英力特(000635) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides important disclaimers, lists reference documents, and defines key terms used throughout the report Important Notice The Board of Directors and senior management affirm the report's accuracy and completeness, highlighting investment, operational, market, cash flow, and transformation risks, with no planned interim cash dividends or share transfers - The company's Board of Directors and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[4] - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[4] - Investors are advised to note investment risks, primarily including investment risk, operating performance risk, market competition risk, cash flow risk, and reform and business transformation risk[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Catalogue of Reference Documents This section lists the half-yearly report's reference documents, including signed financial statements and original announcements disclosed during the reporting period - Reference documents include financial statements signed and sealed by the company's head, chief accountant, and head of accounting department[8] - Reference documents also include originals of all company documents and announcements publicly disclosed during the reporting period[9] Definitions This section defines key terms used in the report, such as major related parties, company names, product names (PVC, E-PVC), and the reporting period - The reporting period refers to January 1, 2025, to June 30, 2025[11] - Ningxia Yinglite Chemical Co., Ltd. is referred to as "the Company/this Company"[11] - Main products include PVC (polyvinyl chloride resin) and E-PVC (polyvinyl chloride paste resin)[11] Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, and a summary of key accounting data and financial performance for the reporting period Company Profile This section outlines the company's fundamental information, including its stock ticker, code, listing exchange, Chinese name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yinglite | | Stock Code | 000635 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Ningxia Yinglite Chemical Co., Ltd. | | Legal Representative | Li Yong | Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Liu Yu | (0952)3820006 | yu.liu.gg@chnenergy.com.cn | | Securities Affairs Representative | Guo Zongpeng | (0952)3820080 | zongpeng.guo@chnenergy.com.cn | Other Information The company's contact information, disclosure, and storage locations remained unchanged during the reporting period, but the investor hotline was adjusted and disclosed - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15] - Information disclosure and storage locations remained unchanged during the reporting period[16] - Due to business development, the company adjusted its investor hotline and disclosed the "Announcement on Changing Investor Hotline" on August 5, 2025, on Juchao Information Network and Securities Daily, Securities Times[18] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue decreased by 10.00% year-on-year, net profit attributable to shareholders expanded its loss by 25.92%, and net cash flow from operating activities improved by 17.09% Key Financial Performance Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 866,974,505.74 | 963,253,883.04 | -10.00% | | Net Profit Attributable to Listed Company Shareholders | -155,576,093.01 | -123,556,317.39 | -25.92% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -159,203,515.45 | -126,728,359.00 | -25.63% | | Net Cash Flow from Operating Activities | -318,313,310.87 | -383,930,363.43 | 17.09% | | Basic Earnings Per Share (yuan/share) | -0.51 | -0.41 | -24.39% | | Diluted Earnings Per Share (yuan/share) | -0.51 | -0.41 | -24.39% | | Weighted Average Return on Net Assets | -15.22% | -8.03% | -7.19% | Key Financial Position Indicators | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 2,635,083,310.06 | 2,572,038,054.01 | 2.45% | | Net Assets Attributable to Listed Company Shareholders | 953,261,332.65 | 1,100,116,820.25 | -13.35% | Differences in Accounting Data Under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21] Non-Recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses for the reporting period amounted to CNY 3.63 million, primarily from disposal of non-current assets, government grants, fair value changes of financial assets, and other non-operating income/expenses Non-Recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 85,560.25 | | Government Grants Included in Current Profit and Loss | 1,976,694.79 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises and Disposal of Financial Assets and Liabilities | 85,927.44 | | Other Non-Operating Income and Expenses Apart from the Above | 1,967,513.66 | | Less: Income Tax Impact | 488,273.70 | | Total | 3,627,422.44 | - The company has no other profit and 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[24] Management Discussion and Analysis This section provides an overview of the company's main businesses, core competencies, operational performance, asset and liability status, investment activities, and risk management strategies Main Businesses Engaged by the Company During the Reporting Period The company primarily produces and sells calcium carbide, PVC, caustic soda, special resins, electricity, and heat, with operations influenced by macroeconomics, real estate, and raw material price fluctuations - The company's main business involves the production and sale of calcium carbide and its derivatives, polyvinyl chloride, caustic soda and its derivatives, special resins, electricity, and heat[26] - Main products include PVC, E-PVC, caustic soda, and calcium carbide, with no significant changes in business model[26] - In the first half of 2025, the domestic polyvinyl chloride market was weak, with futures main contract prices falling[27] - In the first half of the year, the domestic calcium carbide market showed a low-level volatile pattern, with prices between CNY 2,250-2,750 per ton, and the company's calcium carbide production remained stable, with capacity and operating rates slightly above the industry average[26] - In the first half of the year, the domestic caustic soda market experienced a surge followed by a decline, with the company's caustic soda production remaining stable at 98,400 tons, and operating rates higher than the industry average[29] Analysis of Core Competencies The company's core competencies stem from its integrated "self-supplied power → calcium carbide → PVC" industrial chain, advanced production technologies, and circular economy practices - The company has built an integrated "self-supplied power → calcium carbide → polyvinyl chloride" industrial chain, consolidating its advantages based on western coal resources, power generation, core production of PVC and caustic soda, and comprehensive waste utilization[30] - The company employs advanced high-current density natural circulation electrolytic cells, coal molten salt falling film evaporation technology, single 108m³ reactors, and hot water feeding process technology, playing a significant role in reducing production costs and environmental protection[31] - The company achieves closed-loop water circulation in its chlor-alkali production line through ultrafiltration and reverse osmosis technology, utilizes calcium carbide slag to produce desulfurizers, and uses purified carbon monoxide from calcium carbide furnaces to produce lime and steam, forming a circular economy advantage[32] Main Business Analysis In the first half of 2025, the company experienced decreased production and revenue, with an expanded net loss, while focusing on safety, production efficiency, operational control, project advancement, and governance improvements Main Product Output (H1 2025) | Product | H1 2025 Output (10,000 tons) | Year-on-Year Change | | :--- | :--- | :--- | | Calcium Carbide | 18.82 | -1.76% | | PVC | 10.71 | -2.71% | | E-PVC | 2.21 | -6.10% | | Caustic Soda | 9.84 | -0.91% | Key Financial Performance Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 866,974,505.74 | 963,253,883.04 | -10.00% | | | Operating Cost | 948,048,965.69 | 1,012,524,291.54 | -6.37% | | | Selling Expenses | 2,318,825.67 | 9,145,551.37 | -74.65% | Change in freight presentation | | Administrative Expenses | 39,445,502.78 | 32,714,993.97 | 20.57% | | | Financial Expenses | 6,967,477.77 | 3,673,033.13 | 89.69% | Increase in loan interest | | Net Cash Flow from Operating Activities | -318,313,310.87 | -383,930,363.43 | 17.09% | | | Net Cash Flow from Investing Activities | -23,161,111.22 | -9,029,685.35 | -156.50% | Increase in technical renovation project expenditures | | Net Cash Flow from Financing Activities | 332,934,971.55 | 380,223,588.99 | -12.44% | | Operating Revenue by Product (H1 2025) | Product | Current Period Operating Revenue (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | PVC | 452,650,331.93 | 52.21% | -16.56% | | E-PVC | 111,239,043.85 | 12.83% | -25.40% | | Caustic Soda | 244,524,560.57 | 28.20% | 24.86% | | Calcium Carbide | 19,403,125.56 | 2.24% | -44.40% | | Electricity | 5,793,261.82 | 0.67% | 18.61% | - The company strengthened safety and environmental control, promoted the construction of a safety production management system and a three-year fundamental improvement action, achieving 3,455 days of safe production and compliant pollutant discharge[35] - Production balance management was strengthened, with main product production loads maintained at high levels (over 90%), paste resin production load exceeding 100%, PVC premium product rate at 94.8%, and caustic soda first-grade product rate at 100%[36] - Operational control was strengthened, leveraging "integrated operation" advantages, meticulously blending and burning coal, implementing a "deep adjustment during off-peak, full generation during peak" power generation model, and achieving a total of CNY 17.07 million in tax reductions and project interest subsidies in the first half of the year[36][37] - Key projects progressed orderly, with the 300,000 tons/year calcium carbide technical renovation project effectively reaching production, the 10MW self-generated and self-consumed distributed wind power project about to commence, the zero-discharge wastewater project entering trial operation, the by-product steam graphite synthesis furnace technical renovation project successfully ignited, and CNY 684 million raised through a private placement of shares[37] - Actively cultivated and introduced technical talents, deepened the salary distribution and performance-linked assessment mechanism, and introduced professionals in new materials[38] - Improved governance system, revised the "Articles of Association" and supporting rules, completed the adjustment of the supervisory board's functions, approved the "Market Value Management System," and strengthened internal control and risk management systems[38] - The leading role of Party building was evident, thoroughly implementing the spirit of the Central Eight Provisions, constructing the "Four Foundations" Party building project, and deepening activities such as labor competitions and skill contests[39][40] Non-Main Business Analysis The company had no non-main business analysis content during the reporting period - The company had no non-main business analysis during the reporting period[47] Analysis of Assets and Liabilities The company's total assets slightly increased, while net assets attributable to shareholders decreased, with notable changes in cash, receivables, inventory, fixed assets, short-term borrowings, and contract liabilities Asset and Liability Status (End of Reporting Period) | Item | End of Current Period (CNY) | Proportion of Total Assets | End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 8,966,387.74 | 0.34% | 19,454,506.02 | 0.76% | -0.42% | | | Accounts Receivable | 50,909,303.83 | 1.93% | 35,166,188.64 | 1.37% | 0.56% | Increase in accounts receivable from caustic soda sales | | Inventories | 110,820,529.73 | 4.21% | 123,812,608.27 | 4.81% | -0.60% | Decrease in inventory | | Fixed Assets | 1,985,186,729.60 | 75.34% | 2,028,238,406.62 | 78.86% | -3.52% | Depreciation accrual | | Construction in Progress | 108,288,187.23 | 4.11% | 148,388,378.60 | 5.77% | -1.66% | Technical renovation projects transferred to fixed assets this year | | Short-Term Borrowings | 925,441,258.44 | 35.12% | 552,596,019.72 | 21.48% | 13.64% | Increase in borrowings for working capital | | Contract Liabilities | 41,968,791.59 | 1.59% | 27,323,716.35 | 1.06% | 0.53% | Increase in contract prepayments | | Long-Term Borrowings | 70,000,000.00 | 2.66% | 105,000,000.00 | 4.08% | -1.42% | Some long-term borrowings reclassified as non-current liabilities due within one year | Restricted Assets | Item | Book Original Value (CNY) | Book Value (CNY) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Intangible Assets | 59,431,815.92 | 32,861,179.99 | Mortgage | Bank loan mortgage | | Fixed Assets | 153,118,632.87 | 56,579,888.71 | Mortgage | Bank loan mortgage | | Total | 212,550,448.79 | 89,441,068.70 | | | - The company has no overseas assets, nor assets and liabilities measured at fair value[50] Analysis of Investment Status The company had no significant equity or non-equity investments or securities investments, but engaged in PVC futures for hedging, generating a net gain of CNY 85,900 from fair value changes and closed positions - The company had no securities investments during the reporting period[52] - During the reporting period, the company's PVC futures contract investments for hedging purposes resulted in a fair value change loss of CNY 17,600, and investment income of CNY 103,500 from closed futures positions, totaling CNY 85,900 in income[54][55] - Hedging effectively mitigates risks from price fluctuations, enhances the company's ability to respond to market volatility, and aligns with the company's sales strategy[54] - The company had no use of raised funds during the reporting period[57] Disposal of Significant Assets and Equity The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[58] - The company did not dispose of significant equity during the reporting period[59] Analysis of Major Controlled and Invested Companies The company had no important controlled or invested company information requiring disclosure during the reporting period - The company had no important controlled or invested company information requiring disclosure during the reporting period[59] Structured Entities Controlled by the Company The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[60] Risks Faced by the Company and Countermeasures The company faces multiple risks including operational efficiency, investment, market competition, cash flow, and business transformation, addressed by strategies such as market monitoring, budget control, and talent development - Operating Performance Risk: Fluctuations in market prices of main products and raw materials, increased safety and environmental protection investments, and insufficient internal control may reduce operating performance[61] - Countermeasures: Closely monitor the market, strictly manage budgets, improve production efficiency, accelerate equipment management, and strengthen performance assessments[61] - Investment Risk: Inaccurate understanding of laws and regulations, insufficient feasibility studies, and unreasonable capital planning may lead to lower-than-expected investment returns or capital chain breaks[62] - Countermeasures: Timely monitor policies, conduct thorough project investigations and feasibility studies, and coordinate capital management for multi-channel financing[62] - Market Competition Risk: A single product structure and insufficient internal control lead to decreased competitiveness[63] - Countermeasures: Optimize product production structure, utilize internal industrial resources, tackle equipment reliability management, strengthen procurement and sales management, and implement PVC hedging[63][64] - Cash Flow Risk: A sluggish existing asset market, increased operating costs, insufficient returns, and necessary investments may lead to inadequate cash flow[65] - Countermeasures: Establish a cash flow forecasting model, strengthen supply chain management, improve capital utilization efficiency, and strictly manage customer credit[65] - Reform and Business Transformation Risk: Industrial upgrading is imminent, with risks in selecting transformation directions, human resource matching, and capital investment[66] - Countermeasures: Deeply analyze market environment, accelerate talent储备 in fine chemical sector, and broaden financing channels to ensure capital needs[66] Implementation of Market Value Management System and Valuation Enhancement Plan The company has formulated and disclosed its "Market Value Management System" but has not disclosed a valuation enhancement plan - The company has formulated a market value management system[67] - The company has not disclosed a valuation enhancement plan[68] - The "Ningxia Yinglite Chemical Co., Ltd. Market Value Management System" was disclosed on Juchao Information Network on July 7, 2025[69] Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[71] Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive schemes, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, several supervisors, including Chairman Yu Guangrui, left due to term expiration, and the company completed the functional adjustment of the supervisory board, transferring its duties to the Board's Audit and Risk Committee Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yu Guangrui | Chairman of the Supervisory Board | Term expired | May 21, 2025 | Re-election | | Wang Shiqi | Supervisor | Term expired | May 21, 2025 | Re-election | | Huang Yishuai | Supervisor | Term expired | May 21, 2025 | Re-election | | Jin Zhi | Supervisor | Term expired | May 21, 2025 | Re-election | | Liu Yucheng | Supervisor | Term expired | May 21, 2025 | Re-election | - The company has completed the functional adjustment of the supervisory board, clarifying that the Board's Audit and Risk Committee exercises the statutory powers of the supervisory board, which has formally withdrawn from the company's governance mechanism[73] Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[74] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company continued its 2021 restricted stock incentive plan, completing the repurchase and cancellation of 399,135 restricted shares for 80 incentive recipients due to unmet performance targets or job changes, while not implementing an employee stock ownership plan - The company continues to advance its 2021 restricted stock incentive plan, having completed multiple batches of restricted stock repurchases and cancellations[75][76][77][78][79][80][81][82][83] - On April 23, 2025, the company approved the repurchase and cancellation of a total of 399,135 restricted shares for 80 incentive recipients who resigned due to job changes or failed to meet the company-level performance targets for 2024[83] - The company has not implemented an employee stock ownership plan[84] - The company has established comprehensive assessment and evaluation systems, such as the "All-Staff Performance Appraisal Management Implementation Measures," which are highly incentivizing for employees[85] Environmental Information Disclosure The company and its main subsidiary, Ningxia Yinglite Chemical Co., Ltd., are included in the list of enterprises required to disclose environmental information and have done so on the designated platform - Ningxia Yinglite Chemical Co., Ltd. has been included in the list of enterprises required to disclose environmental information by law[86] - The query index for the environmental information disclosure report is https://222.75.41.50:10958[86](index=86&type=chunk) Social Responsibility The company upholds quality in product supply, protects supplier rights, safeguards other creditors, ensures employee welfare through robust labor practices and training, and actively participates in community service and charitable initiatives - Customer Product Supply: Adheres to quality policy, continuously improves product quality, with PVC premium product rate at 94.8%, E-PVC first-grade product rate at 96.58%, and caustic soda first-grade product rate at 100%[87] - Supplier Rights Protection: Strictly adheres to bidding and tendering laws and regulations, standardizes procurement, promptly settles and pays for goods, maintaining a good procurement reputation[87] - Protection of Other Creditors: Issued announcements to notify creditors regarding restricted stock repurchases, promptly provided significant information, and no instances of harming creditor interests occurred[87] - Employee Protection: Established sound labor employment rules and regulations, ensured stable employment, improved compensation and benefits, guaranteed employee leave rights, implemented occupational disease prevention, provided labor protection equipment, conducted regular physical examinations, protected female employees' rights, offered employee training, legally paid social insurance and enterprise annuities, and provided assistance for employees in need[88][89] - Community Philanthropy: Organized employees to participate in civilized city volunteer activities, cooperated with local governments to support accident emergency rescue, and collectively purchased CNY 641,300 worth of goods from Wubu County and Mizhi County through "purchase-as-aid" initiatives[90] Significant Matters This section covers the fulfillment of commitments, non-operating fund occupation, external guarantees, auditor appointments, litigation, penalties, integrity, related party transactions, major contracts, and other significant events Fulfillment of Commitments National Energy Group and Yinglite Group are fulfilling their commitments regarding the company's independence, non-competition, and related party transactions, with no overdue unfulfilled commitments - National Energy Group's commitments regarding the listed company's independence, non-competition, and related party transactions are all being fulfilled[92] - Yinglite Group's commitments regarding non-competition and not reducing company shares during specific periods are all being fulfilled[92] - All commitments were fulfilled on time, with no overdue unfulfilled situations[92] Non-Operating Occupation of Funds The company reported no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period - The company reported no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[93] 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[94] Appointment and Dismissal of Accounting Firms The company's half-yearly financial report was not audited - The company's half-yearly financial report was not audited[95] Explanation of Non-Standard Audit Report The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[96] Explanation of Prior Year's Non-Standard Audit Report The company had no non-standard audit report for the prior year during the reporting period - The company had no non-standard audit report for the prior year during the reporting period[96] Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization-related matters during the reporting period - The company had no bankruptcy or reorganization-related matters during the reporting period[96] Litigation Matters The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during this reporting period[97] - The company had no other litigation matters during this reporting period[98] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[98] Integrity Status The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period - The company had no integrity issues during the reporting period[99] Significant Related Party Transactions The company engaged in related party procurement and sales at market prices, with some transactions exceeding approved limits, and had deposit and loan transactions with National Energy Group Finance Co., Ltd Daily Related Party Transactions | Related Transaction Type | Related Party | Related Transaction Content | Amount in Current Period (CNY 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Purchase of Goods/Acceptance of Services | National Energy Group Ningxia Power Co., Ltd. | Purchase of Fuel | 9,951.35 | 15.07% | 20,000 | No | | Purchase of Goods/Acceptance of Services | National Energy Group Science and Technology Research Institute Co., Ltd. Yinchuan Branch | Purchase of Services | 228.30 | 0.35% | 212.83 | Yes | | Purchase of Goods/Acceptance of Services | National Energy Group Media Center Co., Ltd. | Purchase of Services | 11.13 | 0.02% | 6.68 | Yes | | Purchase of Goods/Acceptance of Services | Ningxia Industrial Vocational College | Purchase of Services | 2.89 | 0.00% | 0 | Yes | | Sale of Goods/Provision of Services | National Energy Group Ningxia Coal Industry Co., Ltd. | Sale of Products | 10,071.86 | 12.17% | 22,664 | No | | Sale of Goods/Provision of Services | Guoneng Pingluo Power Generation Co., Ltd. | Sale of Waste | 8.39 | 0.82% | 0 | Yes | | Sale of Goods/Provision of Services | Guoneng Guyuan New Energy Co., Ltd. | Conference Services | 0.31 | 0.12% | 0 | Yes | | Sale of Goods/Provision of Services | Guoneng Zhongwei Power Generation Co., Ltd. | Conference Services | 2.89 | 1.15% | 0 | Yes | Related Party Financial Transactions | Related Party | Related Relationship | Period-End Deposit Balance (CNY 10,000) | Period-End Loan Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | | National Energy Group Finance Co., Ltd. | Under common control of National Energy Investment Group | 896.54 | 40,024.01 | - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[108] - The company had no related party transactions involving joint external investments during the reporting period[109] - The company had no non-operating related party creditor-debtor transactions during the reporting period[110] Significant Contracts and Their Performance The company had no significant contracts related to trusteeship, contracting, leasing, major guarantees, wealth management, or other significant agreements during the reporting period - The company had no trusteeship situations during the reporting period[114] - The company had no contracting situations during the reporting period[115] - The company had no leasing situations during the reporting period[116] - The company had no significant guarantee situations during the reporting period[117] - The company had no entrusted wealth management during the reporting period[118] - The company had no other significant contracts during the reporting period[119] Explanation of Other Significant Matters In August 2025, the company completed a private placement of 91.05 million shares, raising a total of CNY 684 million - In August 2025, the company completed a private placement of shares to specific investors, with 15 final subscribers[120] Private Placement Details | Indicator | Amount | | :--- | :--- | | Issue Price | 7.51 yuan/share | | Total Funds Raised | 683,755,617.71 yuan | | Number of Shares Issued | 91,046,021 shares | Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[121] Share Changes and Shareholder Information This section details the company's share capital structure, any changes in shares, securities issuance, shareholder numbers, major shareholders, and changes in holdings by directors, supervisors, and senior management Share Change Status The company's total share capital remained unchanged during the reporting period, with the number and proportion of restricted and unrestricted shares also constant Share Capital Changes | Share Type | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 399,135 | 0.13% | 0 | 399,135 | 0.13% | | II. Unrestricted Shares | 303,087,602 | 99.87% | 0 | 303,087,602 | 99.87% | | III. Total Shares | 303,486,737 | 100.00% | 0 | 303,486,737 | 100.00% | - The company's total share capital remained unchanged during the reporting period[124] - The reasons for share changes, approval status, transfer status, progress of share repurchase implementation, and progress of repurchased share reduction through centralized bidding are all not applicable[124] Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[125] Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 24,016 common shareholders, with controlling shareholder Guoneng Yinglite Energy Chemical Group Co., Ltd. holding 51.18% of shares Shareholder Count | Indicator | Quantity | | :--- | :--- | | Total Number of Common Shareholders at Period-End | 24,016 | | Total Number of Preferred Shareholders with Restored Voting Rights at Period-End | 0 | Top Ten Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Guoneng Yinglite Energy Chemical Group Co., Ltd. | State-owned Legal Person | 51.18% | 155,322,687 | 155,322,687 | | Qian Feng | Domestic Natural Person | 0.68% | 2,051,800 | 2,051,800 | | Wang Bifeng | Domestic Natural Person | 0.52% | 1,580,485 | 1,580,485 | | Xu Hui | Domestic Natural Person | 0.47% | 1,429,100 | 1,429,100 | | Zhang Bo | Domestic Natural Person | 0.42% | 1,272,300 | 1,272,300 | | He Jianmin | Domestic Natural Person | 0.42% | 1,269,500 | 1,269,500 | | Lu Lihong | Domestic Natural Person | 0.39% | 1,184,500 | 1,184,500 | | Bi Xinzong | Domestic Natural Person | 0.35% | 1,076,502 | 1,076,502 | | Peng Shuai | Domestic Natural Person | 0.31% | 938,135 | 938,135 | | Caixin Jixiang Life Insurance Co., Ltd. - Dingsheng Product | Other | 0.29% | 887,600 | 887,600 | - Shareholder Xu Hui held 248,400 shares through a margin trading and securities lending account and 1,180,700 shares through a regular securities account[127] - Shareholder Bi Xinzong held 508,602 shares through a margin trading and securities lending account and 567,900 shares through a regular securities account[127] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[128] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[130] - The company's actual controller remained unchanged during the reporting period[131] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[132] Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[134] Financial Report This section presents the company's unaudited financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with detailed notes on accounting policies and financial items Audit Report The company's half-yearly financial report was not audited - The company's half-yearly financial report was not audited[136] Financial Statements This section includes the company's balance sheet, income statement, cash flow statement, and statement of changes in owners' equity for the first half of 2025, reflecting its financial position and operating results Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash and Bank Balances | 8,966,387.74 | 19,454,506.02 | | Accounts Receivable | 50,909,303.83 | 35,166,188.64 | | Inventories | 110,820,529.73 | 123,812,608.27 | | Fixed Assets | 1,985,186,729.60 | 2,028,238,406.62 | | Construction in Progress | 108,288,187.23 | 148,388,378.60 | | Total Assets | 2,635,083,310.06 | 2,572,038,054.01 | | Short-Term Borrowings | 925,441,258.44 | 552,596,019.72 | | Accounts Payable | 358,553,017.47 | 518,037,160.36 | | Total Liabilities | 1,681,821,977.41 | 1,471,921,233.76 | | Total Owners' Equity Attributable to Parent Company | 953,261,332.65 | 1,100,116,820.25 | Income Statement Summary (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 866,974,505.74 | 963,253,883.04 | | Total Operating Costs | 993,934,551.89 | 1,068,097,814.60 | | Operating Profit | -150,903,680.76 | -118,443,218.18 | | Total Profit | -148,850,606.85 | -116,812,133.43 | | Net Profit | -155,576,093.01 | -123,556,317.39 | | Net Profit Attributable to Parent Company Shareholders | -155,576,093.01 | -123,556,317.39 | | Basic Earnings Per Share (yuan/share) | -0.51 | -0.41 | | Diluted Earnings Per Share (yuan/share) | -0.51 | -0.41 | Cash Flow Statement Summary (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -318,313,310.87 | -383,930,363.43 | | Net Cash Flow from Investing Activities | -23,161,111.22 | -9,029,685.35 | | Net Cash Flow from Financing Activities | 332,934,971.55 | 380,223,588.99 | | Net Increase in Cash and Cash Equivalents | -8,539,450.54 | -12,736,459.79 | | Period-End Cash and Cash Equivalents Balance | 8,966,387.74 | 10,361,489.16 | Company Basic Information Ningxia Yinglite Chemical Co., Ltd., established on November 12, 1996, and listed on November 26, 1996, operates in the chemical manufacturing industry, with 303.49 million shares issued and National Energy Investment Group Co., Ltd. as its ultimate controlling party - The company was established on November 12, 1996, and listed on the Shenzhen Stock Exchange on November 26, 1996[156] - It belongs to the chemical raw materials and chemical products manufacturing industry, with primary business activities in the manufacturing of primary plastics and synthetic resins[156] - As of June 30, 2025, the total accumulated issued share capital was 303.49 million shares, and the registered capital was CNY 303.49 million[156] - The parent company is Guoneng Yinglite Energy Chemical Group Co., Ltd., and the ultimate controlling party is National Energy Investment Group Co., Ltd[156] Basis of Financial Statement Preparation The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant CSRC regulations, on a going concern basis - The financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the China Securities Regulatory Commission's "Rules for Information Disclosure by Companies Issuing Securities Publicly No. 15 - General Provisions for Financial Reports"[158] - The financial statements are prepared on a going concern basis[159] Significant Accounting Policies and Estimates This section details the company's adherence to accounting standards, accounting period, reporting currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash equivalents, foreign currency translation, financial instruments, impairment, inventories, fixed assets, revenue recognition, government grants, deferred taxes, leases, fair value measurement, safety production costs, and segment reporting - The company adheres to Accounting Standards for Business Enterprises, accurately and completely reflecting its financial position, operating results, and cash flows[160] - The operating cycle is 12 months, and the functional currency is Renminbi (CNY)[162][163] - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[177] - Inventories are classified as raw materials, revolving materials, finished goods, work-in-progress, and self-made semi-finished products, valued using the weighted average method[205][206] - Fixed assets are depreciated using the straight-line method, with a residual value rate of 0-5%[215] - Revenue is recognized when the customer obtains control of the related goods or services, using either a period-over-time or point-in-time recognition method based on the type of performance obligation[243][244][245] - Government grants are classified as asset-related or income-related, either offsetting the book value of assets, recognized as deferred income, or included in current profit and loss, respectively[260][262] - Deferred income tax assets and liabilities are recognized based on the difference between the tax base of assets and liabilities and their carrying amounts[264] - The company opts not to recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets[274] - The company accrues safety production expenses according to standards for hazardous goods production and storage enterprises and power production and supply enterprises, recognized as a special reserve[287] Taxation The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, property tax, land use tax, and vehicle and vessel usage tax, with CNY 13.27 million in property and land use tax refunds and CNY 2.50 million in VAT-related tax benefits received this period Main Tax Categories and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6% (Lease income 5%) | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 25% | | Property Tax | 1.2%, 12% | | Land Use Tax | 2 yuan/sqm, 4 yuan/sqm | | Vehicle and Vessel Usage Tax | 60 yuan/liter | - The company received CNY 6.84 million in property tax refunds and CNY 6.43 million in urban land use tax refunds for 2023, totaling CNY 13.27 million this period[292] - The company received CNY 2.50 million in tax benefits related to urban maintenance and construction tax, education surcharge, and local education surcharge from VAT credit refunds this period[292] Notes to Financial Statement Items This section provides detailed explanations for various balance sheet, income statement, and cash flow statement items, including period-end balances, changes, and reasons for significant fluctuations - Cash and bank balances at period-end were CNY 8.97 million, down from CNY 19.45 million at period-beginning, primarily comprising bank deposits and funds held at finance companies[294] - Accounts receivable at period-end were CNY 50.91 million, an increase from period-beginning, mainly due to increased receivables from caustic soda sales[48][307] - Inventories at period-end were CNY 110.82 million, a decrease from period-beginning, mainly due to reduced finished goods inventory[48][370] - Fixed assets book value at period-end was CNY 1.985 billion, a decrease from period-beginning, mainly due to depreciation accrual[48][415] - Construction in progress at period-end was CNY 108.29 million, a decrease from period-beginning, mainly due to technical renovation projects transferred to fixed assets this year[48][425] - Short-term borrowings at period-end were CNY 925.44 million, a significant increase from period-beginning, mainly due to increased borrowings for working capital[49][453] - Accounts payable at period-end were CNY 358.55 million, a decrease from period-beginning, with significant accounts payable over one year primarily due to unfulfilled payment conditions[459][461] - Employee compensation payable at period-end was CNY 40.98 million, an increase from period-beginning, primarily including short-term compensation, post-employment benefits, and termination benefits[474] - Deferred income at period-end was CNY 48.99 million, mainly government grants, decreasing by CNY 1.95 million this period[498] - Operating revenue for the current period was CNY 867 million, a 10.00% year-on-year decrease; operating cost was CNY 948 million, a 6.37% year-on-year decrease[510] - Selling expenses for the current period were CNY 2.32 million, a 74.65% year-on-year decrease, mainly due to a change in freight presentation methodology[42][519] - Financial expenses for the current period were CNY 6.97 million, an 89.69% year-on-year increase, mainly due to increased loan interest[42][520] Research and Development Expenses The company's total R&D expenditure for the reporting period was CNY 1.48 million, with CNY 755,500 expensed and CNY 727,800 capitalized, focusing on projects like wastewater treatment, automation, and smart logistics R&D Expenditure Details | Item | Amount in Current Period (CNY) | Amount in Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 755,495.39 | 1,726,772.58 | | Outsourcing Service Fees | 727,787.61 | 0.00 | | Total | 1,483,283.00 | 1,726,772.58 | | Of which: Expensed R&D Expenditure | 755,495.39 | 1,726,772.58 | | Capitalized R&D Expenditure | 727,787.61 | 0.00 | - Significant capitalized R&D projects include the electrochemical circulating cooling water treatment application research project, with an increase of CNY 727,800 this period[559][560] Changes in Consolidation Scope The company reported no changes in its consolidation scope during the reporting period due to business combinations, reverse acquisitions, or disposals of subsidiaries - The company had no business combinations involving entities not under common control during the reporting period[561] - The company had no business combinations involving entities under common control during the reporting period[566] - The company had no reverse acquisitions during the reporting period[570] - The company had no transactions or events resulting in loss of control over subsidiaries during the reporting period[570] - The company had no changes in consolidation scope due to other reasons during the reporting period[570] Interests in Other Entities This section describes the company's interests in subsidiaries, noting no important non-wholly-owned subsidiaries, changes in ownership interests while retaining control, or significant joint ventures/associates - Details of the company's subsidiaries are provided in the notes, but there are no important non-wholly-owned subsidiaries[571][572] - The company had no transactions where its ownership interest in a subsidiary changed while still retaining control[575] - The company had no important joint ventures or associates[576] - The company had no important joint operations[580] Government Grants At period-end, deferred income included CNY 48.99 million in government grants for asset acquisition or environmental technical upgrades, with CNY 2.12 million recognized in other income this period Government Grants in Deferred Income | Accounting Account | Period-End Balance (CNY) | Reason for Formation | | :--- | :--- | :--- | | Deferred Income | 48,990,265.64 | Grants for asset acquisition or environmental technical upgrades | Government Grants Recognized in Other Income | Accounting Account | Amount in Current Period (CNY) | Amount in Prior Period (CNY) | | :--- | :--- | :--- | | Other Income | 2,120,343.71 | 1,371,484.79 | - Government grants recognized in other income this period primarily include deferred income amortization of CNY 1.95 million, personal income tax withholding fee refunds of CNY 143,600, and other daily subsidies of CNY 23,600[521] Risks Related to Financial Instruments The company faces market (interest rate), credit, and liquidity risks, managed through monitoring, debt recovery, high-credit bank deposits, and maintaining sufficient cash, also using PVC futures for hedging, though not applying hedge accounting - The company's main financial instruments include receivables, notes receivable, payables, etc., facing market risk (interest rate risk), credit risk, and liquidity risk[585][588][590][594] - The company manages risks by continuously monitoring interest rate levels, implementing monitoring procedures to recover overdue receivables, depositing liquid funds in banks with higher credit ratings, and maintaining sufficient cash and cash equivalents[589][591][592][594] - The company engages in PVC futures hedging to manage commodity price risk, but this hedge is deemed not highly effective and does not apply hedge accounting[595][596] Transferred Financial Assets Not Derecognized | Item | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets (CNY) | Gains or Losses Related to Derecognition (CNY) | | :--- | :--- | :--- | :--- | | Bank acceptance bills endorsed to suppliers for settlement of accounts payable and discounted with banks but not yet due | Endorsement or Discount | 717,930,298.46 | -671,627.93 | Disclosure of Fair Value This section outlines the company's principles for fair value measurement, including market participant assumptions, valuation techniques, and input levels, with no assets or liabilities measured at fair value at period-end - When measuring at fair value, the company bases its measurements on orderly transactions between market participants under current market conditions and uses valuation techniques that are appropriate and for which sufficient data are available[282][283] - Fair value measurement inputs are categorized into three levels: quoted prices in active markets, observable inputs, and unobservable inputs[284][285] - There were no assets and liabilities measured at fair value at the end of the reporting period[602] Related Parties and Related Party Transactions The company's ultimate controlling party is National Energy Investment Group Co., Ltd., with various daily related party transactions for goods, services, and financial dealings, and key management personnel compensation totaling CNY 2.06 million this period - The parent company is Guoneng Yinglite Energy Chemical Group Co., Ltd., with a shareholding ratio of 51.18%, and the ultimate controlling party is National Energy Investment Group Co., Ltd[603] - The company has daily related party transactions for purchasing goods/receiving services and selling goods/providing services with multiple related parties under the same ultimate controlling party, such as Guoneng Yigou and National Energy Group Ningxia Power[609][610] - Key management personnel compensation for the current period amounted to CNY 2.06 million, compared to CNY 3.19 million in the prior period[619] Summary of Related Party Receivables and Payables | Item Name | Related Party | Period-End Book Balance (CNY) | Period-Beginning Book Balance (CNY) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | National Energy Group Finance Co., Ltd. | 8,965,387.74 | 17,504,838.28 | | Accounts Receivable | National Energy Group Ningxia Coal Industry Co., Ltd. | 49,444,686.41 | 30,703,667.42 | | Prepayments | National Energy Group Ningxia Power Co., Ltd. | 14,078,629.42 | 128,548.11 | | Short-Term Borrowings | National Energy Group Finance Co., Ltd. | 400,240,058.74 | 382,668,462.69 | | Short-Term Borrowings | Guoneng (Beijing) Commercial Factoring Co., Ltd. | 255,639,154.17 | 0.00 | | Accounts Payable | Guoneng Water Environmental Protection Co., Ltd. | 40,772,434.88 | 59,528,575.88 | Share-Based Payment The company had no information regarding overall share-based payment, equity-settled share-based payment, cash-settled share-based payment, share-based payment expenses, or modifications/terminations during the reporting period - The company had no overall share-based payment information during the reporting period[629] Commitments and Contingencies As of June 30, 2025, the company had no significant commitments or material contingencies requiring disclosure - As of June 30, 2025, the company had no significant commitments requiring disclosure[625] - As of June 30, 2025, the company had no material contingencies requiring disclosure[626] Events After the Balance Sheet Date After the balance sheet date, in August 2025, the company completed a private placement of 91.05 million shares, raising CNY 684 million, and plans no profit distribution - In August 2025, the company completed a private placement of shares to specific investors, raising a total of CNY 683.76 million and issuing 91,046,021 shares[630] - This is a non-adjusting event after the balance sheet date, and its specific impact on financial position and operating results cannot be accurately estimated at present[630] - The company proposes a dividend of 0 per 10 shares, 0 bonus shares, and 0 shares from capital reserve conversion[631] Other Significant Matters The company reported no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations, and disclosed segment financial information for its chlor-alkali and thermal power divisions - The company had no other significant matters such as prior period accounting error corrections, debt restructuring, asset exchanges, annuity plans, or discontinued operations[632][635][636] - The company's business operations are divided into chlor-alkali and thermal power segments; the chlor-alkali segment primarily produces and sells resin and alkali series products, while the thermal power segment mainly generates and sells thermal power[637] Segment Financial Information Summary (H1 2025) | Item | Chlor-Alkali Segment (CNY) | Thermal Power Segment (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | External Transaction Revenue | 840,787,610.36 | 26,186,895.38 | 866,974,505.74 | | Total Profit (Total Loss) | -153,547,450.99 | 4,678,556.26 | -148,850,606.85 | | Net Profit (Net Loss) | -160,230,731.99 | 4,636,351.10 | -155,576,093.01 | | Total Assets | 2,698,473,208.97 | 711,622,987.72 | 2,635,083,310.06 | | Total Liabilities | 1,598,688,513.06 | 856,774,119.20 | 1,681,821,977.41 | Non-Recurring Gains and Losses Details | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 85,560.25 | | Government Grants Included in Current Profit and Loss | 1,976,694.79 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises and Disposal of Financial Assets and Liabilities, Excluding Effective Hedging Activities Relat