同宇新材(301630) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents and Definitions This section covers important notices, the report's table of contents, and definitions of key terms used throughout the report. Important Notice The Board, Supervisory Board, and senior management guarantee the report's accuracy, with no cash dividends or capital increases from reserves for the period. - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility for no false records, misleading statements, or major omissions[4] - Company head Zhang Chi, chief accountant Zhang Chi, and head of accounting department Deng Peihong declare that the financial report in this semi-annual report is true, accurate, and complete[4] - The company will not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this reporting period[5] Table of Contents This report comprises eight main sections, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports. Report Chapter Overview | Chapter | Title | Starting Page | | :--- | :--- | :--- | | Section I | Important Notice, Table of Contents and Definitions | 2 | | Section II | Company Profile and Key Financial Indicators | 7 | | Section III | Management Discussion and Analysis | 10 | | Section IV | Corporate Governance, Environment and Society | 22 | | Section V | Significant Matters | 25 | | Section VI | Share Changes and Shareholder Information | 30 | | Section VII | Bond Information | 34 | | Section VIII | Financial Report | 35 | Definitions This section defines common terms used in the report, primarily covering company names, subsidiaries, electronic materials, and industry-specific concepts. Definitions of Key Terms | Term | Refers to | Definition | | :--- | :--- | :--- | | Company, the Company, Tongyu New Materials | Refers to | Tongyu New Materials (Guangdong) Co., Ltd. | | Electronic Resin | Refers to | Synthetic resins meeting the electronics industry's requirements for purity, performance, and stability | | Copper Clad Laminate | Refers to | A laminate covered with copper foil on one or both sides | | Printed Circuit Board, PCB | Refers to | Printed Circuit Board, abbreviated as PCB, refers to an interconnected structure on an insulating substrate that provides point-to-point connection lines and printed components according to a predetermined design, containing the functions of printed circuits | | Glass Transition Temperature | Refers to | Glass Transition Temperature, abbreviated as Tg, is the temperature at which an amorphous polymer transitions from a brittle glassy state to a viscous flow state or a highly elastic state | | Dielectric Dissipation Factor | Refers to | Dielectric Dissipation Factor, abbreviated as Df, is the complement of the phase angle between the current phasor through the dielectric and the voltage phasor when a sinusoidal voltage is applied to the dielectric, and the tangent of the dielectric loss angle is the loss factor | - The reporting period refers to January 1, 2025, to June 30, 2025[13] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's profile and presents its key financial data and indicators for the reporting period. Company Profile Tongyu New Materials (Guangdong) Co., Ltd. listed on the Shenzhen Stock Exchange ChiNext on July 10, 2025, with stock code 301630 and legal representative Zhang Chi, maintaining unchanged contact information during the reporting period. - Company abbreviation: Tongyu New Materials, stock code: 301630, stock exchange: Shenzhen Stock Exchange[15] - The company's legal representative is Zhang Chi[15] - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period[17] - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on July 10, 2025[20] Key Accounting Data and Financial Indicators In H1 2025, revenue grew by 19.98% to CNY 571 million, but net profit attributable to shareholders decreased by 11.81% to CNY 66.24 million, mainly due to initial production ramp-up and increased expenses at Jiangxi Tongyu, with operating cash flow significantly down by 91.63%. Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 571,337,419.52 | 476,189,051.50 | 19.98% | | Net Profit Attributable to Shareholders | 66,243,869.17 | 75,116,880.09 | -11.81% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses | 65,862,364.24 | 72,470,939.11 | -9.12% | | Net Cash Flow from Operating Activities | 4,684,292.15 | 55,966,854.30 | -91.63% | | Basic Earnings Per Share (CNY/share) | 2.2081 | 2.5039 | -11.81% | | Diluted Earnings Per Share (CNY/share) | 2.2081 | 2.5039 | -11.81% | | Weighted Average Return on Net Assets | 7.59% | 11.04% | -3.45% | | End of Current Period | End of Prior Year | Change from Prior Year-End | | | Total Assets | 1,643,548,074.64 | 1,506,755,252.24 | 9.08% | | Net Assets Attributable to Shareholders | 873,174,566.30 | 798,420,822.07 | 9.36% | - The company's financial reports for the period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[21][22] Non-recurring Gains and Losses for H1 2025 | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -125,985.49 | | | Government Grants Recognized in Current Profit/Loss | 488,587.92 | | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities Held by Non-financial Enterprises (Excluding Effective Hedging Related to Normal Operations) | 0.00 | | | Other Non-operating Income and Expenses | -97,293.11 | | | Reversal of Impairment Provisions for Receivables Subject to Individual Impairment Testing | 183,520.01 | | | Less: Income Tax Impact | 67,324.40 | | | Total | 381,504.93 | | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and future outlook, including key business activities, competitive advantages, and risk factors. Principal Business Activities During the Reporting Period The company primarily engages in R&D, production, and sales of electronic resins for copper clad laminates, a specialized electronic materials manufacturing sector, achieving 19.98% revenue growth in H1 due to Jiangxi Tongyu's operation, despite a 11.81% net profit decline from new product certification and capacity ramp-up costs, while actively pursuing domestic substitution and technological breakthroughs in high-frequency and high-speed applications. - The company primarily engages in the R&D, production, and sales of electronic resins, with products mainly used in copper clad laminate manufacturing, belonging to the specialized electronic materials manufacturing industry[27] Global and Mainland China Rigid Copper Clad Laminate Output Value Changes | Region | 2021 (USD 100 million) | 2022 (USD 100 million) | 2023 (USD 100 million) | 2024 (USD 100 million) | 2024 YoY Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | Global | 188 | 152 | 127 | 150.13 | 17.9% | | Mainland China | 139 | 112 | 93 | 112.26 | 20.3% | - In H1 2025, demand for electronic resins in high-frequency and high-speed applications grew rapidly, driven by emerging technologies such as AI, 5G networks, and new energy vehicles[29] - China's electronic resin industry is highly dependent on imports for specialized electronic resins, with the company actively promoting domestic substitution in high-frequency, high-speed, and IC substrate fields[30] Operating Results for H1 2025 | Indicator | Amount (CNY) | YoY Growth | | :--- | :--- | :--- | | Revenue | 571,337,419.52 | 19.98% | | Net Profit | 66,243,869.17 | -11.81% | - Revenue growth primarily benefited from increased production and sales after Jiangxi Tongyu commenced operations in July 2024; net profit decline was mainly due to higher unit manufacturing costs resulting from new product certification cycles and capacity ramp-up at Jiangxi Tongyu[32][34] - The company's products include various electronic resins with high reliability, flame retardancy, and excellent comprehensive performance, achieving technological breakthroughs in halogen-free electronic resin solutions (DOPO-modified epoxy resin) and resins suitable for high-frequency and high-speed copper clad laminates (benzoxazine resin, bismaleimide resin, polyphenylene ether resin, high-grade hydrocarbon resin)[37] - The company adopts a direct sales model, expanding its market through industry forums and client visits, and has established cooperative relationships with renowned copper clad laminate enterprises such as Kingboard Group and Shengyi Technology[40][42] - The company possesses multiple core technologies, including phosphorus-containing flame retardant modified epoxy synthesis technology and special high heat-resistant benzoxazine resin synthesis technology, holding 17 authorized valid invention patents[43][45] Analysis of Core Competencies The company's core competencies include a rich product portfolio, extensive client certifications, leading R&D, market proximity, and advanced manufacturing technology, covering a wide range of copper clad laminates and high-speed applications, with 19 authorized invention patents and strong responsiveness to client needs. - Product system advantage: Product specifications cover lead-free and halogen-free copper clad laminates suitable for high, medium, and low glass transition temperatures, as well as low Dk and low Df high-speed copper clad laminates[46] - Client certification advantage: Certified by renowned manufacturers such as Kingboard Group, Shengyi Technology, Nanya New Material, Ultrasonic Electronics, and Huazheng New Material, entering their supplier systems[48] - Technological R&D advantage: One of the few domestic enterprises mastering core technologies for multiple series of lead-free, halogen-free, and high-speed electronic resins, holding 19 authorized invention patents[49] - Market proximity advantage: Adopts a direct sales model, directly engaging with downstream clients to provide systematic solutions, and leveraging localization advantages to quickly respond to client needs[50] - Manufacturing technology advantage: Possesses DCS automatic control production lines with a high degree of automation, capable of rapid delivery of differentiated products and small-to-medium batch mass production[51] Analysis of Principal Business In H1 2025, operating revenue increased by 19.98% due to higher production from Jiangxi Tongyu, but operating costs grew faster, leading to a decline in gross margin; financial expenses surged due to capitalized interest from Jiangxi Tongyu's project loans, and net cash flow from operating activities significantly decreased by 91.63% due to increased operating expenditures. Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 571,337,419.52 | 476,189,051.50 | 19.98% | | | Operating Cost | 454,742,521.48 | 345,412,521.75 | 31.65% | Primarily due to increased production after Jiangxi Tongyu commenced operations | | Selling Expenses | 3,979,918.44 | 3,299,936.02 | 20.61% | | | Administrative Expenses | 20,108,954.13 | 25,928,285.46 | -22.44% | | | Financial Expenses | 1,789,568.19 | -256,955.05 | 796.45% | Primarily due to increased capitalization of project loan interest after Jiangxi Tongyu commenced operations | | R&D Investment | 11,833,908.77 | 13,745,349.19 | -13.91% | | | Net Cash Flow from Operating Activities | 4,684,292.15 | 55,966,854.30 | -91.63% | Primarily due to increased operating cash outflows after Jiangxi Tongyu commenced operations | | Net Cash Flow from Investing Activities | -7,678,772.23 | -108,964,439.44 | 92.95% | Primarily due to reduced fixed asset investment expenditures after Jiangxi Tongyu commenced operations | | Net Cash Flow from Financing Activities | 1,321,172.08 | -145,671,737.04 | 100.91% | Primarily due to the replacement of Jiangxi Tongyu's project loans and repayment of project loans in the prior period | Products or Services Accounting for Over 10% of Revenue | 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 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Electronic Resins | 567,108,642.92 | 447,830,750.38 | 21.03% | 19.18% | 29.71% | -6.41% | Analysis of Assets and Liabilities At the end of the reporting period, total assets and net assets attributable to shareholders increased, with cash, accounts receivable, and inventory rising due to increased sales collections, expanded revenue, and enhanced production scale, while short-term borrowings and contract liabilities decreased, and certain assets, including pledged cash, notes receivable, and accounts receivable financing, along with mortgaged construction in progress and intangible assets, were restricted. Significant Changes in Asset Composition | Item | Amount at Period-End (CNY) | % of Total Assets | Amount at Prior Year-End (CNY) | Prior Year-End % of Total Assets | Change in % | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 109,753,087.63 | 6.68% | 91,056,940.73 | 6.04% | 0.64% | Primarily due to increased sales collections during the reporting period | | Accounts Receivable | 300,784,065.22 | 18.30% | 264,531,122.39 | 17.56% | 0.74% | Primarily due to increased revenue scale during the reporting period | | Inventories | 130,878,174.87 | 7.96% | 95,292,804.16 | 6.32% | 1.64% | Primarily due to increased production scale at Jiangxi Tongyu during the reporting period | | Short-term Borrowings | 23,218,271.06 | 1.41% | 60,859,800.23 | 4.04% | -2.63% | | | Contract Liabilities | 8,858.41 | 0.00% | 184,778.76 | 0.01% | -0.01% | | Asset Restrictions at Period-End | Item | Book Balance (CNY) | Book Value (CNY) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 81,681,100.12 | 81,681,100.12 | Pledge | Deposits for electricity guarantees and bank acceptance bills | | Notes Receivable | 42,296,583.37 | 42,296,583.37 | Pledge | Notes receivable pledged, endorsed, or discounted but not yet due at period-end | | Accounts Receivable Financing | 8,649,983.36 | 8,649,983.36 | Pledge | Accounts receivable financing pledged by the company at period-end | | Construction in Progress | 111,556,280.23 | 111,556,280.23 | Mortgage | Mortgage of Jiangxi Tongyu's construction in progress | | Intangible Assets | 36,817,107.18 | 33,871,738.40 | Mortgage | Mortgage of land use rights | | Total | 281,001,054.26 | 278,055,685.48 | — | — | Analysis of Investment Status During the reporting period, the company had no significant equity investments, non-equity investments, wealth management, derivative investments, or entrusted loans, nor any use of raised funds. - The company had no use of raised funds during the reporting period[61] - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[62][63][64] Significant Asset and Equity Sales During the reporting period, the company did not sell any significant assets or equity. - The company did not sell any significant assets during the reporting period[65] - The company did not sell any significant equity during the reporting period[66] Analysis of Major Holding and Participating Companies The main subsidiary, Jiangxi Tongyu New Materials Co., Ltd., has a registered capital of CNY 49.8 million, total assets of CNY 978.159 million, net assets of CNY 106.9586 million, and achieved operating revenue of CNY 224.122 million and net profit of CNY 5.761 million in H1. Financial Performance of Major Subsidiary Jiangxi Tongyu New Materials Co., Ltd. | Company Name | Company Type | Principal Business | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Operating Profit (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Tongyu New Materials Co., Ltd. | Subsidiary | R&D, production, and sales of electronic materials | 4,980.00 | 97,815.90 | 10,695.86 | 22,412.20 | 687.18 | 576.10 | Risks Faced by the Company and Countermeasures The company faces risks including innovation, client concentration, production safety, declining product prices, raw material price fluctuations, and intensified market competition, actively addressing them through continuous R&D, client diversification, enhanced safety, process optimization, price monitoring, and deepened collaborations. - Innovation risk: Rapid technological innovation and frequent product iteration in downstream industries require the company to adjust its technical roadmap and product positioning promptly, or face client loss risk; countermeasures include prioritizing new product R&D, focusing on niche markets, leveraging engineering technology research centers, standardizing research processes, stimulating innovation, and strengthening technical capabilities[67][68] - Risk of client concentration: The copper clad laminate industry has high market concentration, and changes in major clients' operating conditions could impact company performance; countermeasures include expanding client channels, acquiring new clients, enhancing competitiveness, increasing R&D investment, and optimizing product quality and service[69][70] - Production safety risk: Expanding business scale brings risks of safety accidents, and stricter standards may increase costs; countermeasures include strict adherence to safety management systems, robust risk prevention and control, enhancing employee safety awareness, strengthening hazard identification, and developing and practicing emergency plans[71] - Risk of declining product sales prices: Decreasing raw material prices, low-price strategies, and intensified market competition may lead to further declines in product sales prices; countermeasures include continuous increase in R&D investment, raising technological barriers, optimizing production processes, reducing costs, and formulating market strategies[72] - Risk of raw material price fluctuations: Prices of major raw materials are influenced by international crude oil and supply-demand dynamics, with fluctuations potentially impacting costs and profitability; countermeasures include continuous monitoring of raw material prices, timely procurement and stocking, adjusting product selling prices, expanding supplier channels, enhancing bargaining power, and improving raw material utilization efficiency[73][74] - Risk of intensified market competition: The expanding mid-to-high-end copper clad laminate market attracts new entrants, and capacity release may intensify competition; countermeasures include focusing on mid-to-high-end electronic resins, increasing R&D investment, accelerating new product and process development, accurately grasping market dynamics, deepening client cooperation, and attracting and cultivating talent[75] Section IV Corporate Governance, Environment and Society This section details the company's corporate governance structure, environmental protection initiatives, and social responsibility practices. Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management. - There were no changes in the company's directors, supervisors, and senior management during the reporting period[79] Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Period The company will not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this reporting period. - The company will not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this reporting period[80] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company has not implemented equity incentive or employee stock ownership plans, but motivates employees through performance bonuses, dynamic compensation adjustments, training, innovation incentives, career development, and team-building activities. - The company has no equity incentive plans or employee stock ownership plans[81][82] - The company implemented performance bonuses and dynamic salary adjustments, distributing bonuses and adjusting salaries based on 2024 annual performance appraisal results[82] - The company organized multiple internal training sessions and external professional courses to enhance employees' professional capabilities and comprehensive qualities, and hosted high-level industry forums[83] - The company established a technological innovation incentive mechanism, providing preferential compensation, benefits, and rewards to technical development personnel[84][85] - The company built multi-dimensional promotion channels, selecting and promoting management personnel based on performance appraisals[86] - The company organized cultural activities such as annual meetings, birthday parties, department team building, and safety month knowledge competitions to enhance team cohesion[87] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law. - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[88] Social Responsibility Adhering to sustainable development, the company actively fulfills social responsibilities in corporate governance, environmental protection, employee care, and supply chain management, ensuring compliant operations, regulatory pollutant emissions, employee welfare, and transparent supply chain relationships to enhance client satisfaction. - The company operates strictly in accordance with laws, regulations, and its articles of association, ensuring standardized and efficient corporate governance, with no significant violations during the reporting period[88] - The company highly values environmental protection and production safety, strictly adheres to regulations for pollutant emissions, and organizes environmental awareness campaigns, safety training, hazard identification, and emergency drills[89] - The company fully implements employee rights protection, legally signing labor contracts and paying social insurance, while providing care measures such as health check-ups, paid annual leave, optimized working environments, and assistance for employees in need[91] - The company established a responsible supply chain system, signed "Integrity Cooperation Agreements" with suppliers, and implemented an annual client satisfaction survey mechanism, enhancing client value through technological synergy and resource integration[92] Section V Significant Matters This section addresses various significant matters, including commitments, fund occupation, external guarantees, litigation, penalties, related party transactions, and major contracts. Commitments During the reporting period, no commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself were overdue or unfulfilled at period-end. - During the reporting period, there were no commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself that were either fulfilled within the period or overdue and unfulfilled at the end of the reporting period[94] Fund Occupation and External Guarantees During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any irregular external guarantees. - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[95] - The company had no irregular external guarantees during the reporting period[96] Accounting Firm Information The company's semi-annual financial report was unaudited, thus no explanation for a non-standard audit report is provided. - The company's semi-annual report was unaudited[97] Litigation Matters The company had no significant litigation or arbitration matters during the reporting period; other litigation involved CNY 197,100, which is closed/filed and has no material impact on the company. - The company had no significant litigation or arbitration matters during the reporting period[99] Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation (arbitration) matters not meeting disclosure standards for the reporting period | 19.71 | No | Closed/Filed | No material impact on the company | Executed/Not yet in execution phase | Penalties and Integrity Status During the reporting period, the company had no penalties or rectification requirements, and neither the company nor its controlling shareholders or actual controllers had unfulfilled court judgments or overdue unpaid debts, indicating good integrity status. - The company had no penalties or rectification requirements during the reporting period[101] - During the reporting period, neither the company nor its controlling shareholders and actual controllers, Mr. Zhang Chi and Mr. Su Shiguo, had unfulfilled effective court judgments or significant overdue unpaid debts[102] Significant Related Party Transactions During the reporting period, the company had no related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint external investments, related party debt/credit, or dealings with affiliated financial companies. - During the reporting period, the company had no related party transactions concerning daily operations, asset or equity acquisitions/disposals, joint external investments, or related party debt/credit transactions[103][104][105][106] - There were no deposits, loans, credit lines, or other financial business between the company and affiliated financial companies, or between the company's controlled financial companies and related parties[107][108] Significant Contracts and Their Performance During the reporting period, the company had no entrustment, contracting, or leasing matters, but provided several joint liability guarantees for its subsidiary Jiangxi Tongyu New Materials Co., Ltd., with an approved total of CNY 700 million and an actual outstanding balance of CNY 400 million, representing 45.81% of the company's net assets. - The company had no entrustment, contracting, or leasing situations during the reporting period[110][111][112] Company Guarantees for Subsidiaries | Guaranteed Party Name | Approved Guarantee Amount (CNY 10,000) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Tongyu New Materials Co., Ltd. | 20,000 | November 24, 2023 | 20,000 | Joint and Several Liability Guarantee | From signing date until three years after the maturity date of the principal debt | No | | Jiangxi Tongyu New Materials Co., Ltd. | 6,000 | December 27, 2024 | 6,000 | Joint and Several Liability Guarantee | From signing date until three years after the maturity date of the principal debt | No | | Jiangxi Tongyu New Materials Co., Ltd. | 4,000 | January 20, 2025 | 4,000 | Joint and Several Liability Guarantee | From signing date until three years after the maturity date of the principal debt | No | | Jiangxi Tongyu New Materials Co., Ltd. | 5,000 | March 13, 2025 | 5,000 | Joint and Several Liability Guarantee | From signing date until three years after the maturity date of the principal debt | No | | Jiangxi Tongyu New Materials Co., Ltd. | 5,000 | December 24, 2024 | 5,000 | Joint and Several Liability Guarantee | From signing date until three years after the maturity date of the principal debt | No | | Total approved guarantee amount for subsidiaries within the reporting period (B1) | 30,000 | | Total actual guarantee amount for subsidiaries within the reporting period (B2) | 40,000 | | | | Total approved guarantee amount for subsidiaries at period-end (B3) | 70,000 | | Total actual guarantee balance for subsidiaries at period-end (B4) | 40,000 | | | | Ratio of total actual guarantee amount (A4+B4+C4) to company's net assets | 45.81% | | | | | | Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation, nor did its subsidiaries. - The company had no other significant matters requiring explanation during the reporting period[117] - The company's subsidiaries had no significant matters during the reporting period[118] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and holdings of directors, supervisors, and senior management. Share Changes During the reporting period, the company's total share capital remained unchanged at 30,000,000 shares, with 100% being restricted shares; the company was listed on the Shenzhen Stock Exchange ChiNext on July 10, 2025. Share Changes | Share Type | Quantity Before Change | Proportion Before Change | Change (Increase/Decrease) | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 30,000,000 | 100.00% | 0 | 30,000,000 | 100.00% | | Of which: Shares Held by Domestic Legal Persons | 1,577,500 | 5.26% | 0 | 1,577,500 | 5.26% | | Shares Held by Domestic Natural Persons | 28,422,500 | 94.74% | 0 | 28,422,500 | 94.74% | | II. Unrestricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | III. Total Shares | 30,000,000 | 100.00% | 0 | 30,000,000 | 100.00% | - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on July 10, 2025[121] Shareholder Numbers and Shareholding Status At period-end, there were 78 common shareholders; among the top ten, Zhang Chi held 39.99% and Su Shiguo held 26.13%, together controlling 71.38% of voting rights as co-actual controllers, with all top ten shareholders holding restricted shares. - At the end of the reporting period, the total number of common shareholders was 78[123] Shareholding Status 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 | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Chi | Domestic Natural Person | 39.99% | 11,997,300 | 11,997,300 | N/A | | Su Shiguo | Domestic Natural Person | 26.13% | 7,839,700 | 7,839,700 | N/A | | Ji Zhonglin | Domestic Natural Person | 12.00% | 3,600,000 | 3,600,000 | N/A | | Zhang Xing | Domestic Natural Person | 8.60% | 2,580,100 | 2,580,100 | N/A | | Deng Kaihua | Domestic Natural Person | 6.02% | 1,806,100 | 1,806,100 | N/A | | Sihui Zhaoyu Enterprise Management Partnership (Limited Partnership) | Other | 5.26% | 1,577,500 | 1,577,500 | N/A | - Zhang Chi and Su Shiguo signed a "Concerted Action Agreement," forming a concerted action relationship, and together control 71.38% of the company's voting rights, serving as the company's co-actual controllers[124][536] - The company was not listed during the reporting period, so there were no unrestricted tradable shares[124] Changes in Shareholdings of 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. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[125] Changes in Controlling Shareholder or Actual Controller During the reporting period, neither the company's controlling shareholder nor its actual controller changed. - The company's controlling shareholder did not change during the reporting period[126] - The company's actual controller did not change during the reporting period[128] Preferred Share Information During the reporting period, the company had no preferred shares. - The company had no preferred shares during the reporting period[129] Section VII Bond Information This section provides information regarding the company's bond-related matters. Bond Information During the reporting period, the company had no bond-related matters. - The company had no bond-related matters during the reporting period[131] Section VIII Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items. Audit Report The company's semi-annual financial report was unaudited. - The company's semi-annual financial report was unaudited[133] Financial Statements This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, presenting financial position and operating results at period-end. - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[134][139][143][147][151][153][155][162] Company Overview Tongyu New Materials (Guangdong) Co., Ltd. was established through a comprehensive change from Guangdong Tongyu New Materials Co., Ltd., with an initial registered capital of CNY 30 million, later increased to CNY 40 million after its IPO, primarily engaging in R&D, production, and sales of specialized electronic materials, engineering plastics, and synthetic resins. - The company was established through a comprehensive change from the former Guangdong Tongyu New Materials Co., Ltd., with its registered and headquarters operating address in Mafang Development Zone, Dasha Town, Sihui City[168] - The company's initial registered capital was CNY 30 million, which later changed to CNY 40 million after the initial public offering of 10,000,000 RMB ordinary shares[168][170] - The company's principal business activities include the R&D, production, and sales of specialized electronic materials, engineering plastics, synthetic resins, chemical raw materials, and chemical products[171] Basis of Financial Statement Preparation The company prepares its financial statements on a going concern basis, in accordance with Enterprise Accounting Standards and relevant CSRC regulations, and has assessed its ability to continue as a going concern for the next 12 months, deeming the basis of preparation reasonable. - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with Enterprise Accounting Standards, their application guidelines, and interpretations, and discloses financial information in compliance with the China Securities Regulatory Commission's "Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)"[172] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability[173] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, including compliance with Enterprise Accounting Standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, financial instruments, various receivables, inventories, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, share-based payments, revenue, government grants, deferred income tax assets/liabilities, and leases. - The company adheres to Enterprise Accounting Standards, accurately and completely reflecting its financial position, operating results, changes in owners' equity, and cash flows[175] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with the functional currency being RMB[176][178] - The company classifies financial assets as measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income, and recognizes loss provisions based on the expected credit loss model[197][209] - Fixed assets are depreciated using the straight-line method, with depreciation periods of 12-20 years for buildings and structures, and 3-10 years for machinery and equipment[255] - Intangible assets (such as land use rights, computer software) are amortized using the straight-line method over their estimated useful lives, while R&D expenditures are divided into research phase (expensed to current profit/loss) and development phase (capitalized when conditions are met)[262][266][268] - Revenue is recognized when the client obtains control of the related goods, with the transaction price determined based on contractual agreements and the best estimate of variable consideration[296] - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized to profit or loss over the asset's useful life, while income-related grants are directly recognized in current profit or loss or deferred and amortized over time[304][305] Taxation The company's main taxes include VAT (13%, 9%, 6%), Urban Maintenance and Construction Tax (5.00%), and Corporate Income Tax (15.00%), benefiting from high-tech enterprise income tax incentives and additional VAT deductions for advanced manufacturing enterprises. Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services calculated according to tax laws, after deducting deductible input VAT for the current period, the difference is VAT payable | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | VAT payable | 5.00% | | Corporate Income Tax | Taxable income | 15.00% | | Local Education Surcharge | VAT payable | 2.00% | | Education Surcharge | VAT payable | 3.00% | - The company passed the high-tech enterprise re-certification in December 2023, and will be subject to a reduced corporate income tax rate of 15% in 2025[335] - The company enjoys VAT exemption, offset, and refund policies for self-operated export goods, and benefits from a 5% additional VAT deduction for advanced manufacturing enterprises (January 1, 2023, to December 31, 2027)[336] Notes to Consolidated Financial Statement Items This section details the period-end and period-beginning balances and changes for each consolidated financial statement item, including cash, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, short-term borrowings, notes payable, accounts payable, employee compensation, taxes payable, long-term borrowings, deferred income, share capital, capital reserves, special reserves, retained earnings, operating revenue and costs, various expenses, other income, investment income, credit impairment losses, asset impairment losses, income tax expenses, cash flow statement items, and equity in subsidiaries. Composition of Cash and Cash Equivalents | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 108,459.20 | 128,999.80 | | Bank Deposits | 27,963,528.31 | 29,620,777.22 | | Other Cash and Cash Equivalents | 81,681,100.12 | 61,307,163.71 | | Total | 109,753,087.63 | 91,056,940.73 | - Other cash and cash equivalents at period-end primarily consist of letter of guarantee deposits and bank acceptance bill deposits, which are subject to usage restrictions[338] Categorization of Notes Receivable | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Acceptance Bills | 142,405,885.25 | 168,228,257.61 | | Finance Company Acceptance Bills | 1,965,404.72 | 673,075.00 | | Total | 144,371,289.97 | 168,901,332.61 | - Accounts receivable period-end balance was CNY 318,301,820.72, with bad debt provision of CNY 17,517,755.50, resulting in a book value of CNY 300,784,065.22[354][355] - Accounts receivable financing period-end balance was CNY 162,096,857.69, primarily consisting of bank acceptance bills, with no bad debt provision recognized[365][366][367] Inventory Classification | Item | Period-End Book Value (CNY) | Period-Beginning Book Value (CNY) | | :--- | :--- | :--- | | Raw Materials | 63,467,670.37 | 39,219,115.16 | | Work in Progress | 2,898,369.69 | 1,458,950.79 | | Finished Goods | 60,896,390.63 | 50,635,243.33 | | Revolving Materials | 577,576.00 | 2,254,263.99 | | Goods in Transit | 3,038,168.18 | 1,725,230.89 | | Total | 130,878,174.87 | 95,292,804.16 | - Fixed assets period-end book value was CNY 549,000,033.00, including CNY 238,495,258.92 for buildings and structures, and CNY 291,676,289.15 for machinery and equipment[400] - Construction in progress period-end book value was CNY 111,556,280.23, primarily for the first phase of the Jingdezhen plant project[405] - Intangible assets period-end book value was CNY 43,814,759.36, primarily consisting of land use rights[412] - Short-term borrowings period-end balance was CNY 23,218,271.06, mainly from notes receivable discounting[426] - Notes payable period-end balance was CNY 382,237,100.15, all of which were bank acceptance bills[428] - Accounts payable period-end balance was CNY 103,808,137.92, primarily consisting of payables for goods and construction projects[431] - Employee compensation payable period-end balance was CNY 9,724,326.99, mainly comprising salaries, bonuses, allowances, and subsidies[450][452] - Long-term borrowings period-end balance was CNY 168,191,982.90, primarily consisting of guaranteed and mortgaged loans[461] - Deferred income period-end balance was CNY 51,621,438.30, entirely composed of asset-related government grants[462] - Capital reserves period-end balance was CNY 204,349,831.69, with an increase of CNY 5,627,328.30 in the current period, mainly due to share-based payments[465] - Retained earnings period-end balance was CNY 602,213,863.37[470] - Operating revenue for the current period was CNY 571,337,419.52, operating cost was CNY 454,742,521.48, with electronic resins as the principal business[472][473] - R&D expenses for the current period were CNY 11,833,908.77, compared to CNY 13,745,349.19 in the prior period, representing a 13.91% year-on-year decrease[481] - Financial expenses for the current period were CNY 1,789,568.19, compared to -CNY 256,955.05 in the prior period, primarily due to increased interest expenses[482] - Other income for the current period was CNY 5,656,288.06, mainly from government grants and additional input VAT deductions[484] - Investment income for the current period was -CNY 802,456.13, primarily due to notes discounting interest[486] - Income tax expense for the current period was CNY 12,119,000.18, compared to CNY 10,451,196.61 in the prior period[492] - Net cash flow from operating activities for the current period was CNY 4,684,292.15, compared to CNY 55,966,854.30 in the prior period, representing a significant year-on-year decrease[501] - The company's sole subsidiary is Jiangxi Tongyu New Materials Co., Ltd., with a 100% shareholding acquired through establishment[518] R&D Expenses Total R&D expenses for the current period were CNY 11,833,908.77, all expensed, primarily comprising employee compensation, material input costs, testing fees, utilities, and depreciation/amortization, indicating a year-on-year decrease in R&D investment. Composition of R&D Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 6,347,297.08 | 5,151,897.54 | | Material Input Costs | 2,585,495.50 | 6,193,807.02 | | Testing Fees | 276,499.11 | 2,783.01 | | Utilities and Fuel Costs | 379,225.81 | 465,634.15 | | Depreciation and Amortization | 1,415,249.24 | 891,737.16 | | Other | 830,142.03 | 1,039,490.31 | | Total | 11,833,908.77 | 13,745,349.19 | | Of which: Expensed R&D Expenditures | 11,833,908.77 | 13,745,349.19 | - All R&D expenditures for the current period were expensed, with no R&D projects meeting capitalization criteria[514][515] Equity in Other Entities The company's sole subsidiary is Jiangxi Tongyu New Materials Co., Ltd., primarily engaged in R&D, production, and sales of specialized electronic materials, with the company directly holding 100% of its equity. Composition of the Enterprise Group | Subsidiary Name | Principal Place of Business | Registered Place | Nature of Business | Shareholding Percentage (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Tongyu New Materials Co., Ltd. | Jingdezhen, Jiangxi | Jingdezhen, Jiangxi | R&D, manufacturing, and sales of specialized electronic materials, etc. | 100.00% | Newly Established | Government Grants At period-end, the balance of asset-related government grants in deferred income was CNY 51,621,438.30; total government grants recognized in current profit or loss for the period were CNY 3,136,042.86, with CNY 2,986,042.86 transferred from deferred income. Liability Items Involving Government Grants | Accounting Account | Period-Beginning Balance (CNY) | New Grants Added This Period (CNY) | Amount Recognized in Non-operating Income This Period (CNY) | Amount Transferred to Other Income This Period (CNY) | Other Changes This Period (CNY) | Period-End Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 54,607,481.16 | | | 2,986,042.86 | | 51,621,438.30 | Asset-related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income | 3,136,042.86 | 2,990,587.92 | Risks Related to Financial Instruments The company faces credit, liquidity, and market risks; credit risk primarily stems from accounts receivable, with the top five clients accounting for 65.94% of the total, while liquidity risk is managed by monitoring short-term and long-term funding needs, and market risk, mainly foreign exchange risk, had no significant exposure at period-end, with no hedging activities undertaken. - The company's risks related to financial instruments primarily include credit risk, liquidity risk, and market risk[525] - Credit risk primarily arises from cash and cash equivalents, notes receivable, accounts receivable, other receivables, etc., with accounts receivable from the top five clients accounting for 65.94% of the total[526][527] - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs to ensure sufficient cash reserves are maintained[528] Maturity Analysis of Financial Liabilities (as of June 30, 2025) | Item Name | Within 1 Year (CNY) | 1-2 Years (CNY) | 2-3 Years (CNY) | Over 3 Years (CNY) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 23,218,271.06 | - | - | - | | Notes Payable | 382,237,100.15 | - | - | - | | Accounts Payable | 103,808,137.92 | - | - | - | | Other Payables | 2,506,243.58 | - | - | - | | Non-current Liabilities Due Within 1 Year | 18,826,600.75 | - | - | - | | Other Current Liabilities | 3,383,876.21 | - | - | - | | Long-term Borrowings | - | 37,375,996.20 | 56,063,994.30 | 74,751,992.40 | | Total | 533,980,229.67 | 37,375,996.20 | 56,063,994.30 | 74,751,992.40 | - Market risk primarily consists of foreign exchange risk, but there was no significant risk exposure at the end of the reporting period; the company did not engage in hedging activities[529][530][532] Fair Value Disclosure At period-end, assets measured at fair value primarily comprised accounts receivable financing, totaling CNY 162,096,857.69, classified as Level 3 fair value measurements. Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Accounts Receivable Financing | 162,096,857.69 | 162,096,857.69 | Related Parties and Related Party Transactions The company's actual controllers are Zhang Chi and Su Shiguo, who together control 71.38% of voting rights; key related parties include shareholders, directors, supervisors, and senior management; no routine related party transactions occurred during the period, but the company received guarantees from related parties, primarily Zhang Chi and Su Shiguo, with key management personnel compensation totaling CNY 2,731,988.67. - The company's actual controllers are Zhang Chi and Su Shiguo, who together control 71.38% of the company's voting shares[536] - Other related parties include shareholders (Ji Zhonglin, Zhang Xing, Deng Kaihua), directors, supervisors, and senior management (Zheng Yemei, Wang Yan, Yu Yuying, Yang Jin, Xu Guozheng, Su Wenping, Deng Peihong), as well as Sihui Zhaoyu Enterprise Management Partnership (Limited Partnership), where actual controller Zhang Chi serves as the executive partner[537] - During the reporting period, the company had no related party transactions involving the purchase or sale of goods, or the provision or acceptance of services[538][539] Company as Guaranteed Party | Guarantor | Guarantee Amount (CNY) | Guarantee Start Date | Guarantee End Date | Whether Guarantee Has Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zhang Chi, Su Shiguo | 5,000,000.00 | September 18, 2019 | December 31, 2027 | Yes | | Zhang Chi, Su Shiguo | 10,000,000.00 | September 18, 2019 | December 31, 2025 | Yes | | Zhang Chi, Su Shiguo | 150,000,000.00 | August 28, 2023 | August 28, 2024 | Yes | | Zhang Chi, Su Shiguo | 100,000,000.00 | October 14, 2024 | October 13, 2025 | No | | Zhang Chi, Jiangxi Tongyu | 150,000,000.00 | February 03, 2023 | January 10, 2024 | Yes | | Zhang Chi, Jiangxi Tongyu | 150,000,000.00 | November 23, 2023 | November 12, 2024 | No | | Zhang Chi | 200,000,000.00 | November 23, 2023 | November 24, 2024 | No | | Zhang Chi, Jiangxi Tongyu | 120,000,000.00 | December 24, 2024 | December 23, 2027 | No | | Zhang Chi, Zhang Xing, Deng Kaihua, Su Shiguo | 17,800,000.00 | October 25, 2021 | October 25, 2026 | Yes | | Zhang Chi, Ji Zhonglin | 240,000,000.00 | June 10, 2022 | June 09, 2025 | Yes | | Zhang Chi, Su Shiguo, Ji Zhonglin | 100,000,000.00 | December 05, 2022 | March 25, 2025 | Yes | | Zhang Chi, Ji Zhonglin | 100,000,000.00 | December 22, 2023 | December 21, 2026 | No | - Key management personnel compensation for the current period was CNY 2,731,988.67[543] Share-based Payment The company recognized total equity-settled share-based payment expenses of CNY 5,627,328.30 for the current period, with a cumulative amount of CNY 40,798,130.24 recorded in capital reserves, granted to employee stock ownership platforms. Equity-Settled Share-based Payment Information | Item | Amount (CNY) | | :--- | :--- | | Cumulative Amount of Equity-Settled Share-based Payments Recognized in Capital Reserves | 40,798,130.24 | | Total Expense Recognized for Equity-Settled Share-based Payments This Period | 5,627,328.30 | Share-based Payment Expenses This Period | Category of Grantees | Equity-Settled Share-based Payment Expense (CNY) | | :--- | :--- | | Employee Stock Ownership Platform | 5,627,328.30 | | Total | 5,627,328.30 | Commitments and Contingencies As of the balance sheet date, the company had no significant commitments or material contingencies requiring disclosure. - As of the balance sheet date, the company had no significant commitments[550] - The company had no material contingencies requiring disclosure[552] Events After the Balance Sheet Date The company issued and listed its shares on July 10, 2025, which is a significant non-adjusting event. Significant Non-Adjusting Events | Item | Content | Impact on Financial Position and Operating Results | Reason for Inability to Estimate Impact | | :--- | :--- | :--- | :--- | | Issuance of Stocks and Bonds | Issued and listed on July 10, 2025 | | | Notes to Parent Company Financial Statement Items This section provides detailed notes for parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income; parent company accounts receivable totaled CNY 253,283,968.42 at period-end, and other receivables totaled CNY 412,599,498.44, primarily from related parties within the consolidation scope, with long-term equity investments mainly in Jiangxi Tongyu New Materials Co., Ltd. - Parent company accounts receivable period-end book balance was CNY 253,283,968.42, with bad debt provision of CNY 13,994,670.39, resulting in a book value of CNY 239,289,298.03[556][558][559] - Parent company other receivables period-end book balance was CNY 412,599,798.44, with 100.00% consisting of amounts due from related parties within the consolidation scope[568][574] - Parent company long-term equity investments period-end balance was CNY 126,814,270.85, entirely comprising investments in its subsidiary Jiangxi Tongyu New Materials Co., Ltd.[581][583] - Parent company operating revenue for the current period was CNY 466,991,144.93, and operating cost was CNY 370,598,857.92[585] - Parent company investment income for the current period was -CNY 566,071.59, primarily due to notes discounting interest[589] Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share; total non-recurring gains and losses amounted to CNY 381,504.93, with a weighted average return on net assets of 7.59% and basic earnings per share of CNY 2.2081/share. Detailed Statement of Non-recurring Gains and Losses for the Current Period | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -125,985.49 | | | Government Grants Recognized in Current Profit/Loss | 488,587.92 | | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities Held by Non-financial En