天原股份(002386) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides crucial preliminary information, including the company's assurances regarding report accuracy, a detailed table of contents, a list of reference documents, and definitions of key terms used throughout the report Important Notice The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness; the company plans no interim cash dividends, bonus shares, or capital reserve conversions - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming individual and joint legal responsibility for any misstatements or omissions[4] - Company head Deng Min, chief accountant Tian Ying, and head of accounting Tao Zhu declare the financial report in this semi-annual report is true, accurate, and complete[4] - The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period[5] - The report details potential future risks and countermeasures in "Section 3 Management Discussion and Analysis, X. Risks Faced by the Company and Countermeasures", urging investor attention[4] Table of Contents The report's clear table of contents covers nine main chapters, including important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report's table of contents includes nine main chapters, covering all aspects of company operations from important notices to financial reports[7] Reference Documents Reference documents include the chairman-signed semi-annual report, financial statements, and original public disclosures, available at the company's board office and Shenzhen Stock Exchange - Reference documents include the chairman-signed 2025 semi-annual report original, financial statements signed and sealed by the company head, chief accountant, and head of accounting, and originals of all company documents and announcements publicly disclosed on CSRC-designated platforms during the reporting period[9][10][11] - These reference documents are available at the company's Board of Directors Office and the Shenzhen Stock Exchange[12] Definitions This section defines key terms used in the report, including company name, controlling shareholder, actual controller, main subsidiaries, "One Body, Two Wings" strategy, and key products like PVC, caustic soda, titanium dioxide, and lithium iron phosphate, also clarifying the reporting period - Key entities such as the Company, controlling shareholder (Yibin Development Holding Group Co., Ltd.), and actual controller (Yibin State-owned Assets Supervision and Administration Commission) are defined[14] - The company's development strategy is defined as "One Body, Two Wings", with "One Body" being chlor-alkali chemical industry and "Two Wings" being new chemical materials and new energy battery materials[14] - Main products listed include polyvinyl chloride resin (PVC), industrial sodium hydroxide (caustic soda), chloride process titanium dioxide, and lithium iron phosphate cathode materials[14] - The reporting period refers to January 1, 2025, to June 30, 2025[14] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key accounting data and financial indicators for the reporting period Company Profile Yibin Tianyuan Group Co., Ltd., stock code "002386", is listed on the Shenzhen Stock Exchange, with Deng Min as legal representative and He Bo as board secretary; contact information remained unchanged during the reporting period - The company's stock abbreviation is "Tianyuan Shares", stock code "002386", listed on the Shenzhen Stock Exchange[16] - The company's legal representative is Deng Min, and the board secretary is He Bo[16][17] - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period, as detailed in the 2024 annual report[18] Key Accounting Data and Financial Indicators During the reporting period, operating revenue decreased by 14.12% year-on-year, while net profit attributable to shareholders increased by 48.65%, with basic and diluted EPS growing proportionally; net cash flow from operating activities narrowed its loss by 63.63%, and total assets and net assets attributable to shareholders saw slight increases Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (RMB) | Same Period Last Year (RMB) | Current Reporting Period vs. Same Period Last Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,668,322,240.24 | 6,599,924,134.98 | -14.12% | | Net Profit Attributable to Shareholders of Listed Company | 16,638,488.22 | 11,192,705.77 | 48.65% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -15,860,537.42 | -50,860,259.18 | 68.82% | | Net Cash Flow from Operating Activities | -113,326,526.16 | -311,626,521.12 | 63.63% | | Basic Earnings Per Share (RMB/share) | 0.0128 | 0.0086 | 48.84% | | Diluted Earnings Per Share (RMB/share) | 0.0128 | 0.0086 | 48.84% | | Weighted Average Return on Net Assets | 0.22% | 0.14% | 0.08% | | Period-End Indicators | End of Reporting Period (RMB) | End of Previous Year (RMB) | Period-End vs. Previous Year-End Change | | Total Assets | 20,440,885,319.04 | 19,641,905,054.82 | 4.07% | | Net Assets Attributable to Shareholders of Listed Company | 7,494,798,294.58 | 7,472,903,056.44 | 0.29% | - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[22] Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled RMB 32.50 million, primarily from non-current asset disposal gains and government subsidies related to daily operations; certain recurring government subsidies and tax reductions are classified as recurring gains due to their continuous impact Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets (including reversal of impairment provisions) | 13,966,438.38 | Mainly gains from disposal of idle assets in the current period | | Government subsidies recognized in current profit/loss (excluding those closely related to normal operations, compliant with national policies, enjoyed under fixed standards, and with a continuous impact on company profit/loss) | 26,518,139.18 | Mainly government subsidies related to daily operating activities received in the current period | | Other non-operating income and expenses apart from the above | -7,618,722.10 | Mainly due to losses from abnormal shutdowns in the current period | | Less: Income tax impact | 98,410.44 | | | Impact on minority interests (after tax) | 268,419.38 | | | Total | 32,499,025.64 | | - The company classifies VAT super deduction for advanced manufacturing enterprises, deferred income amortization, immediate VAT refunds, city-wide industrial enterprise electricity and gas subsidies, and other government subsidies or tax reductions with a continuous impact on the company as recurring gains and losses due to their sustained effect on company profit and loss[26][27] Management Discussion and Analysis This section provides a comprehensive analysis of the company's operations, financial performance, core competencies, investment activities, and risk management strategies during the reporting period Main Businesses Engaged in During the Reporting Period Despite industry downturns, the company achieved RMB 5.67 billion in operating revenue and RMB 16.64 million in net profit attributable to shareholders, a 48.65% increase, by implementing refined management, cost control, and marketing optimization, while advancing its "One Body, Two Wings" strategy and new projects - From January to June 2025, the company achieved operating revenue of RMB 5.668 billion and net profit attributable to shareholders of RMB 16.6385 million, a 48.65% year-on-year increase, demonstrating resilience amidst a continuous industry downturn[29] - The company continues to advance its "Two Years of Foundation Building, Three Years of Expansion" plan, focusing on establishing industrial profit models and enhancing operational capabilities, implementing the titanium dioxide "Dual 1000" plan, promoting the "Dual Mines Overseas" strategy, and improving PVC differentiated products and lithium iron phosphate profit models[30] - The 100,000-ton/year lithium iron phosphate cathode material project's second workshop is completed and in trial production, the Mabian phosphate mine project has entered trial production, the Changneng coal mine project is undergoing appraisal, and investments are being made in a 600,000-ton/year sulfuric acid project and a 60MW/120MWh user-side energy storage system[31] Analysis of Core Competencies The company's core competencies stem from its optimized "One Body, Two Wings" strategy, green circular economy industrial chain, technological innovation, and intelligent manufacturing, integrating resources into the Yibin industrial chain and developing specialized products - The company firmly adheres to its "One Body, Two Wings" strategic positioning, actively integrating resources, products, and industries into the Yibin industrial chain to accelerate the creation of a "chlorine-titanium-phosphorus-iron-lithium" integrated circular industrial chain[33][34] - The company continuously optimizes and enhances its "One Body, Two Wings" development strategy, developing caustic soda for lithium batteries and crystalline silicon photovoltaics, and comprehensively building a green, low-carbon manufacturing system[35] - In 2025, the company prioritizes "improving the lithium iron phosphate profit model" as its primary technological innovation task, driving the enhancement of the lithium iron phosphate industrial chain's systemic profitability from four directions: process technology innovation, equipment upgrade innovation, product quality improvement, and digital manufacturing construction[36] - The company vigorously promotes the construction of a modern industrial system, accelerates the development of new quality productive forces, implements "intelligent transformation and digital upgrading" in manufacturing focusing on cost reduction, efficiency improvement, quality enhancement, and green expansion, and continues to deepen the "Three Modernizations Project" and "Smart Factory" construction[37] Main Business Analysis Operating revenue decreased by 14.12% year-on-year, but a larger decrease in operating costs improved gross margin; financial expenses rose 27.14% due to bond issuance, while net cash flow from operating activities narrowed its loss by 63.63% due to receivable collections, and financing cash flow increased significantly by 85.37% from bond issuance Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Same Period Last Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,668,322,240.24 | 6,599,924,134.98 | -14.12% | | | Operating Cost | 5,310,762,925.90 | 6,298,799,378.93 | -15.69% | | | Selling Expenses | 32,070,599.47 | 38,757,036.38 | -17.25% | | | Administrative Expenses | 213,463,428.67 | 235,217,035.71 | -9.25% | | | Financial Expenses | 75,392,156.29 | 59,298,584.55 | 27.14% | Mainly due to the increase from corporate bond issuance in the current period | | Income Tax Expense | 19,883,538.26 | 14,256,192.83 | 39.47% | Mainly due to increased profitability of Haifeng Herui in the current period, leading to higher income tax accrual | | Net Cash Flow from Operating Activities | -113,326,526.16 | -311,626,521.12 | 63.63% | Mainly due to the collection of prior year's receivables in the current period | | Net Cash Flow from Investing Activities | -358,251,046.49 | -412,412,882.90 | 13.13% | | | Net Cash Flow from Financing Activities | 429,158,808.94 | 231,517,966.17 | 85.37% | Mainly due to the increase from corporate bond issuance in the current period | | Net Increase in Cash and Cash Equivalents | -42,161,841.44 | -492,350,317.20 | 91.44% | The net increase in cash and cash equivalents changed significantly year-on-year, mainly due to the aforementioned factors | Operating Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Same Period Last Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Power Industry | 46,813,589.75 | 0.83% | 40,143,965.36 | 0.61% | 16.61% | | Chemical Industry | 4,592,089,093.24 | 81.01% | 4,529,250,423.75 | 68.63% | 1.39% | | New Energy Battery and Materials Industry | 99,829,450.20 | 1.76% | | | | | Building Materials Industry | 236,629,900.48 | 4.17% | 189,176,059.78 | 2.87% | 25.08% | | Supply Chain and Other Industries | 692,960,206.57 | 12.23% | 1,841,353,686.09 | 27.89% | -62.37% | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Same Period Last Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Electricity | 46,813,589.75 | 0.83% | 40,143,965.36 | 0.61% | 16.61% | | Polystyrene Products | 2,421,447,211.65 | 42.72% | 2,264,591,463.38 | 34.31% | 6.93% | | Chlor-alkali Products | 1,480,856,323.09 | 26.13% | 1,581,170,972.93 | 23.96% | -6.34% | | Titanium Chemical Products | 689,785,558.50 | 12.17% | 683,487,987.44 | 10.36% | 0.92% | | Supply Chain and Other Products | 692,960,206.57 | 12.23% | 1,841,353,686.09 | 27.89% | -62.37% | | Lithium Battery Products | 99,829,450.20 | 1.76% | | | | | Polymer Materials and Cement Products | 236,629,900.48 | 4.17% | 189,176,059.78 | 2.87% | 25.08% | Industries, Products, or Regions Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Item | Operating Revenue | Operating Cost | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | | Chemical Industry | 4,592,089,093.24 | 4,279,599,835.74 | 6.80% | 1.39% | 0.81% | 0.53% | | Supply Chain and Other Industries | 692,960,206.57 | 647,900,959.91 | 6.50% | -62.37% | -64.48% | 5.56% | | By Product | | | | | | | | Polystyrene Products | 2,421,447,211.65 | 2,418,281,564.04 | 0.13% | 6.93% | 6.80% | 0.12% | | Chlor-alkali Products | 1,480,856,323.09 | 1,247,495,960.62 | 15.76% | -6.34% | -10.14% | 3.56% | | Titanium Chemical Products | 689,785,558.50 | 613,822,311.07 | 11.01% | 0.92% | 3.60% | -2.31% | | Supply Chain and Other Products | 692,960,206.57 | 647,900,959.91 | 6.50% | -62.37% | -64.48% | 5.56% | | By Region | | | | | | | | East China Region | 2,929,164,071.87 | 2,904,835,895.71 | 0.83% | -15.50% | -15.77% | 0.32% | | South China Region | 637,727,743.95 | 633,039,468.53 | 0.74% | -23.73% | -21.70% | -2.57% | | Southwest China Region | 1,416,039,982.25 | 1,216,677,983.35 | 14.08% | -10.00% | -14.15% | 4.16% | Non-Core Business Analysis Non-core businesses significantly impacted total profit, with investment income accounting for 44.73% from futures and equity method investments, while fair value changes and asset impairment losses were negative, and non-operating income/expenses from compensation and shutdown losses were non-recurring Impact of Non-Core Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 9,461,504.30 | 44.73% | Mainly due to current period futures settlement and changes in equity of long-term equity investments accounted for by equity method | Yes | | Gains/Losses from Fair Value Changes | -496,055.00 | -2.35% | Mainly due to fair value changes of futures held in the current period | No | | Asset Impairment | -21,983,614.09 | -103.93% | Mainly due to inventory impairment losses accrued for PVC and other products in the current period | No | | Non-Operating Income | 3,099,769.56 | 14.65% | Mainly due to compensation received in the current period | No | | Non-Operating Expenses | 10,718,491.66 | 50.67% | Mainly due to shutdown losses from abnormal shutdowns in the current period | No | Analysis of Assets and Liabilities Total assets increased by 4.07% year-on-year, with higher proportions of monetary funds and inventory, and a notable 3.45% increase in short-term borrowings; certain assets are restricted, including bank acceptance bill deposits, pledged accounts receivable financing, and mortgaged fixed assets and land use rights Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Previous Year (RMB) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,713,605,317.39 | 18.17% | 3,183,866,866.40 | 16.21% | 1.96% | | Accounts Receivable | 317,735,970.63 | 1.55% | 754,400,558.65 | 3.84% | -2.29% | | Inventories | 1,486,208,959.31 | 7.27% | 1,248,305,251.25 | 6.36% | 0.91% | | Fixed Assets | 7,017,563,544.46 | 34.33% | 7,038,940,283.28 | 35.84% | -1.51% | | Construction in Progress | 3,915,578,439.80 | 19.16% | 3,684,118,384.17 | 18.76% | 0.40% | | Short-term Borrowings | 3,074,389,392.97 | 15.04% | 2,276,504,932.88 | 11.59% | 3.45% | | Contract Liabilities | 141,378,920.21 | 0.69% | 175,683,437.31 | 0.89% | -0.20% | | Long-term Borrowings | 3,098,003,827.19 | 15.16% | 3,087,990,728.97 | 15.72% | -0.56% | Key Overseas Assets | Specific Asset Content | Location | Operating Model | Profitability | Proportion of Overseas Assets to Company's Net Assets | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Investment | Hong Kong | Trading | Total profit for the current period: RMB 2.4769 million | 0.15% | No | | Equity Investment | Vietnam | Production, Sales | Total profit for the current period: RMB -6.5491 million | 0.85% | No | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB 10,000) | Fair Value Change Gains/Losses for Current Period (RMB 10,000) | Amount Purchased in Current Period (RMB 10,000) | Amount Sold in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets | | | | | | | 1. Trading financial assets (excluding derivative financial assets) | 36.90 | -6.61 | 3,526.73 | 3,533.34 | 30.29 | | 4. Other equity instrument investments | 9,403.23 | | | | 9,403.23 | | Subtotal of Financial Assets | 9,440.12 | -6.61 | | | -6.61 | | Total above | 9,440.13 | | | | 9,433.52 | | Financial Liabilities | | | | | | | Financial Liabilities | 51.43 | -43.00 | | | 94.43 | Asset Rights Restricted as of End of Reporting Period | Item | Year-End Book Value (RMB) | | :--- | :--- | | Monetary Funds [Note 1] | 1,703,945,174.61 | | Accounts Receivable Financing [Note 2] | 440,000,614.44 | | Fixed Assets [Note 3] | 468,201,203.43 | | Intangible Assets [Note 4] | 126,361,596.95 | Analysis of Investment Status Total investment decreased by 32.59% year-on-year, with no significant equity investments; major non-equity projects like the 100,000-ton lithium iron phosphate cathode material plant and Mabian phosphate mine are progressing, and derivative investments for hedging generated RMB 16.30 million in profit, effectively mitigating price risks Overall Investment Status | Investment Amount in Reporting Period (RMB) | Investment Amount in Same Period Last Year (RMB) | Change Percentage | | :--- | :--- | :--- | | 494,409,659.53 | 734,134,406.95 | -32.59% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it Fixed Asset Investment | Amount Invested in Current Reporting Period (RMB) | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | Reasons for Not Meeting Planned Progress and Expected Returns | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 100,000-ton/year Lithium Iron Phosphate Cathode Material Project | Self-built | Yes | 104,243,420.77 | 1,109,608,862.97 | Construction completed, in trial production | Expected usable state extended to June 30, 2025 | | 100,000-ton/year Lithium Iron Phosphate Cathode Material Precursor Project | Self-built | Yes | 26,560,716.59 | 918,408,539.67 | Partially completed | | | Yi'an Coal Mine Project | Self-built | Yes | 55,688,397.06 | 1,202,253,481.01 | Under construction | | | Total | -- | -- | 186,492,534.42 | 3,230,270,883.65 | -- | | Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Initial Investment Amount (RMB 10,000) | Beginning Balance (RMB 10,000) | Amount Purchased in Reporting Period (RMB 10,000) | Amount Sold in Reporting Period (RMB 10,000) | Ending Balance (RMB 10,000) | Explanation of Actual Gains/Losses in Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Futures | 36.9 | 36.9 | 3,526.73 | 3,533.34 | 30.29 | Current period futures fair value change loss of RMB 0.4961 million, settled futures closing generated investment income of RMB 16.7950 million, total income of RMB 16.2989 million | | Total | 36.9 | 36.9 | 3,526.73 | 3,533.34 | 30.29 | Total income of RMB 16.2989 million | - 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[59] Overall Use of Raised Funds | Total Raised Funds (1) (RMB 10,000) | Total Raised Funds Invested in Reporting Period (RMB 10,000) | Cumulative Total Raised Funds Invested (RMB 10,000) | Total Uninvested Raised Funds (RMB 10,000) | | :--- | :--- | :--- | :--- | | 200,000 | 7,432.31 | 146,056.14 | 55,812.83 | - As of June 30, 2025, the company cumulatively used RMB 1.461 billion in raised funds, including RMB 312.2411 million to replace prior investments, RMB 613.4321 million for direct project expenditures, and RMB 534.8882 million for bank loan repayments[67] - As of June 30, 2025, the company had RMB 558.1283 million in unused raised funds, comprising RMB 522.1567 million in current deposits and RMB 35.9717 million in acceptance bill deposits[67] - The expected usable status for the "100,000-ton/year Lithium Iron Phosphate Cathode Material Production Project" and "R&D and Testing Center Project" has been extended to June 30, 2025, with some surplus raised funds permanently supplementing working capital[70][71] Significant Asset and Equity Sales During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[73] - The company did not sell significant equity during the reporting period[74] Analysis of Major Holding and Associate Companies The company's major subsidiaries include Yibin Haifeng Herui (significant profit contributor), Yibin Tianyi New Materials (loss due to market downturn), Yibin Tianyuan Wuchan (loss due to market conditions), Mabian Changhe Power (enhanced profitability from phosphate mine trial production), Zhaotong Tianli New Materials (stable production), Yibin Tianyuan Haifeng Hetai (profitable titanium dioxide production), and Yibin Tianyuan Lithium Battery New Materials (achieved bulk supply) Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Yibin Haifeng Herui Co., Ltd. | Subsidiary | Caustic soda, PVC | 1,621,495,094.36 | 121,834,659.13 | | Yibin Tianyi New Materials Technology Co., Ltd. | Subsidiary | Polymer new materials | 194,468,332.62 | -26,623,189.97 | | Yibin Tianyuan Wuchan Group Co., Ltd. | Subsidiary | Supply chain and export of company's main products | 3,773,804,654.20 | -10,199,555.53 | | Mabian Changhe Power Co., Ltd. | Subsidiary | Hydropower | 99,201,109.35 | 34,389,012.31 | | Zhaotong Tianli New Materials Co., Ltd. | Subsidiary | Calcium carbide | 8,207,867.00 | -34,699,137.39 | | Yibin Tianyuan Haifeng Hetai Co., Ltd. | Subsidiary | Titanium dioxide | 1,023,317,438.47 | 6,920,529.22 | | Yibin Tianyuan Lithium Battery New Materials Co., Ltd. | Subsidiary | Lithium iron phosphate cathode materials | 77,693,422.97 | -5,675,013.46 | - Yibin Haifeng Herui Co., Ltd. is the core entity of the company's "One Body, Two Wings" strategy, maintaining high-load stable production year-round and contributing significantly to the company's profit[76] - Yibin Tianyi New Materials Technology Co., Ltd. experienced poor sales and losses in 2025 due to slow progress in downstream customer projects and a sustained downturn in the real estate industry[77] - Mabian Changhe Power Co., Ltd.'s profitability enhanced in 2025 as its phosphate rock entered trial production phase[77] - Yibin Tianyuan Lithium Battery New Materials Co., Ltd. achieved bulk supply to customers in 2024, significantly impacting the company's new energy sector layout and long-term development[78] Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[79] Risks Faced by the Company and Countermeasures The company faces product cyclicality risks from volatile chemical prices, new industry development risks in lithium battery materials due to market adjustments, and project construction risks for the Changneng coal mine; countermeasures include refined management, specialized product development, increased R&D, market expansion, and accelerated appraisal work - The company's chemical products belong to a cyclical industry with periodic price fluctuations, and the downturn in the chlor-alkali chemical industry brings uncertainty to the company's production and operations. Countermeasures: strengthen scientific scheduling, implement "dual rate improvement", develop specialized products, and increase product market share[79] - The company is in a period of industrial transformation and development, with the lithium battery materials industry undergoing phased capacity adjustments and significant product price fluctuations, leading to future market and revenue uncertainties. Countermeasures: strengthen market analysis, closely follow market trends, increase R&D investment and market development for new products, ensure high product quality, and boost sales[80] - The company's Changneng Coal Mine is currently undergoing coal seam outburst hazard identification, with uncertain future appraisal results and potential impacts on the company's production and operations. Countermeasures: accelerate appraisal work to strive for early resumption of production[81][82] Implementation of Market Value Management System and Valuation Enhancement Plan The company has disclosed its "Yibin Tianyuan Co., Ltd. Valuation Enhancement Plan" to continuously improve competitiveness, guide market perception of its value, promote high-quality development, and actively reward shareholders - The company has disclosed its "Yibin Tianyuan Co., Ltd. Valuation Enhancement Plan", aiming to continuously enhance company competitiveness, guide the market to correctly recognize company value, promote high-quality development, and actively reward shareholders[83] Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed any "Quality and Return Dual Improvement" action plan announcement - The company has not disclosed any "Quality and Return Dual Improvement" action plan announcement[84] Corporate Governance, Environment, and Society This section details changes in the company's governance structure, including personnel changes and the dissolution of the supervisory board, along with its profit distribution plans, environmental information disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, there were changes in the company's directors, supervisors, and senior management, including Chen Hong's transition to employee director and vice chairman, and the dissolution of the supervisory board as of June 30, 2025, in accordance with the new Company Law Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Chen Hong | Director, Vice Chairman | Resigned | 2025年07月08日 | Job transfer | | Chen Hong | Employee Director, Vice Chairman | Elected | 2025年08月08日 | Job transfer | | Wang Ming'an | Chairman of Supervisory Board | Dismissed | 2025年06月14日 | Dismissed | | Yan Chengming | Supervisor | Dismissed | 2025年06月14日 | Dismissed | | Li Longfeng | Supervisor | Dismissed | 2025年06月14日 | Dismissed | | Feng Kaizhong | Supervisor | Dismissed | 2025年06月14日 | Dismissed | | Feng Bo | Supervisor | Dismissed | 2025年06月14日 | Dismissed | - In accordance with the new Company Law and CSRC requirements, the company underwent reform and adjustment, abolishing the supervisory board as of June 30, 2025[87] Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period The company plans no interim cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period[88] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[89] Environmental Information Disclosure The company and its six major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with corresponding report query indexes provided - Whether the listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law: Yes, the number of enterprises included in the list is 6[90] Enterprises Included in the List of Environmental Information Disclosure by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Yibin Haifeng Herui Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprise_more?code=91511523784729819F&uniqueCode=1ed3d5690cf9446b&date=2024&type=true&isSearch=true | | 2 | Yibin Tianyuan Haifeng Hetai Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprise_more?code=91511523MA62A3TC5R&uniqueCode=204015681032cc33&date=2024&type=true&isSearch=true | | 3 | Sichuan Pingshan Tianyuan Titanium Industry Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprise_more?code=915115007422756018&uniqueCode=910fa6541f4a17eb&date=2024&type=true&isSearch=true | | 4 | Fujian Tianyuan Chemical Co., Ltd. | http://220.160.52.213:10053/idp_province//enterprise-overview | | 5 | Daguan Tianda Chemical Co., Ltd. | http://183.224.17.39:10097/ynyfpl/frontal/index.html/home/enterpriseInfo?XTXH=92e77bcd-044b-48e7-a90e-6c151e157efa&XH=1682673689329045334528&year=2024 | | 6 | Zhaotong Tianli New Materials Co., Ltd. | http://183.224.17.39:10097/ynyfpl/frontal/index.html/home/enterpriseInfo?XTXH=01c74d64-9825-4a0c-a498-780a486f57f1&XH=1676796196396043921409&year=2024 | Social Responsibility In the first half of 2025, the company actively implemented tasks to consolidate poverty alleviation achievements and effectively link them with rural revitalization, deploying 11 personnel to improve medical care, education, housing, drinking water, and living environments for 10,832 beneficiaries, earning widespread praise - In the first half of 2025, the company and its subsidiaries, with a strong sense of responsibility, resolutely implemented various tasks to consolidate and expand poverty alleviation achievements and effectively link them with rural revitalization[92] - The company dispatched 11 colleagues to specifically oversee rural revitalization tasks, serving as village secretaries and professional managers for village collective shareholding economic cooperatives[92] - With the company's support in rural revitalization, 10,832 people benefited, improving medical care, education, housing, drinking water, and living environments for villagers while also increasing economic income, receiving unanimous praise from local governments and villagers[92] Significant Matters This section details the company's commitments, related-party transactions, litigation, and other significant events, providing transparency on its operational and financial integrity Commitments The company's controlling shareholder, Yibin Development Holding Group Co., Ltd., and its related parties are fulfilling all commitments made during initial public offerings and non-public share issuances, including avoiding horizontal competition, anti-dilution measures, regulating related-party transactions, and share lock-ups, with no overdue unfulfilled commitments Commitment Fulfillment Status | Reason for Commitment | Promising Party | Commitment Type | Commitment Content | Commitment Date | Commitment Period | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments made during initial public offering or refinancing | Controlling Shareholder Yibin Development Holding Group Co., Ltd. | Commitment for initial public offering | Avoid horizontal competition | 2010年02月25日 | Long-term | In progress | | Commitments made during initial public offering or refinancing | Controlling Shareholder Yibin Development Holding Group Co., Ltd. | Commitment for non-public share issuance | Shares not transferable within 18 months from the end of issuance | 2023年03月10日 | Long-term | No company shares transferred to date | | Commitments made during initial public offering or refinancing | Related Party Yibin Emerging Industry Investment Group Co., Ltd. | Commitment for non-public share issuance | Avoid and eliminate horizontal competition | 2022年06月21日 | Long-term | In progress | | Other Commitments | Controlling Shareholder Yibin Development Holding Group Co., Ltd. | Controlling shareholder's share increase commitment | Not to reduce its holdings of company shares within the implementation period of the share increase plan and legal period, and to complete the share increase plan within the increase period | 2025年02月11日 | Long-term | In progress | - Were commitments fulfilled on time: Yes[95] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[96] Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[97] Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[98] Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Period Not applicable, as the company's semi-annual report was not audited Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year Not applicable Bankruptcy and Reorganization Matters During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[100] Litigation Matters The company is involved in several significant litigation and arbitration cases, including a commercial secret dispute for Fujian Tianyuan (RMB 300 million), a contract dispute for Tianlan Chemical (RMB 136.09 million), a settled sales contract dispute for Tianyi New Materials, and a sales contract dispute for Lithium Battery New Materials with a first-instance judgment supporting some claims Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Shantou Ocean Investment Development Co., Ltd. v. Peking University Founder Material Group Co., Ltd., Fujian Fangxing Chemical Co., Ltd., Fujian Hongrun Chemical Co., Ltd. for commercial secret infringement. Fujian Tianyuan Chemical Co., Ltd., a wholly-owned subsidiary of the company, was added as a defendant | 30,000 | No | The Supreme People's Court has accepted Shantou Ocean Investment Development Co., Ltd.'s appeal application | Litigation in progress | None | | Contract dispute between Yibin Tianlan Chemical Co., Ltd., a subsidiary of the company, and Sichuan North Hongguang Special Chemical Co., Ltd. | 13,609.44 | No | Both parties have appealed to the Sichuan Provincial High Court, currently in second instance | Litigation in progress | None | | Sales contract dispute between Yibin Tianyi New Materials Technology Co., Ltd., a subsidiary of the company, and Chishui City Changqi Town People's Government, Chishui City State-owned Investment (Group) Asset Operation Company | 1,085.35 | No | In July 2024, the Zunyi Intermediate People's Court issued Civil Mediation Document (2024) Qian 03 Min Zhong No. 1789. The civil ruling and mediation document were served and became effective on July 25 and 26, 2024 | Main content of the mediation document: Chishui City Changqi Town People's Government, Chishui City Baiyun Township People's Government, and Chishui City Changsha Town People's Government jointly pay Yibin Tianyi New Materials Technology Co., Ltd. outstanding principal of RMB 12.92 million and interest of RMB 0.277 million. Sales contract dispute with Chishui City State-owned Investment (Group) Asset Operation Company | Mediation document being fulfilled. Specific fulfillment: 1. Litigation fee of RMB 0.17 million refunded; 2. Goods worth RMB 2.3995 million received | | Sales contract dispute between Yibin Tianyuan Lithium Battery New Materials Co., Ltd. and Zhicun Lithium Industry Group Co., Ltd., Nan Jinxi, Nan Dongdong, Nan Tian, Yichun Tianzhuo New Materials Co., Ltd., Yizhang Zhicun New Materials Co., Ltd. | 7,586.39 | No | On May 12, 2025, the company received the first-instance judgment | First-instance judgment: Zhicun Lithium Industry Group Co., Ltd. to return advance payment of RMB 75.4964 million and pay for capital occupation losses; Nan Jinxi, Nan Dongdong, Nan Tian to bear joint and several liability within RMB 100 million; Lithium Battery New Materials has priority claim over Yichun Tianzhuo New Materials Co., Ltd.'s machinery and equipment within RMB 125 million; Lithium Battery New Materials has priority claim over Yizhang Zhicun New Materials Co., Ltd.'s machinery and equipment within RMB 70 million; other claims rejected | Judgment being enforced | Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[104] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[105] Significant Related-Party Transactions The company engaged in daily related-party transactions for goods and services at market prices, with no related-party asset/equity acquisitions/disposals or joint external investments; related-party creditor-debtor relationships primarily involved payments on behalf of others, not constituting non-operating fund occupation; the company also has leasing arrangements and provided counter-guarantees for the controlling shareholder's bond issuance Related-Party Transactions for Purchase/Sale of Goods, Provision/Acceptance of Services (Purchase of Goods/Acceptance of Services) | Related Party | Related-Party Transaction Content | Related-Party Transaction Amount (RMB 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Yibin Tianyuan Packaging Co., Ltd. | Purchase of goods, acceptance of services | 16,920.48 | 3.18% | 57,550.25 | | Sichuan Tianyuan Xinhua Supply Chain Technology Co., Ltd. | Purchase of goods, acceptance of services | 12,729.06 | 2.77% | 70,500.00 | | Yibin Development Holding Group Co., Ltd. | Purchase of goods, acceptance of services | 5,053.71 | 0.95% | 5,994.00 | | Sichuan Jiuhe Power Co., Ltd. | Purchase of goods, acceptance of services | 3,716.41 | 0.70% | 10,498.00 | | Yibin Boyuan Environmental Technology Co., Ltd. | Purchase of goods, acceptance of services | 2,790.78 | 0.52% | 13,425.00 | Related-Party Transactions for Purchase/Sale of Goods, Provision/Acceptance of Services (Sale of Goods/Provision of Services) | Related Party | Related-Party Transaction Content | Amount in Current Period (RMB 10,000) | Amount in Previous Period (RMB 10,000) | | :--- | :--- | :--- | :--- | | Yibin Siliya Chemical Group and its subsidiaries | Sale of goods, provision of services | 15,856.58 | 34,441.00 | | Sichuan Jiuhe Power Co., Ltd. | Sale of goods, provision of services | 2,277.07 | 2,630.08 | | Yibin Wuliangye Group Co., Ltd. and its subsidiaries | Sale of goods, provision of services | 2,993.44 | 13,153.00 | | Yibin Libao New Materials and its subsidiaries | Sale of goods, provision of services | 935.54 | 7,480.00 | | Yibin Boyuan Environmental Technology Co., Ltd. | Sale of goods, provision of services | 999.12 | 8,968.00 | | Yibin Tianyuan Packaging Co., Ltd. | Sale of goods, provision of services | 104.73 | 5,080.00 | - The company had no related-party transactions involving asset or equity acquisitions or sales during the reporting period[120] - The company had no related-party transactions involving joint external investments during the reporting period[121] Related-Party Creditor-Debtor Relationships (Receivables from Related Parties) | Related Party | Related-Party Relationship | Reason for Formation | Whether Non-Operating Fund Occupation Exists | Beginning Balance (RMB 10,000) | Amount Newly Added in Current Period (RMB 10,000) | Amount Recovered in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Guangyuan Lithium Battery Materials Co., Ltd. | Associate company | Payment on behalf | No | 0 | 3.4 | 3.4 | 0 | | Sichuan Tianyuan Xinhua Supply Chain Technology Co., Ltd. | Associate company | Payment on behalf | No | 0 | 1.9 | 1.9 | 0 | | Yibin Tianyuan Packaging Co., Ltd. | Associate company | Payment on behalf | No | 0 | 25.41 | 25.41 | 0 | | Quanzhou Rongxin New Materials Co., Ltd. | Associate company | Payment on behalf | No | 0 | 0.19 | 0.19 | 0 | - There are no deposits, loans, credit lines, or other financial transactions between the company's related financial companies and related parties[123] - There are no deposits, loans, credit lines, or other financial transactions between the company's controlled financial companies and related parties[124] External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Guaranteed Party Name | Announcement Disclosure Date for Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether it is a Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Development Holding Group Co., Ltd. | 2024年07月27日 | 50,000 | 2025年04月07日 | 50,000 | Pledge | Consistent with bond financing term | No | Yes | - The company pledged its 61.59% equity in Yibin Tianyuan Haifeng Hetai Co., Ltd. to Yibin Development Holding Group Co., Ltd. as a counter-guarantee[137][138] Significant Contracts and Their Fulfillment During the reporting period, the company had no trusteeship or contracting situations, but engaged in various leasing arrangements, primarily for subsidiary office spaces, none of which significantly impacted profit; significant guarantees include a counter-guarantee for the controlling shareholder's bond issuance, with no entrusted wealth management or other major contracts - The company had no trusteeship situations during the reporting period[126] - The company had no contracting situations during the reporting period[127] - Subsidiaries Mabian Wugong Mining Co., Ltd., Yibin Tianchang Logistics Co., Ltd., and Yibin Tianyuan Sci-Tech Design Co., Ltd. have property leasing arrangements[128] - During the reporting period, there were no leasing projects that generated profit or loss exceeding 10% of the company's total profit[129] External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Guaranteed Party Name | Announcement Disclosure Date for Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether it is a Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Development Holding Group Co., Ltd. | 2024年07月27日 | 50,000 | 2025年04月07日 | 50,000 | Pledge | Consistent with bond financing term | No | Yes | - The company had no entrusted wealth management during the reporting period[139] - The company had no other significant contracts during the reporting period[140] Explanation of Other Significant Matters The controlling shareholder, Yifa Group, increased its stake by 2.51% to 20.08%; the lithium iron phosphate cathode material project is in trial production; the company issued RMB 500 million in corporate bonds; new sulfuric acid and energy storage projects are advancing; the buyback obligation with Yibin Libao New Materials has been extended to December 31, 2026; a share transfer between related parties did not change control; and a strategic cooperation agreement for procurement agency services was signed - Controlling shareholder Yifa Group increased its stake by 32,667,505 shares, totaling RMB 153.6899 million, representing a 2.51% increase, and now holds 261,375,941 shares, accounting for 20.08% of the company's total share capital[141] - The Lithium Battery New Materials 100,000-ton/year lithium iron phosphate cathode material project has completed construction and is undergoing trial production and customer introduction certification[141] - The company has issued RMB 500 million in corporate bonds (first tranche), which are listed and traded on the Shenzhen Stock Exchange[142] - The 600,000-ton/year sulfuric acid project and 60MW/120MWh industrial energy storage project approved by the board are currently in progress[142] - Following friendly negotiations with Guoguang Electric Co., Ltd., Chengdu Jixin Libao Investment Center (Limited Partnership), and Sichuan Integrated Circuit and Information Security Industry Investment Fund Co., Ltd., a "Supplementary Agreement on Yibin Libao New Materials Co., Ltd. Repurchase Matters" is to be signed, extending the repurchase obligation to December 31, 2026[142] - Sichuan Yuanling Industrial Investment Group Co., Ltd., an acting-in-concert party of controlling shareholder Yifa Group, gratuitously transferred its entire holding of 14,326,647 shares, representing 1.1% of the company's total share capital, to its parent company Sichuan Gangrong Investment Development Group Co., Ltd., which does not result in a change of the company's actual controller or controlling shareholder[143] - The company signed a "Strategic Cooperation Agreement for Municipal State-owned Enterprise Procurement Agency Services" with Yibin State-owned Enterprise Management Service Co., Ltd., with an estimated annual service fee of RMB 0.9 million[145] Significant Matters of Company Subsidiaries Changneng Coal Mine suspended trial production due to gas dynamic phenomena and is undergoing hazard identification; Xujiayuan Coal Mine is advancing mineral rights integration with a planned capacity of 600,000 tons/year; Tiancheng Lithium Battery's 100,000-ton lithium iron phosphate cathode material project is progressing; Mabian Wugong Phosphate Plant's idle assets were successfully transferred for RMB 27.30 million; and Vietnam Tianxiang Co. adjusts production based on market orders and US tariff policies - Changneng Coal Mine suspended trial production in November 2024 due to gas dynamic phenomena requiring coal seam outburst hazard identification, which is still ongoing[146] - Xujiayuan Coal Mine is advancing mineral rights integration, designating Yunnan Tianli Coal Chemical Co., Ltd.'s Xujiayuan Coal Mine as the integration entity, with a planned capacity of 600,000 tons/year[146] - Tiancheng Lithium Battery's 100,000-ton/year lithium iron phosphate cathode material project is advancing its first-phase production line construction[146] - Mabian Wugong Phosphate Plant's idle assets were publicly listed for transfer on a public resource trading platform in April 2025, with the final transferee successfully bidding RMB 27.30 million, and the asset transfer is now complete[146] - The company's subsidiary, Vietnam Tianxiang Co., arranges production and manages operations based on market orders and the impact of US tariff policies[147] Share Changes and Shareholder Information This section details changes in the company's share capital structure, including restricted and unrestricted shares, securities issuance, shareholder numbers, and shareholding status of key personnel and major shareholders Share Change Status During the reporting period, restricted shares slightly increased while unrestricted shares decreased proportionally, with no change in total share capital; restricted shares primarily pertain to holdings by directors and senior management Share Change Status | | Before This Change | Increase/Decrease in This Change (+, -) | After This Change | | :--- | :--- | :--- | :--- | | | Quantity | Proportion | Other | Subtotal | Quantity | Proportion | | I. Restricted Shares | 231,706 | 0.02% | 10,830 | 10,830 | 242,536 | 0.02% | | 3. Other domestic shares | 231,706 | 0.02% | 10,830 | 10,830 | 242,536 | 0.02% | | II. Unrestricted Shares | 1,301,415,367 | 99.98% | -10,830 | -10,830 | 1,301,404,537.00 | 99.98% | | III. Total Shares | 1,301,647,073 | 100.00% | | | 1,301,647,073 | 100.00% | Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Directors and Senior Management | 231,706 | 6,500 | 17,330 | 242,536 | Share restriction for company directors and senior management | Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[153] Shareholder Numbers and Shareholding Status As of the end of the reporting period, the company had 53,557 common shareholders; Yibin Development Holding Group Co., Ltd. is the controlling shareholder with 19.65% ownership, and its acting-in-concert parties are also among the top ten shareholders, with no shares pledged, marked, or frozen - Total number of common shareholders at the end of the reporting period: 53,557[154] Shareholding Status of Shareholders with Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Increase/Decrease During Reporting Period | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Development Holding Group Co., Ltd. | State-owned legal person | 19.65% | 255,736,156 | 27,027,720 | 255,736,156 | | China Orient Asset Management Co., Ltd. | State-owned legal person | 6.27% | 81,559,507 | 0 | 81,559,507 | | Zhejiang Rongsheng Holding Group Co., Ltd. | Domestic non-state-owned legal person | 4.17% | 54,291,631 | -1,800,000 | 54,291,631 | | Yibin Emerging Industry Investment Group Co., Ltd. | State-owned legal person | 3.30% | 42,979,942 | 0 | 42,979,942 | | Yibin Development Venture Capital Co., Ltd. | State-owned legal person | 2.20% | 28,653,295 | 0 | 28,653,295 | | Sichuan Yuanling Industrial Investment Group Co., Ltd. | State-owned legal person | 1.10% | 14,326,647 | 0 | 14,326,647 | | National Social Security Fund 118 Portfolio | Other | 0.97% | 12,646,110 | 0 | 12,646,110 | | Hong Kong Securities Clearing Company Limited | Overseas legal person | 0.79% | 10,259,622 | 496,832 | 10,259,622 | | Fang Lugen | Domestic natural person | 0.73% | 9,508,800 | 0 | 9,508,800 | | Ruan Shuilong | Domestic natural person | 0.57% | 7,408,328 | 0 | 7,408,328 | - Among the aforementioned shareholders, Yibin Emerging Industry Investment Group Co., Ltd., Yibin Development Venture Capital Co., Ltd., and Sichuan Yuanling Industrial Investment Group Co., Ltd. are all controlled by Yibin Development Holding Group Co., Ltd., with the actual controller being Yibin State-owned Assets Supervision and Administration Commission; these four shareholders are acting-in-concert parties[155] - There are no buyback special accounts among the top 10 shareholders[156] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no significant changes in the shareholdings of the company's directors, supervisors, and senior management; some resigned supervisors and the vice chairman maintained their initial shareholdings without any increases or decreases Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Number of Shares Increased in Current Period (shares) | Number of Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Hong | Vice Chairman | Current | 23,107 | 0 | 0 | 23,107 | | Wang Ming'an | Chairman of Supervisory Board | Resigned | 39,000 | 0 | 0 | 39,000 | | Feng Kaizhong | Supervisor | Resigned | 13,000 | 0 | 0 | 13,000 | | Feng Bo | Supervisor | Resigned | 600 | 0 | 0 | 600 | | Total | -- | -- | 75,707 | 0 | 0 | 75,707 | Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[158] - The company's actual controller did not change during the reporting period[158] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[159] Bond-Related Information This section provides details on the company's bond issuances, including corporate bonds, and presents key accounting and financial indicators for the past two years Enterprise Bonds The company had no enterprise bonds during the reporting period - The company had no enterprise bonds during the reporting period[161] Corporate Bonds The company issued RMB 501.03 million in 2025 public corporate bonds for professional investors (first tranche) at a 2.35% interest rate, with annual interest payments and principal repayment at maturity, posing no risk of delisting; credit ratings, guarantee status, and repayment plans remained stable and well-executed Basic Information of Corporate Bonds | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (RMB 10,000) | Interest Rate | Principal and Interest Repayment Method | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Tianyuan Group Co., Ltd. 2025 Public Issuance of Technology Innovation Corporate Bonds to Professional Investors (First Tranche) | 25 Tianyuan K1 | 524174 | 2025年04月03日 | 2025年04月07日 | 2033年04月07日 | 50,103.28 | 2.35% | Annual interest payment, single principal repayment | Shenzhen Stock Exchange | - There is no risk of the corporate bonds being delisted[163] - Credit rating results were not adjusted during the reporting period[164] [Non-Financial Enterprise Debt Financing Instruments](index=62&type=section&id=7.3%20Non-Financial%20Enterprise%20Debt%2