普路通(002769) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section covers the company's important declarations, the directory of reference documents, and definitions of key terms used throughout the report Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, having attended the review meeting, detailed operating risks, and declared no cash dividends, bonus shares, or capital reserve conversions for the period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] - The company elaborates on potential operating risks in "Section III Management Discussion and Analysis," specifically "X. Risks Faced by the Company and Countermeasures"[4] Catalogue of Reference Documents This section lists original copies of all publicly disclosed documents and announcements during the reporting period, along with original financial statements signed and sealed by the legal representative, chief accountant, and head of accounting, available at the company's securities department - Reference documents include original financial statements bearing the signatures of the legal representative, chief accountant, and head of accounting department[9] - Original copies of all documents and announcements publicly disclosed by the company in Securities Times, Shanghai Securities News, and Juchao Information Network during the reporting period are available for reference[9] Definitions This section defines common terms used in the report, including company names, regulatory bodies, business types (e.g., supply chain management, carbon peaking, carbon neutrality, distributed PV power stations, independent energy storage stations, industrial and commercial energy storage stations, combined foreign exchange sales), and financial units, ensuring accurate report interpretation - “Reporting Period/This Reporting Period” refers to January 1, 2025, to June 30, 2025[12] - “Company/Listed Company/Parent Company/Prolto” refers to Guangdong Prolto Supply Chain Management Co., Ltd[12] - “Green Investment” refers to Guangdong Green Investment Operation Co., Ltd., the company's controlling shareholder[12] - “Supply Chain Management” is defined as integrating and optimizing logistics, capital flows, and information flows among enterprises at various nodes in the supply chain to improve operational efficiency, reduce costs, and enhance competitiveness[12] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and highlights its key accounting data and financial performance indicators for the reporting period I. Company Profile This section provides the company's basic information, including its stock abbreviation "Prolto," stock code "002769," full name "Guangdong Prolto Supply Chain Management Co., Ltd.," and legal representative Song Haigang Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Prolto | | Stock Code | 002769 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Guangdong Prolto Supply Chain Management Co., Ltd. | | Legal Representative | Song Haigang | II. Contact Person and Contact Information This section provides the contact information for the company's Board Secretary, Yu Bin, including address, phone, fax, and email, to facilitate investor communication Board Secretary Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yu Bin | 21st Floor, Building A, Shenzhen International Innovation Center, 1006 Shennan Avenue, Futian District, Shenzhen | 0755-82874201 | 0755-83203373 | ir@prolto.com | III. Other Information During the reporting period, the company's registered address, office address, website, email, information disclosure website and media, and report availability location remained unchanged, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16] - The securities exchange website and media name and URL for the company's semi-annual report disclosure, as well as the report's availability location, remained unchanged during the reporting period[17] IV. Key Accounting Data and Financial Indicators The company's key financial indicators for H1 2025 showed strong performance, with operating revenue up 39.77% YoY, net profit attributable to shareholders turning profitable with a 165.39% increase, and significantly improved net cash flow from operating activities, while total assets decreased by 56.28% YoY, and net assets attributable to shareholders slightly increased Key Accounting Data and Financial Indicators (YoY Change) | Indicator | Current Period (RMB) | Prior Year Same Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 388,003,889.68 | 277,598,293.57 | 39.77% | | Net Profit Attributable to Shareholders of Listed Company | 33,324,261.48 | -50,962,523.89 | 165.39% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 30,883,830.46 | -54,544,022.64 | 156.62% | | Net Cash Flow from Operating Activities | 159,269,913.58 | -263,563,029.38 | 160.43% | | Basic Earnings Per Share (RMB/share) | 0.09 | -0.14 | 164.29% | | Diluted Earnings Per Share (RMB/share) | 0.09 | -0.14 | 164.29% | | Weighted Average Return on Net Assets | 2.87% | -4.12% | 169.66% | | Period-End Indicators | Current Period-End (RMB) | Prior Year-End (RMB) | Change from Prior Year-End | | Total Assets | 3,910,509,171.09 | 8,944,245,168.21 | -56.28% | | Net Assets Attributable to Shareholders of Listed Company | 1,179,808,838.16 | 1,145,797,656.87 | 2.97% | V. Differences in Accounting Data Under Domestic and International Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International or foreign accounting standards and those prepared under Chinese accounting standards - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards[20] - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under foreign accounting standards and Chinese Accounting Standards[21] VI. Non-recurring Gains and Losses and Amounts The company's total non-recurring gains and losses for the reporting period amounted to RMB 2,440,431.02, primarily comprising non-current asset disposal gains/losses, government subsidies, and other non-operating income/expenses; certain investment income, such as from combined foreign exchange sales, is classified as recurring to reflect its normal operating nature Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -4,946,569.79 | | Government Subsidies Included in Current Profit and Loss | 1,082,518.28 | | Other Non-operating Income and Expenses Apart from the Above | 429,835.17 | | Other Profit and Loss Items Meeting the Definition of Non-recurring Gains and Losses | 4,632,665.03 | | Less: Income Tax Impact | 982,915.65 | | Impact on Minority Interests (After Tax) | -2,224,897.98 | | Total | 2,440,431.02 | - The company classifies investment income of RMB 879,310.02 from combined foreign exchange sales as recurring gains and losses, as it aims to reduce exchange rate risks and purchasing costs, constituting normal operating activities[24] Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's main business activities, core competencies, financial performance, and risk factors during the reporting period I. Main Business Activities During the Reporting Period The company's main businesses span supply chain management and new energy sectors, with supply chain deeply rooted in ICT, and new energy focusing on smart PV energy service platforms, new energy asset operation and maintenance management platforms, and novel energy storage battery R&D platforms, actively responding to national policies to promote green and low-carbon transformation (I) Industry Development Overview The supply chain industry, benefiting from national strategic emphasis and new quality productive forces, is accelerating its digital, intelligent, and green transformation; new energy market reforms are deepening, with policies promoting electricity spot and ancillary service markets, creating development space for new entities like energy storage and virtual power plants - National policies elevate supply chain industry development to a strategic level, emphasizing enhanced resilience and security, and promoting digitalization, intelligence, and efficiency[26][27] - In January 2025, the nation deepened market-oriented reform of new energy on-grid tariffs, with all new energy electricity entering the power market and prices determined by market transactions, marking a shift from "policy-driven" to "market-driven" new energy development[28] - In April 2025, the nation mandated nationwide coverage of electricity spot markets by end-2025 and included new operating entities like energy storage companies and virtual power plants in the electricity ancillary service market, accelerating new power system construction[29][30][31] (II) Main Business Activities During the Reporting Period The company's supply chain business specializes in ICT, offering diverse services like component procurement, server module sourcing, PV component export, and agency procurement; its new energy business centers on distributed PV power station investment and operation, expanding into market-based electricity trading and integrated energy services, and developing novel energy storage batteries, though sodium-ion battery industrialization still faces challenges - The company's supply chain business provides services in the ICT sector, including component procurement, server module sourcing and sales, PV component export, and agency procurement for JD.com's UK and European export goods[32] - New energy business encompasses distributed PV power station investment and operation, market-based electricity trading (with power sales licenses in Guangdong and Guangxi provinces), and integrated energy services[33][34][37][39] - Energy storage business includes sales of energy storage equipment systems, investment and operation of industrial and commercial energy storage stations and independent energy storage stations, covering peak-valley price difference regions like Guangdong, Zhejiang, and Jiangsu, and expanding into overseas markets[40] - Novel energy storage battery R&D focuses on sodium battery material systems, aiming to create low-cost, long-life, high-safety, high-energy-density, and high-rate performance sodium-ion battery products, but the sodium-ion battery industry has not yet achieved stable scale and market[41][42] II. Analysis of Core Competencies The company's core competencies include professional talent, R&D, and management advantages in the PV sector, an experienced supply chain management team, digital supply chain information system support, strong bank credit, and solid backing and resource empowerment from its state-owned controlling shareholder - The company's PV business operating entity is recognized as a National High-Tech Enterprise, possesses EPC qualifications and power sales licenses, has a core team with over 10 years of industry experience, and has established comprehensive operation and maintenance management systems and remote data monitoring systems[43] - The company possesses an experienced supply chain management team and professional talent, proficient in international trade, customs affairs, and logistics management[44] - The company has built its core management system based on the Kingdee Cloud Starry Sky microservice platform, achieving business and financial integration, supporting personalized needs and mobile office capabilities[45] - The company maintains strong bank credit and ample bank credit lines, providing financial assurance for its supply chain and new energy businesses[46] - The controlling shareholder changed to Guangdong Green Investment Operation Co., Ltd., and the actual controller changed to Guangzhou Huadu District State-owned Assets Supervision and Administration Bureau, with state-owned shareholders providing abundant high-quality resources and strategic synergy support[47] III. Analysis of Main Business During the reporting period, the company's main business revenue increased by 39.77% YoY, primarily driven by growth in supply chain management and new energy businesses; new energy revenue surged by 420.23% YoY, significantly increasing its proportion, while overseas business revenue experienced explosive growth, and North China region revenue also substantially increased Key Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year Same Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 388,003,889.68 | 277,598,293.57 | 39.77% | Increase in traditional supply chain management and new energy businesses | | Operating Cost | 211,881,327.52 | 153,285,174.74 | 38.23% | Increase in traditional supply chain management and new energy businesses | | Selling Expenses | 3,823,493.82 | 7,390,843.56 | -48.27% | Decrease in market expansion expenses | | Income Tax Expense | 16,213,912.79 | 5,776,862.69 | 180.67% | Increase in deferred income tax expense and taxable income | | R&D Investment | 2,999,904.83 | 10,672,020.46 | -71.89% | Decrease in R&D personnel | | Net Cash Flow from Operating Activities | 159,269,913.58 | -263,563,029.38 | 160.43% | Recovery of receivables | | Net Cash Flow from Investing Activities | -164,992,468.62 | -56,524,101.38 | -191.90% | Increase in fixed asset investment and purchase of wealth management products | | Net Cash Flow from Financing Activities | -656,210.02 | -17,288,190.01 | 96.20% | Decrease in repayment of raised funds | | Net Increase in Cash and Cash Equivalents | -6,624,518.47 | -337,237,668.99 | 98.04% | Recovery of receivables | Operating Revenue Composition (By Industry) | Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Same Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Supply Chain | 313,842,332.24 | 80.89% | 263,342,814.48 | 94.86% | 19.18% | | New Energy | 74,161,557.44 | 19.11% | 14,255,479.09 | 5.14% | 420.23% | Operating Revenue Composition (By Region) | Region | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Same Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | North China Region | 144,916,127.75 | 37.35% | 75,706,441.31 | 27.27% | 91.42% | | South China Region | 159,203,071.05 | 41.03% | 124,437,972.88 | 44.83% | 27.94% | | Overseas | 64,634,612.14 | 16.66% | 1,709,360.35 | 0.62% | 3,681.22% | IV. Analysis of Non-Main Business The company had no non-main business analysis during the reporting period V. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets significantly decreased by 56.28% YoY, primarily due to reductions in other receivables and short-term borrowings; fixed assets and long-term borrowings increased, reflecting the company's investments in new energy businesses Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 173,465,702.83 | 4.44% | 338,725,798.25 | 3.79% | 0.65% | | Accounts Receivable | 162,142,430.08 | 4.15% | 153,692,250.64 | 1.72% | 2.43% | | Other Receivables | 2,729,468,990.07 | 69.80% | 7,671,173,024.85 | 85.77% | -15.97% | | Fixed Assets | 396,296,069.83 | 10.13% | 243,895,079.10 | 2.73% | 7.40% | | Short-term Borrowings | 44,860,000.00 | 1.15% | 160,734,145.29 | 1.80% | -0.65% | | Other Payables | 2,389,225,595.72 | 61.10% | 7,219,138,835.88 | 80.71% | -19.61% | | Long-term Borrowings | 45,432,604.77 | 1.16% | 40,739,194.77 | 0.46% | 0.70% | - As of the end of the reporting period, the company had restricted asset rights, detailed in the financial report notes[58] VI. Analysis of Investment Status During the reporting period, the company had no significant equity investments, non-equity investments, securities investments, or derivative investments, nor any use of raised funds - The company had no securities investments during the reporting period[59] - The company had no derivative investments during the reporting period[60] - The company had no use of raised funds during the reporting period[61] VII. Significant Asset and Equity Disposals The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of any significant assets during the reporting period[62] - The company did not dispose of any significant equity during the reporting period[63] VIII. Analysis of Major Holding and Participating Companies The company had no important holding or participating company information requiring disclosure during the reporting period - The company had no important holding or participating company information requiring disclosure during the reporting period[63] IX. Structured Entities Controlled by the Company The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[64] X. Risks Faced by the Company and Countermeasures The company faces policy and market competition risks in the new energy sector, along with the risk of energy storage battery industrialization falling short of expectations; it will address these challenges by closely monitoring policies, innovating business models, expanding new energy business scale, and optimizing sodium-ion battery technology - The new energy industry faces significant policy adjustments and intensified market competition, posing a risk of declining market share for the company[64] - The company will closely monitor policy dynamics, research source-load aggregation business models, accelerate the expansion of its new energy business, and increase market share[64] - The industrialization of energy storage batteries (sodium-ion batteries) has not yet achieved stable scale and market, posing risks of overcapacity and market application falling short of expectations[65][66] - The company will continue to optimize core sodium-ion battery technology, enhance its substitution potential in niche application areas, and monitor industry development trends to adjust strategies as appropriate[66] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan XII. Implementation of 'Dual Improvement in Quality and Returns' Action Plan The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan Section IV Corporate Governance, Environment, and Society This section outlines the company's governance structure, changes in key personnel, profit distribution policies, and its commitment to environmental protection and social responsibility I. Changes in Directors, Supervisors, and Senior Management During the reporting period, Board Secretary Yu Bin, Chief Accountant Shi Shuai, and Deputy General Manager Chen Xiaosan were appointed due to job transfers, reflecting personnel adjustments within the company's management Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yu Bin | Board Secretary | Appointment | March 25, 2025 | Job Transfer | | Shi Shuai | Deputy General Manager, CFO | Appointment | May 16, 2025 | Job Transfer | | Chen Xiaosan | Deputy General Manager | Appointment | May 16, 2025 | Job Transfer | II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[70] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[71] IV. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law V. Social Responsibility The company actively fulfills its social responsibilities, balancing economic and social benefits, with concrete practices in protecting the rights of employees, customers, suppliers, and investors, as well as in environmental protection and sustainable development - The company legally signs labor contracts with employees, implements a distribution system based on work, provides a safe and comfortable working environment, and fosters a positive corporate culture[73] - The company actively builds strategic partnerships with suppliers and customers, provides high-quality products and services, and promptly addresses customer issues and suggestions[74] - The company operates legally and compliantly, improves its corporate governance structure, strictly fulfills information disclosure obligations, ensures equal access to company information for all shareholders, and contributes to social sustainable development[76] Section V Significant Matters This section details significant events and issues impacting the company, including commitments, fund occupation, guarantees, litigation, and other material developments during the reporting period I. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the reporting period, the company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, the company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself[78] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties[79] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[80] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual report was unaudited - The company's semi-annual report was unaudited[81] V. Board of Directors' and Supervisory Board's Explanation of 'Non-Standard Audit Report' for the Current Period The company had no non-standard audit report during the reporting period VI. Board of Directors' Explanation of 'Non-Standard Audit Report' for the Prior Year The company had no non-standard audit report for the prior year during the reporting period VII. Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[82] VIII. Litigation Matters During the reporting period, the company was involved in multiple litigation and arbitration cases, with a cumulative amount of RMB 120.78 million as plaintiff, mostly still in trial or execution, and concluded cases having no significant impact; as defendant, the amount involved was RMB 22.05 million, with some cases withdrawn or concluded, and the remainder still in trial, also without significant impact Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Other litigation and arbitration matters not meeting the disclosure threshold for significant litigation (company and controlled subsidiaries as plaintiffs) | 10,871.32 | No | Still in trial and execution stages | No significant impact | | Other litigation and arbitration matters not meeting the disclosure threshold for significant litigation (company and controlled subsidiaries as plaintiffs) | 1,206.82 | No | Concluded | All litigations concluded and executed | | Other litigation and arbitration matters not meeting the disclosure threshold for significant litigation (company and controlled subsidiaries as defendants) | 2,204.73 | No | Cases with a cumulative amount of 93.11万元 were withdrawn or concluded during the reporting period; other cases are still in trial and execution stages | No significant impact | IX. Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[84] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company had no disclosure regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period XI. Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[85] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[86] - The company had no related party creditor-debtor relationships during the reporting period[88] XII. Significant Contracts and Their Performance During the reporting period, the company had no trusteeship, contracting, leasing, or other significant contract matters; it provided several joint liability guarantees for subsidiaries, with the actual guarantee balance totaling RMB 73.32 million at period-end, representing 6.21% of the company's net assets - The company had no trusteeship, contracting, or leasing situations during the reporting period[92][94][95] Company Guarantees for Subsidiaries | Guaranteed Party Name | Guaranteed Amount (RMB 10,000) | Actual Guaranteed Amount (RMB 10,000) | Guarantee Type | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Huizhou Puhua New Energy Co., Ltd. | 294 | 170.72 | Joint Liability Guarantee | No | | Dongguan Purui Times Energy Technology Co., Ltd. | 518 | 323.81 | Joint Liability Guarantee | No | | Shenzhen Silk Road Era Supply Chain Technology Co., Ltd. | 1,000 | 986 | Joint Liability Guarantee | No | | Dongguan Shenguoli New Energy Technology Co., Ltd. | 2,000 | 1,253.19 | Joint Liability Guarantee | No | | Guilin Purui Times Energy Technology Co., Ltd. | 900 | 750.24 | Joint Liability Guarantee | No | | Shantou Purui Times Energy Technology Co., Ltd. | 416 | 350 | Joint Liability Guarantee | No | | Dongguan Purui Green Energy Co., Ltd. | 200 | 176 | Joint Liability Guarantee | No | | Hunan Puyue New Energy Technology Co., Ltd. | 1,520 | 1,330 | Joint Liability Guarantee | No | | Zhanjiang Puyue New Energy Technology Co., Ltd. | 200 | 185 | Joint Liability Guarantee | No | | Zhaoqing Purui Times Energy Technology Co., Ltd. | 400 | 385 | Joint Liability Guarantee | No | | Guangzhou Prolto Supply Chain Management Co., Ltd. | 1,000 | 1,000 | Joint Liability Guarantee | No | | Guangdong Xinyunheng New Energy Co., Ltd. | 480 | 421.88 | Joint Liability Guarantee | No | | Shenzhen Purui Times Energy Co., Ltd. | 300 | 0 | Joint Liability Guarantee | No | | Heyuan Purui Times Energy Technology Co., Ltd. | 216 | 0 | Joint Liability Guarantee | No | Total Guarantee Amount | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries During Reporting Period (B1) | 0 | | Total Actual Guarantees for Subsidiaries During Reporting Period (B2) | 9,444 | | Total Approved Guarantee Limit for Subsidiaries at Period-End (B3) | 82,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-End (B4) | 7,331.83 | | Proportion of Total Actual Guarantees to Company's Net Assets | 6.21% | | Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 3,070.72 | XIII. Explanation of Other Significant Matters On February 18, 2024, the company approved a share repurchase plan, intending to use RMB 30 million to RMB 50 million to repurchase shares for equity incentives or employee stock ownership plans; as of January 24, 2025, the company had cumulatively repurchased 6,829,589 shares, representing 1.83% of total share capital, with a total transaction amount of RMB 39,140,342.29, completing the repurchase plan - On February 18, 2024, the company approved a share repurchase plan, intending to repurchase shares with a total fund of no less than RMB 30 million and no more than RMB 50 million for equity incentives or employee stock ownership plans[104] - As of January 24, 2025, the company had cumulatively repurchased 6,829,589 shares, representing 1.83% of total share capital, with a total transaction amount of RMB 39,140,342.29, and the repurchase plan has been completed[105] XIV. Significant Matters of Company Subsidiaries The company had no significant subsidiary matters to disclose during the reporting period Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder numbers, and the shareholdings of directors, supervisors, and senior management I. Share Change Information During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased while unrestricted shares increased, primarily because high-level executive restricted shares held by certain departing executives (Zhang Yun, Zhao Ye, Jiang Hong, Wu Jun, Zou Yong) converted to unrestricted tradable shares after their lock-up period expired Share Change Information | Share Type | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 47,320,230 | 12.68% | -47,012,406 | 307,824 | 0.08% | | II. Unrestricted Shares | 325,997,824 | 87.32% | 47,012,406 | 373,010,230 | 99.92% | | III. Total Shares | 373,318,054 | 100.00% | 0 | 373,318,054 | 100.00% | - The main reason for share changes is that after some senior executives (Zhang Yun, Zhao Ye, Jiang Hong, Wu Jun) left their positions, their restricted shares, subject to executive lock-up, converted to unrestricted tradable shares after the six-month lock-up period expired[110] - As of January 24, 2025, the company had completed the repurchase of 6,829,589 shares, representing 1.83% of total share capital, with a total transaction amount of RMB 39,140,342.29, and the repurchase plan has been completed[111] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released During Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Zhang Yun | 25,877,963 | 25,877,963 | 0 | Executive Lock-up Shares | | Zhao Ye | 20,917,401 | 20,917,401 | 0 | Executive Lock-up Shares | | Jiang Hong | 30,000 | 30,000 | 0 | Executive Lock-up Shares | | Wu Jun | 181,041 | 181,041 | 0 | Executive Lock-up Shares | | Zou Yong | 6,001 | 6,001 | 0 | Executive Lock-up Shares | | Total | 47,012,406 | 47,012,406 | 0 | -- | II. Securities Issuance and Listing The company had no securities issuance or listing during the reporting period III. Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had 44,754 common shareholders; among the top ten shareholders, Chen Shuzhi held 12.18%, being the largest shareholder but having waived voting rights; the controlling shareholder, Guangdong Green Investment Operation Co., Ltd., held 10.38% and indirectly held shares through Shenzhen Juzhitong Information Technology Co., Ltd., with both being parties acting in concert - The total number of common shareholders at the end of the reporting period was 44,754[116] Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Chen Shuzhi | Domestic Natural Person | 12.18% | 45,483,664 | 45,483,664 | | Guangdong Green Investment Operation Co., Ltd. | State-owned Legal Person | 10.38% | 38,732,834 | 38,732,834 | | Zhang Yun | Domestic Natural Person | 6.93% | 25,877,963 | 25,877,963 | | Zhao Ye | Domestic Natural Person | 5.60% | 20,917,401 | 20,917,401 | | Shenzhen Juzhitong Information Technology Co., Ltd. | State-owned Legal Person | 5.29% | 19,743,607 | 19,743,607 | - Mr. Chen Shuzhi signed the "Voting Rights Waiver Agreement" on September 12, 2023, waiving all voting rights corresponding to his 12.18% shareholding in the company effective March 25, 2024[117] - Guangdong Green Investment Operation Co., Ltd. holds 100% of Shenzhen Juzhitong Information Technology Co., Ltd., and both are parties acting in concert[116][117] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[119] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[120] - The company's actual controller remained unchanged during the reporting period[121] VI. Preferred Shares Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[122] Section VII Bond-Related Information This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period Bond-Related Information The company had no bond-related information during the reporting period Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies, taxation, and financial instrument risks I. Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[126] II. Financial Statements This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively illustrating the financial position, operating results, and cash flows at the end of the reporting period - The consolidated balance sheet shows total assets of RMB 3,910,509,171.09 at period-end, with total owners' equity attributable to the parent company amounting to RMB 1,179,808,838.16[130] - The consolidated income statement shows total operating revenue of RMB 388,003,889.68 for the current period, and net profit attributable to parent company shareholders of RMB 33,324,261.48[136] - The consolidated cash flow statement shows net cash flow from operating activities of RMB 159,269,913.58 and net cash flow from investing activities of RMB -164,992,468.62[142] III. Company Basic Information The company, formerly Shenzhen Prolto Supply Chain Management Co., Ltd., listed in 2015 with a registered capital of RMB 373,318,054.00, is ultimately controlled by Guangzhou Huadu District State-owned Assets Supervision and Administration Bureau; its main business is supply chain management, expanding into new energy (PV and energy storage) in 2021, with 82 subsidiaries included in the consolidated scope this period - The company's registered capital is RMB 373,318,054.00, and its actual controller is Guangzhou Huadu District State-owned Assets Supervision and Administration Bureau[160] - The company's main business is supply chain management, and it began to strategically develop new energy businesses in 2021, primarily including smart PV energy service platforms and energy storage ecosystem operation service platforms[161] - The company included a total of 82 subsidiaries in its consolidated scope this period, an increase of 10 and a decrease of 7 compared to the previous period[162] IV. Basis of Financial Statement Preparation The company's financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on the going concern assumption, with no significant doubts about its ability to continue as a going concern identified - The company prepares its financial statements in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "No. 15 Rules for Information Disclosure by Companies Issuing Securities Publicly – General Provisions on Financial Reports" (Revised 2023) issued by the China Securities Regulatory Commission[164] - These financial statements are prepared on a going concern basis, and no matters or circumstances have been identified that cast significant doubt on the company's ability to continue as a going concern[165] V. Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates for inventory valuation, bad debt provisions for receivables, fixed asset depreciation, intangible asset amortization, and revenue recognition, ensuring the financial statements accurately and completely reflect the company's financial position and operating results; there were no significant changes in accounting policies or estimates during the reporting period - The company determines specific accounting policies and estimates based on its production and operating characteristics, primarily reflected in inventory valuation methods, bad debt provision methods for receivables, depreciation of fixed assets and amortization of intangible assets, and revenue recognition timing[166] - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards, truly and completely reflecting the company's financial position, operating results, cash flows, and other relevant information for the reporting period[167] - The company had no significant changes in accounting policies or estimates during the reporting period[37][43] VI. Taxation This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge; the company and its subsidiaries apply different corporate income tax rates and benefit from small and micro-enterprise income tax incentives and tax exemptions/reductions for energy performance contracting projects Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of Goods and Taxable Services Revenue | 13%, 10%, 9%, 6%, 3%, 0% | | Urban Maintenance and Construction Tax | Actual VAT Paid | 7%, 5% | | Corporate Income Tax | Taxable Income | See notes (20% or 25%) | | Education Surcharge | Actual VAT Paid | 3% | | Local Education Surcharge | Actual VAT Paid | 2% | - Some of the company's subsidiaries apply a 20% corporate income tax rate, while others enjoy tax exemption policies in 2025[348][349] - The company benefits from small and micro-enterprise income tax preferential policies, as well as income tax exemptions and reductions for eligible energy service companies implementing energy performance contracting projects and public infrastructure projects[350][351][352] VII. Notes to Consolidated Financial Statement Items This section details the period-end balances, beginning balances, and changes for each consolidated financial statement item, including cash and bank balances, accounts receivable, other receivables, fixed assets, short-term borrowings, and other payables; notable changes occurred in other receivables and fixed assets, and restricted asset rights are also explained Cash and Bank Balances | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 181,989.29 | 188,552.88 | | Bank Deposits | 145,755,377.05 | 152,345,133.27 | | Other Cash and Bank Balances | 27,528,336.49 | 186,192,112.10 | | Total | 173,465,702.83 | 338,725,798.25 | | Including: Total Funds Deposited Overseas | 32,546,857.08 | 10,396,941.00 | Details of Restricted Cash and Bank Balances | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Loan Pledge Deposits | 0 | 148,677,305.32 | | Letter of Credit Deposits | 149,427.71 | 150,890.25 | | Letter of Guarantee Deposits | 15,537,773.95 | 24,215,970.59 | | Bank Acceptance Bill Deposits | 11,800,216.20 | 7,623,722.76 | | Other | 3,192,850.34 | 3,127,933.47 | | Total | 30,680,268.20 | 183,795,822.39 | Assets with Restricted Ownership or Use Rights | Item | Period-End Book Balance (RMB) | Period-End Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 30,680,268.20 | 30,680,268.20 | Deposit | Account Restricted | | Fixed Assets | 40,209,532.98 | 35,998,473.92 | Affordable Housing, Mortgage | No property certificate; mortgaged PV power stations | | Accounts Receivable | 5,841,930.08 | 5,783,510.77 | Pledge | Pledged PV power station collection rights | | Total | 76,731,731.26 | 72,462,252.89 | | | VIII. Research and Development Expenses During the reporting period, the company's total R&D expenses amounted to RMB 2,999,904.83, a 71.89% YoY decrease, primarily comprising salaries, depreciation and amortization, travel expenses, and other costs; all R&D expenditures were expensed, with no R&D projects meeting capitalization criteria Composition of R&D Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Salaries | 2,062,318.66 | 7,605,677.09 | | Direct Input | 0.00 | 628,355.65 | | Depreciation and Amortization | 642,766.98 | 329,545.42 | | Travel Expenses | 66,681.80 | 665,022.55 | | Other | 228,137.39 | 1,443,419.75 | | Total | 2,999,904.83 | 10,672,020.46 | | Of which: Expensed R&D Expenditures | 2,999,904.83 | 10,672,020.46 | - Current period R&D investment decreased by 71.89% YoY, mainly due to a reduction in R&D personnel[50] - There were no R&D projects meeting capitalization criteria during the reporting period[636] IX. Changes in Consolidation Scope During the reporting period, the company's consolidation scope underwent multiple changes, including the establishment of 10 new subsidiaries, acquisition of 5 non-operating subsidiaries, and dissolution of 6 subsidiaries; additionally, the company disposed of its equity in Xianrun Times (Guangdong) Food Technology Co., Ltd., losing control - This period saw the establishment of 10 new subsidiaries, primarily involved in new energy and general trade businesses, such as Yibin Puyue New Energy Technology Co., Ltd. and Guangzhou Pusheng Agricultural Development Co., Ltd[162][648][649] - This period saw the acquisition of 5 non-operating subsidiaries, mainly new energy companies such as Lianjiang Jiziguang New Energy Co., Ltd. and Xinrui Energy Technology Co., Ltd[650] - This period saw the dissolution of 6 subsidiaries, including Changzhou Puyue Times New Energy Co., Ltd. and Jingmen Prolto Supply Chain Management Co., Ltd[650][651][652] - The company disposed of 51.00% equity in Xianrun Times (Guangdong) Food Technology Co., Ltd., losing control, with a disposal price of RMB 4,496,261.21[647] X. Interests in Other Entities This section details the company's interests in subsidiaries, including 82 consolidated subsidiaries covering new energy and general trade businesses; during the reporting period, the company's ownership equity share in subsidiaries changed but control was maintained, and there were no significant joint ventures or associates - The company included a total of 82 subsidiaries in its consolidated scope this period, with main operating and registered locations distributed across Lianjiang, Yibin, Huizhou, Maoming, Jinan, Vietnam, Guangzhou, Myanmar, Hong Kong, Dongguan, Yangjiang, Foshan, Shanwei, Meizhou, Meishan, Nanning, Zhanjiang, Shenzhen, Chengdu, Wuhu, Dezhou, Zhaoqing, Shantou, Shaoyang, Guilin, Chongqing, Shaoguan, Heyuan, Changsha, Qingyuan, Jiaxing, Suzhou, and other cities[162][654][655][656][657][658][659] - The company's ownership equity share in subsidiaries changed, but control over subsidiaries was maintained, with no significant impact on minority interests or owners' equity attributable to the parent company[154][664][665] - The company had no significant joint ventures or associates[665][666][667][668][669] XI. Government Grants During the reporting period, the company's total government grants recognized in current profit and loss amounted to RMB 1,082,518.28, primarily including foreign trade support funds, business growth support, and stable employment subsidies Government Grants Recognized in Current Profit and Loss | Type of Government Grant | Current Period Amount (RMB) | Amount Recognized in Current Profit and Loss (RMB) | | :--- | :--- | :--- | | Foreign Trade Support Funds | 891,191.00 | 891,191.00 | | Business Operation Growth Support | 181,030.00 | 181,030.00 | | Stable Employment Subsidies | 10,297.28 | 10,297.28 | | Total | 1,082,518.28 | 1,082,518.28 | XII. Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and price risk); it manages these risks through credit policies, cash flow monitoring, obtaining credit lines, and utilizing combined foreign exchange sales products to mitigate potential financial losses - The company manages credit risk by formulating credit policies, continuously monitoring accounts receivable balances and recovery, and using aging analysis to assess impairment losses[674][675] Book Balance and Expected Credit Impairment Loss of Related Assets | Item | Book Balance (RMB) | Impairment Provision (RMB) | | :--- | :--- | :--- | | Notes Receivable | 2,000,000.00 | 0 | | Accounts Receivable | 272,856,357.63 | 110,713,927.55 | | Other Receivables | 2,987,382,106.61 | 257,913,116.54 | | Long-term Receivables (Including Amounts Due Within One Year) | 5,397,169.63 | 0 | | Total | 3,267,635,633.87 | 368,627,044.09 | - The company manages liquidity risk and exchange rate risk by continuously monitoring funding needs, obtaining credit lines from financial institutions, and utilizing combined foreign exchange sales products[677][678] - The company faces interest rate risk arising from bank borrowings, and management will make timely adjustments based on market conditions to mitigate risk[679] XIII. Disclosure of Fair Value At period-end, the company's total assets measured at fair value amounted to RMB 196,211,164.00, primarily comprising financial assets held for trading and other non-current financial assets measured using Level 3 valuation techniques; the carrying amounts of financial assets and liabilities not measured at fair value were very close to their fair values Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 50,000,000.00 | 0 | 50,000,000.00 | | (3) Derivative Financial Assets | 50,000,000.00 | 0 | 50,000,000.00 | | (VI) Other Non-current Financial Assets | 0 | 146,211,164.00 | 146,211,164.00 | | Total Assets Continuously Measured at Fair Value | 50,000,000.00 | 146,211,164.00 | 196,211,164.00 | - For financial instruments traded in active markets, the company determines fair value based on their active market quotations[684] - For financial instruments not traded in active markets, the company uses valuation techniques to determine fair value, primarily the market comparable company model[685] - The carrying amounts of financial assets and liabilities not measured at fair value (such as receivables, short-term borrowings, etc.) are very close to their fair values[689][690] XIV. Related Parties and Related Party Transactions The company's controlling shareholder is Guangdong Green Investment Operation Co., Ltd., with the ultimate controlling party being Guangzhou Huadu District State-owned Assets Supervision and Administration Bureau; during the reporting period, the company engaged in minor transportation service procurement transactions with related party Guangdong Xibainian Supply Chain Technology Co., Ltd., and disclosed key management personnel compensation; there were no related party fund borrowings, asset transfers, or debt restructuring situations - The company's controlling shareholder is Guangdong Green Investment Operation Co., Ltd., and the ultimate controlling party is Guangzhou Huadu District State-owned Assets Supervision and Administration Bureau[691] Related Party Transactions for Purchase of Goods/Acceptance of Services | Related Party | Related Party Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Guangdong Xibainian Supply Chain Technology Co., Ltd. | Transportation Services | 7,981.65 | 17,798.16 | Key Management Personnel Compensation | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,818,884.78 | 3,264,082.19 | - The company had no related party fund borrowings, asset transfers, or debt restructuring situations during the reporting period[706][707] XV. Share-based Payment The company had no overall share-based payment information, equity-settled share-based payment information, cash-settled share-based payment information, or share-based payment expenses during the reporting period XVI. Commitments and Contingencies As of the date of approval for issuance of the financial report, the company had no significant commitments or contingencies requiring disclosure - The company had no significant commitments requiring disclosure[714] - As of the date of approval for issuance of the financial report, the company had no significant contingencies requiring disclosure[715][716] XVII. Events After the Balance Sheet Date The company had no significant non-adjusting events, profit distribution, sales returns, debt restructuring, asset exchanges, annuity plans, discontinued operations, or segment information after the reporting period XVIII. Other Significant Matters At period-end, the company had customs duty guarantees, quality guarantees, and performance guarantees; it also disclosed multiple significant litigation matters involving contract disputes with Hubei Longteng Automobile Trade Co., Ltd., Beijing Xuanyu Wantong Technology Co., Ltd., Henan Tongbo Medical Equipment Co., Ltd., Shanghai Qihang Commerce and Trade Co., Ltd., and Henan Wankao Commerce and Trade Co., Ltd., with some cases having bad debt provisions or still being under trial Unexpired Irrevocable Guarantees at Period-End | Item Name | June 30, 2025 (RMB 10,000) | | :--- | :--- | | Customs Duty Guarantee | 15,000.00 | | Quality Guarantee | 3.66 | | Performance Guarantee | 350.00 | - The company has a contract dispute with Hubei Longteng Automobile Trade Co., Ltd., involving RMB 26,529,879.29, for which a specific bad debt provision has been made[730] - The company has contract disputes with Beijing Xuanyu Wantong Technology Co., Ltd. and Henan Tongbo Medical Equipment Co., Ltd.; some amounts have been recovered, and specific bad debt provisions have been made for the remainder[731] - The company's sales contract dispute with Shanghai Qihang Commerce and Trade Co., Ltd. involves RMB 9.91 million, for which compulsory enforcement has been applied, and a specific bad debt provision has been made[732] - The company has a contract dispute with Henan Wankao Commerce and Trade Co., Ltd., involving RMB 5.50 million, and the case remains undecided as of the reporting date[733] XIX. Notes to Parent Company Financial Statement Major Items This section details the period-end balances, beginning balances, and changes for major parent company financial statement items, including accounts receivable, other receivables, long-term equity investme