海容冷链(603187) - 2025 Q2 - 季度财报

Important Notice This section provides key disclaimers and assurances regarding the semi-annual report's content and forward-looking statements - The board of directors' resolution for profit distribution or capital reserve capitalization plan for the current period is "none"[4] - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment by the company to investors; investors should be aware of investment risks[4] - No particularly significant risks materially affecting the company's production and operations existed during the reporting period[5] - The company's directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[6] - This semi-annual report is unaudited[6] Section I Definitions This section defines key terms used throughout the report, including company specifics, reporting period, and core business and technical terminology - This section provides definitions for common terms used in the report, including the company name, reporting period (January 1, 2025, to June 30, 2025), cold chain logistics, commercial cold chain equipment, ODM, and RFID, among other key business and technical terms[10][11] Section II Company Profile and Key Financial Indicators This section outlines Qingdao Hairong Commercial Cold Chain Co., Ltd.'s basic information, contact details, stock overview, and key accounting data and financial indicators for H1 2025, including non-recurring gains and losses; operating revenue and net profit increased, and net cash flow from operating activities turned positive Company Information This subsection provides the company's official name, abbreviation, and legal representative - The company's Chinese name is Qingdao Hairong Commercial Cold Chain Co., Ltd., abbreviated as Hairong Cold Chain, with Shao Wei as its legal representative[13] Contact Persons and Information This subsection lists the Secretary of the Board and Securities Affairs Representative, along with their contact address - Zhao Dingyong serves as the Board Secretary, and Wang Donghai as the Securities Affairs Representative, both located at 1817 Yinzhu Mountain Road, Huangdao District, Qingdao[14] Brief Introduction to Changes in Basic Information This subsection confirms the company's registered and office addresses, noting no changes during the reporting period - The company's registered and office addresses are both 1817 Yinzhu Mountain Road, Huangdao District, Qingdao, with no historical changes during the reporting period[15] Brief Introduction to Changes in Information Disclosure and Document Storage Locations This subsection specifies the company's designated newspapers for information disclosure and the website for semi-annual report publication - The company's designated newspapers for information disclosure are China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily, with the semi-annual report published on the Shanghai Stock Exchange website[16] Brief Introduction to Company Stock This subsection details the company's stock type, listing exchange, ticker symbol, and stock code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with the ticker symbol Hairong Cold Chain and stock code 603187[17] Company's Key Accounting Data and Financial Indicators In H1 2025, the company's operating revenue increased by 12.86%, net profit attributable to shareholders by 10.38%, and net profit after deducting non-recurring gains and losses by 20.41%; net cash flow from operating activities significantly improved from negative to positive Key Accounting Data This table presents the company's core financial performance metrics for the current and prior reporting periods 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,790,645,113.76 | 1,586,548,618.72 | 12.86 | | Total Profit | 259,313,923.23 | 235,987,572.19 | 9.88 | | Net Profit Attributable to Shareholders of the Listed Company | 220,872,745.32 | 200,109,539.37 | 10.38 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 212,374,276.38 | 176,381,893.68 | 20.41 | | Net Cash Flow from Operating Activities | 221,059,660.21 | -38,520,588.88 | N/A | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 4,162,192,184.08 | 4,132,455,441.15 | 0.72 | | Total Assets (Period-end) | 5,748,958,171.14 | 5,585,171,233.77 | 2.93 | Key Financial Indicators This table summarizes the company's key financial ratios, including earnings per share and return on net assets, for the current and prior reporting periods 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.58 | 0.52 | 11.54 | | Diluted Earnings Per Share (yuan/share) | 0.58 | 0.52 | 11.54 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.55 | 0.46 | 19.57 | | Weighted Average Return on Net Assets (%) | 5.20 | 4.99 | Increased by 0.21 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 5.00 | 4.40 | Increased by 0.60 percentage points | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 8,498,468.94 yuan, primarily from government subsidies, other non-operating income, and wealth management product gains 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Disposal gains and losses of non-current assets | -38,955.10 | | | Government grants recognized in current profit or loss | 2,388,096.12 | | | Other non-operating income and expenses apart from the above | 729,341.05 | | | Other gains and losses meeting the definition of non-recurring gains and losses | 6,965,167.76 | Wealth management product gains | | Less: Income tax impact | 1,513,009.54 | | | Minority interest impact (after tax) | 32,171.35 | | | Total | 8,498,468.94 | | Section III Management Discussion and Analysis This section details the company's industry, main business, operations, core competitiveness, and risks; the company maintains a leading position in commercial cold chain equipment, with H1 revenue and net profit growth, especially in commercial refrigerated display cabinets and smart vending machines, while actively advancing overseas production base construction and R&D investment, and identifying risks such as market competition, raw material price fluctuations, seasonality, customer concentration, international trade policies, exchange rate volatility, rising labor costs, lack of technical talent, tax policy changes, and management challenges from scale expansion Explanation of the Company's Industry and Main Business during the Reporting Period The company primarily operates in commercial cold chain equipment, classified under C34 general equipment manufacturing, with favorable industry prospects driven by urbanization and consumption upgrades; product sales exhibit seasonality, which is diminishing due to expanded customer and product lines, and the company holds a leading position in commercial freezer display cabinets and smart vending machines, with rapidly increasing market share in commercial refrigerated display cabinets and supermarket display cabinets Industry Overview This subsection describes the company's industry classification, market drivers, product seasonality, and competitive position - The company primarily operates in commercial cold chain equipment, classified under C34 General Equipment Manufacturing (C3464 Refrigeration and Air Conditioning Equipment Manufacturing)[25] - The company's products are widely used in fast-moving consumer goods and distribution industries such as cold drinks, frozen foods, beverages, and dairy products, benefiting from policy support and consumption upgrades, and the industry is expected to maintain good development momentum[25] - Sales of commercial freezer/refrigerated display cabinets are seasonal, with the first half and year-end being peak seasons, and July-October being off-peak; commercial supermarket display cabinets and smart vending machines show no significant seasonality[25][26] - The company holds a leading position in the commercial freezer display cabinet and commercial smart vending machine sectors, with rapidly increasing market share and brand influence in commercial refrigerated display cabinets and supermarket display cabinets[26][27] Main Business Overview This subsection outlines the company's development strategy, core product categories, and primary sales model - The company adheres to a "specialization, differentiation, and customization" development strategy, with core products including commercial freezer display cabinets, commercial refrigerated display cabinets, supermarket display cabinets, and commercial smart vending machines[28] - The company primarily employs a direct sales model for enterprise customers, with some businesses combining distribution, providing comprehensive full-process product services[29] Discussion and Analysis of Operations In H1 2025, the company maintained strong growth, with operating revenue increasing by 12.86% to 1.791 billion yuan and net profit attributable to the parent company rising by 10.38% to 221 million yuan; commercial refrigerated display cabinets and smart vending machines saw rapid shipment growth, exports increased, and the company continued R&D in energy efficiency, environmental protection, deep freezing, and smart technologies, while progressing overseas production base construction with partial trial production expected in Q4 2025 - In H1 2025, the company's operating revenue was 1.791 billion yuan, a year-on-year increase of 12.86%; net profit attributable to shareholders of the listed company was 221 million yuan, a year-on-year increase of 10.38%[30] - Shipments of commercial refrigerated display cabinets and smart vending machines grew rapidly, and export business achieved certain growth[30] - The company continued technological R&D in energy efficiency, environmental protection, and deep freezing, with a focus on enhancing product intelligence R&D investment[31] - Overseas production base construction is proceeding as planned, with some production lines expected to commence trial production in Q4 2025[31] Analysis of Core Competitiveness during the Reporting Period The company's core competitiveness stems from its technological R&D, diverse product portfolio, strong customer base and sales channels, flexible production management, integrated supply chain, and an experienced, stable team supported by equity incentive mechanisms Technological R&D Advantage This subsection highlights the company's market-driven approach to new product development and its first-mover advantage in smart technologies - The company, guided by market demand, plays a leading role in new product R&D, particularly achieving a first-mover advantage in the intelligent business sector[32] Product Advantage This subsection emphasizes the company's comprehensive product range, catering to diverse and customized customer needs - Products cover commercial freezer/refrigerated display cabinets, supermarket display cabinets, and commercial smart vending machines, offering a complete range to meet diverse and customized customer needs[32][33] High-Quality Customer Resources and Sales Channel Advantage This subsection details the company's long-term partnerships with renowned brands and its extensive domestic and international sales network - Established long-term cooperative relationships with well-known domestic and international fast-moving consumer goods brands and channel partners, with a sales network covering the entire country and extending to six continents overseas[33] Production Management Advantage This subsection describes the company's flexible production management system, ensuring real-time control and timely order delivery - Established a unique flexible production management system, enabling real-time control over the entire product production process and ensuring timely order delivery[33] Supply Chain Integration Advantage This subsection highlights the company's robust and stable supplier network, which supports its flexible production and creates competitive barriers - Possesses rich and stable supplier resources, supporting a flexible production system and forming a high competitive barrier[33] Team Advantage This subsection emphasizes the company's experienced management, technical, and marketing teams, reinforced by an equity incentive plan - Possesses an excellent, stable, and experienced management, technical, and marketing team, and deeply aligns company development with employee interests through equity incentive plans[34] Key Operating Performance during the Reporting Period This section analyzes changes in the company's main financial statement items, asset-liability structure, overseas assets, and the operating status of major subsidiaries; during the reporting period, the company reduced bank wealth management products, increased prepayments and construction in progress, with overseas assets accounting for 12.71% Main Business Analysis This table details the period-over-period changes in key income statement and cash flow items, highlighting significant shifts in R&D expenses and cash flows 2025 H1 Financial Statement Related Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,790,645,113.76 | 1,586,548,618.72 | 12.86 | | Operating Cost | 1,313,300,746.29 | 1,150,083,398.47 | 14.19 | | Selling Expenses | 108,177,463.20 | 103,117,096.51 | 4.91 | | Administrative Expenses | 49,219,011.34 | 50,152,995.44 | -1.86 | | Financial Expenses | -5,172,865.36 | -12,527,961.83 | N/A | | R&D Expenses | 53,781,654.31 | 44,206,117.02 | 21.66 | | Net Cash Flow from Operating Activities | 221,059,660.21 | -38,520,588.88 | N/A | | Net Cash Flow from Investing Activities | 239,995,607.25 | 484,436,491.57 | -50.46 | | Net Cash Flow from Financing Activities | -224,126,704.22 | -233,163,863.90 | N/A | - R&D expenses increased by 21.66%, primarily due to increased direct investment in new product R&D[36] - Net cash flow from operating activities turned positive from negative, mainly due to increased cash received from sales of goods and provision of services[36] - Net cash flow from investing activities decreased by 50.46%, primarily due to a decrease in net cash flow from purchasing wealth management products[36] Analysis of Assets and Liabilities This section presents the period-end changes in key asset and liability items, explaining the reasons for significant fluctuations, and details the company's asset restrictions 2025 H1 Asset and Liability Status Changes | Item Name | Period-end Balance (yuan) | Prior Year Period-end Balance (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 540,000,000.00 | 948,700,720.99 | -43.08 | Decrease in bank wealth management products | | Notes Receivable Financing | 6,680,607.00 | 1,181,705.64 | 465.34 | Increase in bank acceptance bills not yet endorsed or transferred | | Prepayments | 82,880,376.44 | 56,924,888.02 | 45.60 | Increase in prepayments for equipment purchases | | Other Receivables | 21,329,857.53 | 13,064,942.77 | 63.26 | Increase in outstanding advance ocean freight | | Other Current Assets | 23,067,058.17 | 45,841,522.83 | -49.68 | Decrease in deductible input VAT and prepaid corporate income tax | | Construction in Progress | 183,278,380.24 | 108,053,287.99 | 69.62 | Increase in investment in Indonesia industrial project | | Other Payables | 35,006,454.34 | 24,235,888.35 | 44.44 | Increase in payable agency freight and miscellaneous expenses | | Other Comprehensive Income | -1,741,993.07 | 16,056.84 | N/A | Decrease in foreign currency translation differences | - The scale of overseas assets is 730,615,991.53 yuan, accounting for 12.71% of total assets[39] Period-end Major Asset Restriction Status | Item | Period-end Balance (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds - Other Monetary Funds | 196,464,499.86 | Bank acceptance guarantee deposits | | Monetary Funds - Other Monetary Funds | 792,500.00 | Letter of guarantee deposits | | Monetary Funds - Bank Deposits | 4,000.00 | Frozen bank deposits | | Total | 197,260,999.86 | / | Analysis of Investment Status This subsection summarizes the company's financial assets measured at fair value, primarily comprising trading financial assets and notes receivable financing - The company's financial assets measured at fair value totaled 558,980,607.00 yuan at period-end, primarily including trading financial assets and notes receivable financing[41][43] Analysis of Major Holding and Participating Companies This table provides key financial data for the company's major subsidiaries, including their primary business, total assets, and net profit Major Subsidiary Financial Data (2025 H1) | Company Name | Main Business | Total Assets (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Guangdong Hairong Cold Chain Technology Co., Ltd. | R&D, sales of cold chain equipment | 71,872,450.91 | 5,070,722.43 | | Qingdao Hairong Huitong Financial Leasing Co., Ltd. | Financial leasing | 192,009,359.20 | 656,520.81 | | Qingdao Hairong Huikang Biomedical Holding Co., Ltd. | R&D, manufacturing, sales of biomedical equipment | 9,654,144.88 | -6,355,192.99 | | Hairong Cold Chain (Indonesia) Co., Ltd. | Trade | 333,611,476.55 | 5,047,837.98 | | Hairong (Indonesia) Industrial Co., Ltd. | Manufacturing, sales, service of cold chain equipment | 242,685,573.32 | -2,243,747.40 | Potential Risks The company faces risks including intensified market competition, delayed new product development, raw material price fluctuations, seasonality of main products, customer concentration, changes in international trade policies, exchange rate volatility, rising labor costs, lack of technical talent, changes in income tax rates and export rebate policies, and management risks due to company expansion; the company has formulated corresponding risk management measures, such as increasing R&D investment, advance procurement, market expansion, overseas base construction, hedging, technological transformation, and improving talent mechanisms Market Competition Risk and Risk of Untimely New Product Development This subsection outlines the company's strategy to mitigate market competition and new product development risks through continuous R&D investment and market feedback - Market competition risk and risk of untimely new product development: The company will continue to increase R&D investment, and the sales team will promptly provide market feedback[48] Raw Material Price Fluctuation Risk This subsection describes the company's measures to manage raw material price volatility, including advance procurement and strengthening supplier relationships - Raw material price fluctuation risk: Mitigated by measures such as advance procurement, strengthening long-term cooperation with suppliers, and expanding business scale[48][49] Seasonality Risk of Main Products This subsection details the company's strategies to mitigate seasonal fluctuations in main products by planning capacity, expanding markets, and diversifying product lines - Seasonality risk of main products: Balanced by advance capacity planning, expanding overseas markets, and diversifying customer base and product series (such as supermarket display cabinets and smart vending machines)[49][50] Risk of Customer Concentration This subsection outlines the company's approach to address customer concentration risk by enhancing product quality and expanding new markets - Risk of customer concentration: Addressed by improving product quality and technological content, and vigorously exploring new markets and customers[51] Risk of Changes in International Trade Policies This subsection describes the company's short-term and long-term strategies to mitigate risks from international trade policy changes, including advance stocking and overseas production - Risk of changes in international trade policies: Short-term mitigation through advance stocking, long-term acceleration of overseas production base construction, and increasing overseas supply channels[51] Exchange Rate Fluctuation Risk This subsection details the company's measures to manage exchange rate fluctuations, such as timely settlement and hedging - Exchange rate fluctuation risk: Managed by selecting appropriate times for foreign exchange settlement and adopting methods such as foreign exchange hedging to reduce impact[52] Risk of Rising Labor Costs This subsection outlines the company's strategy to counter rising labor costs through automation and technological upgrades - Risk of rising labor costs: Addressed by introducing advanced production equipment, promoting technological transformation and upgrading of production lines, and improving automation levels and labor productivity[52] Risk of Lack of Technical Talent This subsection describes the company's initiatives to address the shortage of technical talent, including talent acquisition, incentives, and training - Risk of lack of technical talent: Mitigated by improving talent acquisition, compensation incentives, and career development planning mechanisms, implementing equity incentives, and strengthening training[53][54] Risk of Changes in Income Tax Rates and Export Rebate Policies This subsection outlines the company's strategies to mitigate risks from changes in tax and export rebate policies, focusing on maintaining high-tech status and cost reduction - Risk of changes in income tax rates and export rebate policies: Efforts to maintain high-tech enterprise qualifications, enhance product pricing power, and reduce costs through technological innovation[54] Management Risks Arising from Company Expansion This subsection details the company's approach to managing risks associated with scale expansion, including internal control improvements and overseas management strategies - Management risks arising from company expansion: Continuously improve internal organizational management mechanisms, optimize organizational structure and management processes, strengthen internal controls, and dispatch management personnel and train local employees to address overseas base management challenges[55] Section IV Corporate Governance, Environment and Society This section discloses corporate governance information, including changes in directors and senior management, profit distribution plans, progress of equity incentive plans, and the company's specific actions in social responsibility, such as employee welfare, scholarship programs, and event sponsorships Changes in Directors and Senior Management This subsection confirms no changes in the company's directors or senior management during the reporting period - There were no changes in the company's directors or senior management during the reporting period[58] Profit Distribution or Capital Reserve Capitalization Plan This subsection states that no profit distribution or capital reserve capitalization plan is proposed for the current semi-annual period - The proposed profit distribution plan and capital reserve capitalization plan for this semi-annual period are "no," meaning no distribution or capitalization[58] Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures This subsection reports on the board and supervisory board's approval of adjustments and cancellation of certain stock options in April 2025 - On April 24, 2025, the company's board of directors and supervisory board reviewed and approved the "Proposal on Adjusting Stock Option Related Matters and Canceling Partial Stock Options"[58] Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc. This subsection details the company's social responsibility initiatives, including employee welfare, educational support, and sports sponsorships - During the reporting period, the company actively participated in social welfare activities, conducting慰问 (comfort and care) activities for employees in need during the Spring Festival, distributing a total of 82,000 yuan in comfort funds and goods[59][60] - Established scholarships totaling 150,000 yuan in conjunction with Jiaonan No. 1 High School in Qingdao West Coast New Area to assist outstanding and underprivileged students in completing their studies[60] - Sponsored students from Qingdao West Coast New Area Hongde School to participate in the 2025 World Rope Skipping Championship with 28,000 yuan, and donated children's educational toys and other materials worth 3,000 yuan[60] Section V Significant Matters This section details the company's significant matters during the reporting period, including the fulfillment of commitments, integrity status, major related-party transactions, and the progress of raised funds utilization; all commitments were strictly fulfilled, integrity status is good, routine related-party transactions proceeded as planned, and raised fund investment projects advanced smoothly, with idle raised funds managed for cash Fulfillment of Commitments The company's actual controller, shareholders, directors, senior management, and equity incentive recipients strictly fulfilled all commitments related to initial public offering, refinancing, and equity incentives during the reporting period, including share lock-up, information disclosure, avoidance of horizontal competition, and post-employment non-compete clauses - The company's directors, senior management, and supervisors strictly adhered to share lock-up commitments, transferring no more than 25% of their directly or indirectly held company shares annually[62] - Shareholders holding more than 5% of shares before the company's IPO committed that any share reductions would comply with relevant laws and regulations and be announced three trading days in advance[62] - Controlling shareholder and actual controller Shao Wei committed to avoiding horizontal competition and has strictly fulfilled this commitment long-term[63] - All incentive recipients of the equity incentive plan committed not to engage in work similar to the company's business within two years of leaving and to comply with information disclosure truthfulness commitments[63][64] Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no records of unfulfilled court judgments or overdue significant debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no records of unfulfilled court judgments or overdue significant debts[65] Significant Related-Party Transactions The company engaged in routine related-party transactions with Beijing Jizhi Jiandan Technology Co., Ltd. during the reporting period, primarily involving the procurement of algorithm services and provision of office building leasing services, with transaction amounts within the board-approved annual plan Related-Party Transactions Related to Routine Operations This subsection details the company's routine related-party transactions, including algorithm service procurement and office space leasing, with specific amounts and approved limits - In the company's 2025 annual routine related-party transaction plan, the total amount for procuring algorithm services from Beijing Jizhi Jiandan Technology Co., Ltd. does not exceed 30 million yuan[66] - As of June 30, 2025, the company procured 12.2875 million yuan in algorithm services from Jizhi Jiandan and provided 660,600 yuan in office building leasing services[67] Explanation of Progress in Use of Raised Funds The company's raised funds were generally well-utilized, with 53.54% of convertible bond funds and 83.87% of private placement funds invested; a portion of non-public offering funds was reallocated to the Indonesia new commercial display cabinet manufacturing plant project, which is 65.24% invested, and idle raised funds were managed for cash Overall Use of Raised Funds This table summarizes the total raised funds, cumulative investment, and investment progress for convertible bonds and private placement shares, noting a reallocation of funds for an Indonesian project Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (yuan) | Cumulative Investment of Raised Funds as of Period-end (yuan) | Investment Progress (%) | Amount Invested This Year (yuan) | | :--- | :--- | :--- | :--- | :--- | | 2020 Convertible Bonds | 500,127,000.00 | 264,357,515.70 | 53.54 | 2,764,980.80 | | 2022 Private Placement of Shares | 999,999,980.41 | 825,109,709.02 | 83.87 | 108,973,541.56 | | Total | 1,500,126,980.41 | 1,089,467,224.72 | / | 111,738,522.36 | - The company reallocated 377 million yuan from the non-public offering project "Annual Production of 1 Million High-end Vertical Refrigerated Display Cabinets Expansion Project" to the "Establishment of a New Subsidiary and Construction of a Commercial Display Cabinet Manufacturing Plant Project in Indonesia"[71] Details of Investment Projects Funded by Raised Capital This table provides a detailed breakdown of each investment project funded by raised capital, including planned investment, cumulative investment, and progress Details of Investment Projects Funded by Raised Capital | Project Name | Planned Investment of Raised Funds (10,000 yuan) | Cumulative Investment of Raised Funds as of Period-end (10,000 yuan) | Cumulative Investment Progress as of Period-end (%) | | :--- | :--- | :--- | :--- | | Intelligent Cold Chain Equipment and Commercial Automatic Vending Equipment Industrialization Project | 49,373.52 | 26,435.75 | 53.54 | | Supplementary Working Capital Project | 28,377.36 | 28,685.78 | 101.09 | | Annual Production of 1 Million High-end Vertical Refrigerated Display Cabinets Expansion Project | 32,300.00 | 29,229.00 | 90.49 | | Establishment of a New Subsidiary and Construction of a Commercial Display Cabinet Manufacturing Plant Project in Indonesia | 37,700.00 | 24,596.19 | 65.24 | Other Uses of Raised Funds during the Reporting Period This subsection notes the company's cash management activities for idle raised funds from convertible bonds and non-public offerings, both with an approved limit of 200 million yuan - The company managed idle raised funds for cash, with an effective approved limit of 200 million yuan for both idle convertible corporate bond funds and idle non-public offering share funds[73] Section VI Share Changes and Shareholder Information This section discloses the company's share capital changes and shareholder information; during the reporting period, the total share capital slightly decreased due to the repurchase and cancellation of some restricted shares, with restricted shares becoming zero, and the top ten shareholders' holdings remained stable, with Shao Wei as the largest shareholder Changes in Share Capital During the reporting period, the company's total share capital decreased from 386,417,827 shares to 386,416,107 shares due to the repurchase and cancellation of 1,720 restricted shares from one incentive recipient, resulting in zero restricted tradable shares Table of Share Changes This table details the changes in the company's share capital, including restricted and unrestricted shares, before and after the current period's adjustments Table of Share Changes | Item | Quantity Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,720 | 0.0004 | -1,720 | 0 | 0.00 | | II. Unrestricted Tradable Shares | 386,416,107 | 99.9996 | 0 | 386,416,107 | 100.00 | | III. Total Shares | 386,417,827 | 100.00 | -1,720 | 386,416,107 | 100.00 | Explanation of Share Changes This subsection explains that the decrease in total shares resulted from the repurchase and cancellation of restricted shares under the 2021 equity incentive plan - On January 7, 2025, the company repurchased and canceled 1,720 restricted shares from one incentive recipient under the 2021 stock option and restricted stock incentive plan, which were granted but not yet unblocked[77] Shareholder Information As of the end of the reporting period, the company had 22,652 common shareholders; among the top ten shareholders, Shao Wei held 19.88% as the largest shareholder, and all top ten shareholders held unrestricted tradable shares Total Number of Shareholders This subsection states the total number of common shareholders at the end of the reporting period - As of the end of the reporting period, the total number of common shareholders was 22,652[78] Table of Shareholdings of Top Ten Shareholders and Top Ten Tradable Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period This table lists the top ten shareholders, their shareholdings, and percentages, confirming all are unrestricted tradable shares Shareholdings of Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shao Wei | 76,810,871 | 19.88 | Domestic Natural Person | | Jiang Chunrui | 13,518,590 | 3.50 | Domestic Natural Person | | Ma Hongkui | 11,374,942 | 2.94 | Domestic Natural Person | | Zhao Qi | 11,298,136 | 2.92 | Domestic Natural Person | | Wang Cunjiang | 11,179,016 | 2.89 | Domestic Natural Person | | Zhao Dingyong | 10,003,094 | 2.59 | Domestic Natural Person | | Wang Yanrong | 6,213,268 | 1.61 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 5,802,705 | 1.50 | Other | | Agricultural Bank of China - ICBC Credit Suisse Innovation Power Stock Fund | 5,130,000 | 1.33 | Other | | Lin Bochun | 4,623,347 | 1.20 | Domestic Natural Person | - All shares held by the top ten shareholders are unrestricted tradable shares[81] Section VII Bond-Related Information This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[83] - During the reporting period, the company had no convertible corporate bonds[83] Section VIII Financial Report This section comprises the company's unaudited H1 2025 financial statements, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed financial statement notes covering company overview, significant accounting policies and estimates, taxation, specific asset, liability, and income/expense item notes, R&D expenditures, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties and transactions, share-based payments, commitments and contingencies, post-balance sheet events, other significant matters, and supplementary information Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[85] Financial Statements This section presents the company's consolidated and parent company balance sheets as of June 30, 2025, and consolidated and parent company income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025, comprehensively reflecting the company's semi-annual financial position, operating results, and cash flows Consolidated Balance Sheet This subsection presents the consolidated balance sheet as of June 30, 2025, detailing total assets, liabilities, and owners' equity - As of June 30, 2025, the company's consolidated total assets were 5,748,958,171.14 yuan, with total current assets of 4,166,188,436.88 yuan and total non-current assets of 1,582,769,734.26 yuan[85][86] - As of June 30, 2025, the company's consolidated total liabilities were 1,563,543,045.86 yuan, with total current liabilities of 1,511,321,699.33 yuan and total non-current liabilities of 52,221,346.53 yuan[86][87] - As of June 30, 2025, total owners' equity attributable to the parent company was 4,162,192,184.08 yuan, and minority interests were 23,222,941.20 yuan[87] Parent Company Balance Sheet This subsection presents the parent company balance sheet as of June 30, 2025, detailing total assets, liabilities, and owners' equity - As of June 30, 2025, the parent company's total assets were 5,577,869,560.71 yuan, with total current assets of 3,774,319,299.22 yuan and total non-current assets of 1,803,550,261.49 yuan[89] - As of June 30, 2025, the parent company's total liabilities were 1,515,487,629.98 yuan, with total current liabilities of 1,490,367,972.43 yuan and total non-current liabilities of 25,119,657.55 yuan[89][90] - As of June 30, 2025, the parent company's total owners' equity was 4,062,381,930.73 yuan[90] Consolidated Income Statement This subsection presents the consolidated income statement for January-June 2025, detailing total operating revenue, profit, and earnings per share - For January-June 2025, the company's consolidated total operating revenue was 1,790,645,113.76 yuan, operating profit was 258,584,582.18 yuan, and total profit was 259,313,923.23 yuan[92][93][40] - Net profit attributable to parent company shareholders was 220,872,745.32 yuan, and minority interest loss was -1,150,951.16 yuan[40] - Basic earnings per share and diluted earnings per share were both 0.58 yuan/share[41] Parent Company Income Statement This subsection presents the parent company income statement for January-June 2025, detailing total operating revenue, profit, and net profit - For January-June 2025, the parent company's operating revenue was 1,760,681,695.49 yuan, operating profit was 264,748,203.06 yuan, and total profit was 265,581,491.11 yuan[96][97] - The parent company's net profit was 229,040,406.16 yuan[97] Consolidated Cash Flow Statement This subsection presents the consolidated cash flow statement for January-June 2025, detailing cash flows from operating, investing, and financing activities - For January-June 2025, consolidated net cash flow from operating activities was 221,059,660.21 yuan, compared to -38,520,588.88 yuan in the prior year period, achieving a positive turnaround[99] - Net cash flow from investing activities was 239,995,607.25 yuan, and net cash flow from financing activities was -224,126,704.22 yuan[100] - The period-end balance of cash and cash equivalents was 1,105,567,839.84 yuan[100] Parent Company Cash Flow Statement This subsection presents the parent company cash flow statement for January-June 2025, detailing cash flows from operating, investing, and financing activities - For January-June 2025, the parent company's net cash flow from operating activities was 261,932,729.71 yuan, compared to -47,248,749.85 yuan in the prior year period[102] - Net cash flow from investing activities was 275,699,639.82 yuan, and net cash flow from financing activities was -225,077,565.34 yuan[103] - The period-end balance of cash and cash equivalents was 910,623,961.92 yuan[103] Consolidated Statement of Changes in Owners' Equity This subsection presents the consolidated statement of changes in owners' equity for January-June 2025, highlighting the impact of comprehensive income and profit distribution - In H1 2025, total owners' equity attributable to the parent company increased by 29,736,742.93 yuan, primarily influenced by an increase in total comprehensive income of 219,114,695.41 yuan and a decrease in profit distribution of 191,180,945.50 yuan[105][106] - The period-end total owners' equity attributable to the parent company was 4,162,192,184.08 yuan[107] Parent Company Statement of Changes in Owners' Equity This subsection presents the parent company statement of changes in owners' equity for January-June 2025, highlighting the impact of comprehensive income and profit distribution - In H1 2025, the parent company's total owners' equity increased by 39,662,453.68 yuan, primarily influenced by an increase in total comprehensive income of 229,040,406.16 yuan and a decrease in profit distribution of 191,180,945.50 yuan[109] - The period-end total owners' equity of the parent company was 4,062,381,930.73 yuan[110] Company Basic Information Qingdao Hairong Commercial Cold Chain Co., Ltd. has a registered capital of 386,416,107.00 yuan, with Shao Wei as its legal representative, and primarily engages in the R&D, production, sales, and service of commercial cold chain equipment, including commercial freezer display cabinets, commercial refrigerated display cabinets, supermarket display cabinets, and commercial smart vending machines - The company's registered capital is 386,416,107.00 yuan, and its legal representative is Shao Wei[112] - The company's main business is the R&D, production, sales, and service of commercial cold chain equipment, with core products including commercial freezer display cabinets, commercial refrigerated display cabinets, supermarket display cabinets, and commercial smart vending machines[112] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, and an assessment of its ability to continue as a going concern for 12 months from the end of the reporting period revealed no significant doubts - The company's financial statements are prepared on a going concern basis[113] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts regarding its going concern ability[114] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, including compliance with accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency translation, financial instrument classification and measurement, notes receivable, accounts receivable, notes receivable financing, other receivables, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue recognition, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company's financial statements comply with enterprise accounting standards and truly and completely reflect its financial position[116] - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and the characteristics of contractual cash flows[130] - The company applies a simplified approach to accounts receivable and lease receivables, consistently measuring loss provisions at an amount equal to the lifetime expected credit losses[136] - The company recognizes revenue for domestic sales when customers sign receipts or acceptances (if installation is required), for export products when customs procedures are completed and products are shipped from port, and for ODM business when customers pick up goods and outbound delivery notes are issued[191] - The company classifies leases as finance leases and operating leases, applying simplified treatment for short-term leases and leases of low-value assets[197][200] Taxation This section discloses the company's main tax categories and rates, detailing the 15% high-tech enterprise income tax preferential policy, the 5% advanced manufacturing enterprise VAT input credit policy, the immediate refund policy for VAT exceeding 3% on self-developed software products, and the 20% preferential income tax rate for some subsidiaries qualifying as small-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 16.5%, 25%, 22%, 20% | - As a high-tech enterprise, the company enjoys a 15% preferential corporate income tax rate, valid until 2025[214] - The company qualifies as an advanced manufacturing enterprise, enjoying a 5% additional VAT input credit policy, valid until December 31, 2027[214] - The company enjoys a VAT immediate refund policy for self-developed and produced software products where the actual tax burden exceeds 3%[215][216] - Some subsidiaries qualify as small-profit enterprises and enjoy a 20% preferential corporate income tax rate[216] Notes to Consolidated Financial Statement Items This section provides detailed notes for each major item in the consolidated financial statements, covering cash and cash equivalents, trading financial assets, notes receivable, accounts receivable, notes receivable financing, prepayments, other receivables, inventories, non-current assets due within one year, other current assets, long-term receivables, long-term equity investments, other equity instrument investments, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, restricted assets, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, provisions, deferred income, share capital, capital reserves, treasury stock, other comprehensive income, specific reserves, surplus reserves, retained earnings, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, supplementary cash flow information, foreign currency monetary items, and leases, with specific data and explanations of changes Cash and Cash Equivalents This table details the period-end and period-beginning balances of cash and cash equivalents, including cash on hand, bank deposits, and other monetary funds, also noting overseas funds Period-end Cash and Cash Equivalents Balance | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 109,135.83 | 90,889.89 | | Bank Deposits | 1,105,070,900.06 | 865,979,511.06 | | Other Monetary Funds | 197,648,803.81 | 164,024,646.22 | | Total | 1,302,828,839.70 | 1,030,095,047.17 | - The total amount of funds deposited overseas at period-end was 112,438,006.82 yuan[218] Trading Financial Assets This table presents the period-end and period-beginning balances of trading financial assets, primarily consisting of wealth management products Period-end Trading Financial Assets Balance | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Wealth Management Products | 540,000,000.00 | 948,700,720.99 | | Total | 540,000,000.00 | 948,700,720.99 | Accounts Receivable This table details the aging distribution of accounts receivable at period-end and period-beginning, and notes the total provision for bad debts Accounts Receivable Aging Distribution | Aging | Period-end Book Balance (yuan) | Period-beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 1,400,482,123.58 | 1,080,196,522.92 | | 1 to 2 years | 162,518,314.56 | 187,782,355.61 | | 2 to 3 years | 67,138,617.19 | 67,317,026.24 | | Over 3 years | 65,672,208.70 | 42,701,081.26 | | Total | 1,695,811,264.03 | 1,377,996,986.03 | - The period-end total provision for bad debts for accounts receivable was 148,232,104.71 yuan, of which 20,265,806.90 yuan was individually provided (100% provision)[228][230] Inventories This table presents the classification and book value of inventories at period-end and period-beginning, including raw materials, finished goods, and work in progress Inventory Classification and Book Value | Item | Period-end Book Value (yuan) | Period-beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 118,524,869.15 | 130,117,755.30 | | Finished Goods | 310,772,832.82 | 432,750,561.08 | | Goods in Transit | 88,392,863.19 | 57,215,156.13 | | Work in Progress | 55,604,766.95 | 51,882,562.75 | | Revolving Materials | 7,526,928.84 | 5,219,857.38 | | Total | 580,822,260.95 | 677,185,892.64 | Fixed Assets This table details the book value of fixed assets at period-end and period-beginning, categorized by type such as buildings, machinery, and electronic equipment Fixed Assets Book Value | Item | Period-end Book Value (yuan) | Period-beginning Book Value (yuan) | | :--- | :--- | :--- | | Buildings and Structures | 699,048,161.82 | 716,264,824.65 | | Machinery and Equipment | 163,284,273.58 | 166,646,558.75 | | Transportation Vehicles | 4,984,813.90 | 5,957,669.90 | | Electronic Equipment | 4,252,269.77 | 4,951,629.25 | | Other Equipment | 82,494,332.67 | 84,415,221.05 | | Total | 954,063,851.74 | 978,235,903.60 | Construction in Progress This table presents the period-end and period-beginning balances of construction in progress, highlighting significant investments in the Indonesia industrial project Period-end Construction in Progress Balance | Item | Period-end Book Balance (yuan) | Period-beginning Book Balance (yuan) | | :--- | :--- | :--- | | Equipment Installation | 1,663,716.82 | 3,610,176.98 | | Sheet Metal Forming Line | 0 | 4,274,336.28 | | Indonesia Industrial Project | 168,927,460.86 | 96,526,473.86 | | Other Engineering Projects | 3,790,973.44 | 3,642,300.87 | | Hairong Indonesia Office Building | 8,896,229.12 | 0 | | Total | 183,278,380.24 | 108,053,287.99 | - The Indonesia Industrial Project saw an increased investment of 75,395,500.28 yuan this period, with a period-end balance reaching 168,927,460.86 yuan[284] Share Capital This table details the changes in total share capital, explaining the reduction due to the repurchase and cancellation of restricted shares Share Capital Changes | Item | Period-beginning Balance (shares) | Increase/Decrease in This Change (shares) | Period-end Balance (shares) | | :--- | :--- | :--- | :--- | | Total Shares | 386,417,827.00 | -1,720.00 | 386,416,107.00 | - The total share capital decreased by 1,720 shares due to the repurchase and cancellation of restricted shares granted to incentive recipients under the 2021 stock option and restricted stock incentive plan, which did not meet the unblocking conditions[329] Operating Revenue and Operating Cost This table presents the operating revenue and cost for the current and prior periods, noting the dominant contribution of commercial display cabinets and the split between domestic and international revenue Operating Revenue and Operating Cost | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,790,645,113.76 | 1,586,548,618.72 | | Operating Cost | 1,313,300,746.29 | 1,150,083,398.47 | - Commercial display cabinet revenue accounts for the vast majority of total revenue, with domestic revenue at 1.264 billion yuan and international revenue at 526 million yuan[342] R&D Expenses This table details the composition of R&D expenses for the current and prior periods, including materials, employee compensation, and product design fees, noting the total amount and its increase R&D Expense Composition | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Materials | 12,676,057.55 | 10,943,327.30 | | Employee Compensation | 19,277,453.13 | 17,155,771.05 | | Product Design Fees | 8,707,004.09 | 3,207,726.95 | | Depreciation and Amortization | 5,639,864.67 | 4,079,782.85 | | Certification and Testing Fees | 1,331,692.45 | 1,984,509.54 | | Outsourced R&D Fees | 197,948.34 | 118,811.88 | | Other | 5,951,634.08 | 5,197,245.12 | | Total | 53,781,654.31 | 44,206,117.02 | | Of which: Expensed R&D Expenditures | 53,781,654.31 | 44,206,117.02 | - Total R&D expenses for the current period were 53,781,654.31 yuan, all recognized as expensed R&D expenditures, representing a 21.66% increase from the prior period[349][35] Supplementary Information to Cash Flow Statement This section provides supplementary information to the cash flow statement, including a reconciliation of net profit to net cash flow from operating activities and details of monetary funds not classified as cash and cash equivalents Reconciliation of Net Cash Flow from Operating Activities | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | 219,721,794.16 | 201,204,985.10 | | Credit Impairment Losses | 15,874,915.70 | 36,781,236.83 | | Depreciation of Fixed Assets, etc. | 50,016,327.67 | 48,336,567.70 | | Decrease in Inventories (increase indicated by "-") | 91,358,333.21 | 116,380,908.03 | | Decrease in Operating Receivables (increase indicated by "-") | -332,748,443.21 | -224,861,448.17 | | Increase in Operating Payables (decrease indicated by "-") | 180,838,001.92 | -209,512,477.08 | | Net Cash Flow from Operating Activities | 221,059,660.21