山东华鹏(603021) - 2025 Q2 - 季度财报

Important Notice Board of Directors and Management Statement The Board of Directors and senior management affirm the semi-annual report's truthfulness, accuracy, and completeness, bearing legal responsibility, with key executives declaring the unaudited financial report true and accurate - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal liabilities[5] - This semi-annual report is unaudited[7] - Company head Liu Dongguang, chief accountant Jie Baohai, and head of accounting department Liu Hongbo declare the financial report to be true, accurate, and complete[7] Profit Distribution Plan The Board of Directors did not approve any profit distribution or capital reserve to share capital plan for this reporting period - No profit distribution plan or capital reserve to share capital plan for this reporting period[8] Forward-Looking Statement Risk Disclosure Forward-looking statements regarding future plans and development strategies do not constitute a substantial commitment to investors, who are advised to be aware of investment risks - Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute a substantial commitment to investors, who are advised to be aware of investment risks[8] Fund Occupation and Guarantees There was no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures during the reporting period - No non-operating fund occupation by controlling shareholders or other related parties[9] - No external guarantees provided in violation of decision-making procedures[9] Board Members' Assurance of Report Truthfulness All company directors can guarantee the truthfulness, accuracy, and completeness of the semi-annual report - No situation exists where more than half of the directors cannot guarantee the truthfulness, accuracy, and completeness of the company's disclosed semi-annual report[9] Significant Risk Warning The company has detailed potential risks in "Section III Management Discussion and Analysis" under "Other Disclosures" and "Potential Risks," advising investors to review them - The company has detailed potential risks in this report; please refer to the description in "Section III Management Discussion and Analysis" under "Other Disclosures" and "Potential Risks"[9] Section I Definitions Definitions of Common Terms This section defines common terms used in the report, including full names or abbreviations for key entities like the company, controlling shareholder, and subsidiaries, ensuring clear understanding of the report's content - "Company, the Company, Parent Company, Shandong Huapeng, Listed Company" all refer to Shandong Huapeng Glass Co., Ltd[14] - "Haike Holdings" refers to Shandong Haike Holdings Co., Ltd., "Green Capital" refers to Shandong Green Capital Investment Group Co., Ltd., and "Shunteng Hong" refers to Jinan Shunteng Hong Investment Partnership (Limited Partnership)[14] - "Subsidiaries" include Shidao Glass, Heze Huapeng, Liaoning Huapeng, Shanxi Huapeng, Gansu Shidao, Anqing Huapeng, Shanghai Chengying, and Shandong Huaying[14] Section II Company Profile and Key Financial Indicators Company Basic Information This section provides the company's basic registration information, including its Chinese name, abbreviation, English name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Company's Chinese Name | 山东华鹏玻璃股份有限公司 | | Company's Chinese Abbreviation | 山东华鹏 | | Company's English Name | SHANDONG HUAPENG GLASS CO.,LTD. | | Company's English Name Abbreviation | SDHP | | Company's Legal Representative | 刘东广 | Contact Person and Information This section lists the names, contact addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor and stakeholder communication Company Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | 介保海 | 孙冬冬 | | Contact Address | No. 468 Longyun Road, Shidao, Rongcheng City, Shandong Province | No. 468 Longyun Road, Shidao, Rongcheng City, Shandong Province | | Phone | 0631-7379496 | 0631-7379496 | | Fax | 0631-7382522 | 0631-7382522 | | Email | jbh@huapengglass.com | hp577@huapengglass.com | Brief Introduction to Changes in Basic Information The company's registered and office address is No. 468 Longyun Road, Shidao, Rongcheng City, Shandong Province, postal code 264309, with its website at www.huapengglass.com and email info@huapengglass.com, and no historical changes during the reporting period Company Registration and Office Information | Indicator | Content | | :--- | :--- | | Company Registered Address | No. 468 Longyun Road, Shidao, Rongcheng City, Shandong Province | | Company Office Address | No. 468 Longyun Road, Shidao, Rongcheng City, Shandong Province | | Company Website | www.huapengglass.com | | Email Address | info@huapengglass.com | | Index of Changes during Reporting Period | - | Information Disclosure and Document Storage Location The company designates China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times for information disclosure, with the semi-annual report published on www.sse.com.cn and stored at the company's Board of Directors Office (Securities Department), with no changes during the reporting period Information Disclosure Channels | Indicator | Content | | :--- | :--- | | Designated Information Disclosure Newspapers | China Securities Journal, Shanghai Securities News, Securities Daily, Securities Times | | Website for Semi-Annual Report Publication | www.sse.com.cn | | Location for Semi-Annual Report Storage | Company Board of Directors Office (Securities Department) | | Index of Changes during Reporting Period | - | Brief Introduction to Company Shares The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation ST Huapeng and stock code 603021, previously known as Shandong Huapeng Company Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | ST Huapeng | 603021 | Shandong Huapeng | Company's Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the current and prior year's corresponding periods, explaining changes in net assets attributable to listed company shareholders and weighted average return on net assets Key Accounting Data During the reporting period, the company's operating revenue decreased by 10.52% year-on-year, total profit and net profit attributable to shareholders narrowed losses, and net cash flow from operating activities decreased by 29.86% year-on-year, with net assets attributable to shareholders turning negative at period-end and total assets slightly decreasing Key Accounting Data (January-June) | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 181,317,956.57 | 202,641,882.66 | -10.52 | | Total Profit | -59,791,992.90 | -65,482,566.25 | 8.69 | | Net Profit Attributable to Shareholders of Listed Company | -59,474,039.38 | -64,960,167.16 | 8.45 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -59,673,997.60 | -64,722,856.76 | 7.80 | | Net Cash Flow from Operating Activities | 10,457,839.96 | 14,910,083.35 | -29.86 | | Period-End Data | Current Period-End (yuan) | Prior Year-End (yuan) | Change from Prior Year-End (%) | | Net Assets Attributable to Shareholders of Listed Company | -4,373,765.97 | 55,100,273.41 | -107.94 | | Total Assets | 1,589,908,385.09 | 1,633,904,584.61 | -2.69 | Key Financial Indicators During the reporting period, basic and diluted earnings per share losses narrowed, but weighted average return on net assets and weighted average return on net assets after deducting non-recurring items significantly decreased, primarily due to the net assets attributable to shareholders turning negative at period-end, resulting in a small base Key Financial Indicators (January-June) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.19 | -0.20 | 5.00 | | Diluted Earnings Per Share (yuan/share) | -0.19 | -0.20 | 5.00 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (yuan/share) | -0.19 | -0.20 | 5.00 | | Weighted Average Return on Net Assets (%) | -234.49 | -38.28 | Decreased by 196.21 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -235.28 | -38.14 | Decreased by 197.14 percentage points | - Net assets attributable to shareholders of the listed company decreased by 107.94% compared to the prior year-end, primarily due to the company's small base at the prior year-end; during the reporting period, the company was affected by macroeconomic conditions, downstream market trends, customer demand, and intensified industry competition; the company has high interest-bearing debt, resulting in high financial expenses; insufficient capacity utilization and idle assets led to high depreciation costs, limiting the company's profitability improvement and resulting in profit losses[23] - Weighted average return on net assets decreased by 196.21 percentage points and weighted average return on net assets after deducting non-recurring items decreased by 197.14 percentage points compared to the prior year, mainly because the company's net assets attributable to shareholders significantly decreased from the beginning of the period, and the base of net assets attributable to shareholders at the prior year-end was small[24] Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's non-recurring gains and losses primarily included government subsidies recognized in current profit or loss and other non-operating income and expenses outside normal business operations, totaling 199,958.22 yuan Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 216,544.60 | | Other non-operating income and expenses apart from the above | -16,586.38 | | Total | 199,958.22 | Section III Management Discussion and Analysis Industry and Main Business The company primarily manufactures daily-use glass products, including the R&D, production, and sales of glass tableware and glass bottles, with a production capacity of approximately 250,000 tons, selling products to domestic and international markets under well-known brands like "Shidao" and "Fuluosa" - The company operates in "C3054 Daily-use Glass Product Manufacturing" and "C3055 Glass Packaging Container Manufacturing" industries, affiliated with the China Daily-use Glass Association[29] - The company's main business involves the R&D, production, and sales of glass tableware and glass bottle products, with a production capacity of approximately 250,000 tons[30] - Glass tableware products primarily consist of glass stemware, while glass bottle products serve liquor, food, beverage, and pharmaceutical manufacturers, featuring "Shidao" as a famous trademark and "Fuluosa" as a high-end sub-brand[30][31] Discussion and Analysis of Operations In the first half of 2025, the company focused on "Quality Management Improvement Year" initiatives, including deepening lean production management, expanding new markets and customers, strengthening safety management, and leveraging the Board's governance role to address macroeconomic conditions and intensified industry competition; during the reporting period, subsidiary Anqing Huapeng underwent production overhaul, the company replaced bank loans with entrusted loans, and successfully renewed some loans, but net assets attributable to listed company shareholders turned negative - The company focused on "Quality Management Improvement Year" initiatives, actively conducting production and operation activities, emphasizing deepening lean production management, expanding new markets and customers, strengthening enterprise safety management, and leveraging the Board's core governance role[31][32][33][34] - Anqing Huapeng ceased production for major overhaul starting July 2025, which is expected to impact the company's operating revenue[36] - The company repaid 180 million yuan in Yantai Bank loans through entrusted loans provided by major shareholder Haike Holdings and non-related parties, and renewed 70 million yuan from Industrial Bank and 160 million yuan from Weihai Bank, repaying a total of 430 million yuan in bank loans this year, ensuring sufficient operating funds[36] - As of the end of the reporting period, net assets attributable to shareholders of the listed company were -4,373,765.97 yuan, turning negative[36] Analysis of Core Competitiveness The company's core competitiveness lies in its leading integrated technology and equipment advantages, extensive customer and market network, renowned brands ("Shidao" and "Fuluosa"), and strong commitment to energy conservation and environmental protection - The company possesses industry-leading R&D capabilities, excelling in bottle lightweighting, kiln energy saving, stemware production, and complex bottle manufacturing, and has introduced internationally advanced production equipment[37] - Leveraging its nationwide production layout, scaled production capacity and advanced manufacturing, the company has established long-term stable cooperative relationships with downstream customers and actively expanded into supermarkets, liquor merchants, e-commerce, and foreign trade channels[38] - The company owns "Shidao" as a China Well-known Trademark and the high-end sub-brand "Fuluosa," enjoying high recognition in the domestic high-end glass tableware market[39] - The company prioritizes energy conservation, with dedicated energy management positions, and has increased investment in environmental protection facilities, achieving significant social benefits in desulfurization, dust removal, and denitrification[40] Key Operating Performance This section provides a detailed analysis of the company's financial statement item changes during the reporting period, including operating revenue, costs, expenses, and cash flows, along with an analysis of asset and liability conditions and disclosure of major restricted assets Main Business Analysis During the reporting period, both the company's operating revenue and costs decreased, sales and administrative expenses also reduced, financial expenses declined due to lower interest-bearing debt, and R&D expenses increased to enhance competitiveness; net cash flow from operating activities decreased, net cash flow from investing activities significantly reduced, and net cash flow from financing activities narrowed losses Financial Statement Related Item Fluctuation Analysis (January-June) | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 181,317,956.57 | 202,641,882.66 | -10.52 | | Operating Cost | 163,917,180.77 | 181,681,179.25 | -9.78 | | Selling Expenses | 3,182,109.65 | 5,745,284.15 | -44.61 | | Administrative Expenses | 23,055,465.58 | 26,043,209.08 | -11.47 | | Financial Expenses | 34,040,123.69 | 35,534,226.52 | -4.20 | | R&D Expenses | 6,875,257.19 | 6,053,509.80 | 13.57 | | Net Cash Flow from Operating Activities | 10,457,839.96 | 14,910,083.35 | -29.86 | | Net Cash Flow from Investing Activities | -1,248,035.56 | 44,974,963.69 | -102.77 | | Net Cash Flow from Financing Activities | -15,072,802.77 | -54,853,890.50 | 72.52 | - The decrease in operating revenue and cost was primarily influenced by macroeconomic conditions, downstream market trends, customer demand, and intensified industry competition[42] - R&D expenses increased by 13.57%, aiming to enhance the company's competitiveness[43] Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets slightly decreased, monetary funds and inventories slightly increased, while accounts receivable, fixed assets, short-term borrowings, and contract liabilities slightly decreased; the company has a significant amount of restricted assets, including monetary funds, fixed assets, construction in progress, and intangible assets used for deposits, collateral, or litigation freezes Asset and Liability Status Changes (Period-End vs. Prior Year-End) | Item Name | Current Period-End (yuan) | Current Period-End % of Total Assets | Prior Year-End (yuan) | Prior Year-End % of Total Assets | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 61,418,100.04 | 3.86 | 56,251,701.91 | 3.44 | 9.18 | | Accounts Receivable | 115,993,478.76 | 7.30 | 124,827,371.10 | 7.64 | -7.08 | | Inventories | 155,157,448.60 | 9.76 | 152,749,592.79 | 9.35 | 1.58 | | Fixed Assets | 552,641,376.07 | 34.76 | 594,392,284.59 | 36.38 | -7.02 | | Construction in Progress | 468,306,035.01 | 29.45 | 468,306,035.01 | 28.66 | 0 | | Short-Term Borrowings | 410,540,555.55 | 25.82 | 430,787,416.67 | 26.37 | -4.70 | | Contract Liabilities | 9,804,778.16 | 0.62 | 10,344,621.45 | 0.63 | -5.22 | Period-End Major Restricted Assets | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 28,938,018.77 | Deposits, litigation freezes, etc | | Fixed Assets | 240,092,930.31 | Mortgage guarantee | | Construction in Progress | 225,209,028.50 | Mortgage loan | | Intangible Assets | 8,648,666.03 | Mortgage guarantee, litigation seizure | | Notes Receivable | 19,712,627.90 | Endorsed but not yet due | | Total | 522,601,271.51 | | Analysis of Major Holding and Participating Companies The company's main subsidiaries, Shidao Glass, Anqing Huapeng, and Gansu Shidao, are all engaged in the R&D, production, and sales of daily-use glass products; Shidao Glass has the highest total assets but negative operating and net profits, while Gansu Shidao has negative net assets and also negative operating and net profits Major Subsidiary Financial Information (Unit: yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shidao Glass | Subsidiary | R&D, production, and sales of daily-use glass products | 50,000,000 | 1,548,420,149.56 | 800,741,677.64 | 128,331,250.64 | -49,471,104.90 | -49,477,645.68 | | Anqing Huapeng | Subsidiary | R&D, production, and sales of daily-use glass products | 139,880,000 | 136,670,456.74 | 80,672,113.35 | 52,839,916.10 | -463,990.58 | -460,553.89 | | Gansu Shidao | Subsidiary | R&D, production, and sales of daily-use glass products | 10,000,000 | 118,963,761.30 | -116,705,329.24 | 160,727.06 | -6,694,341.63 | -6,694,341.63 | Other Disclosures The company faces multiple risks, including macroeconomic downturn, fluctuations in raw material and energy prices, intensified market competition, and environmental protection, all of which could adversely affect its operating performance and cost control Potential Risks The company faces risks from a macroeconomic downturn leading to reduced product demand, fluctuations in raw material and energy prices (especially natural gas) squeezing gross margins, intensified competition due to the fragmented daily-use glass industry, and increased cost pressure from stricter environmental policies - A macroeconomic downturn may lead to reduced demand for daily-use glass products, impacting the company's operating performance[51] - Fluctuations in prices of raw materials like soda ash and quartz sand, and energy sources like natural gas and electricity, particularly natural gas, could significantly squeeze the company's gross profit margin[53] - The daily-use glass industry's low concentration, with numerous small and medium-sized enterprises, leads to homogeneous product competition and price wars in the low-end market, while also facing competition from substitutes like plastic, ceramics, and metal, as well as international brands in the high-end market[54] - Under the goals of carbon emission peak by 2030 and carbon neutrality by 2060, environmental pressure is increasing, demanding higher standards for environmental compliance and energy conservation, requiring the company to increase investment in safety and environmental protection[55] Section IV Corporate Governance, Environment and Society Changes in Directors and Senior Management During the reporting period, Li Yongjian resigned as Deputy General Manager and Board Secretary, and Tao Ye resigned as independent director; Jie Baohai was appointed Board Secretary, and Zou Zhendong was elected independent director Changes in Directors and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Li Yongjian | Deputy General Manager, Board Secretary | Resigned | | Tao Ye | Independent Director | Resigned | | Jie Baohai | Board Secretary | Appointed | | Zou Zhendong | Independent Director | Elected | Profit Distribution or Capital Reserve to Share Capital Plan The company's proposed semi-annual profit distribution or capital reserve to share capital plan is "No," meaning no distribution or conversion Semi-Annual Profit Distribution Plan | Whether to Distribute or Convert | No | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (yuan) (tax inclusive) | 0 | | Number of Shares Converted from Capital Reserve per 10 Shares (shares) | 0 | Environmental Information Disclosure The company and four major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with query indexes provided for their respective environmental information disclosure reports Enterprises Included in the List for Legal Environmental Information Disclosure | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Shandong Huapeng Glass Co., Ltd. | http://221.214.62.226:8090/EnvironmentDisclosure/ | | 2 | Shandong Huapeng Shidao Glass Products Co., Ltd. | http://221.214.62.226:8090/EnvironmentDisclosure/ | | 3 | Anqing Huapeng Yangtze Glass Co., Ltd. | https://39.145.37.16:8081/zhhb/yfplpub_html/ | | 4 | Gansu Shidao Glass Co., Ltd. | https://zwfw.sthj.gansu.gov.cn/revealPubVue//home | Poverty Alleviation and Rural Revitalization During the reporting period, the company supported the industrial poverty alleviation - rural caring canteen project, providing 20,000 yuan in funding - During the reporting period, the company supported the industrial poverty alleviation - rural caring canteen project with 20,000 yuan in funding[60] Section V Significant Matters Fulfillment of Commitments The controlling shareholder, Haike Holdings, strictly fulfilled all commitments made in the acquisition report during the reporting period, including resolving horizontal competition, regulating related-party transactions, and ensuring the listed company's independence, with a long-term commitment period - Acquirer Haike Holdings committed to resolving horizontal competition, ensuring no new businesses compete with the listed company's main operations, and will inject competitive assets/businesses into the listed company or transfer them externally at an appropriate time[62] - Acquirer Haike Holdings committed to standardizing related-party transactions with the listed company, minimizing new non-essential related-party transactions, conducting transactions based on market principles and fair prices, and fulfilling information disclosure obligations[62] - Acquirer Haike Holdings committed to ensuring the listed company's independence in assets, personnel, finance, organization, and business, refraining from illegally occupying the listed company's funds, assets, and other resources, and not providing guarantees for related parties' debts[64][66] Matters and Handling Related to Non-Standard Audit Opinions The company's 2024 financial statements received an unmodified audit opinion with an emphasis-of-matter paragraph regarding significant uncertainty about going concern, primarily due to negative accumulated undistributed profits, low equity attributable to the parent, high asset-liability ratio, and large overdue related-party debts; management has formulated and actively implemented improvement measures, including strengthening production of advantageous products, accelerating accounts receivable collection, raising funds, and enhancing risk control, and has processed multiple bank loans as planned - As of December 31, 2024, the company's accumulated undistributed profits were -900 million yuan, equity attributable to the parent company was 55 million yuan, asset-liability ratio was 97.47%, and net profit attributable to the parent company for 2024 was -147 million yuan[67] - As of June 30, 2025, the company and its subsidiaries had accumulated overdue interest-bearing debts of approximately 775 million yuan with related companies, with corresponding interest and penalties of approximately 108 million yuan[67] - The company is pursuing arbitration to request Shanfa Holdings to cooperate in the industrial and commercial change of subsidiary equity, pay 1.405 billion yuan in asset acquisition funds and interest, and repay advanced and occupied funds[69] - The company has implemented multiple improvement measures, including strengthening production of advantageous products, accelerating accounts receivable collection, increasing fundraising efforts (having repaid 430 million yuan in bank loans and renewed some loans), and enhancing risk control[71][72] Significant Litigation and Arbitration Matters The company is involved in two significant arbitration matters: a dispute with Shanfa Holdings regarding an asset sale agreement, which has undergone two rounds of hearings and awaits arbitration award; and a dispute over performance compensation with shareholders of Shandong Tianyuan Information Technology Group Co., Ltd., for which an arbitration application has been filed and an initial hearing held, with subsequent outcomes uncertain - The company and major shareholder Haike Holdings, as applicants, filed an arbitration application with the China International Economic and Trade Arbitration Commission regarding a dispute with Shanfa Holdings, involving subsidiary equity changes, asset acquisition payment, and debt assumption[74] - This arbitration case underwent two rounds of hearings on April 21 and May 6, 2025, where both parties completed evidence submission and cross-examination on core disputes such as responsibility for overdue debt, calculation basis for damages, and feasibility of asset divestment, and are currently awaiting the arbitration tribunal's deliberation and award[74] - The company filed an arbitration application with the Weihai Arbitration Commission, requesting nine respondents to pay 14.9687 million yuan in performance compensation and 265,200 yuan in interest; the first hearing for this case was held on April 25, 2025, and is awaiting notification for the second hearing[76] Significant Related-Party Transactions During the reporting period, the company engaged in related-party creditor-debtor transactions with Shandong Haike Holdings Co., Ltd., where Haike Holdings provided a 90 million yuan entrusted loan to the company through a bank, which has been completed - On March 25, 2025, the company's Board of Directors approved the "Proposal on Shandong Haike Holdings Co., Ltd. Providing Entrusted Loans to the Company and Related-Party Transactions," where Haike Holdings provided a 90 million yuan entrusted loan to the company through a bank at an annual interest rate not exceeding 5.5%, and this matter has been completed[78] Significant Contracts and Their Fulfillment During the reporting period, the company had no external guarantees but provided guarantees totaling 194,981,666.68 yuan to its subsidiaries, representing -10,549.32% of the company's net assets, indicating negative net assets and substantial guarantee amounts Company Guarantee Total (Including Guarantees to Subsidiaries) | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantees to Subsidiaries during Reporting Period | 194,981,666.68 | | Total Guarantees to Subsidiaries at Period-End (B) | 194,981,666.68 | | Total Guarantees (A+B) | 194,981,666.68 | | Total Guarantees as % of Company's Net Assets | -10,549.32 | - The company's total guarantee balance to subsidiaries at the end of the reporting period was 194,981,666.68 yuan[81] - The total guarantee amount as a percentage of the company's net assets was -10,549.32%, indicating negative net assets and high guarantee risk[81] Section VI Share Changes and Shareholder Information Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[84] Shareholder Information As of the end of the reporting period, the company had 14,900 common shareholders; among the top ten shareholders, Shandong Haike Holdings Co., Ltd. held 24.33% and Shandong Green Capital Investment Group Co., Ltd. held 16.48%, both being domestic non-state-owned legal entities or other entities, with no pledges, markings, or freezes - As of the end of the reporting period, the total number of common shareholders was 14,900[85] Top Ten Shareholders' Shareholding (Period-End) | Shareholder Name (Full Name) | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares Held | Pledged, Marked, or Frozen Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haike Holdings Co., Ltd. | 77,853,056 | 24.33 | 0 | None | Domestic Non-State-Owned Legal Entity | | Shandong Green Capital Investment Group Co., Ltd. | 52,727,080 | 16.48 | 0 | None | Other | | Zhang Tao | 5,707,760 | 1.78 | 0 | None | Domestic Natural Person | | Li Wenjia | 4,300,000 | 1.34 | 0 | None | Domestic Natural Person | | Fu Lei | 2,563,000 | 0.80 | 0 | None | Domestic Natural Person | | Zhao Yuting | 2,333,300 | 0.73 | 0 | None | Domestic Natural Person | | BARCLAYS BANK PLC | 2,291,331 | 0.72 | 0 | None | Foreign Legal Entity | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 2,248,810 | 0.70 | 0 | None | Foreign Legal Entity | | Shanghai Caitong - CITIC Securities - Caitong Asset - Cifeng Fuying Fixed Increase No. 1 Specific Multiple Client Special Asset Management Plan | 2,238,301 | 0.70 | 0 | None | Domestic Non-State-Owned Legal Entity | | Fu Yong | 2,020,000 | 0.63 | 0 | None | Domestic Natural Person | Section VII Bond-Related Information Corporate Bonds and Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[92] Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[92] Section VIII Financial Report Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[94] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting its financial position, operating results, and cash flow Consolidated Balance Sheet As of June 30, 2025, the company's total current assets were 342 million yuan, total non-current assets were 1.248 billion yuan, and total assets were 1.59 billion yuan; total current liabilities were 1.607 billion yuan, total non-current liabilities were 1.689 million yuan, and total liabilities were 1.608 billion yuan; total equity attributable to parent company owners was -4.3738 million yuan, and total owners' equity was -18.4829 million yuan Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Current Assets | 341,829,453.46 | 342,836,749.11 | | Total Non-Current Assets | 1,248,078,931.63 | 1,291,067,835.50 | | Total Assets | 1,589,908,385.09 | 1,633,904,584.61 | | Total Current Liabilities | 1,606,702,259.61 | 1,590,886,466.23 | | Total Non-Current Liabilities | 1,689,000.00 | 1,709,000.00 | | Total Liabilities | 1,608,391,259.61 | 1,592,595,466.23 | | Total Equity Attributable to Parent Company Owners | -4,373,765.97 | 55,100,273.41 | | Non-Controlling Interests | -14,109,108.55 | -13,791,155.03 | | Total Owners' Equity | -18,482,874.52 | 41,309,118.38 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total current assets were 406 million yuan, total non-current assets were 1.296 billion yuan, and total assets were 1.702 billion yuan; total current liabilities were 1.149 billion yuan, total liabilities were 1.149 billion yuan; and total owners' equity was 553 million yuan Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Current Assets | 405,991,685.53 | 395,347,004.26 | | Total Non-Current Assets | 1,296,480,527.21 | 1,296,480,527.21 | | Total Assets | 1,702,472,212.74 | 1,691,827,531.47 | | Total Current Liabilities | 1,149,089,974.51 | 1,135,927,520.56 | | Total Liabilities | 1,149,089,974.51 | 1,135,927,520.56 | | Total Owners' Equity | 553,382,238.23 | 555,900,010.91 | Consolidated Income Statement From January to June 2025, the company achieved total operating revenue of 181.32 million yuan, total operating costs of 235.25 million yuan, total profit of -59.792 million yuan, and net profit of -59.792 million yuan; net profit attributable to parent company shareholders was -59.474 million yuan, narrowing losses compared to the prior year Consolidated Income Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 181,317,956.57 | 202,641,882.66 | | Total Operating Costs | 235,254,318.75 | 260,331,995.23 | | Total Profit | -59,791,992.90 | -65,482,566.25 | | Net Profit | -59,791,992.90 | -65,482,566.25 | | Net Profit Attributable to Parent Company Shareholders | -59,474,039.38 | -64,960,167.16 | | Basic Earnings Per Share (yuan/share) | -0.19 | -0.20 | | Diluted Earnings Per Share (yuan/share) | -0.19 | -0.20 | Parent Company Income Statement From January to June 2025, the parent company's operating revenue was 99,004.81 yuan, operating profit was -2.4978 million yuan, and total profit and net profit were both -2.5178 million yuan, narrowing losses compared to the prior year Parent Company Income Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 99,004.81 | 1,151,770.77 | | Operating Profit | -2,497,772.68 | -2,807,442.37 | | Total Profit | -2,517,772.68 | -2,850,936.26 | | Net Profit | -2,517,772.68 | -2,850,936.26 | Consolidated Cash Flow Statement From January to June 2025, the company's net cash flow from operating activities was 10.4578 million yuan, net cash flow from investing activities was -1.248 million yuan, and net cash flow from financing activities was -15.0728 million yuan; the net increase in cash and cash equivalents was -5.8222 million yuan Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 10,457,839.96 | 14,910,083.35 | | Net Cash Flow from Investing Activities | -1,248,035.56 | 44,974,963.69 | | Net Cash Flow from Financing Activities | -15,072,802.77 | -54,853,890.50 | | Net Increase in Cash and Cash Equivalents | -5,822,173.45 | 5,057,823.46 | | Period-End Cash and Cash Equivalents Balance | 32,480,081.27 | 39,582,115.17 | Parent Company Cash Flow Statement From January to June 2025, the parent company's net cash flow from operating activities was 893,325.46 yuan, net cash flow from investing activities was 0, and net cash flow from financing activities was -894,583.34 yuan; the net increase in cash and cash equivalents was -1,257.64 yuan Parent Company Cash Flow Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 893,325.46 | 1,935,628.50 | | Net Cash Flow from Investing Activities | - | -2,028,484.00 | | Net Cash Flow from Financing Activities | -894,583.34 | - | | Net Increase in Cash and Cash Equivalents | -1,257.64 | -92,855.38 | | Period-End Cash and Cash Equivalents Balance | 896.63 | 242,933.66 | Consolidated Statement of Changes in Owners' Equity From January to June 2025, the company's total consolidated owners' equity decreased by 59.792 million yuan, primarily due to the loss in net profit attributable to parent company owners, leading to a reduction in undistributed profits Consolidated Statement of Changes in Owners' Equity (H1 2025) | Item | Period-Beginning Balance (yuan) | Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Owners | 55,100,273.41 | -59,474,039.38 | -4,373,765.97 | | Non-Controlling Interests | -13,791,155.03 | -317,953.52 | -14,109,108.55 | | Total Owners' Equity | 41,309,118.38 | -59,791,992.90 | -18,482,874.52 | Parent Company Statement of Changes in Owners' Equity From January to June 2025, the parent company's total owners' equity decreased by 2.5178 million yuan, primarily due to net profit losses leading to a reduction in undistributed profits Parent Company Statement of Changes in Owners' Equity (H1 2025) | Item | Period-Beginning Balance (yuan) | Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 319,948,070.00 | 0 | 319,948,070.00 | | Capital Reserve | 605,624,358.70 | 0 | 605,624,358.70 | | Surplus Reserve | 31,863,939.22 | 0 | 31,863,939.22 | | Undistributed Profits | -401,536,357.01 | -2,517,772.68 | -404,054,129.69 | | Total Owners' Equity | 555,900,010.91 | -2,517,772.68 | 553,382,238.23 | Company Basic Information Shandong Huapeng Glass Co., Ltd. was established on December 29, 2001, with a registered capital of 319.94807 million yuan and Liu Dongguang as its legal representative; the company's former controlling shareholder was Shandong Haike Holdings Co., Ltd., and the ultimate controlling party was Yang Xiaohong; the company and its subsidiaries primarily engage in the production and sales of daily-use glass products - Shandong Huapeng Glass Co., Ltd. was established on December 29, 2001, with a registered capital of 319.94807 million yuan and Liu Dongguang as its legal representative[127] - The company's former controlling shareholder was Shandong Haike Holdings Co., Ltd., and the ultimate controlling party was Yang Xiaohong[127] - The company and its subsidiaries primarily engage in the production and sales of daily-use glass products[127] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, despite significant uncertainties regarding its ability to continue as a going concern, primarily due to negative accumulated undistributed profits, low equity attributable to the parent, a high asset-liability ratio, and large overdue related-party debts; the company has formulated and implemented multiple improvement measures to address these uncertainties - The company's financial statements are prepared on a going concern basis[128] - As of December 31, 2024, the company's accumulated undistributed profits were -900 million yuan, equity attributable to the parent company was 55 million yuan, asset-liability ratio was 97.47%, and net profit attributable to the parent company for 2024 was -147 million yuan[129] - As of June 30, 2025, the company and its subsidiaries had accumulated overdue interest-bearing debts of approximately 775 million yuan with related companies, with corresponding interest and penalties of approximately 108 million yuan[129] - The company has implemented improvement measures such as strengthening production of advantageous products, accelerating accounts receivable collection, increasing fundraising efforts (having repaid 430 million yuan in bank loans and renewed some loans), and enhancing risk control[131][132][133][134] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates for financial statement preparation, covering enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, various receivables, inventories, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, revenue, government grants, deferred income tax assets/liabilities, leases, and non-monetary asset exchanges - The company's financial statements comply with enterprise accounting standards and are prepared on a going concern basis, with the accounting year running from January 1 to December 31[135][136] - The company provides detailed explanations for the impairment provision methods for financial instruments, notes receivable, accounts receivable, accounts receivable financing, other receivables, and inventories, primarily using the expected credit loss model or the lower of cost and net realizable value method[160][164][167][169][172][175] - Revenue recognition is based on the fulfillment of performance obligations, recognized when the customer obtains control of the goods, and disaggregated by product type, operating region, customer type, and contract type[218][219][220][221] - Government grants are classified as asset-related or income-related, and accounted for as deferred income or directly recognized in current profit or loss, respectively[222][223] Taxation This section discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, enterprise income tax, education surcharge, and local education surcharge; some subsidiaries qualify as small low-profit enterprises, applying a preferential 20% enterprise income tax rate Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Payable VAT is the balance after deducting deductible input tax from output tax | 13, 9, 6, 5 | | Urban Maintenance and Construction Tax | Payable turnover tax amount | 7, 5 | | Enterprise Income Tax | Taxable income | 25, 20 | | Education Surcharge | Payable turnover tax amount | 3 | | Local Education Surcharge | Payable turnover tax amount | 2 | Taxable Entities with Different Enterprise Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Shandong Huapeng Glass Co., Ltd., Shandong Huapeng Shidao Glass Products Co., Ltd., Gansu Shidao Glass Co., Ltd., Liaoning Huapeng Guangyuan Glass Co., Ltd., Anqing Huapeng Yangtze Glass Co., Ltd., Huapeng Glass (Heze) Co., Ltd. | 25% | | Rongcheng Huapeng Technology Development Co., Ltd., Shandong Huaying New Materials Co., Ltd., Shanxi Huapeng Shuita Glass Products Co., Ltd., Rongcheng Huapeng Trading Co., Ltd. | 20% | - The company's subsidiaries Rongcheng Huapeng Technology Development Co., Ltd., Shandong Huaying New Materials Co., Ltd., Shanxi Huapeng Shuita Glass Products Co., Ltd., and Rongcheng Huapeng Trading Co., Ltd. qualify as small low-profit enterprises, applying a 20% enterprise income tax rate[238] Notes to Consolidated Financial Statement Items This section provides detailed notes on various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including period-end balances, period-beginning balances, changes and reasons, and specific information on restricted assets, bad debt provisions, inventory depreciation provisions, and related-party fund borrowing interest Period-End Balance of Monetary Funds | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash on Hand | 6,260.21 | | Bank Deposits | 32,759,718.57 | | Other Monetary Funds | 28,652,121.26 | | Total | 61,418,100.04 | Period-End Details of Restricted Monetary Funds | Item | Period-End Balance (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Acceptance Bill Deposit | 28,652,120.00 | | | Deposit Account | 1.13 | | | Litigation Frozen Funds | 285,897.51 | | | Total | 28,938,018.77 | | Notes Receivable Classification | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 19,929,292.66 | 22,497,793.43 | | Total | 19,929,292.66 | 22,497,793.43 | Accounts Receivable Aging Distribution (Period-End) | Aging | Period-End Book Balance (yuan) | | :--- | :--- | | Within 1 Year (inclusive) | 77,234,147.26 | | 1 to 2 Years | 16,380,256.25 | | 2 to 3 Years | 18,817,993.55 | | Over 3 Years | 109,222,087.85 | | Total | 221,654,484.91 | Inventory Classification (Period-End) | Item | Book Balance (yuan) | Inventory Depreciation Reserve (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 41,600,955.63 | 896,900.99 | 40,704,054.64 | | Finished Goods | 134,106,235.60 | 19,652,841.64 | 114,453,393.96 | | Goods in Transit | 2,305,092.25 | 0 | 2,305,092.25 | | Total | 175,707,191.23 | 20,549,742.63 | 155,157,448.60 | Short-Term Borrowings Classification (Period-End) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Credit Loans | 90,137,500.00 | 0 | | Mortgage, Guarantee Loans | 70,080,972.22 | 0 | | Mortgage, Pledge Loans | 90,068,750.00 | 0 | | Mortgage, Guarantee, Pledge Loans | 160,253,333.33 | 340,636,166.67 | | Total | 410,540,555.55 | 430,787,416.67 | Accounts Payable Listing (Period-End) | Item | Period-End Balance (yuan) | | :--- | :--- | | Materials and Services | 120,765,060.98 | | Project Payments | 26,421,591.22 | | Equipment Payments | 5,290,046.57 | | Other | 307,326.31 | | Total | 152,784,025.08 | Undistributed Profits (Period-End) | Item | Current Period (yuan) | | :--- | :--- | | Undistributed Profits at Prior Period-End (Adjusted) | -900,124,656.30 | | Add: Net Profit Attributable to Parent Company Owners for Current Period | -59,474,039.38 | | Period-End Undistributed Profits | -959,598,695.68 | Operating Revenue and Operating Cost (Current Period) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 180,254,744.66 | 163,340,513.22 | | Other Business | 1,063,211.91 | 576,667.55 | | Total | 181,317,956.57 | 163,917,180.77 | R&D Expenses During the reporting period, the company's total R&D expenses were 6.8753 million yuan, primarily for technical optimization of glass tableware and bottle production processes and new product development, all expensed R&D Expenses by Nature (Current Period) | Item | Amount Incurred in Current Period (yuan) | | :--- | :--- | | Direct Labor | 1,514,917.29 | | Direct Input | 998,017.02 | | Fuel and Power Costs | 2,209,525.87 | | Depreciation and Amortization | 2,152,797.01 | | Total | 6,875,257.19 | | Of which: Expensed R&D Expenditure | 6,875,257.19 | - Current R&D expenditures primarily focused on optimizing the glass tableware press feeding funnel mechanism, developing a burst-mouth machine clamping system, researching a new press clamping connecting rod mechanism, developing one-machine multi-production process technology for glass bottles, studying high-arch bottom wine bottle production processes, and designing and developing auxiliary devices for glass bottle packaging[359] - All R&D expenditures during the reporting period were expensed and not capitalized[386] Changes in Consolidation Scope During the reporting period, the company established two new subsidiaries, Rongcheng Huapeng Technology Development Co., Ltd. and Rongcheng Huapeng Trading Co., Ltd., leading to changes in the consolidation scope - During the reporting period, the company established subsidiaries Rongcheng Huapeng Technology Development Co., Ltd. and Rongcheng Huapeng Trading Co., Ltd[387] Equity in Other Entities This section discloses the company's equity in subsidiaries, including each subsidiary's main operating location, registered capital, business nature, shareholding percentage, and acquisition method, and lists key financial information for the significant non-wholly-owned subsidiary Liaoning Huapeng Guangyuan Glass Co., Ltd Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital (yuan) | Business Nature | Shareholding Ratio (%) Direct | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Anqing Huapeng Yangtze Co., Ltd. | Anqing City, Anhui Province | 139,880,000 | Manufacturing | 100.00 | Acquired through non-same control business combination | | Gansu Shidao Glass Co., Ltd. | Wuwei City, Gansu Province | 10,000,000 | Manufacturing | 100.00 | Acquired through establishment | | Liaoning Huapeng Guangyuan Glass Co., Ltd. | Shenyang City, Liaoning Province | 25,800,000 | Manufacturing | 57.36 | Acquired through establishment | | Huapeng Glass (Heze) Co., Ltd. | Heze City, Shandong Province | 10,000,000 | Manufacturing | 100.00 | Acquired through same control business combination | | Shandong Huaying New Materials Co., Ltd. | Heze City, Shandong Province | 50,000,000 | Manufacturing | 100.00 | Acquired through establishment | | Shanxi Huapeng Shuita Glass Products Co., Ltd. | Qingxu County, Shanxi Province | 20,000,000 | Manufacturing | 100.00 | Acquired through establishment | | Shandong Huapeng Shidao Glass Products Co., Ltd. | Rongcheng City | 50,000,000 | Manufacturing | 100.00 | Acquired through establishment | | Rongcheng Huapeng Trading Co., Ltd. | Rongcheng City | 300,000 | Manufacturing | 100.00 | Acquired through establishment | | Rongcheng Huapeng Technology Development Co., Ltd. | Rongcheng City | 1,000,000 | Manufacturing | 100.00 | Acquired through establishment | Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Liaoning Huapeng Guangyuan Glass Co., Ltd.) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Non-Controlling Interest Share (%) | 42.64 | 42.64 | | Net Profit Attributable to Non-Controlling Interests for Current Period | -317,953.52 | -1,225,138.57 | | Period-End Non-Controlling Interest Balance | -14,109,108.55 | -13,791,155.03 | | Operating Revenue | 0 | 0 | | Net Profit | -745,669.60 | -1,225,138.57 | | Total Comprehensive Income | -745,669.60 | -1,225,138.57 | | Net Cash Flow from Operating Activities | 0 | -2,711.64 | Government Grants Company report period end has asset-related deferred income government grants of 1.689 million yuan; government grants recognized in current profit or loss totaled 216,544.60 yuan for the current period, an increase from the prior period Liability Items Involving Government Grants (Period-End) | Financial Statement Item | Period-Beginning Balance (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | | Deferred Income | 1,689,000.00 | 1,689,000.00 | Asset-related | | Total | 1,689,000.00 | 1,689,000.00 | / | Government Grants Recognized in Current Profit or Loss | Type | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Income-related | 216,544.60 | 42,827.59 | | Total | 216,544.60 | 42,827.59 | Fair Value Disclosure This section discloses the period-end fair value of the company's assets and liabilities measured at fair value, with accounts receivable financing measured at Level 1 fair value, totaling 918,266.20 yuan at period-end Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 918,266.20 | 0 | 0 | 918,266.20 | | Total Assets Continuously Measured at Fair Value | 918,266.20 | 0 | 0 | 918,266.20 | Related Parties and Related-Party Transactions The company's parent company is Shandong Haike Holdings Co., Ltd., and the ultimate controlling party is Yang Xiaohong; this section discloses the company's guarantees to subsidiaries, related-party fund borrowings, and key management personnel compensation; the company provided multiple guarantees to subsidiaries and has significant related-party fund borrowings Parent Company Information | Parent Company Name | Registered Address | Business Nature | Registered Capital (10,000 yuan) | Parent Company's Shareholding Ratio in This Enterprise (%) | Parent Company's Voting Rights Ratio in This Enterprise (%) | | :--- | :--- | :--- | :--- | :--- | :--- |