喜悦智行(301198) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, advising investors to focus on risk factors - Company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and bear legal responsibility[4] - Company's responsible person, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents The report's table of contents clearly lists eight main chapters covering company profile, financial indicators, management discussion, and financial reports - The report is divided into eight main chapters, including important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond-related matters, and financial reports[7] Reference Documents Reference documents, including signed financial statements and the original semi-annual report, are available at the company's securities department - Reference documents include signed and stamped financial statements, original public disclosure documents and announcements, the original semi-annual report signed by the legal representative, and other relevant materials[9] - All reference documents are available at the company's securities department[10] Definitions This section defines key terms, company names, subsidiaries, shareholders, brands, regulations, and time periods used in the report - Defines the company, subsidiaries (e.g., Ningbo Chuanfeng, Shanghai Tuzhimei, Joyrepak Vehicles), controlling shareholder (Tiance Holding), and other related parties[11] - Explains major automotive brands (Volkswagen, Tesla, BYD, Volvo, Midea) and relevant laws and regulations (Company Law, Securities Law)[11] - Clarifies professional terms such as turnover boxes, liners, collapsible containers, VDA certification, RFID, and the reporting period's time frame[11] Company Profile and Key Financial Indicators Company Profile Ningbo Joyrepak Technology Co., Ltd., stock code 301198, is listed on the Shenzhen Stock Exchange, with Luo Zhiqiang as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Joyrepak | | Stock Code | 301198 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 宁波喜悦智行科技股份有限公司 | | English Abbreviation | JOYREPAK | | Legal Representative | Luo Zhiqiang | Contact Person and Information The company's Board Secretary is Cai Chaowei, located at 1111 Wushan South Road, Qiaotou Town, Cixi City, Zhejiang Province Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Cai Chaowei | 1111 Wushan South Road, Qiaotou Town, Cixi City, Zhejiang Province | 0574-58968850 | 0574-63559828 | joy@joy-nb.com | Other Information The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period[15][16][17] Key Accounting Data and Financial Indicators Revenue increased by 23.42% to 212.88 million yuan, but net profit attributable to shareholders and non-recurring net profit turned significantly negative Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (Yuan) | Prior Year (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 212,877,100.32 | 172,487,007.34 | 23.42% | | Net Profit Attributable to Shareholders | -6,758,646.52 | 9,385,956.11 | -172.01% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -7,898,367.35 | 7,109,894.80 | -211.09% | | Net Cash Flow from Operating Activities | -47,477,896.02 | -3,844,225.27 | -1,135.04% | | Basic Earnings Per Share (Yuan/Share) | -0.04 | 0.06 | -166.67% | | Diluted Earnings Per Share (Yuan/Share) | -0.04 | 0.06 | -166.67% | | Weighted Average Return on Net Assets | -0.74% | 0.99% | -1.73% | | Period-End Indicators | Current Period-End (Yuan) | Prior Year-End (Yuan) | Period-End YoY Change | | Total Assets | 1,203,685,909.62 | 1,320,496,104.01 | -8.85% | | Net Assets Attributable to Shareholders | 911,803,544.32 | 918,562,190.84 | -0.74% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas and Chinese accounting standards during the period - The company's financial reports for the period show no differences in net profit and net assets between international accounting standards and Chinese accounting standards[19] - The company's financial reports for the period show no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[20] Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 1.14 million yuan, primarily from asset disposal, government grants, and fair value changes Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -363,919.30 | | Government grants recognized in current profit or loss | 880,279.52 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 708,816.92 | | Other non-operating income and expenses apart from the above | -41,900.51 | | Less: Income tax impact | 43,555.80 | | Total | 1,139,720.83 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring items as recurring[23] Management Discussion and Analysis Main Business Activities During the Reporting Period The company provides circular packaging solutions, including design, manufacturing, leasing, and operations, serving automotive, home appliance, and fresh produce industries (I) Company's Main Business Activities The company specializes in providing comprehensive circular packaging solutions, including design, manufacturing, leasing, and logistics services across various industries - The company is a professional provider of comprehensive circular packaging solutions, with main products being circular packaging and main services being leasing and operations[25] - The company offers full-process supply chain services including customized design, manufacturing, performance testing, leasing, logistics, and warehousing management[25] - Serving industries such as automotive, home appliance manufacturing, fresh produce, and express logistics, the company enjoys high market recognition and reputation[25] (II) Company's Main Products and Services Products include various combined packaging solutions and unit packaging, while services offer dynamic and static leasing with comprehensive support - Main products include combined packaging products (e.g., liner combined packaging, rack combined packaging, collapsible container combined packaging, turnover box combined packaging), as well as thick-walled blister, thin-walled blister, and turnover box packaging units[26][27][28][29][30][31][32] - Services are divided into dynamic leasing (billed by usage frequency and quantity, with supporting services) and static leasing (billed by usage days and quantity)[34][36] (III) Company's Main Business Model The company generates revenue through sales and leasing, with a production-to-order procurement and manufacturing model, and direct sales - Profit model: Revenue is generated through the sale of circular packaging and the provision of leasing and operation services[38] - Procurement model: Project-order driven, combined with "production-based procurement and reasonable inventory," primarily sourcing plastic pellets, sheets, rolls, and racks[38][39] - Production model: Primarily "production-to-order," combining in-house production, outsourced production, and assembly, with the company handling core processes[39][40] - Sales model: Direct sales, acquiring orders through corporate tenders, business negotiations, and industry exhibitions[40] (IV) Performance Drivers Performance is driven by national "dual carbon" policies, growing market demand for circular packaging, and the company's integrated supply chain services - National "dual carbon policy" support and market demand for circular packaging replacing traditional disposable packaging drive industry growth for the company[41][42] - The company provides integrated supply chain services, optimizing customer costs, improving efficiency, and enhancing environmental performance through "total packaging solutions"[41] - Promoting the leasing and operation model lowers the barrier for customers to use circular packaging, enhancing the company's operational performance and profitability[41] Core Competitiveness Analysis The company's core strengths include continuous innovation, customized packaging solutions, product and model innovation, strong customer base, manufacturing expertise, and product quality - Continuous innovation advantage: The company prioritizes product and technological R&D, possessing a "Provincial High-tech Enterprise R&D Center" and "Ningbo Enterprise Engineering Technology Center," and has established a Zhejiang Provincial Post-doctoral Workstation[44] - Customized total packaging solution comprehensive service advantage: As a pioneer in its niche, the company offers services that optimize packaging solutions, reduce costs, improve efficiency, and enhance environmental performance, fostering deep ties with downstream customers[45] - Product and model innovation advantage: Products have expanded from traditional automotive to new energy vehicles and other industries, with leasing services providing circular supply and logistics[46] - Customer resources and brand advantage: Serving renowned brands like Volkswagen, Tesla, BYD, Midea, Haier, and JD.com, the company boasts high recognition and strong customer loyalty in the automotive and home appliance sectors[47][48] - Manufacturing process advantage: Utilizing new energy-saving thermoforming, injection molding, die-casting equipment, and automated robotic arms ensures production efficiency, product standardization, and quality stability[49] - Product quality advantage: Established an ISO9001:2015 quality management system and an ISTA-certified packaging testing laboratory, with VDA series turnover boxes certified by the German Association of the Automotive Industry (VDA) standards[50] Main Business Analysis Operating revenue increased by 23.42%, but higher operating costs led to a decline in gross profit margin, and all cash flow activities saw significant decreases YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 212,877,100.32 | 172,487,007.34 | 23.42% | -- | | Operating Cost | 184,864,797.50 | 136,673,571.10 | 35.26% | Increase in labor costs and fixed asset depreciation | | Selling Expenses | 12,085,978.65 | 11,116,142.28 | 8.72% | -- | | Administrative Expenses | 13,555,602.71 | 11,854,213.77 | 14.35% | -- | | Financial Expenses | 2,798,970.73 | 2,456,622.66 | 13.94% | -- | | Income Tax Expense | -915,552.43 | 2,049,937.30 | -144.66% | One-time additional deduction for fixed assets, subsequent tax adjustment increase | | R&D Investment | 8,597,713.33 | 5,091,506.25 | 68.86% | Increase in R&D material input | | Net Cash Flow from Operating Activities | -47,477,896.02 | -3,844,225.27 | -1,135.04% | Decrease in cash received from sales of goods and services | | Net Cash Flow from Investing Activities | -84,813,287.28 | 7,201,743.83 | -1,277.68% | Increase in wealth management product purchases this period, more redemptions last period | | Net Cash Flow from Financing Activities | -112,167,887.95 | 46,771,060.26 | -339.82% | More loan repayments this period | | Net Increase in Cash and Cash Equivalents | -244,868,572.98 | 49,363,967.18 | -596.05% | -- | Performance by Product or Service | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Circular Packaging Products | 108,105,259.69 | 98,550,994.57 | 8.84% | 28.59% | 39.60% | -7.19% | | Leasing and Operation Services | 102,290,752.59 | 84,315,618.66 | 17.57% | 21.64% | 31.86% | -6.39% | | Other | 2,481,088.04 | 1,998,184.27 | 19.46% | -42.70% | -6.49% | -31.19% | | Total | 212,877,100.32 | 184,864,797.50 | 13.16% | 23.42% | 35.26% | -7.60% | - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[53] Non-Core Business Analysis Non-core business activities, including investment income, fair value changes, and asset impairment, negatively impacted total profit and are not sustainable Non-Core Business Analysis | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,565,028.87 | -20.33% | Investment income from associates and wealth management | No | | Gains and losses from changes in fair value | 138,897.25 | -1.80% | Unrealized gains/losses from wealth management products | No | | Asset Impairment | 1,105,178.70 | -14.35% | Inventory impairment provision this period | No | | Non-operating Income | 419.05 | -0.01% | -- | No | | Non-operating Expenses | 42,319.56 | -0.55% | Withholding taxes and fees this period | No | | Other Income | 1,578,278.18 | -20.50% | Government grants related to daily operations received this period | No | | Credit Impairment Losses | -525,407.00 | 6.82% | Provision for doubtful accounts this period | No | Analysis of Assets and Liabilities Total assets decreased by 8.85%, with significant reductions in monetary funds due to loan repayments and fewer wealth management redemptions 1. Significant Changes in Asset Composition Monetary funds decreased by 17.81% due to increased loan repayments and reduced wealth management redemptions, while accounts receivable and inventory increased Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Proportion of Total Assets | Prior Year-End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 76,478,366.42 | 6.35% | 319,065,472.13 | 24.16% | -17.81% | Increase in loan repayments this period, decrease in wealth management redemptions | | Accounts Receivable | 239,259,337.01 | 19.88% | 202,267,476.33 | 15.32% | 4.56% | No significant change | | Inventories | 110,146,374.81 | 9.15% | 92,582,238.21 | 7.01% | 2.14% | No significant change | | Construction in Progress | 127,031,454.54 | 10.55% | 114,481,090.32 | 8.67% | 1.88% | No significant change | | Short-term Borrowings | 167,478,619.45 | 13.91% | 212,074,776.30 | 16.06% | -2.15% | Increase in loan repayments this period | | Lease Liabilities | 5,360,289.41 | 0.45% | 3,078,806.08 | 0.23% | 0.22% | No significant change | 2. Major Overseas Assets The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[59] 3. Assets and Liabilities Measured at Fair Value Fair value measured financial assets, primarily trading financial assets, totaled 80.14 million yuan at period-end, significantly increasing from the beginning of the period Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gain/Loss (Yuan) | Purchases (Yuan) | Sales (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 30,094,520.55 | 44,376.70 | 136,000,000.00 | 86,000,000.00 | 80,138,897.25 | | Total | 30,094,520.55 | 44,376.70 | 136,000,000.00 | 86,000,000.00 | 80,138,897.25 | - The company's main asset measurement attributes did not change significantly during the reporting period[60] 4. Asset Restrictions as of the End of the Reporting Period Total restricted assets amounted to 231.85 million yuan, mainly comprising monetary funds, accounts receivable, fixed assets, and intangible assets Asset Restrictions (June 30, 2025) | Item | Book Value (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 4,538,444.00 | Frozen | Bill deposit, ETC deposit, letter of guarantee deposit | | Accounts Receivable | 502,538.39 | Pledged | Bill pledge | | Fixed Assets | 185,293,654.98 | Mortgaged | Mortgaged for loans | | Intangible Assets | 41,512,468.77 | Mortgaged | Mortgaged for loans | | Total | 231,847,106.14 | | | Investment Analysis Total investments increased by 3.81% to 173.05 million yuan, with 84.85% of raised funds utilized, and some projects closed to reallocate funds 1. Overall Situation The company's total investment for the reporting period was 173.05 million yuan, an increase of 3.81% compared to the prior year Report Period Investment Amount | Investment Amount (Yuan) | Prior Year Investment Amount (Yuan) | Change Rate | | :--- | :--- | :--- | | 173,045,844.15 | 166,694,000.04 | 3.81% | 2. Significant Equity Investments Acquired During the Reporting Period The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period[63] 3. Significant Non-Equity Investments in Progress During the Reporting Period The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period[63] 4. Financial Assets Measured at Fair Value The company had no financial assets measured at fair value during the reporting period - The company had no financial assets measured at fair value during the reporting period[63] 5. Use of Raised Funds Total raised funds were 544 million yuan, with 84.85% utilized; some projects were closed, and remaining funds were reallocated to new projects Overall Use of Raised Funds | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total Raised Funds | 54,400 | | Net Raised Funds | 48,356.86 | | Total Raised Funds Used This Period | 2,927.43 | | Total Raised Funds Used Cumulatively | 41,029.11 | | Overall Utilization Rate of Raised Funds | 84.85% | | Total Unused Raised Funds | 8,943.49 | - The "New Energy and Home Appliance Industry Circular Packaging Production Base Project" is under construction and has not yet generated revenue[68] - The company has closed the "Green Circular Packaging Leasing and Smart Warehousing Logistics Project," "Annual Production of 2.3 Million Sets (Pieces) Green Circular Packaging Project," and "R&D Center Project," reallocating the remaining raised funds (including over-raised funds and interest income of 11.88 million yuan) to the new "New Energy and Home Appliance Industry Circular Packaging Production Base Project"[69] - As of June 30, 2025, the unused raised funds balance was 89.43 million yuan, with 9.43 million yuan in dedicated accounts and 80 million yuan in cash management[69] 6. Wealth Management, Derivative Investments, and Entrusted Loans The company engaged in wealth management totaling 100 million yuan, with 80 million yuan outstanding at period-end, but no derivative investments or entrusted loans Overview of Wealth Management During the Reporting Period | Specific Type | Source of Funds | Amount of Wealth Management (10,000 Yuan) | Unexpired Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | Impairment Provision for Overdue Unrecovered Wealth Management (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 8,000 | 8,000 | 0 | 0 | | Bank Wealth Management Products | Own Funds | 2,000 | 0 | 0 | 0 | | Total | | 10,000 | 8,000 | 0 | 0 | - The company had no derivative investments during the reporting period[73] - The company had no entrusted loans during the reporting period[74] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[75] - The company did not sell any significant equity during the reporting period[76] Analysis of Major Holding and Associate Companies Key subsidiaries include Ningbo Chuanfeng, Shanghai Tuzhimei, and Joyrepak Vehicles (Hefei), with associate company Jiahe Technology Wuxi Co., Ltd Major Subsidiaries and Associate Companies with Over 10% Impact on Net Profit | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Chuanfeng Supply Chain Management Co., Ltd. | Subsidiary | Supply chain management services, warehousing equipment leasing services, transportation services, etc. | 80,000,000 | 194,870,311.08 | 150,370,860.14 | 67,098,215.96 | -2,872,417.29 | -2,946,271.77 | | Shanghai Tuzhimei Logistics Equipment Co., Ltd. | Subsidiary | Circular packaging sales, supply chain management services, etc. | 6,800,000 | 979,869.19 | 15,266,757.59 | 2,868,312.81 | 2,435,335.33 | 235,335.33 | | Joyrepak (Hefei) Vehicle Co., Ltd. | Subsidiary | Circular packaging sales | 80,000,000 | 237,757,109.50 | 181,844,928.84 | 0.00 | 359,000.19 | 262,984.05 | | Jiahe Technology Wuxi Co., Ltd. | Associate Company | Circular packaging sales | 20,000,000 | 52,266,391.60 | 31,593,121.96 | 32,152,095.81 | 3,555,931.38 | 3,409,963.66 | - During the reporting period, the company's wholly-owned subsidiary, Ningbo Chuanfeng Supply Chain Management Co., Ltd., primarily responsible for circular packaging leasing and operation, showed stable development across all indicators[78] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[79] Risks Faced by the Company and Countermeasures The company faces risks from raw material price volatility and intensified market competition, addressed by cost transfer, innovation, and market diversification - Raw material price fluctuation risk: Plastic pellet prices are influenced by crude oil and market supply/demand; failure to effectively transfer price increases or manage inventory will adversely affect operating performance[79] - Market competition risk: Intensified competition in the downstream new energy vehicle industry leads to declining product sales prices and gross profit margins; the company will respond by expanding new customers, increasing circular packaging penetration, offering customized packaging, and diversifying into more industries[79] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period On April 24, 2025, the company engaged with investors via an online platform, with details available in the investor relations activity record - On April 24, 2025, the company engaged with investors via an online platform; details of the main topics discussed and materials provided are available in the investor relations activity record[80] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system or disclosed a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[81] - The company has not disclosed a valuation enhancement plan[81] Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[81] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management The company experienced multiple changes in its board, supervisory board, and senior management due to re-election and supervisory board reforms Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Mao Xiaoxiao | Independent Director | Term expired | June 24, 2025 | Re-election | | Jin Jian | Independent Director | Elected | June 24, 2025 | Re-election | | Luo Jianxiao | Employee Representative Director | Elected | June 24, 2025 | Re-election | | Wang Fang | Supervisor | Resigned | May 16, 2025 | Supervisory board reform | | Song Feng | Supervisor | Resigned | May 16, 2025 | Supervisory board reform | | Chen Libo | Supervisor | Resigned | May 16, 2025 | Supervisory board reform | | Luo Zhiqiang | General Manager | Appointed | June 24, 2025 | Re-election | | An Li | General Manager | Term expired | June 24, 2025 | Re-election | | An Li | Chief Financial Officer | Term expired | June 24, 2025 | Re-election | | Sun Weiqing | Chief Financial Officer | Appointed | June 24, 2025 | Re-election | Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[84] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The 2022 restricted stock incentive plan underwent multiple adjustments and cancellations due to unfulfilled vesting conditions and employee departures - The initial grant price of the 2022 restricted stock incentive plan was adjusted from 11.46 yuan/share to 8.66 yuan/share, and the granted quantity from 2.5 million shares to 3.25 million shares[86] - Due to unfulfilled vesting conditions for the first vesting period of the incentive plan, 1.3 million shares (adjusted) of restricted stock were canceled; an additional 140,400 shares (adjusted) of restricted stock for resigned employees were canceled, totaling 1.4404 million shares canceled[87] - Following the implementation of the 2023 annual equity distribution plan, the initial grant price was adjusted from 8.66 yuan/share to 8.54 yuan/share[88] - Due to unfulfilled vesting conditions for the second vesting period of the incentive plan, 904,800 shares of restricted stock were canceled; an additional 11,700 shares (adjusted) of restricted stock for one resigned employee were canceled, totaling 916,500 shares canceled[88] - Due to unfulfilled vesting conditions for the third vesting period of the incentive plan, 893,100 shares of restricted stock were canceled, thus all restricted shares granted under this incentive plan that had not yet vested have been canceled[89] - The company did not implement any employee stock ownership plans or other employee incentive measures during the reporting period[90] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[91] Social Responsibility The company actively fulfills social responsibilities by fostering win-win partnerships, ensuring transparent information disclosure, prioritizing employee welfare, supporting local economy, and promoting environmental protection - The company actively fulfills its social responsibilities, building strategic partnerships with customers and suppliers, focusing on communication and coordination to achieve win-win outcomes[91] - The company strictly adheres to laws and regulations for information disclosure, communicates with investors through various channels to enhance transparency and integrity, and formulates stable profit distribution policies to reward shareholders[91] - The company adheres to a people-oriented approach, complies with labor laws, respects employee rights, provides a good working environment and development opportunities, and has launched an employee stock ownership plan to incentivize employees[92] - The company operates legally, actively pays taxes, creates employment opportunities, supports local economic development, and responds to the national "dual carbon policy" by promoting the application of circular express packaging[93] - The company prioritizes safety in production and environmental protection, complies with relevant laws and regulations, increases investment in environmental governance, and promotes clean production and sustainable development[94] Significant Events Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period The company reported no fulfilled or overdue unfulfilled commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company itself - The company reported no fulfilled or overdue unfulfilled commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company itself during and as of the end of the reporting period[96] Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company The company reported no non-operating funds occupied by its controlling shareholder or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by its controlling shareholder or other related parties from the listed company during the reporting period[97] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[98] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[99] Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period The company had no non-standard audit report for the current period, thus no explanation from the board, supervisory board, or audit committee is required - The company had no non-standard audit report for the reporting period[100] Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year The company had no non-standard audit report for the prior year, thus no explanation from the board of directors is required - The company had no non-standard audit report for the prior year[100] Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[100] Litigation Matters The company had no significant litigation or arbitration matters; other minor lawsuits totaling 952,000 yuan were settled - The company had no significant litigation or arbitration matters during the reporting period[101] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Provision for Contingent Liabilities Formed | Litigation (Arbitration) Progress | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation (arbitration) matters where the company is the plaintiff and the amount does not reach the threshold for significant litigation | 95.2 | No | Settlement | Not applicable | Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[103] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[104] Significant Related Party Transactions The company engaged in routine related party transactions for procurement and sales with associates and entities controlled by the actual controller, all within approved limits 1. Related Party Transactions Related to Daily Operations The company conducted procurement and sales with Jiahe Technology Wuxi Co., Ltd. and Ningbo Yongxiao Water Co., Ltd., all within approved transaction limits Procurement of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount This Period (10,000 Yuan) | Approved Transaction Limit (10,000 Yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Jiahe Technology Wuxi Co., Ltd. | Procurement of goods | 2,206.73 | 8,000 | No | | Ningbo Yongxiao Water Co., Ltd. | Procurement of goods | 0.04 | 60 | No | Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Amount This Period (10,000 Yuan) | Approved Transaction Limit (10,000 Yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Jiahe Technology Wuxi Co., Ltd. | Sale of goods | 96.84 | 2,000 | No | | Ningbo Yongxiao Water Co., Ltd. | Sale of goods | 0.03 | 500 | No | - Related transaction amounts did not exceed the approved estimated transaction limits for daily related party transactions[105] 2. Related Party Transactions Involving Asset or Equity Acquisition/Disposal The company did not engage in any related party transactions involving asset or equity acquisition/disposal during the reporting period - The company did not engage in any related party transactions involving asset or equity acquisition/disposal during the reporting period[106] 3. Related Party Transactions Involving Joint External Investments The company did not engage in any related party transactions involving joint external investments during the reporting period - The company did not engage in any related party transactions involving joint external investments during the reporting period[107] 4. Related Party Creditor-Debtor Relationships The company had no related party creditor-debtor relationships during the reporting period - The company had no related party creditor-debtor relationships during the reporting period[108] 5. Dealings with Related Financial Companies The company had no deposit, loan, credit, or other financial dealings with related financial companies - The company had no deposit, loan, credit, or other financial dealings with related financial companies or financial companies controlled by the company and related parties[109] 6. Dealings Between Financial Companies Controlled by the Company and Related Parties Financial companies controlled by the company had no deposit, loan, credit, or other financial dealings with related parties - Financial companies controlled by the company had no deposit, loan, credit, or other financial dealings with related parties[110] 7. Other Significant Related Party Transactions The company had no other significant related party transactions during the reporting period - The company had no other significant related party transactions during the reporting period[111] Significant Contracts and Their Performance The company has lease right-of-use assets for warehouse facilities, a core part of its leasing operations, and provided a 20 million yuan guarantee to a subsidiary 1. Custody, Contracting, and Leasing Matters The company had no custody or contracting arrangements but engaged in leasing right-of-use assets for warehouse facilities, a key part of its business model - The company had no custody arrangements during the reporting period[112] - The company had no contracting arrangements during the reporting period[113] - During the reporting period, the company had lease right-of-use assets, specifically warehouse facilities leased for leasing and operation projects[114] - The leasing and operation model is one of the company's main business models[114] 2. Significant Guarantees The company approved 1 billion yuan in guarantees for subsidiaries, with 20 million yuan actually provided to Ningbo Chuanfeng Supply Chain Management Co., Ltd Company Guarantees for Subsidiaries | Name of Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Chuanfeng Supply Chain Management Co., Ltd. | April 21, 2025 | 2,000 | May 21, 2025 | 2,000 | Joint and several liability guarantee | May 16, 2026 | No | - During the reporting period, the approved guarantee limit for subsidiaries totaled 1 billion yuan, with an actual amount of 20 million yuan[116] - As of the end of the reporting period, the actual guarantee balance for subsidiaries totaled 20 million yuan, representing 2.19% of the company's net assets[116] 3. Significant Contracts in Daily Operations The company had no significant contracts in daily operations during the reporting period - The company had no significant contracts in daily operations during the reporting period[117] 4. Other Significant Contracts The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[118] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[119] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[120] Share Changes and Shareholder Information Share Change Information The company's total share capital remained unchanged at 169 million shares, with no changes in the proportion of restricted and unrestricted shares Share Change Information | Item | Quantity Before Change (Shares) | Proportion Before Change | Change (Increase/Decrease) Subtotal (Shares) | Quantity After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 13,445,640 | 7.96% | 0 | 13,445,640 | 7.96% | | II. Unrestricted Shares | 155,554,360 | 92.04% | 0 | 155,554,360 | 92.04% | | III. Total Shares | 169,000,000 | 100.00% | 0 | 169,000,000 | 100.00% | - The company's total share capital remained unchanged during the reporting period, and reasons for changes, approval status, transfer status, and share repurchase progress are not applicable[124] Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[124] Shareholder Numbers and Shareholding As of period-end, the company had 10,317 common shareholders, with Cixi Tiance Holding Co., Ltd. as the controlling shareholder (28.80%) - As of the end of the reporting period, the total number of common shareholders was 10,317[125] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Shares Held at Period-End (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cixi Tiance Holding Co., Ltd. | Domestic Non-State-Owned Legal Person | 28.80% | 48,672,000 | 0 | 48,672,000 | | Ningbo Wangke Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 7.20% | 12,168,000 | 0 | 12,168,000 | | Luo Zhiqiang | Domestic Natural Person | 5.30% | 8,963,760 | 6,722,820 | 2,240,940 | | Luo Yinhao | Domestic Natural Person | 5.30% | 8,963,760 | 6,722,820 | 2,240,940 | | Mao Pengzhen | Domestic Natural Person | 3.00% | 5,070,000 | 0 | 5,070,000 | | He Jiaying | Domestic Natural Person | 1.80% | 3,042,000 | 0 | 3,042,000 | | Ningbo Junke Investment Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.33% | 2,251,080 | 0 | 2,251,080 | | Pu Zhongqin | Domestic Natural Person | 1.23% | 2,084,900 | 0 | 2,084,900 | | Luo Jiewen | Domestic Natural Person | 1.20% | 2,028,000 | 0 | 2,028,000 | | Yongchao Venture Capital Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.12% | 1,885,000 | 0 | 1,885,000 | - The company's actual controllers are Luo Zhiqiang and Luo Yinhao (father and son), each holding 50% of Cixi Tiance Holding Co., Ltd. Luo Zhiqiang and Luo Yinhao hold 10% and 40.67% partnership interests in Ningbo Wangke Investment Management Partnership (Limited Partnership), respectively, and 36.04% and 0.90% partnership interests in Ningbo Junke Investment Management Partnership (Limited Partnership), respectively. Mao Pengzhen is Luo Zhiqiang's wife and Luo Yinhao's mother; He Jiaying is Luo Yinhao's wife; Luo Jiewen is the daughter of Luo Zhiqiang and Mao Pengzhen[126][127] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[128] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[129] - The company's actual controller remained unchanged during the reporting period[129] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[130] Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[132] Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[134] 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 half-year 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 1.20 billion yuan, with total liabilities of 291.62 million yuan and total owners' equity of 912.07 million yuan - Consolidated total assets at period-end were 1.20 billion yuan, a decrease from 1.32 billion yuan at the beginning of the period[138] - Monetary funds at period-end were 76.48 million yuan, and trading financial assets were 80.14 million yuan[136] - Total current liabilities at period-end were 282.68 million yuan, and total non-current liabilities were 8.94 million yuan[138] 2. Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 1.12 billion yuan, with total liabilities of 257.72 million yuan and total owners' equity of 865.92 million yuan - Parent company total assets at period-end were 1.12 billion yuan, a decrease from 1.27 billion yuan at the beginning of the period[143] - Monetary funds at period-end were 43.04 million yuan, and accounts receivable were 199.09 million yuan[141][142] - Total current liabilities at period-end were 254.54 million yuan, and total non-current liabilities were 3.17 million yuan[143] 3. Consolidated Income Statement For the first half of 2025, consolidated total operating revenue was 212.88 million yuan, resulting in a net loss of 6.78 million yuan - Consolidated total operating revenue for the current period was 212.88 million yuan, compared to 172.49 million yuan in the prior period[145][146] - Consolidated net profit for the current period was -6.78 million yuan, compared to 9.36 million yuan in the prior period, turning from profit to loss[147] - Net profit attributable to parent company shareholders for the current period was -6.76 million yuan, with basic earnings per share of -0.04 yuan/share[147] 4. Parent Company Income Statement For the first half of 2025, parent company operating revenue was 167.60 million yuan, resulting in a net loss of 146,355.40 yuan - Parent company operating revenue for the current period was 167.60 million yuan, compared to 127.98 million yuan in the prior period[150] - Parent company net profit for the current period was -146,355.40 yuan, compared to 7.16 million yuan in the prior period, turning from profit to loss[151] 5. Consolidated Cash Flow Statement For the first half of 2025, net cash flow from operating, investing, and financing activities were all negative, leading to a 244.87 million yuan net decrease in cash and cash equivalents - Net cash flow from operating activities was -47.48 million yuan, compared to -3.84 million yuan in the prior year, indicating a significant increase in outflow[152] - Net cash flow from investing activities was -84.81 million yuan, compared to 7.20 million yuan in the prior year, turning from inflow to significant outflow[153] - Net cash flow from financing activities was -112.17 million yuan, compared to 46.77 million yuan in the prior year, turning from inflow to significant outflow[153] - Net increase in cash and cash equivalents was -244.87 million yuan, with an ending balance of 71.94 million yuan[153] 6. Parent Company Cash Flow Statement For the first half of 2025, parent company net cash flow from operating, investing, and financing activities were all negative, resulting in a 170.33 million yuan net decrease in cash and cash equivalents - Net cash flow from operating activities was -54.71 million yuan, compared to -58.43 million yuan in the prior year[154] - Net cash flow from investing activities was -7.00 million yuan, compared to 44.06 million yuan in the prior year, turning from inflow to outflow[155] - Net cash flow from financing activities was -108.21 million yuan, compared to 48.91 million yuan in the prior year, turning from inflow to outflow[155] - Net increase in cash and cash equivalents was -170.33 million yuan, with an ending balance of 38.66 million yuan[155] 7. Consolidated Statement of Changes in Owners' Equity As of June 30, 2025, consolidated owners' equity totaled 912.07 million yuan, a decrease of 6.78 million yuan due to a negative comprehensive income - Total owners' equity attributable to the parent company at period-end was 911.80 million yuan, a decrease of 6.76 million yuan from the beginning of the period[159] - Total comprehensive income for the current period was -6.78 million yuan, of which -6.76 million yuan was attributable to owners of the parent company[158] 8. Parent Company Statement of Changes in Owners' Equity As of June 30, 2025, parent company owners' equity totaled 865.92 million yuan, a decrease of 146,355.40 yuan due to a negative comprehensive income - Total parent company owners' equity at period-end was 865.92 million yuan, a decrease of 146,355.40 yuan from the beginning of the period[164] - Total comprehensive income for the current period was -146,355.40 yuan[164] Company Basic Information Ningbo Joyrepak Technology Co., Ltd., established in June 2016, listed on SZSE in December 2021, with Luo Zhiqiang as legal representative, specializes in circular packaging solutions - The company was established in June 2016, and its shares were listed on the Shenzhen Stock Exchange on December 2, 2021, with stock code 301198[168][169] - As of May 2023, the company's registered capital was 169 million yuan[170] - The company's registered address is 1111 Wushan South Road, Qiaotou Town, Cixi City, Zhejiang Province, and its legal representative is Luo Zhiqiang[171] - The company's main business is providing comprehensive circular packaging solutions, with products including combined packaging, thick-walled blister, thin-walled blister, and turnover box packaging[172] Basis of Financial Statement Preparation Financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant CSRC disclosure rules, with no going concern issues identified - The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and their application guidelines and interpretations[174] - The company also discloses relevant financial information in accordance with the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities No. 15 – General Provisions for Financial Reports (Revised 2023)"[174] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability[175] Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates for financial instruments, inventory, revenue recognition, fixed assets, and other key areas, with no changes reported - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, changes in owners' equity, and cash flows[177] - Detailed accounting treatment methods for financial instrument recognition, derecognition, classification, measurement, impairment, transfer, and offsetting are explained[231][233][246][271][280] - Inventory classification, valuation, perpetual inventory system, impairment provision methods, and amortization of revolving materials are specified[288][289][290][291][294][295] - Accounting policies for revenue recognition and measurement are clarified, including general principles, warranty obligations, principal vs. agent, consideration payable to customers, unexercised contract rights, contract modifications, and specific methods for product sales and leasing/operation services[390][399][400][401][402][404][405][406] - No significant changes in accounting policies or estimates occurred during the reporting period[426] Taxation The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and education surcharges, with high-tech enterprise and small-profit enterprise tax incentives applied Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable sales revenue, provision of services | 13.00%, 9.00%, 6.00% | | Urban Maintenance and Construction Tax | Payable turnover tax | 5.00%, 7.00% | | Corporate Income Tax | Taxable income | 25.00% | | Education Surcharge | Payable turnover tax | 3.00%, 2.00% | - As a high-tech enterprise, the company's corporate income tax is levied at a reduced rate of 15%[427] - Subsidiaries Chongqing Gongyue and Joyrepak (Hefei) meet the criteria for small and micro-enterprises and enjoy preferential corporate income tax policies for small low-profit enterprises[428] Notes to Consolidated Financial Statement Items This section provides detailed notes for all major consolidated financial statement items, including cash, receivables, inventory, fixed assets, borrowings, revenue, and expenses - Monetary funds at period-end totaled 76.48 million yuan, including **4.54