索宝蛋白(603231) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of key terms and entities used throughout the report Definitions of Common Terms This chapter defines common terms and company-related entities used in the report, ensuring readers have a clear understanding of professional terminology and the company's structure - Defines common terms such as "CSRC", "Controlling Shareholder, Wandaful Group", "Company, the Company, Sobao Protein"[12] - Lists the full names of major subsidiaries, such as "Biotech" referring to Shandong Wandaful Biotechnology Co., Ltd[12] Section II Company Profile and Key Financial Indicators This section outlines the company's basic information and presents key financial performance indicators for the reporting period I. Company Information This section provides the company's legal name, abbreviation, foreign name and its abbreviation, and legal representative information - Company Chinese Name: Ningbo Sobao Protein Technology Co., Ltd[14] - Company Legal Representative: Liu Jishan[14] II. Contact Persons and Information This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - Board Secretary: Fang Jiguo; Securities Affairs Representative: Chen Wenchao[15] - Contact Address: No 12 Xingye Avenue, Ningbo Free Trade Zone, Zhejiang Province[15] III. Brief Introduction to Changes in Basic Information This section discloses the company's registered address, office address, postal code, website, and email address, stating that the registered address has not changed historically - The company's registered address and office address are both No 12 Xingye Avenue, Ningbo Free Trade Zone, Zhejiang Province, with no historical changes[16] IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section specifies the company's designated information disclosure newspapers, the website address for publishing semi-annual reports, and the report custody location - Information Disclosure Newspapers: "Shanghai Securities News", "China Securities Journal", "Securities Daily", "Securities Times"[17] - Report Publication Website: www.sse.com.cn[17](index=17&type=chunk) V. Company Stock Overview This section provides the company's stock type, listing exchange, stock abbreviation, and stock code - Stock Type: A-share; Listing Exchange: Shanghai Stock Exchange[18] - Stock Abbreviation: Sobao Protein; Stock Code: 603231[18] VII. Key Accounting Data and Financial Indicators This section details the company's key accounting data and financial indicators during the reporting period, explaining the main reasons for year-on-year changes Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 773,865,920.48 | 772,006,015.52 | 0.24 | | Total Profit | 116,668,681.80 | 84,445,578.48 | 38.16 | | Net Profit Attributable to Shareholders of Listed Company | 97,432,394.07 | 70,798,007.46 | 37.62 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 93,203,836.86 | 63,515,708.61 | 46.74 | | Net Cash Flow from Operating Activities | 28,808,739.66 | 26,645,996.85 | 8.12 | | End of Current Reporting Period vs. End of Prior Year: | | | | | Net Assets Attributable to Shareholders of Listed Company | 1,914,444,490.02 | 1,874,418,201.08 | 2.14 | | Total Assets | 2,097,352,318.68 | 2,084,649,913.94 | 0.61 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.51 | 0.37 | 37.84 | | Diluted Earnings Per Share (CNY/share) | 0.51 | 0.37 | 37.84 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (CNY/share) | 0.49 | 0.33 | 48.48 | | Weighted Average Return on Net Assets (%) | 5.12 | 3.65 | Increased by 1.47 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | 4.90 | 3.34 | Increased by 1.56 percentage points | - The growth in total profit, net profit, and EPS was primarily due to a decrease in the procurement cost of non-GMO soybeans, leading to an increase in the company's gross profit margin[20] IX. Non-Recurring Gains and Losses Items and Amounts This section lists non-recurring gains and losses items and their amounts for the reporting period, with an explanation for one government subsidy closely related to the company's normal operations - Total non-recurring gains and losses for the reporting period amounted to CNY 4,228,557.21[22] - Major non-recurring gains and losses items include government subsidies recognized in current profit or loss of CNY 1,158,863.94, and fair value change gains/losses and disposal gains/losses of financial assets of CNY 4,853,729.97[22] - Of these, CNY 660,000.00 in other income relates to a subsidiary's reserve oil subsidy, which is closely related to the company's normal operating activities[23] Section III Management Discussion and Analysis This section provides an in-depth discussion and analysis of the company's industry, operations, core competitiveness, and key 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 company's affiliation with the agricultural and sideline food processing industry, its main business of R&D, production, and sales of soy protein series products, and describes its procurement, production, and sales models, as well as its competitive position in the industry (I) Industry in which the Company Operates This section clarifies that the company's industry classification, according to the CSRC and the "National Economic Industry Classification", is agricultural and sideline food processing - The company's industry belongs to the "C Manufacturing" category, "C13 Agricultural and Sideline Food Processing Industry" sub-category, under the CSRC's "Industry Classification Guidelines for Listed Companies"[25] (II) Company's Main Business Operations This section introduces the company's main business of R&D, production, and sales of soy protein series products, having formed a non-GMO soybean deep processing industrial chain with a rich product line, and notes the continuous growth in demand for plant protein - Main business: R&D, production, and sales of soy protein series products[26] - Main products: Soy protein isolate, soy protein concentrate, textured soy protein, soy dietary fiber, and non-GMO soybean oil[26] - Downstream markets: Rapid growth in plant-based meat, snack foods, plant protein beverages, health products, pet food, pharmaceutical fermentation, and other industries drives steady growth in the soy protein market[26] (III) Company's Business Model This section explains the company's procurement model (non-GMO soybeans priced at market rates, focusing on market information), production model (market demand-oriented, sales plan-driven), and sales model (primarily direct sales, supplemented by distribution) - Procurement model: Main raw material is non-GMO soybeans, procurement prices are market-driven, with dedicated soybean procurement specialists monitoring market information to reduce costs[27] - Production model: Market demand-oriented, sales department formulates sales plans, production department develops production plans considering inventory and capacity[27] - Sales model: Primarily direct sales, supplemented by distribution, expanding sales regions through distributors[28][29] (IV) Industry Situation and Company's Position This section analyzes the broad market prospects of soy protein as a healthy food, emphasizing the company's competitive advantages in the industry, including a complete industrial chain, rich product line, and high brand recognition - Soy protein, as a complete plant-based protein, is nutritionally equivalent to animal protein and widely used in plant-based meat, meat products, snack foods, health products, and other fields[30] - The company possesses a complete deep processing industrial chain from soybean procurement to a full range of soy protein products, making it one of the industry's major producers[31] - The company's products enjoy high brand recognition and reputation both domestically and internationally[31] - The company's industry belongs to the "C13 Agricultural and Sideline Food Processing Industry", with its main business being the R&D, production, and sales of soy protein series products[25][26] - The company has established a non-GMO soybean deep processing industrial chain, with products including soy protein isolate, soy protein concentrate, textured soy protein, soy dietary fiber, and non-GMO soybean oil[26] - The business model is market demand-oriented, with non-GMO soybean procurement priced at market rates, and sales primarily through direct sales, supplemented by distribution[27][28] II. Discussion and Analysis of Operations This section summarizes the company's operating results in the first half of 2025 amidst complex economic conditions, with growth in both operating revenue and net profit, and elaborates on specific progress in market marketing, production operations, scientific research and innovation, strategic key initiatives, and party building culture Major Work Progress of the Company during the Reporting Period This section details the company's specific progress and achievements in market marketing, production operations, scientific research and innovation, strategic key initiatives (high-end manufacturing, energy optimization, digital transformation, lean management), and party building culture construction - Market marketing: Coordinated international and domestic markets, consolidated domestic market, intensified international market expansion, Singapore company has commenced sales, enhancing brand recognition and influence[32] - Production operations: Customer demand-oriented, improved order fulfillment rate; intensified cost control, significant achievements in cost reduction and efficiency improvement; strengthened production operation management, perfected equipment management system[32] - Scientific research and innovation: Completed declarations for multiple R&D projects, and released two group standards: "Soybean Whey" and "Yuba, Tofu Skin, Tofu Sticks and Their Products"[33] - Strategic key initiatives: Implemented automation and intelligent upgrade of pulverized coal boiler system, improved energy management system, continuously optimized digital transformation, comprehensively promoted lean production management[33][34] - Party building culture: Promoted party building and corporate culture construction, carried out "striving for excellence" party member activities, leveraging the leading role of cultural construction[34] - In H1 2025, the company achieved operating revenue of CNY 774 million, a year-on-year increase of 0.24%; net profit attributable to shareholders of the listed company was CNY 97.4324 million, a year-on-year increase of 37.62%[31] - The company actively expanded international markets, with its Singapore company officially commencing sales, and continuously strengthened brand building[32] - In terms of production operations, order fulfillment rate improved, cost control and equipment management systems were perfected, and significant achievements were made in cost reduction and efficiency improvement[32] III. Analysis of Core Competitiveness during the Reporting Period This section analyzes the company's core competitive advantages in market position, brand image, new product innovation and R&D, product quality and food safety, management team, industrial chain completeness, and high-quality development - Market position: As a provider of healthy soy protein nutrition solutions, mastering high-end isolated protein production technology, with products enjoying high brand recognition domestically and internationally[35] - Brand image advantage: Owns registered trademarks such as "Sobao" and "Sutai", long-term cooperation with well-known enterprises like Shuanghui and Haidilao, consolidating brand influence[37] - New product innovation and R&D advantage: Strong innovation capabilities, possessing provincial-level technology platforms, collaborating with universities on multiple research projects, and participating in the formulation of several industry standards[37] - Complete industrial chain advantage: Possesses a complete deep processing industrial chain for soy protein, with the Jilin Minde high-end soy protein production base of its subsidiary having commenced trial production, and the Biotech dietary fiber project having started operation, highlighting synergistic development advantages[38] - High-quality development advantage: Conforms to the trend of high-quality development, promotes green production and sustainable development, recognized as a national green factory[38] IV. Major Operating Conditions during the Reporting Period This section provides a detailed analysis of the company's financial statement item changes, asset and liability status, investment activities, and operating conditions of major controlled and investee companies during the reporting period (I) Analysis of Main Business This section analyzes the changes in major financial statement items during the reporting period, including operating revenue, operating costs, selling expenses, administrative expenses, financial expenses, and R&D expenses, and explains the reasons for these changes Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 773,865,920.48 | 772,006,015.52 | 0.24 | | Operating Cost | 628,831,290.74 | 681,399,841.39 | -7.71 | | Selling Expenses | 11,442,949.61 | 9,539,464.86 | 19.95 | | Administrative Expenses | 22,168,299.07 | 18,162,733.64 | 22.05 | | Financial Expenses | -3,945,717.98 | -9,424,463.36 | Not Applicable | | R&D Expenses | 3,253,258.06 | 6,400,049.57 | -49.17 | | Net Cash Flow from Operating Activities | 28,808,739.66 | 26,645,996.85 | 8.12 | | Net Cash Flow from Investment Activities | -37,165,551.27 | -684,175,225.66 | Not Applicable | | Net Cash Flow from Financing Activities | -58,551,386.01 | -248,092,593.95 | Not Applicable | - The decrease in operating cost was primarily due to a reduction in the procurement cost of non-GMO soybeans[39] - The change in financial expenses was mainly due to a decrease in interest income from raised funds deposits and reduced exchange gains/losses from USD exchange rate fluctuations[39] - The change in R&D expenses was primarily due to a decrease in R&D activities during the reporting period[40] (III) Analysis of Assets and Liabilities This section analyzes the main changes in the company's assets and liabilities at the end of the reporting period, including accounts receivable financing, prepayments, other receivables, other current assets, construction in progress, right-of-use assets, other non-current assets, contract liabilities, non-current liabilities due within one year, other current liabilities, and overseas assets Changes in Assets and Liabilities (Current Period End vs. Prior Year End) | Item Name | Current Period End Amount (CNY) | Change Ratio (%) | Explanation | | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 325,843.19 | -94.86 | Due to bank acceptance notes maturing in the current period | | Prepayments | 31,224,780.33 | 137.68 | Due to increased prepayments for soybean procurement in the current period | | Other Receivables | 4,663,755.43 | -36.06 | Due to decreased export tax refunds in the current period | | Other Current Assets | 21,919,921.82 | 261.98 | Due to increased VAT input tax credit in the current period | | Construction in Progress | 52,949,854.78 | -42.83 | Due to some new projects being capitalized after commissioning | | Right-of-Use Assets | 468,266.22 | -46.53 | Due to depreciation of the company's leased assets | | Other Non-Current Assets | 5,529,722.72 | 108.78 | Due to increased prepayments for project engineering and equipment | | Contract Liabilities | 7,554,686.70 | 35.59 | Due to increased advance receipts for goods in the current period | | Non-Current Liabilities Due Within One Year | 38,915.09 | -94.55 | Due to regular rental payments as per agreement | | Other Current Liabilities | 17,196,158.10 | 122.84 | Due to an increase in endorsed but not derecognized bank acceptance notes | | Other Comprehensive Income | 23,716.31 | Not Applicable | Due to increased foreign currency financial statement translation differences from exchange rate fluctuations | - Overseas assets amounted to CNY 1,039,046.00, accounting for 0.05% of total assets[44] - Major restricted assets at period-end included cash and bank balances, notes receivable, and inventories, totaling CNY 32,810,275.71[46] (IV) Analysis of Investment Status This section outlines the company's external equity investments during the reporting period and discloses changes in financial assets measured at fair value - During the reporting period, the company made an additional investment of CNY 1.1174 million in SOLBAR INTERNATIONAL PTE LTD[48] - Financial assets measured at fair value were CNY 487,475,277.65 at period-end and CNY 500,231,118.80 at period-beginning[49] - Purchases of trading financial assets for the current period amounted to CNY 1,260,909,444.44, and sales/redemptions amounted to CNY 1,276,591,730.38[49] (VI) Analysis of Major Controlled and Investee Companies This section provides financial data for the company's major subsidiaries (Biotech, Wandaful International Trade, Sokang International Trade, Jilin Minde, SOLBAR INTERNATIONAL PTE LTD), including total assets, net assets, operating revenue, and net profit Financial Data of Major Subsidiaries (Unit: CNY 10,000) | Company Name | Company Type | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Operating Profit (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Biotech | Subsidiary | 31,981.75 | 127,547.60 | 85,537.59 | 76,080.33 | 10,956.91 | 9,341.87 | | Wandaful International Trade | Subsidiary | 300.00 | 1,855.25 | 823.92 | 1,546.10 | 73.32 | 69.64 | | Sokang International Trade | Subsidiary | 100.00 | 4,375.56 | 794.64 | 6,212.18 | 89.87 | 87.40 | | Jilin Minde | Subsidiary | 5,300.00 | 23,278.67 | 3,536.35 | 1,346.11 | -289.99 | -287.94 | | SOLBAR INTERNATIONAL PTE. LTD. | Subsidiary | 200,000 SGD | 103.90 | 77.81 | 81.13 | -73.23 | -73.27 | - Operating cost decreased by 7.71% year-on-year, primarily due to a reduction in the procurement cost of non-GMO soybeans[39] - Financial expenses significantly decreased year-on-year, mainly due to a decrease in interest income from raised funds deposits and reduced exchange gains/losses from USD exchange rate fluctuations[39] - Prepayments at period-end increased by 137.68% year-on-year, primarily due to increased prepayments for soybean procurement[42] - Construction in progress at period-end decreased by 42.83% year-on-year, primarily due to some new projects being capitalized after commissioning[42] V. Other Disclosure Matters This section details the operational risks (food safety, distribution model, environmental and safety production, product innovation, brand infringement), financial risks (tax policies, exchange rate fluctuations), corporate governance risks (business expansion, improper control by actual controller), and technological risks (loss of technical talent, leakage of technical secrets) the company may face (I) Potential Risks This section comprehensively elaborates on various risks the company may encounter in operations, finance, corporate governance, technology, and fundraising investment projects, including food safety, market competition, policy changes, management expansion, and technology leakage - Food safety risk: Errors in raw material procurement, production operations, or negative industry impacts may damage brand image and sales[53] - Distribution model risk: Expanding business scale may lead to mismatched distributor management, affecting market order and operating performance[54] - Environmental and safety production risk: Pollutant emissions and improper operations during production may lead to environmental pollution or safety accidents, facing regulatory penalties[55] - Product innovation risk: Inability to continuously innovate or deviation in innovation direction may lead to a decline in market competitive position[56] - Brand and registered trademark infringement risk: Counterfeiting or unauthorized use may adversely affect the company's reputation and operations[58] - Tax policy and government subsidy policy change risk: Changes in high-tech enterprise tax incentives or government subsidy policies may affect future performance[59] - Exchange rate fluctuation risk: Export business primarily uses USD for quotation and settlement; significant appreciation of RMB will adversely affect operating performance[60] - Management risk from business expansion: Growth in assets and operating scale after the implementation of fundraising projects imposes higher requirements on management level and risk control[61] - Risk of improper control by actual controller: The controlling shareholder's relatively controlling position may lead to improper decisions[62] - Technology risk: Loss of technical talent and leakage of technical secrets may harm core competitiveness[63] - Fundraising investment project risk: Fundraising projects may not achieve expected returns, or increased depreciation of fixed assets after completion may lead to a decline in performance[64][65] - Operational risks: Including food safety, mismatched distribution model management, environmental pollution and safety production accidents, deviation in product innovation direction, and brand and registered trademark infringement risks[53][54][55] - Financial risks: Changes in high-tech enterprise tax preferential policies for subsidiaries, changes in government subsidy policies, and exchange rate fluctuation risks faced by export business[59][60] - Corporate governance risks: Increased management difficulty due to business expansion, and risks of improper decisions due to concentrated equity of the actual controller[61][62] - Fundraising investment project risks: Risks that fundraising projects may not achieve expected returns, and increased depreciation of fixed assets after completion may lead to a decline in performance[64][65] Section IV Corporate Governance, Environment and Society This section details the company's corporate governance practices, environmental initiatives, social responsibilities, and related proposals II. Profit Distribution or Capital Reserve Conversion Plan This chapter primarily discloses that the company's semi-annual profit distribution or capital reserve conversion plan is "none", indicating no profit distribution or share capital increase during the reporting period - The company's proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is "none"[69] Section V Significant Matters This section covers important corporate matters, including the fulfillment of commitments and the progress of raised fund utilization I. Fulfillment of Commitments This section details various commitments made by the company's actual controller, shareholders, related parties, and the company itself during its initial public offering, including share lock-up, holding intentions, share price stabilization measures, measures to compensate for diluted immediate returns, profit distribution policies, avoidance of horizontal competition, restrictive measures for non-fulfillment of commitments, social insurance and housing provident fund commitments, prospectus truthfulness commitments, and share repurchase commitments for fraudulent issuance, along with their fulfillment status during the reporting period - Controlling shareholder Wandaful Group, actual controller Liu Jishan, and his relative Liu Jiliang committed not to transfer shares within 36 months from the company's listing date, and set conditions such as the reduction price not being lower than the offering price within two years after the lock-up period expires[73][74][75] - The company's directors, supervisors, and senior management committed not to transfer shares within 12 months from the company's listing date, and set conditions such as the reduction price not being lower than the offering price within two years after the lock-up period expires[76][77] - The company formulated a plan to stabilize its stock price within three years after listing, including specific measures such as company share repurchases, increased shareholdings by controlling shareholders and actual controllers, and increased shareholdings by directors, supervisors, and senior management[87][88][89] - The company and its directors, supervisors, and senior management committed to taking measures to compensate for diluted immediate returns, including strengthening technological R&D, accelerating the construction of fundraising projects, enhancing operational management and internal control, and formulating reasonable dividend distribution policies[93][94][95] - The controlling shareholder and actual controller committed to avoiding new horizontal competition and established restrictive measures for non-fulfillment of commitments[98][99][100] - The company, its controlling shareholders, actual controllers, directors, supervisors, senior management, and intermediaries all committed that the prospectus contains no false records, misleading statements, or major omissions, and made commitments regarding share repurchases and buybacks for fraudulent issuance[107][108][109] IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period This section briefly explains that the integrity status of the company, its controlling shareholder, and actual controller was good during the reporting period - The integrity status of the company, its controlling shareholder, and actual controller was good during the reporting period[113] XII. Explanation of Progress in Use of Raised Funds This section details the overall use of the company's raised funds, specifics and progress of fundraising projects, including the postponement of some projects and the cash management of idle raised funds (I) Overall Use of Raised Funds This section outlines the source, total amount, net amount of the company's raised funds, and the cumulative investment amount and progress as of the end of the reporting period - Source of raised funds: Initial public offering of shares[118] - Total raised funds: CNY 1,019.0416 million[118] - Net raised funds: CNY 979.4557 million[118] - As of the end of the reporting period, cumulative investment of raised funds totaled CNY 438.9727 million, with an investment progress of 44.82%[118] (II) Details of Fundraising Projects This section details the planned total investment, current year's investment, cumulative investment amount, investment progress, and compliance with plans for each fundraising project, and discloses the use of over-raised funds Details of Fundraising Project Usage (Unit: CNY 10,000) | Project Name | Committed Investment Total (CNY 10,000) | Cumulative Investment of Raised Funds as of Reporting Period End (CNY 10,000) | Cumulative Investment Progress as of Reporting Period End (%) | | :--- | :--- | :--- | :--- | | 30,000-ton Textured Soy Protein Production Line Project | 11,981.75 | 0 | 0 | | 5,000-ton Granulated Soy Protein Production Line Project | 11,976.51 | 0 | 0 | | 75T Medium-Temperature Medium-Pressure High-Efficiency Pulverized Coal Boiler Project | 14,500.00 | 14,500.00 | 100.00 | | Replenishment of Working Capital | 17,000.00 | 16,697.27 | 98.22 | | Use of Over-Raised Funds | 42,487.31 | 12,700.00 | 29.89 | | Total | 97,945.57 | 43,897.27 | / | - Of the over-raised funds, CNY 127 million was used for permanent replenishment of working capital, with 100% invested; CNY 297.8731 million has not yet had its investment direction determined[123][124] (IV) Other Circumstances Regarding the Use of Raised Funds during the Reporting Period This section discloses the company's use of idle raised funds for cash management, and specific information on the re-evaluation and postponement of some fundraising projects - The company's board of directors resolved to approve the use of temporarily idle raised funds, up to a maximum of CNY 550 million, for cash management, investing in highly secure, liquid, low-risk principal-protected products[126] - As of the end of the reporting period, the balance of idle raised funds for cash management was CNY 430 million, and income of CNY 3.0572 million was received during the current period[128][129] - The "30,000-ton Textured Soy Protein Production Line Project" and the "5,000-ton Granulated Soy Protein Production Line Project" were decided to continue implementation after re-evaluation[130] - The completion date for the "30,000-ton Textured Soy Protein Production Line Project" was adjusted to December 2026 due to factors such as macroeconomic fluctuations and raw material price volatility[130] - Total raised funds: CNY 1,019.0416 million, net raised funds: CNY 979.4557 million[118] - As of the end of the reporting period, cumulative investment of raised funds totaled CNY 438.9727 million, with an investment progress of 44.82%[118] - Some fundraising projects, such as the "30,000-ton Textured Soy Protein Production Line Project" and the "5,000-ton Granulated Soy Protein Production Line Project", have been re-evaluated and decided to continue implementation, with the "30,000-ton Textured Soy Protein Production Line Project" postponed to December 2026[130] - As of the end of the reporting period, the balance of idle raised funds used for cash management was CNY 430 million, and cash management income of CNY 3.0572 million was received during the current reporting period[128][129] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital and provides comprehensive information on its shareholders I. Changes in Share Capital This section briefly states that there were no changes in the company's total share capital and share structure during the reporting period - During the reporting period, there were no changes in the company's total share capital and share structure[132] II. Shareholder Information This section discloses the total number of common shareholders at the end of the reporting period, the shareholding status of the top ten shareholders (including the number of restricted shares, pledge/freeze status, and shareholder nature), as well as the shareholding status of the top ten unrestricted common shareholders and the restriction conditions for the top ten restricted shareholders - Total number of common shareholders at the end of the reporting period: 19,444[134] Top Ten Shareholders' Shareholding Status (As of Reporting Period End) | Shareholder Name | Shares Held at Period End | Percentage (%) | Number of Restricted Shares Held | Share Status | Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Wandaful Industrial Group Co., Ltd. | 82,748,091 | 43.22 | 82,748,091 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | Jinan Caijin Fosun Weishi Equity Investment Partnership (Limited Partnership) | 13,473,046 | 7.04 | 0 | Unrestricted | 0 | Other | | Shanghai Fosun Chuangfu Investment Management Co., Ltd. - Ningbo Meishan Bonded Port Area Fosun Weiying Equity Investment Partnership (Limited Partnership) | 13,473,046 | 7.04 | 0 | Unrestricted | 0 | Other | | Ningbo Hexin Investment Partnership (Limited Partnership) | 6,352,083 | 3.32 | 2,445,032 | Unrestricted | 0 | Other | | Shanghai Zhichen Asset Management Co., Ltd. - Rongzhi (Dongying) Equity Investment Partnership (Limited Partnership) | 4,666,667 | 2.44 | 0 | Unrestricted | 0 | Other | | Hu Anzhi | 3,970,565 | 2.07 | 0 | Frozen | 2,300,000 | Domestic Natural Person | | Shanghai Liangyuan Asset Management Co., Ltd. - Liangyuan Wealth Private Securities Investment Fund | 3,242,000 | 1.69 | 0 | Unrestricted | 0 | Other | | Ningbo Dongrui Investment Partnership (Limited Partnership) | 2,930,038 | 1.53 | 0 | Unrestricted | 0 | Other | | Bunge (Shanghai) Management Co., Ltd. | 1,445,215 | 0.75 | 0 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | Xinyu Yantai Enterprise Management Consulting Center (Limited Partnership) | 1,257,131 | 0.66 | 0 | Unrestricted | 0 | Other | - The company shares directly or indirectly held by controlling shareholder Wandaful Group, actual controller Liu Jishan, and actual controller's relative Liu Jiliang will become tradable 42 months from the company's stock listing date[139] Section VII Bond-Related Information This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=47&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4