雄塑科技(300599) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents and Definitions Important Notice The board, supervisory board, and senior management affirm the report's integrity, highlighting industry competition risks and announcing no cash dividends or bonus shares for the period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4] - Company's responsible person Huang Ganxiong, head of accounting Wu Duanming, and head of accounting department Deng Da declare the financial report is true, accurate, and complete[4] - Investors are specifically reminded of the 'risk of worsening industry competition', noting declining market demand and intensified competition in the plastic pipe industry[4] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5] Table of Contents This section lists the report's eight main chapters, providing investors with an overview of the report's overall structure, covering company operations, finance, governance, and significant matters - The report is divided into eight main chapters, covering company operations, finance, governance, and significant matters[7] List of Documents Available for Inspection Documents available for inspection include financial statements signed by the legal representative, chief accountant, and head of accounting, all publicly disclosed company documents and original announcements, and the original semi-annual report signed by the legal representative, all located at the company's securities affairs department - Documents available for inspection include signed financial statements, original publicly disclosed documents, and the original semi-annual report[9] - The documents are available for inspection at the company's Securities Affairs Department[9] Definitions This section defines common terms used in the report, including company names, related parties, regulatory bodies, laws and regulations, and key product materials like PVC, PP, PE, HDPE, along with related concepts such as pipes, tubes, and fittings, ensuring clear understanding of the report content - Basic terms such as company, related parties, regulatory bodies, and laws and regulations are defined[10] - The chemical composition and characteristics of major plastic pipe materials like PVC, PP, PPR, PE, and HDPE are explained[10] - Product-related concepts such as pipes, tubes, and fittings are clarified[10] Section II Company Profile and Key Financial Indicators I. Company Profile Guangdong Xiongsun Technology Group Co., Ltd. (stock code: 300599) is listed on the Shenzhen Stock Exchange, with Huang Ganxiong as its legal representative - The company's stock abbreviation is 'Xiongsun Technology', stock code 300599, listed on the Shenzhen Stock Exchange[12] - The company's legal representative is Huang Ganxiong[12] II. Contact Person and Contact Information The company's Board Secretary is Li Dan, with contact address at Xiongsun Industrial Park, Longgao Road, Dungen Section, Jiujiang Town, Nanhai District, Foshan City, phone 0757-81868066, and email XS300599@126.com - The Board Secretary is Li Dan, contact phone 0757-81868066, email XS300599@126.com[13] - The company's contact address is Xiongsun Industrial Park, Longgao Road, Dungen Section, Jiujiang Town, Nanhai District, Foshan City[13] III. Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and inspection locations, or registration status; specific details can be found in the 2024 annual report - The company's contact information, information disclosure and inspection locations, and registration status remained unchanged during the reporting period[14][15][16] IV. Key Accounting Data and Financial Indicators In H1 2025, operating revenue decreased by 4.37% to CNY 473.07 million, while net loss attributable to shareholders significantly narrowed by 79.19% to CNY 7.37 million. Net cash flow from operating activities improved by 43.31%, with total assets and net assets slightly declining Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 473,065,828.35 | 494,703,900.17 | -4.37 | | Net Profit Attributable to Shareholders | -7,373,978.16 | -35,441,339.79 | 79.19 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -14,215,677.08 | -42,558,872.85 | 66.60 | | Net Cash Flow from Operating Activities | -39,634,776.58 | -69,920,568.38 | 43.31 | | Basic EPS (CNY/share) | -0.02 | -0.1 | 80.00 | | Diluted EPS (CNY/share) | -0.02 | -0.1 | 80.00 | | Weighted Average ROE | -0.71 | -1.88 | 1.17 | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-end (%) | | Total Assets | 2,283,927,606.12 | 2,399,034,180.30 | -4.80 | | Net Assets Attributable to Shareholders | 1,996,270,638.25 | 2,003,644,616.41 | -0.37 | V. Differences in Accounting Data under Domestic and International Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international or foreign accounting standards and Chinese accounting standards - The company had no differences in accounting data under domestic and international accounting standards during the reporting period[18][19] VI. Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to CNY 6.84 million, primarily comprising government grants, debt restructuring gains, and reversal of impairment provisions for receivables, while non-current asset disposal losses were negative Non-recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off portion of asset impairment provisions already made) | -3,422,364.60 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 6,058,518.95 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 249,309.26 | | Reversal of impairment provisions for receivables for which impairment tests are conducted individually | 1,631,835.63 | | Debt restructuring gains or losses | 4,649,357.60 | | Other non-operating income and expenses apart from the above | -584,392.23 | | Less: Income tax impact | 1,740,565.69 | | Total | 6,841,698.92 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified any non-recurring items as recurring gains and losses[22] Section III Management Discussion and Analysis I. Principal Business Activities During the Reporting Period The company's main business is R&D, production, and sales of plastic pipes, categorized under 'C29 Rubber and Plastic Products Industry' within 'C Manufacturing', facing declining demand and intensified competition due to shrinking real estate and weak infrastructure investment, yet improving gross margin and narrowing net loss through cost reduction and lower raw material costs - The company's main business is the R&D, production, and sales of plastic pipes, categorized under the C29 Rubber and Plastic Products Industry[24] - In the first half, domestic fixed asset investment grew by 2.8% YoY, infrastructure investment by 4.6% YoY, while real estate development investment declined by 11.2% YoY[25] - The plastic pipe industry faces multiple challenges including insufficient downstream demand, intensified competition, and overcapacity, leading to a continuous bottoming-out decline in overall industry performance[25] - The company's products cover PVC, PE, PPR series pipes and fittings, applied in construction, municipal, water environment management, agriculture, smart grid, and other fields[26] - During the reporting period, the company's operating revenue was CNY 473 million, a 4.37% YoY decrease; net profit attributable to the parent company was -CNY 7.37 million, a 79.19% YoY improvement, with the performance decline narrowing and net profit improving mainly due to cost reduction, efficiency enhancement, and lower raw material costs[28] II. Analysis of Core Competencies The company's core competencies lie in R&D, product, and scale advantages, operating as a national high-tech enterprise with numerous patents, a comprehensive R&D system, a rich product portfolio (over 6,000 sub-varieties), an annual production capacity of nearly 500,000 tons, and six production bases, complemented by a multi-channel marketing service system and strong brand recognition with multiple industry awards - The company is a national high-tech enterprise, holding over a hundred valid patents, participating in the formulation of multiple industry standards, and possessing strong R&D capabilities and a product differentiation strategy[30] - Products cover three major series: PVC, PPR, and PE, with over 6,000 sub-varieties, widely applied in various key engineering fields[30] - Possessing six major business bases with an annual production capacity of nearly 500,000 tons, ranking among the industry leaders in production and sales scale[31] - Established a multi-channel sales system including direct sales, distributors, and engineering service providers, implementing a key account strategy to optimize customer structure[32] - With high-quality products and services, the company has received multiple honors such as 'China Well-known Trademark' and 'Top 10 Most Competitive Enterprises in China's Pipe Market', demonstrating prominent brand advantages[33] III. Analysis of Principal Business Operating revenue decreased by 4.37% YoY, but a 9.98% reduction in operating costs boosted the gross margin; financial expenses rose 54.97% due to lower bank interest income, and income tax expenses increased 288.62% with profit growth. Net cash flow from operating activities improved 43.31% due to reduced raw material expenditures, with PVC series pipes remaining the primary revenue source and PE series pipe revenue growing 18.86% YoY Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 473,065,828.35 | 494,703,900.17 | -4.37 | | | Operating Cost | 409,234,637.46 | 454,629,323.51 | -9.98 | | | Selling Expenses | 15,556,868.79 | 20,315,398.58 | -23.42 | | | Administrative Expenses | 38,356,452.83 | 39,689,984.84 | -3.36 | | | Financial Expenses | -1,928,845.49 | -4,283,110.30 | 54.97 | Mainly due to decreased bank deposit interest income during the reporting period | | Income Tax Expense | 2,101,096.83 | -1,113,933.21 | 288.62 | Mainly due to YoY profit growth during the reporting period | | R&D Investment | 11,828,793.81 | 12,062,581.15 | -1.94 | | | Net Cash Flow from Operating Activities | -39,634,776.58 | -69,920,568.38 | 43.31 | Mainly due to decreased raw material purchase expenditures during the reporting period | | Net Cash Flow from Investing Activities | -163,450,555.80 | -103,501,920.77 | -57.92 | Mainly due to some wealth management products not maturing during the reporting period | | Net Cash Flow from Financing Activities | -7,971,467.52 | -101,638,605.24 | 92.16 | Mainly due to share repurchase implemented in the prior period | | Net Increase in Cash and Cash Equivalents | -211,156,154.08 | -274,877,662.67 | 23.18 | | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | PVC Series Pipes | 293,229,224.51 | 248,571,388.47 | 15.23 | -10.93 | -18.13 | 7.45 | | PPR Series Pipes | 42,551,043.31 | 30,924,179.80 | 27.32 | -16.09 | -19.44 | 3.02 | | PE Series Pipes | 133,456,883.37 | 127,992,099.50 | 4.09 | 18.86 | 15.04 | 3.18 | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[35] IV. Analysis of Non-Principal Business The company had no non-principal business analysis content during the reporting period V. Analysis of Assets and Liabilities At the end of the reporting period, total assets decreased by 4.80% YoY, and net assets attributable to shareholders decreased by 0.37% YoY. Cash and bank balances decreased by 7.85%, while accounts receivable increased by 2.63%. The ending balance of financial assets held for trading was CNY 49,219.36. Total restricted assets amounted to CNY 36.80 million, primarily comprising pledged cash and bank balances, fixed assets, investment properties, and intangible assets Significant Changes in Asset Composition | Item | Amount at End of Current Period (CNY) | Percentage of Total Assets (%) | Amount at End of Prior Year (CNY) | Percentage of Total Assets (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 430,079,211.79 | 18.83 | 640,009,819.62 | 26.68 | -7.85 | | Accounts Receivable | 252,534,199.58 | 11.06 | 202,126,089.07 | 8.43 | 2.63 | | Inventories | 220,557,279.61 | 9.66 | 221,453,052.27 | 9.23 | 0.43 | | Fixed Assets | 700,186,183.54 | 30.66 | 735,363,560.53 | 30.65 | 0.01 | | Construction in Progress | 186,041,274.86 | 8.15 | 180,294,783.20 | 7.52 | 0.63 | | Short-term Borrowings | 57,043,152.97 | 2.50 | 68,164,499.30 | 2.84 | -0.34 | | Contract Liabilities | 11,456,644.73 | 0.50 | 18,798,617.79 | 0.78 | -0.28 | - The company had no major overseas assets during the reporting period[41] Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Financial assets held for trading (excluding derivative financial assets) | 50,784.64 | -1,565.28 | 49,219.36 | | Financial Liabilities | 0.00 | | 0.00 | Asset Restrictions as of the End of the Reporting Period | Item | Ending Book Balance (CNY) | Ending Book Value (CNY) | Restriction Status | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 4,495,645.26 | 4,495,645.26 | Margin for foreign exchange settlement and sales, letter of guarantee margin, etc. | | Notes Receivable | 758,265.00 | 758,265.00 | Endorsed but not derecognized | | Fixed Assets | 19,105,650.80 | 8,165,269.01 | Pledged for loans | | Investment Properties | 9,365,160.62 | 867,007.79 | Pledged for loans | | Intangible Assets | 3,076,524.90 | 2,078,582.91 | Pledged for loans | | Total | 36,801,246.58 | 16,364,769.97 | - | VI. Investment Analysis During the reporting period, the company's investment amounted to CNY 69.20 million, a 33.58% YoY decrease, with no significant equity investments. The major ongoing non-equity investment is the Guangxi Construction Project Phase III, with a cumulative investment of CNY 184 million and a project progress of 91.82%. The company invested in broker wealth management products using its own funds, with CNY 98.90 million in new wealth management transactions and an outstanding balance of CNY 98.90 million, realizing a gain of CNY 290,400 Overall Investment Status | Indicator | Investment Amount in Reporting Period (CNY) | Investment Amount in Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 69,203,503.72 | 104,190,935.66 | -33.58 | - There were no significant equity investments during the reporting period[45] Significant Non-equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it Fixed Asset Investment | Industry Involved in Investment Project | Amount Invested in Current Period (CNY) | Cumulative Actual Investment Amount (CNY) | Source of Funds | Project Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Construction Project Phase III | Self-built | Yes | Plastic Pipes | 12,158,154.97 | 183,916,147.18 | Own Funds | 91.82 | Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Fair Value Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Stocks | 46,958.40 | -1,565.28 | 49,219.36 | | Other | 30,000,000.00 | | 0.00 | | Total | 30,046,958.40 | -1,565.28 | 49,219.36 | - The company had no use of raised funds during the reporting period[49] Overview of Wealth Management During the Reporting Period | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management Transactions (CNY 10,000) | Outstanding Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Broker Wealth Management Products | Own Funds | 9,890 | 9,890 | 0 | - Actual recovered gains from wealth management during the reporting period amounted to CNY 290,400[55] - The company had no derivative investments or entrusted loans during the reporting period[56][57] VII. Disposal of Significant Assets and Equity 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[58] - The company did not dispose of any significant equity during the reporting period[59] VIII. Analysis of Major Controlled and Investee Companies The company's major controlled subsidiaries include Guangxi Xiongsun, Jiangxi Xiongsun, Henan Xiongsun, Hainan Xiongsun, Yunnan Xiongsun, and Xiongsun Trading, all primarily engaged in R&D, production, and sales of rubber and plastic products. Among them, Guangxi Xiongsun reported the highest net profit of CNY 16.55 million, while Jiangxi Xiongsun and Yunnan Xiongsun incurred losses Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Xiongsun | Subsidiary | R&D, production, and sales of rubber and plastic products | 130,000,000.00 | 582,391,811.75 | 486,309,184.06 | 137,921,995.89 | 19,432,539.24 | 16,553,092.74 | | Jiangxi Xiongsun | Subsidiary | R&D, production, and sales of rubber and plastic products | 160,880,000.00 | 130,694,336.39 | 69,358,880.79 | 20,778,978.10 | -9,611,989.68 | -9,613,395.96 | | Henan Xiongsun | Subsidiary | R&D, production, and sales of rubber and plastic products | 208,000,000.00 | 189,569,771.05 | 96,063,357.18 | 36,575,852.03 | -2,628,418.91 | -2,577,134.39 | | Hainan Xiongsun | Subsidiary | R&D, production, and sales of rubber and plastic products | 200,000,000.00 | 335,344,903.85 | 208,555,532.67 | 93,297,348.28 | 1,283,190.12 | 1,112,404.70 | | Yunnan Xiongsun | Subsidiary | R&D, production, and sales of rubber and plastic products | 290,000,000.00 | 255,319,086.88 | 198,458,083.88 | 23,252,454.64 | -10,667,409.80 | -10,693,359.60 | | Xiongsun Trading | Subsidiary | Retail, wholesale, other trade brokerage and agency | 28,000,000.00 | 520,272.45 | 515,272.45 | 0.00 | -51,898.75 | -51,898.75 | - There were no acquisitions or disposals of subsidiaries during the reporting period[60] 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[61] X. Risks Faced by the Company and Countermeasures The company faces risks from slowing macroeconomic growth, insufficient downstream demand, worsening industry competition, raw material price fluctuations, and the implementation of fundraising projects and digestion of new capacity. Countermeasures include expanding niche markets, enhancing operational management and technological R&D, strengthening raw material price monitoring, deeply exploring markets, and optimizing capacity integration - Risk of slowing macroeconomic growth and insufficient recovery of downstream application demand: The plastic pipe industry is highly affected by real estate and infrastructure, and demand may fall short of expectations[61][62] - Countermeasures: Stabilize existing markets, coordinate resource allocation, and actively expand into niche business markets[63] - Risk of worsening industry competition: Declining market demand and intensified competition may lead to operational performance pressure[64] - Countermeasures: Focus on brand, product, and service value, enhance operational management and technological R&D capabilities, and actively explore new markets[64] - Risk of raw material price fluctuations: Prices of major raw materials are highly influenced by petrochemical industry fluctuations, which may affect profitability[65] - Countermeasures: Strengthen monitoring and analysis of raw material prices, adjust reserves as appropriate, and pass on cost pressures through sales price adjustments[65] - Risk of implementation of fundraising and external investment projects and inability to timely absorb new capacity: If market development lags or the environment is unfavorable, new capacity may not be timely absorbed[66] - Countermeasures: Deeply explore markets for each project, intensify product promotion, strengthen strategic adjustments, enhance existing operations, and optimize capacity integration[66] XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period On April 30, 2025, the company held an investor relations event via an online communication platform, primarily discussing company performance, new product R&D, production layout, marketing system, and future development prospects - On April 30, 2025, the company participated in an online communication event via the online platform (http://rs.p5w.net)[68](index=68&type=chunk) - Key discussion topics included company performance, increased R&D efforts for new products, production layout, strengthening the marketing system, full-year 2025 performance outlook, and future industry development prospects[68] XII. 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 - The company has not formulated a market value management system[69] - The company has not disclosed a valuation enhancement plan[69] XIII. 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 - The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[69] XIV. Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[112] Section IV Corporate Governance, Environment and Society I. Changes in Directors, Supervisors, and Senior Management During the reporting period, Rong Minzhi was elected as an independent director by the general meeting of shareholders on February 13, 2025 - Rong Minzhi was elected as an independent director on February 13, 2025[71] II. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the half-year period[72] 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 during the reporting period[73] IV. Environmental Information Disclosure Neither the company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and no environmental accidents occurred during the reporting period - Neither the company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[74] - The listed company had no environmental accidents during the reporting period[74] V. Social Responsibility During the reporting period, the company actively fulfilled its social responsibilities, including safeguarding shareholder and creditor rights, protecting employee rights, building strategic partnerships with suppliers and customers, committing to environmental protection and sustainable development, and actively participating in social welfare initiatives to promote harmonious enterprise and social development - The company safeguards the rights and interests of shareholders, especially small and medium investors, by improving corporate governance, strengthening information disclosure, and enhancing investor relations management[75][76] - The company adheres to a people-oriented approach, strictly complies with labor laws and regulations, provides a safe working environment, values employee training and career development, and has not experienced any major product quality or safety production accidents[77][78] - Adhering to the principles of 'equality and mutual benefit', the company has established strategic cooperative relationships with suppliers and customers, with good contract performance during the reporting period[79] - The company focuses on the R&D, production, and sales of 'green, environmentally friendly, non-toxic' plastic pipe products, with minimal pollution in the production process, has passed ISO14001 environmental management system certification, and has not experienced any major environmental accidents[80][81] - The company actively fulfills its social responsibilities, operates legally and compliantly, participates in social welfare activities, and is committed to creating economic value for society[82] Section V Significant Matters I. Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period, and Overdue Unfulfilled Commitments as of the End of the Reporting Period The company's actual controller, shareholders, and related parties timely fulfilled all commitments made during initial public offerings or refinancing, including share reduction, avoidance of horizontal competition, standardization and reduction of related party transactions, and compensation for diluted immediate returns, with no overdue unfulfilled commitments as of the end of the reporting period - Commitment parties including Cai Siwei, Foshan Xiongjian Investment Co., Ltd., Huang Ganxiong, Huang Jinxi, Huang Mingxiong, Jian Yongfan, Peng Xiaowei, Wu Duanming, and Zhang Jiahu all duly fulfilled their share reduction commitments[84] - Commitment parties including Huang Ganxiong, Huang Mingxiong, and Huang Jinxi duly fulfilled their commitments regarding avoiding horizontal competition[84][85] - Commitment parties including Huang Ganxiong, Huang Jinxi, and Huang Mingxiong duly fulfilled their commitments regarding standardizing and reducing related party transactions[86][87] - The company and relevant directors and senior management duly fulfilled their commitments to compensate for diluted immediate returns[87][88][89] - All commitments were fulfilled on time, with no overdue unfulfilled situations[89] II. Non-operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company[90] 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[91] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[92] V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period The company had no non-standard audit report during the reporting period, thus no explanation is required - The company had no non-standard audit report during the reporting period[93] VI. Board of Directors' Explanation on 'Non-Standard Audit Report' for the Prior Year The company had no non-standard audit report for the prior year, thus no explanation is required - The company had no non-standard audit report for the prior year[93] VII. Matters Related to Bankruptcy and Reorganization The company had no matters related to bankruptcy and reorganization during the reporting period - The company had no matters related to bankruptcy and reorganization during the reporting period[93] VIII. Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters. Other litigation primarily involved sales contract disputes, with a total amount of CNY 36.36 million, some of which have been settled or had judgments take effect, and are not expected to have a material adverse impact on the company's financial position, operating results, or going concern ability - The company had no significant litigation or arbitration matters during the reporting period[94] Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other litigation (arbitration) accumulated by the company from July 1, 2024, to June 30, 2025, not meeting the disclosure standards for significant litigation (arbitration), primarily sales contract disputes where the company is the plaintiff | 3,635.53 | No | Some have been settled or had judgments take effect, most are still in progress | These litigations (arbitrations) are not expected to have a material adverse impact on the company's financial position, operating results, or going concern ability | 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[95] X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers The company had no disclosures related to the integrity status of its controlling shareholders or actual controllers during the reporting period - The company had no disclosures related to the integrity status of its controlling shareholders or actual controllers during the reporting period[96] 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 debt/credit, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[97] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[98] - The company had no related party transactions involving joint external investments during the reporting period[99] - There were no related party debt or credit transactions during the reporting period[100] - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated financial companies, or between the company's controlled financial companies and related parties[101][102] - The company had no other significant related party transactions during the reporting period[103] XII. Significant Contracts and Their Performance The company had no trusteeship or contracting arrangements during the reporting period. Regarding leasing, the company converted some self-use real estate into investment properties for external lease, generating CNY 1.75 million in rental income in the first half. The company provided guarantees for its subsidiaries, with approved guarantee limits totaling CNY 210 million, actual guarantees of CNY 45 million, and an outstanding guarantee balance of CNY 30 million at period-end, representing 1.50% of the company's net assets - The company had no trusteeship or contracting arrangements during the reporting period[104][106] - The company converted some self-use real estate into investment properties for operating lease, generating CNY 1.75 million in rental income in H1 2025[107] - During the reporting period, there were no leasing projects whose gains or losses accounted for more than 10% of the company's total profit for the period[107] Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (CNY 10,000) | Actual Occurrence Date | Guarantee Type | Actual Guarantee Amount (CNY 10,000) | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Xiongsun | 5,000 | November 06, 2024 | Joint and Several Liability Guarantee | 1,500 | No | | Hainan Xiongsun | 3,000 | April 21, 2025 | Joint and Several Liability Guarantee | 3,000 | No | | Guangxi Xiongsun | 12,000 | April 21, 2025 | Joint and Several Liability Guarantee | 0 | No | | Henan Xiongsun | 3,000 | April 21, 2025 | Joint and Several Liability Guarantee | 0 | No | | Yunnan Xiongsun | 3,000 | April 21, 2025 | Joint and Several Liability Guarantee | 0 | No | | Total Approved Guarantee Limit for Subsidiaries in Current Period (B1) | 21,000 | | Total Actual Guarantees Issued in Current Period (B2) | 4,500 | | | Total Approved Guarantee Limit for Subsidiaries at Period-end (B3) | 21,000 | | Total Actual Guarantee Balance at Period-end (B4) | 3,000 | | | Ratio of Total Actual Guarantees (i.e., A4+B4+C4) to Company's Net Assets | | | 1.50% | | | - The company had no significant contracts for daily operations or other significant contracts during the reporting period[110] XIII. Explanation of Other Significant Matters This section lists 29 significant announcements disclosed by the company during the reporting period, covering board resolutions, independent director elections, shareholder meeting notices and resolutions, performance forecasts, pre-disclosures of share reductions, auditor changes, annual and quarterly report disclosures, profit distribution plans, reports on the use of raised funds, re-appointment of accounting firms, estimated wealth management quotas, estimated comprehensive credit and guarantee quotas, provision for credit impairment losses, accounting policy changes, online performance briefings, and changes in shares held by the actual controller's concerted parties - During the reporting period, the company disclosed multiple significant announcements, including board resolutions, shareholder meeting resolutions, performance forecasts, share reductions, auditor changes, annual and quarterly report disclosures, profit distribution plans, use of raised funds, estimated wealth management quotas, estimated comprehensive credit and guarantee quotas, provision for credit impairment losses, accounting policy changes, and online performance briefings[111][112] XIV. Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[112] Section VI Changes in Shares and Shareholder Information I. Changes in Share Capital During the reporting period, the company's total share capital remained unchanged at 358,131,567 shares. The structure of restricted and unrestricted shares also remained constant, with restricted shares held by executives and related parties, including Huang Ganxiong, Huang Jinxi, and Huang Mingxiong, remaining locked as per regulations Changes in Share Capital | Item | Number of Shares Before Change | Percentage (%) | Net Change in Current Period (+, -) (shares) | Number of Shares After Change | Percentage (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 145,790,625.00 | 40.71 | 0 | 145,790,625.00 | 40.71 | | 3. Other Domestic Shares | 80,068,275.00 | 22.36 | 0 | 80,068,275.00 | 22.36 | | Shares held by domestic natural persons | 80,068,275.00 | 22.36 | 0 | 80,068,275.00 | 22.36 | | 4. Foreign Shares | 65,722,350.00 | 18.35 | 0 | 65,722,350.00 | 18.35 | | Shares held by foreign natural persons | 65,722,350.00 | 18.35 | 0 | 65,722,350.00 | 18.35 | | II. Unrestricted Shares | 212,340,942.00 | 59.29 | 0 | 212,340,942.00 | 59.29 | | 1. RMB Ordinary Shares | 212,340,942.00 | 59.29 | 0 | 212,340,942.00 | 59.29 | | III. Total Shares | 358,131,567.00 | 100.00 | 0 | 358,131,567.00 | 100.00 | - Reasons for share changes, approval status, transfer status, progress of share repurchase implementation, and impact on financial indicators were either not applicable or without significant changes during the reporting period[115] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Planned Date for Lifting Restriction | | :--- | :--- | :--- | :--- | :--- | | Huang Ganxiong | 40,490,550 | 40,490,550 | Executive Restricted Shares | During tenure as company director, 25% of legally transferable shares are unlocked annually | | Huang Jinxi | 65,722,350 | 65,722,350 | Executive Restricted Shares | During tenure as company director, 25% of legally transferable shares are unlocked annually | | Huang Mingxiong | 37,736,400 | 37,736,400 | Executive Restricted Shares | During tenure as company director, 25% of legally transferable shares are unlocked annually | | Peng Xiaowei | 809,175 | 809,175 | Executive Restricted Shares | After six months from resignation, during tenure and within six months after tenure ends, annual share transfers shall not exceed 25% | | Wu Duanming | 791,250 | 791,250 | Executive Restricted Shares | During tenure as company director or executive, 25% of legally transferable shares are unlocked annually | | Liang Dajun | 22,500 | 22,500 | Supervisor Restricted Shares | During tenure as company supervisor, 25% of legally transferable shares are unlocked annually | | Cai Siwei | 218,400 | 218,400 | Supervisor Restricted Shares | During tenure as company supervisor, 25% of legally transferable shares are unlocked annually | | Total | 145,790,625 | 145,790,625 | -- | -- | II. Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[119] III. Number of Shareholders and Shareholding Structure At the end of the reporting period, the total number of ordinary shareholders was 14,491. Among the top ten shareholders, Huang Jinxi, Huang Ganxiong, and Huang Mingxiong are major shareholders, related parties, and concerted parties. The company's dedicated share repurchase account held 8,570,600 shares, accounting for 2.39% of the total share capital - At the end of the reporting period, the total number of ordinary shareholders was 14,491 accounts[120] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | Number of Shares Held at Period-end (shares) | Change in Holdings During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Jinxi | Foreign Natural Person | 21.61 | 77,377,300.00 | -10,252,500 | 65,722,350.00 | 11,654,950.00 | | Huang Ganxiong | Domestic Natural Person | 15.07 | 53,987,400.00 | 0 | 40,490,550.00 | 13,496,850.00 | | Huang Mingxiong | Domestic Natural Person | 14.05 | 50,315,200.00 | 0 | 37,736,400.00 | 12,578,800.00 | | Xiongjian Investment | Domestic Non-state-owned Legal Person | 2.29 | 8,195,200.00 | 0 | 0.00 | 8,195,200.00 | | Mingxi Anxin No. 8 Fund | Other | 1.35 | 4,835,000.00 | 0 | 0.00 | 4,835,000.00 | | Guan Zhengsheng | Domestic Natural Person | 1.21 | 4,324,372.00 | 0 | 0.00 | 4,324,372.00 | | Foshan Hongxin Private Equity Fund Management Co., Ltd. - Hongxin Dingfeng No. 2 Private Securities Investment Fund | Other | 1.12 | 4,000,000.00 | New Addition | 0.00 | 4,000,000.00 | | Ning Yong | Domestic Natural Person | 0.60 | 2,147,543.00 | -608,100 | 0.00 | 2,147,543.00 | | Wang Qianqian | Domestic Natural Person | 0.57 | 2,030,000.00 | New Addition | 0.00 | 2,030,000.00 | | Hong Wenhui | Domestic Natural Person | 0.45 | 1,602,450.00 | New Addition | 0.00 | 1,602,450.00 | - Huang Jinxi, Huang Ganxiong, and Huang Mingxiong are father-son/brother relationships; Huang Mingxiong holds 100% equity in Xiongjian Investment. Huang Jinxi, Huang Ganxiong, Huang Mingxiong, Xiongjian Investment, and Mingxi Anxin No. 8 Fund are concerted parties[121] - As of the end of the reporting period, the company's dedicated share repurchase account held 8,570,600 shares, accounting for 2.39% of the company's total share capital[121] - The company has no voting rights differential arrangements, and the top 10 ordinary shareholders did not engage in agreed repurchase transactions during the reporting period[121] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, Vice Chairman Huang Jinxi reduced his holdings by 10,252,500 shares, and Director, Deputy General Manager, and CFO Wu Duanming reduced his holdings by 263,750 shares, while other directors, supervisors, and senior management had no changes in their shareholdings Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Number of Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Jinxi | Vice Chairman | Current | 87,629,800 | 10,252,500 | 77,377,300 | | Wu Duanming | Director, Deputy General Manager and CFO | Current | 1,055,000 | 263,750 | 791,250 | | Total | -- | -- | 88,684,800.00 | 10,516,250.00 | 78,168,550.00 | V. Changes in Controlling Shareholder or Actual Controller Neither the company's controlling shareholder nor its actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[124] - The company's actual controller did not change during the reporting period[124] VI. Preferred Shares Related Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[125] Section VII Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[127] Section VIII Financial Report I. Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[129] 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 company's financial position, operating results, and cash flow. The consolidated statements show total assets of CNY 2.28 billion and a net loss attributable to the parent company of CNY 7.37 million at period-end - The consolidated balance sheet shows total assets of CNY 2,283,927,606.12 and total equity attributable to owners of the parent company of CNY 1,996,270,638.25 at period-end[133] - The consolidated income statement shows total operating revenue of CNY 473,065,828.35 and a net profit of -CNY 7,373,978.16 for the current period[141] - The consolidated cash flow statement shows net cash flow from operating activities of -CNY 39,634,776.58[147] - Parent company financial statements are also disclosed concurrently, reflecting the financial performance at the parent company level[134][142][148][159] III. Company Overview Guangdong Xiongsun Technology Group Co., Ltd. was established in 2013, listed on the Shenzhen Stock Exchange in 2017 with stock code 300599, primarily engaged in R&D, production, and sales of plastic pipes, plastic products, and related accessories. As of June 30, 2025, the company's total share capital was 358 million shares, with Huang Ganxiong as the actual controller, and this financial report was approved by the board of directors on August 21, 2025 - The company was established in 2013 and listed on the Shenzhen Stock Exchange in January 2017, with stock code 300599[167] - The company's main business is the R&D, production, and sales