同大股份(300321) - 2025 Q2 - 季度财报

Section 1 Important Notes, Contents, and Definitions Important Notes The company's management guarantees the authenticity, accuracy, and completeness of the semi-annual report and its financial statements - The Board of Directors, Board of Supervisors, and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report's content[4] - The company's responsible person, chief accountant, and head of the accounting department declare the financial reports to be true, accurate, and complete[4] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the first half of the year[6] List of Documents for Inspection This section lists the reference documents for the semi-annual report, which are available at the company's securities affairs department - Documents for inspection include financial statements signed by the legal representative and the chief accounting officer[10] - Documents also include originals of all company filings and announcements publicly disclosed on CSRC-designated websites[10] - All documents for inspection are kept at the company's Securities Affairs Department[10] Definitions This section defines key terms used in the report, including the company, its controlling shareholder, and the reporting period - The full name of the company is Shandong Tongda Island New Materials Co, Ltd, referred to as Tongda Co, Ltd[11] - The actual controller is Weifang Municipal Government Investment and Financing Management Center, and the controlling shareholder is Weifang Municipal Finance Holding Group Co, Ltd[11] - The reporting period is defined as from January 1, 2025, to June 30, 2025[11] Section 2 Company Profile and Key Financial Indicators I. Company Profile This section provides basic information about the company, including its stock ticker, listing exchange, and legal representative - The company's stock short name is Tongda Co, Ltd, and its stock code is 300321[13] - The company's legal representative is Kou Xiangdong[13] II. Contact Persons and Methods This section provides contact information for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Zhang Sha, and the Securities Affairs Representative is Wei Zengbao[14] - The company's contact address is No 522, Tongda Street, Changyi City[14] III. Other Information This section states that the company's registration, contact, and disclosure information remained unchanged during the reporting period - The company's contact methods, information disclosure channels, and registration details remained unchanged during the reporting period[15][16][17] IV. Key Accounting Data and Financial Indicators The company's H1 2025 results show a 1.41% YoY revenue increase but an 8.11% YoY decrease in net profit attributable to shareholders Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 195,277,288.60 | 192,569,653.89 | 1.41% | | Net Profit Attributable to Shareholders | 8,385,329.33 | 9,125,674.24 | -8.11% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 7,444,781.52 | 6,946,881.41 | 7.17% | | Net Cash Flow from Operating Activities | -22,578,565.06 | -17,336,038.79 | -30.24% | | Basic Earnings Per Share (CNY/Share) | 0.0944 | 0.1028 | -8.17% | | Diluted Earnings Per Share (CNY/Share) | 0.0944 | 0.1028 | -8.17% | | Weighted Average Return on Equity | 1.33% | 1.47% | -0.14% | | Period-End Indicators | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End (%) | | Total Assets | 671,955,964.60 | 683,376,139.16 | -1.67% | | Net Assets Attributable to Shareholders | 631,113,279.47 | 626,546,348.94 | 0.73% | - The company's operating revenue increased by 1.41% YoY, but net profit attributable to shareholders decreased by 8.11% YoY[19] - Net cash flow from operating activities was negative and decreased by 30.24% YoY[19] V. Differences in Accounting Data under Domestic and Foreign Accounting Standards This section states there were no discrepancies in net profit or net assets between Chinese and international accounting standards - There were no differences in accounting data under domestic and foreign accounting standards during the reporting period[20][21] VI. Non-recurring Profit and Loss Items and Amounts This section details non-recurring profit and loss items, totaling CNY 940,547.81, primarily from government grants Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (CNY) | Notes | | :--- | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 85,181.50 | | | Government Grants Recognized in Current Profit or Loss | 1,021,115.21 | | | Other Non-operating Income and Expenses | 230.12 | | | Less: Income Tax Impact | 165,979.02 | | | Total | 940,547.81 | | - Total non-recurring profit and loss amounted to CNY 940,547.81, mainly from government grants and gains on disposal of non-current assets[23] Section 3 Management Discussion and Analysis I. Principal Business Activities During the Reporting Period The company's main business is the R&D, production, and sale of microfiber synthetic leather for various applications - The company's principal business is the R&D, production, sale, and service of microfiber synthetic leather, with main products including microfiber suede, polished leather, and base cloth[26] - The company operates on a make-to-order basis, creating production plans based on customer framework agreements[27] - The company holds a significant share in the mid-to-high-end market, exporting to Europe, the Americas, and Southeast Asia, and collaborates with renowned brands like LV, Mercedes-Benz, and BMW[28] II. Core Competitiveness Analysis The company's core competitiveness lies in its customer base, brand advantage, product quality, R&D investment, and management system - The company has built a strong customer base and brand influence through excellent product quality, stable performance, strong R&D capabilities, and premium customer service[29] - The company offers a diverse product line, is certified under ISO9001 and IATF16949, and has been recognized as a "Green Design Product" by the MIIT, highlighting its environmental advantages[30][31] - As a national high-tech enterprise, the company maintains a leading position in eco-friendly product technologies such as recycled materials, bio-based materials, and water-based polyurethane microfiber leather[32] - The company has established a mature and efficient management system, with a forward-thinking management team dedicated to building a technologically advanced and scientifically managed enterprise[33] III. Principal Business Analysis This section analyzes financial performance, noting slight revenue growth but significant increases in financial and income tax expenses YoY Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 195,277,288.60 | 192,569,653.89 | 1.41% | | | Operating Costs | 165,318,538.82 | 165,981,065.69 | -0.40% | | | Financial Expenses | -1,423,067.74 | -3,288,172.92 | 56.72% | Mainly due to a decrease in interest income in the current period | | Income Tax Expense | 679,083.95 | -45,324.83 | 1,598.26% | Mainly due to an increase in income tax expense from a decrease in deferred tax assets | | R&D Investment | 8,254,646.05 | 7,320,668.33 | 12.76% | | | Net Cash Flow from Operating Activities | -22,578,565.06 | -17,336,038.79 | -30.24% | Mainly due to increased cash payments to and for employees and various tax payments | | Net Cash Flow from Investing Activities | -1,043,569.31 | -2,395,770.35 | 56.44% | Mainly due to reduced expenditures on fixed and intangible assets | | Net Cash Flow from Financing Activities | -3,818,398.80 | 0.00 | -100.00% | Mainly due to the distribution of cash dividends in the current period | | Net Increase in Cash and Cash Equivalents | -26,952,309.86 | -19,140,281.21 | -40.81% | Mainly due to decreased net cash flows from operating and financing activities | Products or Services Accounting for Over 10% of Revenue | Product/Service | Operating Revenue (CNY) | Operating Costs (CNY) | Gross Margin (%) | Revenue YoY Change (%) | Cost YoY Change (%) | Gross Margin YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Microfiber Base Cloth | 64,975,675.85 | 56,710,860.71 | 12.72% | 53.63% | 76.15% | -11.16% | | Microfiber Suede Leather | 48,311,923.84 | 39,725,893.09 | 17.77% | -21.64% | -25.09% | 3.78% | | Microfiber Polished Leather | 70,763,059.75 | 59,457,884.85 | 15.98% | -9.44% | -17.57% | 8.29% | - Operating revenue for microfiber base cloth grew by 53.63% YoY, but its gross margin decreased by 11.16%[39] - Operating revenue for microfiber suede and polished leather decreased YoY, but their gross margins increased by 3.78% and 8.29% respectively[39] IV. Non-Principal Business Analysis This section discloses non-principal business income, which is immaterial and not sustainable Non-Principal Business Income | Item | Amount (CNY) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Non-operating Income | 230.12 | 0.00% | Other income | No | - Non-principal business income is immaterial and not sustainable[41] V. Analysis of Assets and Liabilities This section analyzes the company's asset and liability structure, noting a shift from cash to accounts receivable Significant Changes in Asset Composition | Item | End of Current Period (CNY) | % of Total Assets | End of Prior Year (CNY) | % of Total Assets | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 179,486,384.76 | 26.71% | 207,539,725.16 | 30.37% | -3.66% | | Accounts Receivable | 97,981,912.76 | 14.58% | 77,312,665.91 | 11.31% | 3.27% | | Inventory | 125,303,943.31 | 18.65% | 130,521,823.31 | 19.10% | -0.45% | | Fixed Assets | 140,973,967.14 | 20.98% | 141,697,324.39 | 20.73% | 0.25% | | Construction in Progress | 0.00 | 0.00% | 2,941,913.81 | 0.43% | -0.43% | | Contract Liabilities | 2,169,601.07 | 0.32% | 1,996,491.23 | 0.29% | 0.03% | - The proportion of cash and cash equivalents to total assets decreased by 3.66%, while accounts receivable increased by 3.27%[43] - At the end of the reporting period, CNY 598,969.46 of cash was restricted due to security deposits[46] VI. Investment Status Analysis This section states the company had no significant investment activities during the reporting period - The company had no major equity or non-equity investments during the reporting period[47] - There was no use of raised funds during the reporting period[47] - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[49][50][51] VII. Major Asset and Equity Sales This section states that no major asset or equity sales occurred during the reporting period - The company did not sell any major assets during the reporting period[52] - The company did not sell any major equity during the reporting period[53] VIII. Analysis of Major Holding and Participating Companies This section states there were no significant holding or participating companies to disclose for the reporting period - There is no information to disclose regarding major holding or participating companies for the reporting period[53] IX. Structured Entities Controlled by the Company This section states the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[54] X. Company's Risks and Countermeasures The company faces risks in product development, accounts receivable, exchange rates, and raw material prices, with corresponding mitigation strategies - The company faces product development risks, which it addresses by optimizing R&D direction, management processes, and cost control[54] - Bad debt risk exists due to large accounts receivable balances; the company mitigates this by strengthening collection efforts and optimizing its customer structure[55][56] - Exchange rate fluctuations impact exports and import costs; the company monitors rates, optimizes foreign currency asset/liability structures, and uses forward contracts[57] - Raw material price volatility affects costs; the company responds by developing high-value products, optimizing formulas, and adopting flexible procurement strategies[58] XI. Record of Investor Relations Activities This section states that no investor relations activities such as research, communication, or interviews occurred during the reporting period - The company did not conduct any investor relations activities such as research, communication, or interviews during the reporting period[59] XII. Market Value Management System and Value Enhancement Plan This section states the company has not established a market value management system or disclosed a value enhancement plan - The company has not established a market value management system[60] - The company has not disclosed a value enhancement plan[61] XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan This section states the company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan[63] Section 4 Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management This section states there were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[65] II. Profit Distribution and Capitalization of Capital Reserves This section states the company does not plan to distribute profits or capitalize reserves for the first half of the year - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the first half of the year[66] III. Implementation of Equity Incentive Plans or Other Employee Incentives This section states the company had no equity incentive 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 during the reporting period[67] IV. Environmental Information Disclosure This section states the company and its subsidiaries are not designated as key entities for environmental information disclosure - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[68] V. Social Responsibility The company actively fulfills its social responsibilities by protecting the rights of shareholders, employees, suppliers, and customers - The company actively fulfills social responsibilities, optimizes resource allocation, reduces waste, improves resource utilization, and strictly implements its quality management system[68] - The company protects shareholder rights through standardized general meetings and truthful information disclosure, ensuring their right to know, participate, and vote[68] - The company complies with labor laws, signs employment contracts, pays salaries and social insurance in full and on time, and values talent development[69] - The company builds strategic partnerships with suppliers and customers, focusing on communication and continuous improvement to enhance satisfaction[69] Section 5 Important Matters I. Commitments Fulfilled or Overdue by Relevant Parties This section states there were no fulfilled or overdue commitments by relevant parties during the reporting period - There were no fulfilled or overdue commitments by the company's actual controller, shareholders, related parties, or acquirers during the reporting period[71] II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties This section states there was no non-operating occupation of company funds by controlling shareholders or related parties - There was no non-operating occupation of company funds by controlling shareholders or other related parties during the reporting period[72] III. Irregular External Guarantees This section states there were no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[73] IV. Appointment and Dismissal of Accounting Firm This section states that the semi-annual financial report was not audited - The semi-annual financial report was unaudited[74] V. Explanation of "Non-standard Audit Report" by the Board and Committees This section states that no "non-standard audit report" was issued by the accounting firm for the reporting period - No "non-standard audit report" was issued by the accounting firm for the reporting period[75] VI. Board's Explanation of Prior Year's "Non-standard Audit Report" This section states the Board of Directors has no explanation regarding a "non-standard audit report" from the previous year - The Board of Directors has no explanation regarding a "non-standard audit report" from the previous year[75] VII. Bankruptcy and Reorganization Matters This section states that no bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[75] VIII. Litigation Matters This section states there were no major litigation or arbitration matters during the reporting period - There were no major litigation or arbitration matters during the reporting period[76] IX. Penalties and Rectifications This section states there were no penalties or rectifications during the reporting period - There were no penalties or rectifications during the reporting period[77] X. Integrity Status of the Company and Its Controlling Shareholders This section states the company and its controlling shareholders maintained a good integrity record during the reporting period - The company and its controlling shareholders maintained a good integrity record during the reporting period[78] - There were no instances of failure to comply with court judgments or large overdue debts[78] XI. Major Related-Party Transactions This section states that no major related-party transactions occurred during the reporting period - No related-party transactions related to daily operations occurred during the reporting period[79] - No related-party transactions involving the acquisition or sale of assets or equity occurred[80] - There were no related-party credit or debt transactions[82] - There were no deposits, loans, credit lines, or other financial services with related financial companies[83][84] XII. Major Contracts and Their Performance This section notes rental income of CNY 423,362.83 from leasing assets and confirms no other major contracts - The company had no custody or contracting arrangements during the reporting period[87][88] - The company generated rental income of CNY 423,362.83 from leasing out assets such as factory rooftops[89] - There were no major guarantees, major contracts in daily operations, or other major contracts during the reporting period[91][92] XIII. Explanation of Other Major Matters This section states there were no other major matters to be explained for the reporting period - There are no other major matters that require explanation for the reporting period[92] XIV. Major Matters of Company Subsidiaries This section states there were no major matters concerning the company's subsidiaries during the reporting period - There were no major matters concerning subsidiaries during the reporting period[93] Section 6 Changes in Share Capital and Shareholders I. Changes in Share Capital This section discloses that the total share capital remained unchanged, with 34,700 restricted shares being released from lock-up Changes in Share Capital (Shares) | Share Type | Pre-Change Quantity | Pre-Change Ratio (%) | Change (+, -) | Post-Change Quantity | Post-Change Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 104,100 | 0.12% | 0 | 104,100 | 0.12% | | II. Unrestricted Shares | 88,695,900 | 99.88% | 0 | 88,695,900 | 99.88% | | III. Total Shares | 88,800,000 | 100.00% | 0 | 88,800,000 | 100.00% | Changes in Restricted Shares (Shares) | Shareholder Name | Initial Restricted Shares | Released This Period | Added This Period | Final Restricted Shares | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Kou Xiangdong | 38,200 | 9,550 | 0 | 28,650 | Executive Lock-up | | Xu Xuri | 39,100 | 9,775 | 0 | 29,325 | Executive Lock-up | | Li Yanxia | 24,300 | 6,075 | 0 | 18,225 | Executive Lock-up | | Zhang Tong | 13,700 | 3,425 | 0 | 10,275 | Executive Lock-up | | Zhang Sha | 9,800 | 2,450 | 0 | 7,350 | Executive Lock-up | | Xu Yanfeng | 6,400 | 1,600 | 0 | 4,800 | Executive Lock-up | | Wei Zengbao | 7,300 | 1,825 | 0 | 5,475 | Executive Lock-up | | Total | 138,800 | 34,700 | 0 | 104,100 | | - During the reporting period, the company's total share capital remained unchanged, and 34,700 restricted shares held by executives were released from lock-up[96][99] II. Securities Issuance and Listing This section states there were no securities issuances or listings during the reporting period - There were no securities issuances or listings during the reporting period[100] III. Number of Shareholders and Shareholding Status This section discloses the top 10 shareholders, with Shandong Tongda Group and Weifang Municipal Finance Holding Group as the largest Shareholding of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding (%) | Shares Held at Period-End | Change During Period | Restricted Shares | Unrestricted Shares | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Tongda Group Co, Ltd | Domestic Non-SOE | 18.48% | 16,414,183 | 0 | 0 | 16,414,183 | Pledged | 12,548,110 | | Weifang Municipal Finance Holding Group Co, Ltd | SOE | 14.38% | 12,766,586 | 0 | 0 | 12,766,586 | Pledged | 6,383,293 | | Huasheng Baili Investment Development (Beijing) Co, Ltd | Domestic Non-SOE | 9.96% | 8,842,523 | -884400 | 0 | 8,842,523 | N/A | 0 | | Fan Deqiang | Domestic Individual | 5.20% | 4,615,384 | 0 | 0 | 4,615,384 | N/A | 0 | | Yu Hongliang | Domestic Individual | 5.20% | 4,615,384 | 0 | 0 | 4,615,384 | N/A | 0 | - Shandong Tongda Group Co, Ltd and Weifang Municipal Finance Holding Group Co, Ltd are the company's top two shareholders, holding 18.48% and 14.38% respectively[102] - Tongda Group has entrusted the voting rights of some of its shares to Weikong Group, changing Weikong Group's effectively controlled voting shares to 13,864,534[102] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management This section discloses that Director and General Manager Xu Xuri reduced his shareholding by 9,775 shares Changes in Shareholdings of Directors, Supervisors, and Senior Management (Shares) | Name | Position | Status | Initial Holding | Shares Increased | Shares Decreased | Final Holding | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Xuri | Director, General Manager | Current | 39,100 | 0 | 9,775 | 29,325 | | Total | -- | -- | 39,100 | 0 | 9,775 | 29,325 | - Director and General Manager Xu Xuri reduced his shareholding by 9,775 shares during the reporting period[104] V. Changes in Controlling Shareholder or Actual Controller This section states there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[105] - The company's actual controller did not change during the reporting period[106] VI. Information on Preferred Shares This section states the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[107] Section 7 Bond-related Matters This section states there were no bond-related matters during the reporting period - There were no bond-related matters during the reporting period[109] Section 8 Financial Report I. Audit Report This section states that the semi-annual financial report was not audited - The semi-annual financial report was unaudited[111] II. Financial Statements This section provides the company's H1 2025 financial statements, including the balance sheet, income statement, and cash flow statement Key Data from Balance Sheet as of June 30, 2025 | Item | Closing Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Total Current Assets | 439,182,328.64 | 441,473,521.32 | | Total Non-current Assets | 232,773,635.96 | 241,902,617.84 | | Total Assets | 671,955,964.60 | 683,376,139.16 | | Total Current Liabilities | 40,138,601.23 | 55,112,807.50 | | Total Non-current Liabilities | 704,083.90 | 1,716,982.72 | | Total Liabilities | 40,842,685.13 | 56,829,790.22 | | Total Equity Attributable to Parent Company | 631,113,279.47 | 626,546,348.94 | | Total Liabilities and Equity | 671,955,964.60 | 683,376,139.16 | Key Data from Income Statement for H1 2025 | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 195,277,288.60 | 192,569,653.89 | | Total Operating Costs | 187,212,224.96 | 184,119,171.64 | | Operating Profit | 9,064,183.16 | 9,143,330.22 | | Total Profit | 9,064,413.28 | 9,080,349.41 | | Net Profit | 8,385,329.33 | 9,125,674.24 | | Net Profit Attributable to Parent Company Shareholders | 8,385,329.33 | 9,125,674.24 | | Basic Earnings Per Share | 0.0944 | 0.1028 | | Diluted Earnings Per Share | 0.0944 | 0.1028 | Key Data from Cash Flow Statement for H1 2025 | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -22,578,565.06 | -17,336,038.79 | | Net Cash Flow from Investing Activities | -1,043,569.31 | -2,395,770.35 | | Net Cash Flow from Financing Activities | -3,818,398.80 | 0.00 | | Net Increase in Cash and Cash Equivalents | -26,952,309.86 | -19,140,281.21 | | Cash and Cash Equivalents at End of Period | 178,887,415.30 | 214,864,327.17 | III. Company Basic Information This section provides the company's registration details, industry, share capital, and controlling shareholder information - The company was listed on the Shenzhen Stock Exchange in May 2012 and operates in the island-type microfiber leather industry[130] - As of June 30, 2025, the company's total issued share capital is 88.8 million shares, with a registered capital of CNY 88.8 million[130] - The company's controlling shareholder is Weifang Municipal Finance Holding Group Co, Ltd, and the actual controller is Weifang Municipal Government Investment and Financing Management Center[130] IV. Basis of Preparation for Financial Statements This section states the financial statements are prepared in accordance with PRC accounting standards and on a going concern basis - The financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant CSRC regulations[131] - The financial statements are prepared on a going concern basis[132] V. Significant Accounting Policies and Estimates This section details the significant accounting policies and estimates used in preparing the financial statements - The company has formulated specific accounting policies and estimates for items such as bad debt provisions, depreciation, amortization, and revenue recognition based on its operational characteristics[133] - The company classifies financial assets as those measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[143] - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost and certain debt instruments measured at FVOCI[168] - Revenue is recognized when the customer obtains control of the goods or services, either over time or at a point in time[221][223][227] VI. Taxes This section lists the company's main taxes and tax rates, noting it benefits from a preferential 15% corporate income tax rate Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services | 13%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 15% | | Education Surcharge | Actual turnover tax paid | 3%, 2% | - The company's export products are subject to a "exempt, credit, refund" VAT policy with a refund rate of 13%[262] - As a high-tech enterprise, the company is subject to a preferential corporate income tax rate of 15% for 2025[262] VII. Notes to Financial Statement Items This section provides detailed notes on individual items in the financial statements, explaining their composition and changes Composition of Cash and Cash Equivalents | Item | Closing Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 6,256.53 | 20,073.93 | | Bank Deposits | 178,881,158.77 | 205,819,651.23 | | Other Monetary Funds | 598,969.46 | 1,700,000.00 | | Total | 179,486,384.76 | 207,539,725.16 | Aging Analysis of Accounts Receivable | Aging | Closing Book Balance (CNY) | Opening Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year | 97,146,196.25 | 77,154,094.87 | | 1 to 2 years | 5,885,454.94 | 3,967,199.77 | | 2 to 3 years | 152,177.65 | 214,276.55 | | Over 3 years | 895,518.16 | 921,030.11 | | Total | 104,079,347.00 | 82,256,601.30 | Inventory Classification | Item | Closing Book Value (CNY) | Opening Book Value (CNY) | | :--- | :--- | :--- | | Raw Materials | 28,752,575.59 | 30,651,067.25 | | Work in Progress | 22,106,418.14 | 24,446,177.75 | | Finished Goods | 70,866,720.04 | 70,634,616.72 | | Goods in Transit | 3,578,229.54 | 4,789,961.59 | | Total | 125,303,943.31 | 130,521,823.31 | Operating Revenue and Costs | Item | Current Period Revenue (CNY) | Current Period Costs (CNY) | Prior Period Revenue (CNY) | Prior Period Costs (CNY) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 186,766,688.71 | 157,457,255.15 | 183,630,497.73 | 158,458,387.42 | | Other Business | 8,510,599.89 | 7,861,283.67 | 8,939,156.16 | 7,522,678.27 | | Total | 195,277,288.60 | 165,318,538.82 | 192,569,653.89 | 165,981,065.69 | VIII. R&D Expenditures This section discloses R&D expenditures for the period, which totaled CNY 8,254,646.05 and were fully expensed Composition of R&D Expenditures | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Direct Materials | 3,451,502.12 | 2,957,972.55 | | Direct Labor | 3,073,818.15 | 2,725,355.97 | | Power Costs | 891,256.61 | 815,370.78 | | Depreciation & Amortization | 834,514.56 | 821,969.03 | | Other | 3,554.61 | 0.00 | | Total | 8,254,646.05 | 7,320,668.33 | | Of which: Expensed R&D | 8,254,646.05 | 7,320,668.33 | - Total R&D expenditure for the current period was CNY 8,254,646.05, a YoY increase of 12.76%[383][418] - All R&D expenditures were expensed, with no capitalized R&D projects[418] IX. Changes in the Scope of Consolidation This section states there were no changes in the scope of consolidation during the reporting period - There were no business combinations not under common control during the reporting period[421] - There were no business combinations under common control during the reporting period[422] - There were no reverse acquisitions or disposals of subsidiaries leading to a loss of control[422] - There were no other changes in the scope of consolidation for other reasons[423] X. Interests in Other Entities This section states the company has no significant interests in other entities or structured entities - The company has no significant non-wholly-owned subsidiaries[424] - The company has no significant joint ventures or associates[424] - The company did not provide financial or other support to any structured entities included in the consolidated financial statements[424] XI. Government Grants This section discloses government grants, with a deferred income balance of CNY 676,923.08 at period-end Liability Items Related to Government Grants | Account | Opening Balance (CNY) | New Grants (CNY) | Recognized in Non-operating Income (CNY) | Transferred to Other Income (CNY) | Other Changes (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 1,688,038.29 | 0.00 | 0.00 | 1,011,115.21 | 0.00 | 676,923.08 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income | 10,000.00 | 857,500.00 | | Total | 10,000.00 | 857,500.00 | - Government grants transferred to other income this period amounted to CNY 1,011,115.21, with a year-end deferred income balance of CNY 676,923.08[427] - Government grants recognized in current profit or loss (other income) were CNY 10,000.00, a significant decrease from the prior period[429] XII. Risks Related to Financial Instruments This section outlines the company's financial instrument risks, including credit, liquidity, and market risks, and its management policies - The company manages credit risk by placing funds with high-credit-rating institutions and continuously monitoring customer credit and receivable balances[433][434] - The company manages liquidity risk by using various financing tools like notes settlement to maintain flexibility, and currently has sufficient working capital[437] - The company's market risks include interest rate risk (currently not significant), exchange rate risk (managed by maintaining net exposure), and raw material price risk (managed via product and procurement strategies)[438][439] XIII. Fair Value Disclosure This section discloses assets measured at fair value, primarily notes receivable financing valued at CNY 19,048,765.84 Items Measured at Fair Value at Period-End | Item | Level 1 Fair Value (CNY) | Level 2 Fair Value (CNY) | Level 3 Fair Value (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable Financing | 0.00 | 0.00 | 19,048,765.84 | 19,048,765.84 | | Total Assets Continuously Measured at Fair Value | 0.00 | 0.00 | 19,048,765.84 | 19,048,765.84 | - The company's assets measured at fair value at period-end consist mainly of notes receivable financing, amounting to CNY 19,048,765.84, measured using Level 3 inputs[442] XIV. Related Parties and Transactions This section details the company's related parties and confirms no related-party transactions occurred during the period - The company's controlling shareholder is Weifang Municipal Finance Holding Group Co, Ltd (14.38% stake), and the ultimate controller is Weifang Municipal Government Investment and Financing Management Center[443][444][445] - The company lists several related joint ventures or associates, as well as other related parties such as directors, supervisors, and senior management[448][449] - There were no related-party transactions or outstanding balances with related parties during the reporting period[450] XV. Share-based Payments This section states there were no share-based payment arrangements during the reporting period - There were no share-based payment arrangements in general during the reporting period[450] - There were no equity-settled or cash-settled share-based payments[451] - There were no share-based payment expenses or modifications/terminations of share-based payments[451] XVI. Commitments and Contingencies This section states there were no significant commitments or contingencies to disclose as of the balance sheet date - The company had no significant commitments to disclose as of the balance sheet date[451] - The company had no significant contingencies to disclose[452] XVII. Subsequent Events This section states there were no subsequent events to report - There were no subsequent events to report for the period[452] XVIII. Other Important Matters This section states there were no other significant transactions or events, and provides details on enterprise annuity contributions - There were no prior period error corrections, debt restructurings, asset swaps, discontinued operations, or other significant transactions affecting investor decisions[452][454][455] - The company accrued CNY 1,282,755.76 and paid CNY 1,304,036.08 for its enterprise annuity plan during the period[453] XIX. Supplementary Information This section provides supplementary data, including details on non-recurring items and return on equity calculations Details of Current Non-recurring Profit and Loss | Item | Amount (CNY) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 85,181.50 | | Government Grants Recognized in Current Profit or Loss | 1,021,115.21 | | Other Non-operating Income and Expenses | 230.12 | | Less: Income Tax Impact | 165,979.02 | | Total | 940,547.81 | Return on Equity and Earnings Per Share | Profit for the Period | Weighted Average ROE (%) | Basic EPS (CNY/Share) | Diluted EPS (CNY/Share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 1.33% | 0.0944 | 0.0944 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | 1.18% | 0.0838 | 0.0838 | - There are no differences in accounting data under domestic and foreign accounting standards[459]