安德利果汁(02218) - 2025 - 中期财报

Financial Statements Consolidated Balance Sheet - Unaudited As of June 30, 2025, consolidated total assets increased by 3.85% to RMB 2.887 billion, with current assets at RMB 1.911 billion and shareholders' equity at RMB 2.682 billion Consolidated Balance Sheet Key Data (As of June 30, 2025) | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Assets | | | | | Total Current Assets | 1,911,483,527.73 | 1,812,939,537.79 | 5.44 | | Total Non-current Assets | 975,090,959.87 | 966,586,122.08 | 0.88 | | Total Assets | 2,886,574,487.60 | 2,779,525,659.87 | 3.85 | | Liabilities and Shareholders' Equity | | | | | Total Current Liabilities | 199,135,533.18 | 128,257,066.99 | 55.27 | | Total Non-current Liabilities | 5,521,567.07 | 5,503,050.57 | 0.34 | | Total Liabilities | 204,657,100.25 | 133,760,117.56 | 53.00 | | Total Shareholders' Equity Attributable to Parent Company | 2,681,917,387.35 | 2,645,765,542.31 | 1.37 | | Total Shareholders' Equity | 2,681,917,387.35 | 2,645,765,542.31 | 1.37 | | Total Liabilities and Shareholders' Equity | 2,886,574,487.60 | 2,779,525,659.87 | 3.85 | Parent Company Balance Sheet - Unaudited As of June 30, 2025, the parent company's total assets were approximately RMB 2.28 billion, a 13.85% increase from year-end 2024, with total liabilities at RMB 1.13 billion and shareholders' equity at RMB 1.15 billion Parent Company Balance Sheet Key Data (As of June 30, 2025) | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Assets | | | | | Total Current Assets | 1,472,927,792.95 | 1,201,304,720.39 | 22.61 | | Total Non-current Assets | 807,026,049.11 | 801,232,668.15 | 0.72 | | Total Assets | 2,279,953,842.06 | 2,002,537,388.54 | 13.85 | | Liabilities and Shareholders' Equity | | | | | Total Current Liabilities | 1,126,911,892.31 | 722,373,532.58 | 55.99 | | Total Non-current Liabilities | 2,613,500.00 | 2,613,500.00 | 0.00 | | Total Liabilities | 1,129,525,392.31 | 724,987,032.58 | 55.80 | | Total Shareholders' Equity | 1,150,428,449.75 | 1,277,550,355.96 | -9.95 | | Total Liabilities and Shareholders' Equity | 2,279,953,842.06 | 2,002,537,388.54 | 13.85 | Consolidated Income Statement - Unaudited In H1 2025, consolidated operating revenue increased by 49.97% to RMB 948 million, with net profit attributable to parent company shareholders rising 50.26% to RMB 201 million Consolidated Income Statement Key Data (January-June 2025) | Indicator | January-June 2025 (RMB) | January-June 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 948,076,076.72 | 632,178,357.43 | 49.97 | | Operating Cost | 721,171,549.75 | 458,145,479.15 | 57.41 | | Operating Profit | 201,212,584.68 | 134,024,729.67 | 50.13 | | Total Profit | 201,189,911.86 | 134,018,191.15 | 50.12 | | Net Profit | 201,101,023.04 | 133,833,355.58 | 50.26 | | Net Profit Attributable to Parent Company Owners | 201,101,023.04 | 133,833,355.58 | 50.26 | | Basic Earnings Per Share (RMB) | 0.58 | 0.38 | 52.63 | | Diluted Earnings Per Share (RMB) | 0.58 | 0.38 | 52.63 | - Operating revenue and net profit both achieved approximately 50% year-over-year growth, primarily due to increased sales volume of concentrated fruit juice[8][107][108] Parent Company Income Statement - Unaudited In H1 2025, parent company operating revenue increased by 25.24% to RMB 504 million, but net profit decreased by 69.74% to RMB 37.83 million due to a significant drop in investment income Parent Company Income Statement Key Data (January-June 2025) | Indicator | January-June 2025 (RMB) | January-June 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 503,791,051.75 | 402,240,722.17 | 25.24 | | Operating Cost | 462,602,392.06 | 381,170,651.79 | 21.36 | | Operating Profit | 37,827,271.79 | 125,079,346.32 | -69.76 | | Total Profit | 37,827,271.79 | 125,079,390.01 | -69.76 | | Net Profit | 37,827,271.79 | 124,989,662.78 | -69.74 | - Parent company investment income decreased from RMB 123 million in the prior period to RMB 3.82 million in the current period, significantly impacting net profit[9][279] Consolidated Cash Flow Statement - Unaudited In H1 2025, consolidated net cash flow from operating activities significantly increased by 147.46% to RMB 792 million, driven by higher concentrated fruit juice sales, with investment cash flow turning positive Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | January-June 2025 (RMB) | January-June 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 791,629,894.52 | 319,905,896.89 | 147.46 | | Net Cash Flow from Investing Activities | 11,855,250.92 | -522,709,297.88 | 102.27 | | Net Cash Flow from Financing Activities | -79,649,178.00 | -103,953,361.84 | 23.38 | | Net Increase in Cash and Cash Equivalents | 722,656,256.28 | -302,946,744.85 | 338.99 | | Period-end Cash and Cash Equivalents Balance | 959,110,291.37 | 241,227,468.43 | 297.52 | - Net cash flow from operating activities significantly increased by 147.46%, primarily due to increased sales volume of concentrated fruit juice[10][108] - Net cash flow from investing activities turned positive, mainly due to the company's recovery of all wealth management products during the reporting period[10][108] Parent Company Cash Flow Statement - Unaudited In H1 2025, parent company net cash flow from operating activities turned positive to RMB 742 million, and net cash flow from investing activities also turned positive to RMB 35.3 million Parent Company Cash Flow Statement Key Data (January-June 2025) | Item | January-June 2025 (RMB) | January-June 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 742,023,044.16 | -86,861,923.90 | 954.16 | | Net Cash Flow from Investing Activities | 35,303,321.30 | -96,996,704.34 | 136.40 | | Net Cash Flow from Financing Activities | -79,649,178.00 | -103,953,361.84 | 23.38 | | Net Increase in Cash and Cash Equivalents | 696,700,133.72 | -285,092,811.48 | 344.04 | | Period-end Cash and Cash Equivalents Balance | 886,644,326.35 | 228,930,068.73 | 287.30 | - Parent company net cash flow from operating activities shifted from negative to positive year-over-year, indicating a significant improvement in operating cash flow[12] - Net cash flow from investing activities also turned positive, reflecting increased cash inflows from investing activities[12] Consolidated Statement of Changes in Equity - Unaudited As of June 30, 2025, consolidated shareholders' equity totaled RMB 2.682 billion, a 1.37% increase from the beginning of the year, with comprehensive income of RMB 201 million Consolidated Statement of Changes in Equity Key Data (January-June 2025) | Item | Share Capital (RMB) | Less: Treasury Shares (RMB) | Surplus Reserve (RMB) | Retained Earnings (RMB) | Total Shareholders' Equity (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at Beginning of Year | 349,000,000.00 | 67,779,330.82 | 139,817,902.01 | 2,224,726,971.12 | 2,645,765,542.31 | | Changes for the Year | -7,800,000.00 | 11,869,847.18 | -59,979,330.82 | 115,801,023.04 | 36,151,845.04 | | Total Comprehensive Income | – | – | – | 201,101,023.04 | 201,101,023.04 | | Profit Distribution | – | – | – | -85,300,000.00 | -85,300,000.00 | | Other | -7,800,000.00 | 11,869,847.18 | -59,979,330.82 | – | -79,649,178.00 | | Balance at End of Year | 341,200,000.00 | 79,649,178.00 | 79,838,571.19 | 2,340,527,994.16 | 2,681,917,387.35 | - The company's share capital decreased by RMB 7.8 million due to H-share repurchase and cancellation, treasury shares increased by RMB 11.87 million, surplus reserve decreased by RMB 59.98 million, and retained earnings increased by RMB 116 million[14][191][192][193] Parent Company Statement of Changes in Equity - Unaudited As of June 30, 2025, parent company shareholders' equity decreased by 9.95% to RMB 1.15 billion, with comprehensive income of RMB 37.83 million, but net reduction due to profit distribution and share repurchase Parent Company Statement of Changes in Equity Key Data (January-June 2025) | Item | Share Capital (RMB) | Less: Treasury Shares (RMB) | Surplus Reserve (RMB) | Retained Earnings (RMB) | Total Shareholders' Equity (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at Beginning of Year | 349,000,000.00 | 67,779,330.82 | 166,060,599.86 | 830,269,086.92 | 1,277,550,355.96 | | Changes for the Year | -7,800,000.00 | 11,869,847.18 | -59,979,330.82 | -47,472,728.21 | -127,121,906.21 | | Total Comprehensive Income | – | – | – | 37,827,271.79 | 37,827,271.79 | | Profit Distribution | – | – | – | -85,300,000.00 | -85,300,000.00 | | Other | -7,800,000.00 | 11,869,847.18 | -59,979,330.82 | – | -79,649,178.00 | | Balance at End of Year | 341,200,000.00 | 79,649,178.00 | 106,081,269.04 | 782,796,358.71 | 1,150,428,449.75 | - Parent company shareholders' equity decreased by RMB 127 million, primarily influenced by profit distribution and share repurchase and cancellation[15] Notes to Financial Statements I. Company Profile Yantai North Andre Juice Co., Ltd., established in 1996, is an A+H dual-listed company primarily engaged in fruit and vegetable juice manufacturing, with total share capital of 341.2 million shares as of June 30, 2025 - The company was listed on the Shanghai Stock Exchange on September 14, 2020, becoming an A+H dual-listed enterprise[16] - As of June 30, 2025, the company's total share capital was 341.2 million shares, with a registered capital of RMB 341.2 million[17] - The company's main business activities include the production and sale of various fruit and vegetable juices, pulps, flavors, pomace, and related products[17] II. Basis of Financial Statement Preparation These financial statements are prepared in accordance with Enterprise Accounting Standards and CSRC disclosure rules, based on a going concern, accrual basis, and historical cost measurement - Financial statements are prepared in accordance with Enterprise Accounting Standards and CSRC's 'No. 15 Rules for Information Disclosure by Companies Issuing Public Securities – General Provisions for Financial Reports (2023 Revision)'[19] - Financial statements are presented on a going concern basis, with accounting based on the accrual method and measured at historical cost, except for certain financial instruments[20] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no material uncertainties[21] III. Significant Accounting Policies and Estimates This section details the significant accounting policies and estimates used in preparing financial statements, covering business combinations, financial instruments, inventory, fixed assets, revenue recognition, and employee benefits - The company determines depreciation of fixed assets, amortization of intangible assets, capitalization conditions for R&D expenses, and revenue recognition policies based on its production and operation characteristics[22] - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[43] - Revenue is recognized when customers obtain control of goods or services, distinguished by performance obligations fulfilled over time or at a point in time[110][111][112] 1. Statement of Compliance with Accounting Standards The financial statements comply with Enterprise Accounting Standards, accurately reflecting the company's financial position, operating results, and cash flows - These financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting the company's consolidated and parent company financial position as of June 30, 2025, and operating results and cash flows for H1 2025[23] 2. Accounting Period The company's accounting period follows the calendar year, from January 1 to December 31 annually - The company's accounting period adopts the calendar year, from January 1 to December 31 each year[24] 3. Operating Cycle The company's operating cycle is 12 months - The company's operating cycle is 12 months[25] 4. Functional Currency The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use USD, with financial statements prepared in RMB - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use USD, with financial statements prepared in RMB[26] 5. Materiality Criteria This section defines the materiality thresholds for specific financial items, such as significant individual accounts receivable for bad debt provisions and significant construction in progress Materiality Criteria | Item | Materiality Criteria | | :--- | :--- | | Significant individual accounts receivable for bad debt provision | Amount ≥ RMB 5 million | | Significant construction in progress | Amount ≥ RMB 5 million | 6. Accounting for Business Combinations Business combinations under common control are measured at the book value of the merged entity in the ultimate controlling party's consolidated financial statements, while non-common control combinations are measured at fair value - Business combinations under common control are measured at the book value of the merged entity in the ultimate controlling party's consolidated financial statements for assets and liabilities[27] - For business combinations not under common control, the merger cost is the fair value of assets given, liabilities incurred or assumed, and equity securities issued to obtain control on the acquisition date[29] 7. Criteria for Control and Consolidation Consolidation scope is determined by control, where the company has power over the investee, exposure to variable returns, and the ability to use power to affect returns, with intercompany transactions eliminated - The scope of consolidation is determined based on control, meaning the company has power over the investee, is exposed to variable returns from its involvement, and has the ability to use its power to affect the amount of those returns[31] - Consolidated financial statements are prepared based on the financial statements of the company and its subsidiaries, with significant intercompany transactions and balances eliminated[32] 8. Classification of Joint Arrangements and Accounting for Joint Operations Joint arrangements are classified as joint operations or joint ventures; joint operations recognize their share of assets and liabilities, while joint ventures are accounted for using the equity method - Joint arrangements are classified as joint operations and joint ventures; joint operations recognize their share of related assets and liabilities, while joint ventures are accounted for using the equity method[35][36] 9. Definition of Cash and Cash Equivalents Cash includes cash on hand and deposits readily available for payment, while cash equivalents are short-term, highly liquid investments easily convertible to known amounts of cash with insignificant value change risk - Cash refers to cash on hand and deposits readily available for payment; cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value[38] 10. Foreign Currency Transactions and Translation Foreign currency transactions are translated at the spot exchange rate on the transaction date, with monetary items translated at the balance sheet date's spot rate, and foreign financial statements translated using specific rates for assets/liabilities and income statement items - Foreign currency transactions are translated at the spot exchange rate on the transaction date, and foreign currency monetary items are translated at the spot exchange rate on the balance sheet date[39] - When translating foreign currency financial statements of overseas subsidiaries, balance sheet items are translated at the spot exchange rate on the balance sheet date, while income statement items are translated at the spot exchange rate on the transaction date[39][40] 11. Financial Instruments Financial assets are categorized based on business model and contractual cash flow characteristics, and impairment accounting is applied to certain financial assets using expected credit losses - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[43] - The company applies impairment accounting for financial assets measured at amortized cost, accounts receivable, and debt instrument investments measured at fair value through other comprehensive income, based on expected credit losses[54] - For notes receivable and accounts receivable, the company consistently measures loss provisions at an amount equal to the expected credit losses over the entire lifetime[58] 12. Fair Value Measurement Fair value is the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, categorized into three levels based on input observability - Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date[71] - Fair value measurements are categorized into three levels: Level 1 for quoted prices in active markets, Level 2 for observable inputs, and Level 3 for unobservable inputs[72] 13. Inventories Inventories, including raw materials, work-in-progress, and finished goods, are initially measured at actual cost and subsequently valued at the lower of cost and net realizable value, with provisions for inventory write-downs when net realizable value is below cost - Inventories are classified as raw materials, work-in-progress, and finished goods, initially measured at actual cost, and valued using the weighted-average method upon issuance[73] - At the balance sheet date, inventories are measured at the lower of cost and net realizable value, with inventory write-down provisions recognized when net realizable value is below cost[73] 14. Long-term Equity Investments Long-term equity investments include those in subsidiaries, joint ventures, and associates, accounted for using the cost method for subsidiaries and the equity method for joint ventures and associates - Long-term equity investments include equity investments in subsidiaries, joint ventures, and associates[76] - Investments in subsidiaries are accounted for using the cost method, while investments in associates and joint ventures are accounted for using the equity method[76] - Joint control refers to shared control over an arrangement, and significant influence refers to the power to participate in financial and operating policy decisions of the investee[82][83] 15. Fixed Assets Fixed assets are tangible assets held for production, services, rental, or administration with a useful life exceeding one accounting year, initially measured at actual cost and depreciated using the straight-line method - Fixed assets are tangible assets held for the production of goods, provision of services, rental, or operational management, with a useful life exceeding one accounting year, initially measured at actual cost[84][85] - The company uses the straight-line method for depreciation and annually reviews useful lives, estimated net residual values, and depreciation methods[85][87] 16. Construction in Progress Construction in progress costs are determined by actual expenditures, including necessary project expenses, capitalized borrowing costs, and other related fees, and are transferred to fixed assets upon reaching their intended usable state - Construction in progress costs are determined by actual project expenditures, including necessary engineering expenses, capitalized borrowing costs, and other related fees, and are transferred to fixed assets when they reach their intended usable state[88][89] 17. Borrowing Costs Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets are capitalized as part of the asset's cost during the capitalization period - Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets are capitalized and included in the cost of the related assets[91] - The capitalization period begins when asset expenditures and borrowing costs have been incurred and construction or production activities have commenced, ceasing when the asset reaches its intended usable or marketable condition[91][92] 18. Intangible Assets Intangible assets, including land use rights, are initially measured at cost and amortized using the straight-line method over their estimated useful lives - Intangible assets, including land use rights, are initially measured at cost and amortized using the straight-line method over their estimated useful lives if they have a finite useful life[93][94] 19. Research and Development Expenses Research and development expenditures are categorized into research phase and development phase expenses, with research phase expenses recognized as current period expenses, and development phase expenses capitalized only when specific criteria are met - Research and development expenditures are distinguished between research phase and development phase expenditures, with research phase expenditures recognized as current period expenses[97][98] - Development phase expenditures are capitalized only when specific conditions are met; otherwise, they are recognized as current period expenses[98] 20. Asset Impairment At the balance sheet date, assets are assessed for impairment indicators, and if present, recoverable amounts are estimated for impairment testing, with goodwill and indefinite-lived intangible assets tested annually - At the balance sheet date, assets are assessed for impairment indicators, and if such indicators exist, impairment tests are conducted by estimating the recoverable amount[99] - Goodwill, intangible assets with indefinite useful lives, and intangible assets not yet ready for their intended use are tested for impairment annually[99] - Once an asset impairment loss is recognized, it is not reversed in subsequent accounting periods[101] 21. Long-term Deferred Expenses Long-term deferred expenses are measured at actual cost and amortized evenly over their estimated benefit period - Long-term deferred expenses are measured at actual cost and amortized evenly over their estimated benefit period[102] 22. Employee Benefits Employee benefits include short-term compensation, post-employment benefits, termination benefits, and other long-term employee benefits, with short-term compensation recognized as a liability and expense when services are rendered - Employee benefits include short-term compensation, post-employment benefits, termination benefits, and other long-term employee benefits[103] - Short-term compensation is recognized as a liability and charged to current profit or loss or relevant asset costs in the accounting period when employees provide services[103] - Post-employment benefit plans include defined contribution plans and defined benefit plans, with defined contribution plans recognized as a liability based on the amount payable[104][105] 23. Provisions Provisions are recognized when an obligation related to a contingent event is a present obligation, likely to result in an outflow of economic benefits, and its amount can be reliably measured - Provisions are recognized when an obligation related to a contingent event simultaneously meets the criteria of being a present obligation, likely to result in an outflow of economic benefits, and its amount can be reliably measured[109] 24. Revenue The company recognizes revenue when performance obligations in a contract are satisfied, meaning the customer obtains control of the related goods or services, with sales models including general sales and consignment sales - The company recognizes revenue when it satisfies a performance obligation in a contract, meaning when the customer obtains control of the related goods or services[110] - Sales models include general sales (domestic, export) and consignment sales, with revenue recognition timing based on product delivery terms or when the customer uses the product[113] 25. Contract Costs Contract costs include incremental costs of obtaining a contract and costs to fulfill a contract, which are recognized as assets and amortized if they meet specific capitalization criteria - Contract costs include incremental costs incurred to obtain a contract and costs to fulfill a contract, which are recognized as assets and amortized if they meet the capitalization conditions[114] 26. Government Grants Government grants are recognized when conditions are met and receipt is probable, classified as asset-related or income-related, and accounted for by reducing asset book value or recognizing in profit or loss or deferred income - Government grants are recognized when the attached conditions are met and they are probable of being received, classified as asset-related or income-related government grants[115] - Asset-related government grants reduce the book value of related assets, while income-related grants are recognized in current profit or loss or deferred income[115] 27. Deferred Tax Assets and Liabilities The company recognizes deferred income tax using the balance sheet liability method based on temporary differences between the carrying amounts and tax bases of assets and liabilities, presented net when specific conditions are met - The company recognizes deferred income tax based on temporary differences between the carrying amounts and tax bases of assets and liabilities at the balance sheet date, using the balance sheet liability method[117] - Deferred tax assets and liabilities are presented as a net amount when specific conditions for offsetting are met[122] 28. Leases As a lessee, the company recognizes right-of-use assets and lease liabilities for all leases, except for simplified short-term and low-value asset leases, and as a lessor, classifies leases as finance or operating based on risk and reward transfer - As a lessee, the company recognizes right-of-use assets and lease liabilities for all leases, except for short-term leases and leases of low-value assets that are simplified[120] - As a lessor, the company classifies leases as finance leases if they substantially transfer all the risks and rewards incidental to ownership of an asset, and as operating leases for all other leases[128] 29. Right-of-Use Assets Right-of-use assets represent the lessee's right to use a leased asset over the lease term, initially measured at cost and depreciated using the straight-line method - Right-of-use assets represent the lessee's right to use a leased asset over the lease term, initially measured at cost and depreciated using the straight-line method[132] 30. Repurchase of Shares Shares repurchased by the company are managed as treasury shares until cancellation or transfer, with repurchase expenditures recorded as treasury share cost, and no gains or losses recognized - Shares repurchased by the company are managed as treasury shares until cancellation or transfer, with repurchase expenditures recorded as treasury share cost, and no gains or losses recognized[134] 31. Changes in Accounting Policies and Estimates There were no significant changes in accounting policies or estimates during the current period - There were no significant changes in accounting policies or accounting estimates in the current period[136] IV. Taxation This section discloses the company's main tax types and rates, including VAT, urban maintenance and construction tax, education surcharges, and corporate income tax, along with tax incentives enjoyed by subsidiaries, such as reduced corporate income tax rates for Western Development enterprises and exemptions for primary agricultural product processing Main Tax Types and Rates | Tax Type | Statutory Tax Rate | | :--- | :--- | | Value-Added Tax | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 1%, 5%, 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 25% | - Some subsidiaries enjoy the Western Development corporate income tax policy, paying corporate income tax at a reduced rate of 15%, valid until 2030[138] - Several subsidiaries benefit from income tax exemptions for the production and sale of raw fruit juice and pomace[138] V. Notes to Consolidated Financial Statement Items This section provides detailed notes for major consolidated financial statement items, including period-end balances, changes, measurement methods, and related explanations, offering specific data to understand the company's financial position and operating results - Cash and cash equivalents balance at period-end was RMB 959 million, a significant 305.62% increase from the prior year-end, primarily due to the seasonal off-production period and increased sales collections[139][110] - Inventory balance at period-end was RMB 545 million, a 52.92% decrease from the prior year-end, mainly because the company was in a seasonal off-production period, primarily selling rather than producing[162][111] - Other payables balance at period-end was RMB 86.67 million, a significant 5514.85% increase from the prior year-end, primarily due to the 2024 year-end dividend not yet being paid[185][111] 1. Cash and Cash Equivalents This section details the composition and changes in cash and cash equivalents, including cash on hand and bank deposits, and explains the significant increase in the period-end balance Cash and Cash Equivalents Balance | Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 93.92 | 93.92 | | Bank Deposits | 959,110,197.45 | 236,453,941.17 | | Total | 959,110,291.37 | 236,454,035.09 | - Period-end cash and cash equivalents increased by 305.62% compared to the prior year-end, primarily due to the seasonal off-production period and increased sales collections during the reporting period[110] 2. Financial Assets Held for Trading This section presents the balance of financial assets held for trading, which decreased to zero at period-end due to the redemption of various wealth management products Financial Assets Held for Trading Balance | Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Financial assets classified as at fair value through profit or loss | – | 41,034,077.78 | | Including: Open-ended net value products | – | 41,034,077.78 | | Total | – | 41,034,077.78 | - The period-end balance of financial assets held for trading was zero, a 100% decrease from the prior year-end, primarily due to the redemption of various wealth management products during the reporting period[110] 3. Notes Receivable This section details the balance of notes receivable, which significantly increased at period-end due to a rise in sales collected via bank acceptance bills Notes Receivable Balance | Type of Bill | Period-end Book Value (RMB) | Prior Year-end Book Value (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bills | 1,589,390.00 | 738,100.00 | - The period-end balance of notes receivable increased by 115.34% compared to the prior year-end, primarily due to an increase in sales collected via bank acceptance bills during the reporting period[111] 4. Accounts Receivable This section provides the aging distribution of accounts receivable, details the bad debt provision, and highlights the concentration of the top five debtors Accounts Receivable Aging Distribution | Aging | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Within 1 year | 392,402,715.39 | 331,235,032.83 | | 1 to 2 years | – | 34,776.22 | | Less: Bad Debt Provision | 30,896,171.95 | 29,383,419.66 | | Total | 361,506,543.44 | 301,886,389.39 | - The period-end bad debt provision for accounts receivable was RMB 30.90 million, with an expected credit loss rate of 7.87%[146] - The top five accounts receivable by debtor at period-end collectively accounted for 46.30% of the total accounts receivable balance[150] 5. Prepayments This section presents the aging distribution of prepayments, which significantly increased at period-end due to higher advance payments for various materials Prepayments Aging Distribution | Aging | Period-end Balance (RMB) | Proportion (%) | Prior Year-end Balance (RMB) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Within 1 year | 5,188,657.25 | 98.95 | 2,138,627.55 | 100.00 | | 1 to 2 years | 55,099.09 | 1.05 | – | – | | Total | 5,243,756.34 | 100.00 | 2,138,627.55 | 100.00 | - The period-end balance of prepayments increased by 145.19% compared to the prior year-end, primarily due to increased advance payments for various materials during the reporting period[111] 6. Other Receivables This section provides the aging distribution of other receivables and details the bad debt provision, indicating an expected credit loss rate for Stage 1 Other Receivables Aging Distribution | Aging | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Within 1 year | 1,105,850.01 | 992,180.65 | | Less: Bad Debt Provision | 95,092.50 | 83,009.03 | | Total | 1,234,057.51 | 1,131,471.62 | - The period-end bad debt provision for other receivables was RMB 95,000, with an expected credit loss rate of 7.15% for Stage 1[156][159] 7. Inventories This section categorizes inventories by type and explains the significant decrease in the period-end balance due to the seasonal off-production period Inventory Classification | Inventory Type | Period-end Book Value (RMB) | Prior Year-end Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | 45,182,054.51 | 38,444,916.60 | | Work-in-Progress | 42,674,397.93 | 152,184.00 | | Finished Goods | 457,603,353.35 | 1,119,986,801.03 | | Total | 545,459,805.79 | 1,158,583,901.63 | - The period-end inventory balance decreased by 52.92% compared to the prior year-end, primarily due to the seasonal off-production period, with sales occurring but minimal production[111] - The period-end provision for inventory write-downs for finished goods was RMB 1.46 million, with RMB 60,700 recognized in the current period and RMB 380,400 reversed[162] 8. Other Current Assets This section presents the balance of other current assets, which decreased at period-end primarily due to a reduction in un-deducted VAT credits Other Current Assets Balance | Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | VAT Input Tax Credit | 37,339,683.28 | 70,972,934.73 | - The period-end balance of other current assets decreased by 47.39% compared to the prior year-end, primarily due to a reduction in un-deducted VAT during the reporting period[111] 9. Other Non-current Financial Assets This section details the balance of other non-current financial assets, which remained unchanged at period-end, consisting solely of equity instrument investments Other Non-current Financial Assets Balance | Type | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Equity Instrument Investments | 461,281.69 | 461,281.69 | 10. Fixed Assets This section presents the book value of fixed assets by category, including buildings, machinery, office equipment, and transportation equipment, and notes the increase in accumulated depreciation Fixed Assets Book Value | Item | Period-end Book Value (RMB) | Beginning of Period Book Value (RMB) | | :--- | :--- | :--- | | Buildings and Structures | 392,361,837.16 | 398,831,708.33 | | Machinery and Equipment | 422,188,491.53 | 432,367,277.41 | | Office and Other Equipment | 5,882,865.45 | 6,273,486.04 | | Transportation Equipment | 5,027,730.47 | 4,745,492.57 | | Total | 825,460,924.61 | 842,217,964.35 | - Accumulated depreciation for fixed assets increased by RMB 20.08 million in the current period[165] 11. Construction in Progress This section details the net book value of construction in progress, which significantly increased at period-end due to higher advance payments for production line renovations at some subsidiaries Construction in Progress Balance | Item | Period-end Net Book Value (RMB) | Prior Year-end Net Book Value (RMB) | | :--- | :--- | :--- | | Equipment to be Installed | 6,344,375.99 | 1,678,500.00 | | Building Renovation | 2,356,283.63 | – | | Total | 8,700,659.62 | 1,678,500.00 | - The period-end balance of construction in progress increased by 418.36% compared to the prior year-end, primarily due to increased advance payments for production line renovations at some subsidiaries during the reporting period[111] 12. Intangible Assets This section presents the book value of intangible assets, primarily land use rights, and notes the increase in accumulated amortization for the period Intangible Assets Book Value | Item | Period-end Book Value (RMB) | Beginning of Period Book Value (RMB) | | :--- | :--- | :--- | | Land Use Rights | 99,723,352.76 | 101,289,252.84 | - Accumulated amortization for intangible assets increased by RMB 1.566 million in the current period[169] 13. Development Expenditures This section details the development expenditures by project, noting an increase in the current period primarily for key technology research and application in deep processing of northern representative fruits Development Expenditures Projects | Item | Period-end Balance (RMB) | Beginning of Period Balance (RMB) | | :--- | :--- | :--- | | R&D and Application of Key Technologies for Deep Processing of Northern Representative Fruits | 4,876,376.26 | 4,347,684.08 | | 14th Five-Year National Project "Precise Storage, Transportation, and Processing of Post-Harvest Apples" | 232,963.10 | 176,788.29 | | Rural Revitalization - Integrated Innovation and Demonstration of Key Technologies for Quality and Efficiency Improvement of Yantai Apples | 169,170.13 | – | | Total | 5,278,509.49 | 4,524,472.37 | - Development expenditures increased by RMB 754,000 in the current period, primarily for projects such as key technology research and application in deep processing of northern representative fruits[170] 14. Goodwill This section presents the original book value of goodwill, which remained unchanged at period-end, with no changes in impairment provisions Goodwill Original Book Value | Name of Investee or Event Forming Goodwill | Period-end Balance (RMB) | Beginning of Period Balance (RMB) | | :--- | :--- | :--- | | Anyue Andre Lemon Industry Technology Co., Ltd. | 3,066,598.32 | 3,066,598.32 | | Yongji Andre Fruit and Vegetable Juice Co., Ltd. | 4,566,292.71 | 4,566,292.71 | | Yantai Longkou Andre Fruit Juice Beverage Co., Ltd. | 1,020,683.72 | 1,020,683.72 | | Total | 8,653,574.75 | 8,653,574.75 | - The period-end original book value of goodwill remained unchanged, and there was no change in impairment provisions[171][172] 15. Deferred Tax Assets This section details unrecognized deferred tax assets related to deductible temporary differences and deductible losses, noting the expiration schedule for deductible losses Unrecognized Deferred Tax Assets for Deductible Temporary Differences and Deductible Losses | Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Deductible Temporary Differences | 32,451,679.40 | 31,246,523.77 | | Deductible Losses | 5,769,251.17 | 7,134,626.15 | | Total | 38,220,930.57 | 38,381,149.92 | - Deductible losses are primarily set to expire between 2026 and 2030[174] 16. Other Non-current Assets This section presents the balance of other non-current assets, which significantly increased at period-end due to higher advance payments for production line renovations at some subsidiaries Other Non-current Assets Balance | Item | Period-end Book Value (RMB) | Prior Year-end Book Value (RMB) | | :--- | :--- | :--- | | Advance Payments for Equipment and Engineering | 29,879,255.27 | 10,827,674.40 | - The period-end balance of other non-current assets increased by 175.95% compared to the prior year-end, primarily due to increased advance payments for production line renovations at some subsidiaries during the reporting period[111] 17. Accounts Payable This section categorizes accounts payable by nature of payment, noting a decrease in the period-end balance due to payments for various materials Accounts Payable by Nature of Payment | Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Payables for Materials and Others | 53,814,867.27 | 82,169,590.02 | | Payables for Engineering and Equipment | 10,457,108.43 | 14,806,085.58 | | Total | 64,271,975.70 | 96,975,675.60 | - The period-end balance of accounts payable decreased by 33.72% compared to the prior year-end, primarily due to payments for various materials during the reporting period[111] 18. Contract Liabilities This section presents the balance of contract liabilities, which increased at period-end due to higher advance payments received from customers Contract Liabilities Balance | Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Advance Receipts from Customers | 5,523,877.53 | 2,748,130.25 | - The period-end balance of contract liabilities increased by 101.00% compared to the prior year-end, primarily due to increased advance receipts from customers during the reporting period[111] 19. Employee Benefits Payable This section details the balance of employee benefits payable, which decreased at period-end due to the payment of year-end bonuses accrued in the prior year Employee Benefits Payable Balance | Item | Period-end Balance (RMB) | Beginning of Period Balance (RMB) | | :--- | :--- | :--- | | Short-term Compensation | 12,424,085.99 | 18,924,296.22 | | Post-employment Benefits - Defined Contribution Plans | – | – | | Total | 12,424,085.99 | 18,924,296.22 | - The period-end balance of employee benefits payable decreased by 34.35% compared to the prior year-end, primarily due to the payment of year-end bonuses accrued at the prior year-end during the reporting period[111] 20. Taxes Payable This section presents the balance of taxes payable, which significantly increased at period-end due to higher VAT and other taxes resulting from increased sales Taxes Payable Balance | Tax Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Value-Added Tax | 13,764,834.07 | 5,146,549.04 | | Customs Duties | 11,963,064.45 | – | | Urban Maintenance and Construction Tax and Education Surcharge | 2,058,535.41 | 591,597.03 | | Total | 29,526,444.82 | 7,712,930.78 | - The period-end balance of taxes payable increased by 282.82% compared to the prior year-end, primarily due to increased VAT and other taxes resulting from sales growth during the reporting period[111] 21. Other Payables This section details the balance of other payables, which significantly increased at period-end primarily due to the 2024 year-end dividend not yet being paid Other Payables Balance | Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Dividends Payable | 85,300,000.00 | – | | Other Payables | 1,374,825.16 | 1,543,670.21 | | Total | 86,674,825.16 | 1,543,670.21 | - The period-end balance of other payables significantly increased by 5514.85% compared to the prior year-end, primarily due to the 2024 year-end dividend not yet being paid during the reporting period[111] 22. Other Current Liabilities This section presents the balance of other current liabilities, which increased at period-end due to higher deferred output VAT resulting from increased contract liabilities Other Current Liabilities Balance | Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Deferred Output VAT | 714,323.98 | 352,363.93 | - The period-end balance of other current liabilities increased by 102.72% compared to the prior year-end, primarily due to increased deferred output VAT resulting from increased contract liabilities during the reporting period[111] 23. Long-term Payables This section details the balance of long-term payables, including amounts due for factory ownership and land use rights, and special funds for poverty alleviation Long-term Payables Balance | Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Payables for Factory Ownership and Land Use Rights | 1,118,332.50 | 1,099,816.00 | | Shaanxi-Jiangsu Poverty Alleviation Special Funds | 629,840.00 | 629,840.00 | | Total | 1,748,172.50 | 1,729,656.00 | 24. Deferred Income This section presents the balance of deferred income, which remained stable at period-end, primarily consisting of asset-related and income-related government grants Deferred Income Balance | Item | Period-end Balance (RMB) | Beginning of Period Balance (RMB) | | :--- | :--- | :--- | | Government Grants | 3,773,394.57 | 3,773,394.57 | - The period-end balance of deferred income remained consistent with the beginning of the period, primarily comprising asset-related and income-related government grants[188][225] 25. Share Capital This section details the changes in share capital, noting a decrease in total shares due to the cancellation of repurchased H-shares Share Capital Changes | Item | Beginning of Period Balance (RMB) | Current Period Increase/Decrease (+, -) (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Shares | 349,000,000.00 | -7,800,000.00 | 341,200,000.00 | - The total number of shares decreased by 7.8 million in the current period, primarily due to the cancellation of all H-shares repurchased in 2024 on February 13, 2025[189][191] 26. Treasury Shares This section details the changes in treasury shares, including the increase due to share repurchases for capital reduction Treasury Shares Changes | Item | Beginning of Period Balance (RMB) | Current Period Increase (RMB) | Current Period Decrease (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | | Repurchase for Capital Reduction | 67,779,330.82 | 79,649,178.00 | 67,779,330.82 | 79,649,178.00 | - As of June 30, 2025, the company repurchased 5,012,000 H-shares on the Hong Kong Stock Exchange, with a total repurchase cost of RMB 79,649,178.00[191] 27. Surplus Reserve This section details the changes in surplus reserve, noting a decrease primarily due to the cancellation of repurchased H-shares Surplus Reserve Changes | Item | Beginning of Period Balance (RMB) | Current Period Decrease (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | | Statutory Surplus Reserve | 139,817,902.01 | 59,979,330.82 | 79,838,571.19 | - Surplus reserve decreased by 42.90%, primarily due to the cancellation of 7,800,000 H-shares repurchased in 2024 on February 13, 2025[111][192] 28. Retained Earnings This section details the changes in retained earnings, including net profit attributable to parent company shareholders and dividends paid Retained Earnings Changes | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Adjusted Retained Earnings at Beginning of Period | 2,224,726,971.12 | 2,070,671,322.38 | | Add: Net Profit Attributable to Parent Company Shareholders for the Period | 201,101,023.04 | 260,703,197.00 | | Less: Dividends Payable on Ordinary Shares | 85,300,000.00 | 76,780,000.00 | | Retained Earnings at End of Period | 2,340,527,994.16 | 2,224,726,971.12 | 29. Operating Revenue and Cost This section presents the operating revenue and cost by business segment, noting significant year-over-year growth primarily driven by increased sales of concentrated fruit juice Operating Revenue and Cost | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 945,656,545.30 | 720,397,516.93 | 629,609,727.60 | 456,946,460.90 | | Other Business | 2,419,531.42 | 774,032.82 | 2,568,629.83 | 1,199,018.25 | | Total | 948,076,076.72 | 721,171,549.75 | 632,178,357.43 | 458,145,479.15 | - Operating revenue increased by 49.97% year-over-year, and operating cost increased by 57.41% year-over-year, primarily due to increased sales volume of concentrated fruit juice[108] - By product type, fruit juice and flavors are the main sources of revenue, accounting for 96.69% of operating revenue[195] 30. Taxes and Surcharges This section details the taxes and surcharges incurred, noting a year-over-year increase across various tax categories Taxes and Surcharges | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Urban Maintenance and Construction Tax | 2,234,179.21 | 1,439,218.03 | | Education Surcharge | 1,809,456.22 | 1,203,080.60 | | Property Tax | 1,850,018.65 | 1,501,819.04 | | Land Use Tax | 1,645,250.79 | 1,301,085.21 | | Other | 430,645.03 | 332,777.77 | | Total | 7,969,549.90 | 5,777,980.65 | - Taxes and surcharges increased by 37.93% year-over-year, primarily due to increases across various tax categories during the reporting period[108] 31. Selling Expenses This section details selling expenses, noting a significant year-over-year increase primarily due to higher customer commissions resulting from increased concentrated fruit juice sales Selling Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 1,173,560.40 | 1,111,112.18 | | Sales Commissions | 1,013,668.32 | 180,619.40 | | Other | 798,958.31 | 409,672.76 | | Total | 2,986,187.03 | 1,701,404.34 | - Selling expenses increased by 75.51% year-over-year, primarily due to increased customer commissions resulting from higher concentrated fruit juice sales volume[108] 32. Administrative Expenses This section details administrative expenses, noting a year-over-year increase primarily due to the consolidation of operating costs from the newly established Yan'an subsidiary Administrative Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 12,431,680.49 | 8,851,039.42 | | Depreciation and Amortization | 3,781,602.89 | 3,557,684.68 | | Consulting and Service Fees | 1,224,500.63 | 721,105.10 | | Auditor Fees | 943,396.23 | 867,924.53 | | Office and Travel Expenses | 1,097,936.53 | 655,001.94 | | Other | 597,336.18 | 2,017,385.14 | | Total | 20,076,452.95 | 16,670,140.81 | - Administrative expenses increased by 20.43% year-over-year, primarily due to the consolidation of operating costs from the newly established Yan'an subsidiary during the reporting period[108] 33. Research and Development Expenses This section details research and development expenses, noting a year-over-year increase primarily due to the company's increased R&D investment Research and Development Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 2,393,901.18 | 2,028,495.12 | | Depreciation and Amortization | 253,303.60 | 291,372.95 | | Experimental Materials and Inspection Fees | 479,111.11 | 657,496.68 | | Other | 160,448.86 | 131,580.45 | | Total | 3,286,764.75 | 3,108,945.20 | - Research and development expenses increased by 5.72% year-over-year, primarily due to the company's increased R&D investment during the reporting period[109] 34. Financial Expenses This section details financial expenses, noting a year-over-year decrease in financial income (or increase in financial expense) primarily due to lower interest income and exchange gains Financial Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Interest Expense | 18,516.50 | 18,516.50 | | Less: Interest Income | 2,253,641.45 | 3,055,384.27 | | Exchange Gains/Losses | -4,066,869.76 | -5,557,314.76 | | Handling Fees and Other | 183,520.43 | 109,744.08 | | Total | -6,118,474.28 | -8,484,438.45 | - Financial expenses (income) decreased by 27.89% year-over-year, primarily due to lower interest income and exchange gains compared to the prior period[108][109] 35. Other Income This section details other income, noting a year-over-year decrease primarily due to reduced government subsidies received Other Income | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Handling Fee Refund for Withholding Individual Income Tax | 111,518.65 | 9,722.10 | | Fuxian Development and Reform Incentive Funds | 72,000.00 | – | | SME Development Special Funds | – | 351,000.00 | | Total | 190,168.65 | 588,722.10 | - Other income decreased by 67.70% year-over-year, primarily due to a reduction in government subsidies received during the reporting period[108][109] 36. Investment Income This section details investment income, noting that the current period's income primarily stems from the disposal of financial assets held for trading, unlike the prior period which included income from holding such assets Investment Income | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Investment Income from Disposal of Financial Assets Held for Trading | 3,903,884.71 | -3,182,368.54 | | Investment Income from Holding Financial Assets Held for Trading | – | 6,218,425.49 | | Total | 3,903,884.71 | 3,036,056.95 | - Current period investment income primarily arose from gains on disposal of financial assets held for trading, whereas the prior period included investment income from holding financial assets held for trading[203] 37. Gains from Changes in Fair Value This section notes that there were no gains from changes in fair value in the current period, unlike the prior period which had a negative value due to the sale of all stock investments Gains from Changes in Fair Value | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Financial Assets Held for Trading | – | -10,985,209.20 | - There were no gains from changes in fair value in the current period; the prior period had a negative value, primarily due to the sale of all stock investments in that period[109][203] 38. Credit Impairment Losses (Losses presented with a "－" sign) This section details credit impairment losses, noting a significant year-over-year decrease due to timely collection of receivables and reduced impairment provisions Credit Impairment Losses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Bad Debt Losses on Other Receivables | -12,083.47 | 109,627.47 | | Bad Debt Losses on Accounts Receivable | -1,512,752.29 | -13,436,961.49 | | Total | -1,524,835.76 | -13,327,334.02 | - Credit impairment losses decreased by 88.56% year-over-year, primarily due to timely collection of receivables and reduced credit asset impairment provisions in accordance with Enterprise Accounting Standards[108][109] 39. Asset Impairment Losses (Losses presented with a "－" sign) This section details asset impairment losses, noting a year-over-year decrease primarily due to the prior period's provision for inventory write-downs related to trial-produced products Asset Impairment Losses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Inventory Write-down Losses | -60,679.54 | -192,524.53 | | Total | -60,679.54 | -192,524.53 | - Asset impairment losses decreased by 68.48% year-over-year, primarily due to the prior period's provision for inventory write-downs related to trial-produced products by subsidiary Anyue Andre Lemon Industry Technology Co., Ltd[108][109] 40. Gains from Disposal of Assets This section notes that there were no gains from disposal of assets in the current period, unlike the prior period which had a negative value due to land disposal losses by a subsidiary Gains from Disposal of Assets | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :---