芯海科技（深圳）股份有限公司2025 年半年度报告 公司代码：688595 公司简称：芯海科技 芯海科技（深圳）股份有限公司 2025 年半年度报告 1 / 189 芯海科技（深圳）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、 重大风险提示 公司已在本报告中详细描述了可能存在的相关风险，敬请查阅本报告"第三节 管理层讨论与分 析"中关于公司可能面临的各种风险及应对措施部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人卢国建、主管会计工作负责人谭兰兰及会计机构负责人（会计主管人员）谭兰 兰声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者 ...

无锡新洁能股份有限公司2025 年半年度报告 公司代码：605111 公司简称：新洁能 无锡新洁能股份有限公司 2025 年半年度报告 1 / 178 无锡新洁能股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人朱袁正、主管会计工作负责人陆虹及会计机构负责人（会计主管人员）邱莹莹 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 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及公司未来发展计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺 ，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告 ...

深圳震有科技股份有限公司2025 年半年度报告 公司代码：688418 公司简称：震有科技 深圳震有科技股份有限公司 2025 年半年度报告 1 / 232 深圳震有科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告 第三节"管理层讨论与分析"。 四、 本半年度报告未经审计。 五、 公司负责人吴闽华、主管会计工作负责人黎民君及会计机构负责人（会计主管人员）黎民 君声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 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 三、 公司全体董 ...

中海油能源发展股份有限公司 2025 年半年度报告 公司代码：600968 公司简称：海油发展 中海油能源发展股份有限公司 2025 年半年度报告 六、 前瞻性陈述的风险声明 1 / 236 中海油能源发展股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人周天育、主管会计工作负责人种晓洁及会计机构负责人（会计主管人员）郭振声 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 报告期不进行利润分配或资本公积金转增股本。 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质性承诺， 敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This chapter defines key terms used in the report, including company abbreviations, major clients, technical terms, and the reporting period - This section defines key terms used in the report, such as company and subsidiary abbreviations, major clients, technical terms (e.g., connectors, sensors, ADAS), and the reporting period (January 1, 2025, to June 30, 2025)[10](index=10&type=chunk)[11](index=11&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) [Basic Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides Han's basic registration information, contact details, information disclosure channels, and stock overview - The company's Chinese name is Suzhou Han's Intelligent Technology Co., Ltd., stock abbreviation "Han's Intelligent", stock code 688022, listed on the STAR Market of the Shanghai Stock Exchange[13](index=13&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%20%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 decreased by 10.06% year-on-year, but the company achieved a turnaround to profit through strategic adjustments and cost reduction, significantly improving net profit and operating cash flow by 84.41% Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 378,580,383.35 yuan | 420,925,330.20 yuan | -10.06% | | Net Profit Attributable to Shareholders of the Listed Company | 22,935,014.08 yuan | -126,050,893.30 yuan | N/A | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 17,975,393.17 yuan | -119,980,187.14 yuan | N/A | | Net Cash Flow from Operating Activities | -27,173,975.47 yuan | -174,317,418.00 yuan | 84.41% | | **Asset Status** | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders of the Listed Company | 675,783,093.89 yuan | 650,848,643.58 yuan | 3.83% | | Total Assets | 2,621,696,883.66 yuan | 2,980,935,415.04 yuan | -12.05% | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.13 | -0.72 | N/A | | Weighted Average Return on Net Assets (%) | 3.46% | -7.44% | Increased by 10.90 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.71% | -7.08% | Increased by 9.79 percentage points | | R&D Expenditure as a Percentage of Operating Revenue (%) | 2.38% | 8.47% | Decreased by 6.09 percentage points | - The company's turnaround to profit is mainly due to two reasons: first, adjusting order strategies to prioritize high-margin orders; second, reducing costs and increasing efficiency by lowering procurement costs and optimizing personnel structure, leading to increased gross profit and decreased three expenses year-on-year[23](index=23&type=chunk) - The decrease in operating revenue is primarily due to the company's proactive adjustment of its automotive equipment business order strategy, reducing low-margin orders, and strategic adjustments to its new energy business (battery equipment and charging/swapping equipment)[23](index=23&type=chunk) [Non-Recurring Gains and Losses](index=8&type=section&id=%E5%85%AB%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 4.96 million yuan, mainly from fair value changes in financial assets, government grants, and debt restructuring gains Details of Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | -934,591.73 | | Government grants recognized in current profit/loss | 2,603,825.77 | | Gains/losses from changes in fair value and disposal of financial assets/liabilities | 2,964,531.72 | | Debt restructuring gains/losses | 1,837,000.00 | | Other non-operating income and expenses | -870,054.31 | | **Total** | **4,959,620.91** | [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) [Industry and Main Business Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company is a professional provider of overall solutions for intelligent manufacturing equipment for electrical connections, focusing on electrical connection intelligent equipment, and seizing market opportunities in automotive equipment and AI computing center equipment - The company's strategy focuses on **electrical connection intelligent equipment**, primarily serving the automotive and AI computing center sectors[28](index=28&type=chunk) - The company has established long-term stable cooperative relationships with global leading electrical connection enterprises such as Tyco, Amphenol, Yazaki, Kyocera, and Rosenberger[27](index=27&type=chunk) - The company will concentrate resources on its electrical connection intelligent equipment business, focusing on overseas markets, major clients, and high-margin orders to enhance core competitiveness[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=%E4%BA%8C%E3%80%81%20%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) The company operates on a "production based on sales, procurement based on production" customized business model, primarily acquiring orders through direct sales - The company primarily adopts a **"production based on sales, procurement based on production" customized business model**, acquiring orders through direct sales[34](index=34&type=chunk)[35](index=35&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=%E4%B8%89%E3%80%81%20%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 stems from its R&D innovation, customer resources, production capabilities, and international operations, with R&D investment decreasing by 74.77% due to strategic adjustments in new energy business [Competitive Advantages](index=13&type=section&id=%28%E4%B8%80%29%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include R&D innovation, customer resources, production and delivery capabilities, and international operational advantages - The company possesses strong R&D innovation capabilities, having built **10 core technologies** and accumulated **45 invention patents and over 459 core intellectual property rights** by the end of the reporting period[37](index=37&type=chunk) - The company has a high-quality customer base, including seven of the world's top ten automotive parts manufacturers (Continental, Bosch, ZF, etc.) and leading connector manufacturers (Amphenol, TE Connectivity, etc.)[39](index=39&type=chunk) - The company has an international operational advantage, with business covering **over 20 countries worldwide** and subsidiaries in Germany, Hungary, Mexico, Canada, and other locations, establishing localized operational capabilities[42](index=42&type=chunk) [Core Technologies and R&D Progress](index=15&type=section&id=%28%E4%B8%89%29%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) During the reporting period, the company continued to optimize core technologies, achieving significant R&D results in automotive Ethernet harnesses, CCS product lines, and pin insertion machines; total R&D investment was 8.99 million yuan, a year-on-year decrease of 74.77%, mainly due to strategic reduction in new energy business R&D Expenditure | Indicator | Current Period Amount | Prior Year Period Amount | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 8,998,833.88 yuan | 35,667,755.71 yuan | -74.77% | | Total R&D Investment | 8,998,833.88 yuan | 35,667,755.71 yuan | -74.77% | | Total R&D Investment as a Percentage of Operating Revenue (%) | 2.38% | 8.47% | Decreased by 6.09 percentage points | - The decrease in R&D investment is mainly due to the company's strategic reduction in its new energy business direction, and the automotive sector's R&D focus becoming more concentrated with product line specialization[52](index=52&type=chunk) - During the reporting period, the company made key progress in areas such as **automotive Ethernet harnesses**, **CCS intelligent manufacturing solutions**, **pin insertion machines**, and **pulsed strong magnetic welding technology**[47](index=47&type=chunk)[48](index=48&type=chunk) [Risk Factors](index=24&type=section&id=%E5%9B%9B%E3%80%81%20%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces multiple risks, including operational risks (high customer concentration, top five customers accounting for 80.10% of revenue), core competitiveness risks (technological innovation and leakage), management risks, macroeconomic environment risks (trade friction, exchange rate fluctuations), and risks of unstable company control due to actual controller's debt disputes and risks related to the implementation of fundraising projects - Operational risk: In 2025, sales revenue from the **top five customers accounted for 80.10%** of total revenue, indicating high customer concentration[63](index=63&type=chunk) - Control risk: The actual controller, Mr. Cai Changwei, has **99.23% of his directly and indirectly held company shares judicially frozen** due to debt disputes, which may lead to a change in the company's actual control[67](index=67&type=chunk)[68](index=68&type=chunk) - Fundraising project risk: The company has **240 million yuan of idle raised funds** temporarily used to supplement working capital that has not been returned on schedule, which may adversely affect the normal progress of fundraising projects[69](index=69&type=chunk) [Analysis of Key Operating Performance](index=25&type=section&id=%E4%BA%94%E3%80%81%20%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) The company achieved 379 million yuan in operating revenue, a 10.06% decrease, but successfully turned losses into profits with a 36.21% gross profit margin and significant reductions in selling, administrative, and R&D expenses Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 378,580,383.35 | 420,925,330.20 | -10.06 | | Operating Cost | 241,496,988.46 | 374,788,960.86 | -35.56 | | Selling Expenses | 16,984,227.65 | 39,363,960.16 | -56.85 | | Administrative Expenses | 56,640,578.22 | 88,978,437.64 | -36.34 | | R&D Expenses | 8,998,833.88 | 35,667,755.71 | -74.77 | | Financial Expenses | 14,386,241.66 | 18,585,778.26 | -22.60 | | Net Cash Flow from Operating Activities | -27,173,975.47 | -174,317,418.00 | 84.41 | - The company's **comprehensive gross profit margin was 36.21%**, an increase of **25.25 percentage points** year-on-year, primarily due to adjustments in order strategy and cost reduction and efficiency improvement[70](index=70&type=chunk)[72](index=72&type=chunk) [Corporate Governance, Environment, and Society](index=33&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=33&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, independent director He Chao, director and deputy general manager Guo Shibin, and core technical personnel Lan Feng resigned; the company elected Li Xing as director and Zheng Xiang as independent director - During the reporting period, several changes occurred among the company's directors, supervisors, senior management, and core technical personnel, including resignations and appointments of independent directors, directors, deputy general managers, and core technical personnel[87](index=87&type=chunk) [Profit Distribution Plan](index=34&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 capitalization plan for the half-year period - The proposed profit distribution plan and capital reserve capitalization plan for the half-year period is "No"[91](index=91&type=chunk) [Significant Matters](index=35&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) [Major Litigation and Arbitration Matters](index=48&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) During the reporting period, the company was involved in multiple major lawsuits, including a difference make-up payment dispute involving the controlling shareholder, a 60.88 million yuan claim against CATL, and a settled equipment procurement contract dispute - The company's controlling shareholder, Han's Investment, and actual controller, Cai Changwei, are involved in a lawsuit with Jiang Haidong regarding a difference make-up payment, with the second-instance judgment issued and a retrial application currently filed[107](index=107&type=chunk) - The company sued CATL and its subsidiary for a battery swap station contract dispute, demanding a total payment of approximately **60.88 million yuan**, with the case currently under trial[107](index=107&type=chunk) - The company reached a settlement agreement in an equipment procurement contract dispute with Mianyang Gaoxin Exxon New Energy Technology Co., Ltd[108](index=108&type=chunk) [Penalties and Rectification](index=49&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%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%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller received a warning letter from the Jiangsu Securities Regulatory Bureau for delayed information disclosure regarding equity pledge contracts - The controlling shareholder and actual controller received a warning letter from the Jiangsu Securities Regulatory Bureau for failing to timely inform the company of their signed equity pledge contracts and related risks, leading to delayed information disclosure by the company[109](index=109&type=chunk) [Progress of Raised Funds Utilization](index=54&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%20%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 raised a net amount of 940 million yuan in 2023, with 633 million yuan invested; however, 240 million yuan of idle funds for working capital remain unreturned, with a new deadline of November 8, 2025 - As of the end of the reporting period, the **240 million yuan of idle raised funds** temporarily used to supplement working capital had expired and not yet been returned; according to the agreement with the temporary creditors' committee, the return deadline has been extended to November 8, 2025[124](index=124&type=chunk)[125](index=125&type=chunk) - The company used no more than **60 million yuan of idle raised funds** for cash management; as of the end of the reporting period, the balance used for cash management was **60 million yuan**, all in large-denomination certificates of deposit[127](index=127&type=chunk)[128](index=128&type=chunk) [Share Changes and Shareholder Information](index=57&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) [Shareholder Information](index=58&type=section&id=%28%E4%BA%8C%29%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had 9,466 shareholders; the top three shareholders were Suzhou Han's Investment Management Co., Ltd. (27.93% stake), Suzhou Han's Dehe Investment Management Partnership (5.32% stake), and Industrial Bank Co., Ltd. - Huaxia CSI Robotics ETF (1.57% stake); part of the controlling shareholder's shares are frozen Top Five Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | Share Status | | :--- | :--- | :--- | :--- | | Suzhou Han's Investment Management Co., Ltd. | 49,123,978 | 27.93 | Frozen 18,694,368 shares | | Suzhou Han's Dehe Investment Management Partnership (Limited Partnership) | 9,354,013 | 5.32 | None | | Industrial Bank Co., Ltd. - Huaxia CSI Robotics Exchange Traded Fund | 2,756,012 | 1.57 | None | | Ou Peng | 2,329,385 | 1.32 | None | | Suzhou Han's Zhiyuanhe Investment Management Partnership (Limited Partnership) | 2,105,006 | 1.20 | None | - Suzhou Han's Investment Management Co., Ltd., Suzhou Han's Dehe Investment Management Partnership, and Suzhou Han's Zhiyuanhe Investment Management Partnership are enterprises controlled by the same actual controller, Cai Changwei[136](index=136&type=chunk) [Bond-Related Information](index=62&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds](index=62&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[141](index=141&type=chunk) [Financial Report](index=63&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) [Financial Statements](index=63&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - As of June 30, 2025, the company's **total assets were 2.62 billion yuan**, **total liabilities were 1.955 billion yuan**, and **net assets attributable to parent company owners were 676 million yuan**[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - In the first half of 2025, the company achieved **total operating revenue of 379 million yuan**, **total profit of 31.68 million yuan**, and **net profit attributable to parent company shareholders of 22.94 million yuan**[152](index=152&type=chunk)[153](index=153&type=chunk) - In the first half of 2025, the company's **net cash flow from operating activities was -27.17 million yuan**, **net cash flow from investing activities was -31.17 million yuan**, and **net cash flow from financing activities was -46.86 million yuan**[159](index=159&type=chunk)[160](index=160&type=chunk) [Notes to Consolidated Financial Statements](index=122&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details key items in the consolidated financial statements, including assets, liabilities, owners' equity, income, costs, expenses, and cash flows, with a focus on accounts receivable, inventory, and borrowing classifications - As of the end of the period, the company's **accounts receivable book balance was 490 million yuan**, with **146 million yuan provided for bad debts**, resulting in a **book value of 344 million yuan**; accounts receivable aged over 1 year accounted for a relatively high proportion[377](index=377&type=chunk)[380](index=380&type=chunk) - The **inventory book value at period-end was 604 million yuan**, with work-in-progress and merchandise in transit accounting for a larger proportion; the company provided **348 million yuan for inventory impairment**[416](index=416&type=chunk) - The company's **short-term borrowings at period-end were 702 million yuan**, non-current liabilities due within one year were **246 million yuan**, and long-term borrowings were **116 million yuan**, indicating certain short-term solvency pressure[471](index=471&type=chunk)[495](index=495&type=chunk)[498](index=498&type=chunk)

浙江松原汽车安全系统股份有限公司 2025 年半年度报告全文 浙江松原汽车安全系统股份有限公司 2025 年半年度报告 2025-049 2025 年 8 月 1 浙江松原汽车安全系统股份有限公司 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。 公司负责人胡铲明、主管会计工作负责人郭小平及会计机构负责人(会计 主管人员)郭小平声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来计划或规划等前瞻性陈述，均不构成公司对投资 者的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异。 公司已在本报告中详细阐述可能存在的风险及应对措施，详见本报告"第 三节管理层讨论与分析"之"十、公司面临的风险和应对措施"部分，请广 大投资者仔细阅读并注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 316,914,122 为基 数，向全体股东每 ...

[Glossary](index=5&type=section&id=Glossary) This section provides definitions for key terms used throughout the report [Company Profile and Key Financial Indicators](index=7&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Basic Company Information](index=7&type=section&id=Basic%20Company%20Information) This section details Shanghai MicuRx Pharmaceuticals' basic corporate information, including legal representative and addresses, with no changes in the reporting period - The company's legal representative is ZHENGYU YUAN, with its registered and office address located in the Shanghai Free Trade Zone[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue grew 10.26% to 66.97 million CNY, driven by Contezolid sales, with net loss narrowing due to reduced expenses and improved cash flow, despite high R&D intensity Key Accounting Data for H1 2025 | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Period | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 66,969,753.09 CNY | 60,738,238.45 CNY | 10.26% | | **Net Profit Attributable to Shareholders** | -138,674,492.55 CNY | -201,304,246.81 CNY | N/A | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items)** | -143,358,346.31 CNY | -211,520,217.94 CNY | N/A | | **Net Cash Flow from Operating Activities** | -120,704,678.78 CNY | -229,023,837.10 CNY | N/A | | **Total Assets (Period-end)** | 772,902,757.53 CNY | - | -8.98% (Compared to prior year-end) | | **Net Assets Attributable to Shareholders (Period-end)** | 313,375,760.33 CNY | - | -28.61% (Compared to prior year-end) | - Operating revenue increased by **10.26%**, primarily due to increased sales of the self-developed product Contezolid Tablets[22](index=22&type=chunk) - Net loss narrowed year-on-year, mainly due to reduced selling expenses and R&D investment[22](index=22&type=chunk) - R&D investment as a percentage of operating revenue was **173.83%**, a year-on-year decrease of **99.75 percentage points**, primarily due to strict control over R&D expenditures[22](index=22&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) [Main Business and Product Pipeline](index=11&type=section&id=Main%20Business%20and%20Product%20Pipeline) The company's core business is innovative small molecule drug R&D for infectious diseases, with Contezolid Tablets (MRX-1) sales growing 10.26% to 66.97 million CNY, while advancing pipeline products MRX-4, MRX-8, MRX-5, and expanding into oncology and nephrology - The first commercialized product, Contezolid Tablets (MRX-1), generated **66.97 million CNY** in operating revenue during the reporting period, a **10.26%** year-on-year increase[30](index=30&type=chunk) Core R&D Product Pipeline Progress | Product Code | Drug Type | Indication | Latest Progress | | :--- | :--- | :--- | :--- | | **MRX-4** | Contezolid Prodrug | Diabetic Foot Infections, Complicated Skin and Soft Tissue Infections | International multi-center Phase III clinical trials ongoing; NDA for complicated skin infections accepted | | **MRX-8** | Polymyxin Class | Multi-drug Resistant Gram-negative Bacterial Infections | US and China Phase I clinical trials completed | | **MRX-5** | Benzoxaborole Class | Non-tuberculous Mycobacterial (NTM) Infections | Australia Phase I clinical trial completed, China Phase I clinical trial ongoing, and granted FDA Orphan Drug Designation | | **ADC Pipeline** | Antibody-Drug Conjugate | Refractory Solid Tumors | First candidate drug has entered preclinical development | | **MRX-15/17** | Peptide-Drug Conjugate | Renal Cancer and Nephritis | In preclinical research stage | [Business Model](index=15&type=section&id=Business%20Model) The company's business model integrates in-house R&D with CRO outsourcing, MAH for manufacturing, a robust supplier evaluation system for procurement, and a hybrid sales approach combining an in-house team with CSO partnerships - R&D Model: Driven by in-house R&D, with non-core technical research outsourced to CRO service companies[40](index=40&type=chunk) - Production Model: Adopts the Marketing Authorization Holder (MAH) model, entrusting third parties with the production of APIs and formulations[43](index=43&type=chunk) - Sales Model: Combines an in-house commercialization team with external Contract Sales Organizations (CSOs) to accelerate hospital access and market coverage[44](index=44&type=chunk) [Industry Overview and Market Analysis](index=16&type=section&id=Industry%20Overview%20and%20Market%20Analysis) The severe global bacterial resistance crisis drives demand for new antimicrobials; the Chinese oxazolidinone market is expanding, with Contezolid Tablets' segment projected to reach 52.6% of treatment days by 2030, while MRX-8 targets the 25.5 billion CNY Gram-negative market, and MRX-5 addresses unmet NTM needs, with industry trends favoring innovative, safe, oral, and narrow-spectrum antibiotics - Global antimicrobial resistance is one of the greatest threats to global health, food security, and development, projected to cause **10 million deaths worldwide by 2050**[47](index=47&type=chunk) - The share of oxazolidinone drugs (the class to which Contezolid belongs) in China's treatment days is projected to increase from **44.8% in 2024 to 52.6% by 2030**[76](index=76&type=chunk)[77](index=77&type=chunk) - The market size for antibacterial drugs targeting multi-drug resistant Gram-negative bacterial infections in China is projected to grow from **19.9 billion CNY in 2024 to 25.5 billion CNY by 2030**[106](index=106&type=chunk)[109](index=109&type=chunk) - Industry Trends: Innovative anti-resistant bacterial drugs, emphasis on safety, oral formulations, and narrow-spectrum antibiotics are key development directions for the future antimicrobial market[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) [Discussion and Analysis of Operations](index=38&type=section&id=Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved steady operational growth, with Contezolid Tablets commercialization covering 580 hospitals and sales up 10.26%, while advancing pipeline products MRX-4, MRX-8, and MRX-5, and enhancing academic influence - Contezolid Tablets commercialization progress: Covered **580 hospitals** nationwide, achieved access and temporary procurement in **180 hospitals**, with a commercialization team of **82 people**[134](index=134&type=chunk) - Contezolid Tablets sales performance: Achieved operating revenue of **66.97 million CNY**, a year-on-year increase of **10.26%**[135](index=135&type=chunk) - R&D pipeline progress: MRX-4's NDA accepted; MRX-4 international multi-center Phase III clinical trial for diabetic foot infections enrolled **465 patients**; MRX-8 China Phase I clinical trial completed; MRX-5 China Phase I clinical trial enrolled **19 patients**[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) [Analysis of Core Competencies](index=41&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies include strong R&D with dual US-China centers, a differentiated product strategy for unmet needs, a professional global commercialization team, a rich R&D pipeline with three core technology platforms, and policy support for key products accelerating internationalization - The company possesses three core technologies: drug molecule design and discovery, metabolism-based drug design and optimization, and targeted therapy platform technologies (PDC and ADC)[149](index=149&type=chunk) - Core product Contezolid Tablets and its prodrug MRX-4 received **FDA Qualified Infectious Disease Product (QIDP)** and **Fast Track designations** in the US, while MRX-5 was granted **FDA Orphan Drug Designation**[147](index=147&type=chunk) R&D Investment Overview | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | **Expensed R&D Investment** | 116,413,285.79 CNY | 166,167,389.94 CNY | -29.94% | | **Total R&D Investment** | 116,413,285.79 CNY | 166,167,389.94 CNY | -29.94% | | **R&D Investment as % of Revenue** | 173.83% | 273.58% | -99.75 percentage points | [Risk Factors](index=45&type=section&id=Risk%20Factors) The company faces multiple risks, including ongoing losses from high R&D and commercialization costs, operational risks like clinical trial failures and reliance on a single product/supplier, governance risks due to no controlling shareholder, and financial/regulatory risks - Unprofitability Risk: The company has continuously invested heavily in R&D since its inception, has not yet achieved profitability, and has accumulated uncompensated losses[162](index=162&type=chunk) - Commercialization Risk: Short-term operating performance relies on the single product Contezolid Tablets, facing risks of market promotion falling short of expectations[167](index=167&type=chunk) - Single Supplier Risk: Commercialized products are exclusively manufactured by Zhejiang Huahai, posing a risk of insufficient drug supply[168](index=168&type=chunk) - No De Facto Controller Risk: The company's dispersed equity structure may lead to governance instability or inefficient decision-making[169](index=169&type=chunk) [Corporate Governance, Environment, and Society](index=53&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=53&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's Board Secretary changed from Mr. Li Zhile to Ms. Nie Anna, with no changes to core technical personnel - The company's Board Secretary changed from Li Zhile to Nie Anna[188](index=188&type=chunk) [Profit Distribution and Equity Incentives](index=53&type=section&id=Profit%20Distribution%20and%20Equity%20Incentives) During the reporting period, the company had no half-year profit distribution or capital reserve capitalization plans, and completed share registration for the first vesting period of the 2023 restricted stock incentive plan's initial grant - The company had no half-year profit distribution or capital reserve capitalization plans during the reporting period[190](index=190&type=chunk) - The company completed the share registration for the first vesting period of the initial grant under the 2023 Restricted Stock Incentive Plan[191](index=191&type=chunk) [Significant Matters](index=56&type=section&id=Significant%20Matters) [Major Litigation and Arbitration Matters](index=72&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company's wholly-owned subsidiary MicuRx US filed a contract dispute lawsuit against CRO service provider Medpace, Inc., which is ongoing and has not yet gone to trial, with no significant adverse impact on operations - The company's wholly-owned subsidiary MicuRx US filed a lawsuit against CRO service provider Medpace, Inc. for contract disputes; the case has been filed but not yet heard[216](index=216&type=chunk)[217](index=217&type=chunk) [Progress of Proceeds from Fundraising](index=75&type=section&id=Progress%20of%20Proceeds%20from%20Fundraising) The company's net IPO proceeds were 960 million CNY, with 764 million CNY (79.62%) cumulatively invested by period-end in R&D, marketing, and operations, while up to 500 million CNY of idle funds are used for cash management Overall Utilization of Proceeds from Fundraising | Item | Amount (CNY) | | :--- | :--- | | **Net Proceeds from Fundraising** | 959,727,898.12 | | **Amount Invested This Year** | 72,818,353.03 | | **Cumulative Amount Invested as of Period-end** | 764,136,874.43 | | **Cumulative Investment Progress as of Period-end** | 79.62% | - The company approved using up to **500 million CNY** of temporarily idle proceeds for cash management, for a period of **12 months** from the date of Board approval[231](index=231&type=chunk) [Share Changes and Shareholder Information](index=79&type=section&id=Share%20Changes%20and%20Shareholder%20Information) [Share Change Information](index=79&type=section&id=Share%20Change%20Information) During the reporting period, the company's total share capital increased by **395,407 shares** to **655,605,491 shares** due to the vesting of restricted shares under the 2023 incentive plan - During the reporting period, the company's total share capital increased by **395,407 shares** to **655,605,491 shares** due to the implementation of the equity incentive plan[234](index=234&type=chunk)[235](index=235&type=chunk) [Shareholder Information](index=80&type=section&id=Shareholder%20Information) As of period-end, the company had **14,444 common shareholders**, with the top three holding over 10% each, indicating a dispersed equity structure with no controlling shareholder or de facto controller - As of the end of the reporting period, the company had a total of **14,444 shareholders**[237](index=237&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end | Percentage (%) | | :--- | :--- | :--- | | Genie Pharma | 71,572,817 | 10.92 | | MicuRx（HK）Limited | 70,756,084 | 10.79 | | Best Idea International Limited | 68,752,718 | 10.49 | | JSR Limited | 38,579,770 | 5.88 | | GP TMT Holdings Limited | 18,371,317 | 2.80 | | Huagai Capital...Beijing Huagai Xincheng... | 16,441,633 | 2.51 | | Zhao Ji | 16,300,000 | 2.49 | | Zhao Jianping | 16,000,000 | 2.44 | | Xinyi Youmaikesi Financial Consulting Center... | 15,217,545 | 2.32 | | Zhejiang Huahai Pharmaceutical Co., Ltd. | 8,307,401 | 1.27 | [Bond-Related Information](index=84&type=section&id=Bond-Related%20Information) [Corporate Bond Information](index=84&type=section&id=Corporate%20Bond%20Information) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds or convertible corporate bonds[246](index=246&type=chunk) [Financial Report](index=85&type=section&id=Financial%20Report) [Financial Statement Summary](index=85&type=section&id=Financial%20Statement%20Summary) As of June 30, 2025, total assets were **773 million CNY**, total liabilities **460 million CNY**, and equity **313 million CNY**; H1 2025 saw **66.97 million CNY** revenue, **139 million CNY** net loss, **-121 million CNY** operating cash flow, and **237 million CNY** cash and equivalents Consolidated Financial Statement Key Data Summary (Jan-Jun 2025) | Indicator | Amount (CNY) | | :--- | :--- | | **Balance Sheet (Period-end)** | | | Total Assets | 772,902,757.53 | | Total Liabilities | 459,526,997.20 | | Equity Attributable to Parent Company Owners | 313,375,760.33 | | **Income Statement (Reporting Period)** | | | Total Operating Revenue | 66,969,753.09 | | Total Operating Costs | 209,906,680.34 | | Net Profit | -138,674,492.55 | | **Cash Flow Statement (Reporting Period)** | | | Net Cash Flow from Operating Activities | -120,704,678.78 | | Net Cash Flow from Investing Activities | 37,538,810.77 | | Net Cash Flow from Financing Activities | 47,673,187.41 | | Cash and Cash Equivalents at Period-end | 236,905,387.67 | [Summary of Notes to Consolidated Financial Statements](index=129&type=section&id=Summary%20of%20Notes%20to%20Consolidated%20Financial%20Statements) Notes to financial statements show period-end cash of **269 million CNY**, financial assets held for trading of **253 million CNY**, and accounts receivable of **37.76 million CNY** (4% allowance); R&D expenses were **116 million CNY** (down **29.94%**); long-term borrowings totaled **136 million CNY**, and **15.26 million CNY** in share-based payment expenses were recognized - Period-end cash and cash equivalents totaled **269 million CNY**, with **97.67 million CNY** held overseas[386](index=386&type=chunk) - R&D expenses for the period amounted to **116 million CNY**, a year-on-year decrease of **29.94%**, primarily comprising outsourced R&D expenses (**82.14 million CNY**) and employee compensation (**20.32 million CNY**)[483](index=483&type=chunk) - Total share-based payment expenses recognized this period were **15.26 million CNY**, recorded under selling, general and administrative, and R&D expenses[552](index=552&type=chunk) - The company has pending litigation, with subsidiary MicuRx US suing CRO service provider Medpace for contract disputes; the case has been filed but not yet heard[553](index=553&type=chunk)[555](index=555&type=chunk)

北京科拓恒通生物技术股份有限公司 2025 年半年度报告全文 北京科拓恒通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。 公司负责人刘晓军、主管会计工作负责人余子英及会计机构负责人(会计 主管人员)余子英声明：保证本半年度报告中财务报告的真实、准确、完整。 北京科拓恒通生物技术股份有限公司 2025 年半年度报告 2025-029 2025 年 8 月 20 日 1 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 7 | | 第三节 | 管理层讨论与分析 10 | | 第四节 | 公司治理、环境和社会 36 | | 第五节 | 重要事项 38 | | 第六节 | 股份变动及股东情况 46 | | 第七节 | 债券相关情况 51 | | 第八节 | 财务报告 52 | 北京科拓恒通生物技术股份有限公司 2025 年半年度报告全文 备查文件目录 1、载有公司法定代 ...

2025 年半年度报告 （公告编号：2025-042） 深圳市农产品集团股份有限公司 2025 年半年度报告全文 2025 年 8 月 深圳市农产品集团股份有限公司 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。 公司法定代表人黄伟先生、总裁张磊先生、财务总监向自力先生、主管 会计工作负责人林冠平先生及会计机构负责人郭矿先生声明：保证本半年度 报告中财务报告的真实、准确、完整。 审议本报告的董事会会议为第九届董事会第二十八次会议，董事王慧敏 女士因公未出席本次会议，委托董事向自力先生代为出席并表决；其余董事 均以现场或通讯方式出席了审议本次半年报的董事会会议。 公司 2025 年半年度计划不派发现金红利，不送红股，不以公积金转增股 本。 公司农产品批发市场业务面临的机遇和挑战以及农产品批发市场行业和 政策环境变化等内容详见本报告"第三节 管理层讨论与分析"。本报告中涉 及未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者理性 ...

[Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's fundamental information and a summary of its key financial performance indicators [Basic Company Information](index=4&type=section&id=I.%20Company%20Information) This chapter provides basic information about Guizhou Chitianhua Co., Ltd., including its name, stock code, legal representative, contact details, and registered and office addresses, noting a name and stock abbreviation change in 2023 Basic Company Information | Item | Information | | :--- | :--- | | **Company Chinese Name** | Guizhou Chitianhua Co., Ltd. | | **Company Chinese Abbreviation** | Chitianhua | | **Stock Code** | 600227 | | **Stock Abbreviation Before Change** | Shengjitang | | **Legal Representative** | Ding Linhong | | **Registered Address** | Pharmaceutical Park, Qingzhen City, Guiyang, Guizhou Province | | **Office Address** | Chitianhua Building, No. 28 Yangguan Avenue, Guanshanhu District, Guiyang, Guizhou Province | [Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 5.86% year-on-year, but net profit attributable to shareholders expanded its loss, while net cash flow from operating activities significantly grew by 74.67%, and total assets and net assets slightly decreased from the beginning of the period Main Accounting Data | Main Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Million Yuan) | 1,129.55 | 1,067.05 | 5.86 | | Net Profit Attributable to Shareholders (Million Yuan) | -48.95 | -36.74 | Not Applicable | | Net Cash Flow from Operating Activities (Million Yuan) | 170.91 | 97.84 | 74.67 | | **Asset Status** | **End of Current Period** | **End of Prior Year** | **Period-end vs. Period-start Change (%)** | | Total Assets (Million Yuan) | 4,626.12 | 4,835.57 | -4.33 | | Net Assets Attributable to Shareholders (Million Yuan) | 2,501.22 | 2,544.80 | -1.71 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.0290 | -0.0217 | Not Applicable | | Weighted Average Return on Net Assets (%) | -1.94 | -1.38 | Decreased by 0.56 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 1.12 million Yuan, primarily from government subsidies, partially offset by other net non-operating income and expenses Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Million Yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 1.97 | | Gains or losses from debt restructuring | -0.04 | | Other non-operating income and expenses apart from the above | -0.94 | | Other income and loss items meeting the definition of non-recurring gains and losses | 0.12 | | **Total** | **1.12** | [Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operational performance, financial condition, and future outlook [Industry and Main Business Overview](index=7&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main businesses span three segments: chemicals, medical services, and coal, with core products including urea and methanol in chemicals, specialized oncology hospital services in medical, and anthracite and thermal coal mining and sales in coal, detailing each segment's products, operating models, and market conditions - The company primarily operates in three major businesses: - **Chemical Business**: Wholly-owned subsidiary Tongzi Chemical, with main products including urea, methanol, and compound fertilizers - **Medical Services Business**: Wholly-owned subsidiary Daqin Hospital, a tertiary specialized oncology hospital - **Coal Business**: Wholly-owned subsidiary Anjia Mining, responsible for coal mining and sales at Huaqiu No. 2 Mine[26](index=26&type=chunk) - Operating models for each business segment: - **Chemicals**: Raw material coal purchased with annual volume lock and monthly pricing; continuous production with annual overhauls; sales primarily through distributors, with methanol also direct sales - **Medical**: Procurement of drugs, consumables, and other materials based on demand plans, through invitation for bids, competitive negotiations, and price inquiries; services provided under the philosophy of 'specialized disease, specialized department, specialized treatment' - **Coal**: Utilizes underground mining and comprehensive mining technology; sales channels primarily Tongzi Chemical and Tongzi Power Plant, with pricing based on market rates[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - In the first half of 2025, domestic urea prices initially rose then fell, the compound fertilizer market showed cost-driven increases, and methanol prices generally exhibited a trend of 'initial rise, then fall, followed by recovery'[32](index=32&type=chunk)[34](index=34&type=chunk)[37](index=37&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved operating revenue of 1.13 billion Yuan, a 5.86% year-on-year increase, while net profit attributable to the parent company was -48.95 million Yuan, with losses expanding year-on-year, driven by increased chemical product sales and rising medical service volumes, though overall net profit declined due to continued losses in medical and coal businesses despite increased chemical profitability Business Segment Performance | Business Segment | Operating Revenue (Million Yuan) | YoY Change | Total Profit (Million Yuan) | YoY Change | Operational Highlights | | :--- | :--- | :--- | :--- | :--- | :--- | | **Chemical Business** | 1,038.82 | +2.59% | 101.64 | +11.14% | Increased urea and methanol production and sales, decreased raw coal prices | | **Medical Services Business** | 68.36 | +52.61% | -67.49 | Loss reduced by 3.72 million Yuan | Steady increase in business scale, oncology patients account for 70% | | **Coal Business** | 21.31 | +190.70% | -65.46 | (Loss) | Significant increase in raw coal production and sales, but still loss-making due to falling market prices and costs | - Tongzi Chemical improved production efficiency and cost control through technical upgrades, reducing standard coal consumption per ton of ammonia by **100 kg/t** and power consumption by **55.09 kWh/t** year-on-year[45](index=45&type=chunk) - Daqin Hospital rapidly developed its business through deepened community collaboration, introduction of cutting-edge technologies (such as the Yttrium-90 assistance program), and establishment of an internet hospital, with oncology department revenue reaching **29.57 million Yuan**[46](index=46&type=chunk) - Anjia Mining advanced safety production standardization and updated comprehensive mining equipment, leading to a **445.38%** year-on-year increase in output, but annual plan completion was below expectations due to gas management and policy-related shutdowns[47](index=47&type=chunk)[49](index=49&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from unique advantages across its three business segments: strong brand, channels, and upstream/downstream integration in chemicals; a top-tier expert team and advanced diagnostic equipment in medical services; and abundant resource reserves, superior geographical location, and high mechanization levels in coal - **Chemical Business**: - **Brand and Channels**: 'Chi' brand urea holds a high market share in Guizhou with strong brand loyalty - **Technology and Location**: Utilizes world-leading technology for high product quality; strategically located at a transportation hub, offering significant logistics advantages - **Upstream and Downstream Integration**: Anjia Mining can supply fuel coal, reducing production costs - **R&D Innovation**: Obtained **8** utility model patent authorizations during the reporting period[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - **Medical Services Business**: - **Expert Team**: Comprises over **50** oncology diagnosis and treatment experts from Beijing, Huaxi, and other regions - **Diagnostic Equipment**: Equipped with nearly **300 million Yuan** worth of international top-tier equipment, such as CyberKnife M6 and PET-CT - **Technological Leadership**: Approved as the first in Guizhou Province for the Yttrium-90 microsphere precision interventional therapy project, filling a provincial gap[53](index=53&type=chunk)[54](index=54&type=chunk) - **Coal Business**: - **Resources and Synergy**: Huaqiu No. 2 Mine boasts abundant coal reserves and excellent coal quality, forming significant synergistic effects with the company's chemical and power plants - **Geographical Location**: Proximate to major transportation lines, facilitating convenient transport and effectively reducing logistics costs - **Production Efficiency**: Achieved **100%** mechanization coverage in mining and excavation, ensuring safe and efficient production[54](index=54&type=chunk)[55](index=55&type=chunk) [Financial Analysis of Key Operating Conditions](index=14&type=section&id=IV.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) This chapter provides an in-depth financial analysis of the company's operating conditions, noting a synchronous increase in operating revenue and costs, an 88% surge in selling expenses due to hospital marketing, significant reductions in prepayments and construction in progress, and a detailed discussion of risks faced by each business segment along with corresponding countermeasures [Analysis of Financial Statement Account Changes](index=14&type=section&id=1.%20Analysis%20Table%20of%20Changes%20in%20Financial%20Statement%20Accounts%20Related%20to%20Main%20Business%20Analysis) During the reporting period, operating revenue and costs grew largely in sync, selling expenses surged by 87.99% year-on-year primarily due to increased marketing costs for Daqin Hospital and power coal subsidies for Anjia Mining, R&D expenses decreased by 31.32% due to reduced energy costs in chemical R&D, and net cash flow from operating activities increased by 74.67% year-on-year, mainly driven by higher sales collections Financial Statement Account Changes | Account | Current Period Amount (Million Yuan) | Prior Period Amount (Million Yuan) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,129.55 | 1,067.05 | 5.86 | Increased methanol and coal production/sales and hospital patient visits | | Selling Expenses | 15.64 | 8.32 | 87.99 | Increased marketing expenses for Daqin Hospital and power coal subsidies for Anjia Mining | | R&D Expenses | 22.96 | 33.43 | -31.32 | Reduced energy costs consumed in chemical R&D | | Net Cash Flow from Operating Activities | 170.91 | 97.84 | 74.67 | Increased cash received from sales of goods and provision of services | [Analysis of Assets and Liabilities](index=15&type=section&id=(II)%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were 4.63 billion Yuan, a 4.33% decrease from the beginning of the period, with key changes including a 49.36% reduction in prepayments due to decreased coal prepayments, an 88.07% significant decrease in construction in progress due to the capitalization of hospital staff dormitories, and a 29.25% increase in short-term borrowings due to increased financial institution loans Assets and Liabilities Changes | Item Name | Current Period End Amount (Million Yuan) | Prior Year End Amount (Million Yuan) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 74.54 | 147.20 | -49.36 | Decrease in prepaid coal purchase payments | | Construction in Progress | 9.17 | 76.88 | -88.07 | Capitalization of Daqin Hospital staff dormitories | | Short-term Borrowings | 568.96 | 440.19 | 29.25 | Increase in financial institution borrowings | | Contract Liabilities | 101.70 | 170.02 | -40.18 | Decrease in balance of advances from customers | [Analysis of Major Holding and Participating Companies](index=18&type=section&id=(V)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, core subsidiary Tongzi Chemical achieved a net profit of 102 million Yuan, serving as the company's primary profit source, while Daqin Hospital and Anjia Mining remained in a loss-making state, with net losses of 67.49 million Yuan and 63.62 million Yuan respectively, dragging down the company's overall performance Major Holding and Participating Companies Performance | Company Name | Main Business | Total Assets (Million Yuan) | Net Assets (Million Yuan) | Operating Revenue (Million Yuan) | Net Profit (Million Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Tongzi Chemical** | Chemical Products | 2,738.25 | 1,643.72 | 1,038.82 | 101.63 | | **Daqin Hospital** | Medical Services | 1,131.70 | 317.20 | 68.36 | -67.49 | | **Anjia Mining** | Coal Mining | 1,061.64 | -141.10 | 21.31 | -63.62 | [Risk Analysis](index=19&type=section&id=(I)%20Potential%20Risks) The company faces multiple risks across its three business segments: chemicals, medical, and coal, with chemical industry risks including raw material supply, product market fluctuations, and environmental regulation; medical industry risks encompassing policy, talent, and competition; and coal industry risks involving industry oversight and safety/environmental production, for which the company has developed corresponding countermeasures - **Chemical Industry Risks**: - Raw coal supply and price fluctuation risks - Product market price downturn risks - Strengthened environmental regulation and 'dual carbon' policy risks[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - **Medical Services Industry Risks**: - Medical policy change risks - Risk of high-level medical talent loss and recruitment difficulty - Medical quality and technology risks, and intensified market competition risks[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) - **Coal Industry Risks**: - Tightening industry regulation, potentially facing production halts for rectification - Safety and environmental production risks, such as gas exceedance or outburst risks[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Corporate Governance, Environment, and Society](index=22&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, including personnel changes, and outlines its commitment to environmental protection and social responsibility initiatives [Corporate Governance and Social Responsibility](index=22&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company saw a change in supervisors with Ms. Yang Yang's resignation and Mr. Cai Zhanwei's election as the new supervisor, with no profit distribution or capital reserve capitalization plan for the half-year, while actively engaging in rural revitalization and other public welfare activities, donating a total of 1.04 million Yuan in cash and goods during the first half - In January 2025, company supervisor Ms. Yang Yang resigned due to work adjustments, and the shareholders' meeting elected Mr. Cai Zhanwei as the new supervisor[82](index=82&type=chunk) - The company has no profit distribution or capital reserve capitalization plan for this half-year period[83](index=83&type=chunk) - During the reporting period, the company actively fulfilled its social responsibilities, donating a total of **1.04 million Yuan** in cash and goods in the first half for rural revitalization, student aid, social welfare, and free medical clinics[85](index=85&type=chunk) [Significant Matters](index=24&type=section&id=Section%20V%20Significant%20Matters) This section details key events and developments impacting the company, including commitment fulfillment, major litigation, related party transactions, and the use of raised funds [Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) This chapter outlines various commitments made by relevant parties since the company's major asset restructuring in 2016 and asset swap transaction in 2023, noting that shareholder Yuyang Company has not fully met its performance compensation obligations due to its pledged shares, while other commitments regarding non-competition, related-party transactions, and maintaining the listed company's independence remain ongoing - Shareholder Yuyang Company failed to meet its performance commitments for 2016-2019 and has not fully fulfilled its performance compensation obligations due to all its company shares being pledged[88](index=88&type=chunk) - The company's controlling shareholder and actual controller's commitments regarding avoiding horizontal competition, regulating related-party transactions, and ensuring the listed company's independence remained effective and were complied with during the reporting period[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk) - In the 2023 asset swap transaction, the counterparty committed to achieving agreed net profits for the injected assets during the 2023-2027 performance commitment period, with a cash compensation mechanism in place[93](index=93&type=chunk) [Major Litigation and Arbitration Matters](index=32&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company was involved in two major lawsuits: a debt dispute case related to subsidiary Huaqiu Mining, where the second instance final judgment upheld the first instance, dismissing claims unfavorable to the company, and a goods payment dispute lawsuit initiated by the company, which concluded as the opposing party did not appeal, though the related accounts receivable have been fully provisioned for bad debts - Regarding the debt dispute between Yuetong Company and Huaqiu Mining, the second instance judgment upheld the original verdict, dismissing the plaintiff's claims for the company to bear repayment responsibilities, and this final judgment had no substantial impact on the company[95](index=95&type=chunk) - The lawsuit initiated by the company regarding outstanding payments from Guizhou Provincial Agricultural Production Materials Company concluded after the first instance judgment as the opposing party did not appeal; the company has fully provisioned for bad debts on this **17.89 million Yuan** receivable[97](index=97&type=chunk) [Major Related Party Transactions](index=33&type=section&id=X.%20Major%20Related%20Party%20Transactions) During the reporting period, the company conducted multiple routine related-party transactions, all within the scope of annual forecasts and shareholder approval, primarily involving the procurement of drugs and medical equipment from related parties, and payment of guarantee fees to related parties, with all transactions implemented as planned - The company anticipates total routine related-party transactions of approximately **65.80 million Yuan** for 2025, including product purchases, catering services, and property leases, all of which were implemented within the approved scope during the reporting period[100](index=100&type=chunk) - The company approved guarantee fee payments to related parties such as Chitianhua Group not exceeding an estimated **34.64 million Yuan**, with **1.51 million Yuan** paid during the reporting period[101](index=101&type=chunk)[102](index=102&type=chunk) [Explanation of Progress in Use of Raised Funds](index=38&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company raised a net amount of 1.94 billion Yuan in 2016, with cumulative investment reaching 1.60 billion Yuan by the end of the reporting period, representing an 82.08% progress rate, and during the period, the company decided to close the 'Guiyang Guanshanhu Oncology Hospital and Guiyang Shengjitang Diabetes Hospital Construction Project' and permanently supplement working capital with the remaining 357 million Yuan (including interest), with relevant special accounts now cancelled - The company adjusted the investment scale and closed the 'Guiyang Guanshanhu Oncology Hospital and Guiyang Shengjitang Diabetes Hospital Construction Project' due to a reduction in actually approved land area and the existing scale's ability to meet market demand[109](index=109&type=chunk)[115](index=115&type=chunk) - In June 2025, the company permanently supplemented working capital with remaining raised funds of **356.92 million Yuan** (including interest) and completed the cancellation procedures for the relevant special fundraising accounts[110](index=110&type=chunk)[115](index=115&type=chunk) [Share Changes and Shareholder Information](index=43&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital movements and detailed information on its shareholders, including major holders and their shareholding status [Shareholder Information](index=43&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 67,801 common shareholders, with controlling shareholder Guizhou Yuyang Trading Co., Ltd. holding 26.25% of shares, all of which are pledged, and China Great Wall Asset Management Co., Ltd. and its concerted parties holding a significant combined stake among the top ten shareholders Top Shareholders | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Guizhou Yuyang Trading Co., Ltd. | 443,326,840 | 26.25 | Pledged | 443,326,840 | | Great Wall Guorong Investment Management Co., Ltd. | 95,660,378 | 5.66 | None | - | | China Great Wall Asset Management Co., Ltd. | 94,339,622 | 5.59 | None | - | - As of the end of the reporting period, the company had a total of **67,801** common shareholders[121](index=121&type=chunk) [Bond-Related Information](index=46&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides an overview of the company's bond instruments, including corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible bonds [Corporate Bond Information](index=46&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during this reporting period[129](index=129&type=chunk) [Financial Report](index=47&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and specific financial items [Financial Statements](index=47&type=section&id=II.%20Financial%20Statements) This chapter includes the company's unaudited consolidated and parent company financial statements for the first half of 2025, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows for the first half of the year - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **4.63 billion Yuan**, total liabilities were **2.13 billion Yuan**, and owners' equity attributable to the parent company was **2.50 billion Yuan**[131](index=131&type=chunk)[133](index=133&type=chunk) - The consolidated income statement indicates that in the first half of 2025, the company achieved total operating revenue of **1.13 billion Yuan**, a total loss of **50.59 million Yuan**, and net loss attributable to parent company shareholders of **48.95 million Yuan**[138](index=138&type=chunk)[139](index=139&type=chunk) - The consolidated cash flow statement shows that in the first half of 2025, net cash flow from operating activities was **171 million Yuan**, net cash flow from investing activities was **-62 million Yuan**, and net cash flow from financing activities was **-119 million Yuan**[145](index=145&type=chunk)[147](index=147&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The company's financial statements are prepared on a going concern basis in accordance with enterprise accounting standards, with this chapter detailing key accounting policies such as financial instrument classification and measurement, recognition of expected credit losses, inventory valuation methods, fixed asset depreciation, intangible asset amortization, capitalization conditions for research and development expenditures, and revenue recognition principles - **Revenue Recognition**: Revenue is recognized when the customer obtains control of the related goods or services; chemical products are typically recognized upon customer pickup or delivery to a designated location, while medical services are recognized upon provision[242](index=242&type=chunk)[243](index=243&type=chunk) - **Impairment of Financial Assets**: Impairment accounting is performed based on expected credit losses; for accounts receivable, loss provisions are always measured at an amount equal to the expected credit losses over the entire lifetime[192](index=192&type=chunk)[195](index=195&type=chunk) - **Research and Development Expenditures**: Distinguished into research and development phases; research phase expenditures are expensed, while development phase expenditures are capitalized when specific conditions are met[229](index=229&type=chunk) - **Depreciation of Fixed Assets**: Calculated using the straight-line method, with depreciation periods of **20-40 years** for buildings and structures, and **5-18 years** for machinery and equipment[223](index=223&type=chunk) [Notes to Consolidated Financial Statement Items](index=87&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed explanations and analyses of each item in the consolidated financial statements, including the composition, changes, and related details of key accounts such as monetary funds, receivables, inventories, fixed assets, construction in progress, borrowings, payables, and revenue costs, serving as an important supplement for understanding the company's specific financial position - Of the **316 million Yuan** in monetary funds at period-end, **224 million Yuan** are restricted funds, primarily for acceptance bill deposits, frozen bank funds, and environmental governance restoration funds[263](index=263&type=chunk) - Accounts receivable balance at period-end was **112 million Yuan**, with bad debt provisions of **80.47 million Yuan**, resulting in a carrying value of **31.46 million Yuan**, of which **55.91 million Yuan** was individually provisioned for bad debts[271](index=271&type=chunk) - Inventory carrying value at period-end was **307 million Yuan**, including **49.24 million Yuan** in inventory impairment provisions, primarily for raw materials and finished goods[297](index=297&type=chunk)[299](index=299&type=chunk) - Short-term borrowings at period-end were **569 million Yuan**, and long-term borrowings were **465 million Yuan**, both secured by collateral or guarantees[356](index=356&type=chunk)[381](index=381&type=chunk) [Related Parties and Related Party Transactions](index=144&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This chapter discloses the company's parent company, subsidiaries, joint ventures, associates, and other related parties, detailing related-party transactions during the reporting period, primarily including procurement of goods, provision of services, related-party leases, and related-party guarantees, along with the period-end balances of receivables from and payables to related parties - The company's parent company is Guizhou Yuyang Trading Co., Ltd., holding **26.25%** of shares, with Ding Linhong as the ultimate controlling party[458](index=458&type=chunk)[460](index=460&type=chunk) - During the reporting period, the company procured drugs, materials, etc., from related parties totaling **20.28 million Yuan**; provided catering, health check-up, and other services totaling **0.10 million Yuan**[464](index=464&type=chunk)[466](index=466&type=chunk) - As a guaranteed party, the company received guarantees from its controlling shareholder, related parties, and itself, primarily for the financing of subsidiaries Tongzi Chemical and Daqin Hospital[471](index=471&type=chunk)[472](index=472&type=chunk) - Among period-end payables to related parties, the balance due to Guizhou Chitianhua Huaqiu Mining Co., Ltd. was **48.58 million Yuan**, and the balance due to parent company Guizhou Yuyang Trading Co., Ltd. was **21.96 million Yuan**[479](index=479&type=chunk)