新莱应材(300260) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The board, supervisory board, and senior management guarantee the report's integrity, while the company plans no semi-annual profit distribution - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4] - Company head Li Shuibo, chief accountant Huang Shihua, and head of accounting department Fang Feng declare the financial report is true, accurate, and complete[4] - The company plans no cash dividends, bonus shares, or capital increase from capital reserve[4] Table of Contents The report's table of contents clearly outlines eight main chapters and their starting pages for easy navigation - The report comprises eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports[7] Reference Documents This section lists original reference documents, including signed reports and publicly disclosed files, available at the board office - Reference documents include the original text of the semi-annual report signed by the chairman[9] - Reference documents include the original text of the financial report signed and sealed by the legal representative, chief accountant, and head of the accounting department[9] - Reference documents are available at the company's board of directors office[13] Definitions This section defines key terms, company entities, and industry-specific vocabulary for accurate report comprehension - Defines the company and its main subsidiaries, such as Kunshan Sinolight Clean Application Materials Co., Ltd., Baolai Technology, and Shandong Bihai[14] - Explains industry-specific terms such as "process," "process contamination control," "application materials," "pan-semiconductor," and "biopharmaceuticals"[14] - Covers technology and product-related terms such as "cleanliness," "aseptic packaging," "precision machining," "vacuum," and "valves"[14][15] Company Profile and Key Financial Indicators I. Company Profile This section provides the company's basic information, including stock details and contact information, confirming no changes during the period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Sinolight Materials | | Stock Code | 300260 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Li Shuibo | - During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and reference locations, or registration status[19][20][21] IV. Key Accounting Data and Financial Indicators Key accounting data shows slight revenue decline, significant drop in net profit, but substantial growth in operating cash flow Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,409,314,587.27 | 1,418,163,364.18 | -0.62% | | Net Profit Attributable to Shareholders of Listed Company | 108,085,490.60 | 140,480,355.13 | -23.06% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 106,220,746.87 | 132,132,269.95 | -19.61% | | Net Cash Flow from Operating Activities | 130,369,484.47 | 91,969,229.06 | 41.75% | | Basic Earnings Per Share (CNY/share) | 0.27 | 0.3445 | -21.63% | | Diluted Earnings Per Share (CNY/share) | 0.27 | 0.3445 | -21.63% | | Weighted Average Return on Net Assets | 5.39% | 7.63% | -2.24% | | Period-End Indicators | Current Period-End (CNY) | Prior Year-End (CNY) | Change from Prior Year-End | | Total Assets | 5,178,822,727.43 | 5,086,005,685.42 | 1.82% | | Net Assets Attributable to Shareholders of Listed Company | 2,063,584,649.74 | 1,948,659,293.80 | 5.90% | V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards No differences exist in net profit and net assets between domestic and international accounting standards during the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards versus Chinese Accounting Standards[23] - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese Accounting Standards[24] VI. Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 1.86 million CNY, primarily from government subsidies and asset disposals, after tax and minority interest Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions already made) | -297,301.27 | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 2,854,696.94 | | Gains or losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and financial liabilities, except for effective hedging activities related to the company's normal operations | 27,243.26 | | Other non-operating income and expenses apart from the above items | -381,524.01 | | Less: Income tax impact | 338,382.95 | | Minority interest impact (after tax) | -11.76 | | Total | 1,864,743.73 | - 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[27] Management Discussion and Analysis I. Main Business Activities During the Reporting Period The company focuses on clean and ultra-high-purity materials for food, biopharmaceuticals, and pan-semiconductors, with stable performance driven by domestic growth despite overseas geopolitical impacts - The company's main business involves the R&D, production, and sales of clean application materials and high-purity and ultra-high-purity application materials, applied in food safety, biopharmaceuticals, and pan-semiconductor fields[29] - Subsidiary Shandong Bihai provides aseptic packaging materials for liquid foods, filling machinery, and integrated solutions[30] - Performance remained stable, benefiting from semiconductor localization and the "equipment + packaging materials" model, but overseas business declined due to geopolitical influences[37] (I) Company's Main Business Activities Sinolight Materials specializes in clean and high-purity materials for diverse industries, while Shandong Bihai offers integrated aseptic packaging solutions - Sinolight Materials has over two decades of experience in high-cleanliness application materials and high-purity and ultra-high-purity application materials, with a complete technical system[29] - Shandong Bihai provides aseptic packaging materials for liquid foods, aseptic filling machinery, and related supporting equipment, possessing comprehensive solution capabilities[30] - The company's production model includes standard products and customized products, with customized products having higher gross margins; sales models include direct sales and distribution, covering domestic and international markets; the R&D model emphasizes technological innovation and cooperation with research institutions[34][35][36] (II) Specific Factors Driving Changes in Business Revenue Stable performance is driven by semiconductor localization and integrated solutions, despite overseas declines, with domestic demand policies expected to boost future growth - Benefiting from the localization trend in the semiconductor industry and accelerated domestic substitution, the company's business scale continues to grow[37] - Escalating geopolitical conflicts and a deteriorating international economic environment led to a certain degree of decline in overseas business[37] - Domestic demand contributed 68.8% to economic growth, and national policies to stabilize investment and promote consumption are favorable for increasing the company's market share in domestic pan-semiconductor, biopharmaceutical, and food safety sectors[38] II. Analysis of Core Competencies The company's core competencies encompass stringent quality, advanced technology, extensive certifications, strong R&D, diverse clients, and robust internal management across key sectors - The company continuously innovates in high-cleanliness application materials, engaging in multiple industries such as food and beverage, biopharmaceuticals, and pan-semiconductors, while adhering to quality for survival[39] - The company and its subsidiaries have obtained multiple international authoritative certifications, such as EU PED, US 3-A, and ASME(U+S), with semiconductor products certified by top international clients[42][43] - The company possesses core processes and technologies such as development and design, precision machining, surface treatment, precision welding, and cleanroom cleaning and packaging for UHP products, reaching advanced levels in the domestic industry[44] 1. Strict Quality Management, Advanced Technology, and Parallel Development Across Multiple Industries The company maintains stringent quality control, earning awards, while Shandong Bihai excels in integrated food packaging solutions and GNB leads in ultra-large vacuum valve manufacturing - The company is certified with ISO9001, ISO14001, ISO45001 quality management systems and has received honors such as Jiangsu Province Advanced Unit for Enterprise Intellectual Property Management Standardization and Suzhou Quality Award[39][40] - Subsidiary Shandong Bihai is one of the few enterprises capable of simultaneously producing and selling paper-aluminum-plastic composite aseptic packaging paper for liquid foods and aseptic carton filling machines, offering integrated solutions[41] - Shandong Bihai was listed as a National Ministry of Industry and Information Technology "Specialized, Refined, Unique, and New 'Little Giant' Enterprise" and received the China Dairy Industry Association's "First Prize for Technological Progress" for its "R&D and Industrialization of 14,000 packs/hour High-Speed Pillow-Type Aseptic Filling Machine" project[41] 2. Extensive International Certifications The company and its subsidiaries hold extensive international certifications, with semiconductor products approved by top US equipment manufacturers - The company has obtained multiple international authoritative certifications, including the EU Pressure Equipment Directive (PED) certification implemented by TÜV Germany, the 3-A Sanitary Standards certification implemented by the US 3-A Council, and the ASME(U+S) certification implemented by the American Society of Mechanical Engineers[42] - The company's products comply with international standards such as ASME BPE, SEMI, and EHEDG, and have obtained management system certifications including ISO9001, ISO14001, and ISO27001[42] - The company's semiconductor products have been certified by the top two US semiconductor application equipment manufacturers and have become their Tier 1 supplier[43] 3. Excellent R&D Capabilities The R&D team, with extensive experience, masters advanced core technologies and has established a research center for high-cleanliness and ultra-high-purity components - The company's product R&D team averages nearly 20 years of industry experience, capable of synchronous development with clients and joint product solution formulation[43] - The company possesses a series of core processes and technologies, including development and design, precision machining, surface treatment, precision welding, and cleanroom cleaning and packaging for UHP products, reaching advanced levels in the domestic industry[44] - The company has established a research center for high-cleanliness and ultra-high-purity pumps, valves, and their matching pipe fittings, primarily applied in semiconductor, biopharmaceutical, and food safety fields[44] 4. Extensive Customer Resources As a leading high-cleanliness materials manufacturer across diverse sectors, the company has cultivated extensive customer resources and strategic partnerships through continuous innovation - The company is one of the few domestic R&D and manufacturers of high-cleanliness application materials capable of covering the three major application fields: pan-semiconductor, biopharmaceutical, and food and beverage[44] - The company has built unique market competitive barriers through continuous technological innovation and quality upgrades, accumulating extensive customer resources[44] - The company has established strategic partnerships with major domestic and international food manufacturers, dairy and beverage companies, renowned pharmaceutical companies, and equipment manufacturers, and has received excellent supplier certifications[45] 5. Strengthened Internal Management and Synergistic Group Industrial Chain Advantages The company integrates subsidiaries and sales points through advanced management systems, enhancing group control, financial risk management, and decision-making mechanisms - The company integrates subsidiaries such as US GNB, Taiwan Sinolight, and Shandong Bihai, as well as domestic and international sales points, for deep integration[45] - Through enterprise management systems such as technology platforms, SAP ERP, SRM, Teamcenter PLM, and OA, the company coordinates internal product supply, customer feedback, sales channels, and R&D teams within the group[45] - Strengthens group-level control structures and mechanisms, financial and risk management mechanisms, and communication and decision-making mechanisms[45] 6. Intelligent Transformation and Digitalization, Accelerating High-Quality Development Since 2010, the company has driven digital transformation, achieving CMMM Level 3 in 2024, and enhancing efficiency through RPA and flexible production lines - The company began its digital transformation efforts in 2010, with most applications hosted in the cloud[46] - The company has received honors such as Jiangsu Province Information Technology Internet Benchmark Factory and National 5G Factory, and passed the National Smart Manufacturing Capability Maturity Model (CMMM) Level 3 assessment in 2024[46][47] - Introduced RPA process robots to replace some manual office tasks and implemented flexible production lines in smart workshops, building an intelligent automated warehousing system[47] 7. Core Competencies by Industry Segment The company demonstrates strong industry-specific competencies, offering full-chain aseptic solutions for food, dual-certified products for biopharmaceuticals, and ultra-high vacuum/purity products for pan-semiconductors - Food Safety Application Field: Provides aseptic packaging materials (over 30 specifications like brick and pillow packs), aseptic carton filling machines (over 1,000 units sold cumulatively, aseptic system certified by Mérieux Nutrisciences), integrated services, and clean materials (certified by US 3A and European EHEDG)[49] - Biopharmaceutical Application Field: Focuses on aseptic solutions, with products including ASME BPE piping systems, aseptic valves, pumps, etc., being the first in Asia to achieve dual ASME BPE piping and fittings certification, with strict material and process requirements (e.g., Ra 0.38µm surface roughness, over 5 years traceability)[49] - Semiconductor Vacuum Application Field: AdvanTorr products cover high vacuum and ultra-high vacuum flanges, fittings, valves, chambers, etc., achieving vacuum levels of 10^-12 Torr, widely used in semiconductors, displays, LED/OLED lighting, etc[49][50] - UHP Field: Nanopure products include ultra-high purity piping, face seal fittings, metal diaphragm valves, etc., using VIM+VAR materials, meeting SEMI F81 welding requirements, with surface roughness Ra 0.13µm, packaged in Class 100 cleanrooms, and offering over 5 years traceability[50] III. Main Business Analysis Operating revenue slightly decreased by 0.62%, while operating cash flow significantly increased by 41.75%, with detailed breakdowns by product and industry - Operating revenue decreased by 0.62% year-on-year to 1.409 billion CNY[52] - Net cash flow from operating activities increased by 41.75% year-on-year to 130.37 million CNY, primarily due to increased cash received from sales of goods and provision of services[52] Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Clean Application Materials | 194,905,996.62 | 158,536,255.18 | 18.66% | -16.22% | -9.03% | -6.43% | | High-Purity and Ultra-High-Purity Application Materials | 441,067,949.61 | 336,120,810.26 | 23.79% | -1.31% | 4.95% | -4.54% | | Aseptic Packaging Materials | 685,290,349.78 | 499,300,675.18 | 27.14% | 5.78% | 2.17% | 2.58% | | Food Equipment | 88,050,291.26 | 70,652,191.23 | 19.76% | -3.01% | -2.33% | -0.56% | | By Industry | | | | | | | | Food Category | 846,081,874.74 | 635,644,734.40 | 24.87% | 5.41% | 2.50% | 2.13% | | Pharmaceutical Category | 122,164,762.92 | 92,844,387.19 | 24.00% | -27.53% | -19.40% | -7.66% | | Pan-Semiconductor | 441,067,949.61 | 336,120,810.26 | 23.79% | -1.31% | 4.95% | -4.54% | IV. Non-Core Business Analysis No non-core business analysis was conducted during the reporting period - The company had no non-core business analysis during the reporting period[55] V. Analysis of Assets and Liabilities Total assets grew by 1.82% and net assets by 5.90%, with a notable increase in long-term borrowings and slight decreases in cash and inventory proportions Significant Changes in Asset Composition | Item | Current Period-End (CNY) | % of Total Assets | Prior Year-End (CNY) | % of Total Assets | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 489,740,860.21 | 9.46% | 533,381,794.66 | 10.49% | -1.03% | | Inventories | 1,508,094,167.50 | 29.12% | 1,548,675,201.14 | 30.45% | -1.33% | | Fixed Assets | 1,249,876,882.39 | 24.13% | 1,192,496,313.53 | 23.45% | 0.68% | | Long-Term Borrowings | 932,732,110.95 | 18.01% | 667,860,685.32 | 13.13% | 4.88% | - At the end of the reporting period, total assets were 5.179 billion CNY, an increase of 1.82% from the prior year-end[22] - At the end of the reporting period, net assets attributable to shareholders of the listed company were 2.064 billion CNY, an increase of 5.90% from the prior year-end[22] VI. Investment Analysis The company had no significant equity or non-equity investments, fair value financial asset changes, or entrusted financial activities during the reporting period - The company had no significant equity investments during the reporting period[57] - The company had no ongoing significant non-equity investments during the reporting period[57] - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[58][59][60] VII. Disposal of Significant Assets and Equity No significant assets or equity were disposed of by the company during the reporting period - The company did not dispose of significant assets during the reporting period[61] - The company did not dispose of significant equity during the reporting period[62] VIII. Analysis of Major Holding and Participating Companies Shandong Bihai reported a net profit of 97.09 million CNY, while Sinolight Materials Technology incurred a loss, with no subsidiary acquisitions or disposals Financial Data of Major Subsidiaries | Company Name | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Bihai Packaging Materials Co., Ltd. | Packaging Material Manufacturing | 215,500,000 | 1,782,871,433.18 | 798,444,857.55 | 784,256,677.04 | 110,621,388.10 | 97,089,215.08 | | Sinolight Materials Technology Co., Ltd. | Machinery Manufacturing | 239,885,000 (TWD) | 613,172,554.00 | 199,323,663.62 | 53,683,199.18 | -4,928,691.20 | -4,957,232.33 | - The company neither acquired nor disposed of any subsidiaries during the reporting period[64] IX. Structured Entities Controlled by the Company The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[64] X. Risks Faced by the Company and Countermeasures The company addresses risks in supply chain, operations, receivables, policy, and talent through domestic substitution, management optimization, and enhanced risk control - Supply Chain Security Risk: Some raw materials rely on foreign procurement, affected by international trade frictions. Countermeasures include domestic substitution R&D, strategic reserves, diversified procurement channels, and accelerated layout in new energy and advanced manufacturing sectors[65] - Operational Management Risk: Expanding company scale increases management complexity, demanding higher capabilities from the management team. Countermeasures include continuously optimizing management mechanisms, improving scientific decision-making, and deepening talent strategy[65] - Accounts Receivable Risk: Long contract execution and settlement cycles pose bad debt risks. Countermeasures include strengthening risk control systems, optimizing collection policies, insuring accounts receivable credit, and promoting the construction of a digital risk control platform[66] - Industry Policy Risk: The clean application materials industry benefits from policy support but faces strict regulation; policy changes may affect operations. Countermeasures involve continuously monitoring and interpreting national policies to respond promptly[66] - Talent Management Risk: Rapid growth increases demand for core technical and management talent. Countermeasures include continuously optimizing talent acquisition mechanisms, deepening industry-academia cooperation, and improving a multi-level talent development system[67] XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company engaged with institutional investors and other parties via phone and online platforms, with all discussion content and materials publicly disclosed - On April 29, 2025, the company engaged with institutional investors via phone communication[69] - On May 16, 2025, the company conducted an online "cloud interview" on the Shenzhen Stock Exchange's "Interactive Easy Platform"[69] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company approved a Market Value Management System on April 25, 2025, to align market and intrinsic value, but no valuation enhancement plan was disclosed - The company has formulated the "Market Value Management System," which was reviewed and approved by the Sixth Board of Directors' Sixth Meeting on April 25, 2025[70] - The "Market Value Management System" focuses on improving company quality, aiming to align the company's market value with its intrinsic value through compliant means[70] - The company did not disclose a valuation enhancement plan[70] XIII. Implementation of "Dual Improvement in Quality and Returns" Action Plan The company did not disclose any "Dual Improvement in Quality and Returns" action plan announcement during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[71] Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[73] II. Profit Distribution and Capital Reserve to Share Capital Increase During the Reporting Period The company plans no semi-annual cash dividends, bonus shares, or capital increase from capital reserve - The company plans no cash dividends, bonus shares, or capital increase from capital reserve[74] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented 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[75] IV. Environmental Information Disclosure The company and its main subsidiaries are listed as legally required environmental information disclosers and have published relevant reports - The company and its main subsidiaries (Kunshan Sinolight Clean Application Materials Co., Ltd., Shandong Bihai Packaging Materials Co., Ltd.) are both included in the list of enterprises required to disclose environmental information by law[76] - Both companies have provided inquiry indexes for their legally required environmental information disclosure reports[76] V. Social Responsibility The company upholds legal and ethical operations, protects stakeholder rights, and actively engages in social welfare through transparent management and charitable contributions - The company consistently regards legal and honest operation as its foundation for survival, strictly adhering to laws and regulations, standardizing enterprise management, and focusing on product quality control[77] - The company strictly adheres to laws, regulations, and internal system requirements to disclose information truthfully, accurately, completely, timely, and fairly, and communicates with investors through various channels to protect shareholder interests[78] - The company adheres to a "people-oriented" talent philosophy, safeguarding employees' legitimate rights and interests, providing social insurance, housing provident fund, holiday gifts, training opportunities, and promotion systems[78] - During the reporting period, the company donated to Kunshan Huiju Charity Foundation and Junan County Charity Federation for disaster relief, student aid, cultural construction, and loving education funds, among other social welfare initiatives[79] Significant Events I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period All commitments by the actual controller and major shareholders, including share lock-up and avoiding competition, were fulfilled on time during the reporting period - The company's controlling shareholder, actual controller, directors Li Shuibo and Shen Anyun, and major shareholders Li Baihua and Li Baiyuan have all fulfilled their share lock-up commitments[82] - The company's controlling shareholder, actual controller, and major shareholders have fulfilled their commitments to avoid horizontal competition[82][84] - Shareholders holding 5% or more of the company's shares have fulfilled their commitments to reduce and standardize related-party transactions[82][84] - All commitments were fulfilled on time, with no violations found[82][84] II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company No non-operating funds were occupied by controlling shareholders or related parties from the listed company during the reporting period - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders and other related parties from the listed company[85] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[86] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[87] V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on "Non-Standard Audit Report" for the Current Period Not applicable, as the semi-annual report was unaudited, there is no non-standard audit report - Not applicable, as the company's semi-annual report was unaudited, there is no non-standard audit report[88] VI. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year Not applicable, as the company had no non-standard audit report for the previous year - Not applicable, as the company had no non-standard audit report for the previous year[88] VII. Bankruptcy and Reorganization Matters No bankruptcy or reorganization matters occurred during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[88] VIII. Litigation Matters No significant litigation or arbitration matters occurred during the reporting period - The company had no significant litigation or arbitration matters during this reporting period[89] IX. Penalties and Rectification The actual controller and a senior manager received administrative penalties from the CSRC for insider trading - Actual controller Li Shuibo was administratively penalized by the China Securities Regulatory Commission for insider trading, with a disclosure date of April 01, 2025[89] - Senior management member Zhu Mengyong was administratively penalized by the China Securities Regulatory Commission for insider trading, with a disclosure date of January 04, 2025[89] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The actual controller and senior management were penalized for insider trading, as noted in the previous section - The company's actual controller and senior management were administratively penalized by the China Securities Regulatory Commission for insider trading[89] XI. Significant Related-Party Transactions No significant related-party transactions occurred during the reporting period, covering operations, asset dealings, investments, or debt - The company had no related-party transactions related to daily operations during the reporting period[91] - The company had no related-party transactions involving asset or equity acquisitions or disposals during the reporting period[92] - The company had no related-party creditor-debtor relationships during the reporting period[94] XII. Significant Contracts and Their Performance No trusteeship, contracting, or leasing occurred; however, the company provided 415.25 million CNY in joint liability guarantees to subsidiaries, representing 20.12% of net assets - The company had no trusteeship, contracting, or leasing situations during the reporting period[98][99][100] Company's Guarantees to Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 CNY) | Actual Guarantee Amount (10,000 CNY) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Bihai Packaging Materials Co., Ltd. | 5,000 | 1,000 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 5,000 | 1,000 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 3,000 | 315.11 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 8,000 | 4,265 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 15,000 | 12,210.4 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 35,000 | 6,946 | Joint Liability Guarantee | 6 years | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 9,000 | 1,000 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 8,000 | 4,128.75 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 6,500 | 1,183 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 3,000 | 668.5 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 5,000 | 1,260 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 3,000 | 500 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 10,000 | 774 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 8,000 | 1,185 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 5,000 | 500 | Joint Liability Guarantee | 1 year | Yes | | Shandong Bihai Packaging Materials Co., Ltd. | 4,500 | 1,009 | Joint Liability Guarantee | 1 year | Yes | | Kunshan Fangxin Precision Technology Co., Ltd. | 4,200 | 3,580 | Joint Liability Guarantee | 5 years | Yes | | Total Approved Guarantee Limit for Subsidiaries During Reporting Period | 137,200 | | | | | | Total Actual Guarantee Amount for Subsidiaries During Reporting Period | | 41,524.76 | | | | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 137,200 | | | | | | Total Actual Guarantee Balance for Subsidiaries at Period-End | | 41,524.76 | | | | | Ratio of Total Actual Guarantee to Company's Net Assets | | 20.12% | | | | - The company had no other significant contracts during the reporting period[105] XIII. Explanation of Other Significant Matters No other significant matters requiring explanation occurred during the reporting period - The company had no other significant matters requiring explanation during the reporting period[106] XIV. Significant Matters of Company Subsidiaries No significant matters concerning company subsidiaries occurred during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[107] Share Changes and Shareholder Information I. Share Capital Changes Total share capital remained unchanged at 407.81 million shares, with restricted and unrestricted shares maintaining their respective proportions Share Capital Changes | Item | Quantity Before Change | Proportion Before Change | Subtotal of Change (+, -) | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 120,169,807 | 29.47% | 0 | 120,169,807 | 29.47% | | II. Unrestricted Shares | 287,636,945 | 70.53% | 0 | 287,636,945 | 70.53% | | III. Total Shares | 407,806,752 | 100.00% | 0 | 407,806,752 | 100.00% | - During the reporting period, the company's total share capital did not change due to new share issuance, bonus shares, capital reserve conversion to shares, or other reasons[109][110] II. Securities Issuance and Listing No securities issuance or listing occurred during the reporting period - The company had no securities issuance or listing during the reporting period[110] III. Number of Shareholders and Shareholding Structure As of period-end, the company had 54,108 common shareholders, with detailed holdings for major shareholders, including the actual controllers and their sons as parties acting in concert - At the end of the reporting period, the total number of common shareholders was 54,108[111] Shareholding of Shareholders Holding 5% or More, or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End | Number of Restricted Shares Held | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Shuibo | Overseas Natural Person | 25.06% | 102,200,850 | 76,650,637 | 25,550,213 | | Shen Anyun | Overseas Natural Person | 16.71% | 68,145,300 | 0 | 68,145,300 | | Li Baihua | Overseas Natural Person | 6.90% | 28,127,089 | 21,095,317 | 7,031,772 | | Li Baiyuan | Overseas Natural Person | 6.88% | 28,068,894 | 21,051,670 | 7,017,224 | - Mr. Li Shuibo and Ms. Shen Anyun are a married couple and the actual controllers of the company. Li Baihua and Li Baiyuan are their eldest and second sons, respectively, and are parties acting in concert with them[111] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[114] V. Changes in Controlling Shareholder or Actual Controller No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[115] - The company's actual controller did not change during the reporting period[115] VI. Preferred Shares Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[116] Bond-Related Information Bond-Related Information No bond-related information was reported by the company during the reporting period - The company had no bond-related information during the reporting period[118] Financial Report I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[120] II. Financial Statements This section presents the company's consolidated and parent financial statements for H1 2025, detailing financial position, operating results, and cash flow 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets reached 5.179 billion CNY, with a slight increase in total assets and a significant rise in long-term borrowings Key Consolidated Balance Sheet Data | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 5,178,822,727.43 | 5,086,005,685.42 | | Total Liabilities | 3,107,667,145.74 | 3,129,206,397.43 | | Total Owners' Equity | 2,071,155,581.69 | 1,956,799,287.99 | | Long-Term Borrowings | 932,732,110.95 | 667,860,685.32 | 2. Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 2.939 billion CNY, with a slight decrease in total assets but increases in long-term equity investments and fixed assets Key Parent Company Balance Sheet Data | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,938,631,234.12 | 2,950,187,889.10 | | Total Liabilities | 1,520,284,327.87 | 1,592,639,716.15 | | Total Owners' Equity | 1,418,346,906.25 | 1,357,548,172.95 | | Long-Term Equity Investments | 874,256,462.98 | 864,256,462.98 | | Fixed Assets | 545,659,110.06 | 490,029,422.10 | 3. Consolidated Income Statement H1 2025 consolidated operating revenue was 1.409 billion CNY (down 0.62%), with net profit attributable to parent shareholders at 108 million CNY (down 23.06%) Key Consolidated Income Statement Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,409,314,587.27 | 1,418,163,364.18 | | Total Operating Cost | 1,291,743,656.06 | 1,269,791,725.85 | | Total Profit | 119,280,206.70 | 158,688,970.15 | | Net Profit | 107,516,428.36 | 140,286,766.82 | | Net Profit Attributable to Parent Company Shareholders | 108,085,490.60 | 140,480,355.13 | | Basic Earnings Per Share | 0.27 | 0.3445 | 4. Parent Company Income Statement H1 2025 parent company operating revenue was 527 million CNY, with net profit at 60.80 million CNY, a decrease from the prior year Key Parent Company Income Statement Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 526,779,458.51 | 552,683,331.45 | | Operating Cost | 405,283,691.44 | 411,709,526.16 | | Total Profit | 63,254,736.55 | 90,433,440.73 | | Net Profit | 60,798,733.30 | 85,901,275.42 | 5. Consolidated Cash Flow Statement H1 2025 consolidated net operating cash flow increased by 41.75% to 130 million CNY, with net investing cash flow at -242 million CNY and financing cash flow at 139 million CNY Key Consolidated Cash Flow Statement Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 130,369,484.47 | 91,969,229.06 | | Net Cash Flow from Investing Activities | -241,670,025.10 | -135,640,582.58 | | Net Cash Flow from Financing Activities | 138,649,275.57 | 65,583,442.65 | | Net Increase in Cash and Cash Equivalents | 37,053,161.69 | 23,956,541.62 | | Period-End Balance of Cash and Cash Equivalents | 283,415,940.71 | 176,502,589.45 | 6. Parent Company Cash Flow Statement H1 2025 parent company net operating cash flow was 80.01 million CNY, with net investing cash flow at -14.20 million CNY and financing cash flow at -51.39 million CNY Key Parent Company Cash Flow Statement Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 80,006,343.12 | -29,250,433.82 | | Net Cash Flow from Investing Activities | -14,196,910.77 | -14,001,129.45 | | Net Cash Flow from Financing Activities | -51,386,698.77 | 81,231,795.26 | | Period-End Balance of Cash and Cash Equivalents | 145,260,728.29 | 88,460,713.14 | 7. Consolidated Statement of Changes in Owners' Equity H1 2025 consolidated owners' equity increased by 114 million CNY to 2.071 billion CNY, driven by higher comprehensive income attributable to parent owners - The change amount for this period (decrease indicated by "－") was 114.36 million CNY[135] - Total comprehensive income attributable to parent company owners was 114.93 million CNY[135] - Total owners' equity at period-end was 2.071 billion CNY[135] 8. Parent Company Statement of Changes in Owners' Equity H1 2025 parent company owners' equity increased by 60.80 million CNY to 1.418 billion CNY, mainly due to increased comprehensive income - The change amount for this period (decrease indicated by "－") was 60.80 million CNY[139] - Total comprehensive income was 60.80 million CNY[139] - Total owners' equity at period-end was 1.418 billion CNY[139] III. Company Overview Established in 2008 and listed in 2011, the company, controlled by Li Shuibo and Shen Anyun, specializes in clean and ultra-high-purity materials for diverse high-tech industries - The company was established on August 7, 2008, and listed on the Shenzhen Stock Exchange on September 6, 2011[142] - As of June 30, 2025, the company's total issued shares amounted to 407.81 million shares, with a registered capital of 407.81 million CNY[142] - The actual controllers are Li Shuibo and Shen Anyun, a married couple, whose main business involves the R&D, production, and sales of clean application materials and high-purity and ultra-high-purity application materials, applied in food safety, biopharmaceuticals, and pan-semiconductor business fields[142] IV. Basis of Financial Statement Preparation Financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and CSRC rules, using historical cost as the measurement basis - The company prepares its financial statements on a going concern basis, complying with Enterprise Accounting Standards requirements[145][146] - Financial statements use historical cost as the measurement basis, with impairment provisions recognized when assets are impaired[147] V. Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, covering compliance, financial instruments, asset recognition, revenue, and government grants - The company complies with Enterprise Accounting Standards, with the accounting year from January 1 to December 31, and the functional currency being Renminbi (CNY)[148][149][151] - Detailed provisions are made for the classification, measurement, derecognition, and impairment methods of financial assets and financial liabilities, including the expected credit loss model[178][179][194] - Revenue recognition follows the performance obligation principle, recognizing revenue when customers obtain control of goods or services, and establishing treatment principles for specific transactions (e.g., sales returns, quality assurance)[267][271] VI. Taxation This section details the company's and its subsidiaries' main tax types and rates, along with tax preferential policies for high-tech and small low-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Sales Amount | 13%, 9%, 6%, 5%, 0% | | Urban Maintenance and Construction Tax | Actual Paid Turnover Tax Amount | 5% | | Education Surcharge | Turnover Tax and VAT Exemptions/Deductions | 3% | | Local Education Surcharge | Turnover Tax and VAT Exemptions/Deductions | 2% | - The company and its subsidiaries, Shandong Bihai Packaging Materials Co., Ltd. and Shandong Bihai Machinery Technology Co., Ltd., as high-tech enterprises, are subject to Enterprise Income Tax at a reduced rate of 15%[291] - Subsidiaries Kunshan Unigen Clean System Co., Ltd., Bengbu Renault Energy Saving Technology Co