万年青(000789) - 2025 Q2 - 季度财报

Section 1 Important Notice, Table of Contents, and Definitions This section confirms the report's accuracy, warns of forward-looking statement risks, details the non-distribution of dividends, and includes the table of contents and definitions - The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4] - The company's responsible person, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] - The report advises investors to be aware of risks associated with future development outlooks and business plans, which are forward-looking statements[4] - Section 3 "Management Discussion and Analysis", subsection 10 "Risks Faced by the Company and Countermeasures" describes potential future operating risks and countermeasures[4] Section 2 Company Profile and Key Financial Indicators This section presents the company's basic information, key financial data, and non-recurring gains and losses, noting a year-on-year revenue decrease but significant profit and cash flow growth - Company basic information: Stock abbreviation "Wannianqing", stock code 000789, listed on Shenzhen Stock Exchange, legal representative Chen Wensheng[13] Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (Yuan) | Prior Year (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,211,352,456.79 | 2,588,153,406.68 | -14.56% | | Net Profit Attributable to Listed Company Shareholders | 40,770,765.28 | 1,509,193.49 | 2,601.49% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 769,055.56 | -23,859,109.09 | 103.22% | | Net Cash Flow from Operating Activities | 203,027,898.35 | 14,596,076.28 | 1,290.98% | | Basic Earnings Per Share (Yuan/Share) | 0.0525 | 0.0019 | 2,663.16% | | Diluted Earnings Per Share (Yuan/Share) | 0.0525 | 0.0178 | 194.94% | | Weighted Average Return on Net Assets | 0.60% | 0.02% | 0.58% | | Total Assets (End of Current Period) | 15,758,039,050.35 | 16,532,535,480.70 | -4.68% | | Net Assets Attributable to Listed Company Shareholders (End of Current Period) | 6,710,898,614.49 | 6,893,856,333.62 | -2.65% | Non-recurring Gains and Losses and Amounts (Unit: Yuan) | Item | Amount | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 45,136,513.40 | | Government Grants Included in Current Profit and Loss | 21,915,795.43 | | Fair Value Change Gains and Losses from Holding Financial Assets and Liabilities by Non-financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities | -1,024,489.81 | | Fund Occupation Fees Received from Non-financial Enterprises Included in Current Profit and Loss | 1,075,650.25 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 2,937,710.00 | | Other Non-operating Income and Expenses | 1,463,585.83 | | Less: Income Tax Impact | 16,433,463.84 | | Impact on Minority Interests (After Tax) | 15,069,591.54 | | Total | 40,001,709.72 | - "Three Wastes Tax Refund" is classified as a recurring gain and loss item, amounting to 2,001,561.30 yuan, due to its close relation to the company's business and annual entitlement[23] Section 3 Management Discussion and Analysis This section analyzes the company's main businesses, industry trends, core strengths, financial performance, non-core operations, asset-liability status, investments, and risk management strategies 3.1 Main Businesses Engaged by the Company During the Reporting Period This section details the company's primary businesses within the cement industry, including products, operating models, market position, and the impact of carbon neutrality strategies - The cement industry, driven by the "14th Five-Year Plan" carbon peaking and carbon neutrality strategies, is actively promoting supply-side structural reform, entering a phase of transformation, upgrading, and green development[25] - The company primarily engages in the production and sales of Portland cement, ready-mix concrete, aggregates, and new wall materials, owning six cement production bases, 11 clinker production lines, 62 ready-mix concrete production lines, and 32 cement mills[26] - The company's product sales model combines direct sales and distribution (or consignment), with cement products primarily distributed and ready-mix concrete products primarily direct-sold[30] - The "Wannianqing" brand enjoys high recognition and influence in Jiangxi and surrounding provinces, ranking among the top ten in China's cement listed companies' comprehensive strength in 2024[31] - During the reporting period, the average coal procurement price decreased by 170 yuan/ton, providing some profit margin for the cement industry[31] - In the first half of 2025, national fixed asset investment increased by 2.8% year-on-year, infrastructure investment increased by 4.6%, and real estate development investment decreased by 11.2%[32] 3.2 Analysis of Core Competencies This section highlights the company's competitive advantages, including strategic location, strong brand, technological innovation, integrated supply chain, efficient management, and commitment to green development - The company is located in the hinterland of the Yangtze River Delta, Pearl River Delta, and Southern Fujian Delta, adjacent to economically developed provinces, with products selling well in Jiangxi and surrounding provinces, giving it a unique geographical advantage[34] - Established over 60 years ago, the company was one of the first in China to adopt domestic new dry-process cement production lines; the "Wannianqing" brand enjoys a high reputation in East China[34] - The company adheres to management and technological innovation, actively promotes new technologies, equipment, and materials, with four cement production enterprises obtaining medium-heat cement production licenses, committed to strengthening innovation leadership and digital empowerment[34] - The company has a relatively complete integrated cement industry chain layout, owning six limestone mines that can meet 100% of clinker production needs, 62 ready-mix concrete production lines in the province, and has established a multi-channel marketing network[35] - The company has established a standardized "Three Meetings and One Layer" governance system, deepened three institutional reforms, accelerated information platform construction, and promoted digital and intelligent factory construction; Wannian Plant received national digital transformation benchmark and L9 certification, and Leping Company was rated as a national green factory[35] - The company actively builds a green manufacturing system, with an increasing number of national and provincial green factories and green mines, continuously optimizing various technical and economic indicators, and reducing production costs[36] - The company emphasizes technological transformation, established a digital department to coordinate technological innovation, formulated strict internal quality control standards, with products widely used in national and provincial key engineering projects, and passed multiple quality management system certifications[36][37] 3.3 Main Business Analysis This section analyzes the financial performance of the company's main businesses, showing a revenue decline primarily due to decreased cement sales, while detailing revenue composition Year-on-Year Changes in Key Financial Data (Unit: Yuan) | Indicator | Current Period | Prior Year | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,211,352,456.79 | 2,588,153,406.68 | -14.56% | Mainly due to a significant decrease in cement sales | | Operating Cost | 1,837,988,439.75 | 2,230,810,443.56 | -17.61% | Mainly due to the combined effect of decreased cement sales and lower unit costs | | Selling Expenses | 38,737,533.64 | 52,433,223.89 | -26.12% | | | Administrative Expenses | 216,445,272.60 | 224,906,080.99 | -3.76% | | | Financial Expenses | 17,398,713.25 | 19,112,970.98 | -8.97% | Mainly due to the company further optimizing its financing structure and reducing financing costs | | Income Tax Expense | 55,174,803.23 | 44,071,352.01 | 25.19% | | | Net Cash Flow from Operating Activities | 203,027,898.35 | 14,596,076.28 | 1,290.98% | Mainly due to a significant year-on-year decrease in cash paid for goods purchased, labor services, and taxes | | Net Cash Flow from Investing Activities | 244,731,417.70 | -1,107,787,004.49 | 122.09% | Mainly due to the maturity of large-denomination certificates of deposit and a decrease in large-denomination certificates of deposit purchased in the current period compared to the prior year | | Net Cash Flow from Financing Activities | -168,031,651.32 | -232,012,683.21 | 27.58% | | | Net Increase in Cash and Cash Equivalents | 279,727,332.74 | -1,325,203,457.40 | 121.11% | Operating Revenue Composition (by Industry/Product/Region, Unit: Yuan) | Category | Item | Current Period Amount | Proportion of Operating Revenue | Prior Year Amount | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Cement | 1,513,480,128.91 | 68.44% | 1,620,781,304.56 | 62.62% | -6.62% | | | Concrete | 502,191,865.71 | 22.71% | 731,398,267.66 | 28.26% | -31.34% | | | Aggregates | 120,156,644.61 | 5.43% | 152,864,181.48 | 5.91% | -21.40% | | By Product | Cement | 1,511,405,597.93 | 68.35% | 1,610,384,733.33 | 62.22% | -6.15% | | | Clinker | 2,074,530.98 | 0.09% | 10,396,571.23 | 0.40% | -80.05% | | | Concrete | 502,191,865.71 | 22.71% | 731,398,267.66 | 28.26% | -31.34% | | By Region | Jiangxi Province | 1,943,854,777.32 | 87.90% | 2,352,268,096.09 | 90.89% | -17.36% | | | Zhejiang Province | 126,736,431.24 | 5.73% | 87,463,305.84 | 3.38% | 44.90% | | | Hubei Province | 30,490,438.89 | 1.38% | 17,421,135.31 | 0.67% | 75.02% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit (Unit: Yuan) | Category | Item | Operating Revenue | Operating Cost | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Cement | 1,513,480,128.91 | 1,198,185,026.78 | 20.83% | -6.62% | -13.95% | 6.75% | | | Concrete | 502,191,865.71 | 455,498,421.78 | 9.30% | -31.34% | -28.85% | -3.17% | | By Product | Cement | 1,511,405,597.93 | 1,196,110,495.80 | 20.86% | -6.15% | -13.52% | 6.74% | | | Concrete | 502,191,865.71 | 455,498,421.78 | 9.30% | -31.34% | -28.85% | -3.17% | | By Region | Jiangxi Province | 1,943,854,777.32 | 1,616,785,509.70 | 16.83% | -17.36% | -11.07% | -5.88% | 3.4 Non-Main Business Analysis This section examines the company's non-main business activities, noting significant contributions from asset disposal and investment income, but also negative impacts from fair value changes and credit losses Non-Main Business Profit and Loss (Unit: Yuan) | Item | Amount | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 17,337,180.89 | 14.70% | Mainly due to dividends received from associate companies | No | | Fair Value Change Gains and Losses | -15,070,738.32 | -12.78% | Fair value changes of other non-current financial assets | No | | Non-operating Income | 11,550,708.22 | 9.79% | | No | | Non-operating Expenses | 2,976,100.64 | 2.52% | | No | | Credit Impairment Losses | -4,764,730.37 | -4.04% | Mainly due to provision for impairment losses on accounts receivable | No | | Other Income | 16,660,356.73 | 14.12% | | No | | Asset Disposal Gains and Losses | 45,292,061.60 | 38.39% | Mainly due to recognition of relocation compensation income | No | 3.5 Asset and Liability Status Analysis This section analyzes the company's asset and liability structure at the reporting period end, including significant changes and fair value measurements, noting decreases in total assets and net assets Significant Changes in Asset Composition (Unit: Yuan) | Item | End of Current Period Amount | Proportion of Total Assets | End of Prior Year Amount | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 4,645,588,438.50 | 29.48% | 4,658,891,367.97 | 28.18% | 1.30% | | Accounts Receivable | 1,425,167,875.92 | 9.04% | 1,653,716,825.83 | 10.00% | -0.96% | | Inventories | 445,037,531.00 | 2.82% | 457,484,812.00 | 2.77% | 0.05% | | Fixed Assets | 6,311,401,981.84 | 40.05% | 6,539,640,242.46 | 39.56% | 0.49% | | Construction in Progress | 30,674,078.43 | 0.19% | 16,740,407.12 | 0.10% | 0.09% | | Short-term Borrowings | 691,204,064.88 | 4.39% | 770,899,511.39 | 4.66% | -0.27% | | Long-term Borrowings | 241,530,000.00 | 1.53% | 64,690,000.00 | 0.39% | 1.14% | | Bonds Payable | 600,000,000.00 | 3.81% | 1,572,508,004.60 | 9.51% | -5.70% | Assets and Liabilities Measured at Fair Value (Unit: Yuan) | Item | Beginning Balance | Fair Value Change Gains and Losses for the Period | Ending Balance | | :--- | :--- | :--- | :--- | | Investments in Other Equity Instruments | 402,870,447.16 | | 355,609,138.31 | | Other Non-current Financial Assets | 74,700,513.37 | -15,070,738.32 | 42,165,873.54 | | Accounts Receivable Financing | 147,252,282.23 | | 110,793,497.09 | | Total | 624,823,242.76 | -15,070,738.32 | 508,568,508.94 | - As of the end of the reporting period, the company had restricted assets including monetary funds, fixed assets, and intangible assets[52][380][382] 3.6 Investment Status Analysis This section details the company's investment activities, including securities holdings and the utilization of raised funds, noting a decrease in Tianshan Cement share value and completed bond fund use Securities Investment (Unit: Yuan) | Security Code | Security Abbreviation | Original Investment Cost | Beginning Book Value | Fair Value Change Gains and Losses for the Period | Ending Book Value | | :--- | :--- | :--- | :--- | :--- | :--- | | 000877 | Tianshan Cement | 645,393,230.90 | 272,200,125.70 | -49,053,732.90 | 223,146,392.80 | - The company announced a share repurchase plan on February 7, 2025, and completed it by April 3, 2025, repurchasing a total of 38,467,823 shares for 199,306,796.35 yuan[110] - As of July 8, 2025, the proceeds from the company's 2025 public issuance of corporate bonds have been fully used in accordance with the prospectus[56] 3.7 Major Asset and Equity Sales This section confirms that the company did not engage in any major asset or equity sales during the reporting period - The company did not sell major assets during the reporting period[58] - The company did not sell major equity during the reporting period[59] 3.8 Analysis of Major Holding and Associate Companies This section provides financial details for the main holding subsidiary and explains the deregistration of two smaller subsidiaries with minimal impact on company performance Financial Situation of Major Subsidiary (Jiangxi Southern Wannianqing Cement Co., Ltd., Unit: Yuan) | Indicator | Amount | | :--- | :--- | | Registered Capital | 1,000,000,000.00 | | Total Assets | 7,605,649,177.96 | | Net Assets | 6,172,323,132.05 | | Operating Revenue | 1,477,780,048.02 | | Operating Profit | 56,928,346.40 | | Net Profit | 36,300,526.91 | - During the reporting period, Ji'an Southern Wannianqing New Materials Co., Ltd. and Ji'an Qingyuan Southern Wannianqing New Materials Co., Ltd. were deregistered due to their small scale, with minimal impact on the company's current operations and performance[61] 3.9 Structured Entities Controlled by the Company This section states that the company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[62] 3.10 Risks Faced by the Company and Countermeasures This section outlines the company's exposure to macroeconomic, cost, environmental policy, and market competition risks, along with corresponding mitigation strategies - The company faces macroeconomic environment risks, including an uncertain global economic situation, slowing infrastructure investment growth, and insufficient real estate project commencements[62] - Measures to address macroeconomic risks include: focusing on Jiangxi Province's "1269" action plan, optimizing strategic layout, promoting "vertical integration" expansion of the industry chain, deepening core businesses, expanding industrial layout, and precisely filling gaps in the chain[62] - The company faces pressure from rising raw material costs, manufacturing expenses, and transportation costs; the implementation of new general Portland cement standards and global energy price fluctuations will lead to increased production costs[62] - Measures to address rising cost pressures include: continuously optimizing various technical and economic indicators to reduce production costs; leveraging policy dividends for large-scale equipment upgrades to promote equipment renewal, transformation, and process upgrades; strengthening procurement management and optimizing mix design in the ready-mix concrete segment, promoting resource conservation and comprehensive utilization in the aggregate segment, and vigorously focusing on cost reduction and efficiency improvement[63] - The company faces policy pressures from carbon peaking and carbon neutrality, "dual control" of energy consumption, and normalized staggered production, which will increase energy-saving, emission reduction, and environmental protection investments, potentially intensifying industry differentiation[63] - Measures to address policy pressures include: accelerating green and low-carbon development, promoting new energy-saving and carbon-reducing technologies and equipment; improving the carbon emission management system and optimizing carbon asset management; orderly implementing ultra-low emissions, completing ultra-low emission technical transformation of De'an Company's cement clinker production line within the year[64] - The company faces risks of declining demand, increasingly sharp supply-demand imbalances, and regional competition from peers[64] - Measures to address market competition risks include: taking "one profit and five rates" as key indicators, solidifying "three basic" management, and comprehensively enhancing the integrated operation capability of production, supply, sales, and finance; strengthening market supply-demand relationship analysis, adhering to the "proximity sales" principle, key account strategy and integrated marketing strategy, cultivating and expanding marketing channels, comprehensively improving marketing quality, and continuously enhancing market competitiveness; leveraging the full industry chain marketing advantages of cement, ready-mix concrete, and aggregates, continuously improving the full industry chain's ability to serve the market and create value, forming economies of scale and synergistic effects[64] 3.11 Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan This section describes the company's disclosed valuation enhancement plan, focusing on improving investment value and shareholder returns through various operational and financial strategies - The company has disclosed a valuation enhancement plan[65] - The valuation enhancement plan will focus on production and operations, cash dividends, share repurchases, shareholder increases, investor relations management, and information disclosure to enhance the company's investment value and shareholder returns, promote a reasonable reflection of the company's quality in its investment value, boost investor confidence, safeguard the interests of all shareholders, and promote high-quality development of the company[65] 3.12 Implementation of "Quality and Return Dual Enhancement" Action Plan This section confirms that the company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[66] Section 4 Corporate Governance, Environment, and Society This section covers changes in governance, profit distribution plans, equity incentive updates, environmental disclosures, and social responsibility efforts, including rural revitalization initiatives - Company director Li Xiaoping resigned on April 1, 2025, due to job transfer[67] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[68] - The company canceled 2.833 million stock options granted but not yet exercised to 24 incentive recipients under the 2022 stock option incentive plan, due to job transfers, resignations, retirements, deaths, or failure to meet company-level performance targets[70] - The company and its six major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and relevant reports can be queried on the National Pollutant Discharge Permit Management Information Platform[71] - In the first half of 2025, the company provided 828,000 yuan in aid funds and donated cement, ready-mix concrete, and other materials valued at 1.3918 million yuan, consolidating and expanding poverty alleviation achievements and effectively linking them with rural revitalization through various measures such as comfort and assistance, infrastructure assistance, industrial assistance, educational assistance, and policy assistance[72][73][74][75] Section 5 Significant Matters This section details significant corporate events, including commitment fulfillment, related party transactions, guarantees, and the absence of major lawsuits or penalties during the reporting period - The company had no overdue unfulfilled commitments during the reporting period[77] - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[78] - The company had no illegal external guarantees during the reporting period[79] - The company's half-year report was unaudited[80] - The company had no major lawsuits, arbitrations, penalties, or rectifications during the reporting period[82][83] - The company had no other major related party transactions during the reporting period[92] - The company had no trusteeship, contracting, or leasing matters during the reporting period[94][95][96] Daily Related Party Transactions (Procurement of Goods/Acceptance of Services, Unit: 10,000 Yuan) | Related Party | Related Transaction Content | Transaction Amount (10,000 Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Non-metallic Mineral Industry Co., Ltd. | Procurement of standard sand | 248.32 | 11.05% | 78.9 | Yes | | Jiangxi Wanhua Environmental Protection Material Co., Ltd. | Procurement of cement grinding aids and concrete admixtures | 1,993.29 | 88.72% | 6,200 | No | | Jiangxi Jinglei Engineering New Technology Development Co., Ltd. | Procurement of nano-modified agents and special mortars | 4.99 | 0.22% | 22 | No | | Jiangxi Building Materials Product Quality Supervision and Inspection Station Co., Ltd. | Product testing, technology R&D | 35.2 | 25.91% | 671.58 | No | | Jiangxi Building Materials Research and Design Institute Co., Ltd. | Product testing, technology R&D | 100.43 | 73.93% | 357.58 | No | | Jiangxi Cement Co., Ltd. | House, land lease | 0.07 | 0.05% | 0 | Yes | | Jiangxi Jinglei Engineering New Technology Development Co., Ltd. | Transportation | 0.15 | 0.11% | 0 | Yes | Company Guarantees to Subsidiaries (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total Approved Guarantee Limit to Subsidiaries During the Reporting Period | 24,400 | | Total Actual Guarantees to Subsidiaries During the Reporting Period | 14,026.03 | | Total Approved Guarantee Limit to Subsidiaries at the End of the Reporting Period | 24,400 | | Total Actual Guarantees to Subsidiaries at the End of the Reporting Period | 14,026.03 | Subsidiary Guarantees to Subsidiaries (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total Approved Guarantee Limit to Subsidiaries During the Reporting Period | 79,179 | | Total Actual Guarantees to Subsidiaries During the Reporting Period | 55,221 | | Total Approved Guarantee Limit to Subsidiaries at the End of the Reporting Period | 79,179 | | Total Actual Guarantees to Subsidiaries at the End of the Reporting Period | 55,221 | Total Company Guarantees (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total Approved Guarantee Limit During the Reporting Period | 103,579 | | Total Actual Guarantees During the Reporting Period | 69,247.03 | | Total Approved Guarantee Limit at the End of the Reporting Period | 103,579 | | Total Actual Guarantees at the End of the Reporting Period | 69,247.03 | | Proportion of Total Actual Guarantees to Company's Net Assets | 10.32% | | Balance of Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 31,459.7 | Section 6 Share Changes and Shareholder Information This section reports on share capital changes, securities issuance, and shareholder structure, noting a slight increase in total shares due to convertible bond conversion and completed share repurchases Share Changes (Unit: Shares) | Item | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (Other) | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 18,907 | 0.00% | -18,907.00 | 0 | 0.00% | | Unrestricted Shares | 797,388,278 | 100.00% | 19,137.00 | 797,407,415 | 100.00% | | Total Shares | 797,407,185 | 100.00% | 230.00 | 797,407,415 | 100.00% | - Share changes were due to changes in the number of shares locked by senior executives and an increase of 230 shares from the conversion of the company's convertible corporate bonds during the reporting period[109] - The company announced a share repurchase plan on February 7, 2025, and completed it by April 3, 2025, repurchasing a total of 38,467,823 shares for 199,306,796.35 yuan[110] - On June 18, 2025, the company publicly issued 6 million corporate bonds, each with a face value of 100 yuan, which began trading on the Shenzhen Stock Exchange on June 30, 2025, with bond abbreviation "25 Jiangni 01" and bond code "524330"[111][112] - As of the end of the reporting period, the total number of common shareholders was 41,452[114] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Cement Co., Ltd. | State-owned Legal Person | 44.44% | 354,385,404.00 | 354,385,404.00 | | China National Building Material Investment Co., Ltd. | State-owned Legal Person | 4.89% | 39,000,000.00 | 39,000,000.00 | | CITIC Securities Co., Ltd. | State-owned Legal Person | 0.60% | 4,791,604.00 | 4,791,604.00 | - The company's controlling shareholder is Jiangxi Cement Co., Ltd., and the actual controller is Jiangxi Building Materials Group Co., Ltd[174] Section 7 Bond-Related Information This section provides comprehensive information on the company's corporate and convertible bonds, including issuance details, changes, credit ratings, and debt repayment strategies - The company had no enterprise bonds during the reporting period[121] Basic Information of Corporate Bonds (Unit: 10,000 Yuan) | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Maturity Date | Bond Balance | Interest Rate | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Wannianqing Cement Co., Ltd. 2025 Publicly Issued Corporate Bonds (First Tranche) for Professional Investors | 25 Jiangni 01 | 524330 | June 18, 2025 | June 19, 2030 | 60,000 | 2% | Shenzhen Stock Exchange | - During the reporting period, there were no trigger or execution events for issuer or investor option clauses or investor protection clauses[124] - On June 25, 2025, China Chengxin International Credit Rating Co., Ltd. maintained the company's long-term corporate credit rating at AA+ and the credit rating of "Wannianqing Convertible Bond" at AA+, with a stable outlook[135][136] - The company publicly issued 1 billion yuan of convertible corporate bonds on June 3, 2020, with bond abbreviation "Wannianqing Convertible Bond" and bond code "127017", listed on the Shenzhen Stock Exchange on July 2, 2020[126] Convertible Bond Changes During the Reporting Period (Unit: Yuan) | Convertible Corporate Bond Name | Before This Change | Converted Shares | After This Change | | :--- | :--- | :--- | :--- | | Jiangxi Wannianqing Cement Co., Ltd. 2020 Publicly Issued Convertible Corporate Bonds | 999,552,100.00 | 2,000.00 | 999,550,100.00 | Cumulative Convertible Bond Conversion Status | Indicator | Amount/Quantity | | :--- | :--- | | Total Issuance | 10,000,000 shares | | Total Issuance Amount | 1,000,000,000.00 Yuan | | Cumulative Converted Amount | 449,900.00 Yuan | | Cumulative Converted Shares | 33,737 shares | | Unconverted Amount | 999,550,100.00 Yuan | | Proportion of Unconverted Amount to Total Issuance Amount | 99.96% | - As of the end of this reporting period, the latest conversion price of the convertible corporate bonds was 8.53 yuan/share[134] Company's Key Accounting Data and Financial Indicators for the Past Two Years (Unit: 10,000 Yuan) | Project | End of Current Period | End of Prior Year | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Current Ratio | 1.7587 | 2.0164 | -12.78% | | Asset-Liability Ratio | 36.06% | 37.95% | -1.89% | | Quick Ratio | 1.6160 | 1.8220 | -11.31% | | Net Profit After Deducting Non-recurring Gains and Losses | 76.91 | -2,385.91 | 103.22% | | EBITDA to Total Debt Ratio | 7.87% | 6.51% | 1.36% | | Interest Coverage Ratio | 3.5151 | 1.6721 | 110.22% | | Cash Interest Coverage Ratio | 5.5050 | 1.0395 | 429.58% | | EBITDA Interest Coverage Ratio | 9.5393 | 6.7893 | 40.50% | | Loan Repayment Rate | 100.00% | 100.00% | | | Interest Payment Rate | 100.00% | 100.00% | | Section 8 Financial Report This section presents the company's unaudited consolidated and parent company financial statements, offering a detailed view of financial position, performance, cash flows, and accounting policies - The company's half-year financial report was unaudited[138] Major Data from Consolidated Balance Sheet (End of Period vs. Beginning of Period, Unit: Yuan) | Item | Ending Balance | Beginning Balance | | :--- | :--- | :--- | | Total Current Assets | 6,900,264,963.51 | 7,361,670,254.97 | | Total Non-current Assets | 8,857,774,086.84 | 9,170,865,225.73 | | Total Assets | 15,758,039,050.35 | 16,532,535,480.70 | | Total Current Liabilities | 3,923,406,762.32 | 3,650,918,893.53 | | Total Non-current Liabilities | 1,758,464,364.86 | 2,623,868,181.56 | | Total Liabilities | 5,681,871,127.18 | 6,274,787,075.09 | | Total Owners' Equity Attributable to Parent Company | 6,710,898,614.49 | 6,893,856,333.62 | | Minority Interests | 3,365,269,308.68 | 3,363,892,071.99 | | Total Owners' Equity | 10,076,167,923.17 | 10,257,748,405.61 | | Total Liabilities and Owners' Equity | 15,758,039,050.35 | 16,532,535,480.70 | Major Data from Consolidated Income Statement (Current Period vs. Prior Period, Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 2,211,352,456.79 | 2,588,153,406.68 | | Total Operating Costs | 2,161,670,573.71 | 2,600,025,046.84 | | Operating Profit | 109,390,973.62 | 33,400,754.96 | | Total Profit | 117,965,581.20 | 39,049,405.77 | | Net Profit | 62,790,777.97 | -5,021,946.24 | | Net Profit Attributable to Parent Company Shareholders | 40,770,765.28 | 1,509,193.49 | | Minority Interest Income/Loss | 22,020,012.69 | -6,531,139.73 | | Total Comprehensive Income | 27,344,796.33 | -50,272,866.69 | | Basic Earnings Per Share (Yuan/Share) | 0.0525 | 0.0019 | | Diluted Earnings Per Share (Yuan/Share) | 0.0525 | 0.0178 | Major Data from Consolidated Cash Flow Statement (Current Period vs. Prior Period, Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 203,027,898.35 | 14,596,076.28 | | Net Cash Flow from Investing Activities | 244,731,417.70 | -1,107,787,004.49 | | Net Cash Flow from Financing Activities | -168,031,651.32 | -232,012,683.21 | | Net Increase in Cash and Cash Equivalents | 279,727,332.74 | -1,325,203,457.40 | - The company uses RMB as its functional currency, and the operating cycle is 12 months[179][180] - The company performs impairment accounting for financial assets measured at amortized cost, financial assets measured at fair value with changes recognized in other comprehensive income (debt instruments), and financial guarantee contracts based on expected credit losses[200] - The company's inventory is classified as raw materials, revolving materials, consigned processing materials, work-in-progress, self-made semi-finished products, and finished goods; inventory is valued using the moving weighted average method[205] - Company fixed asset depreciation methods: buildings 20-35 years, machinery and equipment 10-15 years, electronic equipment 5 years, transportation equipment 8-12 years, with a residual value rate of 4% for all[217] - Company R&D expenditures primarily include R&D personnel salaries, direct input costs, depreciation and long-term deferred expenses, design fees, and other expenses; research phase expenditures are recognized as current period expenses, while development phase expenditures are recognized as intangible assets when conditions are met[224] - The company recognizes revenue when it fulfills its performance obligations in the contract, i.e., when the customer obtains control of the related goods or services[240] - Monetary or non-monetary assets obtained by the company from the government without consideration are recognized as government grants, classified as asset-related government grants and income-related government grants[246] - Company's main taxes and rates: VAT 3%, 9%, 13%; Urban Maintenance and Construction Tax 1%, 3%, 5%, 7%; Corporate Income Tax 15%, 20%, 25%; Education Surcharge 3%; Local Education Surcharge 2%[265] - The company's subsidiaries Jiangxi Ruijin Wannianqing Cement Co., Ltd., Jiangxi Yudu Southern Wannianqing Cement Co., Ltd., and Chongyi Xianghe Wannianqing Commercial Co., Ltd. are subject to a 15% corporate income tax rate from 2021 to 2030[267] - Some of the company's subsidiaries enjoy corporate income tax preferential policies for small and micro-profit enterprises, calculating taxable income at 25% and paying corporate income tax at a 20% rate[267] - In the first half of 2025, the company enjoyed the "three wastes" tax refund policy, based on the Ministry of Finance and State Taxation Administration Announcement No. 40 of 2021 regarding the improvement of value-added tax policies for comprehensive resource utilization[267] - The company faces credit risk, liquidity risk, and market risk (interest rate risk), and manages these risks by formulating credit policies, continuously monitoring cash flow, obtaining financing lines, and monitoring interest rate levels[508][509][510][511][512] Section 9 Other Submitted Data This section provides additional data, including the absence of major social security issues, no investor relations activities, and detailed fund movements with controlling shareholders and related parties - The company and its subsidiaries had no other significant social security issues and no administrative penalties during the reporting period[607] - The company did not host any investor relations activities such as surveys, communications, or interviews during the reporting period[607] Fund Movements Between Listed Company and Controlling Shareholders and Other Related Parties (Unit: 10,000 Yuan) | Counterparty Name | Nature of Movement | Beginning Balance | Amount Incurred During Reporting Period | Amount Repaid During Reporting Period | Ending Balance | Interest Income | Interest Expense | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | De'an Wannianqing Power Co., Ltd. | Non-operating movement | 3,000 | 0 | 0 | 3,000 | 0 | 0 | | Fujian Fuqing Wannianqing Cement Co., Ltd. | Non-operating movement | 7,273.85 | 138.04 | 291.87 | 7,120.01 | 120.01 | 0 | | Gongqingcheng Wannianqing Concrete Co., Ltd. | Non-operating movement | 2,588.38 | 2,536.72 | 4,248.72 | 876.39 | 38.97 | 0 | | Ganzhou Kaiyuan Wannianqing Concrete Co., Ltd. | Non-operating movement | 0 | 2,535.27 | 2,526.25 | 9.02 | 0 | 0 | | Jiangxi De'an Wannianqing Cement Co., Ltd. | Operating movement | 32,229.45 | 37,449.59 | 44,660.02 | 25,019.01 | 690.21 | 0 | | Jiangxi Huangjinbu Wannianqing Cement Co., Ltd. | Operating movement | 3,900 | 109.74 | 42.87 | 3,966.86 | 66.86 | 0 | | Jiangxi Jinxi Building Materials Co., Ltd. | Non-operating movement | 6,686.36 | 0 | 0 | 6,686.36 | 0 | 0 | | Jiangxi Ruijin Wannianqing Cement Co., Ltd. | Non-operating movement | 0 | 234.35 | 195.26 | 39.1 | 0 | 0 | | Jiangxi Wannianqing Electronics Co., Ltd. | Non-operating movement | 819.76 | 0 | 0 | 819.76 | 0 | 0 | | Jiangxi Wannianqing Engineering Co., Ltd. | Non-operating movement | 0 | 0 | 53.66 | 0.34 | 0 | 0 | | Jiangxi Wannianqing Technology Industrial Park Co., Ltd. | Non-operating movement | 0 | 7.01 | 7.01 | 0 | 0 | 0 | | Jiangxi Wannianqing Mining Co., Ltd. | Non-operating movement | 28.64 | 0 | 0 | 28.64 | 0 | 0 | | Jiangxi Wannianqing Mining Co., Ltd. Dayuan Town Aggregate Branch | Non-operating movement | 266.78 | 1,219.68 | 66.22 | 1,420.24 | 0 | 0 | | Jiangxi Wannianqing Plastic Packaging Co., Ltd. | Non-operating movement | 1,000 | 0 | 0 | 1,000 | 0 | 0 | | Wannian County Wannianqing Concrete Co., Ltd. | Operating movement | 1,975.28 | 27.07 | 27.07 | 1,975.28 | 0 | 0 | | Jiujiang Guangde New Materials Co., Ltd. | Non-operating movement | 5,833.36 | 1,518.45 | 877.27 | 6,474.53 | 101.78 | 0 | | Nanchang Wannianqing Concrete Co., Ltd. | Operating movement | 0 | 2,215.59 | 1 | 2,214.59 | 14.59 | 0 | | Poyang County Hengji Building Materials Co., Ltd. | Non-operating movement | 135.67 | 3,145.3 | 2,919.06 | 361.91 | 4.68 | 0 | | Poyang County Hengtai Commercial Concrete Co., Ltd. | Non-operating movement | 3,566.68 | 1,894.32 | 1,840.94 | 3,620.06 | 46.76 | 0 | | Qianshan County Wannianqing New Building Materials Co., Ltd. | Non-operating movement | 5,838 | 140 | 0 | 5,978 | 0 | 0 | | Shangrao Wannianqing Concrete Co., Ltd. | Operating movement | 2,823.59 | 10,842.3 | 8,845 | 4,820.9 | 20.24 | 0 | | Wannian County Wannianqing Power Co., Ltd. | Non-operating movement | 2,500 | 0 | 0 | 2,500 | 0 | 0 | | Wannian County Wannianqing New Building Materials Co., Ltd. | Operating movement, Non-operating movement | 4,914.86 | 263.54 | 90.91 | 5,087.5 | 0 | 0 | | Yingtan Wannianqing New Building Materials Co., Ltd. | Non-operating movement | 10,780.45 | 353.72 | 210.76 | 10,923.41 | 0 | 0 | | Jiangxi Huangjinbu Wannianqing Cement Co., Ltd. | Operating movement | 1,000 | 0 | 1,000 | 0 | 0 | 0 | | Wannian County Wannianqing Concrete Co., Ltd. | Operating movement | 0 | 10 | 0 | 10 | 0 | 0 | | Nanchang Wannianqing Concrete Co., Ltd. | Operating movement | 96 | 0 | 96 | 0 | 0 | 0 | | Jiangxi Wannianqing Technology Industrial Park Co., Ltd. | Operating movement | 0 | 20 | 12.12 | 7.88 | 0 | 0 | | Jiangxi De'an Wannianqing Cement Co., Ltd. | Operating movement | 22,289.7 | 0 | 0 | 22,289.7 | 0 | 0 | | Jiangxi Huangjinbu Wannianqing Cement Co., Ltd. | Operating movement | 0 | 2,007.99 | 1,320 | 687.99 | 0 | 0 | | Jiangxi Xinyu New Building Materials Co., Ltd. | Operating movement | 0 | 159.4 | 0 | 159.4 | 0 | 0 | | Nanchang Wannianqing Concrete Co., Ltd. | Operating movement | 0 | 20.65 | 0 | 20.65 | 0 | 0 | | Nanchang Wannianqing Concrete Co., Ltd. Economic Development Zone Branch | Operating movement | 0 | 114.57 | 52.98 | 61.59 | 0 | 0 | | Jiangxi Building Materials Group Co., Ltd. | Non-operating movement | 17.45 | 11.63 | 29.08 | 0 | 0 | 0 | | Jiangxi Cement Co., Ltd. | Operating movement | 1.78 | 0 | 0 | 1.78 | 0 | 0 | | Jiangxi Hengli New Building Materials Co., Ltd. | Operating movement | 340.39 | 0 | 23.98 | 316.41 | 0 | 0 | | Jiangxi Pujing New Materials Co., Ltd. | Operating movement | 37.49 | 0 | 0 | 37.49 | 0 | 0 | | Jiangxi Jinglei Engineering New Technology Development Co., Ltd. | Operating movement | 0.15 | 1.22 | 1.22 | 0.15 | 0 | 0 | | Jiangxi Cement Company | Operating movement | 0.21 | 0 | 0 | 0.21 | 0 | 0 | | Jiangxi Cement Co., Ltd. | Operating movement | 9.55 | 0 | 0 | 9.55 | 0 | 0 | | Jiangxi Wanhua Environmental Protection Material Co., Ltd. | Operating movement | 38.83 | 6.64 | 14.22 | 31.25 | 0 | 0 | | Shangrao Pujing New Materials Co., Ltd. | Operating movement | 186.47 | 0 | 0 | 186.47 | 0 | 0 | | Jiangxi Non-metallic Mineral Industry Co., Ltd. | Operating movement | 0 | 2.06 | 1.03 | 1.03 | 0 | 0 | | Jiangxi Building Materials Product Quality Supervision and Inspection Station Co., Ltd. | Operating movement | 0 | 18.98 | 15.89 | 3.09 | 0 | 0 | | Jiangxi Building Materials Research and Design Institute Co., Ltd. | Operating movement | 0.24 | 0.04 | 0.28 | 0 | 0 | 0 | | Total | -- | 120,179.34 | 67,057.88 | 69,470.71 | 117,766.51 | 1,104.08 | 0 | - All fund movements between the company and related parties occurred due to business needs, have undergone internal approval procedures, and the overall fund security risk is controllable[610][611]