传化智联(002010) - 2025 Q2 - 季度财报

First Section Important Notice, Table of Contents, and Definitions This section provides important notices, the report's table of contents, and definitions of key terms to ensure accurate understanding 1.1 Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which includes forward-looking statements and risk factors, and propose a cash dividend of 0.5 Yuan (tax inclusive) per 10 shares to all shareholders - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or major omissions[4] - All directors attended the board meeting to review this semi-annual report[5] - The profit distribution plan approved by the board of directors is to distribute a cash dividend of 0.5 Yuan (tax inclusive) per 10 shares to all shareholders, based on the total share capital after deducting treasury shares on the equity distribution record date[5] 1.2 Table of Contents This section lists the structured table of contents for the report, covering nine main chapters including important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond-related information, financial reports, and other submitted data - The report's table of contents is clear, comprising nine main chapters that cover comprehensive information on the company's operations, financials, governance, and significant matters[7] 1.3 Definitions This section provides definitions for common terms used in the report, including company name, general meeting of shareholders, board of directors, supervisory board, controlling shareholder, Xu family, regulatory bodies, and currency units, to ensure accurate understanding of the report's content - This section clearly defines key terms used in the report, such as "Company", "Transfar Zhilian", and "Controlling Shareholder", to ensure accuracy of information[10] Second Section Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents key financial data and indicators for the reporting period 2.1 Company Profile Transfar Zhilian Co., Ltd., stock abbreviation "Transfar Zhilian" and stock code 002010, is listed on the Shenzhen Stock Exchange, with Zhou Jiahai as its legal representative, and contact information for the Board Secretary and Securities Affairs Representative is provided Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Transfar Zhilian | | Stock Code | 002010 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Zhou Jiahai | | Board Secretary | Zhu Jiangying | | Securities Affairs Representative | Zhao Lei | 2.2 Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue decreased by 5.38% year-on-year, while net profit attributable to shareholders significantly increased by 76.01%, with basic earnings per share rising to 0.1843 Yuan/share; net cash flow from operating activities decreased by 72.00% year-on-year, and total assets decreased by 3.52% while net assets attributable to shareholders increased by 4.79% Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 12.23 billion | 12.92 billion | -5.38% | | Net Profit Attributable to Shareholders | 509.36 million | 289.39 million | 76.01% | | Net Profit Attributable to Shareholders After Non-Recurring Items | 281.38 million | 249.39 million | 12.82% | | Net Cash Flow from Operating Activities | 124.44 million | 444.44 million | -72.00% | | Basic EPS (CNY/share) | 0.1843 | 0.1047 | 76.03% | | Diluted EPS (CNY/share) | 0.1843 | 0.1047 | 76.03% | | Weighted Average ROE | 2.85% | 1.65% | Increased by 1.2 percentage points | | Period-end Indicators | Current Period-end (CNY) | Prior Year-end (CNY) | Change from Prior Year-end | | Total Assets | 40.36 billion | 41.83 billion | -3.52% | | Net Assets Attributable to Shareholders | 18.08 billion | 17.25 billion | 4.79% | 2.3 Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 227.99 million Yuan, primarily from disposal gains/losses of non-current assets, government subsidies, and reversal of impairment provisions for receivables, with disposal gains/losses of non-current assets being the largest contributor Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 183.76 million | | Government Subsidies Included in Current Profit/Loss | 47.25 million | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 0.78 million | | Reversal of Impairment Provisions for Receivables Subject to Individual Impairment Testing | 7.78 million | | Gains/Losses from Debt Restructuring | -10.92 million | | Other Non-Operating Income and Expenses Apart from the Above | 17.70 million | | Less: Income Tax Impact | 13.40 million | | Impact on Minority Interests (After Tax) | 4.96 million | | Total | 227.99 million | Third Section Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, financial condition, and future outlook, covering key business segments, core competencies, and risk management strategies 3.1 Principal Businesses During the Reporting Period In the first half of 2025, the company achieved operating revenue of 12.26 billion Yuan and net profit attributable to the parent company of 509 million Yuan, a 76.01% year-on-year increase, actively promoting the transformation and upgrading of its logistics segment and high-quality development of its chemical segment, focusing on new productive forces, deep collaboration across the industry chain, and exploring AI technology applications - In the first half of 2025, the company achieved operating revenue of 12.26 billion CNY and net profit attributable to shareholders of 509 million CNY, a year-on-year increase of 76.01%[25] - The logistics segment focused on the transformation and upgrading of highway ports, optimizing business and asset structures, strengthening cash flow, and solidifying its foundation[25] - The chemical segment adhered to a strategy of reform, innovation, and high-quality development, focusing on new productive forces, deeply linking upstream and downstream industrial chains to achieve joint technology research, capacity synergy, and market expansion[25] 3.1.1 Smart Logistics Service Platform The smart logistics service platform business developed steadily, with highway port service revenue of 614 million Yuan and a gross profit margin of 80.48%, enhancing space utilization through exploring less-than-truckload platforms, shared warehouses, and "industry + logistics" models; supply chain logistics services focused on expanding industrial clients, with network freight business revenue of 5.55 billion Yuan and a gross profit margin of 1.89%, continuously improving operational quality; new energy business expanded capacity, adding photovoltaic and charging pile projects, exploring "photovoltaic power station + charging station + energy storage station" low-carbon parks; in technological transformation, digital empowerment of highway port operations and active exploration of AI equipment applications and large AI models to enhance management and services - Smart highway port services achieved operating revenue of 614 million CNY, with a gross profit margin of 80.48%, a year-on-year increase of 1.64 percentage points[26] - Network freight business achieved revenue of 5.55 billion CNY, with a gross profit margin of 1.89%, a year-on-year increase of 0.34 percentage points, and enhanced compliant operational capabilities through AI models[28] - The new energy business added 6 photovoltaic projects and 2 charging pile projects, actively promoting the construction of integrated low-carbon parks featuring "photovoltaic power stations + charging stations + energy storage stations"[28] - Leveraging highway port scenarios, the company explored AI equipment applications (e.g., unmanned logistics vehicles, smart monitoring) and large AI models (e.g., Transfar Xiaozhi) to enhance management and services[29][30] 3.1.2 Chemical Business Transfar Chemical business achieved new operational breakthroughs through strategic and business restructuring, establishing functional chemicals and new materials business units; the functional chemicals unit reformed its marketing, collaborated with Daikin Industries, Ltd. of Japan to develop fluorine-free waterproofing agents, and saw counter-cyclical growth in fiber chemical sales; the new materials unit focused on high-value areas, with synthetic rubber achieving ISCC PLUS certification for bio-based products and polyester resins targeting strategic clients; the company deepened global business integration, with overseas revenue reaching 1.07 billion Yuan, a 42.34% year-on-year increase, and accelerated overseas base layout; the scientific innovation system strengthened core competitiveness, achieving technological breakthroughs in functional chemicals and new materials, and co-establishing innovation platforms with multiple universities and enterprises; supply chain reform actively promoted AI empowerment, enhancing full-process quality management and turnover efficiency; safety and environmental protection foundation strengthened AI technology application, improving overall safety control effectiveness - Transfar Chemical restructured its business segments, establishing a Functional Chemicals Business Unit and a New Materials Business Unit, achieving new operational breakthroughs[31] - During the reporting period, the company's overseas revenue reached 1.07 billion CNY, a year-on-year increase of 42.34%, deepening global business integration and overseas base layout[32] - The company advanced scientific innovation system reform, achieving multiple technological breakthroughs in functional chemicals and new materials, and co-establishing innovation platforms with universities and enterprises[33] - The company deepened smart manufacturing and supply chain reform, actively promoting AI empowerment to achieve full-process quality management and efficiency improvements[34][35] 3.2 Analysis of Core Competitiveness During the reporting period, there were no significant changes in the company's core competitiveness, with details available in the 2024 Annual Report - The company's core competitiveness remained unchanged during the reporting period, consistent with the 2024 Annual Report[36] 3.3 Analysis of Principal Business The company's principal business revenue decreased by 5.38% year-on-year, but operating costs saw a larger decline, leading to structural changes in gross profit margin; logistics industry revenue decreased by 16.67%, while chemical industry revenue increased by 12.96%; network freight platform business and butadiene rubber were major revenue sources, with butadiene rubber revenue growing by 68.37%; net cash flow from operating activities significantly decreased by 72.00%, primarily due to increased procurement expenditures and bill payments Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 12.23 billion | 12.92 billion | -5.38% | | | Operating Cost | 10.39 billion | 11.09 billion | -6.31% | | | Net Cash Flow from Operating Activities | 124.44 million | 444.44 million | -72.00% | Impacted by increased procurement expenditures due to chemical business capacity expansion and increased bill payments this period | | Net Cash Flow from Investing Activities | 246.26 million | -253.02 million | 197.33% | Combined impact of increased net cash recovered from disposal of subsidiaries and long-term assets, and decreased cash paid for acquisition of fixed assets, intangible assets, and other long-term assets | | Net Cash Flow from Financing Activities | -2.04 billion | -776.83 million | -162.42% | Combined impact of increased net repayment of borrowings and repurchase of synthetic shares | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (CNY) | Share of Operating Revenue | Prior Year Amount (CNY) | Share of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Logistics | 6.66 billion | 54.51% | 8.00 billion | 61.90% | -16.67% | | | Chemical | 5.56 billion | 45.49% | 4.92 billion | 38.10% | 12.96% | | By Product | Textile Printing and Dyeing Auxiliaries | 3.58 billion | 29.26% | 3.46 billion | 26.79% | 3.35% | | | Butadiene Rubber | 1.53 billion | 12.54% | 910.66 million | 7.05% | 68.37% | | | Network Freight Platform Business | 5.55 billion | 45.38% | 6.80 billion | 52.65% | -18.45% | | | Smart Highway Port Business | 614.19 million | 5.02% | 613.94 million | 4.75% | 0.04% | | By Region | East China | 7.59 billion | 62.06% | 7.95 billion | 61.54% | -4.58% | 3.4 Analysis of Non-Principal Business During the reporting period, non-principal businesses significantly contributed to total profit, with investment income accounting for 37.91%, primarily from gains/losses on disposal of subsidiaries and associate companies, while asset impairment losses had a negative impact on total profit Impact of Non-Principal Business on Total Profit | Item | Amount (CNY) | Share of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 263.78 million | 37.91% | Mainly from gains/losses on disposal of subsidiaries and associate companies | Gains/losses from disposal of subsidiaries are not sustainable, while those from associate companies are | | Fair Value Change Gains/Losses | 0.54 million | 0.08% | | No | | Asset Impairment | -116.28 million | -16.71% | Mainly from bad debt losses | No | | Non-Operating Income | 23.66 million | 3.40% | Mainly from relocation compensation income | No | 3.5 Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets decreased by 3.52% year-on-year; the asset structure changed, with cash and cash equivalents decreasing by 3.73 percentage points, accounts receivable increasing by 2.58 percentage points, and investment properties increasing by 1.04 percentage points; on the liability side, short-term borrowings decreased by 2.18 percentage points, while long-term borrowings increased by 1.00 percentage point Significant Changes in Asset Composition | Item | Current Period-end Amount (CNY) | Share of Total Assets | Prior Year-end Amount (CNY) | Share of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 4.80 billion | 11.88% | 6.53 billion | 15.61% | Decreased by 3.73 percentage points | | Accounts Receivable | 2.60 billion | 6.44% | 1.61 billion | 3.86% | Increased by 2.58 percentage points | | Investment Properties | 17.85 billion | 44.23% | 18.07 billion | 43.19% | Increased by 1.04 percentage points | | Short-term Borrowings | 4.30 billion | 10.66% | 5.37 billion | 12.84% | Decreased by 2.18 percentage points | | Long-term Borrowings | 6.58 billion | 16.31% | 6.40 billion | 15.31% | Increased by 1.00 percentage point | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 14.37 million | | | | Derivative Financial Assets | | 0.40 million | | | Other Equity Instrument Investments | 396.57 million | | 602.90 million | | Other Non-Current Financial Assets | 695.26 million | | 678.14 million | | Investment Properties | 17.36 billion | | 17.09 billion | | Receivables Financing | 1.60 billion | | 870.18 million | | Total Above | 20.07 billion | 0.40 million | 19.24 billion | 3.6 Analysis of Investment Status During the reporting period, the company completed the acquisition of minority shareholder equity in Zhejiang Transfar Synthetic Materials Co., Ltd., investing 622 million Yuan and increasing its shareholding to 40.33%; in financial asset investments, the company primarily engaged in derivative investments for hedging purposes, effectively mitigating market price fluctuation risks; the overall use of raised funds showed a cumulative total of 2.44 billion Yuan used, with some highway port projects not achieving expected benefits due to changes in operating environment, and the purpose of the Puyang Highway Port project changed to permanently supplement working capital Significant Equity Investments Acquired During the Reporting Period | Name of Investee Company | Principal Business | Investment Method | Investment Amount (CNY) | Shareholding Ratio | Source of Funds | Investment Gains/Losses for the Period (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Transfar Synthetic Materials Co., Ltd. | Production, R&D, and sales of synthetic new materials such as butadiene rubber | Acquisition | 622.38 million | 40.33% | Own funds | 42.67 million | Derivative Investments (for Hedging Purposes) | Type of Derivative Investment | Fair Value Change Gains/Losses for the Period (10,000 CNY) | Cumulative Fair Value Changes Recognized in Equity (10,000 CNY) | Amount Purchased During the Reporting Period (10,000 CNY) | Amount Sold During the Reporting Period (10,000 CNY) | Proportion of Period-end Investment Amount to Company's Period-end Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Futures | 95.11 | 8.56 | 1,675.57 | 1,779.24 | 0.00% | | Total | 95.11 | 8.56 | 1,675.57 | 1,779.24 | 0.00% | Overall Use of Raised Funds | Year of Raising | Method of Raising | Total Raised Funds (10,000 CNY) | Total Used Raised Funds (10,000 CNY) | Proportion of Raised Funds Used | | :--- | :--- | :--- | :--- | :--- | | 2015 | Issuance of shares to specific targets | 2.43 billion | 2.44 billion | 100.30% | | Total | | 2.43 billion | 2.44 billion | 100.30% | - Multiple highway port projects (e.g., Nanchong, Chongqing Shapingba, Changsha) and O2O logistics network platform upgrade projects, as well as the Hangzhou Zhongcheng Logistics Supply Chain Management project, have not yet achieved profitability or met expected benefits due to changes in operating environment or lower-than-expected gross profit margins[63] - The company has changed the use of the "Puyang Highway Port Project" and will permanently use the remaining raised funds of 139.31 million CNY to supplement working capital[64][66] 3.7 Significant Asset and Equity Disposals During the reporting period, the company disposed of 60% equity in Qingdao Transfar Logistics Base Co., Ltd. and equity in Transfar Payment Co., Ltd.; the disposal of Qingdao Logistics Base equity helped introduce state-owned industrial investors, promoting base development and improving company asset quality, with an estimated after-tax gain of 79.69 million Yuan; the disposal of Transfar Payment equity optimized the asset structure and enhanced operational efficiency, with an estimated increase in net profit of 179.95 million Yuan Significant Equity Disposals | Counterparty | Equity Sold | Disposal Date | Transaction Price (10,000 CNY) | Impact of Disposal on the Company | | :--- | :--- | :--- | :--- | :--- | | Qingdao SCO Guoda Industrial Holding Co., Ltd. | 60% equity in Qingdao Transfar Logistics Base Co., Ltd. | February 6, 2025 | 509.53 million | Introduced state-owned industrial investors, empowering base development, improving asset quality and operational efficiency, with an estimated after-tax gain of 79.69 million CNY | | Shanghai Xunhui Information Technology Co., Ltd. | Equity in Transfar Payment Co., Ltd. | March 31, 2025 | 334.80 million | Optimized overall asset structure, enhanced operational efficiency, aligned with company strategic goals, with an estimated increase in net profit of 179.95 million CNY | 3.8 Analysis of Major Holding and Associate Companies This section lists the financial performance of the company's major holding subsidiaries and associate companies with a significant impact (over 10%) on the company's net profit, including Transfar Logistics Group Co., Ltd., Zhejiang Transfar Chemicals Co., Ltd., Zhejiang Transfar Synthetic Materials Co., Ltd., and Chongqing Ant Consumer Finance Co., Ltd. Financial Performance of Major Holding and Associate Companies | Company Name | Company Type | Principal Business | Registered Capital (10,000 CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Transfar Logistics Group Co., Ltd. | Subsidiary | Logistics information services, highway port logistics bases and supporting facilities | 827.55 million | 27.38 billion | 17.32 billion | 6.83 billion | 198.52 million | | Zhejiang Transfar Chemicals Co., Ltd. | Subsidiary | Investment, construction, development, and operation of production and sales of leather and fiber auxiliaries | 471.62 million | 2.42 billion | 808.74 million | 1.73 billion | 88.03 million | | Zhejiang Transfar Synthetic Materials Co., Ltd. | Subsidiary | Production and sales of butadiene rubber | 408 million | 1.49 billion | 916.08 million | 1.54 billion | 105.81 million | | Chongqing Ant Consumer Finance Co., Ltd. | Associate Company | Consumer finance | 23 billion | 306.47 billion | 26.85 billion | 10.04 billion | 1.46 billion | 3.9 Risks Faced by the Company and Countermeasures During the reporting period, there were no significant changes in the risks faced by the company and its countermeasures, with details available in the 2024 Annual Report - The risks faced by the company and its countermeasures remained unchanged during the reporting period, with details available in the 2024 Annual Report[75] 3.10 Implementation of Market Value Management System and Valuation Enhancement Plan The company has formulated a valuation enhancement plan focusing on seven aspects, including deepening its main business, prioritizing shareholder returns, strengthening external communication, enhancing information disclosure, encouraging controlling shareholder增持, establishing long-term incentive mechanisms, and seeking M&A opportunities, aiming to improve the company's investment value and shareholder return capabilities - The company has formulated a valuation enhancement plan, primarily focusing on seven aspects: deepening its main business, prioritizing shareholder returns, strengthening external communication, enhancing information disclosure, encouraging controlling shareholder to increase holdings, establishing long-term incentive mechanisms, and seeking M&A opportunities[76] - The company shares development achievements with investors through a dual-driven approach of "repurchase cancellation and normalized dividends"[84] Fourth Section Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, outlines the profit distribution plan, and reports on environmental information disclosure and social responsibility initiatives 4.1 Changes in Directors, Supervisors, and Senior Management During the reporting period, there was a change in the company's board of directors, with Xin Jinguo leaving due to the expiration of his term and Zhang Guobiao being elected as a director Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Xin Jinguo | Director | Term expired and left office | May 20, 2025 | Re-election | | Zhang Guobiao | Director | Elected | May 20, 2025 | Re-election | 4.2 Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company proposes to distribute a cash dividend of 0.5 Yuan (tax inclusive) per 10 shares to all shareholders, with no bonus shares or capital reserve conversion to share capital; the estimated total cash dividend is 138.20 million Yuan, representing 100% of distributable profits Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Dividend per 10 shares (CNY) (tax inclusive) | 0.5 | | Share capital base for distribution plan (shares) | 2,764,030,908 | | Cash dividend amount (CNY) (tax inclusive) | 138.20 million | | Total cash dividend (including other methods) (CNY) | 138.20 million | | Distributable profit (CNY) | 815.72 million | | Proportion of total cash dividend (including other methods) to total profit distribution | 100% | - The company plans to distribute a cash dividend of 0.5 Yuan (tax inclusive) per 10 shares to all shareholders, based on the total share capital after deducting treasury shares on the equity distribution record date, without converting capital reserves to share capital or issuing bonus shares[80] 4.3 Environmental Information Disclosure The company and its five major subsidiaries are included in the list of enterprises required to disclose environmental information by law; the company is committed to building low-carbon parks, adding 6 photovoltaic projects and 2 charging pile projects, and calculating the carbon footprint of chemical products, with its subsidiary Transfar Synthetic achieving ISCC PLUS certification - The company and its 5 major subsidiaries are included in the list of enterprises required to disclose environmental information by law[82] - The company is committed to building integrated low-carbon parks featuring "photovoltaic power stations + charging stations + energy storage stations", adding 6 photovoltaic projects and 2 charging pile projects during the reporting period[84] - Subsidiary Transfar Synthetic obtained International Sustainability and Carbon Certification (ISCC PLUS), completed the purchase of 12,000 MWh of green certificates, and achieved a green electricity ratio exceeding 10%[84] 4.4 Social Responsibility The company deeply integrates ESG concepts into its development strategy, continuously building six core capabilities, and has disclosed its 5th ESG report, achieving a Wind ESG rating of A; the company fulfills its social responsibilities by reducing logistics costs, caring for truck drivers, and opening channels for disaster relief materials, while strengthening communication with investors and implementing its market value enhancement plan - The company deeply integrates ESG concepts into its development strategy, continuously building six core capabilities including "corporate governance, operational management, organizational culture, technological innovation, capital resources, and globalization", and achieved a Wind ESG rating of A[84] - The company was selected as one of the first typical cases by the National Development and Reform Commission for effectively reducing overall social logistics costs, and launched a "Tribute to Truck Drivers" caring activity at red service stations in highway ports nationwide[84] - The company adheres to a governance tone of "compliance, transparency, and sharing", implements its market value enhancement plan, and shares development achievements with investors through investor relations activities and "repurchase cancellation and normalized dividends"[84] Fifth Section Significant Events This section covers the company's commitments, litigation matters, significant related-party transactions, and major guarantees, providing an overview of key events and their implications 5.1 Commitments The company's actual controller and controlling shareholder made commitments during asset restructuring and initial public offerings or refinancing, including ensuring the independence of the listed company, avoiding horizontal competition, standardizing related-party transactions, and protecting the interests of minority shareholders, all of which were fulfilled on time during the reporting period - The actual controllers Xu Chuanhua, Xu Guanju, Xu Guanbao, and Transfar Group committed to ensuring the independence of the listed company in terms of personnel, finance, organization, assets, and business, and to strictly control related-party transactions[86] - Committed to avoiding horizontal competition with the listed company and ensuring that related enterprises do not engage in businesses that constitute direct or indirect competition[88] - Committed to standardizing related-party transactions with the listed company, adhering to principles of market fairness, impartiality, and openness, and fulfilling information disclosure obligations[88] - All commitments were fulfilled on time during the reporting period[88] 5.2 Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters; other litigation cases, where the company or its subsidiaries were plaintiffs or defendants, did not meet the disclosure threshold for significant litigation, involving amounts of 569.33 million Yuan and 145.25 million Yuan respectively, and are currently progressing as per procedure with no significant impact on the company's production and operations - The company had no significant litigation or arbitration matters during this reporting period[93] Summary of Other Litigation Matters | Basic Information of Litigation/Arbitration | Amount Involved (10,000 CNY) | Whether Provision for Liabilities Formed | Progress of Litigation/Arbitration | Outcome and Impact of Litigation/Arbitration | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation cases where the company or its subsidiaries were plaintiffs, not meeting the disclosure threshold for significant litigation | 569.33 million | No | Progressing as per litigation/arbitration procedures, some cases are not yet closed, closed cases are being executed as per procedure | No significant impact on the company's production and operations | | Summary of other litigation cases where the company or its subsidiaries were defendants, not meeting the disclosure threshold for significant litigation | 145.25 million | No | Progressing as per litigation/arbitration procedures, some cases are not yet closed, closed cases are being executed as per procedure | No significant impact on the company's production and operations | 5.3 Significant Related-Party Transactions During the reporting period, the company engaged in multiple daily operating related-party transactions with associated parties, including purchasing goods/receiving services and selling goods/providing services, all conducted at market prices; in terms of asset or equity acquisitions, the company acquired a portion of equity in Zhejiang Transfar Synthetic Materials Co., Ltd. held by an associated party; additionally, the company had financial business dealings with its controlling shareholder, Transfar Group Finance Co., Ltd., including deposits, loans, and credit lines Related-Party Transactions Related to Daily Operations (Purchases/Receipt of Services) | Related Party | Content of Related-Party Transaction | Amount of Related-Party Transaction (10,000 CNY) | Pricing Principle for Related-Party Transaction | | :--- | :--- | :--- | :--- | | Transfar Group Co., Ltd. | Purchase of goods, receipt of services | 109.92 million | At market price | | Zhejiang Transfar Daily Necessities Co., Ltd. | Purchase of goods, receipt of services | 0.97 million | At market price | | Total | | 314.11 million | | Related-Party Transactions Involving Asset or Equity Acquisitions and Disposals | Related Party | Type of Related-Party Transaction | Content of Related-Party Transaction | Transfer Price (10,000 CNY) | Transaction Gains/Losses (10,000 CNY) | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Transfar Sci-Tech Equity Investment Fund Partnership (Limited Partnership) | Equity acquisition | Acquisition of equity in Zhejiang Transfar Synthetic Materials Co., Ltd. held by Transfar Sci-Tech Fund | 430.54 million | 0 | Dealings with Related Financial Companies | Related Party | Type of Dealing | Beginning Balance (10,000 CNY) | Total Deposits/Loans/Transactions for the Period (10,000 CNY) | Ending Balance (10,000 CNY) | | :--- | :--- | :--- | :--- | :--- | | Transfar Group Finance Co., Ltd. | Deposit business | 1.70 billion | 24.35 billion (Deposited) | 1.30 billion | | Transfar Group Finance Co., Ltd. | Loan business | 1.71 billion | 470 million (Loaned) | 1.19 billion | | Transfar Group Finance Co., Ltd. | Credit line business | | 127.11 million (Actual amount incurred) | | 5.4 Significant Guarantees During the reporting period, the company and its subsidiaries' external guarantees primarily involved guarantees for subsidiaries, with the total guarantee amount accounting for 16.77% of the company's net assets; among these, the balance of debt guarantees provided to guaranteed parties with an asset-liability ratio exceeding 70% was 56.29 million Yuan External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Name of Guaranteed Party | Guarantee Limit (10,000 CNY) | Actual Guarantee Amount (10,000 CNY) | Type of Guarantee | Whether Fulfilled | Whether Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Asset Pool Business | 1.50 billion | 0 | Joint and several liability guarantee | No | No | | Bill Pool Business | 2.00 billion | 184.26 million | Joint and several liability guarantee | No | No | Guarantees by the Company for its Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 CNY) | Actual Guarantee Amount (10,000 CNY) | Type of Guarantee | Whether Fulfilled | Whether Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Transfar Synthetic Materials Co., Ltd. | 246 million | 0 | Joint and several liability guarantee | No | No | | Transfar Logistics Group Co., Ltd. | 415 million | 413 million | Joint and several liability guarantee | No | No | | Transfar Logistics Group Co., Ltd. | 550 million | 200 million | Joint and several liability guarantee | No | No | | Total Approved Guarantee Limit for Subsidiaries at Period-end | 10.61 billion | 1.63 billion | | | | | Proportion of Total Company Guarantees to Company's Net Assets | | 16.77% | | | | | Balance of Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | | 562.90 million | | | | Sixth Section Share Changes and Shareholder Information This section details the changes in the company's share capital and provides an overview of its shareholder structure, including the top ten shareholders and their holdings 6.1 Share Changes During the reporting period, the company's restricted shares decreased by 210,000 shares, while unrestricted shares increased by 210,000 shares, with the total share capital remaining unchanged; the change in restricted shares was primarily due to the release of lock-up shares held by directors, supervisors, and senior management Share Changes | Type of Share | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 7,200,902 | 0.26% | -210,000 | 6,990,902 | 0.25% | | II. Unrestricted Shares | 2,780,769,606 | 99.74% | 210,000 | 2,780,979,606 | 99.75% | | III. Total Shares | 2,787,970,508 | 100.00% | 0 | 2,787,970,508 | 100.00% | Changes in Restricted Shares | Shareholder Name | Beginning Restricted Shares (shares) | Shares Released from Restriction This Period (shares) | Ending Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Li Shaobo | 420,000 | 105,000 | 315,000 | Locked-up shares of directors, supervisors, and senior management | | Fu Youlin | 420,000 | 105,000 | 315,000 | Locked-up shares of directors, supervisors, and senior management | | Total | 7,200,902 | 210,000 | 6,990,902 | | 6.2 Number of Shareholders and Shareholding Information At the end of the reporting period, the company had a total of 43,672 common shareholders; among the top ten shareholders, Transfar Group Co., Ltd. held 54.21% of the shares, serving as the controlling shareholder, with Xu Guanju and Xu Guanbao as its contributors; the company's special repurchase securities account held 23,939,600 shares, intended for cancellation - The total number of common shareholders at the end of the reporting period was 43,672[122] Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Transfar Group Co., Ltd. | Domestic non-state-owned legal person | 54.21% | 1,511,496,764 | 0 | 1,511,496,764 | | Xu Guanju | Domestic natural person | 2.28% | 63,565,126 | 0 | 63,565,126 | | Luo Ruijia | Domestic natural person | 1.79% | 50,000,000 | 0 | 50,000,000 | | Xu Guanbao | Domestic natural person | 1.31% | 36,630,754 | 0 | 36,630,754 | | Hong Kong Securities Clearing Company Limited | Overseas legal person | 0.80% | 22,381,180 | 0 | 22,381,180 | - The company's special repurchase securities account holds 23,939,600 shares, accounting for approximately 0.86% of the company's current total share capital, intended for cancellation[123] Seventh Section Bond-Related Information This section confirms that there were no bond-related matters for the company during the reporting period 7.1 Bond-Related Information During the reporting period, the company had no bond-related matters - The company had no bond-related matters during the reporting period[129] Eighth Section Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial statement items 8.1 Audit Report The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[131] 8.2 Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation - This section includes the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[132][137][140][143][147][150][152][158] 8.3 Company Basic Information Transfar Zhilian Co., Ltd. was established on July 6, 2001, listed on the Shenzhen Stock Exchange on June 29, 2004, with a registered capital of 2,787,970,508.00 Yuan; the company's principal businesses cover fine chemical industry and logistics services, with a wide range of operations including manufacturing and sales of specialized chemical products, information technology consulting services, software development, park management, and road freight transport - The company was established on July 6, 2001, listed on the Shenzhen Stock Exchange on June 29, 2004, with a registered capital of 2,787,970,508.00 CNY[164][165] - The company's principal businesses are in the fine chemical industry and logistics services, with a business scope including manufacturing and sales of specialized chemical products, information technology consulting services, software development, park management services, and road freight transport[166] 8.4 Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that raise significant doubts about its ability to continue as a going concern for the 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[168] - There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[169] 8.5 Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates for financial instrument impairment, depreciation of fixed assets, amortization of intangible assets, revenue recognition, and investment properties, and clarifies the method for determining materiality standards; the company adheres to enterprise accounting standards and provides detailed explanations for business combinations, cash and cash equivalents, foreign currency transactions, financial instruments, receivables, inventories, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred tax assets/liabilities, leases, safety production fees, and segment reporting - The company has formulated specific accounting policies and estimates for financial instrument impairment, depreciation of fixed assets, amortization of intangible assets, revenue recognition, and investment properties, based on its actual production and operational characteristics[170] - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[171] - The company has clarified materiality standards, for example, significant individually impaired accounts receivable exceeding 10 million CNY[175] - The company classifies, recognizes, measures, and derecognizes financial assets and liabilities, and performs impairment testing based on expected credit losses[185][201] - The company's revenue recognition principles are based on the point in time or period over which performance obligations are satisfied, and revenue is measured at the transaction price allocated to each distinct performance obligation[275][277] 8.6 Taxation The company's main taxes include VAT, consumption tax, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, and local education surcharge; the company and several subsidiaries enjoy corporate income tax preferential policies for high-tech enterprises, western development, and small and micro enterprises, as well as consumption tax exemption for energy-saving and environmentally friendly coatings and "three-year exemption, three-year half reduction" for photovoltaic power generation projects Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | VAT | Revenue from sales of goods and taxable services | 5%, 6%, 9%, 13% (Overseas 5%-21%) | | Consumption Tax | Taxable sales amount (volume) | 4% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | - Several of the company's subsidiaries enjoy corporate income tax incentives for high-tech enterprises, paying tax at a rate of 15%[311][312] - Nanchong Transfar Highway Port Logistics Co., Ltd., Yibin Transfar Highway Port Logistics Co., Ltd., and Liuzhou Transfar Highway Port Logistics Co., Ltd. enjoy Western Development tax incentives, paying corporate income tax at a rate of 15%[313] - Several subsidiaries enjoy corporate income tax incentives for small and micro enterprises, paying corporate income tax at a rate of 20%[314][315] - Transfar Coatings Company's production of energy-saving and environmentally friendly coatings is exempt from consumption tax[315] - Photovoltaic power generation projects by Hangzhou Transfar New Energy Technology Co., Ltd. and others qualify for the national key support public infrastructure project corporate income tax "three-year exemption, three-year half reduction" preferential policy[316] 8.7 Notes to Consolidated Financial Statement Items This section provides detailed disclosures of the period-end balances, beginning balances, and changes for each item in the consolidated financial statements, covering cash and cash equivalents, various receivables, inventories, investment properties, fixed assets, intangible assets, goodwill, various liabilities, and owners' equity; specifically, cash and cash equivalents amounted to 4.80 billion Yuan, accounts receivable to 2.60 billion Yuan, and investment properties to 17.85 billion Yuan at period-end; on the liability side, short-term borrowings were 4.30 billion Yuan and long-term borrowings were 6.58 billion Yuan at period-end; total owners' equity attributable to the parent company was 18.08 billion Yuan; operating revenue for the period was 12.23 billion Yuan, operating cost was 10.39 billion Yuan, and net profit was 548 million Yuan; additionally, important information such as restricted assets, related-party balances, and government grants is disclosed Period-end Balances of Selected Consolidated Financial Statement Items | Item | Ending Balance (CNY) | | :--- | :--- | | Cash and Cash Equivalents | 4.80 billion | | Accounts Receivable | 2.60 billion | | Inventories | 1.34 billion | | Investment Properties | 17.85 billion | | Fixed Assets | 2.05 billion | | Short-term Borrowings | 4.30 billion | | Long-term Borrowings | 6.58 billion | | Total Owners' Equity Attributable to Parent Company | 18.08 billion | | Operating Revenue | 12.23 billion | | Operating Cost | 10.39 billion | | Net Profit | 548.31 million | - The company's total restricted assets at period-end amounted to 7.09 billion CNY, primarily including cash and cash equivalents, inventories, fixed assets, intangible assets, accounts receivable, receivables financing, and investment properties, used for deposits, pledges, or mortgage guarantees[471] - This period, the disposal of subsidiaries generated investment income of 183 million CNY, from the disposal of 60% equity in Qingdao Transfar Logistics Base Co., Ltd. and equity in Transfar Payment Co., Ltd.[577][578] - The company received government grants of 81.77 million CNY, primarily for asset-related government grants, with 33.52 million CNY recognized in other income this period[521][553] 8.8 Research and Development Expenses During the reporting period, the company's total R&D investment was 238.10 million Yuan, a year-on-year decrease of 6.08%; of this, expensed R&D expenditures were 227.60 million Yuan, and capitalized R&D expenditures were 10.50 million Yuan, with employee compensation and material/energy consumption being the main components of R&D expenditures Composition of R&D Expenses | Item | Amount Incurred This Period (CNY) | Amount Incurred Last Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 107.20 million | 145.71 million | | Material Consumption and Energy | 108.83 million | 89.23 million | | External Consulting and Intermediary Fees | 6.39 million | 4.67 million | | Depreciation and Amortization | 5.31 million | 5.02 million | | Office Expenses, Travel Expenses, Vehicle Expenses | 5.08 million | 2.26 million | | Lease Expenses | 2.93 million | 2.45 million | | Business Entertainment Expenses | 1.31 million | 1.36 million | | Other | 1.06 million | 2.84 million | | Total | 238.10 million | 253.53 million | | Of which: Expensed R&D Expenditures | 227.60 million | 235.38 million | | Capitalized R&D Expenditures | 10.50 million | 18.14 million | 8.9 Changes in Consolidation Scope During the reporting period, the company disposed of all equity in Zhejiang Transfar Xingguang New Materials Co., Ltd. and Transfar Payment Co., Ltd., losing control; concurrently, the company established Yichang Transfar Industrial Park Operation Management Co., Ltd. and deregistered several subsidiaries including Zhejiang Transfar Green Smart Manufacturing Technology Development Co., Ltd. Disposal of Subsidiaries | Subsidiary Name | Disposal Proportion | Disposal Price (CNY) | Time of Loss of Control | Net Assets of Subsidiary at Loss of Control Date (CNY) | Investment Income from Disposal of Investment (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Transfar Xingguang New Materials Co., Ltd. | 100.00% | 5.29 million | February 25, 2025 | 4.46 million | 0 | | Transfar Payment Co., Ltd. | 100.00% | 334.80 million | June 26, 2025 | 179.95 million | 0 | - The company established Yichang Transfar Industrial Park Operation Management Co., Ltd., with a capital contribution of 2.10 million CNY and a shareholding ratio of 100%[601] - The company deregistered several subsidiaries, including Zhejiang Transfar Green Smart Manufacturing Technology Development Co., Ltd. and Baotou Transfar Jiaotou Investment Co., Ltd.[601] 8.10 Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associate companies; the company holds important subsidiaries such as Transfar Logistics Group and Transfar Synthetic Materials Co., and maintains control over non-wholly-owned subsidiaries like Transfar Fine Chemical Co. and Transfar Synthetic Materials Co.; regarding associate companies, the company has significant influence over Transfar Group Finance Co., Ltd., Zhejiang Transfar Logistics Base Co., Ltd., and Chongqing Ant Consumer Finance Co., Ltd. Composition of the Enterprise Group (Selected Subsidiaries) | Subsidiary Name | Principal Place of Business | Nature of Business | Shareholding Ratio (Direct) | Shareholding Ratio (Indirect) | | :--- | :--- | :--- | :--- | :--- | | Transfar Logistics Group | Hangzhou, Zhejiang | Logistics and transportation industry | 100.00% | | | Transfar Synthetic Materials Co. | Jiaxing, Zhejiang | Manufacturing | 91.17% | | | Zhejiang Transfar Tiansong New Materials Co., Ltd. | Pinghu, Zhejiang | Manufacturing | | 100.00% | | Transfar Chemicals Co. | Hangzhou, Zhejiang | Manufacturing | 100.00% | | - The company holds 5.01% equity in Chongqing Ant Consumer Finance Co., Ltd., and is classified as an associate company due to its ability to participate in operating decisions by appointing directors[610] Summarized Financial Information of Significant Associate Companies (Period-end) | Item | Transfar Group Finance Co., Ltd. | Zhejiang Transfar Logistics Base Co., Ltd. | Chongqing Ant Consumer Finance Co., Ltd. | | :--- | :--- | :--- | :--- | | Total Assets | 5.47 billion | 703.57 million | 306.47 billion | | Total Liabilities | 4.31 billion | 53.89 million | 279.62 billion | | Owners' Equity Attributable to Parent Company | 1.15 billion | 612.65 million | 26.85 billion | | Net Profit | 35.83 million | 5.08 million | 1.46 billion | | Dividends Received from Associate Companies This Period | 17.62 million | 92.00 million | 30.65 million | 8.11 Government Grants At the end of the reporting period, government grants recognized as receivables amounted to 1.36 billion Yuan, primarily for highway port platform operating subsidies and logistics subsidies; deferred income related to government grants had a period-end balance of 868 million Yuan; total government grants recognized in profit or loss for the period were 344 million Yuan, mainly including highway port platform operating subsidies, project subsidies, and fiscal interest subsidies - At the end of the reporting period, government grants recognized as receivables amounted to 1.36 billion CNY, primarily for highway port platform operating subsidies and logistics subsidies[615] Liability Items Related to Government Grants | Account Title | Beginning Balance (CNY) | New Grants Added This Period (CNY) | Amount Transferred to Other Income This Period (CNY) | Ending Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 854.67 million | 81.77 million | 33.52 million | 868.04 million | Asset-related | Government Grants Recognized in Current Profit or Loss | Account Title | Amount Incurred This Period (CNY) | Amount Incurred Last Period (CNY) | | :--- | :--- | :--- | | Other Income | 111.89 million | 127.35 million | | Cost of Principal Business | 231.76 million | 272.55 million | | Financial Expenses | 0.32 million | | | Total | 343.97 million | 399.90 million | - Highway port platform operating subsidies of 231.76 million CNY were offset against operating costs, used to compensate for network freight platform business costs[619] 8.12 Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk); to manage credit risk, the company conducts credit assessments of customers and monitors receivables; liquidity risk is controlled through various financing methods and optimizing financing structure; interest rate risk is primarily associated with floating-rate bank borrowings, while foreign exchange risk is managed by buying and selling foreign currencies to maintain an acceptable net exposure; the company engages in futures derivative transactions for hedging purposes, effectively mitigating commodity price fluctuation risks - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[620] - The company effectively mitigated risks arising from significant fluctuations in spot market prices for product inventory and raw materials in transit through butadiene rubber hedging derivatives, stabilizing its production and operations[635] - As of June 30, 2025, the company's floating-rate bank borrowings amounted to 13.01 billion CNY, and a 50 basis point change in interest rates would not have a significant impact on total profit and shareholders' equity[633] Financial Liabilities Classified by Remaining Maturity (Period-end) | Item | Carrying Amount (CNY) | Undiscounted Contractual Amount (CNY) | Within 1 Year (CNY) | 1-3 Years (CNY) | Over 3 Years (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Borrowings (including those due within one year) | 14.95 billion | 15.66 billion | 8.38 billion | 4.95 billion | 2.34 billion | | Notes Payable | 713.78 million | 713.78 million | 713.78 million | | | | Accounts Payable | 1.21 billion | 1.21 billion | 1.21 billion | | | | Other Payables | 656.95 million | 656.95 million | 656.95 million | | | | Lease Liabilities (including those due within one year) | 279.98 million | 326.34 million | 74.56 million | 77.61 million | 174.17 million | | Long-term Payables (including those due within one year) | 434.05 million | 437.41 million | 75.10 million | 147.63 million | 214.68 million | | Other Non-Current Liabilities (including those due within one year) | 107.06 million | 115.26 million | | 115.26 million | | | Subtotal | 18.36 billion | 19.13 billion | 11.12 billion | 5.29 billion | 2.72 billion | 8.13 Disclosure of Fair Value At period-end, the company's total assets measured at fair value amounted to 19.24 billion Yuan, primarily including other equity instrument investments, investment properties, and receivables financing; the fair value of investment properties is mainly determined through appraisals, while the fair value of receivables financing is determined using Level 3 valuation techniques Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | I. Financial Assets Held for Trading | | 189.11 million | 489.03 million | 678.14 million | | III. Other Equity Instrument Investments | 602.90 million | | | 602.90 million | | IV. Investment Properties | | 17.09 billion | | 17.09 billion | | V. Receivables Financing | | | 870.18 million | 870.18 million | | Total Assets Continuously Measured at Fair Value | 602.90 million | 17.28 billion | 1.36 billion | 19.24 billion | - The company's investment properties are valued at fair value using appraisal values[648] - For Level 3 fair value measurement items, cost is considered the best estimate of fair value due to insufficient information to determine fair value[650] 8.14 Related Parties and Related-Party Transactions The company's parent company is Transfar Group Co., Ltd., and the ultimate controlling parties are the Xu Chuanhua, Xu Guanju, and Xu Guanbao father and sons; this section details the company's related-party transactions with its parent company, subsidiaries, joint ventures, associate companies, and other related parties, including purchases and sales of goods, provision and receipt of services, related-party guarantees, asset transfers, debt restructuring, and key management personnel compensation; notably, there are significant deposit, loan, and bill business dealings with Transfar Group Finance Co., Ltd.; the company also acquired a portion of equity in Zhejiang Transfar Synthetic Materials Co., Ltd. held by associated parties through cash payment - The company's parent company is Transfar Group Co., Ltd., and the ultimate controlling parties are the Xu Chuanhua, Xu Guanju, and Xu Guanbao father and sons[651] Related-Party Transactions for Purchases and Sales of Goods, Provision and Receipt of Services (Amount Incurred This Period) | Related Party | Content of Related-Party Transaction | Amount Incurred This Period (CNY) | | :--- | :--- | :--- | | Zhenjiang Jiangnan Chemical Co., Ltd. | Purchase of goods | 26.70 million | | Hangzhou Fenzihui Technology Co., Ltd. | Sale of goods | 72.60 million | | Transfar International Group Co., Ltd. | Sale of goods | 63.26 million | | Transfar Group Finance Co., Ltd. | Provision of services | 0.47 million | The Company as a Guaranteed Party (Related-Party Guarantees) | Guarantor | Guarantee Amount (CNY) | Guarantee Start Date | Guarantee End Date | | :--- | :--- | :--- | :--- | | Transfar Group Co., Ltd. | 519.00 million | January 1, 2025 | June 29, 2026 | | Transfar Group Co., Ltd. | 125.00 million | March 26, 2025 | January 25, 2028 | | Transfar Group Co., Ltd. | 187.50 million | February 18, 2025 | January 20, 2028 | | Total | 1.84 billion | | | - The company a