上海艾录(301062) - 2025 Q2 - 季度财报

Section 1 Important Notices, Table of Contents, and Definitions Important Notices The company's management guarantees the report's accuracy, discloses key risks, and confirms no profit distribution for the period - The company's Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4] - The main risks faced by the company include concentrated equipment procurement and impairment, underperformance of the new photovoltaic business, implementation risks of convertible bond investment projects, downstream industry fluctuations, and changes in the overseas market environment[6][7][8][9] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[10] Table of Contents This section presents the complete directory structure of the report, providing navigation for investors - The report includes eight main sections covering company profile, financial data, management analysis, corporate governance, significant events, shareholding changes, bond information, and financial statements[13][14] Definitions This section provides definitions for common terms and abbreviations used throughout the report - The definitions section clarifies the names of entities such as the Company, Shanghai Ailu, and its subsidiaries including Aichuang Packaging, Ruipai Packaging, Aikun New Materials, Ailu New Energy, Aina New Energy, Aizhixun, and Yingyou Industrial[21] - Professional terms such as W&H (Windmöller & Hölscher), integrated packaging solutions, PE film, GMP (Good Manufacturing Practice), ERP (Enterprise Resource Planning), PS (Polystyrene), PE (Polyethylene), VDE certification, and TUV certification are explained[21] Section 2 Company Profile and Key Financial Indicators I. Company Profile This section provides basic identification information for Shanghai Ailu Package Co, Ltd Company Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Shanghai Ailu | | Stock Code | 301062 | | Stock Exchange | Shenzhen Stock Exchange | | Company Name (Chinese) | 上海艾录包装股份有限公司 | | Legal Representative | Chen Ankang | II. Contacts and Contact Methods This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative Contacts and Contact Methods | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Chen Xueqi | No 88, Yangda Road, Shanyang Town, Jinshan District, Shanghai | 021-57293030-6507 | 021-57293096 | info@ailugroup.com | | Securities Affairs Representative | Lin Yuzhu | No 88, Yangda Road, Shanyang Town, Jinshan District, Shanghai | 021-57293030-6507 | 021-57293096 | info@ailugroup.com | III. Other Information This section states that the company's contact information, disclosure locations, and registration details remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[25] - The locations for information disclosure and document availability remained unchanged during the reporting period, with details available in the 2024 annual report[26] - The company's registration details remained unchanged during the reporting period, with details available in the 2024 annual report[27] IV. Key Accounting Data and Financial Indicators This section discloses key financial data for H1 2025, showing slight revenue growth but significant declines in net profit and cash flow Key Accounting Data and Financial Indicators (Year-over-Year Change) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 586,278,620.87 | 571,570,970.45 | 2.57% | | Net Profit Attributable to Shareholders | 2,915,381.81 | 51,645,211.02 | -94.35% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 3,088,453.68 | 47,777,914.05 | -93.54% | | Net Cash Flow from Operating Activities | 42,488,298.43 | 91,028,344.64 | -53.32% | | Basic Earnings Per Share (RMB/share) | 0.007 | 0.13 | -94.62% | | Diluted Earnings Per Share (RMB/share) | 0.007 | 0.13 | -94.62% | | Weighted Average Return on Equity | 0.19% | 4.28% | -4.09% | Key Accounting Data and Financial Indicators (Period-End Change) | Indicator | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 2,930,031,919.54 | 2,934,715,215.12 | -0.16% | | Net Assets Attributable to Shareholders | 1,515,547,240.33 | 1,531,723,536.02 | -1.06% | V. Differences in Accounting Data under Domestic and Foreign Accounting Standards This section confirms no discrepancies in net profit or net assets between Chinese and international or foreign accounting standards - The company had no discrepancies in net profit and net assets between financial reports prepared under IFRS and Chinese Accounting Standards during the reporting period[29] - The company had no discrepancies in net profit and net assets between financial reports prepared under foreign accounting standards and Chinese Accounting Standards during the reporting period[30] VI. Non-recurring Profit and Loss Items and Amounts This section details non-recurring profit and loss items for H1 2025, totaling -RMB 173,071.87 Non-recurring Profit and Loss Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses on disposal of non-current assets | -1,534,687.01 | | Government grants recognized in current profit or loss (excluding those with a continuous impact) | 1,459,680.52 | | Gains and losses from entrusting others with investments or asset management | 36,816.89 | | Reversal of impairment provision for individually tested accounts receivable | 600,000.00 | | Other non-operating income and expenses | -810,895.25 | | Less: Income tax impact | -77,229.67 | | Minority interest impact (after tax) | 1,216.69 | | Total | -173,071.87 | - The company has not classified any non-recurring profit and loss items listed in the "Explanatory Announcement No 1 on Information Disclosure for Companies Offering Securities to the Public - Non-recurring Profit and Loss" as recurring items[33] Section 3 Management Discussion and Analysis I. Principal Business Activities During the Reporting Period The company engages in the R&D, production, and sale of packaging solutions and high-performance photovoltaic components - The company's main business covers R&D, design, production, sales, and services for industrial paper packaging, consumer paper packaging, plastic packaging, intelligent packaging systems, and high-performance photovoltaic module products[35][44] - The company has evolved into an integrated soft packaging solutions provider for both industrial and consumer products, serving well-known domestic and international clients like Parex, Oriental Yuhong, Mondelez, Milkground, and Nestlé[44] - The company operates three intelligent manufacturing bases in Shanghai for packaging and two leased bases in Nantong, Jiangsu for photovoltaic component products[44] (I) Industry Overview and Development Stage This section outlines the current state of China's packaging and photovoltaic industries, noting revenue decline but profit growth in packaging - In 2023, China's packaging industry enterprises above a designated size achieved a total operating revenue of RMB 1.15 trillion, a slight decrease of 0.22% YoY, while total profit reached RMB 60.20 billion, a 9.46% increase YoY[37] - Paper packaging is the largest segment in China's packaging industry, accounting for 23.25% of total revenue in 2023, with main business revenue reaching RMB 268.26 billion and a 35.65% YoY increase in total profit[39] - As a clean energy source, the photovoltaic industry has seen China become a global manufacturing leader, with production of polysilicon, silicon wafers, cells, and modules all growing by over 10% in 2024[43] (II) Company's Main Business During the Reporting Period The company's main business includes industrial and consumer packaging, intelligent systems, and photovoltaic components - The company is primarily engaged in the R&D, design, production, sales, and services of industrial paper packaging, consumer paper packaging, plastic packaging, intelligent packaging systems, and photovoltaic module products[44] - The company has grown into an integrated soft packaging solutions provider for both industrial and consumer goods, with clients including well-known domestic and international enterprises such as Parex, Oriental Yuhong, Mondelez, Milkground, and Nestlé[44] - The company operates three intelligent manufacturing bases in Shanghai for industrial paper packaging, plastic packaging, and intelligent packaging systems, and leases two manufacturing bases in Nantong, Jiangsu for photovoltaic backsheet films and polyurethane composite frames[44] (III) Company's Main Products and Their Uses During the Reporting Period The company's five product lines include industrial and consumer packaging, intelligent systems, and photovoltaic components - Industrial paper packaging products, including valve bags, square bottom bags, heat-seal bags, and sewn bottom bags, are mainly used for packaging powder and granular products for industrial enterprises[45] - In March 2024, the company launched the Espeed series of plastic-free paper-based packaging products for the consumer market, which are recyclable and have won multiple technology innovation awards[47] - Photovoltaic module products include high-performance composite frames and backsheet films, with the composite frames offering advantages such as ultra-low carbon footprint, corrosion resistance, and anti-PID properties, and have obtained German VDE and TÜV certifications[56] (IV) Company's Business Model During the Reporting Period The company's business model integrates R&D, procurement, production, and sales with a focus on customization and efficiency - The company has established a comprehensive R&D system focused on optimizing existing products and developing high-end new products, supported by a data analysis framework[57][58] - The procurement model combines reorder point systems with ERP and e-procurement, supported by a strict supplier management and annual evaluation mechanism[59][60][61] - The production model is primarily "make-to-order", organizing production in a multi-variety, small-batch, and flexible manner, supplemented by outsourcing of simple processing steps[63][64][65] - The sales model is predominantly direct sales, with some intelligent packaging systems sold through distributors, and pricing is market-based with adjustments for raw material price fluctuations[67][69] (V) Company's Industry Position The company is a leading domestic provider of integrated packaging solutions with a strong market position and expanding new business ventures - The company is a leading domestic provider of integrated paper packaging solutions, offering services from structural design and material selection to product filling[72] - In the composite plastic packaging sector, the company is one of the few qualified domestic suppliers for cheese stick packaging for clients like Milkground, Mengniu, and Yili, with large-scale production capabilities for various sheet materials[72] - The company's subsidiary, Aina New Energy, has the production and delivery capacity to match 1.8GW of downstream photovoltaic industry demand for its polyurethane composite frames, which have passed German VDE and TÜV certifications and secured strategic cooperation agreements[74] II. Core Competitiveness Analysis The company's core strengths lie in its diverse customer base, intelligent production, integrated services, and strong R&D capabilities - The company benefits from a diversified downstream industry layout and a strong customer base, serving over 700 clients annually, including renowned international and domestic enterprises like Cargill, DuPont, BASF, Mondelez, Oriental Yuhong, and Milkground[75][76][77][78][79] - The company possesses an intelligent production advantage, utilizing advanced equipment such as German W&H fully automated CNC bag-making lines and multi-layer co-extrusion film production equipment, supported by a customized information-based production system[80][81][82] - The company provides integrated packaging solutions across three main product lines—industrial paper packaging, plastic packaging, and intelligent packaging production lines—reducing client decision time and supply chain complexity[83] - The company has a large-scale production advantage with ten imported high-speed bag-making lines from German W&H and other large imported equipment, effectively reducing fixed costs and enhancing profitability[84] - The company has strong R&D capabilities as a "Shanghai High-Tech Enterprise," with significant innovation capacity in paper bag heat sealing, forming, leak prevention, food-grade plastic packaging material development, and intelligent filling systems[85][86] - The company maintains strict quality control, with a 100,000-level GMP cleanroom for food and pharmaceutical products, and has obtained multiple international certifications including ISO 9001, ISO 14001, ISO 45001, ISO 22000, BRC Food Certification, and HACCP[87] III. Main Business Analysis The H1 2025 analysis shows revenue growth but squeezed profit margins due to rising costs and increased management expenses Key Financial Data YoY Change | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 586,278,620.87 | 571,570,970.45 | 2.57% | No significant change | | Operating Costs | 471,951,821.74 | 426,869,335.74 | 10.56% | No significant change | | Management Expenses | 67,157,391.40 | 50,948,227.91 | 31.81% | Mainly due to increased depreciation, amortization, and employee compensation | | Income Tax Expense | 3,726,160.66 | 10,225,347.20 | -63.56% | Mainly due to a decrease in total profit, leading to lower corporate income tax | | Net Cash Flow from Operating Activities | 42,488,298.43 | 91,028,344.64 | -53.32% | Mainly due to a decrease in cash received from the sale of goods | Products or Services Accounting for Over 10% of Revenue | Product/Service by Industry | YoY Change in Operating Revenue | YoY Change in Operating Costs | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | | Chemical Industry | 17.75% | 20.56% | -1.87% | | Building Materials Industry | -24.19% | -17.76% | -6.03% | | Food and Food Additives Industry | 6.98% | 15.27% | -5.46% | | Industrial Paper Packaging | -0.71% | 6.26% | -5.04% | | Composite Plastic Packaging | 0.31% | 5.49% | -3.97% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[91] IV. Non-Core Business Analysis This section analyzes the impact of non-core business activities on total profit, with asset impairment being the most significant factor Impact of Non-Core Business on Total Profit | Item | Amount (RMB) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 922,923.06 | -47.92% | Mainly from long-term equity investment income under the equity method and wealth management returns | No | | Asset Impairment | -2,757,330.67 | 143.17% | Mainly from provision for inventory write-down | No | | Non-operating Income | 14,967.23 | -0.78% | Mainly from an increase in non-operating income | No | | Non-operating Expenses | 957,868.46 | -49.73% | Mainly from charitable donations and losses on fixed asset disposal | No | | Credit Impairment | 585,775.15 | -30.41% | Mainly from the reversal of bad debt provision for other receivables | Yes | | Other Income | 2,949,911.55 | -153.17% | Mainly from government grants and VAT super-deduction | Yes | V. Analysis of Assets and Liabilities This section analyzes the company's asset and liability structure, highlighting an increase in fixed assets and borrowings Significant Changes in Asset Composition | Item | % of Total Assets (Current Period-End) | % of Total Assets (Prior Year-End) | Change in Proportion | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 6.01% | 6.25% | -0.24% | | Fixed Assets | 48.92% | 41.87% | 7.05% | | Construction in Progress | 9.96% | 15.24% | -5.28% | | Short-term Borrowings | 3.71% | 1.28% | 2.43% | | Long-term Borrowings | 17.55% | 14.00% | 3.55% | Restricted Assets as of the Reporting Period-End | Item | Book Value at Period-End (RMB) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,555.49 | Pledge | Restricted | | Notes Receivable | 100,000.00 | Pledge | Pledged for issuing bank acceptance bills and discounted loans | | Fixed Assets | 635,219,799.16 | Mortgage | Loan collateral | | Intangible Assets | 99,279,670.88 | Mortgage | Loan collateral | | Total | 734,602,025.53 | | | - There were no significant changes in the measurement attributes of the company's main assets during the reporting period[97] VI. Investment Analysis The company's investment amount decreased significantly, with no major equity investments or use of raised funds during the period Investment Amount During the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment Amount in Reporting Period | 167,427,265.19 | | Investment Amount in Prior Year Period | 697,457,153.13 | | Change | -75.99% | - The company did not use any raised funds during the reporting period[100] - Entrusted wealth management overview: Bank wealth management products, own funds, amount of RMB 5 million, outstanding balance of RMB 0[101][102] - The company did not engage in derivative investments for hedging or speculative purposes during the reporting period[102][103] - The company had no entrusted loans during the reporting period[104] VII. Sale of Major Assets and Equity The company did not engage in the sale of major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[105] - The company did not sell any major equity stakes during the reporting period[106] VIII. Analysis of Major Holding and Participating Companies This section details the financial performance of major subsidiaries, several of which reported net losses, impacting overall results Financials of Major Holding and Participating Companies | Company Name | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ruipai Packaging | 40,000,000 | 105,757,423.51 | 1,342,062.08 | 18,160,409.04 | -3,103,502.68 | -3,484,549.99 | | Aikun New Materials | 56,150,000 | 52,233,640.24 | -15,127,898.23 | 15,060,485.40 | -3,258,257.84 | -3,258,257.84 | | Aichuang Packaging | 420,000,000 | 1,199,341,944.83 | 396,710,671.37 | 58,564,840.05 | -10,163,632.89 | -10,163,632.67 | | Ailu New Energy | 50,000,000 | 71,800,939.88 | -18,996,279.77 | 770,467.90 | -8,112,602.17 | -8,112,623.18 | | Aina New Energy | 50,000,000 | 97,826,228.86 | 4,422,465.66 | 7,998,025.73 | -15,358,529.00 | -15,358,529.00 | - The company did not acquire or dispose of any subsidiaries during the reporting period[108] IX. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[109] X. Risks and Countermeasures The company faces risks from concentrated procurement, industry volatility, and new business uncertainties, but has implemented countermeasures - Risk: The company's main production lines and equipment are largely sourced from the German company W&H, posing risks of procurement concentration and fixed asset impairment[109][110] - Countermeasure: Cultivating an in-house technical team to reduce reliance on W&H and actively developing cooperation with domestic equipment suppliers[110] - Risk: The downstream market for composite plastic packaging products is affected by the sluggish discretionary consumer market, posing risks to performance and profitability[111] - Countermeasure: The company has optimized performance, reduced weight and cost, and updated materials for its composite plastic packaging, successfully developing homogeneous material structures for cheese slices and exploring new applications[111] - Risk: The new photovoltaic business (backsheet films and composite frames) is a technology-intensive industry with high volatility in raw material costs and gross margins, facing technical, market, operational, policy, and credit risks[112] - Countermeasure: The company is engaged in product iteration and new product co-development to create products with enhanced durability and lightweight features, while improving production efficiency and market expansion through industry research and technical innovation[112] - Risk: The implementation of investment projects funded by convertible bonds may face risks such as ineffective management and insufficient market development, leading to project delays or an inability to absorb new capacity[113] - Countermeasure: The company is intensifying market development efforts, building professional sales teams, actively exploring new customer groups, and deepening strategic cooperation with existing core clients to secure letters of intent in advance[113] - Risk: The company's overseas sales are geographically dispersed, and changes in political, economic, or trade policies in key overseas countries could adversely affect its export business[114] - Countermeasure: Since 2024, the company has implemented a "paper bag export" strategy, expanding its overseas market presence through various channels, resulting in a 14.11% YoY increase in overseas operating revenue in H1 2025[115] XI. Record of Investor Relations Activities The company did not host any investor relations activities such as research visits, communications, or interviews during the period - The company did not host any research visits, communications, interviews, or other related activities during the reporting period[116] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[117] - The company has not disclosed a valuation enhancement plan[118] XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[119] Section 4 Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management 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, and senior management during the reporting period; for details, please refer to the 2024 annual report[122] II. Profit Distribution and Capitalization of Capital Reserves for the Reporting Period The company does not plan to distribute profits or capitalize capital reserves for the first half of the year - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[123] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company granted 5.92 million restricted stock units to 27 employees under its equity incentive plan Equity Incentive Summary | Indicator | Content | | :--- | :--- | | Incentive Method | Class II Restricted Stock | | Initial Grant Date | April 12, 2024 | | Initial Grant Quantity | 5.92 million shares | | Grant Price | RMB 5.21 per share | | Number of Recipients | 27 individuals | | Reserved Restricted Stock | 1.10 million shares | - The equity incentive plan has been approved by the Board of Directors and Supervisory Committee, with independent directors soliciting votes, and has undergone internal publicity before being approved by the shareholders' meeting[124][125][126] - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[127] IV. Environmental Information Disclosure The company and its main subsidiaries are not listed as enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[127] V. Social Responsibility The company integrates social responsibility into its operations, focusing on stakeholder interests, employee welfare, and sustainable development - The company adheres to laws and regulations to improve its corporate governance and internal management systems, safeguarding the interests of minority investors and ensuring annual cash dividends are no less than 10% of distributable profits[128] - The company has established a scientific and efficient compensation and performance appraisal system, provides regular and specialized training, career development planning, and has set up communication channels like employee suggestion boxes and grievance procedures[130] - The company is committed to green and sustainable development, promoting materials like 100% virgin wood pulp degradable kraft paper, environmentally friendly starch adhesives, and water-soluble inks, with a goal to achieve full product recyclability by 2025[131] - The company has established a comprehensive supplier evaluation system and adheres to the principle of "integrity management, customer first" to build long-term, stable cooperative relationships[133] - The company actively fulfills its social responsibilities, including scientific and precise prevention and control of public health emergencies, and has made donations for many consecutive years through the Shanghai Charity Foundation's Jinshan District branch[134] - On April 18, 2025, the company reviewed, approved, and disclosed its "2024 Annual Environmental, Social and Governance (ESG) Report"[135] Section 5 Significant Events I. Commitments Fulfilled or Overdue by Relevant Parties No commitments were fulfilled or remained overdue by the company's controlling shareholders, related parties, or the company itself - There were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or remained unfulfilled and overdue at the end of the reporting period[137] II. Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties There was no non-operational occupation of the company's funds by controlling shareholders or other related parties - During the reporting period, there were no instances of non-operational fund occupation of the listed company by its controlling shareholder or other related parties[138] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[139] IV. Appointment and Dismissal of Accounting Firm The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[140] V. Explanation on "Non-standard Audit Report" for the Current Period No "non-standard audit report" was issued for the current reporting period - There is no explanation from the Board of Directors, Supervisory Committee, or Audit Committee regarding a "non-standard audit report" from the accounting firm for the current reporting period[141] VI. Board's Explanation on Prior Year's "Non-standard Audit Report" No explanation was required regarding a "non-standard audit report" from the previous year - There is no explanation from the Board of Directors regarding a "non-standard audit report" from the previous year[141] VII. Bankruptcy and Reorganization Matters The company was not involved in any bankruptcy or reorganization matters during the reporting period - The company was not involved in any bankruptcy or reorganization matters during the reporting period[141] VIII. Litigation Matters The company had no major litigation but was involved in several other legal disputes that have since been resolved - The company had no major litigation or arbitration matters during the reporting period[142] Other Litigation Matters | Case Details | Amount Involved (RMB 10k) | Status | Outcome and Impact | | :--- | :--- | :--- | :--- | | Shanghai Ailu Package Co, Ltd (Plaintiff) vs Wang Lei (Defendant) Contract Dispute | 133.02 | Settled via mediation | Defendant to pay RMB 600k compensation and RMB 14,640.4 legal fees by June 30, 2025, and the remaining RMB 715.6k by Dec 31, 2025 | | Shanghai Aizhixun New Energy Co, Ltd (Plaintiff) vs Shanghai Maikuxiangdian New Energy Technology Co, Ltd et al Lease Contract Dispute | 50.08 | Judgment rendered (Plaintiff won) | Defendant Maikuxiangdian to pay rent, deposits, and overdue fees; Defendant to pay legal fees; other defendants to bear joint liability | | Nantong Aina New Energy Technology Co, Ltd (Plaintiff) vs Jiangsu Jiasheng New Energy Co, Ltd (Defendant) Sales Contract Dispute | 111.34 | Case withdrawn | Defendant paid before judgment, case withdrawn | | Nantong Ailu New Energy Technology Co, Ltd (Plaintiff) vs Jiangsu Jiasheng New Energy Co, Ltd (Defendant) Sales Contract Dispute | 69.7 | Case withdrawn | Defendant paid before judgment, case withdrawn | IX. Penalties and Rectifications The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[143] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller There were no integrity issues concerning the company, its controlling shareholder, or its actual controller - There were no integrity issues concerning the company, its controlling shareholder, or its actual controller during the reporting period[144] XI. Major Related-Party Transactions The company did not engage in any major related-party transactions during the reporting period - The company had no related-party transactions associated with daily operations during the reporting period[145] - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[146] - The company had no joint external investments with related parties during the reporting period[147] - There were no related-party credit or debt transactions during the reporting period[148] - There were no deposits, loans, credit lines, or other financial services between the company and any related finance companies[149][150] - The company had no other major related-party transactions during the reporting period[151] XII. Major Contracts and Their Performance The company has multiple leasing agreements for operations and provides guarantees for its subsidiaries totaling RMB 810 million - The company had no托管 (custodianship) arrangements during the reporting period[152] - The company had no contracting arrangements during the reporting period[153] Leasing Information | Lessee | Lessor | Location | Area (m²) | Lease Term | Rent | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Ailu | Shanghai Haozhou Plastic Packaging Co, Ltd | Warehouse 5, 2185 Tingwei Highway, Shanyang Town, Jinshan | 4,193 | 2024.10.01-2025.10.20 | RMB 440,002.94/quarter | | Ruipai Packaging | Shanghai Handing Industrial Co, Ltd | 988 Shantong Road, Shanyang Town, Jinshan | 5,600 | 2021.04.01-2025.6.30 | Years 1-3: RMB 1,757,840.00/year; Year 4: RMB 1,863,310.00/year | | Ailu New Energy | Pingqian International Modern Industrial Park (Nantong) Co, Ltd | Building A3, 16 Lecheng Road, Nantong Sutong Science & Technology Park | 9,228.51 | 2023.2.1-2028.1.31 | Years 1-3: RMB 664,452.72/quarter; Years 4-5: RMB 764,120.64/quarter | | Nantong Aina New Energy | Pingqian International Modern Industrial Park (Nantong) Co, Ltd | Building A2, 16 Lecheng Road, Nantong Sutong Science & Technology Park | 9,229.22 | 2023.9.1-2028.8.31 | Years 1-2: RMB 226,115.89/month; Years 3-5: RMB 254,726.47/month | Guarantees for Subsidiaries | Guaranteed Party | Guarantee Limit (RMB 10k) | Actual Guarantee Amount (RMB 10k) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shanghai Aichuang Packaging Technology Co, Ltd | 92,100 | 51,500.57 | until 2035-3-29 | No | | Ruipai Packaging Technology (Shanghai) Co, Ltd | 1,000 | 300 | until 2026-5-21 | No | | Total approved guarantee limit for subsidiaries in the period | 93,100 | 51,800.57 | | | | Total approved guarantee limit for subsidiaries at period-end | 81,000 | 51,800.57 | | | | Actual total guarantee amount as a % of net assets | | 34.18% | | | - The company had no major contracts related to daily operations during the reporting period[161] - The company had no other major contracts during the reporting period[161] XIII. Explanation of Other Significant Matters There were no other significant matters requiring explanation during the reporting period - There were no other significant matters requiring explanation during the reporting period[162] XIV. Significant Matters of Company Subsidiaries There were no significant matters related to the company's subsidiaries during the reporting period - There were no significant matters related to the company's subsidiaries during the reporting period[163] Section 6 Changes in Share Capital and Shareholders I. Changes in Share Capital The company's total share capital increased slightly due to convertible bond conversions, with minimal impact on per-share metrics Share Capital Changes | Share Type | Pre-Change Quantity (Shares) | Pre-Change Ratio | Change (+/- Shares) | Post-Change Quantity (Shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 122,121,690 | 28.25% | -1,453,783 | 120,667,907 | 27.91% | | II. Unrestricted Shares | 310,154,012 | 71.75% | 1,455,268 | 311,609,280 | 72.09% | | III. Total Shares | 432,275,702 | 100.00% | 1,485 | 432,277,187 | 100.00% | - In H1 2025, due to the conversion of the "Ailu Convertible Bond," a total of 1,485 shares were converted, increasing the company's total share capital from 432,275,702 to 432,277,187 shares[165] - After the share capital change, the company's basic and diluted earnings per share for H1 2025 remained at RMB 0.007, and net assets per share attributable to common shareholders was RMB 3.51, indicating no significant impact[167] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Start of Period (Shares) | Restricted Shares Released This Period (Shares) | Restricted Shares Added This Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Qin | 7,249,002 | 1,453,783 | 0 | 5,795,219 | Release of executive lock-up shares | II. Securities Issuance and Listing The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[170] III. Number of Shareholders and Shareholdings As of the period-end, the company had 16,567 common shareholders, with the top shareholder holding a 31.16% stake - At the end of the reporting period, the total number of common shareholders was 16,567[171] Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End | Restricted Shares Held | Unrestricted Shares Held | Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Ankang | Domestic Individual | 31.16% | 134,703,476 | 101,027,607 | 33,675,869 | 0 | | Chen Shu | Domestic Individual | 3.99% | 17,258,108 | 13,843,581 | 3,414,527 | 0 | | Wen Zhenyu | Domestic Individual | 2.55% | 11,034,522 | 0 | 11,034,522 | 5,300,000 (Pledged) | | Zhang Qin | Domestic Individual | 1.79% | 7,726,959 | 5,795,219 | 1,931,740 | 0 | | Li Renjie | Domestic Individual | 1.49% | 6,419,972 | 0 | 6,419,972 | 0 | - The company is not aware of any related-party relationships or concerted actions among the top 10 shareholders[172] - Some of the top 10 common shareholders hold shares through both regular and margin securities accounts[174] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[175] V. Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[176] - The company's actual controller did not change during the reporting period[177] VI. Preferred Stock Information The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[178] Section 7 Bond-Related Information I. Corporate Bonds The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[180] II. Company Bonds The company had no company bonds during the reporting period - The company had no company bonds during the reporting period[181] III. Non-financial Enterprise Debt Financing Instruments The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[182] IV. Convertible Corporate Bonds The company issued RMB 500 million in convertible bonds in 2023, with a portion converted to shares during the period - On October 23, 2023, the company issued 5,000,000 convertible corporate bonds ("Ailu Convertible Bonds") with a total fundraising amount of RMB 500 million and a six-year term[183] Convertible Corporate Bond Details | Indicator | Content | | :--- | :--- | | Convertible Bond Name | Ailu Convertible Bond | | Number of Bondholders at Period-End | 6,831 | | Guarantor for the Company's Convertible Bonds | N/A | | Significant Changes in Guarantor's Profitability, Asset Condition, and Credit Status | N/A | Convertible Bond Changes During the Reporting Period | Convertible Bond Name | Pre-Change Amount (RMB) | Conversion (RMB) | Redemption (RMB) | Repurchase (RMB) | Post-Change Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ailu Convertible Bond | 177,963,400.00 | 15,000.00 | 0.00 | 0.00 | 177,948,400.00 | Cumulative Conversion Status | Convertible Bond Name | Total Issuance Amount (RMB) | Cumulative Conversion Amount (RMB) | Cumulative Converted Shares | Unconverted Amount (RMB) | Unconverted Amount as % of Total Issuance | | :--- | :--- | :--- | :--- | :--- | :--- | | Ailu Convertible Bond | 500,000,000.00 | 322,051,600.00 | 31,885,387 | 177,948,400.00 | 35.59% | Historical Adjustments to Conversion Price | Convertible Bond Name | Adjustment Date | Adjusted Price (RMB) | Disclosure Date | Reason for Adjustment | Latest Price at Period-End (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ailu Convertible Bond | May 30, 2024 | 10.10 | May 22, 2024 | Dividend payment of RMB 0.499996 per 10 shares; price adjusted from RMB 10.15 | 10.05 | | Ailu Convertible Bond | June 20, 2025 | 10.05 | June 13, 2025 | Dividend payment of RMB 0.499998 per 10 shares; price adjusted from RMB 10.10 | 10.05 | - The company's interest coverage ratio for the current reporting period was 0.835, a decrease of 79.98% from 4.172 in H1 2024, primarily due to a decline in total profit[193] - Lianhe Credit Rating Co, Ltd maintained the company's long-term corporate credit rating at A+ and the "Ailu Convertible Bond" credit rating at A+, with a stable outlook and no change in rating status[193] V. Consolidated Loss Exceeding 10% of Prior Year-End Net Assets The company's consolidated loss did not exceed 10% of its prior year-end net assets - The company's consolidated loss did not exceed 10% of its prior year-end net assets during the reporting period[194] VI. Key Accounting Data and Financial Indicators for the Past Two Years This section presents key financial metrics for the last two years, showing improved liquidity but a significant drop in profitability Key Accounting Data and Financial Indicators for the Past Two Years | Item | Current Period-End/Current Period | Prior Year-End/Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.39 | 1.27 | 9.45% | | Debt-to-Asset Ratio | 48.46% | 47.70% | 0.76% | | Quick Ratio | 0.87 | 0.80 | 8.75% | | Net Profit after Non-recurring Items | RMB 3.09 million | RMB 47.78 million | -93.54% | | EBITDA to Total Debt Ratio | 6.93% | 7.30% | -0.37% | | Interest Coverage Ratio | 0.835053 | 4.171725 | -79.98% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Section 8 Financial Report I. Audit Report The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[199] II. Financial Statements This section provides the consolidated and parent company financial statements for H1 2025, reflecting the company's financial position and performance Consolidated Balance Sheet (Summary) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 2,930,031,919.54 | 2,934,715,215.12 | | Total Liabilities | 1,420,026,071.17 | 1,399,965,576.75 | | Equity Attributable to Parent Company | 1,515,547,240.33 | 1,531,723,536.02 | | Minority Interest | -5,541,391.96 | 3,026,102.35 | | Total Equity | 1,510,005,848.37 | 1,534,749,638.37 | Consolidated Income Statement (Summary) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 586,278,620.87 | 571,570,970.45 | | Operating Profit | -983,050.61 | 53,857,988.54 | | Total Profit | -1,925,951.84 | 53,862,460.94 | | Net Profit | -5,652,112.50 | 43,637,113.74 | | Net Profit Attributable to Parent Company Shareholders | 2,915,381.81 | 51,645,211.02 | | Minority Interest Loss | -8,567,494.31 | -8,008,097.28 | | Basic Earnings Per Share | 0.007 | 0.13 | | Diluted Earnings Per Share | 0.007 | 0.13 | Consolidated Cash Flow Statement (Summary) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 42,488,298.43 | 91,028,344.64 | | Net Cash Flow from Investing Activities | -154,549,639.29 | -275,681,170.16 | | Net Cash Flow from Financing Activities | 116,923,114.21 | -65,281,320.47 | | Net Increase in Cash and Cash Equivalents | 5,731,863.92 | -248,305,029.96 | III. Company Basic Information This section provides an overview of Shanghai Ailu Package Co, Ltd, its history, share capital, and consolidation scope - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on September 14, 2021, with the stock ticker "Shanghai Ailu"[242] - As of June 30, 2025, the company's total issued share capital is 432.28 million shares, with a registered capital of RMB 432.28 million[242] - The actual controllers of the company are Mr Chen Ankang and his daughter, Ms Chen Xueqi[242] - The scope of the consolidated financial statements includes seven subsidiaries, such as Ruipai Packaging Technology (Shanghai) Co, Ltd and Shanghai Aichuang Packaging Technology Co, Ltd[243] IV. Basis of Preparation for Financial Statements The financial statements are prepared in accordance with Chinese Accounting Standards and on a going concern basis - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the relevant provisions of the CSRC's "Compilation Rules for Information Disclosure by Companies Offering Securities to the Public No 15 - General Provisions on Financial Reports"[244] - These financial statements are prepared on a going concern basis, as the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no major events affecting this ability[245][246] V. Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates, with no significant changes during the period - These financial statements comply with the requirements of the Enterprise Accounting Standards issued by the Ministry of Finance, and truly and completely reflect the consolidated and parent company's financial position as of June 30, 2025, and their operating results and cash flows for the first half of 2025[248] - The company classifies financial assets based on its business model for managing them and their contractual cash flow characteristics into categories measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[265][266] - Fixed assets are depreciated using the straight-line method over their estimated useful lives: 20-30 years for buildings, 3-20 years for machinery, 3-5 years for transportation equipment, and 3-10 years for administrative and other equipment[318][319] - The company recognizes revenue when it has fulfilled its performance obligations in a contract, specifically when the customer obtains control of the relevant goods or services[362] - There were no significant changes in accounting policies or estimates during the reporting period[406] VI. Taxes This section outlines the company's main taxes and applicable rates, including preferential tax treatments for high-tech enterprises Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services revenue | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | VAT and consumption tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 15% to 25% | | Education Surcharge | VAT and consumption tax paid | 3% | | Local Education Surcharge | VAT and consumption tax paid | 2% | | Property Tax | 1.2% of property's original value less 30%, or 12% of rental income | 1.2%, 12% | - Shanghai Ailu Package Co, Ltd and Ruipai Packaging Technology (Shanghai) Co, Ltd are recognized as high-tech enterprises and are subject to a preferential corporate income tax rate of 15%[407][408] - Shanghai Aizhixun New Energy Co, Ltd qualifies as a small and micro enterprise and enjoys a preferential corporate income tax rate of 20%[409] - Shanghai Ailu Package Co, Ltd, Shanghai Aikun New Materials Technology Co, Ltd, and Ruipai Packaging Technology (Shanghai) Co, Ltd are eligible for the VAT super-deduction policy for advanced manufacturing enterprises[410] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, and income components Cash and Cash Equivalents | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 34,303.37 | 34,303.37 | | Bank Deposits | 175,990,490.09 | 170,258,822.13 | | Other Monetary Funds | 2,751.45 | 13,138,243.27 | | Total | 176,027,544.91 | 183,431,368.77 | - At the period-end, RMB 2,555.49 of other monetary funds were restricted, mainly for bank acceptance bill margins, Alipay deposits, and ETC deposits[412] Accounts Receivable and Bad Debt Provision | Item | Period-End Book Balance (RMB) | Period-End Bad Debt Provision (RMB) | Period-End Book Value (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 305,687,436.79 | 19,351,430.40 | 286,336,006.39 | Inventory Classification and Write-down Provision | Item | Period-End Book Balance (RMB) | Period-End Inventory Write-down Provision (RMB) | Period-End Book Value (RMB) | | :--- | :--- | :--- | :--- | | Raw Materials | 148,053,298.86 | 833,178.74 | 147,220,120.12 | | Work in Progress | 60,511,945.03 | 2,145,158.04 | 58,366,786.99 | | Finished Goods | 63,541,624.89 | 6,557,655.29 | 56,983,969.60 | | Revolving Materials | 21,287,428.52 | 0 | 21,287,428.52 | | Goods in Transit | 69,299,790.97 | 3,415,260.34 | 65,884,530.63 | | Consigned Goods | 860,000.60 | 0 | 860,000.60 | | Total | 363,554,088.87 | 12,951,252.41 | 350,602,836.46 | Fixed Assets | Item | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Buildings and Structures | 802,786,185.19 | 664,811,706.51 | | Machinery and Equipment | 599,436,306.69 | 533,554,059.49 | | Transportation Equipment | 7,019,085.27 | 7,657,762.19 | | Administrative and Other Equipment | 24,037,596.83 | 22,746,495.01 | | Total | 1,433,279,173.98 | 1,228,770,023.20 | Construction in Progress | Item | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Equipment to be Installed | 10,727,071.64 | 13,247,684.09 | | Industrial Paper Packaging, Composite Plastic Packaging, and New Materials Production Project | 139,690,607.71 | 265,362,314.59 | | Industrial Paper Packaging, Composite Plastic Packaging, and New Materials Production Project (Phase II) | 125,760,338.99 | 148,711,727.38 | | Photovoltaic Frame Composite Material New Project | 15,642,110.76 | 19,833,235.64 | | Total | 291,820,129.10 | 447,353,956.34 | Short-term Borrowings | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Pledged Loans | 100,000.00 | 1,020,524.40 | | Guaranteed Loans | 3,000,000.00 | 3,000,000.00 | | Credit Loans | 105,441,227.84 | 33,407,567.41 | | Accrued Interest | 64,654.85 | 24,469.65 | | Total | 108,605,882.69 | 37,452,561.46 | Long-term Borrowings | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Credit Loans | 9,750,000.00 | 17,600,000.00 | | Mortgaged and Guaranteed Loans | 504,535,651.89 | 393,132,839.84 | | Total | 514,285,651.89 | 410,732,839.84 | Operating Revenue and Costs | Item | Current Period Revenue (RMB) | Current Period Costs (RMB) | Prior Period Revenue (RMB) | Prior Period Costs (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 584,880,811.69 | 471,464,993.67 | 567,376,560.70 | 423,247,473.05 | | Other Business | 1,397,809.18 | 486,828.07 | 4,194,409.75 | 3,621,862.69 | | Total | 586,278,620.87 | 471,951,821.74 | 571,570,970.45 | 426,869,335.74 | Management Expenses | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 34,671,350.39 | 29,111,540.55 | | Depreciation and Amortization | 11,726,630.29 | 3,466,390.12 | | Service Fees | 5,071,237.74 | 3,359,741.30 | | Right-of-use Asset Depreciation | 2,437,172.22 | 3,229,610.85 | | Share-based Payment Expenses | 2,507,480.00 | 2,823,700.00 | | Utilities | 2,108,770.85 | 1,485,065.74 | | Business Entertainment | 1,174,898.35 | 1,331,420.16 | | Office and Communication | 1,477,549.10 | 1,103,536.47 | | Safety Expenses | 1,160,684.10 | 972,623.39 | | Travel Expenses | 473,949.82 | 858,636.97 | | Vehicle Expenses | 451,899.20 | 452,813.99 | | Recruitment Fees | 423,784.03 | 331,888.94 | | Material Consumption | 494,046.14 | 229,591.79 | | Cleaning and Greening | 263,532.78 | 179,984.45 | | Others | 2,714,406.39 | 2,011,683.19 | | Total | 67,157,391.40 | 50,948,227.91 | Selling Expenses | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 8,526,139.85 | 7,657,589.78 | | Travel Expenses | 991,112.11 | 1,558,459.05 | | Advertising and Promotion | 833,240.25 | 1,424,356.53 | | Courier Fees | 240,354.43 | 274,330.29 | | Office and Communication | 124,127.49 | 190,860.03 | | Depreciation and Amortization | 242,781.21 | 77,207.61 | | Rental Fees | 795,802.79 | 950,958.59 | | Others | 292,547.13 | 343,860.79 | | Total | 12,046,105.26 | 12,477,622.67 | R&D Expenses | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | R&D Expenses | 20,273,973.59 | 20,881,548.43 | | Total | 20,273,973.59 | 20,881,548.43 | Financial Expenses | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Interest Expense | 11,676,195.07 | 15,068,359.19 | | Of which: Lease Liability Interest | 1,068,482.82 | 1,252,931.32 | | Less: Interest Income | 1,027,365.39 | 2,257,051.98 | | Foreign Exchange Gains/Losses | -1,134,571.98 | -1,816,501.38 | | Others | 100,772.47 | 200,006.91 | | Total | 9,615,030.17 | 11,194,812.74 | VIII. R&D Expenditure The company's R&D expenditure for H1 2025 totaled RMB 20.27 million, primarily consisting of employee compensation and material costs R&D Expenditure Breakdown | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 10,803,838.12 | 11,458,672.50 | | Material Consumption | 5,918,868.66 | 7,147,723.46 | | Depreciation and Amortization | 2,326,493.10 | 1,573,823.55 | | Others | 1,224,773.71 | 1,001,895.52 | | Total | 20,273,973.59 | 21,182,115.03 | | Of which: Expensed R&D Expenditure | 20,273,973.59 | 21,182,115.03 | IX. Changes in Consolidation Scope There were no changes to the company's consolidation scope during the reporting period - There were no business combinations involving entities not under common control during the period[632] - There were no business combinations involving entities under common control during the period[633] - There were no transactions or events leading to the loss of control over subsidiaries during the period[634] - There were no other changes in the consolidation scope for other reasons during the period[635] X. Interests in Other Entities This section discloses the company's equity interests in its subsidiaries a