力诺药包(301188) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions Important Notes The Board, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness and completeness, with no plans for dividends or capital increase from capital reserves - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4] - Company head Yang Zhongchen, chief accountant Li Guo, and accounting department head Li Guo declare the financial report in this semi-annual report is true, accurate, and complete[4] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves[5] Table of Contents This section outlines the report's structure, covering company profile, financial indicators, management discussion, governance, significant matters, share changes, bond information, and financial statements - The report comprises eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, and financial reports[7] Definitions This section defines common terms, including company names, reporting periods, currency units, and specialized terms for pharmaceutical packaging and glass products, ensuring accurate understanding - “Linuo Pharma Packaging, the Company, this Company” refers to Shandong Linuo Pharmaceutical Packaging Co., Ltd[13] - “Reporting Period, Current Period, this Reporting Period” refers to January 1, 2025, to June 30, 2025[13] - “Medium Borosilicate Molded Vials/Medium Borosilicate Tubing Vials” refer to pharmaceutical glass vials with B2O3 content of 8%–12% and an average linear thermal expansion coefficient of approximately 5.0×10—6K-1[14] Company Profile and Key Financial Indicators Company Profile Linuo Pharma Packaging, stock code 301188, is listed on the Shenzhen Stock Exchange, with Yang Zhongchen as its legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Linuo Pharma Packaging | | Stock Code | 301188 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Shandong Linuo Pharmaceutical Packaging Co., Ltd. | | Legal Representative | Yang Zhongchen | Contact Persons and Information Board Secretary Xie Yan and Securities Affairs Representative Wang Yuewei share the same contact details in Jinan City, Shandong Province Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xie Yan | Government Residence, Yuhuangmiao Town, Shanghe County, Jinan City, Shandong Province | 0531-88729123 | 0531-84759999 | lntbdsh@linuo.com | | Securities Affairs Representative | Wang Yuewei | Government Residence, Yuhuangmiao Town, Shanghe County, Jinan City, Shandong Province | 0531-88729123 | 0531-84759999 | lntbdsh@linuo.com | Other Information Company contact details and information disclosure remained unchanged, with a business scope update and new business license issued on June 11, 2025 - The company's registered address, office address, website, and email remained unchanged during the reporting period, as did information disclosure and storage locations, as detailed in the 2024 annual report[18][19] - The company completed industrial and commercial change registration on June 11, 2025, including changes to its business scope, amendments to the Articles of Association, and issuance of a new business license[21] Key Accounting Data and Financial Indicators Operating revenue and net profit decreased year-on-year, with negative operating cash flow, while total assets and net assets attributable to shareholders increased Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 498,727,431.13 | 560,801,220.36 | -11.07% | | Net Profit Attributable to Shareholders of Listed Company | 40,967,465.56 | 51,285,014.38 | -20.12% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 28,940,875.24 | 46,161,506.91 | -37.31% | | Net Cash Flow from Operating Activities | -9,605,079.03 | 24,058,728.53 | -139.92% | | Basic Earnings Per Share (RMB/share) | 0.18 | 0.22 | -18.18% | | Diluted Earnings Per Share (RMB/share) | 0.18 | 0.23 | -21.74% | | Weighted Average Return on Net Assets | 2.68% | 3.26% | -0.58% | | End of Current Reporting Period | End of Prior Year | Change (%) | | | Total Assets (RMB) | 2,536,735,482.90 | 2,356,016,894.42 | 7.67% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 1,595,657,509.24 | 1,554,214,966.93 | 2.67% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company's net profit and net assets reported under international or overseas accounting standards do not differ from those under Chinese accounting standards - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[24] - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[25] Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses were RMB 12,026,590.32, mainly from non-current asset disposal, government grants, financial asset fair value changes, and tax refunds Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 2,362,606.12 | | | Government Grants Recognized in Current Profit or Loss | 9,170,353.25 | | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and from Disposal of Financial Assets and Liabilities | 2,554,351.08 | | | Other Income and Expenses Meeting the Definition of Non-recurring Gains and Losses | 61,609.98 | Personal Income Tax Handling Fee Refund | | Other Non-operating Income and Expenses Apart from the Above | 9.18 | | | Less: Income Tax Impact | 2,122,339.29 | | | Total | 12,026,590.32 | | Management Discussion and Analysis Main Business Activities During the Reporting Period The company specializes in borosilicate glass R&D, production, and sales, facing revenue and profit declines but advancing capacity and internationalization - The company is a high-tech enterprise dedicated to the R&D, production, and sales of borosilicate glass, with main products including medium borosilicate pharmaceutical glass and high borosilicate heat-resistant glass series[30] - During the reporting period, the company's operating revenue was RMB 499 million, a 11.07% decrease year-on-year; net profit attributable to shareholders was RMB 40.9675 million, a 20.12% decrease year-on-year, mainly due to weak pharmaceutical market demand, price reductions, increased fixed asset and R&D investments, higher selling expenses, and increased procurement costs from tariffs[34] - The company's medium borosilicate pharmaceutical glass production capacity further increased, accelerating the transformation of its heat-resistant glass business by building proprietary brands “LEBOLEBO” and “brohouse” and shifting from OEM to ODM models[34][35] Company's Main Products Main products include medium borosilicate pharmaceutical glass (ampoules, vials, cartridges) and high borosilicate heat-resistant glass for daily use, with the company being a leading global producer - The company's main products include medium borosilicate pharmaceutical glass and high borosilicate heat-resistant glass series, making it one of the few enterprises to master both tubing and vial manufacturing technologies for medium borosilicate pharmaceutical glass, as well as molded vial production technology[30] - High borosilicate heat-resistant glass is primarily used in catering, kitchenware, lighting, and other household applications, with the company's production scale ranking among the international leaders[30] Industry Overview The pharmaceutical packaging market is projected to reach RMB 44.2 billion by 2026, with increasing concentration, while the global borosilicate glass market is expected to reach USD 1,359.6 million by 2029 - In 2023, China's pharmaceutical glass market reached RMB 35 billion, projected to reach RMB 44.2 billion by 2026, with a CAGR of 8.51% from 2023-2026[31] - Amid stricter drug quality regulations, pharmaceutical companies prefer suppliers with strong comprehensive capabilities and advanced technology, leading to increased industry concentration[32] - Global borosilicate glass revenue was approximately USD 1,175.1 million in 2022, projected to reach USD 1,359.6 million by 2029, with a CAGR of 2.1% from 2022 to 2029[33] Company Operating Performance Operating revenue and net profit declined, but total assets grew, driven by medium borosilicate pharmaceutical glass capacity expansion, heat-resistant glass brand building, and internationalization Operating Performance During the Reporting Period | Indicator | Current Period (RMB 100 million) | Prior Period (RMB 100 million) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4.99 | 5.608 | -11.07% | | Net Profit Attributable to Shareholders of Listed Company | 0.409675 | 0.51285 | -20.12% | | Total Assets (End of Period) | 25.37 | 23.56 | 7.67% | - The first furnace of the company's “Lightweight Pharmaceutical Molded Glass Vial (Class I) Industrialization Project” was ignited and put into use, expanding medium borosilicate molded vial capacity and increasing medium borosilicate tubing vial production equipment, leading to continuous capacity improvement[34] - The company established an e-commerce company to promote its proprietary brands “LEBOLEBO” and “brohouse,” driving the transition from OEM to ODM models, and signed a cooperation and investment agreement with SANTISA LABORATÓRIO FARMACÊUTUTICO S/A to accelerate overseas expansion[35][36] Main Business Models Pharmaceutical glass uses direct sales; daily-use glass is OEM-focused, shifting to ODM and proprietary brands, supported by centralized procurement and "production-to-order" manufacturing - Pharmaceutical glass customers primarily use direct sales, while daily-use glass customers are mainly OEM, transitioning towards ODM models and proprietary brands[39] - The procurement department is responsible for centralized purchasing, with main raw materials including borax, quartz sand, and medium borosilicate pharmaceutical glass tubing, and has established standardized supplier selection and evaluation systems[40] - The production model is “production-to-order, flexible manufacturing,” with production plans based on sales orders and market demand, and moderate stocking of some standard specification products[41] Company's Industry Position and Characteristics The company is an early mover in medium borosilicate pharmaceutical glass with a rich product line and significant influence in high borosilicate heat-resistant glass, poised for growth in high-end, energy-efficient, and lightweight markets - The company is one of the earliest enterprises to enter the medium borosilicate pharmaceutical glass sector, with a rich product line and core advantages expected to become more prominent in the future[44] - The company enjoys a strong reputation and market response in the high borosilicate heat-resistant glass sector, holding significant industry influence[44] Key Performance Drivers During the Reporting Period Growing demand for safer, higher-quality medium borosilicate pharmaceutical glass is a key driver, alongside opportunities from the daily-use glass industry's shift towards high-end, lightweight, and eco-friendly products - Medium borosilicate pharmaceutical glass, due to its superior product performance, is gradually becoming the mainstream in pharmaceutical glass, serving as the primary driver for the company's pharmaceutical glass products maintaining rapid growth for many years[45] - As the daily-use glass industry upgrades towards high-end, lightweight, and eco-friendly products, the company's high borosilicate glass products, with excellent properties such as low expansion, thermal shock resistance, heat resistance, corrosion resistance, and high strength, meet consumer demands, and their brand effect is gradually emerging[45] Core Competitiveness Analysis Core competitiveness stems from strong market and customer base, advanced R&D, superior product quality, recognized brand, efficient management, and comprehensive industrial chain advantages - The company has established long-term cooperative relationships with numerous large and medium-sized pharmaceutical manufacturers in pharmaceutical glass, and collaborates with well-known domestic and international enterprises in daily-use glass, possessing extensive customer channel resources[47] - The company holds over a hundred valid patent technologies and multiple non-patent technologies, is recognized as a high-tech enterprise and a national manufacturing single-item champion demonstration enterprise, and has played a key role in drafting several national standards[48] - The company has obtained ISO9001, ISO14001, OHSAS18001, ISO15378, and other international standard system certifications, ensuring high product safety and strong quality stability[49] - The company possesses the capability to produce tubing vials and medium borosilicate molded vials, masters medium borosilicate tubing drawing technology, forming a complete industrial chain advantage from tubing drawing to vial manufacturing[53] Analysis of Main Business Operating revenue decreased by 11.07% and cost by 12.42%, while selling and administrative expenses increased; pharmaceutical glass revenue declined, but heat-resistant glass revenue remained stable with improved gross margin Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 498,727,431.13 | 560,801,220.36 | -11.07% | | | Operating Cost | 391,534,631.89 | 447,052,729.26 | -12.42% | | | Selling Expenses | 26,709,506.65 | 21,950,391.31 | 21.68% | Increase in sales personnel, increase in market development expenses | | Administrative Expenses | 18,749,429.77 | 14,183,045.38 | 32.20% | Increase in employee compensation, travel expenses, intermediary service fees, etc. | | Financial Expenses | 10,731,160.86 | 8,810,699.72 | 21.80% | Decrease in wealth management product amounts leading to reduced interest income | | R&D Investment | 16,030,809.79 | 14,954,946.03 | 7.19% | | | Net Cash Flow from Operating Activities | -9,605,079.03 | 24,058,728.53 | -139.92% | Increase in raw material payments | | Net Cash Flow from Investing Activities | 22,101,852.23 | 272,142,779.35 | -91.88% | Change in wealth management product purchases | | Net Cash Flow from Financing Activities | -19,933,636.87 | -72,893,689.97 | 72.65% | New special loan for share repurchase | Products or Services Accounting for Over 10% of Revenue | By Product | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | Operating Revenue Change Year-on-Year (%) | Operating Cost Change Year-on-Year (%) | Gross Margin Change Year-on-Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Heat-resistant Glass | 284,362,460.00 | 220,847,593.58 | 22.34% | -0.28% | -6.51% | 5.18% | | Pharmaceutical Glass | 203,186,972.30 | 162,650,747.71 | 19.95% | -20.47% | -16.13% | -4.15% | | Domestic Sales | 398,598,457.06 | 316,028,731.64 | 20.72% | -13.95% | -15.84% | 1.79% | | Overseas Sales | 100,128,974.07 | 75,505,900.25 | 24.59% | 2.59% | 5.53% | -2.11% | Analysis of Non-Core Business Non-core business includes investment income, fair value changes, and non-operating income/expenses; investment income from associates is sustainable, while other items are small and non-recurring Non-Core Business Analysis | Item | Amount (RMB) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,259,251.16 | 9.19% | Share of investment income from Shandong Jinjie Gas and income from wealth management products | Investment income from Jinjie Gas is sustainable, wealth management income is not | | Gains and Losses from Changes in Fair Value | 1,105,578.17 | 2.39% | Changes in gains and losses before maturity redemption of wealth management products | No | | Non-operating Income | 9.18 | 0.00% | Account verification fee | No | | Non-operating Expenses | 6,037.50 | 0.01% | Mainly losses from disposal of non-current assets | No | Analysis of Assets and Liabilities Total assets increased by 7.67%; inventories, prepayments, and long-term borrowings increased, while financial assets held for trading decreased, with some assets restricted Significant Changes in Asset Composition (End of Period vs. End of Prior Year) | Item | Amount at End of Current Period (RMB) | Percentage of Total Assets (%) | Amount at End of Prior Year (RMB) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 537,369,915.21 | 21.18% | 490,489,588.50 | 20.82% | 0.36% | | | Accounts Receivable | 239,339,744.01 | 9.43% | 207,803,012.45 | 8.82% | 0.61% | | | Inventories | 350,777,021.39 | 13.83% | 272,692,308.88 | 11.57% | 2.26% | | | Long-term Borrowings | 47,025,458.33 | 1.85% | 0.00 | 0.00% | 1.85% | Company added special loan for share repurchase in current period | | Financial Assets Held for Trading | 196,412,821.03 | 7.74% | 295,750,585.02 | 12.55% | -4.81% | Redemption of wealth management products in current period | | Notes Payable | 150,176,320.05 | 5.92% | 60,113,564.62 | 2.55% | 3.37% | Increase in bank acceptance bills issued in current period | | Deferred Income | 86,728,518.55 | 3.42% | 53,930,052.05 | 2.29% | 1.13% | Increase in government grants | Asset Restrictions at the End of the Reporting Period | Item | Book Balance at End of Period (RMB) | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 144,044,401.89 | Guarantee | Bills, letters of guarantee, foreign exchange settlement, labor wages, letter of credit margin | | Notes Receivable | 42,534,941.10 | Does not meet derecognition criteria | Bills endorsed and transferred but not meeting derecognition criteria | | Notes Receivable | 14,128,667.59 | Pledge | Pledge of notes receivable for issuing notes payable | | Total | 200,708,010.58 | | | Analysis of Investment Status Total investment decreased by 27.91%; fundraising projects were delayed, over-raised funds used for new projects and working capital, with RMB 195 million in wealth management products outstanding Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 88,068,576.79 | 122,156,897.18 | -27.91% | - The construction period for the company's fundraising investment projects, “Neutral Borosilicate Pharmaceutical Glass Expansion Project,” “High Borosilicate Glass Production Project for LED Optical Lenses,” and “Lightweight Pharmaceutical Molded Glass Vial (Class I) Industrialization Project,” has been extended to December 31, 2025, due to equipment procurement and delivery cycles, investment pace control, and incomplete supporting facilities[78] - The company used RMB 44.1809 million of over-raised funds to permanently supplement working capital; all over-raised fund investment projects have been completed, and remaining funds will permanently supplement working capital[79] Overview of Wealth Management Products | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management Transactions (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | Own Funds | 5,000 | 2,000 | | Bank Wealth Management Products | Proceeds from Public Offering | 31,500 | 15,000 | | Brokerage Wealth Management Products | Proceeds from Public Offering | 2,500 | 2,500 | | Total | | 39,000 | 19,500 | Significant Asset and Equity Sales During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[84] - The company did not sell significant equity during the reporting period[85] Analysis of Major Holding and Participating Companies During the reporting period, the company had no significant holding or participating company information to disclose - The company had no significant information regarding holding or participating companies that should be disclosed during the reporting period[86] Information on Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[87] Risks Faced by the Company and Countermeasures The company faces risks from market competition, rising costs, declining gross margins, investment underperformance, exchange rate fluctuations, and talent loss, addressed by enhancing competitiveness, cost control, and talent retention - The company faces intensified market competition, with major competitors actively expanding into medium borosilicate pharmaceutical glass; the company responds by enhancing product strength, channel strength, brand strength, service strength, and exploring new markets[87] - Rising prices of raw materials (borax, boric acid, medium borosilicate pharmaceutical glass tubing) and energy (natural gas, electricity) may lead to gross margin fluctuations; the company responds by fostering long-term supplier relationships, implementing a multi-supplier mechanism, enhancing bargaining power, and reducing costs through technological R&D[88] - With numerous ongoing projects, the company faces the risk of returns not meeting expectations, which is addressed by strengthening deep cooperation with key customers, signing long-term agreements, and emphasizing project construction and management[91] - The company faces exchange rate fluctuation risks, which are managed by closely monitoring exchange rate changes, flexibly selecting foreign exchange hedging tool combinations, and strengthening overseas expansion[92] - The risk of losing key technical talent is addressed by strengthening talent protection, recruitment, and development, and establishing competitive incentive mechanisms[93][95] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company hosted multiple investor and analyst engagements, discussing company renaming, capacity expansion, heat-resistant glass plans, smart manufacturing, overseas business, profitability drivers, R&D, gross margin risks, and share repurchase plans - On February 26, 2025, the company hosted on-site research by 11 institutional analysts and investment managers from Guojin Securities, Shenwan Hongyuan, and others, discussing company renaming, tubing vial expansion progress, heat-resistant glass planning, medium borosilicate molded vial development progress, smart manufacturing development, and the characteristics and advantages of lightweight pharmaceutical molded glass vials[96] - On May 15, 2025, the company conducted an online exchange via the Panorama Network “Investor Relations Interactive Platform,” where participants inquired about the progress of heat-resistant glass e-commerce brands and the company's future profit growth points[96] - On May 16, 2025, the company conducted an online exchange via the Value Online network platform, discussing future revenue growth drivers, R&D investment, heat-resistant glass development plans, overseas business development, 2025 operating goals or strategic plans, how to mitigate gross margin decline risks through internal management improvements, and share repurchase plans[96] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company has not formulated a market value management system[97] - The company has not disclosed a valuation enhancement plan[97] Implementation of the 'Quality and Return Dual Enhancement' Action Plan During the reporting period, the company did not disclose any announcements regarding the 'Quality and Return Dual Enhancement' action plan - The company has not disclosed an announcement regarding the “Quality and Return Dual Enhancement” action plan[97] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[98] Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[99] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company implemented 2022 and 2024 restricted stock incentive plans, with some unvested shares forfeited due to employee departures or unmet performance targets, but no employee stock ownership plans or other incentives were implemented in the current period - The company implemented the 2022 Restricted Stock Incentive Plan, initially granting 6.84 million shares to 214 incentive recipients and reserving 120,000 shares; subsequently, portions of granted but unvested restricted shares were forfeited multiple times due to employee departures and unmet performance targets[100][101][103][104][105] - The company implemented the 2024 Restricted Stock Incentive Plan, granting 3.525 million shares to 35 incentive recipients; subsequently, portions of granted but unvested restricted shares were forfeited due to unmet performance targets[106][107][108] - During the reporting period, the company did not implement any employee stock ownership plans or other employee incentive measures[109] Environmental Information Disclosure The company and its main subsidiary, Shandong Linuo Pharmaceutical Packaging Co., Ltd., are included in the list of enterprises required to disclose environmental information and have reported through the official system - Shandong Linuo Pharmaceutical Packaging Co., Ltd. is included in the list of enterprises required to disclose environmental information by law and reports through the Enterprise Environmental Information Disclosure System (Shandong)[110] Social Responsibility Performance The company actively fulfills social responsibilities through good governance, environmental protection, employee rights, fair supplier/customer relations, and community engagement, aiming for balanced economic and social value - The company strictly adheres to laws, regulations, and its Articles of Association, standardizes corporate governance, ensures timely, complete, and accurate information disclosure, and protects shareholders' legitimate rights and interests[111] - The company has obtained ISO 14001 environmental management system certification, implements environmental protection responsibility systems, emphasizes energy consumption management, and reduces energy consumption and carbon emissions through technological upgrades[112] - The company has established a sound employee representative assembly system and labor union organization, safeguarding employees' rights to information, participation, expression, and supervision, while also focusing on employee training to enhance professionalism and job skills[113] - The company selects suppliers based on principles of “equality, mutual benefit, and win-win,” establishes long-term cooperative relationships, maintains a professional after-sales service team, prioritizes product quality and safety management, and protects the rights and interests of customers and consumers[115] - The company actively participates in various public welfare initiatives, supports local economic development, boosts employment, and fulfills its social responsibilities[116] Significant Matters Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, no commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company were fulfilled or overdue and unfulfilled - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period[118] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties - During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties[119] Illegal External Guarantees During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[120] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[121] Board of Directors, Supervisory Board, and Audit Committee's Explanation of the Accounting Firm's 'Non-Standard Audit Report' for the Current Period As the semi-annual report was unaudited, there is no explanation from the Board, Supervisory Board, or Audit Committee regarding a 'non-standard audit report' - As the company's semi-annual report was unaudited, there is no explanation from the accounting firm regarding a “non-standard audit report” for the current period[122] Board of Directors' Explanation of Matters Related to the 'Non-Standard Audit Report' for the Prior Year The company has no explanation regarding matters related to a 'non-standard audit report' for the prior year - The company has no explanation regarding matters related to a “non-standard audit report” for the prior year[122] Bankruptcy and Reorganization Matters During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[122] Litigation Matters During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters in the current reporting period[123] - The company had no other litigation matters[123] Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[124] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintain good integrity with no applicable adverse situations - There are no inapplicable situations regarding the integrity status of the company, its controlling shareholder, and actual controller[125] Significant Related Party Transactions The company engaged in daily related party transactions for purchasing goods/receiving services (totaling RMB 1,303,904.64) and selling goods/providing services (totaling RMB 1,013,773.25), including RMB 26,259,118.72 for gas, with no asset/equity transactions or non-operating related party debts Related Party Transactions Related to Daily Operations (Purchase of Goods/Receipt of Services) | Related Party | Related Party Transaction Content | Amount in Current Period (RMB) | Approved Transaction Limit (RMB 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Linuo Group and its Subsidiaries | Welfare products, etc. | 1,303,904.64 | 165.00 | No | | Shandong Linuo Ritter New Energy Co., Ltd. | Installation of air-cooled modular chiller (heat pump) units | 761,061.95 | 300.00 | No | | Shandong Jinjie Gas Co., Ltd. | Gas fees | 26,259,118.72 | 8,200.00 | No | Related Party Transactions Related to Daily Operations (Sale of Goods/Provision of Services) | Related Party | Related Party Transaction Content | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Hongjitang Bianque Pharmacy (Shandong) Co., Ltd. | Heat-resistant glass products | 120,353.98 | 0 | | Shandong Linuo Smart Park Cultural Tourism Development Co., Ltd. | Heat-resistant glass products | 8,135.15 | 7,282.23 | | Linuo Group Co., Ltd. | Heat-resistant glass products | 770,366.38 | 151,800.00 | - During the reporting period, the company did not engage in related party transactions involving asset or equity acquisitions/disposals, joint external investments, nor were there any non-operating related party receivables or payables[127][128][129] Significant Contracts and Their Performance Significant contracts include fair-priced leases with minimal profit impact and an unfulfilled RMB 100 million joint liability guarantee for a subsidiary, with no other major operating contracts - During the reporting period, the company's leases primarily involved warehouse and office rentals; these lease transactions were at fair prices, and their overall impact on profit was minor[135] Company's Guarantees for Subsidiaries | Name of Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Type of Guarantee | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Linuo Glass Technology Co., Ltd. | 2025年06月06日 | 10,000 | | 0 | Joint and several liability guarantee | No | Yes | - The company had no significant daily operating contracts or other significant contracts during the reporting period[139][140] Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[141] Significant Matters of Company Subsidiaries During the reporting period, there were no significant matters concerning the company's subsidiaries - The company's subsidiaries had no significant matters during the reporting period[142] Share Changes and Shareholder Information Share Change Status Total share capital increased by 2.84% to 239,046,345 shares due to 'Linuo Convertible Bond' conversion, with the company completing its 2024 share repurchase and continuing its 2025 plan Share Change Status | Category | Quantity Before Change (shares) | Percentage Before Change (%) | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Unrestricted Shares | 232,450,589 | 100.00% | 6,595,756 | 239,046,345 | 100.00% | | Total Shares | 232,450,589 | 100.00% | 6,595,756 | 239,046,345 | 100.00% | - The main reason for share changes was the conversion of “Linuo Convertible Bonds,” with 937,786 bonds reduced during the reporting period, converting into 6,595,756 company shares[145] - The 2024 share repurchase plan has been completed, with a cumulative repurchase of 3,525,000 shares, accounting for 1.52% of total share capital, and a total transaction amount of RMB 50,022,040.54[151] - The 2025 share repurchase plan is ongoing, with a cumulative repurchase of 2,832,000 shares as of the end of the reporting period, accounting for 1.18% of total share capital, and a total transaction amount of RMB 50,258,255.65[156] Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[157] Number of Shareholders and Shareholding Status As of the reporting period end, there were 11,107 common shareholders; Linuo Investment Holding Group Co., Ltd. was the largest shareholder with 32.17%, and the company's share repurchase account held 2.66% of total shares - The total number of common shareholders at the end of the reporting period was 11,107[158] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | Number of Shares Held at End of Reporting Period (shares) | Change in Shareholding During Reporting Period (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Linuo Investment Holding Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 32.17% | 76,895,461 | 4,560,054 | Pledged | 56,930,000 | | Jinan Hongdao New Energy Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.35% | 15,177,000 | 0 | Pledged | 8,170,000 | | Shanghai Fosun Chuangfu Investment Management Co., Ltd. - Ningbo Meishan Bonded Port Area Fosun Weiying Equity Investment Fund Partnership (Limited Partnership) | Other | 3.18% | 7,606,297 | -336,800 | N/A | 0 | | Jinan Caijin Fosun Weishi Equity Investment Fund Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.18% | 7,606,197 | -336,800 | N/A | 0 | | Dongxing Securities Investment Co., Ltd. | State-Owned Legal Person | 2.93% | 7,009,058 | -1,232,700 | N/A | 0 | | GF Bank Co., Ltd. - Guotai Juxin Value Advantage Flexible Allocation Mixed Securities Investment Fund | Other | 2.47% | 5,900,000 | -2,100,000 | N/A | 0 | | Guosen Securities Co., Ltd. | State-Owned Legal Person | 1.59% | 3,796,700 | -897,500 | N/A | 0 | | Shanghai Duocan Investment Management Co., Ltd. - Duocan Flexible Strategy No. 5 Private Securities Investment Fund | Other | 1.21% | 2,894,300 | 2,894,300 | N/A | 0 | | Agricultural Bank of China Co., Ltd. - Guotai Jinniu Innovation Growth Mixed Securities Investment Fund | Other | 1.20% | 2,870,000 | -730,000 | N/A | 0 | | China Construction Bank Co., Ltd. - Guotai Pharmaceutical Health Stock Investment Fund | Other | 1.17% | 2,785,525 | 166,500 | N/A | 0 | - Linuo Investment Holding Group Co., Ltd. is the company's largest shareholder; Fosun Weiying and Fosun Weishi constitute a concerted action relationship[160] - The company's dedicated share repurchase securities account holds 6,357,000 shares, accounting for 2.66% of the company's total share capital, and is not included in the top 10 shareholders list[160] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, or senior management, as detailed in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[162] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[163] - The company's actual controller did not change during the reporting period[163] Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[164] Bond-Related Information Enterprise Bonds During the reporting period, the company had no enterprise bonds - The company had no enterprise bonds during the reporting period[166] Corporate Bonds During the reporting period, the company had no corporate bonds - The company had no corporate bonds during the reporting period[167] Debt Financing Instruments for Non-Financial Enterprises During the reporting period, the company had no debt financing instruments for non-financial enterprises - The company had no debt financing instruments for non-financial enterprises during the reporting period[168] Convertible Corporate Bonds The company issued RMB 500 million 'Linuo Convertible Bonds' in 2023, with 4,743 holders at period-end; RMB 93.7786 million was converted into 6,595,756 shares, and the latest conversion price is RMB 14.20/share, with the company maintaining strong repayment ability - In 2023, the company issued 5 million “Linuo Convertible Bonds,” each with a face value of RMB 100, raising a total of RMB 500 million, with a 6-year term and no collateral[169][170] - At the end of the reporting period, the number of convertible bondholders was 4,743[170] Convertible Bond Changes During the Reporting Period | Name of Convertible Corporate Bond | Before Change (RMB) | Conversion to Shares (RMB) | After Change (RMB) | | :--- | :--- | :--- | :--- | | Shandong Linuo Special Glass Co., Ltd. Convertible Corporate Bonds Issued to Unspecified Investors on ChiNext | 499,415,300.00 | 93,778,600.00 | 405,636,700.00 | Cumulative Share Conversion Status | Name of Convertible Corporate Bond | Cumulative Conversion Amount (RMB) | Cumulative Converted Shares (shares) | Percentage of Converted Shares to Total Shares Issued Before Conversion Start Date (%) | Unconverted Amount (RMB) | Percentage of Unconverted Amount to Total Issuance Amount (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Linuo Special Glass Co., Ltd. Convertible Corporate Bonds Issued to Unspecified Investors on ChiNext | 94,363,300.00 | 6,636,345 | 2.86% | 405,636,700.00 | 81.13% | - The conversion price of “Linuo Convertible Bonds” has been adjusted twice, with the latest conversion price being RMB 14.20/share[176][177][178] - The company maintains stable operations, good credit standing, strong profitability, and smooth financing channels, demonstrating the ability to timely pay bondholders' principal and interest[179] Consolidated Statement Scope Loss Exceeding 10% of Net Assets at End of Prior Year During the reporting period, the company's consolidated statement scope loss did not exceed 10% of net assets at the end of the prior year - During the reporting period, the company's consolidated statement scope loss did not exceed 10% of net assets at the end of the prior year[180] Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period At period-end, current and quick ratios decreased, asset-liability ratio increased, net profit (excluding non-recurring items) declined by 37.31%, and interest coverage ratios also decreased significantly Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Period/Current Period (RMB 10,000) | End of Prior Year/Prior Period (RMB 10,000) | Change from End of Prior Year/Prior Period (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 3.17 | 4.09 | -22.49% | | Asset-Liability Ratio | 37.10% | 34.03% | 3.07% | | Quick Ratio | 2.41 | 3.28 | -26.52% | | Net Profit After Deducting Non-recurring Gains and Losses | 2,894.09 | 4,616.15 | -37.31% | | EBITDA to Total Debt Ratio | 24.41% | 31.03% | -6.62% | | Interest Coverage Ratio | 4.52 | 5.6 | -19.29% | | Cash Interest Coverage Ratio | 0.16 | 2.59 | -93.82% | | EBITDA Interest Coverage Ratio | 9.08 | 9.64 | -5.81% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[183] Financial Statements This section presents the company's 2025 semi-annual consolidated and parent company financial statements, showing total assets of RMB 2.54 billion, total liabilities of RMB 941.08 million, and total owners' equity of RMB 1.60 billion Consolidated Balance Sheet (End of Period Balance) | Item | End of Period Balance (RMB) | | :--- | :--- | | Total Current Assets | 1,459,220,781.62 | | Total Non-current Assets | 1,077,514,701.28 | | Total Assets | 2,536,735,482.90 | | Total Current Liabilities | 460,016,653.50 | | Total Non-current Liabilities | 481,061,320.16 | | Total Liabilities | 941,077,973.66 | | Total Owners' Equity | 1,595,657,509.24 | Consolidated Income Statement (Current Period Amount) | Item | 2025 Semi-Annual (RMB) | | :--- | :--- | | Total Operating Revenue | 498,727,431.13 | | Total Operating Cost | 467,081,428.49 | | Operating Profit | 46,330,883.29 | | Total Profit | 46,324,854.97 | | Net Profit | 40,967,465.56 | | Net Profit Attributable to Parent Company Shareholders | 40,967,465.56 | | Basic Earnings Per Share | 0.18 | | Diluted Earnings Per Share | 0.18 | Consolidated Cash Flow Statement (Current Period Amount) | Item | 2025 Semi-Annual (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -9,605,079.03 | | Net Cash Flow from Investing Activities | 22,101,852.23 | | Net Cash Flow from Financing Activities | -19,933,636.87 | | Net Increase in Cash and Cash Equivalents | -7,436,863.67 | | Cash and Cash Equivalents at End of Period | 393,309,513.32 | Company Basic Information Shandong Linuo Pharmaceutical Packaging Co., Ltd., established on April 13, 2015, with a registered capital of RMB 232.45052 million and 239.0463 million shares, listed on the Shenzhen Stock Exchange on November 11, 2021, specializes in R&D, production, and sales of pharmaceutical and heat-resistant glass - Shandong Linuo Pharmaceutical Packaging Co., Ltd. was registered on April 13, 2015, headquartered in Jinan City, Shandong Province, with a registered capital of RMB 232.45052 million and a total of 239.0463 million shares[217] - The company's shares were listed and traded on the Shenzhen Stock Exchange on November 11, 2021[217] - The company belongs to the non-metallic mineral products manufacturing industry, with its main business activities being the R&D, production, and sales of pharmaceutical glass and heat-resistant glass[218] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis[219] - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[220] Significant Accounting Policies and Estimates This section details the company's adherence to accounting standards, accounting period, reporting currency, and specific policies for financial instruments, receivables, inventories, fixed assets, intangible assets, revenue recognition, and government grants, ensuring accurate financial reporting - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[222] - The company has formulated specific accounting policies and estimates for transactions and matters such as financial instrument impairment, inventories, depreciation of fixed assets, construction in progress, intangible assets, and revenue recognition, based on its actual production and operating characteristics[221] - The company identifies individual accounts receivable exceeding 0.3% of total assets as significant accounts receivable, and sets different expected credit loss rates for accounts receivable and other receivables of different aging periods[226][265] - The company primarily sells pharmaceutical packaging glass, heat-resistant glass, and electric light source glass products; revenue recognition pertains to performance obligations satisfied at a point in time, with revenue recognized upon delivery of goods and customer confirmation of receipt[334][335][336] Taxation The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and surcharges, benefiting from high-tech enterprise income tax reduction, small-profit enterprise tax incentives, and VAT input credit for advanced manufacturing Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Income | 3%、13% | | Urban Maintenance and Construction Tax | Actual Turnover Tax Paid | 5%、7% | | Corporate Income Tax | Taxable Income | 15%、20%、25% | | Education Surcharge | Actual Turnover Tax Paid | 3% | | Local Education Surcharge | Actual Turnover Tax Paid | 2% | | Property Tax | Calculated at 1.2% of the remaining value after a one-time deduction of 70% from the original property value | 1.2% | | Land Use Tax | Land Use Area | 6.4 RMB/㎡ | - Shandong Linuo Pharmaceutical Packaging Co., Ltd., as a high-tech enterprise, is subject to corporate income tax at a reduced rate of 15%[354] - Subsidiaries meeting the criteria for small and micro-profit enterprises, with annual taxable income not exceeding RMB 3 million, pay corporate income tax at a rate of 20%[356] - Shandong Linuo Pharmaceutical Packaging Co., Ltd., as an advanced manufacturing enterprise, enjoys a preferential policy of an additional 5% VAT deduction from its payable VAT amount[357] - The urban land use tax rate for high-tech enterprises is implemented at 50% of the adjusted tax rate standard, with the term extended to December 31, 2025[358] Notes to Consolidated Financial Statement Items This section details consolidated financial statement items, explaining significant changes in assets (cash, receivables, inventory, fixed assets, construction in progress, long-term equity investments) and liabilities (notes payable, accounts payable, long-term borrowings, bonds payable, deferred income), with revenue and cost breakdowns Cash and Cash Equivalents | Item | End of Period Balance (RMB) | Beginning of Period Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 43,601.97 | 26,391.13 | | Bank Deposits | 391,134,192.50 | 400,719,985.86 | | Other Cash and Cash Equivalents | 146,192,120.74 | 89,743,211.51 | | Total | 537,369,915.21 | 490,489,588.50 | Financial Assets Held for Trading | Item | End of Period Balance (RMB) | Beginning of Period Balance (RMB) | | :--- | :--- | :--- | | Structured Deposits | 95,000,000.00 | 210,177,731.96 | | Wealth Management Products | 101,412,821.03 | 85,572,853.06 | | Total | 196,412,821.03 | 295,750,585.02 | Operating Revenue and Operating Cost (Current Period Amount) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 487,549,432.30 | 383,498,341.29 | | Other Businesses | 11,177,998.83 | 8,036,290.60 | | Total | 498,727,431.13 | 391,534,631.89 | Financial Expenses (Current Period Amount) | Item | Current Period Amount (RMB) | | :--- | :--- | | Interest Expense | 13,151,383.79 | | Interest Income | 1,871,039.36 | | Exchange Gains and Losses | -701,762.96 | | Bank Charges and Others | 152,579.39 | | Total | 10,731,160.86 | R&D Expenses During the reporting period, total R&D expenses were RMB 16,030,809.79, fully expensed, primarily comprising employee compensation, materials, energy, and office expenses Composition of R&D Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 11,406,352.15 | 11,026,894.25 | | Materials and Energy | 4,074,484.17 | 3,174,870.69 | | Office Expenses and Others | 549,973.47 | 753,181.09 | | Total | 16,030,809.79 | 14,954,946.03 | | Of which: Expensed R&D Expenses | 16,030,809.79 | 14,954,946.03 | Changes in Consolidation Scope The consolidation scope increased in the current period due to the establishment of a new subsidiary, Linuo Pharmaceutical Packaging (Hong Kong) Co., Ltd - The establishment of a new subsidiary, Linuo Pharmaceutical Packaging (Hong Kong) Co., Ltd., in the current period led to an increase in the consolidation scope compared to the prior period[540] Interests in Other Entities The company holds interests in several wholly-owned subsidiaries and an 18.52% equity stake in associate Shandong Jinjie Gas Co., Ltd., which is accounted for using the equity method due to significant influence Composition of Enterprise Group (Subsidiaries) | Subsidiary Name | Registered Capital | Business Nature | Shareholding Percentage (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Shandong Linuo Glass Products Marketing Co., Ltd. | 3,000,000.00 RMB | Glass products | 100.00% | Business combination under common control | | Shandong Linuo International Trade Co., Ltd. | 3,000,000.00 RMB | Goods import and export | 100.00% | Investment establishment | | Shandong Linuo Glass Technology Co., Ltd. | 10,000,000.00 RMB | Glass products | 100.00% | Investment establishment | | Shandong Linuo Optoelectronic Technology Co., Ltd. | 10,000,000.00 RMB | Glass products | 100.00% | Investment establishment | | Linuo Pharmaceutical Packaging (Hong Kong) Co., Ltd. | 500,000.00 USD | Glass products | 100.00% | Investment establishment | | LINUO INTERNATIONAL PHARMA PACKAGING FZE | 3,600,000.00 AED | Glass products | 100% (Indirect) | Investment establishment | | Linuo Arabia Industrial Company L.L.C (One Partner) | 500,000.00 SAR | Glass products | 100% (Indirect) | Investment establishment | - The company holds an 18.52% equity stake in associate Shandong Jinjie Gas Co., Ltd.; due to Sun Qingfa, Chairman of the company's Supervisory Board, being a member of its Board of Directors, and Xie Yan, Deputy General Manager and Board Secretary, being its supervisor, the company has significant influence and accounts for it using the equity method[543] Key Financial Information of Significant Joint Ventures (End of Period Balance) | Item | End of Period Balance (RMB) | | :--- | :--- | | Total Assets | 437,037,663.81 | | Total Liabilities | 132,941,904.70 | | Equity Attributable to Parent Company Shareholders | 303,911,341.28 | | Share of Net Assets Calculated by Shareholding Ratio | 56,284,380.41 | | Book Value of Equity Investment in Joint Ventures | 56,284,380.41 | | Operating Revenue | 323,901,373.20 | | Net Profit | 15,175,368.54 | | Total Comprehensive Income | 15,175,368.54 | [Government Grants](index=141&type=