江苏国泰(002091) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The Board, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness and completeness, with no cash dividends or capital reserve conversions planned - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[4] - Company head Zhang Ziyan, chief accountant Zhang Wenming, and head of accounting department Zhang Aibing declare that the financial report in this semi-annual report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[5] Table of Contents This section outlines the report's nine main chapters, covering key disclosures from company profile to financial statements and other submitted data List of Reference Documents Reference documents include signed financial statements and originals of all company documents publicly disclosed on the CSRC-designated website - Reference documents include financial statements signed and sealed by the company's head, chief accountant, and head of accounting department[9] - Reference documents also include the originals of all company documents and announcements publicly disclosed on the CSRC-designated website during the reporting period[10] Definitions This section defines key terms like company name, subsidiaries, currency, and reporting period, ensuring clear understanding of the report - "Company, the Company, Jiangsu Guotai" refers to Jiangsu Guotai International Group Co., Ltd[11] - "Reporting Period" refers to January 1, 2025, to June 30, 2025[11] Company Profile and Key Financial Indicators Company Profile Jiangsu Guotai International Group Co., Ltd., stock abbreviation "Jiangsu Guotai," stock code 002091, is listed on the Shenzhen Stock Exchange, with Zhang Ziyan as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jiangsu Guotai | | Stock Code | 002091 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Jiangsu Guotai International Group Co., Ltd. | | Legal Representative | Zhang Ziyan | Contact Persons and Information The company's Board Secretary is Zhang Jian, and Securities Affairs Representative is Xu Xiaoyan, both located at 31st Floor, Building 2, No. 15 Renmin Middle Road, Yangshe Town, Zhangjiagang City, Jiangsu Province, with identical phone/fax numbers and respective email addresses Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Jian | 31st Floor, Building 2, No. 15 Renmin Middle Road, Yangshe Town, Zhangjiagang City, Jiangsu Province | (0512)58988273 | (0512)58698298, 58988273 | zhangjian@gtig.com | | Securities Affairs Representative | Xu Xiaoyan | 31st Floor, Building 2, No. 15 Renmin Middle Road, Yangshe Town, Zhangjiagang City, Jiangsu Province | (0512)58988273 | (0512)58698298, 58988273 | xxy@gtig.com | Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, and document storage locations; specific details can be found in the 2024 annual report - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period[16] - The stock exchange website and media name and URL for the company's semi-annual report disclosure, and the location for semi-annual report availability, remained unchanged during the reporting period[17] Key Accounting Data and Financial Indicators H1 2025 saw operating revenue grow 5.48% to 18.6 billion yuan, net profit 10.85% to 545 million yuan, and improved cash flow Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 18,597,306,294.65 | 17,630,363,126.33 | 5.48% | | Net Profit Attributable to Shareholders of Listed Company | 544,684,294.84 | 491,370,470.61 | 10.85% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 523,864,442.15 | 513,342,643.02 | 2.05% | | Net Cash Flow from Operating Activities | -215,204,146.09 | -1,107,258,473.91 | 80.56% | | Basic Earnings Per Share (Yuan/Share) | 0.33 | 0.30 | 10.00% | | Diluted Earnings Per Share (Yuan/Share) | 0.29 | 0.27 | 7.41% | | Weighted Average Return on Net Assets | 3.43% | 3.17% | 0.26% | | Period-End Indicators | Current Period-End (Yuan) | Prior Year-End (Yuan) | Change from Prior Year-End | | Total Assets | 44,042,232,482.87 | 45,341,097,870.26 | -2.86% | | Net Assets Attributable to Shareholders of Listed Company | 15,738,586,200.44 | 15,682,980,207.87 | 0.35% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards No differences in net profit or net assets were reported between domestic and international accounting standards during the period - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20] - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21] Non-Recurring Gains and Losses and Amounts Total non-recurring gains and losses were 20.82 million yuan, mainly from asset disposals, government grants, and fair value changes Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 22,641,967.34 | | Government subsidies included in current profit/loss (excluding those with continuous impact) | 15,748,819.46 | | Fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises | 9,074,668.25 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 3,195,138.02 | | Other non-operating income and expenses apart from the above | 3,416,428.52 | | Less: Income tax impact | 13,412,849.11 | | Minority interest impact (after tax) | 19,844,319.79 | | Total | 20,819,852.69 | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24] Management Discussion and Analysis Principal Businesses Engaged by the Company During the Reporting Period The company's supply chain and chemical new energy businesses achieved revenue growth of 5.48% and net profit growth of 10.85% despite market challenges Key Financial Performance for H1 2025 | Indicator | Amount (Yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 18,597,306,294.65 | 5.48% | | Net Profit Attributable to Shareholders of Listed Company | 544,684,294.84 | 10.85% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 523,864,442.15 | 2.05% | Supply Chain Services Supply chain services, focused on consumer goods trade, expanded globally, achieving 15.8 billion yuan in textile/apparel revenue, up 7.93% - The company's supply chain services primarily focus on consumer goods import and export trade, committed to providing one-stop value-added services across the entire supply chain[26] - The company actively explores emerging markets and establishes sourcing bases in key "Belt and Road" nodes such as Myanmar, Cambodia, Vietnam, Bangladesh, Egypt, Kenya, and Jordan, promoting a shift from "China supply chain integration" to "world supply chain integration"[28] Supply Chain Services Business Performance | Indicator | Amount/Ratio | YoY Growth | | :--- | :--- | :--- | | Textile and Apparel Operating Revenue | 15,800,608,800 Yuan | 7.93% | | Proportion of Operating Revenue | 84.96% | - | | Cumulative Import and Export Volume | 2.494 Billion USD | 5.5% | | Of which: Export Volume | 2.283 Billion USD | 7.8% | Chemical New Energy Business Chemical new energy, including electronic chemicals and organosilicon, faces market competition despite growth in new energy batteries and optical materials - The company's chemical new energy segment primarily engages in the research, development, production, and sales of electronic chemicals and organosilicon and other new chemical materials[29] - Global new energy vehicle sales increased by 31.8% in January-June 2025, with China's new energy vehicle production and sales growing by 41.4% and 40.3% respectively[32] - In the lithium-ion battery electrolyte sector, China's electrolyte shipments reached 870,000 tons in the first half of 2025, a 45% year-on-year increase[32] - Lithium battery industry product prices are low, market competition is severe, and the industry is officially entering a deep adjustment phase from over-expansion[33] (I) Industry Overview and Company Position Chemical new energy, driven by policy and demand, faces price competition; the company maintains leadership in battery chemicals and organosilicon - The company's chemical new energy segment primarily engages in the research, development, production, and sales of electronic chemicals and organosilicon and other new chemical materials, belonging to "C2662 Specialized Chemical Product Manufacturing" and strategic emerging industries[29] - In battery chemicals, domestic and international policies and regulations generally promote the continuous development of the new energy battery industry chain, such as the "Notice on Intensifying and Expanding the Implementation of Large-scale Equipment Renewal and Consumer Goods Trade-in Policies in 2025"[30] - The lithium-ion battery electrolyte market is highly competitive, with leading enterprises maintaining their advantages; the company's subsidiary Ruitaixin Materials has established long-term cooperative relationships with top battery manufacturers such as CATL and LG Energy Solution[36] - In organosilicon materials, the application fields of silane coupling agents are continuously expanding, and China is the world's largest producer, consumer, and exporter of functional silanes, but prices have been continuously declining since 2022[42][43] (II) Main Products, Uses, and Upstream/Downstream Industry Chains Electronic chemicals include battery electrolytes, additives, supercapacitor electrolytes, and optical materials; organosilicon produces silane coupling agents - Lithium-ion battery electrolyte is one of the four main materials of lithium-ion batteries, determining battery energy density, power density, cycle life, and safety performance; product types include power battery electrolytes, energy storage battery electrolytes, and consumer battery electrolytes[45][46] - Lithium-ion battery electrolyte additives are mainly lithium salt additives, such as lithium difluorophosphate (LiDFP) and lithium bis(trifluoromethanesulfonyl)imide (LiTFSI), with some products already applied in solid-state lithium-ion batteries and other new battery types, achieving mass shipments[46] - Supercapacitor electrolyte is a core material for supercapacitors, primarily applied in new energy vehicles, smart grids, and uninterruptible power supplies[47] - Organosilicon products are mainly silane coupling agents, used to improve the interface interaction between inorganic and organic materials and enhance the performance of composite materials; products include amino silanes, acyloxy silanes, epoxy silanes, etc[47] (III) Main Business Models Ruitaixin Materials employs make-to-order production, strategic procurement, direct sales, and a hybrid R&D model with strong academic partnerships - Ruitaixin Materials' procurement model includes procurement strategies, cost control, and supplier management, collaborating with well-known industry suppliers and continuously tracking the market[49] - The production model primarily adopts make-to-order, with production plans guided by customer orders and medium-to-long-term demand forecasts[49] - The sales model is primarily direct sales, expanding the market through customer certification, deep engagement, and providing recommended usage conditions, with a small portion of business developed through intermediaries[51][52] - The R&D model is primarily independent R&D, supplemented by collaborative R&D, possessing an independent technology R&D center and establishing cooperative relationships with industry enterprises, universities, and research institutions[52] (IV) Performance Drivers Electronic chemicals are driven by green policies and market expansion; Ruitaixin leverages technology, customer loyalty, and optical material opportunities for growth - The electronic chemicals business benefits from the widespread adoption of green and low-carbon concepts, supportive policies and regulations, enhanced lithium-ion battery performance, and the continuous expansion of downstream new energy vehicle, energy storage, and consumer battery markets[53] - Ruitaixin Materials, as a leading high-quality lithium-ion battery material producer, possesses strong technological and scale advantages, understands the technical requirements of core customers, and provides effective products and solutions[53] - The organosilicon materials business benefits from the broad application of functional silanes in emerging fields such as new energy and high-end manufacturing, with demand expected to continue growing and the industry evolving towards high-end and environmentally friendly directions[55] (V) Key Technical or Performance Indicators for Main Products or Businesses in Each Segment of the Lithium-Ion Battery Industry Chain The company's lithium-ion battery electrolytes and additives demonstrate superior performance and quality, meeting global customer demands - High-voltage NCM series electrolyte: cycle life at room temperature exceeds 3000 cycles at 1C, at 45℃ exceeds 1500 cycles at 1C, no battery swelling during long-term high-temperature storage, and excellent 4C fast-charging performance at room and high temperatures[55] - High-voltage LCO series electrolyte: cycle life at room temperature exceeds 1000 cycles at 1C, at 45℃ exceeds 600 cycles at 1C, and exceeds 600 cycles at room temperature with 3C charge and 1C discharge[56] - Lithium iron phosphate system electrolyte: cycle life at room temperature exceeds 10000 cycles at 1C, at 45℃ exceeds 3500 cycles at 1C[56] - Lithium-ion battery electrolyte additives: Lithium salt additives such as LiTFSI, LiDFP, and LiDFOB maintain high levels of quality control and product consistency in technical indicators like purity, moisture, and impurity ions, and have achieved mass supply to mainstream electrolyte customers globally[57] Analysis of Core Competitiveness Core competitiveness stems from integrated supply chain services and leading chemical new energy, driven by global networks, innovation, and strong customer ties Supply Chain Services Supply chain services leverage an integrated "trade, industry, technology" model, global networks, diversified sourcing, skilled talent, and robust risk management - The company, with trade as its leader, industry as its foundation, and innovation as its support, has built a diversified business structure with a marketing network spanning over 100 countries and regions globally[59] - The company has established a diversified network of domestic and international sourcing bases through self-construction and cooperation, achieving global supply and procurement, effectively mitigating regional risks[60] - The company has assembled an experienced and highly skilled management and operations team, and continuously strengthens talent acquisition and development[61] - The company has established a full-process risk early warning mechanism and leverages policy guarantees and hedging tools like SINOSURE to effectively reduce international trade risks[61] Chemical New Energy Business Chemical new energy maintains industry leadership through Ruitaixin's R&D, 196 patents, strong customer relationships, and expert technical teams - The company's controlling subsidiary Ruitaixin Materials holds a first-mover advantage and a high market position in the lithium-ion battery materials industry[62] - The company adheres to innovation-driven development, establishing a "New Energy and New Materials Joint R&D Center" with Shanghai Jiao Tong University; as of June 30, 2025, Ruitaixin Materials has obtained 196 invention patents (including 2 international patents) and 15 utility model patents[62] - Ruitaixin Materials has established close cooperative relationships with leading downstream lithium-ion battery enterprises such as CATL, LG Energy Solution, EVE Energy, and ATL[63] - Ruitaixin Materials' technical team consists of senior industry technical experts, possessing extensive knowledge of battery materials and organosilicon material manufacturing and process[65][66] Analysis of Principal Business H1 2025 operating revenue grew 5.48% to 18.6 billion yuan, driven by trade; financial expenses surged, and fixed assets increased significantly Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 18,597,306,294.65 | 17,630,363,126.33 | 5.48% | - | | Net Profit Attributable to Shareholders of Listed Company | 544,684,294.84 | 491,370,470.61 | 10.85% | - | | Financial Expenses | 34,518,805.57 | -112,112,768.01 | 130.79% | Primarily due to reduced interest income and exchange gains in the reporting period | | Investment Income | 119,834,183.00 | 18,114,406.72 | 561.54% | Primarily due to increased income from wealth management products in the reporting period | | Net Cash Flow from Operating Activities | -215,204,146.09 | -1,107,258,473.91 | 80.56% | Primarily due to increased sales collection compared to the same period last year | | Fixed Assets | 5,163,255,678.84 | 3,713,840,882.28 | 39.03% | Primarily due to the completion and capitalization of large-scale infrastructure projects in the current period | | Construction in Progress | 754,023,594.77 | 2,163,334,703.64 | -65.15% | Primarily due to the completion and capitalization of large-scale infrastructure projects in the current period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Prior Year Period Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Trade | 17,590,707,848.79 | 94.59% | 16,523,684,846.95 | 93.72% | 6.46% | | | Chemical | 974,572,595.14 | 5.24% | 1,051,969,379.45 | 5.97% | -7.36% | | By Product | Export Trade of Textiles, Apparel, Toys, etc. | 15,066,033,125.07 | 81.01% | 13,702,368,823.27 | 77.72% | 9.95% | | | Import and Domestic Trade of Textiles, Apparel, Toys, etc. | 2,524,674,723.72 | 13.58% | 2,821,316,023.68 | 16.00% | -10.51% | | By Region | Domestic Sales | 3,202,808,318.92 | 17.22% | 3,702,977,902.38 | 21.00% | -13.51% | | | Overseas Sales | 15,394,497,975.73 | 82.78% | 13,927,385,223.95 | 79.00% | 10.53% | Other Information Required by Disclosure Guidelines for Textile and Apparel Related Industries Textile and apparel focuses on OEM exports with overseas capacity; e-commerce is nascent, and the company manages inventory and proprietary brands - The company's textile and apparel products are primarily for OEM export trade, providing professional full-industry chain services[75] - The company's self-owned production capacity is complex and cannot be simply calculated, but there is overseas capacity and future plans for overseas capacity expansion[74] - The company has launched e-commerce operations, but the current business is in its initial expansion phase, with transaction amounts through third-party platforms being relatively small[77] - The company owns proprietary brands such as "Lulla by Sea," "NOESE," and "Lakewill," and collaborates with multiple international brands including CENTRIC and OVS[80] Analysis of Non-Principal Business Non-principal businesses impacted profit, with investment income and fair value changes contributing positively, offset by asset and credit impairment losses Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 119,834,183.00 | 9.75% | Primarily income from wealth management | No | | Fair Value Change Gains/Losses | 7,720,501.32 | 0.63% | Primarily fair value changes from derivative financial instruments | No | | Asset Impairment | -41,097,772.71 | -3.34% | Primarily inventory write-downs | No | | Credit Impairment Losses | -15,783,036.96 | -1.28% | Primarily impairment provisions for accounts receivable | No | Analysis of Assets and Liabilities Total assets decreased by 2.86% to 44.04 billion yuan; fixed assets increased, while short-term borrowings rose to optimize funding Significant Changes in Asset Composition | Item | Current Period-End (Yuan) | Proportion of Total Assets | Prior Year-End (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 12,570,819,350.56 | 28.54% | 14,729,827,889.92 | 32.49% | -3.95% | - | | Fixed Assets | 5,163,255,678.84 | 11.72% | 3,713,840,882.28 | 8.19% | 3.53% | Primarily due to the completion and capitalization of large-scale infrastructure projects in the current period | | Construction in Progress | 754,023,594.77 | 1.71% | 2,163,334,703.64 | 4.77% | -3.06% | Primarily due to the completion and capitalization of large-scale infrastructure projects in the current period | | Short-Term Borrowings | 3,486,250,810.87 | 7.92% | 784,173,697.31 | 1.73% | 6.19% | Primarily due to the company borrowing short-term loans to optimize interest rate structure and ensure fund reserves | | Non-Current Liabilities Due Within One Year | 175,072,008.37 | 0.40% | 1,151,861,426.13 | 2.54% | -2.14% | Primarily due to the company repaying long-term loans to optimize interest rate structure | | Long-Term Borrowings | 506,822,233.84 | 1.15% | 2,516,289,839.80 | 5.55% | -4.40% | Primarily due to the company repaying long-term loans to optimize interest rate structure | - The company holds various overseas assets in Hong Kong, Vietnam, Poland, the United States, Cambodia, Myanmar, Egypt, Bangladesh, the United Kingdom, France, Jordan, South Korea, Japan, Spain, and Singapore, with no significant impairment risks[86] Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (Yuan) | | :--- | :--- | | Subtotal of Financial Assets | 9,845,810,432.76 | | Financial Liabilities | 170,180.00 | - As of the end of the reporting period, assets totaling 1.703 billion yuan, including monetary funds, notes receivable, accounts receivable, receivables financing, fixed assets, construction in progress, and intangible assets, were restricted, primarily due to pledges and mortgages[89] Analysis of Investment Status Total investment decreased by 34.76% to 432 million yuan; a major project was capitalized, and hedging generated 16.61 million yuan profit Investment Amount During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment Amount During Reporting Period | 432,154,271.88 | | Investment Amount in Prior Year Period | 662,360,552.43 | | Change Rate | -34.76% | - There were no significant equity investments during the reporting period[91] - The Zigong Huarong 300,000-ton lithium-ion battery electrolyte and 2,000-ton solvent recycling project has been completed, with a cumulative actual investment of 392 million yuan[91] - The company's forward foreign exchange settlement business for hedging purposes generated a profit of 16.6108 million yuan, aimed at avoiding and preventing exchange rate fluctuation risks[96] - The private placement of new shares fundraising project has been fully concluded, with remaining raised funds of 3.2894 million yuan permanently used to supplement working capital[106] - Some convertible bond fundraising projects were delayed or had their uses changed, such as the "Myanmar Textile Industrial Base Construction Project" being cautiously advanced due to the complex political situation in Myanmar, and the "Zhangjiagang Yarn R&D and Intelligent Manufacturing Project" and "Guotai Group Data Center Construction Project" being delayed until December 31, 2026[115][111][112] - As of June 30, 2025, the balance in the company's convertible bond raised funds special settlement account was 204 million yuan, and the outstanding balance of idle convertible bond raised funds used for cash management was 2.444 billion yuan[114] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[123] - The company did not sell significant equity during the reporting period[124] Analysis of Major Holding and Participating Companies Major subsidiaries in foreign trade and new energy contributed significantly to revenue and profit; new subsidiary changes had no material impact Financial Data of Major Subsidiaries (H1 2025) | Company Name | Main Business | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Huasheng Industrial | Foreign Trade | 5,157,833,755.52 | 2,224,623,073.39 | 3,792,412,095.62 | 171,416,367.78 | | Guohua Industrial | Foreign Trade | 3,256,515,796.99 | 1,454,833,178.58 | 1,903,877,599.11 | 119,088,824.00 | | Hanbo Industrial | Foreign Trade | 3,786,167,906.63 | 1,685,742,280.95 | 2,609,006,457.12 | 148,297,791.91 | | Guotai Finance | Financial Services | 6,142,453,521.20 | 1,604,148,208.40 | - | 13,494,159.42 | | Ruitaixin Materials | Investment, development, R&D, and technical services for lithium-ion battery materials | 9,459,107,116.78 | 7,499,012,689.89 | 974,572,595.14 | 93,939,960.55 | - During the reporting period, the company established 12 new subsidiaries, including Henan Hantai Garment Co., Ltd. and Hongda (Cambodia) Garment Co., Ltd., and deregistered 3 subsidiaries, such as Studio 51 Garment Co., Ltd., but these changes had no significant impact on overall production, operations, or performance[126] Information on Structured Entities Controlled by the Company Subsidiaries' asset management plans, investing in equity, were liquidated, yielding pre-tax profits of 19.82 million yuan and 7.98 million yuan - The company's subsidiaries, Zijin Technology and Guotai Investment, established CITIC Securities Zhixin No. 1 and No. 2 single asset management plans, investing primarily in equity assets through private placements[127] - The asset management plans were liquidated on June 9, 2025, with Zijin Technology and Guotai Investment receiving all investment principal and pre-tax profits of 19.8216 million yuan and 7.9847 million yuan, respectively[128] Risks Faced by the Company and Countermeasures The company faces eight major risks, including trade, price, and tech changes, addressed by diversification, R&D, and risk management - The company faces risks from tariff and import/export policies and changes in the international trade environment; overseas revenue accounts for 82.78% of principal business revenue, and policy uncertainties may lead to a decline in overseas sales revenue and net profit[129] - Countermeasures include expanding into emerging markets, developing domestic markets, accelerating overseas production base construction, closely monitoring policy changes, strengthening product R&D and innovation, and building a comprehensive risk management system[130] - Raw material price fluctuation risk significantly impacts the chemical new energy business; the company addresses this by consolidating strategic cooperation with suppliers, improving procurement selection mechanisms, strengthening market research and optimizing production processes[131][132] - Exchange rate fluctuation risk primarily arises from import and export trade settled mainly in USD; the company mitigates this by closely monitoring exchange rates, cultivating professional financial talent, utilizing financial instruments (e.g., forward foreign exchange settlement) and enhancing product competitiveness to avoid risks[135] - Technological route change risk may lead to market share erosion for lithium-ion batteries; Ruitaixin Materials addresses this by continuously increasing R&D investment and making technological reserves and mass sales in new battery materials such as solid-state batteries, lithium-sulfur batteries, and sodium-ion batteries[136][137] - To mitigate the risk of significant performance decline in the chemical new energy sector, Ruitaixin Materials will enhance its competitive strength by stabilizing existing products, expanding product categories, optimizing technical services, global business expansion, scaled development, and technological innovation[142] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company implemented a Market Value Management System and a Valuation Enhancement Plan to protect investors and boost investment value - The company has formulated a "Market Value Management System" aimed at regulating market value management activities, protecting investors' legitimate rights and interests, and promoting the company's investment value[143] - The company has formulated a "Valuation Enhancement Plan" to address situations where the stock closing price has been below net assets per share for 12 consecutive months, thereby enhancing investor returns[143] Implementation of "Dual Improvement in Quality and Returns" Action Plan During the reporting period, the company did not disclose any announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company did not disclose any announcement regarding the "Dual Improvement in Quality and Returns" action plan[144] Corporate Governance, Environment, and Society Changes in Company Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, and senior management; specific details can be found in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[146] Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[147] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof, during the reporting period[148] Environmental Information Disclosure The company and its key subsidiaries, listed for environmental disclosure, reported no environmental accidents during the period - The company and its major subsidiaries, Zhangjiagang Guotai Huarong Chemical New Materials Co., Ltd. and Ningde Guotai Huarong New Materials Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[149] - During the reporting period, the listed company experienced no environmental accidents[149] Social Responsibility The company actively fulfills social responsibilities, protecting investors, employees, and the environment, and engaging in public welfare initiatives - The company operates legally and standardizes corporate governance, with meeting convening, holding, and voting procedures strictly adhering to laws and regulations during the reporting period[150] - The company strictly discloses information in accordance with laws and regulations, adhering to the principles of "truthfulness, accuracy, completeness, timeliness, and fairness" to ensure investors' right to know[151] - The company values shareholder returns, having formulated the "Shareholder Dividend Return Plan for the Next Three Years (2025-2027)" and implemented cash dividends for 19 consecutive years since its listing in 2006[152] - The company adheres to the concept of sustainable development, values and advocates green environmental protection, diligently implements national requirements for energy conservation and environmental protection, and actively promotes "green production"[155] - In March 2023, the company signed a "Donation Agreement" with Shanghai Jiao Tong University's School of Chemistry and Chemical Engineering and the Shanghai Jiao Tong University Education Development Foundation, agreeing to donate 2 million yuan annually for five years, totaling 10 million yuan, to support joint R&D and talent cultivation in new energy and new materials[156] Significant Matters Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company as of the End of the Reporting Period No commitments by the company, its controller, or related parties were fulfilled or overdue during the reporting period - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period[159] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[160] Irregular External Guarantees During the reporting period, there were no irregular external guarantees by the company - The company had no irregular external guarantees during the reporting period[161] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[162] Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[163] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[163] Bankruptcy and Reorganization Matters The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[163] Litigation Matters The company had no major litigation; minor cases as plaintiff (51.74 million yuan) and defendant (13.66 million yuan) had no significant impact - The company had no significant litigation or arbitration matters during this reporting period[164] Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Litigation (Arbitration) Progress | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | | Summary of other litigations not meeting the threshold for significant litigation disclosure (Company as plaintiff) | 5,173.88 | As of the end of the reporting period, 51.1229 million yuan have been concluded; 615,900 yuan remain unconcluded | No significant impact on the company | | Summary of other litigations not meeting the threshold for significant litigation disclosure (Company as defendant) | 1,365.82 | As of the end of the reporting period, 3.4914 million yuan have been concluded or settled; 10.1664 million yuan remain unconcluded | No significant impact on the company | 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[166] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled judgments or overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[167] Significant Related Party Transactions No significant related party transactions occurred, though the finance company had deposit business with related parties - The company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships during the reporting period[168][169][170][171] - The company's finance company, which has related party relationships, had no deposit, loan, credit line, or other financial business with related parties[172] Deposit Business Transactions Between the Company's Controlled Finance Company and Related Parties | Related Party | Related Relationship | Beginning Balance (10,000 Yuan) | Total Deposits This Period (10,000 Yuan) | Total Withdrawals This Period (10,000 Yuan) | Ending Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Guotai Huatai Industrial Co., Ltd. | Associate | 8,104.85 | 86,080.36 | 90,052.81 | 4,132.4 | | Jiangsu Niulan Trading Co., Ltd. | Subsidiary of Associate | 44.28 | 4,172.39 | 4,176.39 | 40.28 | | Suzhou Haisheng Tools Co., Ltd. | Subsidiary of Associate | 100.35 | 80.47 | 114.19 | 66.63 | Significant Contracts and Their Performance No major contracts, guarantees, or leasing; wealth management had 967 million yuan outstanding with no overdue amounts - The company had no entrustment, contracting, or leasing situations during the reporting period[175][176][177] - The company had no significant guarantees during the reporting period[179] Wealth Management Status | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 349,300 | 231,000 | 0 | | Bank Wealth Management Products | Raised Funds | 8,026 | 0 | 0 | | Bank Wealth Management Products | Raised Funds | 229,300 | 94,000 | 0 | | Brokerage Wealth Management Products | Own Funds | 518,093 | 491,373 | 0 | | Brokerage Wealth Management Products | Raised Funds | 240,084 | 150,370 | 0 | | Total | - | 1,344,803 | 966,743 | 0 | - The company had no other significant contracts during the reporting period[182] Explanation of Other Significant Matters Convertible bonds decreased by 570.43 million yuan due to conversion; credit ratings remained AA+; new energy funds were co-invested - As of June 30, 2025, the company's convertible bond decreased by 570,426,100.00 yuan due to conversion, with 64,095,552 shares converted, leaving an outstanding balance of 3,986,992,500.00 yuan[183] - The company's long-term credit rating and "Guotai Convertible Bond" credit rating both remained AA+, with a stable outlook[184] - The company, along with Changzhou Wujin District Industrial Investment Fund Partnership (Limited Partnership) and others, co-invested to establish Changzhou Wujin District Guotai Jinshi New Energy Industry Fund Partnership (Limited Partnership), with a total fundraising scale of 1 billion yuan, and the company has actually contributed 345 million yuan[184][185] - The company's subsidiary Ruitaixin Materials, along with China Ping An Life Insurance Co., Ltd. and others, co-invested to establish Shanghai Pingrui Anxi Private Equity Investment Fund Partnership (Limited Partnership), with a total subscribed capital of no less than 715 million yuan, of which Ruitaixin Materials subscribed 500 million yuan and has actually contributed 7 million yuan[185] - Shengtai Investment, a shareholder holding over 5% of the company, has completed its share increase plan, cumulatively increasing its holdings by 10,546,874 shares, accounting for 0.65% of the total share capital, with a total increase amount of 77.7696 million yuan[188] 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[189] Share Changes and Shareholder Information Share Change Status Restricted shares decreased by 1.82 million, unrestricted increased by 1.83 million, and total share capital rose by 6,772 due to bond conversion Share Change Status | Share Type | Quantity Before Change (Shares) | Proportion Before Change | Increase/Decrease in This Change (Shares) | Quantity After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 32,201,246 | 1.98% | -1,820,521 | 30,380,725 | 1.87% | | II. Unrestricted Shares | 1,595,424,132 | 98.02% | 1,827,293 | 1,597,251,425 | 98.13% | | III. Total Shares | 1,627,625,378 | 100.00% | 6,772 | 1,627,632,150 | 100.00% | - The decrease in restricted shares was primarily due to the release of some shares held by the company's former Supervisory Board Chairman Mr. Tang Zhufa, in accordance with relevant regulations, after six months of his departure[192] - The company's total share capital increased by 6,772 shares due to the conversion of "Guotai Convertible Bond"[193] - For this reporting period, basic earnings per share were 0.33 yuan/share, diluted earnings per share were 0.29 yuan/share, and net assets per share attributable to ordinary shareholders were 9.67 yuan[194] 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[196] Number of Shareholders and Shareholding Status The company had 53,147 shareholders; controlling shareholder held 31.99%, and a top-ten shareholder increased holdings - The total number of ordinary shareholders at the end of the reporting period was 53,147[197] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (Shares) | Change During Reporting Period | Number of Unrestricted Shares Held (Shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Guotai International Trade Co., Ltd. | State-owned Legal Person | 31.99% | 520,634,425 | No change | 520,634,425 | Pledged 88,030,000 shares | | Zhangjiagang Free Trade Zone Shengtai Investment Co., Ltd. | Domestic Non-State-owned Legal Person | 8.11% | 131,952,478 | Total increase of 10,546,874 shares | 131,952,478 | Pledged 23,620,000 shares | | Lian'an Life Insurance Co., Ltd. - Own Funds | Other | 1.78% | 28,979,957 | Total increase of 25,979,957 shares | 28,979,957 | Not applicable | - Jiangsu Guotai International Trade Co., Ltd. is the actual controller of the company[198] 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; specific details can be found in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[200] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder or actual controller did not change during the reporting period - The company's controlling shareholder did not change during the reporting period[201] - The company's actual controller did not change during the reporting period[201] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[202] Bond-Related Information Corporate Bonds The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[204] Company Bonds The company had no company bonds during the reporting period - The company had no company bonds during the reporting period[205] Debt Financing Instruments for Non-Financial Enterprises The company had no debt financing instruments for non-financial enterprises during the reporting period - The company had no debt financing instruments for non-financial enterprises during the reporting period[206] Convertible Corporate Bonds "Guotai Convertible Bond" totaling 4.557 billion yuan was issued; 64.1 million shares converted, with 3.987 billion yuan outstanding; credit rating AA+ - The company publicly issued 45,574,186 convertible corporate bonds on July 7, 2021, with a total issuance amount of 4,557.4186 million yuan and a 6-year term[207] - As of the end of the reporting period, there were 15,731 convertible bondholders, with controlling shareholder Jiangsu Guotai International Trade Co., Ltd. holding 15,175,452 bonds, accounting for 38.06%[208][209] Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Amount Before Change (Yuan) | Increase/Decrease in This Change (Yuan) | Amount After Change (Yuan) | | :--- | :--- | :--- | :--- | | Guotai Convertible Bond | 3,987,047,500.00 | -55,000.00 | 3,986,992,500.00 | - As of the end of the reporting period, the cumulative number of converted shares was 64,095,552 shares, accounting for 4.10% of the company's total issued shares before the conversion start date[212] - The conversion price has been adjusted multiple times, with the latest conversion price being 7.82 yuan/share as of June 19, 2025[213] - As of June 30, 2025, the company's consolidated asset-liability ratio was 49.11%, and its long-term credit rating was AA+, indicating strong solvency[214][216] Consolidated Statement Scope Loss Exceeding 10% of Net Assets at Prior Year-End During the Reporting Period During the reporting period, the company's consolidated statement scope did not incur losses exceeding 10% of net assets at the prior year-end - During the reporting period, the company's consolidated statement scope did not incur losses exceeding 10% of net assets at the prior year-end[215] Key Accounting Data and Financial Indicators for the Company's Last Two Years as of the End of the Reporting Period As of June 30, 2025, solvency improved with a 2.30% decrease in asset-liability ratio and increased interest coverage Key Accounting Data and Financial Indicators for the Last Two Years | Item | Current Period-End/Current Period | Prior Year-End/Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 2.0752 | 2.1990 | -5.63% | | Asset-Liability Ratio | 49.11% | 51.41% | -2.30% | | Quick Ratio | 1.86 | 1.96 | -5.10% | | Net Profit After Deducting Non-Recurring Gains/Losses (10,000 Yuan) | 52,386.44 | 51,334.26 | 2.05% | | Interest Coverage Ratio | 10.21 | 8.25 | 23.76% | | Cash Interest Coverage Ratio | 4.52 | -6.04 | 174.83% | | EBITDA Interest Coverage Ratio | 12.55 | 9.97 | 25.88% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[218] Financial Statements Consolidated financial statements for H1 2025 show 44.04 billion yuan in assets, 18.6 billion yuan revenue, and negative cash flows from operations, investing, and financing Consolidated Balance Sheet Summary as of June 30, 2025 | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 44,042,232,482.87 | 45,341,097,870.26 | | Total Liabilities | 21,628,062,256.17 | 23,309,953,541.20 | | Total Owners' Equity Attributable to Parent Company | 15,738,586,200.44 | 15,682,980,207.87 | | Minority Interests | 6,675,584,026.26 | 6,348,164,121.19 | | Total Owners' Equity | 22,414,170,226.70 | 22,031,144,329.06 | Consolidated Income Statement Summary for H1 2025 | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 18,625,062,643.46 | 17,661,390,829.01 | | Net Profit | 918,750,344.08 | 825,487,319.35 | | Net Profit Attributable to Parent Company Shareholders | 544,684,294.84 | 491,370,470.61 | | Minority Interest Income | 374,066,049.24 | 334,116,848.74 | Consolidated Cash Flow Statement Summary for H1 2025 | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -215,204,146.09 | -1,107,258,473.91 | | Net Cash Flow from Investing Activities | -1,782,797,862.73 | 1,731,501,439.28 | | Net Cash Flow from Financing Activities | -755,005,750.64 | -384,324,287.42 | | Net Increase in Cash and Cash Equivalents | -2,723,100,413.79 | 303,455,503.24 | Company Basic Information Listed in 2006, the company has 1.63 billion shares and a broad business scope including trade and new energy materials - Jiangsu Guotai International Group Co., Ltd. was listed on the Shenzhen Stock Exchange on December 8, 2006[259] - As of June 30, 2025, the company's cumulative issued share capital totaled 1,627,632,150.00 shares, with a registered capital of 1,627.610908 million yuan[259] - The company's business scope includes domestic trade, import and export of various goods and technologies, production, processing, and online sales of clothing, footwear, accessories, daily necessities, textiles, and leather products[260] - Major subsidiaries are primarily engaged in the import and export trade of textiles and apparel, lithium-ion battery electrolytes, and the production and sales of clothing and toys[260] Basis of Financial Statement Preparation Financial statements are prepared on a going concern basis, adhering to "Accounting Standards for Business Enterprises" and CSRC disclosure rules - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations[261] - These statements are prepared on a going concern basis[262] Significant Accounting Policies and Estimates This section details significant accounting policies and estimates, covering financial instruments, assets, liabilities, revenue, and taxes, with no changes this period - The company complies with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[264] - Financial instruments are classified based on business model and contractual cash flow characteristics as financial assets measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[277] - Fixed asset depreciation is calculated using the straight-line method, with depreciation periods of 20-30 years for buildings and structures, and 10 years for machinery and equipment[303] - Revenue is recognized when performance obligations are satisfied, i.e., when the customer obtains control of the related goods or services, and is recognized based on the progress or point in time of performance[324][326] - The company does not recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets; related lease payments are recognized as current profit or loss or asset costs on a straight-line basis[337] - There were no significant changes in accounting policies or significant changes in accounting estimates during the reporting period[347] Taxes Main tax types and rates are listed, with the company and subsidiaries benefiting from high-tech, advanced manufacturing, and overseas tax incentives Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services, calculated as output tax minus input tax | 6%, 13% | | Urban Maintenance and Construction Tax | Actual VAT paid | 5%, 7% | | Corporate Income Tax | Taxable income | 25% | - Subsidiaries Huarong Chemical and Chaowei New Materials are recognized as high-tech enterprises and enjoyed a reduced corporate income tax rate of 15% from January to June 2025[350] - Huarong Chemical and Chaowei New Materials are eligible for a 5% VAT super deduction for advanced manufacturing enterprises in accordance with regulations[351] - Myanmar subsidiaries (e.g., Myanmar Fuhua Garment Co., Ltd.) enjoy a 5-year income tax exemption starting from the first year of economic operation[351] - Cambodian subsidiaries (e.g., Shengbo (Cambodia) Garment Co., Ltd.) enjoy a 3-year tax exemption from the year they achieve profitability during the start-up period, followed by relevant tax incentives for six years[352] - Vietnamese subsidiaries (e.g., Wansheng International Co., Ltd.) enjoy a 2-year tax exemption from the first year of taxable income, followed by a 50% reduction in taxable income for the next four years[353] Notes to Consolidated Financial Statement Items Consolidated financial statement notes detail asset and liability balances, cash flow changes, and foreign currency exposure, particularly to USD exchange rate risk Period-End Balances of Major Asset Items | Item | Period-End Balance (Yuan) | | :--- | :--- | | Monetary Funds | 12,570,819,350.56 | | Financial Assets Held for Trading | 9,734,682,275.07 | | Accounts Receivable | 6,941,269,554.74 | | Inventories | 3,482,191,780.11 | | Fixed Assets | 5,163,255,678.84 | | Construction in Progress | 754,023,594.77 | Period-End Balances of Major Liability Items | Item | Period-End Balance (Yuan) | | :--- | :--- | | Short-Term Borrowings | 3,486,250,810.87 | | Notes Payable | 3,090,196,590.03 | | Accounts Payable | 7,586,786,707.87 | | Bonds Payable | 4,096,975,793.98 | | Lease Liabilities | 479,675,141.76 | - As of June 30, 2025, the company's foreign currency monetary items included USD, EUR, HKD, JPY, GBP, KRW, MMK, SGD, VND, RUB, PLN, EGP, KHR, THB, BDT, JOD, KES, etc., with USD assets and liabilities accounting for a larger proportion[530][531] - The company's exchange rate risk primarily arises from financial assets and liabilities denominated in USD; if the RMB appreciates or depreci