Attributable to Listed Company Shareholders (CNY) | 388,455,625.50 | 313,522,665.65 | 23.90% | | Net Cash Flow from Operating Activities (CNY) | 536,502,508.00 | 367,219,592.32 | 46.10% | | Basic Earnings Per Share (CNY/share) | 0.1969 | 0.1586 | 24.15% | | Weighted Average Return on Net Assets | 4.07% | 3.08% | 0.99% | | Total Assets (CNY) | 29,654,478,331.32 | 29,450,469,334.61 | 0.69% (vs. end of prior year) | | Net Assets Attributable to Listed Company Shareholders (CNY) | 9,748,372,423.62 | 9,337,058,173.60 | 4.41% (vs. end of prior year) | [Non-Recurring Gains and Losses](index=7&type=section&id=%E5%85%AD%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%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's non-recurring gains and losses totaled CNY 40.86 million, primarily from government grants, disposal of non-current assets, and other non-operating income and expenses, contributing to current net profit but with limited sustainability Non-Recurring Items | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 8,922,978.09 | | Government Grants Included in Current Profit/Loss | 29,889,588.05 | | Fair Value Changes and Disposal Gains/Losses of Financial Assets/Liabilities | 7,896,438.05 | | Other Non-Operating Income and Expenses | 27,202,515.53 | | **Total** | **40,858,400.76** | [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 a comprehensive analysis of the company's operational performance, financial condition, and future outlook [Overview of Principal Businesses](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 focuses on the grand health industry, with businesses spanning pharmaceuticals, medical services, agrochemicals, new materials, and tourism; in H1 2025, it achieved CNY 5.945 billion in revenue (+0.39%) and CNY 388 million in net profit attributable to the parent (+23.90%), primarily driven by a recovery in agrochemical and new materials sectors and cost optimization, while pharmaceutical and tourism segments faced challenges - The company's business model is centered on grand health, featuring a diversified development approach with three listed subsidiaries: Yingtai Bio, Kaisheng New Materials, and Lijiang Co Ltd[27](index=27&type=chunk) Key Financial Metrics (H1 2025) | Financial Indicator | H1 2025 Amount (million CNY) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 5,945.03 | 0.39% | | Operating Profit | 666.68 | 18.55% | | Net Profit Attributable to Parent | 388.46 | 23.90% | | Net Profit Attributable to Parent (Excl. Non-Recurring) | 347.60 | 17.62% | [Pharmaceutical Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%8C%BB%E8%8D%AF%E4%B8%9A%E5%8A%A1) The pharmaceutical business covers formulations and APIs in dermatology, anti-infectives, and oncology; during the reporting period, several new products, including the first generic Calcipotriol Betamethasone Ointment, received market approval, and the company leverages its "API + Formulation" integrated model to navigate centralized procurement policies and expand through production base upgrades and marketing channel development - During the reporting period, **6 formulation products**, including Calcipotriol Betamethasone Ointment, received marketing approval, with the latter being the **first generic and first to pass consistency evaluation in China** for psoriasis treatment, marking a significant breakthrough[28](index=28&type=chunk) - The company adheres to an **"API + Formulation" integrated strategy**, with its own API bases ensuring core product supply and mitigating the impact of centralized procurement policies[34](index=34&type=chunk) [Medical Business](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%8C%BB%E7%96%97%E4%B8%9A%E5%8A%A1) The medical business has established a "Medical + Health" ecosystem encompassing basic medical care, rehabilitation, and health and longevity medicine, with institutions like Chongqing Songshan Hospital and Beijing Huasheng Rehabilitation Hospital developing steadily, increasing bed capacity, and actively exploring precision medicine and full-lifecycle health management services - Beijing Huasheng Rehabilitation Hospital's approved bed count increased from **300 to 457**, with steady growth in patient visits[29](index=29&type=chunk)[37](index=37&type=chunk) - The company actively explores precision medicine and full-lifecycle health management, with the opening of Beijing Paracelsus Clinic during the reporting period expanding its health and longevity medicine services[29](index=29&type=chunk)[37](index=37&type=chunk) [Agrochemical Business](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%86%9C%E5%8C%96%E4%B8%9A%E5%8A%A1) The agrochemical business encompasses R&D, production, and sales of pesticide technicals, intermediates, and formulations; despite overall low industry prices, the sector experienced a partial recovery driven by the Northern Hemisphere's spring planting season and overseas restocking demand, leading to a stabilization of the company's agrochemical segment profitability - During the reporting period, the domestic pesticide industry remained affected by supply-demand imbalance, but a rebound in overseas restocking demand led to a partial industry recovery, stabilizing the company's agrochemical segment performance[29](index=29&type=chunk) [New Materials Business](index=13&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%96%B0%E6%9D%90%E6%96%99%E4%B8%9A%E5%8A%A1) The new materials business primarily engages in the R&D, production, and sales of fine chemical products and novel polymer materials (such as PEKK); during the reporting period, the segment's performance significantly increased year-on-year, benefiting from the recovery in agrochemical demand and low raw material prices, which boosted both shipment volumes and gross margins of key products - Benefiting from a rebound in agrochemical demand and low liquid chlorine raw material prices, the company's new materials segment saw increased shipments and gross profit for its main products, leading to significant year-on-year performance growth[30](index=30&type=chunk) [Tourism Business](index=14&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%97%85%E6%B8%B8%E4%B8%9A%E5%8A%A1) The tourism business covers scenic area cableways, transportation, hotels, and performances, leveraging multiple 5A-rated scenic areas like Lijiang Yulong Snow Mountain; despite some scenic areas being affected by adverse weather, the company optimized its operating strategies to achieve year-round operations, resulting in stable overall profit growth for the tourism segment - Despite revenue declines in some scenic areas due to weather factors, the company's efforts to achieve year-round operations in certain areas led to stable overall profit growth for the tourism segment compared to the previous year[30](index=30&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 has established distinct competitive advantages across all its business segments, including strong independent R&D and brand barriers in pharmaceuticals, a differentiated health industry ecosystem and talent advantage in medical services, product portfolio and R&D strengths in agrochemicals, leading technology accumulation and integrated supply chain in new materials, and superior resource integration and brand presence in tourism [Core Competencies of Pharmaceutical Business](index=14&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%8C%BB%E8%8D%AF%E4%B8%9A%E5%8A%A1) The pharmaceutical business's core competitiveness stems from nearly three decades of independent R&D accumulation, a deeply ingrained brand image, a comprehensive omni-channel marketing network, a digital high-end manufacturing platform, and an integrated API and formulation production model, collectively forming the company's competitive barriers in this field - The company boasts a pharmaceutical R&D team of nearly **400 professionals** and multiple national and provincial-level R&D platforms, having successfully developed **2 Class 1 new drugs and over 20 first-generic drugs**[51](index=51&type=chunk) - The company has established a nationwide self-built omni-channel marketing system and is actively expanding into new marketing channels such as e-commerce[52](index=52&type=chunk) [Core Competencies of Medical Business](index=15&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%8C%BB%E7%96%97%E4%B8%9A%E5%8A%A1) The medical business's core competitiveness lies in its differentiated, multi-tiered, full-lifecycle health management services built upon its health industry ecosystem, attracting numerous top-tier and international medical experts, and strategically locating its medical institutions in urban core areas, providing a significant geographical advantage - The company has established a health industry ecosystem encompassing basic medical care, rehabilitation, health management, and anti-aging/longevity services, enabling it to provide differentiated, multi-tiered, full-lifecycle health management services[54](index=54&type=chunk) [Core Competencies of Agrochemical Business](index=16&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%86%9C%E5%8C%96%E4%B8%9A%E5%8A%A1) The agrochemical business's core competencies include a rich product portfolio, a robust independent R&D and innovation system (including a leading GLP laboratory in mainland China), strategic production base layouts across multiple provinces, and stable cooperative relationships with globally renowned agrochemical enterprises - The company offers over **100 products** across three major categories: herbicides, fungicides, and insecticides, holding a leading market share in China[57](index=57&type=chunk) - The company's Beijing GLP laboratory is a **leading pesticide GLP laboratory in mainland China**, enjoying a strong reputation in the industry[57](index=57&type=chunk) [Core Competencies of New Materials Business](index=16&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%96%B0%E6%9D%90%E6%96%99%E4%B8%9A%E5%8A%A1) The new materials business's core competitiveness is rooted in its profound technical accumulation and process advantages, particularly in the thionyl chloride and its downstream products sector, supported by a comprehensive R&D mechanism, an integrated industrial chain strategy, cost advantages from economies of scale, and stable customer relationships with industry giants - The company possesses a solid technical foundation in the **m-/p-phthaloyl chloride chemical industry** and has led or participated in the formulation of multiple industry standards[59](index=59&type=chunk) - The company has established strong cooperative relationships with leading aramid manufacturers such as **Teijin (Japan), Kolon (Korea), and Tayho Advanced Materials**[62](index=62&type=chunk) [Core Competencies of Tourism Business](index=17&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%97%85%E6%B8%B8%E4%B8%9A%E5%8A%A1) The tourism business's core competitiveness lies in its strong resource integration capabilities, enabling it to provide integrated "eat, stay, travel, play, entertain, shop" services; the company operates core tourism businesses in multiple 5A-rated scenic areas and owns high-end brand hotels like Lijiang H&F InterContinental Resort, giving it a significant market competitive advantage - The company has a comprehensive business chain, integrating scenic area cableways, transportation, hotels, and performances to achieve synergistic effects[63](index=63&type=chunk) [Analysis of Principal Operations](index=17&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) During the reporting period, the company's total revenue slightly increased by 0.39%, with the agrochemical and new materials sector revenue growing by 3.52% as the main driver, while pharmaceutical sector revenue declined by 4.16%; in terms of profitability, the pharmaceutical sector boasted a high gross margin of 78.59%, increasing by 2.68 percentage points year-on-year, whereas the agrochemical and new materials sector had a lower gross margin of 14.08% Expense Analysis | Expense Item | Current Reporting Period (CNY) | YoY Change | | :--- | :--- | :--- | | Selling Expenses | 679,396,280.23 | 6.83% | | Administrative Expenses | 514,113,021.04 | -13.13% | | Financial Expenses | 109,606,590.81 | -21.38% | | R&D Investment | 208,763,883.52 | -3.27% | Revenue by Industry Segment | Industry Segment | Operating Revenue (CNY) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Pharmaceutical Industry | 1,625,024,546.38 | 27.33% | -4.16% | | Agrochemical & New Materials Industry | 3,378,138,480.03 | 56.82% | 3.52% | | Tourism Services Industry | 492,836,775.84 | 8.29% | -1.53% | | Medical Services Industry | 191,041,078.70 | 3.21% | 16.55% | [Analysis of Non-Principal Operations](index=19&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, non-principal operations positively contributed to total profit, with investment income reaching CNY 45.60 million, accounting for 6.60% of total profit, primarily from associate companies and wealth management products, while non-operating income of CNY 32.44 million, mainly from government grants and technical compensation, is not sustainable Non-Principal Operations Contribution | Item | Amount (CNY) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 45,604,511.88 | 6.60% | Investment income from associate companies, wealth management products, etc | | Non-Operating Income | 32,436,279.10 | 4.69% | Government grants, technical compensation received, etc | [Analysis of Assets and Liabilities](index=19&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 end of the reporting period, the company's total assets were CNY 29.65 billion, a slight increase of 0.69% from the end of the previous year, maintaining a stable asset-liability structure, with increases in monetary funds and accounts receivable, fixed assets accounting for the highest proportion at 27.28%, and CNY 3.578 billion in restricted assets primarily used for pledged and mortgaged borrowings - The company's asset composition showed no significant changes, with **fixed assets and long-term equity investments** being the non-current assets with the highest proportion[71](index=71&type=chunk) - As of the end of the period, the company had **CNY 3.578 billion in restricted assets**, primarily monetary funds, fixed assets, intangible assets, and long-term equity investments, used as collateral for borrowings[74](index=74&type=chunk) [Analysis of Investment Status](index=20&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) During the reporting period, the company's investment amounted to CNY 393 million, a 37.24% decrease year-on-year, with no significant equity or non-equity investments undertaken; to mitigate exchange rate risks, the company engaged in derivative investments for hedging purposes, including options, swaps, and forward contracts, totaling approximately CNY 405 million at period-end - The investment amount for the reporting period was **CNY 393 million**, a **37.24% decrease** compared to CNY 626 million in the same period last year[75](index=75&type=chunk) - The company engaged in derivative investments for hedging purposes to mitigate exchange rate risks, with the period-end investment amount accounting for **2.54% of the company's net assets**[79](index=79&type=chunk) [Analysis of Major Holding and Participating Companies](index=22&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) During the reporting period, core subsidiaries showed varied performance: Huabong Pharma contributed CNY 303 million in net profit, serving as the primary profit driver; Yingtai Bio achieved CNY 12.96 million in net profit, with performance stabilizing; Kaisheng New Materials and Yulong Snow Mountain also contributed CNY 88.48 million and CNY 128 million in net profit, respectively, demonstrating stable performance Performance of Major Subsidiaries | Company Name | Type | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | | Huabong Pharma | Subsidiary | 1,183,571,839.46 | 303,443,992.59 | | Yingtai Bio | Subsidiary | 2,966,387,661.78 | 12,962,119.77 | | Hanjiang Pharma | Subsidiary | 209,662,344.30 | 74,465,486.26 | | Kaisheng New Materials | Subsidiary | 532,553,352.71 | 88,484,924.76 | | Yulong Snow Mountain | Subsidiary | 439,388,445.40 | 127,527,822.99 | [Risks Faced by the Company and Countermeasures](index=23&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 has comprehensively reviewed the main risks across its five major business segments: the pharmaceutical business faces risks from centralized procurement price reductions; the medical business faces policy and medical incident risks; the agrochemical and new materials businesses face safety production, environmental, and raw material price fluctuation risks; and the tourism business faces safety, market competition, and force majeure risks, with corresponding countermeasures developed for each - The pharmaceutical business faces price reduction risks due to the normalization of centralized drug procurement, which the company addresses by advancing consistency evaluations, improving its product pipeline, and expanding into the retail market[86](index=86&type=chunk) - The agrochemical and new materials businesses face risks from production safety, stricter environmental policies, and raw material price fluctuations, which the company addresses by strengthening internal management, increasing environmental protection investments, and adjusting sales prices[88](index=88&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk) - The tourism business faces risks such as cableway safety, market competition, and force majeure events like natural disasters, which the company addresses by improving safety management systems, integrating operations to enhance competitiveness, and strengthening operational management[94](index=94&type=chunk)[95](index=95&type=chunk) [Corporate Governance, Environment, and Society](index=26&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 corporate governance structure, its environmental protection efforts, and its commitment to social responsibility [Corporate Governance](index=26&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, the company experienced changes in some directors, supervisors, and senior management due to re-election, with Peng Yunhui and Wang Zhengjun departing upon term expiration, Wang Xi elected as a new director, and Hu Jingjing appointed as the new Board Secretary - On May 14, 2025, the company experienced changes in multiple directors, supervisors, and senior management personnel, including the replacement of the Board Secretary, due to re-election[100](index=100&type=chunk) [Profit Distribution](index=26&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company's board approved the 2025 half-year profit distribution plan, proposing a cash dividend of CNY 2.0 (tax inclusive) per 10 shares based on the total share capital after deducting repurchased shares, totaling approximately CNY 395 million in cash, with no bonus shares or capital reserve conversion Profit Distribution Plan | Distribution Plan | Content | | :--- | :--- | | Dividend per 10 shares (CNY) (tax inclusive) | 2.0 | | Share Capital Base for Distribution Plan (shares) | 1,972,852,683 | | Total Cash Dividend Amount (CNY) (tax inclusive) | 394,570,536.60 | | Proportion of Total Cash Dividend to Total Profit Distribution | 100% | [Environment and Social Responsibility](index=26&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its 13 major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with provided inquiry indexes; in terms of social responsibility, the company actively responds to rural revitalization policies through unit assistance, dispatching work teams, and industrial support, and has launched public welfare initiatives such as "Salute to Guardians" - The company and its **13 major subsidiaries** are included in the list of enterprises required to disclose environmental information by law, demonstrating the company's commitment to environmental compliance[105](index=105&type=chunk)[107](index=107&type=chunk) - The company actively fulfills its social responsibilities by supporting rural revitalization through various means and conducting special public welfare initiatives such as **"Salute to Guardians" and "Skin Health Campus Tour"**[108](index=108&type=chunk) [Significant Matters](index=28&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 outlines the company's major legal proceedings, significant contracts, and investment activities during the reporting period [Litigation Matters](index=28&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters; there were other lawsuits not meeting the significance threshold, with the company as plaintiff involving approximately CNY 27.05 million and as defendant involving approximately CNY 295.82 million, none of which are expected to have a material impact on the company's overall operations Litigation Overview | Litigation Role | Amount Involved (million CNY) | Impact | | :--- | :--- | :--- | | As Plaintiff | 27.052 | No significant impact | | As Defendant | 295.8216 | No significant impact | [Significant Guarantees](index=30&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) As of the end of the reporting period, the company's total actual guarantees amounted to CNY 3.669 billion, representing 37.63% of its net assets; these guarantees primarily support subsidiaries' daily operations and project financing, with CNY 451 million provided for entities whose debt-to-asset ratio exceeded 70% Guarantee Details | Guarantee Situation | Amount (million CNY) | | :--- | :--- | | Total Actual Guarantee Balance at Period-End | 3,668.683 | | Proportion of Total Actual Guarantees to Company's Net Assets | 37.63% | | Debt Guarantee Balance Provided for Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70% | 451.0328 | [Wealth Management](index=35&type=section&id=3%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) During the reporting period, the company engaged in wealth management using both自有资金 and募集资金, with a total transaction amount of CNY 1.932 billion; as of the period-end, the outstanding balance was CNY 1.347 billion, primarily in bank and brokerage wealth management products, with no overdue amounts Wealth Management Products | Specific Type | Wealth Management Transaction Amount (million CNY) | Unexpired Balance (million CNY) | | :--- | :--- | :--- | | Bank Wealth Management Products | 1,767.5206 | 1,217.0512 | | Brokerage Wealth Management Products | 164.00 | 130.00 | | **Total** | **1,931.5206** | **1,347.0512** | [Share Changes and Shareholder Information](index=37&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Changes](index=37&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) During the reporting period, the company's total share capital of 1,979,919,191 shares remained unchanged, while restricted shares increased by 609,575 due to changes in directors, supervisors, and senior management personnel and their share lock-up rules, with unrestricted shares decreasing accordingly - The company's total share capital remained unchanged, with minor adjustments in share structure due to changes in directors, supervisors, and senior management personnel and their share lock-up requirements[143](index=143&type=chunk) [Shareholder Information](index=38&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 end of the reporting period, the company had 73,829 common shareholders; Chongqing Huibang Zhuoyuan Technology was the controlling shareholder with 18.71% equity, and Mr Zhang Songshan, the actual controller, directly held 5.91%; some holdings of the controlling shareholder and actual controller among the top ten shareholders were pledged Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | Number of Pledged Shares | | :--- | :--- | :--- | :--- | | Chongqing Huibang Zhuoyuan Technology Co Ltd | 18.71% | 370,449,804 | 185,000,000 | | Zhang Songshan | 5.91% | 117,095,583 | 61,910,000 | | Dong Xiaoming | 3.31% | 65,467,528 | 0 | | Zhang Yizhuo | 2.78% | 55,060,000 | 22,080,000 | [Bond-Related Information](index=41&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's corporate bonds and related financial indicators [Corporate Bonds](index=41&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) In April 2025, the company privately issued a tranche of technology innovation exchangeable corporate bonds, abbreviated as "25 Huabong EB," with a total issuance amount of CNY 600 million, a 3-year term, and a coupon rate of 0.1%, exclusively for professional institutional investors Corporate Bond Details | Bond Abbreviation | Bond Code | Issue Date | Maturity Date | Bond Balance (million CNY) | Coupon Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | 25 Huabong EB | 117227 | 2025-04-21 | 2028-04-22 | 600 | 0.1% | [Key Accounting Data and Financial Indicators (Bond-Related)](index=42&type=section&id=%E5%85%AD%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%E4%B8%A4%E5%B9%B4%E7%9A%84%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) As of the end of the reporting period, the company's solvency indicators showed stable performance, with both the current ratio and quick ratio improving, the asset-liability ratio decreasing from 47.46% to 46.17%, and the interest coverage ratio significantly increasing from 4.12 times to 5.51 times, indicating enhanced earnings coverage of interest expenses Solvency Indicators | Item | End of Current Reporting Period / Current Reporting Period | End of Prior Year / Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.23 | 1.08 | 13.89% | | Asset-Liability Ratio | 46.17% | 47.46% | -1.29% | | Interest Coverage Ratio | 5.51 | 4.12 | 33.74% | | Cash Interest Coverage Ratio | 3.50 | 2.07 | 69.08% | [Financial Report](index=43&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 financial statements and detailed notes, providing a comprehensive view of its financial position and performance [Financial Statements](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter includes the company's unaudited 2025 half-year consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, which comprehensively reflect the company's financial position at the end of the reporting period and its operating results and cash flows during the period - The company's half-year financial report is unaudited[164](index=164&type=chunk) [Notes to Financial Statements](index=57&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This chapter elaborates on the company's basic information, the basis for preparing its financial statements, a statement of compliance with accounting standards, and significant accounting policies and estimates, while also providing detailed notes and explanations for key items within the consolidated financial statements, which are crucial for understanding the financial report - The company's business nature primarily includes pesticides, pharmaceuticals, chemical raw materials, medical health, and tourism services[193](index=193&type=chunk) - The company's actual controller is Mr Zhang Songshan, and the largest shareholder is Chongqing Huibang Zhuoyuan Technology Co Ltd[194](index=194&type=chunk) [Other Submitted Data](index=148&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 provides additional data submitted by the company, including investor relations activities [Investor Relations Activities](index=148&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, on April 25, 2025, the company hosted an online event to engage with various institutional and individual investors, primarily discussing its recent production and operational status and long-term development plans - The company conducted one online investor relations activity during the reporting period, engaging with investors on its operational status and development plans[647](index=647&type=chunk)