江瀚新材(603281) - 2025 Q2 - 季度财报

Important Notice This section highlights the company's commitment to report accuracy, the unaudited nature of the report, and the forward-looking statements disclaimer - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming individual and joint legal responsibility[3] - This semi-annual report has not been audited[4] - The company's responsible person, chief accountant, and head of the accounting department declare that the financial report in the semi-annual report is true, accurate, and complete[5] - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment by the company to investors; investors are advised to be aware of investment risks[6] Section I Definitions This section defines key terms and the reporting period for the semi-annual report - The reporting period refers to January-June 2025, and the period-end refers to June 30, 2025[12] - Professional terms for core products and intermediates such as functional silanes, silane coupling agents, and silane cross-linking agents are defined[12] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock summary, and key financial performance indicators for the reporting period I. Company Information This section introduces the company's Chinese name, abbreviation, foreign name, abbreviation, and legal representative - The company's Chinese name is Hubei Jianghan New Materials Co., Ltd., abbreviated as Jianghan New Materials[14] - The company's legal representative is Gan Shuguan[14] II. Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Luo Heng, and the Securities Affairs Representative is Xiang Chunfang[15] - The company's contact address is No. 259, Oriental Avenue, Shashi District, Jingzhou City, Hubei Province, and the email address is irm@jhsi.biz[15] III. Brief Introduction to Changes in Basic Information This section outlines historical changes to the company's registered address and confirms current addresses - The company's registered address changed from "No. 36, Qunli Avenue, Shashi Economic Development Zone, Jingzhou City, Hubei Province" to "No. 259, Oriental Avenue, Shashi District, Jingzhou City, Hubei Province" on March 6, 2023[16] - The company's office address is consistent with its registered address, with a postal code of 434000 and website www.jhsi.biz[16](index=16&type=chunk) IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section lists the company's designated newspapers for information disclosure, website for reports, and report custody location - The company's designated newspapers for information disclosure include Shanghai Securities News, Securities Times, China Securities Journal, Securities Daily, and Economic Reference News[17] - The website for publishing semi-annual reports is the Shanghai Stock Exchange (www.sse.com.cn)[17](index=17&type=chunk) - The company's semi-annual report is kept at the company's Board of Directors Office[17] V. Company Stock Summary This section provides information on the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is RMB ordinary shares (A-shares), listed on the Shanghai Stock Exchange[18] - The stock abbreviation is Jianghan New Materials, and the stock code is 603281[18] VII. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for H1 2025, showing revenue and net profit decline but increased operating cash flow 2025 January-June Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 944,975,637.01 | 1,174,300,425.61 | -19.53 | | Total Profit (RMB) | 241,541,665.24 | 361,412,521.68 | -33.17 | | Net Profit Attributable to Shareholders of Listed Company (RMB) | 210,383,405.98 | 312,129,235.15 | -32.60 | | Net Cash Flow from Operating Activities (RMB) | 264,739,190.25 | 219,950,960.04 | 20.36 | | Net Assets Attributable to Shareholders of Listed Company (Period-end, RMB) | 5,100,858,640.89 | 4,948,493,827.45 | 3.08 | | Total Assets (Period-end, RMB) | 5,537,185,059.22 | 5,312,107,967.19 | 4.24 | 2025 January-June Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.57 | 0.84 | -32.14 | | Diluted Earnings Per Share (RMB/share) | 0.57 | 0.84 | -32.14 | | Basic EPS Excluding Non-recurring Gains/Losses (RMB/share) | 0.54 | 0.79 | -31.65 | | Weighted Average Return on Net Assets (%) | 4.16 | 6.35 | Decrease by 2.19 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains/Losses (%) | 3.93 | 5.98 | Decrease by 2.05 percentage points | IX. Non-recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses for H1 2025, totaling 11.69 million RMB 2025 January-June Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 105,518.20 | | Government Subsidies Included in Current Profit/Loss | 6,171,318.26 | | Fair Value Change Gains/Losses and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 7,868,174.83 | | Other Non-operating Income and Expenses Apart from the Above | -390,274.97 | | Less: Income Tax Impact | 2,064,800.61 | | Total | 11,689,935.71 | Section III Management Discussion and Analysis This section provides management's discussion and analysis of the company's industry, operations, core competencies, and financial performance during the reporting period I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period This section details the functional silane industry's economic ties, current downturn, future recovery potential, and the company's comprehensive green circular industrial chain, product applications, production model, and leading market position (1) Industry Development Overview The functional silane industry, closely linked to macroeconomic conditions, is currently in a downturn with prices halved, but shows signs of potential recovery despite global consumption decline - The company's industry is "Organic Chemical Raw Material Manufacturing" under "Chemical Raw Materials and Chemical Products Manufacturing," and the functional silane industry is positively correlated with macroeconomic prosperity[26] - Approximately 80% of global functional silane production capacity is concentrated in China, with output and consumption accounting for about 70% and 50% of the global total, respectively[26] - Since the second half of 2022, the functional silane industry has entered a downturn, with product prices continuously falling, and current market average prices have halved from their 2022 peak[26] - Due to a significant decline in consumption in developed regions like Europe and America, functional silane product prices have further decreased, leading some enterprises to losses or production halts, but the possibility of industry recovery is increasing[26] (2) Main Business Operations The company has established a complete green circular industrial chain with over 200 functional silane varieties, holding a significant market share and leading product quality globally - The company has formed a complete green circular industrial chain covering 14 series and over 200 varieties of functional silanes, including sulfur-containing silanes, amino silanes, vinyl silanes, epoxy silanes, acyloxy silanes, silane cross-linking agents, and silane derivatives[27] - The company's products hold a significant market share domestically and internationally, with product quality leading in the industry[27] (3) Main Products and Their Uses Functional silanes, as a key organic silicon material, act as interface bridges or cross-linking agents, enhancing material performance across diverse applications like automotive, new energy, and construction - Functional silane is one of the four major categories of organic silicon materials, an organic silicon small molecule with a main chain structure of -Si-O-C-, containing both polar and non-polar functional groups[27] - Functional silanes can serve as interface bridges between inorganic and organic materials or directly participate in the cross-linking reactions of organic polymer materials, thereby significantly improving material performance[27] - Functional silanes are widely used in various fields such as automotive, new energy, composite materials, construction, and metallurgy[27] (4) Business Model The company's business model remained unchanged, encompassing direct or trader-based procurement, 'production-to-order' with safety stock, and both direct and distribution sales channels - The company's business model remained unchanged during the reporting period[27] - The procurement model primarily involves direct procurement from chemical raw material manufacturers or procurement from traders[27] - The production model adopts "production-to-order" while maintaining a certain level of safety stock[28] - The sales model is divided into direct sales and distribution[28] (5) Market Position The company is the largest functional silane producer globally, serving as a primary supplier to international leaders in tires, composite materials, and sealants - During the reporting period, the company was the largest functional silane producer globally by supply scale[28] - The company is a major silane supplier to international leading enterprises in fields such as tires, composite materials, and sealants[28] (6) Key Performance Drivers The company's performance is driven by significant R&D investment, high product quality, and an efficient, flat management structure, supported by 68 invention patents and TÜV SUD certification - The company is the largest R&D investor in China's functional silane industry, holding 68 authorized invention patents, with a high proportion of high-value-added products[29] - The company has established an efficient quality management system throughout the entire process and has passed certifications from German TÜV SUD, including ISO9001, IATF16949, ISO14001, ISO45001, and ISO50001, ensuring superior product quality and cost-effectiveness, high customer loyalty in the high-end market, and zero loss of key customers[29] - The company adheres to a flat management structure and automated production, continuously promoting the automation and intelligent upgrading of production facilities, achieving outstanding per capita performance[29] II. Discussion and Analysis of Operations Amidst complex global economic conditions and declining consumption in developed regions, the company reported a 19.53% revenue decrease to 945 million RMB and a 32.60% net profit decrease to 210 million RMB, while actively adjusting sales focus and advancing R&D - The complex international economic situation and declining consumption in developed regions like Europe and America negatively impacted the development of the functional silane industry and the company's exports[29] - With the continuous deepening of domestic economic structural adjustments and the release of market potential by macroeconomic policies, the company's domestic product sales volume significantly increased[30] - During the reporting period, the company achieved operating revenue of 945 million RMB, a year-on-year decrease of 19.53%; net profit was 210 million RMB, a year-on-year decrease of 32.60%[30] - The company actively responded to difficulties, adhered to a dual-circulation strategy for domestic and international markets, flexibly adjusted its sales focus, strengthened sales efforts in emerging foreign economies and domestically, and maintained its principle of not engaging in price wars[30] - In terms of production, the company organized trial production in newly completed workshops, carried out renovation and upgrading of existing production lines, further improving automation, intelligence, and inherent safety and environmental protection levels[31] - In terms of R&D, the company invested 31.22 million RMB in R&D expenses during this period, advancing 19 R&D projects, including 11 new product development projects and 8 process improvement projects, to enhance product quality and market competitiveness31 III. Analysis of Core Competencies During the Reporting Period The company's core competencies include a complete green circular industrial chain, robust R&D capabilities with 68 invention patents, and leading product quality certified by TÜV SUD - The company possesses 14 series and over 200 types of functional silane products, having established a green circular industrial chain for functional silanes, forming a complete closed-loop cycle from raw material trichlorosilane to various terminal silane products[32] - The company is a national high-tech enterprise, owning 2 provincial-level R&D platforms and jointly operating 2 university-enterprise cooperation R&D platforms with Wuhan University; as of the reporting period-end, it holds 68 authorized invention patents[32][33] - The company has a comprehensive quality control system, certified by German TÜV SUD for ISO9001, IATF16949, ISO14001, ISO45001, and ISO50001, ensuring stable product quality and high customer loyalty, and has participated in formulating 16 national and industry standards[33] IV. Key Operating Performance During the Reporting Period This section analyzes the changes in key financial statement items, including revenue, costs, expenses, and cash flows, along with a detailed review of asset and liability movements (1) Main Business Analysis Operating revenue, cost, sales, and R&D expenses decreased, while management expenses slightly rose, and financial expenses significantly dropped due to increased interest income and exchange gains; operating cash flow increased by 20.36% Financial Statement Related Item Change Analysis | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 944,975,637.01 | 1,174,300,425.61 | -19.53 | | Operating Cost | 681,276,779.49 | 776,911,023.17 | -12.31 | | Selling Expenses | 7,959,505.74 | 9,271,427.09 | -14.15 | | Administrative Expenses | 37,010,684.82 | 36,976,386.49 | 0.09 | | Financial Expenses | -46,562,262.93 | -39,088,472.22 | (Absolute Value Increase) | | R&D Expenses | 31,223,810.10 | 36,691,682.70 | -14.90 | | Net Cash Flow from Operating Activities | 264,739,190.25 | 219,950,960.04 | 20.36 | | Net Cash Flow from Investing Activities | -177,664,603.78 | -841,519,347.73 | (Outflow Decrease) | | Net Cash Flow from Financing Activities | -5,022,740.59 | -423,279,727.32 | (Outflow Decrease) | - The change in operating revenue was primarily due to the industry's unrecovered prosperity, continued decline in product prices, and decreased export sales caused by consumption downturn in developed regions like Europe and America[35] - The change in financial expenses was mainly due to an increased proportion of time deposits in the company's wealth management product structure, a downward trend in the RMB exchange rate against the US dollar, and increases in both interest income and exchange gains/losses[36] - The change in net cash flow from operating activities was primarily due to year-on-year decreases in payments for goods, employee compensation, and taxes[37] (3) Analysis of Assets and Liabilities Total assets and net assets attributable to shareholders increased, with significant rises in monetary funds, fixed assets, other current assets, accounts payable, and deferred income tax liabilities, while trading financial assets, inventory, accounts receivable, and notes receivable financing decreased Asset and Liability Status Changes | Item Name | Current Period-end Amount (RMB) | Prior Period-end Amount (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,815,368,793.29 | 3,320,065,511.65 | 14.92 | | | Inventory | 141,424,908.06 | 164,136,950.48 | -13.84 | | | Fixed Assets | 493,282,932.72 | 388,005,341.75 | 27.13 | | | Long-term Borrowings | 50,000,000.00 | 0 | (New) | Obtained special repurchase loan[38] | | Trading Financial Assets | 293,150,958.90 | 757,518,997.45 | -61.30 | Structured deposits matured and redeemed[39] | | Notes Receivable Financing | 24,010,791.45 | 50,272,253.68 | -52.24 | Bank acceptance payments and matured bank acceptances exceeded current period's received bank acceptances[39] | | Other Current Assets | 199,816,145.99 | 4,678,563.90 | 4,170.89 | Large purchase of structured deposits classified as other current assets[40] | | Accounts Payable | 195,116,387.62 | 131,759,421.87 | 48.09 | Increase in payables for long-term assets related to project construction[40] | | Deferred Income Tax Liabilities | 14,582,653.36 | 10,305,172.45 | 41.51 | Accrued interest on company's unexpired time deposits and structured deposits[40] | (4) Investment Analysis The company established a wholly-owned subsidiary, Jianghan Electronics, with a registered capital of 100 million RMB, focusing on silicon-based precursors, currently in the project preparation phase; financial assets measured at fair value totaled 483.33 million RMB at period-end, with a fair value change gain of 2.46 million RMB - The company established a wholly-owned subsidiary, Jianghan Electronics, with a registered capital of 100 million RMB, holding a 100% stake, primarily engaged in the R&D, manufacturing, and sales of photovoltaic-grade silicon tetrachloride and electronic-grade tetraethyl orthosilicate; it is currently in the project preparation phase and not yet formally operational[42][44][45] Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Purchases for Current Period (RMB) | Sales/Redemptions for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other (mainly structured deposits) | 757,518,997.45 | 2,463,232.88 | 2,470,000,000 | 2,746,653,244.03 | 483,328,986.30 | (6) Analysis of Major Holding and Participating Companies The company established a wholly-owned subsidiary, Jianghan Electronics, with a registered capital of 100 million RMB, focusing on silicon-based precursors, currently in the project preparation phase with no impact on operations or performance Major Subsidiary Information | Company Name | Company Type | Main Business | Registered Capital (ten thousand RMB) | Total Assets (ten thousand RMB) | Net Assets (ten thousand RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jianghan Electronics | Subsidiary | Silicon-based precursors (project preparation) | 10,000 | 36,603.43 | 10,000 | - Jianghan Electronics is still in the project preparation phase and has no impact on the company's production, operations, or performance[45] V. Other Disclosure Matters This section details ten potential risks, including raw material price fluctuations, market competition, and exchange rate volatility, and outlines the company's "Quality Improvement, Efficiency Enhancement, and Return Focus" special action plan (1) Potential Risks The company faces ten key risks, including raw material price volatility, intensified market competition, accounts receivable recovery, core technology leakage, and export risks, for which it has developed corresponding mitigation strategies - The company faces risks from raw material price fluctuations, as prices of major raw materials are influenced by basic raw material prices like petroleum and market supply-demand dynamics, introducing uncertainty[46] - The company faces risks from intensified market competition; if industry product demand growth continues to slow and market supply further expands, competition will intensify[47] - The company faces risks in accounts receivable recovery; as of the reporting period-end, the book value of accounts receivable was 241 million RMB, and if customers fail to pay on time or financial institutions default, it could lead to bad debts[47] - The company faces risks of core technology leakage; despite establishing strict confidentiality mechanisms, the possibility of technology leakage cannot be entirely ruled out[48][49] - The company faces risks of alternative technologies or products emerging, as significant technological innovations or new products with more advantageous costs/performance cannot be excluded in the future[49] - The company faces risks in investing raised funds, as fundraising projects carry certain risks in construction duration, equipment installation and commissioning, trial production, mass production targets, and market development[50] - The company faces safety production risks, as chemical new material production involves hazardous chemicals, and there is a possibility of safety accidents due to improper operation or equipment failure[51][52] - The company faces energy conservation and environmental protection risks, as increasingly stringent national environmental regulations may require increased investment in environmental equipment or higher expenses[52] - The company faces product export risks; if countries or regions where major customers are located implement trade protectionist policies, or if the international political and economic environment fluctuates unfavorably, it will adversely affect export revenue[53] - The company faces exchange rate fluctuation risks; with a high proportion of export revenue, RMB exchange rate fluctuations may lead to significant exchange gains or losses[53] (2) Other Disclosure Matters The company actively implements its 'Quality Improvement, Efficiency Enhancement, and Return Focus' initiative by concentrating on core business, fostering innovation, maintaining cash dividends and share repurchases, optimizing fundraising project management, and enhancing investor relations - The company focuses on its main business and strengthens innovation leadership, with R&D expenses of 31.22 million RMB during the reporting period, accounting for 3.30% of operating revenue, and R&D personnel comprising 12.59% of total employees, holding 68 authorized invention patents[55][56] - The company consistently distributes cash dividends, implementing cash dividends annually since its listing in 2023, with cumulative cash dividends of 1.062 billion RMB over three years, accounting for 138.75% of the average net profit achieved in the last three years[56] - The company actively promotes share repurchase work, initiating its second share repurchase during the reporting period, with cumulative repurchases of 54.99 million RMB, repurchasing 2.3464 million shares, accounting for 0.63% of the company's total share capital[57] - The company strengthens and optimizes the management of raised fund investment projects, having completed 3 fundraising projects, changed 2, and 1 project is under construction, enhancing production capacity and building a green circular industrial chain[57] - The company strengthens information disclosure and investor relations management, publishing regular reports and interim announcements, holding online performance briefings and collective investor surveys, and disclosing information truthfully, accurately, completely, timely, and fairly[58] Section IV Corporate Governance, Environment, and Society This section covers changes in the company's governance, environmental disclosures, and social responsibility initiatives I. Changes in Directors and Senior Management There were no changes in the company's directors or senior management during the reporting period - There were no changes in the company's directors or senior management during the reporting period[60] II. Profit Distribution or Capital Reserve Conversion Plan The company's board resolved no profit distribution or capital reserve conversion plan for the reporting period - There is no profit distribution plan or capital reserve conversion to share capital plan for this reporting period[60] III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures There was no progress on the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - During the reporting period, the company had no progress on equity incentive plans, employee stock ownership plans, or other employee incentive measures[61] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law The company is included in the list of enterprises required to disclose environmental information by law, with a provided query index for its environmental disclosure report - The company is included in the list of enterprises required to disclose environmental information by law, with 1 enterprise listed[61] - The query index for the environmental information disclosure report is http://219.140.164.18:8007/hbyfpl/frontal/index.html/home/enterpriseInfo?XTXH=32f1d5dd-bd0c-4b0f-950a-01df6afad8d9&XH=1676544215171009478144&year=2024[61](index=61&type=chunk) V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization There was no specific progress in consolidating poverty alleviation achievements or rural revitalization efforts during the reporting period - During the reporting period, the company had no specific progress in consolidating poverty alleviation achievements or rural revitalization efforts[62] Section V Significant Matters This section details the fulfillment of commitments, significant related-party transactions, and the progress of raised capital utilization I. Fulfillment of Commitments This section details the strict fulfillment of all commitments made by the company's actual controllers, shareholders, related parties, and the company itself during the initial public offering, including share lock-ups, competition avoidance, related-party transaction regulation, and share price stabilization - The actual controllers and their concerted parties committed not to transfer shares within 36 months from the listing date and not to transfer more than 25% of their total shares annually while serving as directors or senior management[65][66] - The actual controllers and other pre-IPO directors, supervisors, senior management, and shareholders holding 5% or more of shares committed not to engage in businesses identical, similar, or competitive with the company, and to avoid and regulate related-party transactions[67][68][69] - The actual controllers committed not to exploit control to infringe upon company interests, not to unduly interfere with operational management, and committed to linking their compensation system with the implementation of the company's return-filling measures[70] - The company's actual controllers, directors, and senior management committed to fulfilling share price stabilization obligations under specific conditions, including increasing company shareholdings or voting in favor at board meetings[75][76][77][78][79][80] - All committers pledged to actively take legal measures to fulfill all public commitments and voluntarily accept supervision from regulatory authorities, the public, and investors[82][83] X. Significant Related-Party Transactions This section discloses the company's routine related-party transactions during the reporting period, including purchasing packaging materials and selling silane coupling agents, all within the estimated limits - The company approved the 2025 annual routine related-party transaction forecast proposal on April 25, 2025[86] - During the reporting period, the company actually purchased packaging materials worth 3,957,297.14 RMB (including tax) from Jingzhou Jiatao Automobile Parts Manufacturing Co., Ltd., which did not exceed the estimated limit of 10 million RMB[87] - During the reporting period, the company actually sold silane coupling agents and other products worth 1,330,027.50 RMB (including tax) to Shenzhen Youyue Changhao Technology Co., Ltd., which did not exceed the estimated limit of 15 million RMB[87] XII. Explanation of Progress in Use of Raised Funds This section details the overall use of raised funds, project specifics, changes, and cash management of idle funds; as of the period-end, 1.33 billion RMB has been invested, representing 64.50% of the total, with some projects re-purposed Overall Use of Raised Funds | Source of Raised Funds | Date of Receipt | Total Raised Funds (billion RMB) | Net Raised Funds (billion RMB) | Committed Investment Amount of Raised Funds (billion RMB) | Total Cumulative Investment as of Period-end (billion RMB) | Cumulative Investment Progress as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 2023/1/19 | 2.373 | 2.059 | 2.059 | 1.328 | 64.50 | - The company changed the "2,000 tons/year High-Purity Quartz Sand Industrialization Project" and the "2,000 tons/year Aerogel Composite Material Industrialization Project," canceling them and re-purposing the funds for the "Functional New Material Silicon-based Precursor Project (Phase I)"[95][98] - The reason for the change was significant shifts in the project market environment, leading to a further decline in project economics[95][98] - The company manages idle raised funds as cash; the cash management balance was 90 million RMB at period-end[100] Section VI Share Changes and Shareholder Information This section provides an overview of the company's share capital changes and shareholder structure during the reporting period I. Changes in Share Capital There were no changes in the company's total share capital or share structure during the reporting period - During the reporting period, there were no changes in the company's total share capital or share structure[103] II. Shareholder Information As of the reporting period-end, the company had 23,431 common shareholders; this section details the top ten shareholders and top ten unrestricted shareholders, identifying the actual controllers and their concerted parties - As of the reporting period-end, the total number of common shareholders was 23,431[104] Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Gan Shuguan | 37,786,403 | 10.12 | 37,786,403 | Domestic Natural Person | | He Youhua | 34,300,476 | 9.19 | 34,300,476 | Domestic Natural Person | | Yin Chao | 23,800,000 | 6.37 | 0 | Domestic Natural Person | | Gan Jun | 20,308,400 | 5.44 | 20,308,400 | Domestic Natural Person | | Chen Taiping | 18,244,673 | 4.89 | 0 | Domestic Natural Person | | Wang Daojiang | 16,917,618 | 4.53 | 0 | Domestic Natural Person | | Xie Yongfeng | 16,660,000 | 4.46 | 0 | Domestic Natural Person | | Huang Xuesong | 9,406,610 | 2.52 | 0 | Domestic Natural Person | | He Xufeng | 8,747,700 | 2.34 | 0 | Domestic Natural Person | | Fu Gaoqiong | 8,246,224 | 2.21 | 0 | Domestic Natural Person | - Gan Shuguan and Gan Jun, father and son, are the company's actual controllers; He Youhua signed a concerted action agreement with the actual controllers[107] Top Ten Restricted Shareholders' Shareholding and Restriction Conditions | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Date Available for Trading | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Gan Shuguan | 37,786,403 | 2026-2-2 | 36 months after listing | | 2 | He Youhua | 34,300,476 | 2026-2-2 | 36 months after listing | | 3 | Gan Jun | 20,308,400 | 2026-2-2 | 36 months after listing | Section VII Bond-Related Information This section confirms the absence of company bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[112] - During the reporting period, the company had no convertible corporate bonds[112] Section VIII Financial Report This section presents the company's unaudited financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity I. Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[114] II. 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 H1 2025, presenting the financial position, operating results, and cash flows Consolidated Balance Sheet As of June 30, 2025, the company's total assets were 5.54 billion RMB, total liabilities were 436.33 million RMB, and total owners' equity was 5.10 billion RMB - As of June 30, 2025, the company's total assets were 5,537,185,059.22 RMB, total liabilities were 436,326,418.33 RMB, and total owners' equity was 5,100,858,640.89 RMB[114][116] Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 5.54 billion RMB, total liabilities were 436.33 million RMB, and total owners' equity was 5.10 billion RMB - As of June 30, 2025, the parent company's total assets were 5,537,185,059.22 RMB, total liabilities were 436,326,418.33 RMB, and total owners' equity was 5,100,858,640.89 RMB[119][120] Consolidated Income Statement For H1 2025, the company achieved total operating revenue of 944.98 million RMB and a net profit of 210.38 million RMB, with basic and diluted earnings per share at 0.57 RMB - For January-June 2025, the company achieved total operating revenue of 944,975,637.01 RMB and a net profit of 210,383,405.98 RMB[122][124] - Basic earnings per share and diluted earnings per share were both 0.57 RMB/share[124] Parent Company Income Statement For H1 2025, the parent company achieved operating revenue of 944.98 million RMB and a net profit of 210.38 million RMB, with basic earnings per share at 0.57 RMB - For January-June 2025, the parent company achieved operating revenue of 944,975,637.01 RMB and a net profit of 210,383,405.98 RMB[126][127] - Basic earnings per share was 0.57 RMB/share[127] Consolidated Cash Flow Statement For H1 2025, net cash flow from operating activities was 264.74 million RMB, net cash flow from investing activities was -177.66 million RMB, and net cash flow from financing activities was -5.02 million RMB - For January-June 2025, net cash flow from operating activities was 264,739,190.25 RMB[130] - Net cash flow from investing activities was -177,664,603.78 RMB, and net cash flow from financing activities was -5,022,740.59 RMB[130] Parent Company Cash Flow Statement For H1 2025, the parent company's net cash flow from operating activities was 264.74 million RMB, net cash flow from investing activities was -543.70 million RMB, and net cash flow from financing activities was -5.02 million RMB - For January-June 2025, the parent company's net cash flow from operating activities was 264,739,190.25 RMB[132] - Net cash flow from investing activities was -543,698,897.35 RMB, and net cash flow from financing activities was -5,022,740.59 RMB[132][135] Consolidated Statement of Changes in Owners' Equity As of June 30, 2025, total owners' equity attributable to the parent company was 5.10 billion RMB, with comprehensive income for the period totaling 210.38 million RMB - As of June 30, 2025, total owners' equity attributable to the parent company was 5,100,858,640.89 RMB[138] - Comprehensive income attributable to parent company owners for the current period was 210,383,405.98 RMB[137] Parent Company Statement of Changes in Owners' Equity As of June 30, 2025, the parent company's total owners' equity was 5.10 billion RMB, with comprehensive income for the period totaling 210.38 million RMB - As of June 30, 2025, the parent company's total owners' equity was 5,100,858,640.89 RMB[144] - The parent company's comprehensive income for the current period was 210,383,405.98 RMB[143] III. Company Basic Information Hubei Jianghan New Materials Co., Ltd., formerly Jingzhou Jianghan Fine Chemical Co., Ltd., established in 1998 with a registered capital of 373 million RMB, listed on the Shanghai Stock Exchange in 2023, primarily manufactures and sells organic chemical raw materials - The company's predecessor was Jingzhou Jianghan Fine Chemical Co., Ltd., registered on July 21, 1998[146] - The company's registered capital is 373,333,334 RMB, and its shares were listed on the Shanghai Stock Exchange on January 31, 2023[146] - The company belongs to the organic chemical raw material manufacturing industry, primarily engaged in the production and sales of chemical products, specialized chemical products, and synthetic materials[147] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from the period-end - The company's financial statements are prepared on a going concern basis[148] - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[149] V. Significant Accounting Policies and Estimates This section details the company's adherence to accounting standards, accounting period, reporting currency, materiality criteria, consolidation methods, and policies for financial instruments, receivables, inventory, fixed assets, intangible assets, revenue recognition, government grants, and deferred taxes - The company's financial statements comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, and other information[150] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and its functional currency is RMB[151][153] - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[161] - The company's revenue recognition principle is to identify each distinct performance obligation within a contract and determine whether each distinct performance obligation is satisfied over time or at a point in time[221] - The company extracts safety production fees in accordance with the "Administrative Measures for the Extraction and Use of Enterprise Safety Production Fees" issued by the Ministry of Finance and the Ministry of Emergency Management, which are included in relevant product costs or current profit or loss[236] VI. Taxation This section outlines the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, and property tax, noting its 15% corporate income tax rate as a high-tech enterprise and a 60% reduction in urban land use tax Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 3%, 13%, 5%, 6% | | Urban Maintenance and Construction Tax | 5% | | Corporate Income Tax | 15%, 25% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - Hubei Jianghan New Materials Co., Ltd. is recognized as a high-tech enterprise and enjoys preferential corporate income tax policies for high-tech enterprises, paying corporate income tax at a 15% rate for the current period[240] - The company enjoys a preferential policy of a 60% reduction in urban land use tax for self-used land[240] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for consolidated financial statement items, including monetary funds, trading financial assets, accounts receivable, inventory, fixed assets, construction in progress, intangible assets, deferred tax assets/liabilities, accounts payable, employee compensation, taxes payable, other payables, long-term borrowings, deferred income, share capital, treasury stock, special reserves, undistributed profits, operating revenue and costs, various expenses, investment income, fair value change gains, credit impairment losses, asset impairment losses, non-operating income and expenses, income tax expenses, and supplementary cash flow information - The period-end balance of monetary funds was 3,815,368,793.29 RMB, of which restricted raised funds amounted to 385,711,900.92 RMB[242][388] - Period-end trading financial assets were 293,150,958.90 RMB, a 61.30% decrease from the beginning of the period, mainly due to the maturity and redemption of structured deposits[244][39] - Period-end book value of accounts receivable was 240,610,142.61 RMB, a 12.57% decrease from the beginning of the period[247][38] - Period-end book value of fixed assets was 493,282,932.72 RMB, a 27.13% increase from the beginning of the period[289][38] - Period-end accounts payable were 195,116,387.62 RMB, a 48.09% increase from the beginning of the period, mainly due to increased payables for long-term assets related to project construction[319][40] - Current period operating revenue was 944,975,637.01 RMB, and operating cost was 681,276,779.49 RMB, primarily from silane coupling agent products[351][350] - Net cash flow from operating activities was 264,739,190.25 RMB, net cash flow from investing activities was -177,664,603.78 RMB, and net cash flow from financing activities was -5,022,740.59 RMB[130] VIII. Research and Development Expenses Total R&D expenses for the period were 31.22 million RMB, entirely expensed, primarily comprising material consumption and employee compensation, representing a 14.90% decrease from the prior year - Total R&D expenses for the current period were 31,223,810.10 RMB, all of which were expensed R&D expenditures[395] - The main components of R&D expenses include material consumption of 21,215,472.92 RMB and employee compensation of 8,372,095.62 RMB[395] - Current period R&D expenses decreased by 14.90% compared to 36,691,682.70 RMB in the prior period[35][395] IX. Changes in Consolidation Scope During the reporting period, the company's consolidation scope changed, mainly due to the establishment of a wholly-owned subsidiary, Jianghan Electronics, with a 100 million RMB investment - During the reporting period, the company invested 100 million RMB to establish a wholly-owned subsidiary, Jianghan Electronics, leading to a change in the consolidation scope[398] X. Interests in Other Entities This section discloses the company's interests in subsidiaries and associates, including the newly established wholly-owned subsidiary Jianghan Electronics with 100 million RMB registered capital, and its 34% stake in associate Huaxiang Chemical, which has a zero carrying value due to insolvency, resulting in an unrecognised loss of 91,109.74 RMB for the period - The company established a wholly-owned subsidiary, Jianghan Electronics, with a registered capital of 100 million RMB, holding a 100% stake, primarily engaged in manufacturing[401] - The company holds a 34% stake in the associate Huaxiang Chemical, accounted for using the equity method, but due to the company's insolvency, the carrying value of the long-term equity investment is zero[404][405] - The unrecognised loss for Huaxiang Chemical in the current period was 91,109.74 RMB, with a cumulative unrecognised loss of 12,274,237.82 RMB at period-end[407] XI. Government Grants During the reporting period, the company recognized total government grants of 6.17 million RMB, comprising 2.70 million RMB related to assets and 3.47 million RMB related to income - Total government grants included in current profit or loss for this period amounted to 6,171,318.26 RMB[410] Classification of Government Grants Included in Current Profit or Loss | Type | Amount for Current Period (RMB) | | :--- | :--- | | Asset-related | 2,704,018.26 | | Income-related | 3,467,300.00 | XII. Risks Related to Financial Instruments The company aims to balance risk and return, primarily managing credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessments, financing structure optimization, and market monitoring - The company's risk management objective is to achieve a balance between risk and return, minimizing the negative impact of risks on operating performance and maximizing shareholder interests[409] - The main financial instrument-related risks faced by the company in its daily activities include credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[409][415] - The company controls credit risk by regularly assessing the credit of customers trading on credit and monitoring accounts receivable balances, with no significant concentration of credit risk[411][412] - The company controls liquidity risk by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and by appropriately combining long-term and short-term financing[412] - The company manages interest rate risk by regularly reviewing and monitoring an appropriate portfolio of financial instruments, and manages foreign exchange risk by buying and selling foreign currencies to ensure net risk exposure is at an acceptable level[415] XIII. Disclosure of Fair Value This section discloses the period-end fair value of assets and liabilities measured at fair value, totaling 507.34 million RMB, primarily comprising trading financial assets and notes receivable financing, with fair values estimated using expected return rates and face values - The total fair value of assets continuously measured at fair value at period-end was 507,339,777.75 RMB[422] - This primarily includes trading financial assets (debt instrument investments) of 483,328,986.30 RMB and other debt investments (notes receivable financing) of 24,010,791.45 RMB[422] - The company estimates the fair value of bank wealth management products by discounting their future cash flows using expected return rates[424] - The company determines the fair value of notes receivable by their face value[424] XIV. Related Parties and Related-Party Transactions This section discloses related-party transactions, including purchasing packaging materials from Jingzhou Jiatao, selling silane coupling agents to Shenzhen Youyue Changhao, and leasing factory space to Jingzhou Jiatao, along with key management personnel compensation and related-party receivables/payables - The company's related parties include Jingzhou Jiatao Automobile Parts Manufacturing Co., Ltd. and Shenzhen Youyue Changhao Technology Co., Ltd[426] - In the current period, the company purchased packaging materials worth 3,502,032.87 RMB from Jingzhou Jiatao Automobile Parts Manufacturing Co., Ltd. and sold silane coupling agents and other products worth 1,177,015.49 RMB to Shenzhen Youyue Changhao Technology Co., Ltd[428][429] - As a lessor, the company leased factory buildings to Jingzhou Jiatao Automobile Parts Manufacturing Co., Ltd., recognizing lease income of 35,198.74 RMB in the current period[431] - Key management personnel compensation for the current period was 10,421,008.94 RMB[432] - At period-end, accounts receivable from Shenzhen Youyue Changhao Technology Co., Ltd. were 171,155.00 RMB, and accounts payable to Jingzhou Jiatao Automobile Parts Manufacturing Co., Ltd. were 1,919,891.40 RMB[434][436] XV. Share-based Payment During the reporting period, the company had no details of equity instruments, equity-settled or cash-settled share-based payments, or any related expenses, modifications, or terminations of share-based payment plans - During the reporting period, the company had no share-based payment related situations[438] XVI. Commitments and Contingencies As of the reporting period-end, the company had no significant commitments or contingencies requiring disclosure - As of the reporting period-end, the company had no significant commitments requiring disclosure[438] - As of the reporting period-end, the company had no significant contingencies requiring disclosure[438] XVII. Post-Balance Sheet Events From the reporting period-end to the approval date of the financial report, the company had no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events - From the reporting period-end to the approval date of the financial report, the company had no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events[438] XVIII. Other Significant Matters This section confirms the absence of prior period accounting error corrections, significant debt restructurings, asset exchanges, or annuity plans, and states that segment information is not disclosed as the company manages and evaluates its main business (silane coupling agents and cross-linking agents) as a single entity - During the reporting period, the company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, or annuity plans[438][439] - The company's main business is the production and sales of silane coupling agents and silane cross-linking agents, which are managed and evaluated as a whole for operating results, thus segment information is not disclosed[439] XIX. Notes to Parent Company Financial Statement Major Items This section provides detailed notes for the parent company's key financial statement items, including accounts receivable, other receivables, and long-term equity investments, with accounts receivable at 240.61 million RMB, other receivables at 270.92 million RMB (primarily intercompany loans), and long-term equity investments at 100 million RMB (mainly in Jianghan Electronics) - The parent company's accounts receivable book value at period-end was 240,610,142.61 RMB, a 12.57% decrease from the beginning of the period[441] - The parent company's other receivables balance at period-end was 270,918,717.85 RMB, a significant increase from the beginning of the period, mainly due to intercompany loans to its subsidiary, Jianghan Electronics, totaling 266,034,293.57 RMB[447][452][456] - The parent company's long-term equity investment book value at period-end was 100,000,000 RMB, primarily an investment in its subsidiary, Jianghan Electronics[460][463] - The parent company's current period operating revenue was 944,975,637.01 RMB, and operating cost was 681,276,779.49 RMB[467] XX. Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses totaling 11.69 million RMB, and key metrics such as a weighted average return on net assets of 4.16% and basic earnings per share of 0.57 RMB - Total non-recurring gains and losses for the current period amounted to 11,689,935.71 RMB[471] Net Asset Return Rate and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 4.16 | 0.57 | | Net Profit Attributable to Common Shareholders of the Company Excluding Non-recurring Gains/Losses | 3.93 | 0.54 |