华谊集团(600623) - 2025 Q2 - 季度财报

Important Notice This section provides critical disclaimers regarding forward-looking statements, significant risks, and the truthfulness, accuracy, and completeness of the unaudited semi-annual report Risk Statement for Forward-Looking Statements Forward-looking statements in this report (e.g., future plans, development strategies) do not constitute a substantive commitment by the company to investors, reminding investors of investment risks - Future plans, development strategies, and other forward-looking statements in this report do not constitute a substantive commitment by the company to investors[3] - Investors are kindly reminded to pay attention to investment risks[3] Significant Risk Warning The company has detailed existing risks in the Management Discussion and Analysis, advising investors to review it - The company has described in detail the existing risks in this report[4] - Please refer to the "Potential Risks" section in Chapter III, Management Discussion and Analysis[4] Statement on the Truthfulness, Accuracy, and Completeness of the Report The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, free from false records, misleading statements, or major omissions, and assume legal responsibility. This report is unaudited - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[5] - All directors of the company attended the board meeting[5] - This semi-annual report has not been audited[5] Section I Definitions This section provides definitions for common terms used throughout the report, covering key entities, products, and business segments Definitions of Common Terms This chapter provides definitions for common terms used in the report, including entity names and detailed explanations of major products or businesses - In this report, unless otherwise specified, the following terms have the meanings set forth below: "Company" refers to Shanghai Huayi Group Corporation Limited, "Controlling Shareholder" and "Shanghai Huayi" refer to Shanghai Huayi Holding Group Co., Ltd[9] - Methanol, acetic acid, and esters include methanol, acetic acid, ethyl acetate, etc., mainly used for manufacturing various organic products and as solvents, antifreeze, fuels, etc[9] - Fluorine-containing materials include various fluorine-containing chemicals such as fluorinated refrigerants, fluoropolymers, and fluorinated fine chemicals, used in petrochemicals, automotive, construction, new energy, display panels, electronics, and aerospace[9] Section II Company Profile and Key Financial Indicators This section presents the company's fundamental information and a summary of its key accounting data and financial performance for the reporting period Company Basic Information This section outlines the company's basic information, including names, legal representative, contact details, addresses, and stock codes Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 上海华谊集团股份有限公司 | | Chinese Abbreviation | 华谊集团 | | English Name | SHANGHAI HUAYI GROUP CORPORATION LIMITED | | Legal Representative | 顾立立 | | Registered Address | 上海市静安区常德路809号 | | Office Address | 上海市静安区常德路809号 | | Information Disclosure Newspapers | 《上海证券报》、《证券日报》、《香港商报》 | | Semi-Annual Report Website | www.sse.com.cn | | A-share Stock Abbreviation | 华谊集团 | | A-share Stock Code | 600623 | | B-share Stock Abbreviation | 华谊B股 | | B-share Stock Code | 900909 | Company's Key Accounting Data and Financial Indicators In the first half of 2025, operating revenue decreased by 2.52% to 24.001 billion yuan, total profit decreased by 26.24% to 705 million yuan, and net profit attributable to parent company increased by 1.50% to 488 million yuan 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) Amount (yuan) | Prior Year (Adjusted) Amount (yuan) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 24,000,605,107.04 | 24,621,683,156.83 | -2.52 | | Total Profit | 704,964,851.88 | 955,788,681.04 | -26.24 | | Net Profit Attributable to Shareholders of Listed Company | 487,751,763.50 | 480,522,131.10 | 1.50 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 402,553,560.89 | 388,902,550.72 | 3.51 | | Net Cash Flow from Operating Activities | 1,016,471,300.09 | 1,944,685,164.10 | -47.73 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 22,248,971,942.90 | 26,178,795,344.56 | -15.01 | | Total Assets (Period-end) | 73,383,444,303.15 | 73,993,130,957.80 | -0.82 | 2025 H1 Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan／share) | 0.23 | 0.23 | 0.00 | | Diluted Earnings Per Share (yuan／share) | 0.23 | 0.23 | 0.00 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan／share) | 0.19 | 0.18 | 5.56 | | Weighted Average Return on Net Assets (%) | 1.85 | 1.82 | Increased by 0.03 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 1.52 | 1.47 | Increased by 0.05 percentage points | - Net cash flow from operating activities decreased primarily due to reduced deposits absorbed by the financial company from non-consolidated entities; excluding these factors, net cash flow was 643 million yuan, a year-on-year increase of 611 million yuan on a comparable basis[19] 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 17,671,515.23 | | Government grants recognized in current profit or loss | 61,697,896.56 | | Gains or losses from changes in fair value of financial assets and liabilities held for trading, and investment income from disposal of financial assets and liabilities | 24,258,681.46 | | Net profit or loss of subsidiaries from the beginning of the period to the consolidation date arising from business combinations under common control | 916,693.53 | | Other non-operating income and expenses apart from the above | 9,086,184.32 | | Other gains and losses that meet the definition of non-recurring gains and losses | 2,790,040.61 | | Less: Income tax impact | 13,004,553.11 | | Minority interests impact (after tax) | 18,218,255.99 | | Total | 85,198,202.61 | Net Profit after deducting Share-based Payment Impact | Indicator | Current Period (Jan-Jun) Amount (yuan) | Prior Year (Adjusted) Amount (yuan) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Net Profit after deducting Share-based Payment Impact | 489,589,716.53 | 484,823,873.06 | 0.98 | Section III Management Discussion and Analysis This section provides a comprehensive review of the company's industry, main business operations, core competitiveness, and key financial performance during the reporting period, alongside an analysis of potential risks Company's Industry and Main Business Overview The company operates in energy chemicals, green tires, advanced materials, fine chemicals, and chemical services, driven by a "manufacturing + service" model and integrated industrial chain - The company primarily engages in five core businesses: energy chemicals, green tires, advanced materials, fine chemicals, and chemical services[27] - It has basically formed a "manufacturing + service" dual-core driven business development model and an integrated upstream and downstream industrial chain system[27] - Products are widely applied across diverse sectors including medicine, agriculture, construction, textiles, new energy vehicles, and aerospace[27] Discussion and Analysis of Operations In the first half of 2025, the company navigated global economic challenges, achieving stable performance by focusing on integration, optimization, digitalization, green transformation, and risk management - Global economic growth faces significant headwinds, persistent geopolitical tensions, and rising tariff barriers, yet China's economy remains stable with rapid export market growth[28] - The chemical industry generally experiences ample supply, with some product price recovery leading to improved profitability[28] - The company continues to advance industrial chain integration, optimize business structure, empower digitalization, drive innovation, and promote low-carbon green transformation[28] - Major projects are accelerating, including the operational Shanghai Chemical Industrial Park syngas project and trial production at San'ai Fu Shaowu Phase II[29] - Digital empowerment is progressing with the "Smart Huayi 2.0" planning, group data governance, and implementation of real-time profit models and intelligent robot inspections[29] - Risk prevention and resolution efforts include strengthening financial control, legal and intellectual property risk prevention, and enhancing credit management and accounts receivable collection[30] - Mechanism innovation continues with professional manager reforms and long-term incentive plans for core personnel, alongside the unlocking of A-share restricted shares (Phase II)[30] Analysis of Core Competitiveness during the Reporting Period The company's core competitiveness stems from its advanced R&D, leading product positions, renowned brands, national and international production bases, integrated industrial chains, strategic partnerships, experienced management, and robust HSE systems - The company possesses advanced R&D facilities, including a national enterprise technology center and a postdoctoral research workstation, driving continuous technological innovation and proprietary new products[31] - Core products such as methanol, acetic acid, acrylic acid and esters, all-steel tires, PVDF, fluororubber, and HFO1234yf hold leading positions in the industry[32] - The company owns a portfolio of renowned brands, including China Famous Brands and China Time-Honored Brands like Double Coin tires, Eye Brand paint, Bee & Flower soap, and Warrior sports shoes[33] - A preliminary national business layout includes chemical production bases across multiple provinces and a large intelligent tire factory in Thailand, demonstrating international development capabilities[34] - Continuous development of an integrated industrial chain and circular economy enhances resource utilization efficiency, reduces costs, and strengthens risk resistance[35] - Extensive multi-faceted cooperation has been established with multinational corporations like BASF and Arkema, as well as domestic leaders such as Baowu and Sinopec[36] - Experienced senior management continuously improves lean production and digital empowerment, leading to multiple national "intelligent manufacturing benchmark enterprises" and China's first "lighthouse factory"[37] - A comprehensive HSE management system is in place, actively building energy efficiency benchmark enterprises and green factories, accelerating low-carbon green transformation, and implementing full-process monitoring of "three wastes" emissions[38] Major Operating Performance during the Reporting Period Operating revenue decreased by 2.52%, net cash flow from operating activities decreased by 47.73% due to financial company deposits, and the asset-liability structure changed significantly due to the San'ai Fu acquisition Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 24,000,605,107.04 | 24,621,683,156.83 | -2.52 | | Operating Cost | 22,124,893,580.22 | 22,358,476,439.81 | -1.04 | | Selling Expenses | 287,483,239.67 | 314,215,902.11 | -8.51 | | Administrative Expenses | 567,539,372.42 | 523,821,344.07 | 8.35 | | Financial Expenses | 163,593,110.74 | 199,998,581.42 | -18.20 | | R&D Expenses | 522,041,271.50 | 530,444,198.20 | -1.58 | | Net Cash Flow from Operating Activities | 1,016,471,300.09 | 1,944,685,164.10 | -47.73 | | Net Cash Flow from Investing Activities | -2,393,372,328.24 | -1,455,322,179.17 | Not Applicable | | Net Cash Flow from Financing Activities | 172,348,072.13 | -478,031,151.08 | Not Applicable | - Net cash flow from operating activities decreased primarily due to reduced deposits absorbed by the financial company from non-consolidated entities; excluding these factors, net cash flow was 643 million yuan, a year-on-year increase of 611 million yuan on a comparable basis[40] - Net cash flow from investing activities showed a significant outflow, mainly due to the financial company's purchase of interbank certificates of deposit in this period[40] - Net cash flow from financing activities turned positive, mainly due to increased project loans[40] Asset and Liability Status Changes | Item Name | Current Period-end Amount (yuan) | Current Period-end % of Total Assets | Prior Year-end Amount (yuan) | Prior Year-end % of Total Assets | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 3,130,168,761.64 | 4.27 | 2,105,042,079.41 | 2.84 | 48.70 | Mainly due to unsettled goods payments within the year-end credit period | | Dividends Receivable | 800,000.00 | 0.00 | 5,444,200.00 | 0.01 | -85.31 | Mainly due to receipt of dividends from investees in this period | | Other Current Assets | 1,735,300,604.98 | 2.36 | 813,501,582.59 | 1.10 | 113.31 | Mainly due to the financial company's purchase of interbank certificates of deposit in this period | | Contract Liabilities | 708,266,755.61 | 0.97 | 1,274,196,693.40 | 1.72 | -44.41 | Mainly due to decrease in advance receipts for goods | | Taxes Payable | 212,568,074.11 | 0.29 | 143,246,759.44 | 0.19 | 48.39 | Mainly due to increase in VAT payable | | Other Payables | 8,088,652,348.25 | 11.02 | 3,297,266,916.93 | 4.46 | 145.31 | Mainly due to the acquisition of San'ai Fu equity under common control in this period, with equity transfer payment yet to be made | | Non-current Liabilities Due Within One Year | 899,612,024.08 | 1.23 | 537,018,752.67 | 0.73 | 67.52 | Mainly due to increase in long-term borrowings due within one year in this period | | Other Current Liabilities | 80,824,160.86 | 0.11 | 123,559,035.86 | 0.17 | -34.59 | Mainly due to decrease in deferred output VAT | | Capital Reserves | 7,184,386,690.41 | 9.79 | 11,291,153,643.21 | 15.26 | -36.37 | Mainly due to retrospective adjustment for the acquisition of San'ai Fu equity under common control in this period | | Less: Treasury Stock | 24,030,248.53 | 0.03 | 102,771,473.00 | 0.14 | -76.62 | Mainly due to repurchase and cancellation of restricted shares in this period | - Overseas assets amounted to 3.035 billion yuan, accounting for 4.14% of total assets[44] - Long-term equity investment balance was 5.578 billion yuan, an increase of 2.65% from the previous year[46] - Major non-equity investment projects include expansion projects for Double Coin Group (Jiangsu) and (Anhui) Tire, Huayi Industrial Gas syngas supply, Guangxi Huayi polymerization inhibitor, butanol and acrylic ester, and epoxy resin new materials[47] - The company completed the acquisition of 60% equity in Shanghai Huayi San'ai Fu New Materials Co., Ltd. on May 7, 2025, enhancing risk resistance and profitability[48][53] - The company approved the transfer of 25% equity in Idemitsu China Co., Ltd. for 320.1308 million yuan on August 8, 2025[50] Key Holding and Investee Company Financial Data (Unit: 10,000 yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Huayi Energy Chemical Co., Ltd. | Subsidiary | Manufacturing, Service, Trade | 404,887.00 | 1,039,193.14 | 749,839.42 | 649,599.26 | 15,948.73 | 10,864.92 | | Shanghai Huayi Fine Chemical Co., Ltd. | Subsidiary | Manufacturing, Wholesale, Transportation | 72,555.95 | 367,406.78 | 301,071.06 | 96,876.76 | 12,810.78 | 12,165.07 | | Shanghai Huayi Group Investment Co., Ltd. | Subsidiary | Investment, Trade, Service, Manufacturing | 123,500.00 | 474,207.18 | 308,179.09 | 221,477.71 | 36,178.92 | 31,165.49 | | Shanghai Tianyuan (Group) Co., Ltd. | Subsidiary | Industrial Investment, Manufacturing, Freight Forwarding, Domestic and International Trade, etc. | 35,217.61 | 104,616.71 | 81,657.05 | 64,733.96 | -478.25 | -579.06 | | Shanghai Huayi Information Technology Co., Ltd. | Subsidiary | Technology Development | 2,148.00 | 29,777.08 | 12,841.66 | 17,988.00 | 433.05 | 372.61 | | Shanghai Huayi New Materials Co., Ltd. | Subsidiary | Manufacturing | 226,834.00 | 490,285.02 | 254,531.03 | 436,631.18 | 5,660.45 | 5,582.31 | | Guangxi Huayi New Materials Co., Ltd. | Subsidiary | Manufacturing | 452,282.00 | 1,228,084.83 | 413,491.54 | 346,596.74 | -18,505.10 | -18,480.71 | | Shanghai Huayi Group Finance Co., Ltd. | Subsidiary | Financial Industry | 100,000.00 | 2,416,128.12 | 193,987.45 | 21,872.34 | 8,878.25 | 7,206.61 | | Shanghai Soap (Group) Co., Ltd. | Subsidiary | Manufacturing | 16,069.03 | 112,185.57 | 91,818.67 | 42,221.87 | 2,380.00 | 2,114.42 | | Double Coin Tire Group Co., Ltd. | Subsidiary | Manufacturing | 349,455.00 | 861,704.70 | 330,193.70 | 555,090.40 | 7,098.78 | 5,715.96 | | Huayi Group (Hong Kong) Co., Ltd. | Subsidiary | Manufacturing, Investment & Financing, Trade | HKD 77,090.26 million | 260,376.70 | 79,142.04 | 193,386.07 | 5,029.50 | 4,980.29 | | Shanghai Huayi Industrial Gas Co., Ltd. | Subsidiary | Manufacturing | 250,925.00 | 433,806.20 | 165,931.02 | 110.81 | -225.56 | -224.16 | | Shanghai Huayi San'ai Fu New Materials Co., Ltd. | Subsidiary | Manufacturing | 258,646.60 | 1,069,527.93 | 643,273.37 | 217,314.70 | 4,409.30 | 277.65 | | BASF Shanghai Coatings Co., Ltd. | Associate | Manufacturing | 60,856.70 | 409,049.01 | 264,220.55 | 229,769.37 | 26,012.26 | 18,776.79 | Potential Risks The company faces global economic uncertainties, tariff disputes, inflation, fiscal deficits, and geopolitical risks, necessitating strategic transformation for high-quality development - Global economic growth faces multiple uncertainties including tariff disputes, inflationary pressures, fiscal deficits, and geopolitical risks[55] - The company will deeply analyze domestic and international economic trends and industrial policy directions, actively exploring opportunities for high-end, intelligent, and green transformation[55] - Cultivate new drivers, enhance competitiveness, and achieve high-quality development for the company[55] Section IV Corporate Governance, Environment, and Society This section details changes in company governance, profit distribution plans, employee incentive measures, environmental disclosures, and efforts in poverty alleviation and rural revitalization Changes in Company Directors and Senior Management During the reporting period, Mr. Li Liangjun was elected as a worker director, and a new board of directors and senior management were appointed Changes in Directors and Senior Management | Name | Position | Change Type | | :--- | :--- | :--- | | Li Liangjun | Worker Director | Election | - On November 28, 2024, Mr. Li Liangjun was elected as a worker director of the eleventh board of directors by the company's employee representative meeting[58] - On March 28, 2025, the company elected its eleventh board of directors and appointed senior management at its second extraordinary general meeting of shareholders and the first meeting of the eleventh board of directors[58] Profit Distribution or Capital Reserve Conversion Plan The company's semi-annual profit distribution plan proposes no distribution or conversion, with zero bonus shares, dividends, and conversion shares per 10 shares Semi-Annual Profit Distribution Plan | Item | Content | | :--- | :--- | | Is there a distribution or conversion | No | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (yuan) (tax inclusive) | 0 | | Number of conversion shares per 10 shares (shares) | 0 | Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures The company completed the listing and circulation of 5,071,733 restricted shares and repurchased and cancelled 8,618,318 restricted shares due to various reasons - On April 15, 2025, the company announced the listing and circulation of 5,071,733 restricted shares from its A-share incentive plan, effective April 18, 2025[62] - On June 19, 2025, the company announced the repurchase and cancellation of 8,618,318 restricted shares, completed on June 23, 2025[62] Environmental Information Disclosure The company has 17 subsidiaries included in the list of enterprises required to disclose environmental information by law, providing inquiry indexes for their reports - The company has 17 subsidiaries included in the list of enterprises required to disclose environmental information by law[63] - Inquiry indexes are provided for each enterprise's environmental information disclosure report, such as Shanghai Sishi Chemical Co., Ltd. and Shanghai Huayi Coatings Co., Ltd[63][64] Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work The company actively fulfills its social responsibility through diverse measures, consolidating poverty alleviation achievements and deeply participating in rural revitalization and social welfare - The Group actively fulfills its social responsibility as a state-owned enterprise, continuously consolidating poverty alleviation achievements and deeply participating in rural revitalization and social welfare through diverse measures[65] - Work teams dispatched by its subsidiary Double Coin Group Xinjiang (Kunlun) Tire Co., Ltd. promoted an annual per capita income increase of over 10% for villagers[65] - Some subsidiaries provided donations to paired assistance villages, sponsored impoverished students, and donated funds and goods to vulnerable groups[65] Section V Significant Matters This section covers the fulfillment of commitments, major litigation, integrity status, significant related-party transactions, and the performance of major contracts Fulfillment of Commitments The controlling shareholder strictly fulfilled commitments to resolve horizontal competition and related-party transactions, ensuring the listed company's independence in all aspects - Controlling shareholder Shanghai Huayi Holding Group Co., Ltd. committed to strictly exercise shareholder rights, minimize related-party transactions, and conduct fair operations based on market principles and fair prices[67] - The controlling shareholder committed to avoid engaging in businesses that constitute substantive horizontal competition with the listed company and its subsidiaries, granting an irrevocable right of first refusal[67] - The controlling shareholder guarantees the listed company's independence in personnel, assets, finance, organization, and business, without interfering with its exercise of powers[67][68] Major Litigation and Arbitration Matters The company's subsidiary faces a U.S. anti-dumping investigation with a recognized provision, and a controlling subsidiary is sued for patent infringement claiming 430 million yuan - The company's subsidiary, China North America Tire Joint Sales Company, faces a U.S. Department of Commerce anti-dumping investigation, for which a provision of 2,000,000.00 US dollars has been recognized, and an appeal has been filed against the ruling[554] - On April 28, 2025, the U.S. Court of Appeals for the Federal Circuit dismissed North America Sales Company's appeal, and the matter is still ongoing[554] - Controlling subsidiary Guangxi Huayi New Materials Co., Ltd. was sued by Arkema for patent infringement, claiming economic compensation totaling 430 million yuan, with the case yet to be heard[70][555] Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity[71] - There were no unfulfilled court judgments or large overdue debts[71] Significant Related-Party Transactions The company engaged in normal business-related party transactions, completed the acquisition of 60% equity in Shanghai Huayi San'ai Fu New Materials Co., Ltd., and conducted financial dealings with related parties - The company's 2025 first extraordinary general meeting of shareholders approved the 2024 actual and 2025 estimated daily related-party transactions, which are normal business activities conducted fairly[72] - The company completed the cash acquisition of 60% equity in Shanghai Huayi San'ai Fu New Materials Co., Ltd. from Shanghai Huayi Holding Group Co., Ltd., with industrial and commercial changes finalized[74] Related-Party Deposit Business (Unit: 10,000 yuan) | Related Party | Relationship | Max Daily Deposit Limit | Deposit Interest Rate Range | Beginning Balance | Current Period Deposits | Current Period Withdrawals | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Huayi Holding Group Co., Ltd. | Controlling Shareholder | None | 0.35%～3.5% | 481,846.21 | 1,359,588.58 | 1,451,679.67 | 389,755.12 | | Shanghai Chlor-Alkali Chemical Co., Ltd. and its subsidiaries | Subsidiary of Controlling Shareholder | 80,000 | 0.35%～3.5% | 79,205.83 | 539,791.90 | 540,379.48 | 78,618.25 | | Shanghai Huayi Group Asset Management Co., Ltd. and its subsidiaries | Subsidiary of Controlling Shareholder | None | 0.35%～3.5% | 169,184.50 | 550,404.05 | 576,927.01 | 142,661.54 | | Shanghai Chemical Research Institute Co., Ltd. and its subsidiaries | Subsidiary of Controlling Shareholder | None | 0.35%～3.5% | 92,698.74 | 284,185.85 | 284,416.93 | 92,467.66 | | Shanghai Huayi Acrylic Acid Co., Ltd. and its subsidiaries | Subsidiary of Controlling Shareholder | None | 0.35%～3.5% | 67,413.37 | 287,685.10 | 288,929.33 | 66,169.14 | | Guangxi Huayi Energy Chemical Co., Ltd. | Subsidiary of Controlling Shareholder | None | 0.35%～3.5% | 139,603.67 | 1,655,700.93 | 1,646,121.21 | 149,183.39 | | Shanghai Huayi Group Financial Leasing Co., Ltd. | Subsidiary of Controlling Shareholder | None | 0.35%～3.5% | 8,033.21 | 213,492.78 | 198,756.35 | 22,769.64 | | Others | Subsidiary of Controlling Shareholder | None | 0.35%～3.5% | 84,620.48 | 253,583.83 | 240,568.71 | 97,635.60 | | Total | / | / | / | 1,122,606.01 | 5,144,433.02 | 5,227,778.69 | 1,039,260.34 | Related-Party Loan Business (Unit: 10,000 yuan) | Related Party | Relationship | Loan Limit | Loan Interest Rate Range | Beginning Balance | Current Period Loans | Current Period Repayments | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Huayi Holding Group Co., Ltd. | Controlling Shareholder | 400,000.00 | 2.11% | 318,600.00 | 199,500.00 | 229,600.00 | 288,500.00 | | Shanghai Chemical Research Institute Co., Ltd. and its subsidiaries | Subsidiary of Controlling Shareholder | 10,000.00 | 1.4%～2.11% | 5,387.45 | 4,056.31 | 4,483.25 | 4,960.51 | | Shanghai Chlor-Alkali Chemical Co., Ltd. and its subsidiaries | Subsidiary of Controlling Shareholder | 419,200.00 | 2.3%～2.65% | 12,122.87 | 85,504.67 | 97,627.54 | 0.00 | | Guangxi Huayi Energy Chemical Co., Ltd. | Subsidiary of Controlling Shareholder | 477,600.00 | 2.2%～2.6% | 290,630.79 | 8,849.53 | 153,583.72 | 145,896.60 | | Total | / | / | / | 626,741.11 | 297,910.51 | 387,666.97 | 536,984.65 | Significant Contracts and Their Performance The company provided external debt guarantees totaling 27.24% of its net assets, including 292 million yuan for related parties and 32.912 million yuan for high-leverage entities Company's External Guarantees (excluding guarantees for subsidiaries) | Guarantor-Guaranteed Party Relationship | Guaranteed Party | Guarantee Amount (USD) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Main Debt Status | Guarantee Fulfilled | Overdue | Related-Party Guarantee | Collateral (if any) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company Headquarters | Shanghai Huayi Holding Group Co., Ltd. | 25,500,000 | 2024/10/21 | 2031/2/15 | Joint and Several Liability Guarantee | Working Capital Loan | No | No | Yes | None | | Company Headquarters | Shanghai Huayi Holding Group Co., Ltd. | 15,300,000 | 2024/10/18 | 2029/4/10 | Joint and Several Liability Guarantee | Working Capital Loan | No | No | Yes | None | | Wholly-owned Subsidiary | Dalian Xinyangguang New Materials Technology Co., Ltd. | 31,810,506.51 (RMB) | 2021/2/9 | 2033/12/29 | Joint and Several Liability Guarantee | Project Loan | No | No | Yes | None | | Wholly-owned Subsidiary | Guangxi Tianyi Environmental Technology Co., Ltd. | 255,151,811.14 (RMB) | 2022/1/14 | 2038/12/21 | Joint and Several Liability Guarantee | Project Loan | No | No | Yes | None | | Wholly-owned Subsidiary | Zhejiang Huahong New Materials Co., Ltd. | 217,971,784.64 (RMB) | 2022/8/16 | 2031/12/31 | Joint and Several Liability Guarantee | Project Loan | No | No | Yes | None | | Wholly-owned Subsidiary | Zhejiang Huahong New Materials Co., Ltd. | 112,523,906.25 (RMB) | 2024/12/25 | 2028/12/25 | Joint and Several Liability Guarantee | Project Loan | No | No | Yes | None | Company's Total Guarantee Amount (including guarantees for subsidiaries) | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantee Amount Incurred During Reporting Period (excluding guarantees for subsidiaries) | -181,791,263.35 | | Total Guarantee Balance at Period-end (A) (excluding guarantees for subsidiaries) | 909,528,888.54 | | Total Guarantee Amount Incurred for Subsidiaries During Reporting Period | 671,062,469.29 | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 5,150,126,794.77 | | Total Guarantee Amount (A+B) | 6,059,655,683.31 | | Total Guarantee Amount as % of Company's Net Assets | 27.24 | | Guarantee Amount Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | 292,070,880.00 | | Debt Guarantee Amount Provided Directly or Indirectly for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 32,912,000.00 | | Total of the Above Three Guarantee Amounts (C+D+E) | 324,982,880.00 | Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, including restricted share movements, and provides an overview of the shareholder structure and director/senior management shareholdings Share Capital Changes The company's total shares decreased by 8,618,318 due to restricted share repurchases and cancellations, resulting in 2,122,831,280 shares outstanding Share Capital Change (Unit: shares) | | Quantity Before Change | Percentage Before Change (%) | Increase/Decrease in This Change (+, -) Subtotal | Quantity After Change | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 21,579,355 | 1.01 | -13,690,051 | 7,889,304 | 0.37 | | 3. Other Domestic Shares | 21,579,355 | 1.01 | -13,690,051 | 7,889,304 | 0.37 | | Of which: Domestic Natural Person Shares | 21,579,355 | 1.01 | -13,690,051 | 7,889,304 | 0.37 | | II. Unrestricted Tradable Shares | 2,109,870,243 | 98.99 | 5,071,733 | 2,114,941,976 | 99.63 | | 1. RMB Ordinary Shares | 1,866,770,243 | 87.58 | 5,071,733 | 1,871,841,976 | 88.18 | | 2. Domestically Listed Foreign Shares | 243,100,000 | 11.41 | 0 | 243,100,000 | 11.45 | | III. Total Shares | 2,131,449,598 | 100 | -8,618,318 | 2,122,831,280 | 100 | - On April 15, 2025, the company announced the listing and circulation of 5,071,733 restricted shares from its A-share incentive plan[87] - On June 19, 2025, the company announced the completion of repurchase and cancellation procedures for 8,618,318 restricted shares[87] Changes in Restricted Shares (Unit: shares) | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Unlocked in Reporting Period | Restricted Shares Increased in Reporting Period | Restricted Shares at End of Period | Reason for Restriction | Unlocking Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | A-share Restricted Stock Incentive Recipients | 21,579,355 | 5,071,733 | -8,618,318 | 7,889,304 | A-share Restricted Stock Incentive Plan | April 18, 2025 | | Total | 21,579,355 | 5,071,733 | -8,618,318 | 7,889,304 | / | / | Shareholder Information As of the reporting period end, the company had 58,033 common shareholders, with Shanghai Huayi Holding Group Co., Ltd. holding 37.80% and Shanghai Guosheng (Group) Co., Ltd. and its concerted parties holding over 13% - As of the end of the reporting period, the total number of common shareholders was 58,033[88] Top Ten Shareholders' Shareholding (Unit: shares) | Shareholder Name (Full Name) | Change During Reporting Period | Shares Held at Period-end | Percentage (%) | Restricted Shares Held | Pledge, Mark, or Freeze Status | Pledge, Mark, or Freeze Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Huayi Holding Group Co., Ltd. | 14,147,242 | 802,524,587 | 37.80 | 0 | None | | State-owned Legal Person | | Shanghai Guosheng (Group) Co., Ltd. | 0 | 281,587,796 | 13.26 | 0 | None | | State-owned Legal Person | | Shanghai State-owned Capital Investment Co., Ltd. | 0 | 106,572,480 | 5.02 | 0 | None | | State-owned Legal Person | | Shanghai Guosheng Group Investment Co., Ltd. | 0 | 29,230,769 | 1.38 | 0 | None | | State-owned Legal Person | | National Social Security Fund 114 Portfolio | 0 | 17,709,400 | 0.83 | 0 | Unknown | | Unknown | | Wang Xiang | -999,945 | 13,000,056 | 0.61 | 0 | Unknown | | Unknown | | Hong Kong Securities Clearing Company Limited | -2,806,429 | 10,649,655 | 0.50 | 0 | Unknown | | Unknown | | Industrial and Commercial Bank of China Co., Ltd. - CSI Shanghai State-owned Enterprise ETF | 394,500 | 8,619,813 | 0.41 | 0 | Unknown | | Unknown | | Wang Xuezhang | 3,134,199 | 7,973,899 | 0.38 | 0 | Unknown | | Unknown | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 742,600 | 6,990,200 | 0.33 | 0 | Unknown | | Unknown | - Shanghai Guosheng (Group) Co., Ltd. is the controlling shareholder of Shanghai Guosheng Group Investment Co., Ltd., forming concerted parties[90] Top Ten Restricted Shareholders' Shareholding and Restrictions (Unit: shares) | No. | Restricted Shareholder Name | Restricted Shares Held | Tradable Date | Newly Tradable Shares | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Wang Xia | 210,934 | | | See explanation | | 2 | Chen Yao | 189,834 | | | | | 3 | Gu Chunlin | 185,600 | | | | | 4 | Chen Dasheng | 139,568 | | | | | 5 | Li Liangjun | 108,268 | | | | | 6 | Xu Liheng | 94,038 | | | | | 7 | Liao Dahai | 91,954 | | | | | 8 | Yang Fang | 91,954 | | | | | 9 | Liu Wenjie | 69,234 | | | | | 10 | Gu Weizhong | 69,234 | | | | Directors and Senior Management Information The shareholdings of several directors and senior management, including Li Liangjun, Gu Chunlin, and others, decreased due to the repurchase and cancellation of restricted shares Changes in Shareholdings of Current and Former Directors and Senior Management during the Reporting Period (Unit: shares) | Name | Position | Shares at Beginning of Period | Shares at End of Period | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Liangjun | Worker Director, Vice President | 395,500 | 319,713 | -75,787 | On June 19, 2025, the company disclosed the "Announcement on the Implementation of Repurchase and Cancellation of Partial Restricted Shares," stating that the company had opened a dedicated repurchase securities account at China Securities Depository and Clearing Corporation Limited Shanghai Branch and applied to China Securities Depository and Clearing Corporation Limited Shanghai Branch to handle the repurchase and cancellation procedures for 8,618,318 restricted shares, which were cancelled on June 23, 2025. (2025-038) | | Gu Chunlin | Vice President | 626,800 | 496,880 | -129,920 | Same as above | | Chen Dasheng | Vice President | 488,800 | 391,103 | -97,697 | Same as above | | Xu Liheng | CFO, Board Secretary | 312,406 | 258,981 | -53,425 | Same as above | | Liu Wenjie | Vice President, Chief Auditor | 207,700 | 159,236 | -48,464 | Same as above | | Gu Weizhong | Vice President | 207,700 | 159,236 | -48,464 | Same as above | Section VII Bond-Related Information This section provides information regarding the company's bond-related activities and status Section VIII Financial Report This comprehensive section includes the audit report, detailed financial statements, company overview, accounting policies, tax information, and extensive notes to the consolidated and parent company financial statements Audit Report This semi-annual report is unaudited - This semi-annual report has not been audited[5] Financial Statements This section presents 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 - The consolidated balance sheet as of June 30, 2025, shows total assets of 73.383 billion yuan, total liabilities of 42.876 billion yuan, and net assets attributable to shareholders of 22.249 billion yuan[101] - The consolidated income statement for the first half of 2025 shows total operating revenue of 24.192 billion yuan, net profit of 521 million yuan, and net profit attributable to parent company shareholders of 488 million yuan[107][109] - The consolidated cash flow statement for the first half of 2025 shows net cash flow from operating activities of 1.016 billion yuan, net cash flow from investing activities of -2.393 billion yuan, and net cash flow from financing activities of 172 million yuan[112][113] Company Overview The company, formerly Shanghai Tire & Rubber (Group) Company, was listed in 1992, operates in chemical manufacturing, and is controlled by Shanghai Huayi Holding Group Co., Ltd - The company's predecessor was Shanghai Tire & Rubber (Group) Company, listed on the Shanghai Stock Exchange in December 1992[122] - As of June 30, 2025, the company's total issued share capital was 2,122,831,280 shares, with a registered capital of 2,122,831,280.00 yuan[126] - The company's industry category is chemical raw materials and chemical products manufacturing, with a business scope including chemical products, plastics, coatings, pigments, dyes, tires, and rubber products[127][128] - The parent company and actual controller are both Shanghai Huayi Holding Group Co., Ltd[129] Basis of Financial Statement Preparation These financial statements are prepared on a going concern basis, using RMB as the functional currency, in accordance with Chinese accounting standards and CSRC regulations - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant regulations of the China Securities Regulatory Commission[132] - The financial statements are prepared on a going concern basis, with the company assessed to have continuous operating ability for 12 months from the reporting period end[133] - The company uses RMB as its functional currency, with an accounting year from January 1 to December 31 and an operating cycle of 12 months[135][136] Significant Accounting Policies and Accounting Estimates This section details the company's significant accounting policies and estimates for financial statements, covering areas like business combinations, financial instruments, revenue recognition, and leases - The company classifies financial instruments upon initial recognition based on business model and contractual cash flow characteristics into amortized cost, fair value through OCI, or fair value through profit or loss[149] - Impairment accounting based on expected credit losses is applied to financial assets measured at amortized cost, debt instruments at fair value through OCI, and financial guarantee contracts[158] - Revenue is recognized when performance obligations are satisfied, meaning when the customer obtains control of related goods or services, either over time or at a point in time[220][222] - For leases other than short-term or low-value assets, the company recognizes right-of-use assets and lease liabilities, depreciating right-of-use assets using the straight-line method[236] Taxation This section outlines the company's main tax types and rates, including VAT, consumption tax, urban maintenance and construction tax, and corporate income tax, with several subsidiaries enjoying preferential tax rates Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services calculated based on tax law, after deducting deductible input VAT | 6%, 9%, 13% | | Consumption Tax | Taxed based on taxable sales revenue | 4% | | Urban Maintenance and Construction Tax | Taxed based on actual VAT and Consumption Tax paid | 1%, 5%, 7% | | Corporate Income Tax | Taxed based on taxable income | 25%, other rates | - Several subsidiaries, including Double Coin Group (Xinjiang) Kunlun Tire Co., Ltd. and Double Coin Group (Jiangsu) Tire Co., Ltd., are high-tech enterprises, applying a 15% corporate income tax rate for 2025[251][252] - Wujiang Dianshanhu Hongding Resort Co., Ltd. and Shanghai Research Institute of Coatings Co., Ltd. enjoy a 20% corporate income tax reduction from 2023 to 2027[252] - Guangxi Huayi New Materials Co., Ltd., as an encouraged industry enterprise in the western region, is exempt from the local share of corporate income tax for 5 years, applying a 9% tax rate[253] Notes to Consolidated Financial Statement Items This section provides detailed explanations for all items in the consolidated financial statements, covering assets, liabilities, equity, income, expenses, and cash flows - Cash and bank balances at period-end were 14.607 billion yuan, a decrease of 8.23% from the beginning of the period[256] - Accounts receivable at period-end were 3.130 billion yuan, an increase of 48.70% from the beginning of the period, mainly due to unsettled goods payments within the year-end credit period[43] - Other payables at period-end were 8.089 billion yuan, an increase of 145.31% from the beginning of the period, mainly due to the unpaid equity transfer payment for the acquisition of San'ai Fu equity under common control in this period[43] - Inventories at period-end book value were 5.699 billion yuan, a decrease of 7.82% from the beginning of the period[300] - Fixed assets at period-end book value were 20.504 billion yuan, a decrease of 6.53% from the beginning of the period[338] - Construction in progress at period-end book value was 8.246 billion yuan, an increase of 21.21%, mainly due to the progress of major projects like Huayi Syngas Supply and San'ai Fu Fluorochemical Industrial Base Phase II[343][345] - Share capital at period-end was 2.123 billion shares, a decrease of 8.6183 million shares, mainly due to the repurchase and cancellation of restricted shares[415][416] - Capital reserves at period-end were 7.184 billion yuan, a decrease of 36.37%, mainly due to retrospective adjustments from the acquisition of San'ai Fu equity under common control and restricted share repurchase[43][419] - Operating revenue for the current period was 24.001 billion yuan, and operating cost was 22.125 billion yuan[428] - R&D expenses for the current period were 522 million yuan, a slight decrease of 1.58% from the same period last year[440] R&D Expenses The company's total R&D expenses for the current period were 522 million yuan, entirely expensed, with no capitalized R&D expenditures R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | R&D Expenses | 522,041,271.50 | 530,444,198.20 | | Total | 522,041,271.50 | 530,444,198.20 | | Of which: Expensed R&D | 522,041,271.50 | 530,444,198.20 | | Capitalized R&D | 0 | 0 | Changes in Consolidation Scope The company incorporated Shanghai Huayi San'ai Fu New Materials Co., Ltd. into its consolidation scope through a common control business combination on June 30, 2025, for 4.092 billion yuan Business Combination under Common Control in the Current Period | Name of Acquiree | Equity Interest Acquired in Business Combination | Basis for Common Control Business Combination | Consolidation Date | Basis for Determining Consolidation Date | Acquiree's Revenue from Beginning of Current Period to Consolidation Date (yuan) | Acquiree's Net Profit from Beginning of Current Period to Consolidation Date (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Huayi San'ai Fu New Materials Co., Ltd. | 60.00% | The company and the acquiree are under common control of Shanghai Huayi Holding Group Co., Ltd. | 2025/6/30 | Completion of industrial and commercial change | 2,173,146,944.17 | 2,776,514.52 | Consolidation Cost | Consolidation Cost | Shanghai Huayi San'ai Fu New Materials Co., Ltd. (yuan) | | :--- | :--- | | --Cash | 4,092,095,793.53 | - On the consolidation date, Shanghai Huayi San'ai Fu New Materials Co., Ltd. had total assets of 10.695 billion yuan, total liabilities of 4.263 billion yuan, and net assets of 6.433 billion yuan[480] Interests in Other Entities The company holds interests in numerous subsidiaries and a significant associate, BASF Shanghai Coatings Co., Ltd., with some joint ventures or associates experiencing excess losses - The company owns numerous subsidiaries such as Double Coin Tire Group Co., Ltd., Shanghai Huayi Energy Chemical Co., Ltd., and Shanghai Huayi Fine Chemical Co., Ltd., with varying equity stakes[482][483][484] - The company controls investees like Shanghai Double Coin Tire Sales Co., Ltd. and Huayi Group (Thailand) Co., Ltd., despite holding half or less of their voting rights[486][487] Key Non-Wholly Owned Subsidiaries' Major Financial Information (Unit: yuan) | Subsidiary Name | Minority Shareholding (%) | Current Period Profit/Loss Attributable to Minority Shareholders | Current Period Dividends Declared to Minority Shareholders | Minority Interests Balance at Period-end | | :--- | :--- | :--- | :--- | :--- | | Anhui Huayi Chemical Co., Ltd. | 6.00 | 6,792,656.89 | 29,978,016.29 | 124,290,417.69 | | Changshu San'ai Fu Zhonghao Chemical New Materials Co., Ltd. | 46.00 | 66,018,220.32 | 0 | 1,285,362,084.72 | | Guangxi Huayi New Materials Co., Ltd. | 40.00 | -73,922,842.40 | 0 | 1,653,966,152.32 | | Shanghai Huayi Industrial Gas Co., Ltd. | 40.00 | -896,636.19 | 0 | 663,724,094.70 | | Shanghai Huayi Group Finance Co., Ltd. | 36.00 | 25,943,793.41 | 27,828,000.00 | 698,354,837.47 | | Shanghai Huayi San'ai Fu New Materials Co., Ltd. | 40.00 | 1,859,820.99 | 0 | 2,883,113,236.81 | - The company's significant associate is BASF Shanghai Coatings Co., Ltd., with a 40.00% equity stake, accounted for using the equity method[494] - Some joint ventures or associates, including Shanghai Shenma Cord Fabric Co., Ltd., have incurred excess losses[498] Government Grants The company received various asset-related and income-related government grants for projects such as relocation, land returns, giant tires, energy optimization, and R&D, positively impacting operating results - Government grants received by the company are classified into asset-related and income-related categories[504] - Asset-related grants include compensation for Huoshan Road relocation, Anhui land return, giant tire projects, technological transformation, fixed asset loan interest subsidies, and intelligent factory integration and application projects[500][501][502][503] - Income-related grants include high-safety power battery cathode materials, patent work pilot unit subsidies, quality awards, energy-saving and emission-reduction funds, and Shanghai manufacturing brand special funds[506][507][508] Risks Related to Financial Instruments This section does not disclose detailed risk management information related to financial instruments, nor does it mention the company's hedging activities or application of hedge accounting Fair Value Disclosure At period-end, total assets measured at fair value were 3.544 billion yuan, primarily comprising financial assets held for trading, other equity instrument investments, notes receivable financing, and other non-current financial assets Fair Value of Assets and Liabilities Measured at Fair Value at Period-End (Unit: yuan) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | | | (I) Financial Assets Held for Trading | 1,600,785,146.05 | | | 1,600,785,146.05 | | (2) Equity Instrument Investments | 261,762,874.36 | | | 261,762,874.36 | | (4) Fund Investments | 1,339,022,271.69 | | | 1,339,022,271.69 | | (III) Other Equity Instrument Investments | | 12,500,000.00 | | 12,500,000.00 | | (VI) Notes Receivable Financing | | 1,193,931,615.24 | | 1,193,931,615.24 | | (VII) Other Non-current Financial Assets | | 736,931,210.21 | | 736,931,210.21 | | Total Assets Measured at Fair Value on a Recurring Basis | 1,600,785,146.05 | 1,943,362,825.45 | | 3,544,147,971.50 | - For listed equity instruments, debt equity instruments, and fund investments, fair value is determined by the closing price on the stock exchange closest to the balance sheet date[514] - Notes receivable financing's fair value is approximately its face value; non-listed company equity investments and fund investments use valuation techniques like net asset value and market comparable methods[515] Related Parties and Related-Party Transactions The company engaged in extensive related-party transactions, including significant purchases and sales of goods, provision of services, intercompany loans, and guarantees, with large outstanding balances at period-end - The ultimate controlling party of the enterprise is Shanghai Huayi Holding Group Co., Ltd[517] - The company engaged in related-party transactions for goods and services, including purchasing 2.527 billion yuan from Guangxi Huayi Energy Chemical Co., Ltd. and selling 363 million yuan to Zhongyan Kunshan Co., Ltd[523][525] - As a lessor, the company provided property leasing services to related parties, recognizing total lease income exceeding 25 million yuan in the current period[532] - As a guarantor, the company provided debt guarantees for consolidated subsidiaries and related parties, with total guarantee amounts exceeding 6 billion yuan[535] - The company had large intercompany loans, with total borrowed amounts exceeding 1.8 billion yuan in the current period[537][538] - At period-end, accounts receivable from related parties totaled over 450 million yuan, accounts payable to related parties totaled over 710 million yuan, and deposits absorbed from related parties totaled over 10.3 billion yuan[542][543][544][545] Share-based Payment The company's equity-settled share-based payment expense was 1.838 million yuan, with 5,071,733 restricted shares unlocked and 8,618,318 repurchased and cancelled Details of Each Equity Instrument (Unit: shares, yuan) | Grantee Category | Current Period Granted Quantity | Current Period Granted Amount | Current Period Exercised Quantity | Current Period Exercised Amount | Current Period Unlocked Quantity | Current Period Unlocked Amount | Current Period Forfeited Quantity | Current Period Forfeited Amount | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Directors, Senior Management, Core Personnel, etc. | | | | | 5,071,733.00 | 19,942,772.00 | 8,618,318.00 | 34,006,653.10 | | Total | | | | | 5,071,733.00 | 19,942,772.00 | 8,618,318.00 | 34,006,653.10 | Share-based Payment Expense for the Current Period (Unit: yuan) | Grantee Category | Equity-Settled Share-based Payment Expense | Prior Period Equity-Settled Share-based Payment Expense | Cash-Settled Share-based Payment Expense | | :--- | :--- | :--- | :--- | | Directors, Senior Management, Core Personnel, etc. | 1,837,953.03 | 4,301,741.96 | | | Total | 1,837,953.03 | 4,301,741.96 | | - The cumulative amount of equity-settled share-based payments recognized in capital reserves was 34,609,026.85 yuan[548] Commitments and Contingencies The company has significant external commitments, primarily collateral for borrowings, and faces contingencies including over 6 billion yuan in debt guarantees and ongoing litigation - The company has significant external commitments, mainly collateral for short-term and long-term borrowings, totaling over 363 million yuan[552] - The company provided debt guarantees for consolidated subsidiaries and related parties, with total guarantee amounts exceeding 6.059 billion yuan[553] - Subsidiary China North America Tire Joint Sales Company faces a U.S. Department of Commerce anti-dumping investigation, with a provision recognized and an appeal filed, and the matter is still ongoing[554] - Controlling subsidiary Guangxi Huayi New Materials Co., Ltd. was sued by Arkema for patent infringement, claiming economic compensation totaling 430 million yuan, with the case yet to be heard[555][556] Post-Balance Sheet Events On August 8, 2025, the company approved the transfer of its subsidiary's 25% equity stake in Idemitsu China Co., Ltd. for 320.1308 million yuan - The company's eleventh board of directors approved the "Proposal on the Transfer of 25% Equity in Idemitsu China Co., Ltd." at its eighth meeting on August 8, 2025[557] - Agreed that its subsidiary, Huayi Group (Hong Kong) Co., Ltd., intends to publicly list and transfer its 25% equity stake in associate Idemitsu China Co., Ltd. through the Shanghai United Assets and Equity Exchange, with a listing price of 320.1308 million yuan[557] Other Significant Matters The company has five reporting segments: Energy Chemical, Advanced Materials, Green Tires, Fine Chemicals, and Other, with disclosed financial information and a negative exchange difference for the period - The company has five reporting segments: Energy Chemical segment, Advanced Materials segment, Green Tires segment, Fine Chemicals segment, and Other segments[559] Financial Information of Reporting Segments (Unit: yuan) | Item | Energy Chemical | Advanced Materials | Green Tires | Fine Chemicals | Other | Inter-segment Eliminations | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | External Transaction Revenue | 6,420,622,556.18 | 7,917,936,497.48 | 5,757,448,114.60 | 3,761,277,504.24 | 334,486,259.24 | 0 | 24,191,770,931.74 | | Net Profit (Net Loss) | 106,407,592.58 | -126,207,492.28 | 106,962,513.76 | 448,659,214.18 | 95,243,468.43 | 110,219,207.28 | 520,846,089.39 | | Total Assets | 14,677,225,845.37 | 27,755,046,101.79 | 10,710,398,869.51 | 10,438,108,210.25 | 51,194,451,414.19 | 41,391,786,137.96 | 73,383,444,303.15 | | Total Liabilities | 5,519,521,391.34 | 12,284,546,900.31 | 6,617,041,539.93 | 2,610,849,482.20 | 30,096,901,897.67 | 14,252,420,149.79 | 42,876,441,061.66 | - The exchange difference recognized in profit or loss for the current period was -5,647,708.16 yuan[562] Notes to Parent Company Financial Statement Major Items This section provides detailed notes for major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue, and investment income - Parent company's accounts receivable at period-end book value was 7,471,563.03 yuan[564] - Parent company's other receivables at period-end were 1,374,588,429.59 yuan, including 334,616,466.09 yuan in dividends receivable and 1,039,971,963.50 yuan in other receivables[571] - Parent company's long-term equity investments at period-end book value were 25,352,885,992.65 yuan, primarily comprising investments in subsidiaries (24,839,948,943.24 yuan) and investments in associates and joint ventures (512,937,049.41 yuan)[586] - Parent company's operating revenue for the current period was 11,729,773.58 yuan, and operating cost was 2,823,822.01 yuan[591] - Parent company's investment income for the current period was 151,751,998.64 yuan, mainly from long-term equity investments accounted for using the cost method and equity method[593] Supplementary Information This section provides supplementary information, including a deta