彩虹集团(003023) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The Board and senior management assure the report's accuracy, highlighting risks like brand counterfeiting, market competition, extreme weather, and distribution models, with no planned dividend or bonus share distribution - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or major omissions[3] - Investors are particularly advised to note risks such as brand counterfeiting, intensified market competition, extreme weather, and the distribution model[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Table of Contents This section provides a complete directory of the semi-annual report, outlining nine main chapters and their starting page numbers for quick navigation Report Chapter Directory | Chapter | Title | Page Number | | :--- | :--- | :--- | | Section I | Important Notice, Table of Contents, and Definitions | 1 | | Section II | Company Profile and Key Financial Indicators | 5 | | Section III | Management Discussion and Analysis | 8 | | Section IV | Corporate Governance, Environment, and Society | 23 | | Section V | Significant Matters | 26 | | Section VI | Share Changes and Shareholder Information | 31 | | Section VII | Bond-Related Matters | 36 | | Section VIII | Financial Report | 37 | | Section IX | Other Submitted Data | 151 | Directory of Reference Documents This section lists the company's reference documents for the reporting period, including signed financial statements and original public disclosures, ensuring information traceability - Reference documents include financial statements signed and sealed by the company's head, the person in charge of accounting, and the head of the accounting department[8] - Reference documents also include the originals of all company files and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[9] Definitions This section defines common terms used in the report, such as company name, subsidiaries, and product types, to ensure accurate understanding of the content - The Company, Rainbow Group refers to Chengdu Rainbow Appliance (Group) Co., Ltd[10] - Household Flexible Heating Appliances refers to small household heating equipment such as electric blankets and electric hand warmers[10] - Online Sales refers to the direct sale of company products to consumers via e-commerce platforms or through internet distributor channels[10] Section II Company Profile and Key Financial Indicators Company Profile This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative, providing an overview for investors Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Rainbow Group | | Stock Code | 003023 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Chengdu Rainbow Appliance (Group) Co., Ltd. | | Legal Representative | Huang Chaowan | Contact Person and Contact Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, for investor communication and inquiries Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Haojun | No. 73, Shunjiang Section, Wuhou Avenue, Wuhou District, Chengdu | 028-85362392 | 028-85373601 | bod@rainbow.com.cn | | Securities Affairs Representative | Ni Fan | No. 73, Shunjiang Section, Wuhou Avenue, Wuhou District, Chengdu | 028-85362392 | 028-85373601 | bod@rainbow.com.cn | Other Information This section states that the company's registered address, office address, website, email, and information disclosure and storage locations remained unchanged during the reporting period, consistent with the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[14] - The securities exchange website and media name/URL for the company's semi-annual report disclosure, as well as the report's storage location, remained unchanged during the reporting period, as detailed in the 2024 annual report[15] Key Accounting Data and Financial Indicators This section presents the company's key financial data for the first half of 2025, showing year-on-year declines in operating revenue, net profit attributable to shareholders, non-recurring net profit, and net cash flow from operating activities, with a slight decrease in total assets and a slight increase in net assets attributable to shareholders Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 542,210,571.40 | 645,352,205.01 | -15.98% | | Net Profit Attributable to Parent Company Shareholders | 58,634,465.30 | 78,745,994.60 | -25.54% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) | 54,617,293.94 | 77,663,968.78 | -29.67% | | Net Cash Flow from Operating Activities | -15,652,137.04 | 85,726,484.21 | -118.26% | | Basic Earnings Per Share (RMB/share) | 0.5566 | 0.7475 | -25.54% | | Diluted Earnings Per Share (RMB/share) | 0.5566 | 0.7475 | -25.54% | | Weighted Average Return on Net Assets | 3.74% | 5.21% | -1.47% | | Period-end Indicators | Current Period-end (RMB) | Prior Year-end (RMB) | Period-end vs. Prior Year-end Change | | Total Assets | 2,123,108,898.67 | 2,198,721,495.52 | -3.44% | | Net Assets Attributable to Parent Company Shareholders | 1,562,260,344.19 | 1,545,978,213.21 | 1.05% | Differences in Accounting Data under Domestic and International Accounting Standards This section states that during the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those under Chinese Accounting Standards - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[18] - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[19] Non-recurring Gains and Losses and Amounts This section details the non-recurring gains and losses and their amounts for the reporting period, totaling RMB 4,017,171.36, primarily including gains/losses from disposal of non-current assets, government subsidies, and fair value changes of financial assets and liabilities Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 96,220.92 | | Government Subsidies Included in Current Profit/Loss (excluding those related to normal business operations) | 2,423,002.89 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises, and Disposal Gains/Losses | 3,019,463.54 | | Other Non-operating Income and Expenses Apart from the Above Items | -714,354.71 | | Less: Income Tax Impact | 734,949.13 | | Impact on Minority Interests (after tax) | 72,212.15 | | Total | 4,017,171.36 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[22] Section III Management Discussion and Analysis Company's Main Business During the Reporting Period The company focuses on household flexible heating and sanitary insecticide industries, aiming to provide products for a healthy living environment; during the reporting period, operating revenue decreased by 15.98% and net profit attributable to parent company shareholders decreased by 25.54% due to warm and dry weather and intensified market competition - The company focuses on household flexible heating and household sanitary insecticide industries, relying on biotechnology and electrothermal technology to build a healthy living environment[24] - In the first half of 2025, the company achieved operating revenue of RMB 542.21 million, a year-on-year decrease of 15.98%; net profit attributable to parent company shareholders was RMB 58.63 million, a year-on-year decrease of 25.54%[34] - The decline in revenue was primarily due to unsatisfactory sales of winter products in the first quarter and a delayed start to the peak sales season for household sanitary products in the second quarter[34] Industry Development The household flexible heating industry is driven by technological innovation, consumption upgrades, and energy-saving policies, moving towards intelligent and high-end development, but faces challenges from extreme weather and increased competition; the household sanitary insecticide industry has a vast market in the Asia-Pacific region, with technological innovation and rising health awareness driving products towards natural, composite, and specialized transformations, leading to increased industry concentration - Technological innovation and consumption upgrades are core drivers for the household flexible heating industry, with significant potential for market expansion, and smart products like intelligent temperature control and remote control are favored[24] - The Asia-Pacific region is the largest market for the household sanitary insecticide industry, driven by technological innovation and increasing consumer health awareness, with natural ingredient products rapidly replacing traditional chemical formulations[25] - Both industries face challenges such as intensified market competition and raw material price fluctuations, while stricter regulations and technological iterations will accelerate industry consolidation and increase concentration[25][26] Company's Main Business and Industry Position The company primarily deals in household flexible heating and sanitary insecticide products, also venturing into kitchen and bathroom cleaning and agricultural spray equipment; Rainbow electric blankets have held the top market share for five consecutive years, and the company actively participates in industry standard setting, demonstrating strong industry position and brand influence - The company's products include household flexible heating series such as electric blankets and hand warmers, household sanitary insecticide series like electric mosquito repellents and insecticide aerosols, and also extends to kitchen/bathroom cleaning and agricultural spray equipment[27] - Rainbow electric blankets have ranked first in overall market share for similar products for five consecutive years, topping brand lists on mainstream e-commerce platforms like JD.com and Taobao[27] - As a member of the National Household Appliance Standardization Technical Committee, the company participates in drafting major industry standards and serves as an executive director of the China Household Electrical Appliances Association[27][28] Operating Model The company adheres to independent R&D innovation, collaborates with universities and research institutes, and uses its marketing department for market research and strategy; it has a robust procurement management system ensuring supply chain stability and product quality, organizes production based on annual targets, flexibly uses OEM/ODM models, and develops both online and offline sales channels, with offline primarily through distribution and online combining self-operation and distributors - In R&D, the company adheres to independent innovation, actively collaborates with universities and research institutes on joint projects, and its research institute focuses on cutting-edge fields and fundamental technology research[32] - Procurement management has established a comprehensive supplier evaluation, management, and quality control system to ensure stable raw material supply and quality control[32] - Product sales rely on the domestic market, coordinating both online and offline channels, with offline primarily through distribution and online combining self-operation and online distribution[33] Operating Performance in H1 2025 In the first half of 2025, the company faced intense market competition and persistent warm, dry weather, leading to poor winter product sales and a delayed peak season for household sanitary products, resulting in significant declines in both operating revenue and net profit attributable to parent company shareholders; both online and offline sales decreased year-on-year, though online sales' proportion slightly increased - In the first half of 2025, the company achieved operating revenue of RMB 542.21 million, a year-on-year decrease of 15.98%; net profit attributable to parent company shareholders was RMB 58.63 million, a year-on-year decrease of 25.54%[34] - Operating pressure primarily stemmed from unsatisfactory winter product sales in the first quarter and a delayed start to the peak sales season for household sanitary products in the second quarter[34] H1 Main Business Revenue Channel Composition | Channel | Main Business Revenue (RMB 10,000) | YoY Growth Rate | Proportion of Main Business Revenue | | :--- | :--- | :--- | :--- | | Online Sales | 24,374.79 | -11.05% | 45.24% | | Offline Sales | 29,499.73 | -20.07% | 54.76% | | Total | 53,874.52 | -16.23% | 100.00% | Core Competitiveness Analysis The company's core competitiveness lies in continuous R&D innovation, stringent quality control, strong brand appeal, extensive marketing channels, an independently controllable industrial chain, and a standardized management system with an experienced management team, collectively establishing its leading position in healthy living environment products - The company is committed to building a healthy living environment, driven by biotechnology and electrothermal technology, focusing on household sanitary insecticide and micro-environment heating products[36] - The company possesses a complete integrated R&D, production, and sales system, strong technological innovation, brand appeal, and standardized operational management[36] R&D Innovation and Technological Advantages Through continuous R&D investment and deep integration of industry-university-research, the company has built core technology systems in material science, thermal energy control, and long-lasting protection; in 2025, a slow-release technology improving the efficacy and safety of mosquito repellent liquid received a science and technology progress award from the China National Light Industry Council, solidifying its industry technological advantage - The company achieves technological innovation through continuous R&D investment and deep integration of industry-university-research, building a technological moat and forming a core technology system covering material science, thermal energy control, and long-lasting protection[38] - The company focuses on upgrading health functions, creating differentiated healthy heating product lines, expanding into new consumption scenarios like camping and outdoor activities, and implementing green technology initiatives[38] - In 2025, a slow-release technology that enhances the duration and safety of mosquito repellent liquid received a Science and Technology Progress Award from the China National Light Industry Council[38] Quality Control Advantages The company has established a "zero safety risk" enterprise safety technical standard and a rigorous full-process management system for household flexible heating products, and promotes the upgrade of sanitary insecticide products towards high efficiency, low toxicity, and environmental friendliness, obtaining China Environmental Labeling certification; the company's products have consistently passed all inspections and received the Sichuan Provincial Government Quality Management Award - The company has established a comprehensive enterprise safety technical standard for household flexible heating products, building a strong product safety defense through rigorous full-process management[39] - The company promotes the upgrade of household sanitary insecticide products towards high efficiency, low toxicity, and environmental friendliness, obtaining China Environmental Labeling certification (Ten-Ring Certification)[39] - The company's products have consistently passed all inspections and random quality checks, and have received the Sichuan Provincial Government Quality Management Award and Chengdu Municipal Government Quality Award[39] Brand Appeal The company, with "Rainbow" as its core brand, is reshaping its brand image around fashion, quality, and high-end positioning, establishing a clear and functionally distinct brand matrix including "Rainbow," "Guaiguai," and "Rainbow Guardian"; its core trademark was recognized as a "China Well-Known Trademark" and included in the "China Light Industry Key Trademark Protection List" in 2024, demonstrating strong market recognition - The company, with the Rainbow brand at its core, focuses on reshaping its brand around fashion, quality, and high-end positioning, establishing a basic brand architecture including "Rainbow," "Guaiguai," and "Rainbow Guardian"[40] - The core trademark was recognized as a "China Well-Known Trademark" as early as 2003, and Rainbow electric blankets and Rainbow electric mosquito coils are "China Famous Brand Products"[40] - In 2024, the "Rainbow" trademark was included in the "China Light Industry Key Trademark Protection List," demonstrating its strong brand appeal[40] Marketing Channel Advantages The company has built a highly penetrative marketing network, primarily based on a distribution model with synergistic online and offline development; offline distributors cover national central cities and extend deeply into county and township markets, forming stable, mutually beneficial relationships, while online, the company has established a multi-format, multi-level, and broadly covered marketing network with good cooperation with mainstream e-commerce platforms, providing strong assurance for stable company development - The company primarily uses a distribution model, building a marketing network with economies of scale and high penetration, with synergistic online and offline development and stable, smooth channels[41] - Offline distributors cover national central cities, second and third-tier counties, and deeply penetrate into townships and rural markets, forming stable, mutually beneficial business partnerships[41] - In emerging marketing formats, the company has built a multi-format, multi-level, broadly covered, and fully radiating online marketing network, establishing good cooperative relationships with mainstream e-commerce platforms[41] Industrial Chain Advantages The company has created an industrial ecosystem with independently controllable key links and efficient full-chain collaboration, producing core components such as electric blanket fabrics, heating wires, and controllers in-house to effectively manage quality and costs; through a joint R&D mechanism with suppliers, it deeply intervenes in outsourced processes, achieving integrated R&D, production, and sales synergy to enhance efficiency and quality - The company has built an industrial ecosystem with independently controllable key links and efficient full-chain collaboration, with core components highly self-developed and self-produced, controlling the value chain[42] - Key components such as electric blanket fabrics, heating wires, controllers, and heating elements are all produced in-house, effectively controlling quality and costs[42] - By establishing a joint R&D mechanism with suppliers, the company deeply intervenes in outsourced processes, ensuring unified technical standards and achieving integrated R&D, production, and sales synergy[42] Management System and Management Team Advantages The company has obtained multiple management system certifications and the National Green Factory certification, with a robust internal control system; its management team possesses years of industry experience and advanced management capabilities, enabling them to keenly capture industry trends; the company actively implements a "people-oriented" talent strategy, fostering a harmonious team to ensure long-term development - The company has obtained quality, environmental, occupational health and safety, and energy management system certifications, established and continuously improved its internal control system, and passed the Ministry of Industry and Information Technology's National Green Factory certification[43] - The company's management team generally possesses many years of relevant industry experience and advanced management capabilities, enabling them to keenly capture industry development trends[43] - The company actively implements a "people-oriented" talent strategy, building a harmonious team, establishing talent development platforms, increasing training efforts to enhance internal motivation, and expanding talent acquisition channels[43] Main Business Analysis The company's main business faced challenges in the first half of 2025, with year-on-year declines in operating revenue and all profit indicators; financial expenses decreased due to adjustments in wealth management products, and net cash flow from operating activities significantly dropped; revenue from household flexible heating series decreased notably, but gross margin improved, while household sanitary insecticide series revenue slightly decreased with a slight decline in gross margin Major Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 542,210,571.40 | 645,352,205.01 | -15.98% | | | Operating Costs | 305,471,749.24 | 368,268,682.17 | -17.05% | | | Selling Expenses | 106,155,312.80 | 118,675,478.45 | -10.55% | | | Administrative Expenses | 49,468,382.51 | 50,047,925.84 | -1.16% | | | Financial Expenses | -6,331,098.95 | -9,972,535.46 | 36.51% | Primarily due to increased purchases of wealth management products and reduced fixed deposits in the current period, leading to a decrease in corresponding interest income | | Income Tax Expense | 10,857,910.20 | 15,150,478.48 | -28.33% | | | R&D Investment | 14,928,776.51 | 16,381,680.80 | -8.87% | | | Net Cash Flow from Operating Activities | -15,652,137.04 | 85,726,484.21 | -118.26% | Primarily due to a decrease in sales revenue compared to the prior year, resulting in a corresponding decrease in sales receipts | | Net Cash Flow from Investing Activities | -84,252,771.34 | -52,341,307.85 | -60.97% | Primarily due to increased expenditures on wealth management products in the current period | | Net Cash Flow from Financing Activities | -32,712,815.27 | -54,816,881.62 | 40.32% | Primarily due to new borrowings by subsidiary Household Appliances and a decrease in bill deposits paid in the current period | | Net Increase in Cash and Cash Equivalents | -132,615,343.41 | -21,386,455.09 | -520.09% | Primarily due to a decrease in sales revenue compared to the prior period, a corresponding decrease in sales receipts, and increased expenditures on wealth management products | Operating Revenue Composition (by Industry and Product) | Category | Item | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Electrical Machinery and Equipment Manufacturing | 356,399,478.32 | 65.73% | 454,275,318.81 | 70.39% | -21.55% | | | Chemical Raw Materials and Chemical Products Manufacturing | 177,487,309.06 | 32.73% | 182,273,272.42 | 28.24% | -2.63% | | By Product | Household Flexible Heating Series | 356,399,478.32 | 65.73% | 454,275,318.81 | 70.39% | -21.55% | | | Household Sanitary Insecticide Products Series | 177,487,309.06 | 32.73% | 182,273,272.42 | 28.24% | -2.63% | Gross Margin Changes by Main Business Segment, Product, and Region | Category | Item | YoY Change in Operating Revenue | YoY Change in Operating Costs | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | By Industry | Electrical Machinery and Equipment Manufacturing | -21.55% | -23.99% | 1.76% | | | Chemical Raw Materials and Chemical Products Manufacturing | -2.63% | 0.12% | -1.62% | | By Product | Household Flexible Heating Series | -21.55% | -23.99% | 1.76% | | | Household Sanitary Insecticide Products Series | -2.63% | 0.12% | -1.62% | | By Region | Sichuan Province | -12.33% | -11.99% | -0.22% | | | Yunnan, Guizhou, Chongqing | -31.12% | -29.76% | -1.05% | | | Outside Southwest Region | -7.75% | -11.62% | 2.61% | | | Online Direct Sales | -30.20% | -30.86% | 0.48% | Non-Main Business Analysis This section states that the company had no non-main business analysis during the reporting period - The company had no non-main business analysis during the reporting period[50] Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets decreased by 3.44% year-on-year, with significant reductions in cash and bank balances and accounts receivable, while inventory and fixed assets increased; short-term borrowings and contract liabilities also saw changes, and the company's financial assets measured at fair value increased, with some assets subject to restrictions Significant Changes in Asset Composition | Item | Period-end Amount (RMB) | Proportion of Total Assets | Prior Year-end Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 735,555,572.79 | 34.65% | 901,755,411.56 | 41.01% | -6.36% | | Accounts Receivable | 49,700,447.53 | 2.34% | 89,220,996.52 | 4.06% | -1.72% | | Inventories | 586,301,479.88 | 27.62% | 559,369,788.83 | 25.44% | 2.18% | | Fixed Assets | 349,133,625.81 | 16.44% | 332,186,110.98 | 15.11% | 1.33% | | Construction in Progress | 3,565,364.55 | 0.17% | 28,813,058.13 | 1.31% | -1.14% | | Short-term Borrowings | 12,096,565.44 | 0.57% | 3,169,094.67 | 0.14% | 0.43% | | Contract Liabilities | 226,162,315.50 | 10.65% | 226,644,316.81 | 10.31% | 0.34% | Assets and Liabilities Measured at Fair Value | Item | Period-start Amount (RMB) | Fair Value Change in Current Period (RMB) | Current Period Purchases (RMB) | Current Period Sales (RMB) | Period-end Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss | 169,044,800.94 | 2,379,372.91 | 470,000,000.00 | 360,647,728.47 | 280,776,445.38 | | Other Equity Instrument Investments | 7,975,991.85 | | | | 7,975,991.85 | | Accounts Receivable Financing | 588,632.92 | | | | 14,977.50 | | Total | 177,609,425.71 | 2,379,372.91 | 470,000,000.00 | 360,647,728.47 | 288,767,414.73 | Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (RMB) | Carrying Amount (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 28,400,365.93 | 28,400,365.93 | Credit Line | Bank acceptance bill margin | | Cash and Bank Balances | 387,161,258.77 | 387,161,258.77 | Other | Time deposits and interest maturing in over three months | | Total | 415,561,624.70 | 415,561,624.70 | | | Investment Analysis During the reporting period, the company's investment amount significantly decreased by 62.36% year-on-year; major non-equity investments, primarily the flexible electrothermal product industrialization project and the marketing network and information system enhancement project, were delayed due to market changes and optimization adjustments; the overall utilization rate of raised funds was 21.17%, with most unused funds held in special accounts or managed as cash Investment Amount for the Reporting Period | Indicator | Current Period Investment (RMB) | Prior Year Period Investment (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 7,115,878.62 | 18,903,598.92 | -62.36% | Major Non-Equity Investment Status | Project Name | Investment Method | Industry Involved | Current Period Investment (RMB) | Cumulative Actual Investment as of Period-end (RMB) | Project Progress | Estimated Return (RMB) | Reasons for Not Meeting Planned Progress and Estimated Returns | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Flexible Electrothermal Product Industrialization Project | Self-built | Electrical Machinery and Equipment Manufacturing | 1,137,851.72 | 71,643,110.96 | 22.31% | 74,950,000.00 | Implementation progress lagged behind original plan, completion time extended | | Marketing Network and Information System Enhancement Project | Operations Management | Operations Management | 83.22 | 1,643.98 | 17.31% | Not Applicable | Overall project implementation progress lagged behind original plan; after adjusting internal investment structure and optimizing construction content, completion time adjusted to December 31, 2026 | | Total | | | 1,137,851.72 | 71,643,110.96 | | 74,950,000.00 | | Overall Utilization of Raised Funds | Fundraising Year | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Cumulative Used Raised Funds (RMB 10,000) | Raised Funds Utilization Ratio at Period-end | | :--- | :--- | :--- | :--- | :--- | | 2020 | 48,496.70 | 41,606.00 | 8,808.29 | 21.17% | | Total | 48,496.70 | 41,606.00 | 8,808.29 | 21.17% | - As of June 30, 2025, the company had RMB 361.6171 million (including interest income) in unused raised funds, of which RMB 198 million was used for cash management, with the remainder held in special accounts for raised funds[65] Disposal of Major Assets and Equity This section states that the company did not dispose of any major assets or equity during the reporting period - The company did not dispose of major assets during the reporting period[72] - The company did not dispose of major equity during the reporting period[73] Analysis of Major Holding and Participating Companies This section lists the financial status and operating results of the company's major holding subsidiaries, Quanyuan Health, Rainbow Zhongnan, Household Appliances, and Jiawei Environmental Protection, which primarily engage in the manufacturing and sales of household sanitary products and household appliances Major Holding and Participating Company Information | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Quanyuan Health | Subsidiary | Manufacturing and sales of household sanitary products such as moth repellents and liquid mosquito repellents | 7,268,716.74 | 82,580,487.15 | 72,203,317.71 | 43,152,820.54 | 6,511,553.14 | 4,991,572.49 | | Rainbow Zhongnan | Subsidiary | Production, sales, and maintenance services for household appliances and household sanitary products | 40,000,000.00 | 183,025,730.56 | 141,097,546.68 | 96,914,740.88 | 7,466,592.94 | 6,327,998.78 | | Household Appliances | Subsidiary | R&D, production, and sales of household heating appliances, household electrical appliances, etc. | 60,000,000.00 | 310,873,299.50 | 188,391,686.19 | 52,487,822.00 | 1,373,900.79 | 1,210,181.11 | | Jiawei Environmental Protection | Subsidiary | Engineering and technical research and experimental development; daily chemical product manufacturing, etc. | 30,000,000.00 | 74,929,011.86 | 63,654,145.73 | 35,798,024.51 | 4,809,712.35 | 3,609,581.00 | - The company did not acquire or dispose of any subsidiaries during the reporting period[75] Information on Structured Entities Controlled by the Company This section states that the company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[76] Risks Faced by the Company and Countermeasures The company faces risks such as brand infringement, intensified market competition, extreme weather, and its distribution model; to address these challenges, the company plans to strengthen technological innovation, increase R&D investment, enhance product added value, expand new businesses, and reinforce channel development and control to ensure stable development - The company faces brand infringement risks and implements preventive measures such as establishing an after-sales service and user department and conducting marketing personnel patrols[76] - With intensifying market competition, the company will continuously strengthen technological innovation, increase R&D investment, and accelerate product iteration and new product launches[76] - Extreme weather (increased probability of warm winters) may suppress demand for winter products; the company will increase technology and R&D investment, accelerate product upgrades, add features, enhance added value, expand businesses, and strengthen capabilities[76] - The distribution model poses risks, so the company will continuously strengthen channel development, expand new channel customers, and enhance daily guidance and misconduct control for distributors to avoid over-reliance on single channels[77] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan This section states that the company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[78] - The company did not disclose a valuation enhancement plan during the reporting period[78] Implementation of "Dual Improvement in Quality and Returns" Action Plan This section states that the company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[78] Section IV Corporate Governance, Environment, and Society Changes in Company Directors, Supervisors, and Senior Management During the reporting period, the company's Board of Directors and Supervisory Board experienced changes in several independent directors and supervisors due to re-election, including Deng Lixin and Wu Mengqiang being elected as independent directors, and Chen Yu, Chen Tong, Zhang Yanxia, Chen Weili, Lan Tianzhong, Huang Yan, and Zeng Xiliang departing Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Deng Lixin | Independent Director | Elected | May 22, 2025 | Re-election | | Wu Mengqiang | Independent Director | Elected | May 22, 2025 | Re-election | | Chen Yu | Independent Director | Term Expired | May 22, 2025 | Re-election | | Chen Tong | Independent Director | Term Expired | May 22, 2025 | Re-election | | Zhang Yanxia | Chairperson of Supervisory Board | Term Expired | May 22, 2025 | Re-election | | Chen Weili | Supervisor | Term Expired | May 22, 2025 | Re-election | | Lan Tianzhong | Supervisor | Term Expired | May 22, 2025 | Re-election | | Huang Yan | Supervisor | Term Expired | May 22, 2025 | Re-election | | Zeng Xiliang | Supervisor | Term Expired | May 22, 2025 | Re-election | Profit Distribution and Capital Reserve to Share Capital Transfer in Current Reporting Period This section states that the company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[81] Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures This section states that the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[82] Environmental Information Disclosure The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with Chengdu Rainbow Appliance (Group) Co., Ltd. specifically listed in Chengdu's 2025 annual list, and will disclose its annual environmental information report in the following year - The listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with the company specifically included in Chengdu's 2025 annual list of enterprises required to disclose environmental information[83] - The company will disclose its annual environmental information report in the following year[83] Social Responsibility The company adheres to sustainable development principles, actively fulfills its social responsibilities by safeguarding shareholder rights, protecting employee interests, ensuring the rights of suppliers, customers, and consumers, prioritizing environmental protection and sustainable development, ensuring production safety, and actively participating in social welfare initiatives, thereby achieving coordinated and win-win development for the company, shareholders, employees, community, and society - The company adheres to sustainable development principles, actively fulfills its social responsibilities, and upholds the enterprise spirit of unity, harmony, pioneering, and innovation[84] - The company safeguards shareholder rights by establishing a continuous and stable investor return mechanism, diversified communication channels, and compliant information disclosure[85] - The company strictly complies with labor laws and regulations, employs legally, pays social insurance on time and in full, and establishes a talent development mechanism to protect employee rights[87] - The company prioritizes environmental protection, strictly adheres to national laws and regulations, formulates and implements environmental management systems, is ISO14001 certified, and has been recognized as a "National Green Factory"[89] - The company places high importance on production safety, implementing the principle of "safety first, prevention foremost," establishing a Safety Committee, and regularly conducting safety inspections and training[90] - The company actively participates in various social welfare initiatives, including education, medical assistance, elderly care, disability support, and poverty alleviation, through the "Rainbow Special Fund," and actively responds to the national rural revitalization strategy[91] Shareholder Rights Protection The company is committed to building a continuous and stable investor return mechanism, strictly implements its cash dividend policy, and communicates with investors through diverse channels such as surveys and interactive platforms, ensuring timely, accurate, complete, and fair information disclosure - The company builds a continuous and stable long-term investor return mechanism, focusing on shareholder returns, adhering to sharing company development achievements with investors, and strictly implementing the cash dividend policy stipulated in the Articles of Association[85] - The company establishes diversified investor communication mechanisms, communicating with investors through various means such as surveys, interactive platforms, phone calls, and emails, diligently responding to investor inquiries, and listening to investor opinions[85] - The company actively and compliantly fulfills its information disclosure obligations, ensuring timely, accurate, and complete disclosure, and strictly implements insider information registration and confidentiality systems to ensure fairness of information disclosure[85] Employee Rights Protection The company diligently fulfills its responsibilities to employees, strictly adheres to labor laws and regulations, employs legally, and pays social insurance on time and in full; it has established a comprehensive talent development mechanism, supports union activities, collects employee feedback through multiple channels, and conducts health check-ups and hardship assistance programs to enhance employee belonging and cohesion - The company strictly complies with the "Labor Law of the People's Republic of China," "Social Insurance Law of the People's Republic of China," "Regulations on Work-Related Injury Insurance," and other laws and regulations, employs legally, and pays social insurance premiums on time and in full[87] - The company establishes a comprehensive talent development mechanism to support employee growth, enhance professional skills, and achieve shared development between employees and the enterprise[87] - The company collects employee feedback through multiple channels, understands employee sentiments, and conducts activities such as health check-ups and hardship assistance to enhance employee belonging and cohesion[87] Protection of Supplier, Customer, and Consumer Rights The company has established fair and transparent procurement management systems to build a sustainable supply chain, achieving mutual benefit with suppliers; adhering to the principle of integrity, it focuses on the market and customers, providing high-quality products and services, and solidifies customer relationships through communication platforms; the company prioritizes consumers, strictly controls product quality, and improves its after-sales service system - The company establishes fair and transparent procurement management systems to build a sustainable supply chain, achieving complementary advantages and mutual benefit with suppliers[88] - The company adheres to the principle of integrity, insists on being market-oriented and customer-centric, providing high-quality products and services to customers, and continuously enhancing customer value[88] - The company adheres to the concept of consumer-first, strictly controls product quality, improves product and service quality, and perfects its after-sales service system to better serve consumers[88] Environmental Protection and Sustainable Development The company highly values environmental protection, strictly complies with national laws and regulations, has formulated and implemented multiple environmental management systems, and is ISO14001 environmental management system certified, earning the "National Green Factory" designation in 2023; the company continuously improves its quality and environmental management systems, ensures pollutant discharge meets standards, and commissions qualified institutions for regular monitoring - The company prioritizes environmental protection, strictly complies with national environmental protection laws and regulations, and has formulated and implemented systems such as the "Environmental Management Control Procedures"[89] - The company has passed ISO14001 environmental management system certification, was awarded "National Green Factory" in February 2023, and has been continuously rated as a "Sichuan Province Environmentally Good Enterprise" from 2016 to 2023[89] - The company's domestic sewage, welding fumes, and organic waste gas are treated to meet discharge standards, solid waste is recycled and disposed of by professional companies, and pollutant emissions are minimal[89] Safety First, Health Protection The company highly prioritizes production safety, implementing the principle of "safety first, prevention foremost, comprehensive governance," establishing a Safety Committee and ensuring safety responsibilities are implemented at all levels; the company conducts regular major safety inspections, provides ongoing safety training, and addresses occupational health risks through assessment, control, protection, and medical examinations to create a safe and healthy working environment for employees - The company highly prioritizes production safety, protecting the life safety and occupational health of workers, and implementing the fundamental principles of safety first, prevention foremost, and comprehensive governance[90] - The company establishes rules and regulations, sets up a Safety Committee with the top leader responsible, and each department responsible for its own area, ensuring safety responsibilities are implemented at all levels and strictly supervised and inspected[90] - The company conducts regular major safety inspections to eliminate safety hazards, provides ongoing safety training to enhance all employees' safety awareness and competence, and is committed to creating a safe and healthy working environment for employees[90] Social Welfare Initiatives Through the "Rainbow Special Fund," the company actively participates in various social welfare initiatives such as education, medical assistance, elderly care, disability support, and poverty alleviation, including donating supplies to earthquake-stricken areas, caring for children, assisting disadvantaged families, and participating in public welfare day activities; the company also actively responds to the national rural revitalization strategy, contributing to the development of Baiyu County in Ganzi Prefecture - The company deeply participates in various social welfare initiatives, including education, medical assistance, elderly care, disability support, and poverty alleviation, through the "Rainbow Special Fund"[91] - The company donated electric blankets and warming patches to the earthquake-stricken areas of Dingri County, Xigaze City, Tibet, to help residents stay warm during winter[91] - The company actively responds to the national rural revitalization strategy, continuously consolidating and expanding poverty alleviation achievements, and partnering to support the development of Baiyu County in Ganzi Prefecture[91] Section V Significant Matters Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period This section discloses that commitments regarding share reductions made by the actual controller's relatives and parties acting in concert have been fulfilled during the reporting period, with no overdue unfulfilled commitments - Commitments regarding share reductions by Ms. Wen Zongfen, Ms. Qin Qiaohui, and Mr. Yao Jie, company shareholders who reached a concerted action agreement with Mr. Liu Rongfu, have been fulfilled[93] - Commitments regarding share reductions by Ms. Wang Mingfeng and Mr. Zhuang Liang, relatives of Mr. Liu Rongfu, have been fulfilled[93] - All commitments were fulfilled on time, with no overdue unfulfilled commitments[93] Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties This section states that there were no non-operating funds occupied by the controlling shareholder and other related parties of the listed company during the reporting period - The company had no non-operating funds occupied by the controlling shareholder and other related parties during the reporting period[94] Irregular External Guarantees This section states that the company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[95] Appointment and Dismissal of Accounting Firms This section states that the company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[96] Board of Directors' and Supervisory Board's Explanation of the Accounting Firm's "Non-Standard Audit Report" for the Current Period This section states that during the reporting period, there was no explanation from the Board of Directors or Supervisory Board regarding a "non-standard audit report" from the accounting firm for the current period - The company had no explanation from the Board of Directors or Supervisory Board regarding a "non-standard audit report" from the accounting firm for the current period[97] Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year This section states that during the reporting period, there was no explanation from the Board of Directors regarding a "non-standard audit report" for the prior year - The company had no explanation from the Board of Directors regarding a "non-standard audit report" for the prior year during the reporting period[97] Bankruptcy and Reorganization Matters This section states that the company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[97] Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters; other litigation matters included 2 new cases, one of which was settled through mediation with the company paying RMB 8,000, and the other is pending; the company authorizes third-party agencies to protect its trademark rights and other intellectual property through litigation - The company had no significant litigation or arbitration matters during this reporting period[98] - Two new litigation cases (company/subsidiary as defendant/respondent) were added during the reporting period, involving RMB 86,000; one case was settled through mediation, with the company paying RMB 8,000, and the other is pending[98] - The company authorizes third-party agencies to enforce its rights, including through litigation, with some cases in various stages such as filing and trial[98] Penalties and Rectification This section states that the company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[99] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller This section states that there were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - The company had no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[100] Major Related Party Transactions This section states that during the reporting period, the company had no major related party transactions related to daily operations, related party transactions involving asset or equity acquisitions/disposals, related party transactions involving joint external investments, related party receivables/payables, or transactions with affiliated financial companies - The company had no major related party transactions related to daily operations during the reporting period[100] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[101] - The company had no related party receivables or payables during the reporting period[103] - There were no deposits, loans, credit lines, or other financial business between the company and affiliated financial companies or related parties[104] Major Contracts and Their Performance During the reporting period, the company had no trusteeship, contracting, major guarantees, or entrusted wealth management situations; the company and its subsidiaries leased office, employee accommodation, and warehousing facilities from third parties, and also leased out some properties, but no leasing projects generated profit or loss exceeding 10% of the company's total profit for the reporting period - The company had no trusteeship situations during the reporting period[107] - The company had no contracting situations during the reporting period[108] - During the reporting period, the company and its subsidiaries leased office, employee accommodation, and warehousing facilities from third parties, and also leased out some properties[109] - The company had no major guarantee situations during the reporting period[110] - The company had no entrusted wealth management during the reporting period[111] Explanation of Other Significant Matters The company has completed the subscription of three equity investment fund units, with an actual capital contribution of RMB 8.5 million, all fully paid; as of the end of the reporting period, these funds have completed equity investments in target projects and entered the post-investment management phase, with no significant litigation or arbitration matters occurring - The company has completed the subscription of three equity investment fund units, with an actual capital contribution of RMB 8.5 million from its own funds, and all related contributions have been fully paid[114] - These funds include Qingdao Xingkong Zhiqian Venture Capital Partnership, Qingdao Xingkong Hongji Venture Capital Partnership, and Qingdao Xingkong Jinhui Venture Capital Partnership[114] - As of the end of the reporting period, no significant litigation or arbitration matters occurred in the private equity fund management business, fund assets, or custody business of these funds[115] Significant Matters of Company Subsidiaries This section states that there were no significant matters concerning the company's subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[116] Section VI Share Changes and Shareholder Information Share Changes During the reporting period, the company's total number of shares remained unchanged, but an internal adjustment occurred between restricted and unrestricted shares, primarily due to the processing of unconfirmed shares at the time of listing and an increase in executive-locked shares due to a supervisor's departure Share Changes | Category | Number of Shares Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 269,256.00 | 0.26% | 4,550.00 | 273,806.00 | 0.26% | | II. Unrestricted Shares | 105,072,344.00 | 99.74% | -4,550.00 | 105,067,794.00 | 99.74% | | III. Total Shares | 105,341,600.00 | 100.00% | 0.00 | 105,341,600.00 | 100.00% | - Reasons for share changes include 32,760.00 shares that were unconfirmed at the time of listing being confirmed during the reporting period but not yet released from restriction[119] - Supervisors Lan Tianzhong and Chen Weili departed during the reporting period, resulting in all their held shares being locked as per regulations, leading to an increase of 4,550.00 executive-locked shares at period-end[120] Changes in Restricted Shares During the reporting period, the company's total number of restricted shares slightly increased; executive-locked shares increased due to supervisors' departures, and some previously unconfirmed shares were confirmed but not yet released from restriction, leading to their classification as restricted shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period-start | Shares Released from Restriction in Current Period | Shares Added to Restriction in Current Period | Restricted Shares at Period-end | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Rongfu | 3,510.00 | | | 3,510.00 | Executive-locked shares | | Chen Weili | 9,750.00 | | 3,250.00 | 13,000.00 | Executive-locked shares (increased restriction within six months of supervisor's departure) | | Lan Tianzhong | 3,900.00 | | 1,300.00 | 5,200.00 | Executive-locked shares (increased restriction within six months of supervisor's departure) | | Zhao Jianzhi | | | 31,200.00 | 31,200.00 | Unconfirmed shares on listing date temporarily held in a dedicated securities account, confirmed during the reporting period, but not yet applied for release from restriction | | Chengdu Rainbow Appliance (Group) Co., Ltd. Unconfirmed Shares Custody Dedicated Securities Account | 241,566.00 | 32,760.00 | | 208,806.00 | Unconfirmed shares on listing date temporarily held in a dedicated securities account, not circulated before confirmation; 32,760 shares confirmed during the reporting period | | Total | 269,256.00 | 32,760.00 | 37,310.00 | 273,806.00 | | Issuance and Listing of Securities This section states that the company had no issuance and listing of securities during the reporting period - The company had no issuance and listing of securities durin