孚日股份(002083) - 2025 Q2 - 季度财报

Section I Important Notes, Table of Contents, and Definitions Important Notes The company's leadership guarantees the report's accuracy and completeness, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4] - Company head Zhang Guohua, chief financial officer Chen Weiyi, and head of accounting department Zhu Chuanchang declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Table of Contents This section lists the structured table of contents of the report, including major chapters such as company profile and financial reports - The report's table of contents is clear, covering nine major chapters including company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, financial reports, and other submitted data[6] List of Documents for Reference This section specifies the list of documents for reference during the reporting period, primarily financial statements and publicly disclosed company documents - Documents for reference include signed and sealed financial statements and original company documents publicly disclosed in CSRC-designated newspapers[8][9] Definitions This section provides definitions of common terms used in the report, covering company names, subsidiaries, related parties, and core products - The report clearly defines company entities such as "Furi Shares," "Huarong Industrial," "Wanren Thermal Power," and core business products like "towel series products" and "decorative fabric series products"[10] Section II Company Profile and Key Financial Indicators I. Company Profile This section introduces the company's basic information, including stock abbreviation, code, listing exchange, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Furi Shares | | Stock Code | 002083 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Furi Group Co., Ltd. | | Legal Representative | Zhang Guohua | II. Contact Person and Contact Information This section provides contact details for the company's board secretary and securities affairs representative, facilitating investor communication Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Peng Shiqiang | Securities Department, No. 1 Furi Street, Gaomi City, Shandong Province | 0536-2308043 | 0536-5828777 | furigufen@126.com | | Securities Affairs Representative | Sun Xiaowei | Securities Department, No. 1 Furi Street, Gaomi City, Shandong Province | 0536-2308043 | 0536-5828777 | furigufen@126.com | III. Other Information This section states that the company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period - The company's registered address, office address, website, email, information disclosure website and media name and website, and report storage location remained unchanged during the reporting period[14][15] IV. Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue slightly decreased, but net profit attributable to shareholders and non-recurring net profit significantly increased, with operating cash flow also rising Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,587,398,531.93 | 2,668,337,962.80 | -3.03% | | Net Profit Attributable to Listed Company Shareholders | 245,721,113.58 | 221,532,844.55 | 10.92% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | 250,321,346.79 | 216,330,248.79 | 15.71% | | Net Cash Flow from Operating Activities | 447,023,285.69 | 150,031,056.55 | 197.95% | | Basic Earnings Per Share (RMB/share) | 0.26 | 0.27 | -3.70% | | Diluted Earnings Per Share (RMB/share) | 0.26 | 0.24 | 8.33% | | Weighted Average Return on Net Assets | 5.40% | 5.58% | -0.18% | | Current Reporting Period End vs. Prior Year End | | | | | Total Assets | 7,616,430,670.77 | 7,703,523,315.77 | -1.13% | | Net Assets Attributable to Listed Company Shareholders | 4,520,399,000.91 | 4,444,168,298.61 | 1.72% | V. 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 during the period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[18][19] VI. Non-recurring Gains and Losses and Amounts During the reporting period, the company's non-recurring gains and losses totaled negative 4.60 million RMB, primarily due to asset disposal and fair value changes Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -8,480,995.00 | | Government Grants Included in Current Profit and Loss | 1,708,304.46 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities (Excluding Effective Hedges Related to Normal Business) | -755,795.51 | | Other Non-operating Income and Expenses Apart from the Above | 904,120.69 | | Less: Income Tax Impact | -2,024,132.15 | | Total | -4,600,233.21 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[21] Section III Management Discussion and Analysis I. Main Businesses Engaged by the Company During the Reporting Period The company advanced its "home textiles + new materials" dual-main business strategy, with stable home textile operations and rapid growth in new materials - The company adheres to a "home textiles + new materials" dual-main business development strategy, with stable home textile business and rapid growth in new materials business[52] Report Period Key Financial Performance | Indicator | Amount (billion RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 25.87 | -3.03% | | Net Profit Attributable to Listed Company Shareholders | 2.46 | 10.92% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | 2.5 | 15.71% | Industry Analysis This section analyzes the macro environment and development trends of the home textile, coating materials, and lithium battery electrolyte additive industries - The home textile industry faces export pressure but domestic sales growth, with cotton prices under pressure, driven by consumption upgrades, intelligence, and green development[23][27][29][30] - The coating materials industry is driven by new national standards, dominated by foreign enterprises, with green and multi-functional development as trends, and broad space for domestic substitution[31][32][34] - The lithium battery electrolyte additive industry benefits from rapid growth in new energy vehicles, with continuous shipment growth, but remains at the bottom of the cycle, where cost control and technological iteration are key to competitiveness[35][36] Main Products and Businesses The company's main businesses include home textiles (towel and decorative fabric series) and new materials (functional coating materials, lithium battery electrolyte additives) - The company's home textile business primarily offers mid-to-high-end towel and decorative fabric series, holding multiple honorary titles[38] - The new materials business focuses on functional coating materials, with products applied in petrochemical, marine engineering, automotive, and shipbuilding sectors, some technologies reaching domestic leading levels[39][40][41] - The lithium battery electrolyte additive business mainly produces CEC and VC battery-grade products, achieving full-process integrated VC production with an annual capacity of 10,000 tons[42] Main Operating Models The company's home textile business adopts an integrated R&D, production, and sales model, while new materials focus on independent R&D and direct sales - The home textile business employs a global procurement model (domestic and international cotton), an agile and efficient production model (production based on sales), a diversified and balanced global sales model (international trade and domestic brands), and an integrated, innovative, multi-point supported global R&D and design model[43][44][45][47][48] - The functional coating materials business adopts independent R&D, centralized procurement, production based on sales, and direct sales, securing orders through bidding and product promotion[49] - The lithium battery electrolyte additive business utilizes independent R&D (in collaboration with universities), sales plan-driven procurement, customer contract/order-driven production, and market expansion through business team visits and exhibitions[50][51] Main Business Analysis During the reporting period, the company's home textile business demonstrated operational resilience, while the new materials business entered a period of rapid growth - The home textile business achieved stable development by strengthening its balanced global market presence (exports totaling 234 million USD, with slight growth in European and Japanese markets) and continuously deepening its domestic market penetration (revenue of 342 million RMB, group buying business up 11.6%, e-commerce 618 promotion average order value up 194%)[53][54][55] - The new materials business achieved a total main business revenue of 215 million RMB, a year-on-year increase of 43.47%, entering a period of rapid development[57] - Functional coating materials business revenue reached 97.71 million RMB, a year-on-year increase of 18.97%, achieving breakthroughs in the automotive and shipbuilding sectors, winning new energy vehicle coating projects, and obtaining China Classification Society factory approval[57][58] - Lithium battery electrolyte additive business revenue reached 117 million RMB, a year-on-year increase of 73.13%, with VC sales of 2,793.69 tons, up 71.92%, and improved capacity and reduced costs through process optimization[61][62][63] - In other businesses, thermal power profitability significantly improved due to falling coal prices, chemical operations remained stable, and motor business developed steadily[65][66][67] II. Core Competitiveness Analysis The company's core competitiveness lies in its home textile product quality, balanced market layout, complete industrial chain, and R&D, alongside its new materials' innovation and cost advantages - The home textile business possesses core competencies such as leading product quality, good market reputation, balanced market layout, complete industrial chain, efficient operating mechanisms, deep innovation capabilities, and lean production[68][69][70][71][72][73] - The new materials business's functional coating materials boast R&D innovation advantages led by industry experts, efficient market operation advantages, and a rich product matrix across multiple fields[74] - The lithium battery electrolyte additive business features R&D innovation advantages from close university collaboration, comprehensive cost advantages across the entire industrial chain, and customer resource advantages from deep cooperation with leading electrolyte companies[75][76] III. Main Business Analysis This section details the financial performance of the company's main businesses, including year-on-year changes in key financial data and operating revenue composition - During the reporting period, the company's operating revenue decreased by 3.03% year-on-year, but net profit attributable to shareholders increased by 10.92%, and non-recurring net profit increased by 15.71%[16] Key Financial Data Year-on-Year Changes | Item | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,587,398,531.93 | 2,668,337,962.80 | -3.03% | | | Operating Cost | 2,034,268,286.33 | 2,182,628,422.71 | -6.80% | | | Selling Expenses | 59,250,342.11 | 51,030,141.00 | 16.11% | | | Administrative Expenses | 93,258,229.93 | 90,624,607.23 | 2.91% | | | Financial Expenses | 11,639,234.16 | 25,292,772.60 | -53.98% | Convertible bonds converted to shares in 2024, reducing interest expenses | | Income Tax Expenses | 92,797,633.70 | 67,687,896.25 | 37.10% | Increased profit led to increased income tax | | R&D Investment | 97,534,515.24 | 102,228,884.88 | -4.59% | | | Net Cash Flow from Operating Activities | 447,023,285.69 | 150,031,056.55 | 197.95% | Primarily due to decreased payments for major raw materials like cotton and coal | | Net Cash Flow from Investing Activities | -36,970,789.39 | -77,453,605.77 | -52.27% | Primarily due to decreased cash paid for the construction of fixed assets | | Net Cash Flow from Financing Activities | -405,073,145.28 | -436,650,830.52 | -7.23% | | | Net Increase in Cash and Cash Equivalents | 4,979,351.02 | -364,073,379.74 | -101.37% | | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (RMB) | % of Operating Revenue | Prior Year Period Amount (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Home Textile Industry | 1,806,547,318.06 | 69.82% | 1,909,403,363.17 | 71.56% | -5.39% | | | Coating Materials Industry | 97,710,671.98 | 3.78% | 82,128,448.58 | 3.08% | 18.97% | | | Chemical Industry | 100,273,852.15 | 3.88% | 104,244,641.42 | 3.91% | -3.81% | | | Other Industries | 582,866,689.74 | 22.53% | 572,561,509.63 | 21.46% | 1.80% | | By Product | Towel Series | 1,626,530,657.18 | 62.86% | 1,722,400,294.10 | 64.55% | -5.57% | | | Bedding Series | 180,016,660.88 | 6.96% | 187,003,069.07 | 7.01% | -3.74% | | | Coating Materials Products | 97,710,671.98 | 3.78% | 82,128,448.58 | 3.08% | 18.97% | | | Chemical Products | 100,273,852.15 | 3.88% | 104,244,641.42 | 3.91% | -3.81% | | | Thermal Power Products | 239,398,390.55 | 9.25% | 273,239,079.56 | 10.24% | -12.39% | | | Motor Products | 85,656,488.62 | 3.31% | 101,935,869.31 | 3.82% | -15.97% | | | Other | 257,811,810.57 | 9.96% | 197,386,560.76 | 7.40% | 30.61% | | By Region | Export Sales | 1,570,283,785.72 | 60.69% | 1,654,894,954.46 | 62.02% | -5.11% | | | Domestic Sales | 1,017,114,746.21 | 39.31% | 1,013,443,008.34 | 37.98% | 0.36% | Textile and Apparel Related Business Disclosure The company disclosed detailed operational information for its textile and apparel business, including physical stores, capacity, selling expenses, and brand building Physical Store Distribution and Changes | Store Type | Number of Stores (Period End) | New Stores Opened During Period | Stores Closed During Period | Reason for Closure | | :--- | :--- | :--- | :--- | :--- | | Direct-operated | 25 | 0 | 6 | Sales below expectations | | Franchised | 18 | 2 | 22 | Sales below expectations | - The company's total capacity is 34,310 tons, with a capacity utilization rate of 87.86%, a year-on-year decrease[83] Selling Expenses Composition and Year-on-Year Changes | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Salaries and Benefits | 23,865,372.70 | 23,118,237.88 | 3.23% | | Service Fees | 14,687,076.01 | 9,200,227.44 | 59.64% | | Advertising and Promotion Fees | 4,432,235.30 | 3,251,920.94 | 36.30% | | Inspection and Testing Fees | 1,475,564.17 | 1,114,072.40 | 32.45% | | Total | 59,250,342.11 | 51,030,141.00 | 16.11% | - Online sales channels expanded, with new WeChat mini-stores, Jiyu Jingxi self-operated factory stores, Jiyu self-operated - Beijing Jingdong Century Trade (factory direct), and Tmall Jiyu Home Flagship Store - Shanghai, while closing Guangzhou Yueyang Wujie Internet (Onion) and Beijing Dounet Technology channels[87] - Inventory turnover days were 115 days, with a decrease in inventory quantity and lower procurement unit prices, leading to a reduction in inventory value[88] - The company owns brands such as "Jiyu," "Furi," and "Saiweisi," and is authorized for the "Wuhuang Wansui" brand, continuously increasing brand promotion efforts, achieving over 80 million brand exposures[90][91] V. Non-Main Business Analysis During the reporting period, the company had no non-main business analysis content, indicating a focus on core operations - The company had no non-main business analysis during the reporting period[94] VI. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and liabilities slightly decreased, with an increase in cash and accounts receivable, and a decrease in inventory and fixed assets Significant Changes in Asset Composition (Period End vs. Period Beginning) | Item | Current Reporting Period End Amount (RMB) | % of Total Assets | Prior Year End Amount (RMB) | % of Total Assets | % Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 1,006,635,130.58 | 13.22% | 864,123,940.65 | 11.22% | 2.00% | | Accounts Receivable | 824,807,461.72 | 10.83% | 777,028,177.30 | 10.09% | 0.74% | | Inventories | 1,010,590,026.08 | 13.27% | 1,133,061,804.39 | 14.71% | -1.44% | | Fixed Assets | 3,160,261,624.16 | 41.49% | 3,288,381,127.16 | 42.69% | -1.20% | | Short-term Borrowings | 1,575,696,363.89 | 20.69% | 1,591,355,755.30 | 20.66% | 0.03% | | Contract Liabilities | 65,988,994.53 | 0.87% | 98,989,155.27 | 1.28% | -0.41% | - The company's total assets at the end of the reporting period were 7.62 billion RMB, a decrease of 1.13% from the end of the previous year[17] Asset Rights Restricted as of the End of the Reporting Period | Item | Book Value at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 718,470,141.11 | Margin | | Fixed Assets | 792,258,053.72 | Loan collateral | | Intangible Assets | 401,591,836.92 | Loan collateral | | Total | 1,912,320,031.75 | | VII. Investment Status Analysis During the reporting period, the company made no significant equity, non-equity, securities, or derivative investments, nor did it utilize raised funds - The company had no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds during the reporting period[99][100][105] VIII. Major Asset and Equity Sales During the reporting period, the company did not sell any major assets or equity, maintaining stability in its asset and equity structure - The company did not sell any major assets or equity during the reporting period[101] IX. Analysis of Major Holding and Participating Companies This section discloses the financial status of the company's major subsidiary, Wanren Thermal Power, which significantly impacts overall performance Major Subsidiary Wanren Thermal Power Financial Information | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wanren Thermal Power | Subsidiary | Electricity and Steam | 100,000,000 | 1,380,896,907.04 | 288,127,227.59 | 463,140,968.16 | 68,706,875.55 | 45,322,027.78 | - During the reporting period, the company deregistered its subsidiary Shandong Xiaohu Maternal and Child Trade Co., Ltd., which had no significant impact on overall production, operations, or performance[102] X. Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[103] XI. Risks Faced by the Company and Countermeasures The company faces operational risks across its home textile, coating materials, and electrolyte additive businesses, including raw material price volatility, market competition, and trade barriers - The home textile business faces risks from price fluctuations of major raw materials like cotton, intensified domestic and international market competition, and trade barriers imposed by developed countries[103][104][106] - The coating materials business faces risks from price fluctuations of major raw materials like resins, failure of technological development to meet expectations, sales and management risks from capacity expansion, and increasing accounts receivable[107][108][109][110] - The electrolyte additive business faces risks from price fluctuations of major raw materials like ethylene carbonate and intensified market competition due to the release of new industry capacity[111][112] XII. 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 or disclose a valuation enhancement plan during the reporting period[113] XIII. Implementation of "Quality and Return Dual Improvement" Action Plan The company did not disclose an announcement regarding its "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding its "Quality and Return Dual Improvement" action plan during the reporting period[113] Section IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management During the reporting period, there was a change in the company's board of directors, with Fan Xiaona elected as a director and Sun Kexin resigning Director Changes | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Fan Xiaona | Director | Elected | January 03, 2025 | Personal reasons | | Sun Kexin | Director | Resigned | June 27, 2025 | Personal reasons | II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[116] III. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no 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 during the reporting period[117] IV. Environmental Information Disclosure The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information and have done so, with no environmental accidents during the period - The company and its major subsidiaries (Furi Group Co., Ltd., Gaomi Wanren Thermal Power Co., Ltd.) are included in the list of enterprises required to disclose environmental information by law[118] - Environmental information disclosure reports are available on the Enterprise Environmental Information Disclosure System (Shandong)[118] - The listed company experienced no environmental accidents during the reporting period[118] Section V Significant Matters I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period During the reporting period, the company had no commitments by the actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled - The company had no commitments by related parties that were fulfilled or overdue and unfulfilled during the reporting period[120] II. Non-operating Funds Occupied by Controlling Shareholder and Other Related Parties During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties of the listed company - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[121] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[122] IV. Appointment and Dismissal of Accounting Firms The company reappointed Shanghai Certified Public Accountants as its audit service provider for 2025; this semi-annual report is unaudited - The company reappointed Shanghai Certified Public Accountants as its audit service provider for 2025[123] - The company's semi-annual report is unaudited[123] V. Board of Directors' and Supervisory Board's Explanation on "Non-standard Audit Report" for This Reporting Period This explanation is not applicable to the company for the reporting period, indicating no non-standard audit report was received - This explanation is not applicable to the company for the reporting period[124] VI. Board of Directors' Explanation on "Non-standard Audit Report" for the Previous Year This explanation is not applicable to the company for the reporting period, indicating no non-standard audit report was received for the previous year - This explanation is not applicable to the company for the reporting period[124] VII. Matters Related to Bankruptcy and Reorganization The company had no matters related to bankruptcy and reorganization during the reporting period - The company had no matters related to bankruptcy and reorganization during the reporting period[124] VIII. Litigation Matters The company had no significant litigation or arbitration matters during this reporting period - The company had no significant litigation or arbitration matters during this reporting period[125] IX. Penalties and Rectification Status The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[125] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller This explanation is not applicable to the company for the reporting period, indicating good integrity status for the company and its controlling parties - This explanation is not applicable to the company for the reporting period[126] XI. Significant Related Party Transactions During the reporting period, the company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions, joint investments, or debt - The company had no related party transactions related to daily operations during the reporting period[126] - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[127] - The company had no related party creditor-debtor transactions or other significant related party transactions during the reporting period[129][130] XII. Significant Contracts and Their Performance During the reporting period, the company had no entrustment, contracting, or leasing matters, no significant guarantees, and an outstanding wealth management balance of 17.69 million RMB with no overdue amounts - The company had no entrustment, contracting, or leasing situations during the reporting period[135] - The company had no significant guarantee situations during the reporting period[135] Wealth Management Status | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management (million RMB) | Unexpired Balance (million RMB) | Overdue Unrecovered Amount (million RMB) | | :--- | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | Own funds | 0 | 17.69 | 0 | | Total | | 0 | 17.69 | 0 | - The company had no other significant contracts during the reporting period[132] XIII. Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[133] XIV. Significant Matters of Company Subsidiaries This explanation is not applicable to the company for the reporting period, indicating no significant matters concerning subsidiaries - This explanation is not applicable to the company for the reporting period[134] Section VI Share Changes and Shareholder Information I. Share Changes During the reporting period, the company's restricted shares decreased by 62,500 shares, unrestricted shares increased by 62,500 shares, and total share capital remained unchanged Share Changes (Units: shares) | Item | Number Before Change | Proportion | Increase/Decrease in This Change (＋,－) | Number After Change | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 376,000 | 0.04% | -62,500 | 313,500 | 0.03% | | II. Unrestricted Shares | 946,263,012 | 99.96% | 62,500 | 946,325,512 | 99.97% | | III. Total Shares | 946,639,012 | 100.00% | 0 | 946,639,012 | 100.00% | - The decrease in restricted shares was due to the partial unlocking of shares after a director's resignation and completion of the lock-up period[138] - The company has completed its share repurchase plan, cumulatively repurchasing 39,484,931 shares, accounting for 4.17% of the total share capital, with a total payment of approximately 199.65 million RMB[138] Restricted Share Changes (Units: shares) | Shareholder Name | Restricted Shares at Period Beginning | Unlocked Shares in Current Period | Increased Restricted Shares in Current Period | Restricted Shares at Period End | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Lv Yaomei | 250,000 | 62,500 | 0 | 187,500 | Director's lock-up period expired after resignation | | Zhang Guohua | 116,850 | 0 | 0 | 116,850 | Senior management lock-up shares | | Wang Qijun | 2,250 | 0 | 0 | 2,250 | Senior management lock-up shares | | Zhou Wenguo | 6,900 | 0 | 0 | 6,900 | Senior management lock-up shares | | Total | 376,000 | 62,500 | 0 | 313,500 | | II. Securities Issuance and Listing The company had no securities issuance and listing activities during the reporting period - The company had no securities issuance and listing activities during the reporting period[142] III. Company Shareholder Numbers and Shareholding Status At the end of the reporting period, the company had 45,465 common shareholders, with Gaomi Huarong Industrial Development Co., Ltd. as the largest shareholder - At the end of the reporting period, the total number of common shareholders was 45,465[143] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period End (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gaomi Huarong Industrial Development Co., Ltd. | State-owned Legal Person | 17.96% | 170,000,000 | 170,000,000 | Pledged 85,000,000, Frozen 476,236,818 | | Gaomi Anxin Investment Management Co., Ltd. | Domestic Non-state-owned Legal Person | 7.70% | 72,902,954 | 72,902,954 | 0 | | Sun Rigui | Domestic Natural Person | 6.36% | 60,221,217 | 60,221,217 | Pledged 25,880,000 | | Sun Xiaohui | Domestic Natural Person | 3.17% | 30,000,055 | 30,000,055 | 0 | | Beijing Yian Capital Management Co., Ltd. - Yian Difeng No. 8 Private Securities Investment Fund | Other | 2.04% | 19,300,000 | 19,300,000 | 0 | - Gaomi Anxin Investment Management Co., Ltd. and Beijing Yian Capital Management Co., Ltd. - Yian Difeng No. 8 Private Securities Investment Fund have a concerted action relationship; Sun Rigui and Sun Xiaohui are father and daughter[143] - At the end of the reporting period, the company's special securities account for share repurchases held 39,484,931 shares[143] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[145] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder and actual controller remained unchanged during the reporting period[146] VI. Preferred Shares Related Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[147] Section VII Bond Related Information Not Applicable The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[149] Section VIII Financial Report I. Audit Report The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[151] II. Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet Summary (Period End vs. Period Beginning) | Item | Period End Balance (RMB) | Period Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 7,616,430,670.77 | 7,703,523,315.77 | | Total Liabilities | 3,073,200,526.49 | 3,259,678,666.58 | | Total Equity Attributable to Parent Company Owners | 4,520,399,000.91 | 4,444,168,298.61 | Consolidated Income Statement Summary (Current Period vs. Prior Period) | Item | 2025 Half-Year (RMB) | 2024 Half-Year (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 2,587,398,531.93 | 2,668,337,962.80 | | Operating Profit | 340,869,677.73 | 281,743,803.39 | | Net Profit | 240,499,086.01 | 213,129,205.97 | | Net Profit Attributable to Parent Company Shareholders | 245,721,113.58 | 221,532,844.55 | | Basic Earnings Per Share (RMB/share) | 0.26 | 0.27 | | Diluted Earnings Per Share (RMB/share) | 0.26 | 0.24 | Consolidated Cash Flow Statement Summary (Current Period vs. Prior Period) | Item | 2025 Half-Year (RMB) | 2024 Half-Year (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 447,023,285.69 | 150,031,056.55 | | Net Cash Flow from Investing Activities | -36,970,789.39 | -77,453,605.77 | | Net Cash Flow from Financing Activities | -405,073,145.28 | -436,650,830.52 | | Net Increase in Cash and Cash Equivalents | 4,979,351.02 | -364,073,379.74 | III. Company Profile Furi Group Co., Ltd., a listed company in Shandong, China, primarily engages in home textiles, chemicals, thermal power, and water businesses - Furi Group Co., Ltd. (stock code: 002083) primarily operates in home textiles, chemicals, thermal power, and water businesses[176] - As of June 30, 2025, the company's controlling shareholder is Gaomi Huarong Industrial Development Co., Ltd., with the ultimate controlling party being Gaomi State-owned Assets Operation Center[176] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, using the accrual basis and historical cost measurement, with a minimum 12-month going concern ability - The company's financial statements are prepared on a going concern basis, using the accrual basis and historical cost measurement, and in specific circumstances, replacement cost, net realizable value, present value, and fair value[177] - The company possesses the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting this ability[178] V. Significant Accounting Policies and Accounting Estimates This section details the company's adherence to accounting standards, accounting periods, and key policies for financial instruments, inventory, fixed assets, revenue, and government grants - The company's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant regulations, accurately and completely reflecting its financial position[181] - The company applies the expected credit loss model for financial asset impairment, measures inventory at the lower of cost and net realizable value, and depreciates/amortizes fixed and intangible assets using the straight-line method over their useful lives[205][221][280] - The company recognizes revenue when customers obtain control of goods and capitalizes and amortizes contract costs[256][260] - In applying accounting policies, the company made significant accounting judgments and estimates for items such as leases, financial instrument impairment, inventory write-downs, fair value, long-term asset impairment, goodwill impairment, depreciation and amortization, development expenditures, deferred income tax assets, and income tax[276][277][278][279][280] VI. Taxes This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 15%, 25% | | Property Tax | Original value of property or rental income | 1.2% or 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Shandong Gaomi Gaoyuan Chemical Co., Ltd., Shandong Furi Motor Technology Co., Ltd., and Shandong Furi Xuanwei New Material Technology Co., Ltd., as high-tech enterprises, enjoy a 15% preferential corporate income tax rate[284] - The Group can apply for a 13% VAT refund for exported towel products[284] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for each item in the consolidated financial statements, covering assets, liabilities, equity, revenue, costs, expenses, and profits Cash and Bank Balances Composition (Period End Balance) | Item | Period End Balance (RMB) | | :--- | :--- | | Cash on Hand | 190,763.73 | | Bank Deposits | 287,973,776.37 | | Other Cash and Bank Balances | 718,470,590.48 | | Total | 1,006,635,130.58 | - At the end of the reporting period, the book balance of accounts receivable was 829 million RMB, with a bad debt provision of 4.01 million RMB[301] - At the end of the reporting period, the book value of inventory was 1.01 billion RMB, with an inventory impairment provision of 5.71 million RMB[332] - At the end of the reporting period, the book value of fixed assets was 3.16 billion RMB, and intangible assets was 689 million RMB[343][359] - At the end of the reporting period, total assets with restricted ownership or use rights amounted to 1.91 billion RMB, primarily cash and bank balances, fixed assets, and intangible assets restricted due to margins and loan collateral[383] - During the reporting period, financial expenses decreased by 53.98% year-on-year, mainly due to reduced interest expenses from convertible bond conversion to shares[78] VIII. Research and Development Expenses During the reporting period, the company's total R&D expenditure was 18.71 million RMB, primarily expensed R&D, with capitalizable R&D remaining unchanged R&D Expenditure | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 6,759,158.64 | 5,227,291.97 | | Direct Materials | 8,770,431.19 | 12,961,433.80 | | Other | 3,181,033.48 | 3,188,067.92 | | Total | 18,710,623.31 | 21,376,793.69 | | Of which: Expensed R&D Expenditure | 18,710,623.31 | 20,451,127.42 | | Capitalized R&D Expenditure | 0.00 | 925,666.27 | - R&D projects eligible for capitalization include high-temperature surface application thermal insulation coating materials and self-healing long-lasting anti-corrosion coating materials for marine engineering, with a period-end balance totaling 3.02 million RMB[482] IX. Business Combinations and Scope of Consolidated Financial Statements This section primarily explains changes in the scope of consolidation during the reporting period, including the deregistration of a subsidiary and increased equity in another - In June 2025, Shandong Xiaohu Maternal and Child Trade Co., Ltd. completed liquidation and deregistration[484] - In April 2025, the company's shareholding in Shandong Furi New Energy Material Co., Ltd. increased from 51% to 100%[484] X. Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates, including full ownership, controlling stakes, and increased equity - The company owns multiple wholly-owned subsidiaries, including Gaomi Mengyuan Home Furnishing Co., Ltd., Furi Group Pingdu Home Textile Co., Ltd., and Shanghai Furi Home Textile Technology Co., Ltd[486] - The company's shareholding in Shandong Furi New Energy Material Co., Ltd. increased from 51% to 100%, resulting in a 28.56 million RMB decrease in minority interests[484][495] Minority Interests in Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Profit/Loss Attributable to Minority Shareholders in Current Period (RMB) | Dividends Declared to Minority Shareholders in Current Period (RMB) | Minority Interests Balance at Period End (RMB) | | :--- | :--- | :--- | :--- | :--- | | Shandong Gaomi Gaoyuan Chemical Co., Ltd. | 1.00% | 75,196.34 | 500,000.00 | 2,501,788.42 | | Gaomi Shuangshan Home Textile Co., Ltd. | 40.00% | -10,725.80 | 0.00 | 113,593.73 | | Shandong Furi Xuanwei New Material Technology Co., Ltd. | 49.00% | -5,286,498.11 | 0.00 | 23,815,202.11 | - The company's significant associates include Gaomi Yulong Furi Home Textile Co., Ltd. (40% stake), Gaomi Xincheng Thermal Power Co., Ltd. (49% indirect stake), and Jiangsu Weiteli Motor Co., Ltd. (24.97% indirect stake), all accounted for using the equity method[496] XI. Government Grants This section discloses the government grants received by the company during the reporting period, including asset-related deferred income and current period income Deferred Income Involving Government Grants (Period End Balance) | Item | Period Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Included in Other Income in Current Period (RMB) | Period End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Government Grants | 20,992,378.40 | 2,000,000.00 | 1,634,457.43 | 21,357,920.97 | Asset-related | | High-tech Enterprise VAT Input Tax Deduction | 0.00 | 665,728.98 | 574,745.75 | 90,983.23 | | | Total | 20,992,378.40 | 2,665,728.98 | 2,209,203.18 | 21,448,904.20 | | Government Grants Included in Current Profit and Loss | Accounting Account | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Individual Income Tax Handling Fee Refund | 129,604.19 | 90,561.90 | | Job Stabilization Subsidy | 48,347.03 | 21,723.60 | | Other | 27,686.47 | 0.00 | | Total | 205,637.69 | 882,525.94 | XII. Risks Related to Financial Instruments The company's financial instruments, including cash, receivables, and borrowings, expose it to market, credit, and liquidity risks, which are managed through various strategies - The company's main financial instruments include cash and bank balances, notes receivable, accounts receivable, financing receivables, other receivables, short-term borrowings, notes payable, accounts payable, and other payables[504] - The company faces exchange rate risk (primarily related to the USD, hedged with foreign currency forward contracts), interest rate risk (bank borrowings and interest-bearing debt), and other price risks (equity instrument investments)[505][507] - The company faces credit risk, mainly from financial assets, managed by depositing liquid funds in highly-rated banks, transacting with reputable third parties, and assessing expected credit losses[508] - The company manages liquidity risk by maintaining sufficient cash and cash equivalents and monitoring bank borrowing utilization[509] XIII. Disclosure of Fair Value This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, primarily including trading financial assets and financing receivables Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 0.00 | 11,380,002.00 | 0.00 | 11,380,002.00 | | (II) Financing Receivables | 0.00 | 0.00 | 20,186,213.62 | 20,186,213.62 | | (IV) Other Non-current Financial Assets | 0.00 | 0.00 | 63,609,808.34 | 63,609,808.34 | | Total Assets Continuously Measured at Fair Value | 0.00 | 11,380,002.00 | 83,796,021.96 | 95,176,023.96 | - Continuous Level 2 fair value measurement items are wealth management products purchased by the company, with fair value determined by the market value provided by the counterparty[512] - Continuous Level 3 fair value measurement for other equity instrument investments and other non-current financial assets represents the company's holdings of unlisted equity investments, valued using the discounted future free cash flow method[513] XIV. Related Parties and Related Party Transactions This section discloses the company's parent company, subsidiaries, joint ventures, and associates, as well as related party transactions during the reporting period - The company's parent company is Gaomi Huarong Industrial Development Co., Ltd., and the ultimate controlling party is Gaomi State-owned Assets Operation Center[514] Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (Current Period Amount) | Related Party | Related Transaction Content | Purchase of Goods/Acceptance of Services (RMB) | Sale of Goods/Provision of Services (RMB) | | :--- | :--- | :--- | :--- | | Shandong Hengci Motor Co., Ltd. | Hardware accessories, repair fees, rental fees, motors, etc. | 9,199,956.79 | 144,178.01 | | Gaomi Yulong Furi Home Textile Co., Ltd. | Processing services, rental fees, electricity, steam, towel products, etc. | 2,819,512.11 | 82,868.83 | | Gaomi Jindun Security Service Co., Ltd. | Security services | 1,318,386.16 | 0.00 | | Gaomi Xincheng Thermal Power Co., Ltd. | Heat, electricity, water, steam, rental, etc. | 4,243,265.81 | 13,691.43 | | Gaomi Fengcheng Pipeline Construction Investment Co., Ltd. | Heat, water | 0.00 | 68,188,276.86 | - The company, as guarantor, provided guarantees for Shandong Hengci Motor Co., Ltd.; the company, as guaranteed party, received guarantees from Gaomi Anxin Investment Management Co., Ltd., Gaomi State-owned Assets Management Co., Ltd., and other related parties[524][525] - Key management personnel compensation for the current period amounted to 1.68 million RMB[531] - Related party accounts receivable primarily include 164 million RMB from Gaomi Fengcheng Pipeline Construction Investment Co., Ltd.; related party accounts payable primarily include 2.17 million RMB to Gaomi Furun Industrial and Trade Co., Ltd. and 1.85 million RMB to Shandong Hengci Motor Co., Ltd[533][535] XVIII. Other Significant Matters This section discloses the company's segment information, categorizing operating segments by home textiles, thermal power, chemicals, motors, coating materials, and others - The company divides its operating segments into home textiles, thermal power, chemicals, motors, coating materials, and other segments[536] Financial Information of Reporting Segments (Current Period Amount) | Item | Home Textile Segment (RMB) | Thermal Power Segment (RMB) | Chemical Segment (RMB) | Motor Segment (RMB) | Coating Materials Segment (RMB) | Other Segments (RMB) | Inter-segment Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,154,175,776.74 | 463,140,968.16 | 152,117,536.87 | 89,342,999.24 | 98,866,071.34 | 163,201,351.72 | -533,446,172.14 | 2,587,398,531.93 | | Operating Cost | 1,730,533,502.78 | 376,356,831.94 | 131,123,585.89 | 79,853,092.14 | 89,554,781.73 | 153,320,993.93 | -526,474,502.08 | 2,034,268,286.33 | | Total Profit | 328,047,647.16 | 60,507,310.42 | 10,819,866.42 | 6,066,679.65 | 12,021,335.63 | 1,395,530.12 | -58,727,918.19 | 333,296,719.71 | | Total Assets | 7,769,028,531.37 | 1,380,896,907.04 | 346,908,701.38 | 263,564,118.58 | 395,760,990.60 | 1,549,510,554.65 | -4,070,295,121.10 | 7,635,374,682.52 | XIX. Notes to Parent Company Financial Statement Major Items This section provides detailed notes for the parent company's major financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, operating costs, and investment income - The parent company's accounts receivable balance at period-end was 414 million RMB, with a bad debt provision of 538,300 RMB[543] - The parent company's other receivables balance at period-end was 2.38 billion RMB, with inter-company related party balances accounting for 99.69%[557] Parent Company Operating Revenue and Operating Costs (Current Period vs. Prior Period) | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,784,765,817.21 | 1,392,414,439.54 | 1,878,329,505.16 | 1,498,665,770.56 | | Other Businesses | 165,924,487.57 | 158,914,213.81 | 166,248,192.35 | 159,798,487.47 | | Total | 1,950,690,304.78 | 1,551,328,653.35 | 2,044,577,697.51 | 1,658,464,258.03 | - The parent company's investment income for the current period was 51.35 million RMB, primarily from long-term equity investments accounted for using the cost method[573] XX. Supplementary Information This section provides a detailed statement of non-recurring gains and losses, net asset return, earnings per share, and clarifies no differences under domestic and overseas accounting standards Current Period Non-recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -8,480,995.00 | | Government Grants Included in Current Profit and Loss | 1,708,304.46 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities (Excluding Effective Hedges Related to Normal Business) | -755,795.51 | | Other Non-operating Income and Expenses Apart from the Above | 904,120.69 | | Less: Income Tax Impact | -2,024,132.15 | | Total | -4,600,233.21 | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 5.40% | 0.26 | 0.26 | | Net Profit Attributable to Common Shareholders of the Company (Excluding Non-recurring Gains/Losses) | 5.50% | 0.26 | 0.26 | - The company has no differences in net profit and net assets disclosed simultaneously under international or overseas accounting standards and Chinese accounting standards[577] Section IX Other Submitted Data I. Other Significant Social Security Issues The company and its subsidiaries had no other significant social security issues or administrative penalties during the reporting period - The company and its subsidiaries had no other significant social security issues during the reporting period[579] - The company was not subject to administrative penalties during the reporting period[579] II. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company hosted three research, communication, and interview activities, primarily online and via conference calls, engaging institutions and individuals - During the reporting period, the company hosted three research activities, primarily through online platforms and conference calls[579] - Attendees included institutions and individuals, with participation from the chairman, general manager, CFO, board secretary, and independent directors[579] - The main topics discussed were the company's principal businesses and new projects, covering textiles, chemicals, and new energy[579] III. Fund Transactions Between Listed Company and Controlling Shareholder and Other Related Parties This explanation is not applicable to the company for the reporting period, indicating no fund transactions with controlling shareholders or other related parties - This explanation is not applicable to the company for the reporting period[580]