巨力索具(002342) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, advising investors to review risk factors and noting no interim dividend or capital increase plans - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5] - The report advises investors to pay special attention to the risk factors described in "Section III Management Discussion and Analysis," "X. Risks Faced by the Company and Countermeasures"[6] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[7] Table of Contents This report's clear table of contents outlines nine main chapters, providing comprehensive information from important notes to financial statements - The report comprises nine main chapters, ranging from important notes to financial reports and supplementary data[9] Reference Documents Reference documents include the signed semi-annual report, financial statements, original disclosure files, and other materials, available at the Board Office - Reference documents include the full semi-annual report and financial statements signed by the legal representative and stamped with the company seal[12] - Reference documents also include originals of all company files and announcements publicly disclosed in designated newspapers by the CSRC during the reporting period[12] - All reference documents are available for inspection at the company's Board of Directors Office[11] Definitions This section defines common terms, clarifying that "Company" refers to Julisling Co., Ltd., and key concepts like controlling shareholder and reporting period Key Definitions | Term | Definition | | :--- | :--- | | Company, This Company, Julisling | Julisling Co., Ltd. | | Juli Group, Controlling Shareholder | Juli Group Co., Ltd. | | This Reporting Period, Within the Reporting Period | January-June 2025 | Company Profile and Key Financial Indicators Company Profile Julisling Co., Ltd. (stock code: 002342) is listed on the Shenzhen Stock Exchange, with Yang Jianguo as legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Julisling | | Stock Code | 002342 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Julisling Co., Ltd. | | Legal Representative | Yang Jianguo | Contact Person and Information This section provides detailed contact information for Board Secretary Zhang Yun and Securities Affairs Representative Cai Liuyang for investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Yun | Juli Road, Xushui District, Baoding, Hebei Province | 0312-8608520 | 0312-8608980 | zhangyun@julisling.com | | Securities Affairs Representative | Cai Liuyang | Juli Road, Xushui District, Baoding, Hebei Province | 0312-8608520 | 0312-8608980 | caily@julisling.com | Other Information The company's contact information, disclosure locations, and other relevant data remained unchanged during the reporting period, consistent with the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[18] - Information disclosure and storage locations remained unchanged during the reporting period[19] - Other relevant information showed no changes during the reporting period[20] Key Accounting Data and Financial Indicators In H1 2025, revenue grew by 17.45%, net profit attributable to shareholders surged by 137.21%, and non-recurring net profit increased by 450.30%, indicating significantly improved profitability Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.14 billion | 970.62 million | 17.45% | | Net Profit Attributable to Shareholders | 9.35 million | 3.94 million | 137.21% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 5.60 million | -1.60 million | 450.30% | | Net Cash Flow from Operating Activities | -42.82 million | -99.53 million | 56.98% | | Basic Earnings Per Share (Yuan/share) | 0.0097 | 0.0041 | 136.59% | | Diluted Earnings Per Share (Yuan/share) | 0.0097 | 0.0041 | 136.59% | | Weighted Average Return on Net Assets | 0.38% | 0.16% | 0.22% | | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 5.38 billion | 5.11 billion | 5.24% | | Net Assets Attributable to Shareholders | 2.44 billion | 2.43 billion | 0.32% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[22] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[23] Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses for the period were 3.75 million Yuan, primarily from non-current asset disposal, government grants, and reversal of impairment Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 1.44 million | | Government Grants Included in Current Profit/Loss | 3.11 million | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 308,463 | | Other Non-operating Income and Expenses Apart from the Above | -219,349 | | Less: Income Tax Impact | 878,597 | | Total | 3.75 million | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring items as recurring gains and losses[25] Management Discussion and Analysis Principal Businesses Engaged in by the Company During the Reporting Period As a leading Chinese rigging enterprise, Julisling saw stable market demand driven by marine engineering, new energy infrastructure, and "Belt and Road" initiatives, enhancing competitiveness through innovation and global expansion - The rigging industry experienced steady growth, benefiting from marine engineering, new energy infrastructure, and "Belt and Road" international cooperation[28] - The company is a leading enterprise in China's rigging industry, with products covering 10 major categories and serving over 100 countries and regions worldwide[29] - The company's operating model includes multi-channel supplier procurement, order-based and lean production, and a global sales network directly serving end customers[33][34][35] - During the reporting period, the company focused on R&D for deep-sea mooring systems and large offshore wind turbine lifting tools, strengthened "Belt and Road" market expansion, promoted comprehensive quality management, and upgraded information technology, including developing 3D automatic generation software[36][37][38][39][40] Basic Industry Situation China's rigging industry maintained steady growth, driven by marine engineering, new energy infrastructure, and "Belt and Road" initiatives, with strong demand in emerging sectors - China's rigging industry experienced steady growth, primarily driven by marine engineering, new energy infrastructure, and "Belt and Road" international cooperation[28] - Market demand structure diversified, with traditional sectors (metallurgy, mining, construction) showing slower growth but large stock, while emerging sectors (wind power, photovoltaic, nuclear power, 5G base stations, UHV, intercity high-speed rail) experienced strong demand growth[28] Company's Industry Position Julisling is a leading Chinese rigging manufacturer with 40 years of history, extensive product range, global reach, and significant advantages in standard setting, R&D, deep-sea technology, and certifications - The company is a leading enterprise in China's rigging industry, the largest and most comprehensive rigging manufacturer, with products covering over 100 countries and regions worldwide[29] - The company led the development of 16 standards (8 national, 6 industry, 1 local, 1 group) and participated in 49 standards (20 national, 15 industry, 7 local, 5 group, 2 association)[29] - The company holds 366 valid patents, including 66 invention patents and 300 utility model patents, and has achieved technological breakthroughs in deep-sea mooring systems[29] - The company holds multiple system certifications, including quality management, environmental, and occupational health and safety, along with 8 product certifications (e.g., CE EU, GS Germany) and factory approvals from 8 classification societies[30][31] Main Business The company's main business is the R&D, design, production, and sales of rigging and related products, offering 10 major categories for diverse industrial applications - The company's main business involves the research, design, production, and sales of rigging and related products[32] - Key products include 10 major categories, such as soft slings, chains, wire ropes, cables, and steel tie rods[32] - Products are widely used in various fields, including steel, metallurgy, mining, marine, power, petroleum, transportation, bridges, aerospace, ports, shipbuilding, and construction machinery[32] Operating Model The company employs diverse procurement methods, order-based and lean production, and a global direct-to-customer sales network offering customized technical solutions with a 2-hour service radius - Procurement Model: Qualified suppliers are selected through various channels, including public bidding, invited bidding, and competitive negotiation[33] - Production Model: Leveraging R&D capabilities, the company provides technical solutions based on customer needs, implementing "order-based production" and "lean manufacturing" to minimize inventory[34] - Sales Model: Over 100 domestic branches and a global sales network in over 100 countries and regions directly serve end customers, providing lifting technical solutions with a 2-hour service radius[35] Key Initiatives Undertaken by the Company During the Reporting Period The company focused on R&D for marine engineering and new energy, expanded global markets with a 115 million Yuan Saudi stadium project, enhanced quality management, and upgraded information systems for digital product design - Technology R&D and Innovation: Increased investment in R&D for deep-sea mooring systems, large offshore wind turbine lifting tools, O&M products, and initiated cutting-edge projects like new material smart rigging[36][37] - Global Market Expansion: Strengthened international presence, securing the 115 million Yuan King Fahd Stadium project in Saudi Arabia under the "Belt and Road" initiative[38] - Comprehensive Quality Management: Formulated the "2025 Quality Management Measures" and established a robust quality improvement mechanism[39] - Overall Information System Upgrade: Promoted enterprise digital transformation, developed 3D automatic generation software, standardized product design parameters, and optimized production processes and product design[40] Analysis of Core Competencies Julisling's core competencies remained stable, highlighted by strong R&D, leading manufacturing scale, advanced testing, comprehensive certifications, global market reach, and a reputable "China Well-known Trademark" brand - The company's core competencies remained largely unchanged, primarily reflected in six major advantages: technology, manufacturing, testing, qualifications, market, and brand[41] - Technological Advantage: Possesses a national-level enterprise technology center, 366 valid patents (66 invention patents), and leads/participates in the formulation of multiple national and industry standards[41][42] - Manufacturing Advantage: Operates one of the largest rigging production bases in China, offering a complete range of product specifications and models, with multiple advanced production lines[43] - Testing Advantage: Features a CNAS-accredited specialized rigging testing and experimental center, equipped with advanced testing capabilities such as large-tonnage tensile testing[44] - Qualification Advantage: Obtained multiple quality management system certifications, 8 product certifications, and factory approvals from 8 classification societies, and has repeatedly received the Hebei Provincial Government Quality Award[45] - Market Advantage: Products are positioned in the mid-to-high-end market, with a marketing network covering China and 7 major international markets (Europe, America, Australia, Japan, Korea, Southeast Asia), where strategic and key customers contribute 70% of sales[46][47] - Brand Advantage: The "Juli" trademark is recognized as a "China Well-known Trademark," enjoying high reputation domestically and internationally, with a mission to "create the world's best all-round rigging to make the world easier"[48] Analysis of Main Business In H1 2025, main business revenue grew by 17.45% to 1.14 billion Yuan, driven by textile, general equipment, and metal products, with domestic sales up 18.40% and exports up 12.26%, while operating costs increased 22.15% due to accounting adjustments Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1.14 billion | 970.62 million | 17.45% | - | | Operating Cost | 934.77 million | 765.27 million | 22.15% | Financial software upgrade, transportation costs reclassified to operating cost | | Selling Expenses | 77.42 million | 101.19 million | -23.49% | Financial software upgrade, transportation costs reclassified to operating cost | | Income Tax Expense | -344,757 | -849,251 | 59.40% | Increase in taxable income | | Net Cash Flow from Operating Activities | -42.82 million | -99.53 million | 56.98% | Increase in cash received from sales of goods and services | Composition of Operating Revenue (by Industry, Product, Region) | Category | Item | Current Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | | By Industry | Textile Industry | 192.63 million | 16.90% | 25.55% | | | Metal Products Industry | 450.69 million | 39.54% | 10.23% | | | General Equipment Manufacturing | 422.54 million | 37.06% | 15.87% | | By Product | Synthetic Fiber Lifting Slings and Rigging | 192.63 million | 16.90% | 25.55% | | | Wire Ropes and Wire Rope Rigging | 337.11 million | 29.57% | 6.41% | | | Engineering and Metal Rigging | 515.90 million | 45.26% | 18.26% | | By Region | Exports | 167.64 million | 14.70% | 12.26% | | | Domestic Sales | 972.37 million | 85.30% | 18.40% | Changes in Gross Profit Margin of Main Business | Category | Item | Gross Profit Margin | Change in Gross Profit Margin YoY | | :--- | :--- | :--- | :--- | | By Industry | Textile Industry | 31.80% | -0.03% | | | Metal Products Industry | 13.46% | -3.33% | | | General Equipment Manufacturing | 14.03% | -7.85% | | By Product | Synthetic Fiber Lifting Slings and Rigging | 31.80% | -0.03% | | | Wire Ropes and Wire Rope Rigging | 12.12% | -4.07% | | | Engineering and Metal Rigging | 15.09% | -6.34% | | By Region | Exports | 23.47% | 1.51% | | | Domestic Sales | 17.06% | -3.95% | Analysis of Non-Main Business Non-main business activities impacted total profit, with positive investment income offset by significant asset and credit impairment losses, particularly -101.25% from credit impairment due to bad debt provisions Non-Main Business Profit and Loss | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 46,657 | 0.52% | Income generated by investee companies | Yes | | Asset Impairment | -823,237 | -9.14% | Provision for inventory depreciation | No | | Non-operating Income | 34,313 | 0.38% | Non-operating income | No | | Non-operating Expenses | 259,414 | 2.88% | Asset write-off losses, late payment fees | No | | Credit Impairment Loss | -9.12 million | -101.25% | Provision for bad debts | No | | Gains/Losses on Asset Disposal | 1.44 million | 16.01% | Gains from asset disposal | No | Analysis of Assets and Liabilities As of the reporting period, total assets grew 5.24% to 5.38 billion Yuan, with inventory up 2.01% and construction in progress up 1.20%, while contract liabilities increased 1.61% and long-term borrowings decreased 4.07%, indicating optimized debt structure Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 556.77 million | 10.35% | -1.72% | | Accounts Receivable | 1.26 billion | 23.41% | -0.28% | | Inventories | 976.05 million | 18.14% | 2.01% | | Fixed Assets | 1.39 billion | 25.79% | -1.94% | | Construction in Progress | 240.42 million | 4.47% | 1.20% | | Short-term Borrowings | 717.22 million | 13.33% | -0.51% | | Contract Liabilities | 188.77 million | 3.51% | 1.61% | | Long-term Borrowings | 233.49 million | 4.34% | -4.07% | - The company had no significant overseas assets during the reporting period[62] - The company had no assets or liabilities measured at fair value during the reporting period[62] - As of the end of the reporting period, information on restricted assets of the Group can be found in Financial Report Note VII 31[62] Analysis of Investment Status The company made no significant equity, non-equity, securities, or derivative investments, nor did it utilize any raised funds during the reporting period - The company had no significant equity investments, non-equity investments, securities investments, or derivative investments during the reporting period[62][63] - The company had no utilization of raised funds during the reporting period[64] Significant Asset and Equity Sales The company did not sell any significant assets or equity during the reporting period - The company did not sell any significant assets during the reporting period[66] - The company did not sell any significant equity during the reporting period[67] Analysis of Major Holding and Participating Companies The company's subsidiaries include profitable Julisling Research Institute (Tianjin) Co., Ltd. (4.89 million Yuan net profit) and Julisling (Henan) Co., Ltd. (1.29 million Yuan net profit), while others like Julisling Shanghai and Julisling USA incurred losses Operating Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Julisling Shanghai Co., Ltd. | Subsidiary | Production, processing, sales of slings, machinery, and heavy tools | 30 million | 26.21 million | 25.06 million | 4.19 million | -1.21 million | -1.21 million | | Julisling America Co., Ltd. | Subsidiary | Production and sales of petroleum industry products | 5.40 million | 6.05 million | 1.50 million | 0.00 | -1.02 million | -1.02 million | | Julisling Europe Co., Ltd. | Subsidiary | Production, sales, testing, trading, import/export of lifting and handling tools | 18.85 million | 63,486 | -16.54 million | 0.00 | 50,235 | 50,235 | | Shanghai Pujiang Cable Engineering Co., Ltd. | Subsidiary | Installation of lifting equipment, prestressed engineering, technology consulting, etc. | 10 million | 8.93 million | -4.50 million | 1.42 million | -1.57 million | -1.58 million | | Xushui County Julisling Steel Structure Engineering Co., Ltd. | Subsidiary | Steel structure engineering, manufacturing and sales of steel products, machinery, etc. | 36 million | 46.92 million | 43.75 million | 159,292 | -458,873 | -437,092 | | Baoding Julisling Heating Co., Ltd. | Subsidiary | Heat production and supply, engineering design, equipment maintenance, sales of ash slag, etc. | 5 million | 37.11 million | 36.36 million | 1.13 million | -58,795 | -63,231 | | Hebei Julisling Emergency Equipment Technology Co., Ltd. | Subsidiary | Production and sales of emergency equipment and related products | 100 million | 75.05 million | 39.56 million | 9.82 million | -1.19 million | -1.36 million | | Julisling Research Institute (Tianjin) Co., Ltd. | Subsidiary | R&D, design, manufacturing, sales of slings and related products | 35 million | 91.95 million | 40.86 million | 12.25 million | 6.44 million | 4.89 million | | Julisling (Henan) Co., Ltd. | Subsidiary | Manufacturing and sales of metal wire ropes, tools, materials, etc. | 330 million | 947.05 million | 323.17 million | 207.57 million | 1.32 million | 1.29 million | | Julisling R&D Center (Shenzhen) Co., Ltd. | Subsidiary | R&D of marine engineering equipment, new materials, technical services, etc. | 10 million | 796,974 | 203,998 | 187,280 | -194,743 | -194,743 | | Julisling (Hainan) Co., Ltd. | Subsidiary | Processing of mechanical parts, manufacturing of marine transportation equipment, etc. | 10 million | 72,403 | 72,392 | 0.00 | -958 | -938 | - The company's consolidated scope had no newly added subsidiaries during the reporting period[73] Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[75] Risks Faced by the Company and Countermeasures The company faces macroeconomic, market competition, environmental, safety, and raw material price risks, addressing them through enhanced R&D, technology upgrades, market influence, environmental leadership, safety management, and optimized procurement - Macroeconomic Risk: The company is comprehensively strengthening new product R&D capabilities and technological upgrades to solidify its core competitiveness[75] - Intensified Market Competition Risk: The company will enhance technological strength and R&D capabilities to facilitate product iteration, thereby increasing market influence and bargaining power[76] - Environmental Policy Risk: The company will continue to promote standardized safety production management, build a benchmark enterprise for ecological environmental protection, and diligently carry out pollution prevention and control[77] - Safety Production Risk: The company mitigates risks by fostering safety awareness and culture, establishing a safety management system, implementing risk assessment and control, providing safety training and education, and continuously monitoring and improving safety[78] - Raw Material Price Fluctuation Risk: The company will respond by promptly understanding market conditions, implementing procurement bidding mechanisms, improving material utilization efficiency, and strictly controlling production costs[79][80] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[81] - The company did not disclose a valuation enhancement plan during the reporting period[81] Implementation of "Dual Improvement in Quality and Returns" Action Plan The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[81] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management experienced no changes during the reporting period[84] Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Period The company plans no interim cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[85] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[86] Environmental Information Disclosure The company and its main subsidiary, Julisling Co., Ltd., are on the list of legally required environmental information disclosure enterprises and have published their reports - The listed company and its main subsidiary, Julisling Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[87] - The company has disclosed its environmental information disclosure report, which can be accessed via the specified index[87] Social Responsibility The company adheres to laws, actively fulfills social responsibilities, and fosters win-win relationships with stakeholders by protecting shareholder, employee, customer, and supplier rights, and promoting environmental protection without major violations - The company operates strictly in accordance with laws and regulations, actively fulfills its social responsibilities, and is committed to harmonious win-win cooperation with stakeholders including shareholders, employees, customers, and suppliers[88] - Protection of Shareholder and Investor Rights: Improved corporate governance structure, timely fulfillment of information disclosure obligations, equal treatment of all shareholders, and focus on investment returns[89] - Protection of Employee Rights: Complies with labor laws and regulations, standardizes employment, provides welfare benefits, and organizes empowering training for employees[90] - Protection of Customer and Supplier Rights: Upholds integrity, provides high-quality products and services, and establishes symbiotic and prosperous strategic partnerships[90] - Environmental Protection: Strictly adheres to environmental laws and regulations, conserves energy, improves resource utilization efficiency, promotes a circular economy, and had no significant environmental violations during the reporting period[91] Significant Matters Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, no commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company were fulfilled or overdue - During the reporting period, there were no commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue as of the end of the reporting period[95] Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties from the Listed Company The company had no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period - The company had no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[96] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[97] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[98] Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for the Current Period As the semi-annual report was unaudited, the Board and Supervisory Board are not required to explain any non-standard audit reports - The company's semi-annual report was unaudited, thus no non-standard audit report exists[99] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The Board of Directors is not required to provide an explanation regarding the previous year's non-standard audit report - The Board of Directors is not required to provide an explanation regarding the previous year's non-standard audit report[99] Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[99] Litigation Matters The