华民股份(300345) - 2025 Q2 - 季度财报

Section I Important Notes, Table of Contents, and Definitions Important Notes This section provides important notes, affirming the board and management's assurance of report accuracy and completeness, while also advising investors on risk factors and the company's plan for no profit distribution - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[4] - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section presents the report's directory structure, clearly listing the eight main chapters and their starting page numbers for easy investor reference - The report comprises eight main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[7] Definitions This section defines key terms used in the report, covering company names, subsidiaries, financial units, and technical terms from the photovoltaic and wear-resistant materials industries for accurate understanding - The reporting period is from January 1, 2025, to June 30, 2025[10] - The definitions section elaborates on key terms in the photovoltaic industry (e.g., silicon material, monocrystalline silicon, TOPCon cells, HJT cells) and wear-resistant materials industry (e.g., high-efficiency ball mill integrated energy-saving technology, grinding balls, liners, hammerheads, PIP technology)[10][11] Section II Company Profile and Key Financial Indicators I. Company Profile This section outlines the company's basic registration information, including stock abbreviation, code, listing exchange, Chinese and foreign names, and legal representative, clearly identifying the company Company Basic Information | Stock Abbreviation | Huamin Shares | | :--- | :--- | | Stock Code | 300345 | | Stock Listing Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Hunan Huamin Holdings Group Co., Ltd | | Company's Legal Representative | Ouyang Shaohong | II. Contact Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone, fax, and email, facilitating investor communication - The company's Board Secretary is Zhou Dan, and the Securities Affairs Representative is Jiang Shan, both with the contact address at 29th Floor, Xingye IEC Building, No. 86 Xinjian Lane, Liudu, Yuhua District, Changsha City, Hunan Province[14] - The company's contact phone and fax are both 0731-89723366, and the email is huamin@huaminchina.cn[14] III. Other Information This section confirms that the company's contact information, information disclosure, and registration details remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[15] - Information disclosure and storage locations remained unchanged during the reporting period[15] - Registration details remained unchanged during the reporting period[15] IV. Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a slight revenue decrease but a significant reduction in net loss attributable to shareholders, alongside a decrease in total assets and net assets Key Financial Indicators for H1 2025 | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 456,040,548.07 | 470,431,872.83 | -3.06% | | Net Profit Attributable to Shareholders of Listed Company | -80,886,791.07 | -136,582,830.52 | 40.78% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -90,678,524.37 | -137,635,253.67 | 34.12% | | Net Cash Flow from Operating Activities | -81,992,049.95 | -37,519,169.37 | -118.53% | | Basic Earnings Per Share (Yuan/share) | -0.1397 | -0.2364 | 40.91% | | Diluted Earnings Per Share (Yuan/share) | -0.1397 | -0.2364 | 40.91% | | Weighted Average Return on Net Assets | -14.60% | -16.94% | 2.34% | | Period-End Indicators | Current Period-End (Yuan) | Prior Year-End (Yuan) | Change from Prior Year-End | | Total Assets | 3,440,230,661.55 | 3,645,043,630.30 | -5.62% | | Net Assets Attributable to Shareholders of Listed Company | 525,114,815.04 | 594,349,544.36 | -11.65% | V. Differences in Accounting Data under Domestic and International Accounting Standards This section states that the company has no differences in net profit and net assets between financial reports prepared under international or foreign accounting standards and Chinese accounting standards - The company has no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[17] - The company has no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[17] VI. Non-Recurring Gains and Losses This section lists the company's non-recurring gains and losses for the reporting period, totaling 9.79 million Yuan, which positively impacted the company's net profit Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 14,290.21 | | Government grants recognized in current profit or loss | 10,883,269.26 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 13,311.24 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 954,500.00 | | Debt restructuring gains or losses | 230,000.00 | | Other non-operating income and expenses apart from the above | 486,226.71 | | Less: Income tax impact | 1,703,454.33 | | Minority interest impact (after tax) | 1,086,409.79 | | Total | 9,791,733.30 | Section III Management Discussion and Analysis I. Main Businesses during the Reporting Period The company's main businesses span the photovoltaic and wear-resistant materials sectors, focusing on high-efficiency N-type monocrystalline silicon wafers and energy-saving solutions for grinding equipment - The company primarily engages in photovoltaic new energy product manufacturing and application, supplemented by traditional wear-resistant new material businesses, committed to "creating a beautiful zero-carbon world"[21] - In the photovoltaic sector, the company is engaged in the R&D, production, and sales of high-efficiency N-type monocrystalline silicon wafers, including monocrystalline silicon rods, monocrystalline silicon wafers, and HJT-specific silicon wafers, while actively exploring smart energy solutions[22][23] - In the wear-resistant materials sector, the company provides high-efficiency ball mill integrated energy-saving technology solutions and crusher hammerhead products, aiming to achieve "increased production, energy saving, consumption reduction, and environmental protection"[22][24] II. Analysis of Core Competitiveness The company's core competitiveness stems from its technological innovation, advanced N-type production capacity, experienced management team, and strong brand reputation in both new energy and wear-resistant materials - The company possesses a complete R&D team, continuously enhancing technological innovation capabilities through industry-university-research cooperation, demonstrating technological advantages in both new energy and new materials[25][26] - The company focuses on the high-efficiency N-type silicon wafer market, with all production lines equipped with advanced equipment, adopting chain gettering process technology, possessing flexible production capabilities, and maintaining a leading production capacity[27] - The core management team has deep industry background and rich experience, enhancing team enthusiasm and execution through optimized organizational structure and equity incentives[28] - The company's product quality and high-efficiency ball mill integrated energy-saving technology are widely recognized in the industry, and its controlling subsidiary, Hongxin New Energy, has received multiple brand honors, enhancing market influence[29][30] III. Analysis of Main Business In the first half of 2025, the company saw improved gross margins and a 40.78% reduction in net loss due to record PV installations and cost-reduction efforts, while also expanding into smart energy and embodied AI - In the first half of 2025, China's new photovoltaic installed capacity reached 212.21 GW, a 107% year-on-year increase, with a slight rebound in photovoltaic industry chain prices[31] - The company significantly improved its overall gross margin by implementing cost-reduction measures such as management efficiency, technological innovation, and process breakthroughs, lowering non-silicon costs to a historical low[31] Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 456,040,548.07 | 470,431,872.83 | -3.06% | | | Operating Cost | 453,821,588.38 | 552,005,221.97 | -17.79% | | | Selling Expenses | 3,261,491.48 | 5,984,944.80 | -45.51% | Primarily due to the company optimizing sales channels and reducing selling expenses in the current reporting period | | Financial Expenses | 43,813,763.18 | 18,221,179.13 | 140.46% | Primarily due to increased bank loan interest expenses and increased amortization of unrecognized financing expenses corresponding to government-built assets confirmed as long-term payables in the current reporting period | | R&D Investment | 27,279,335.45 | 20,259,881.97 | 34.65% | Primarily due to the company increasing R&D investment in its photovoltaic business in the current reporting period | | Net Cash Flow from Operating Activities | -81,992,049.95 | -37,519,169.37 | -118.53% | Primarily due to a decrease in tax refunds received by the company in the current reporting period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Photovoltaic Products | 375,025,393.06 | 391,102,175.67 | -4.29% | -6.58% | -21.40% | 19.65% | | Wear-Resistant Products | 48,650,133.64 | 42,115,806.15 | 13.43% | 7.93% | 9.27% | -1.06% | - The company is building a diversified development pattern of "new energy + new technology," with continuous progress in new energy business application scenarios; the first phase of its factory-level source-grid-load-storage integrated pioneer demonstration project has successfully passed acceptance and officially commenced operation[32] - The company actively expands into emerging strategic areas, laying out the embodied AI industry through equity investments in companies like Tiantai Robotics[32] IV. Analysis of Non-Core Business This section details the impact of non-core businesses on total profit, including investment income, asset impairment, and non-operating income/expenses, noting their minor and non-recurring nature Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 1,197,811.24 | 1.15% | No | | Asset Impairment | -1,790,419.36 | -1.72% | No | | Non-Operating Income | 479,134.09 | 0.46% | No | | Non-Operating Expenses | 69,185.56 | 0.07% | No | V. Analysis of Assets and Liabilities This section analyzes the company's asset and liability structure, noting decreases in total assets and net assets, an increase in fixed assets proportion, and specific asset restrictions at period-end Significant Changes in Asset Composition | Item | Amount at Current Period-End (Yuan) | Proportion of Total Assets | Amount at Prior Year-End (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 215,211,679.59 | 6.26% | 350,681,092.30 | 9.62% | -3.36% | | Accounts Receivable | 111,727,540.00 | 3.25% | 157,128,943.93 | 4.31% | -1.06% | | Fixed Assets | 2,277,850,095.31 | 66.21% | 2,287,428,694.63 | 62.75% | 3.46% | | Long-Term Borrowings | 31,569,993.33 | 0.92% | 0.00 | 0.00% | 0.92% | | Deferred Income Tax Assets | 109,337,947.52 | 3.18% | 96,148,535.57 | 2.64% | 0.54% | Asset Rights Restricted at Period-End | Item | Book Balance (Yuan) | Book Value (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 150,045,680.95 | 150,045,680.95 | Margin Deposit | Letter of credit, acceptance bill margin, and interest | | Fixed Assets | 76,388,424.02 | 44,392,140.79 | Sale-leaseback, Mortgage | Assets subject to sale-leaseback agreement, Mortgage | | Intangible Assets | 15,133,643.92 | 10,933,711.91 | Mortgage | Mortgage | | Investment Properties | 136,224,902.92 | 106,794,921.30 | Mortgage | Mortgage | | Total | 377,792,651.81 | 312,166,454.95 | | | VI. Analysis of Investment Status During the reporting period, the company's investment increased by 111.64%, primarily due to wealth management products, with significant non-equity investments focused on photovoltaic projects under construction or in production - The investment amount for the reporting period was 6,878,142.86 Yuan, an increase of 111.64% compared to the same period last year, mainly due to increased investment in wealth management products[46] Significant Non-Equity Investments in Progress during the Reporting Period | Project Name | Investment Method | Industry Involved | Amount Invested in Current Reporting Period (Yuan) | Cumulative Actual Investment Amount at Period-End (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Hongxin New Energy High-Efficiency N-Type Monocrystalline Silicon Rod and Wafer Project (Phase I) | Self-built | Photovoltaic Industry | 926,941.68 | 947,535,734.45 | 99.74% | | Honghui New Energy 10GW HJT Battery Dedicated Monocrystalline Silicon Wafer Project | Self-built | Photovoltaic Industry | 47,612,241.17 | 577,263,313.34 | 64.14% | | Hongxin New Energy High-Efficiency N-Type Monocrystalline Silicon Rod and Wafer Project (Phase II) | Self-built | Photovoltaic Industry | 6,086,946.54 | 1,190,694,165.27 | 39.04% | - The amount of entrusted wealth management products during the reporting period was 6.88 million Yuan, all of which were bank wealth management products invested with own funds, with no outstanding balance or overdue unrecovered amounts at period-end[51] VII. Significant Asset and Equity Sales During the reporting period, the company did not engage in any significant asset or equity sales - The company had no significant asset sales during the reporting period[47] - The company had no significant equity sales during the reporting period[47] VIII. Analysis of Major Holding and Participating Companies This section analyzes the performance of key subsidiaries, with Hongxin New Energy significantly reducing its net loss by 58.15% due to improved sales and cost efficiency, while Honghui New Energy's loss remained stable Financial Data of Major Subsidiaries | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Hongxin New Energy | 372,760,520.63 | -59,248,884.89 | | Honghui New Energy | 29,223,009.84 | -14,032,484.69 | - Hongxin New Energy's net profit increased by 58.15% compared to the same period last year, achieving a significant reduction in losses, mainly due to improved sales prices, vigorous implementation of cost-reduction measures, comprehensive optimization of operational efficiency, and lowering non-silicon costs to a historical low, resulting in a significant improvement in overall gross margin[53] - Honghui New Energy's net profit remained largely flat compared to the same period last year; the loss was mainly affected by a temporary supply-demand mismatch in the market, insufficient company orders, and high fixed costs such as depreciation expenses and period expenses[54] IX. Structured Entities Controlled by the Company During the reporting period, the company had no structured entities requiring disclosure - The company has no structured entities under its control[55] X. Risks Faced by the Company and Countermeasures The company faces risks from market competition, raw material price fluctuations, long-term contract performance, talent retention, and funding, addressed by R&D investment, market expansion, and financial management - The company faces risks of intensified market competition due to the expansion of photovoltaic industry capacity; countermeasures include focusing on high-efficiency N-type silicon wafers, increasing R&D investment, and expanding into overseas markets[55] - Raw material price fluctuations directly impact the company's costs and performance; countermeasures include centralized procurement, improving supply chain management, and tracking market dynamics[55][56] - Long-term sales contracts may not be fulfilled as expected due to unforeseen factors; countermeasures include steadily advancing project construction, strengthening lean management, and enhancing customer service capabilities[56] - The company faces the risk of talent development lagging behind its growth; countermeasures include continuously attracting excellent talent, strengthening the management system, and implementing equity incentives[57] - The company is in a period of rapid development, with business expansion requiring significant capital; countermeasures include establishing a scientific capital management system, broadening financing channels, and strengthening budget management[58][59] XI. Registration Form for Research, Communication, Interview, and Other Activities during the Reporting Period During the reporting period, the company primarily engaged with individual investors through phone calls and online briefings to discuss operations, industry outlook, performance, and strategic plans - During the reporting period, the company received individual investors through telephone communication and online performance briefings[60] - Communication content mainly included the company's operating conditions, industry outlook, performance, and strategic planning[60] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[61] - The company has not disclosed a valuation enhancement plan[61] XIII. Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[61] Section IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management During the reporting period, there were changes in the company's directors, supervisors, and senior management, including the appointment of Liu Jiamin as Vice President and the departure of Sun Gaofeng, Zhang Jin, and Li Zhu due to the abolition of the Board of Supervisors - Liu Jiamin was appointed as Vice President on April 24, 2025[63] - Sun Gaofeng (Chairman of the Board of Supervisors), Zhang Jin (Employee Representative Supervisor), and Li Zhu (Supervisor) resigned on May 16, 2025, due to the abolition of the Board of Supervisors[63] II. Profit Distribution and Capital Reserve Conversion to Share Capital during the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[64] III. Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures During the reporting period, the company implemented an equity incentive plan, canceling certain unexercised stock options and facilitating the exercise of 1,494,330 shares for eligible participants - The company canceled 316,500 stock options granted but unexercised to 9 incentive recipients who no longer met the incentive conditions due to resignation, etc., and 470,000 stock options from the first exercise period of the remaining reserved stock options that expired unexercised[66] - The company approved the exercise of 255,000 stock options for 14 eligible incentive recipients for the second exercise period of the remaining reserved stock options[66] - During the reporting period, incentive recipients under the 2022 equity incentive plan collectively exercised 1,494,330 shares through self-exercising options[66] IV. Environmental Information Disclosure The company and its key subsidiary, Hongxin New Energy Technology (Yunnan) Co., Ltd., are listed as legally required environmental information disclosure enterprises and have published their environmental reports - The company and its major subsidiary, Hongxin New Energy Technology (Yunnan) Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[68] - The environmental information disclosure report of Hongxin New Energy Technology (Yunnan) Co., Ltd. can be found on the designated website[68] V. Social Responsibility The company upholds legal and ethical operations, actively fulfilling social responsibilities by balancing economic and social benefits, protecting stakeholder rights, and promoting environmental sustainability and public welfare - The company strictly adheres to laws and regulations, improves its corporate governance structure and internal control system, and ensures timely, accurate, and complete information disclosure to protect shareholder rights[70] - The company adheres to a people-oriented approach, improves employment systems, enhances employee incentive mechanisms and welfare systems, values employee career planning and training, and protects employee rights[71] - The company selects qualified suppliers based on fair and just principles, fosters win-win cooperation with customers, continuously enhances R&D capabilities and delivery capacity, and provides high-quality products and services[72] - The company places high importance on environmental protection, adheres to green, low-carbon, and environmentally friendly sustainable development concepts, continuously improves production processes, and raises employee environmental awareness[73][74] - The company focuses on establishing good public relations with all sectors of society, actively participates in social welfare undertakings, and serves and gives back to society[75] Section V Significant Matters I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company This section discloses that the controlling shareholder, Jianhongda Group, has not fully met its performance compensation commitment for Hongxin New Energy, owing 56 million Yuan, with 2 million Yuan received and the remainder under negotiation - Controlling shareholder Jianhongda Group committed that Hongxin New Energy's cumulative net profit for 2022-2024 would not be less than 38 million Yuan, with 7.5 million Yuan in 2022, 14.5 million Yuan in 2023, and 16 million Yuan in 2024[77] - Hongxin New Energy failed to meet its performance commitments for 2022, 2023, and 2024, requiring Jianhongda Group to pay 56 million Yuan in performance compensation to the company[77] - As of the disclosure date of this report, the company has received 2 million Yuan in performance compensation from Jianhongda Group, which will continue to fulfill its compensation obligations, and the company is actively pursuing the remaining payments, with both parties currently in communication and negotiation[77] II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company - The company had no non-operating funds occupied by the controlling shareholder or other related parties of the listed company[78] III. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees[78] IV. Appointment and Dismissal of Accounting Firms This semi-annual financial report has not been audited - The semi-annual financial report has not been audited[78] V. Explanation by the Board of Directors, Board of Supervisors, and Audit Committee on the "Non-Standard Audit Report" for the Current Period During the reporting period, the company had no non-standard audit report, thus no explanation from the Board of Directors, Board of Supervisors, or Audit Committee is required - The company had no non-standard audit report[78] VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year During the reporting period, the company had no non-standard audit report, thus no explanation from the Board of Directors is required - The company had no non-standard audit report[78] VII. Bankruptcy Reorganization Matters During the reporting period, the company had no bankruptcy reorganization matters - The company had no bankruptcy reorganization matters[78] VIII. Litigation Matters This section discloses other litigation matters during the reporting period, with the company as plaintiff/applicant involving 2.01 million Yuan (settled/judged) and as defendant/respondent involving 0.37 million Yuan (closed/retrial pending), none having a significant impact Other Litigation Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (Ten Thousand Yuan) | Provision for Estimated Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigations where the company is plaintiff/applicant not meeting the disclosure threshold for significant litigation | 201.38 | No | Settled/Judged | No significant impact | | Summary of other litigations where the company is defendant/respondent not meeting the disclosure threshold for significant litigation | 37.28 | No | Closed/Retrial pending | No significant impact | IX. Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations[80] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its controlling shareholder, and actual controller had no integrity issues - The company, its controlling shareholder, and actual controller had no integrity issues[80] XI. Significant Related Party Transactions This section details significant related party transactions, including guarantees from the controlling shareholder up to 1.5 billion Yuan (with 667 million Yuan accepted), unfulfilled performance compensation of 56 million Yuan from Jianhongda Group, and co-investment in an industry fund - The company accepted joint and several liability guarantees from its controlling shareholder, actual controller Ouyang Shaohong, and their related parties, totaling no more than 1.5 billion Yuan, with 667 million Yuan in accepted guarantees as of the end of the reporting period[81] - Based on Hongxin New Energy's performance commitment fulfillment for 2022, 2023, and 2024, Jianhongda Group is required to pay 56 million Yuan in performance compensation to the company; the company has received 2 million Yuan and is in communication and negotiation for the remainder[82] - The company co-invested with professional investment institutions to establish an industry fund, with all partners intending to subscribe for 300 million Yuan; the company, as a limited partner, subscribed for 5 million Yuan, and Ms. Liao Zhaohui, the company's Vice Chairman, is a related party[82][83] XII. Significant Contracts and Their Performance This section outlines the company's significant contracts, including property leases, guarantees for subsidiaries, and major operating contracts for photovoltaic product sales, noting the termination of one framework agreement due to market changes - The company leased out some idle factory buildings and land, with cumulative rental income of 3.64 million Yuan from various leases during the lease period[84] - The company leased office premises for a term of five years, with cumulative rent totaling 7.52 million Yuan[84] Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (Ten Thousand Yuan) | Total Actual Guarantee Balance for Subsidiaries at Period-End (Ten Thousand Yuan) | | :--- | :--- | :--- | | Hongxin New Energy | 2,000 | 6,735.00 | | Honghui New Energy | 21,000 | | | Hongyu Technology | 500 | | | Hongxin Solar | 1,000 | 1,000 | - The company's total guarantee amount accounts for 14.73% of its net assets[86] Major Contracts in Ordinary Operations | Company Party to Contract | Counterparty to Contract | Total Contract Amount | Contract Performance Progress | Sales Revenue Recognized in Current Period (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | Hongxin New Energy | Chint New Energy | 15GW total over 3 years, framework contract | Normal performance, partially settled | 10,187.61 | | Hongxin New Energy | Tongwei Co., Ltd | 1,520 million wafers, framework contract | Normal performance, partially settled | 13,391.94 | | Honghui New Energy | Huasheng New Energy | 15GW total over 3 years, framework contract | Normal performance, partially settled | 5,554.83 | | Hongxin New Energy | Yidao New Energy | Approximately 1,360 million wafers, framework contract | Contract terminated, both parties signed a supplementary agreement to terminate the original contract | 0.00 | XIII. Explanation of Other Significant Matters During the reporting period, the company diversified its strategic layout by investing in Guangdong Tiantai Robotics Co., Ltd., entering the intelligent robotics sector - The company plans to subscribe for new registered capital in Guangdong Tiantai Robotics Co., Ltd. with an investment not exceeding 100 million Yuan, entering the intelligent robotics sector[88] XIV. Significant Matters of Company Subsidiaries During the reporting period, there were no significant matters of company subsidiaries requiring disclosure - The company has no significant matters of subsidiaries requiring disclosure[89] Section VI Share Changes and Shareholder Information I. Share Changes During the reporting period, the company's total shares increased by 1,494,330 due to the exercise of stock options, resulting in a decrease in restricted shares and a corresponding increase in unrestricted shares Share Changes | Item | Number of Shares Before Change (Shares) | Proportion Before Change | Increase/Decrease in Current Change (Shares) | Number of Shares After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 134,595,000 | 23.29% | -9,750 | 134,585,250 | 23.23% | | II. Unrestricted Shares | 443,350,612 | 76.71% | 1,504,080 | 444,854,692 | 76.77% | | III. Total Shares | 577,945,612 | 100.00% | 1,494,330 | 579,439,942 | 100.00% | - The increase in the company's shares during the reporting period was due to the exercise of 1,494,330 shares by eligible incentive recipients under the company's 2022 stock option incentive plan[92] - The change in restricted shares was due to changes in senior management restricted shares[92] II. Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities[96] III. Company Shareholder Numbers and Shareholding This section details the company's shareholder numbers and shareholding at period-end, with 14,552 common shareholders, and provides information on top shareholders' holdings, changes, restricted shares, pledges, and related party relationships - The total number of common shareholders at the end of the reporting period was 14,552[97] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (Shares) | Number of Restricted Shares Held (Shares) | Pledged, Marked, or Frozen Status (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ouyang Shaohong | Domestic Natural Person | 22.78% | 132,000,000 | 132,000,000 | Pledged 97,000,000 | | Hunan Jianxiang Huihong Industrial Investment Co., Ltd | Domestic Non-State-Owned Legal Person | 15.23% | 88,259,100 | 0 | Pledged 88,259,100 | | Guan Haiguo | Domestic Natural Person | 3.50% | 20,265,100 | 0 | Not Applicable 0 | | Zhu Mingchu | Domestic Natural Person | 2.76% | 15,982,995 | 0 | Not Applicable 0 | | Shanghai Yingshui Investment Management Co., Ltd. - Yingshui Xunyang No. 15 Private Securities Investment Fund | Other | 2.23% | 12,896,000 | 0 | Not Applicable 0 | - Ouyang Shaohong directly holds 100% equity in Hunan Jianxiang Huihong Industrial Investment Co., Ltd.; Zhu Mingchu and his relatives collectively hold 100% equity in Shanghai Yingshui Investment Management Co., Ltd. - Yingshui Xunyang No. 15 Private Securities Investment Fund; Guan Haiguo, Fu Zhen, and Chen Wenyan are parties acting in concert[97][98] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management This section discloses changes in shareholdings of the company's directors, supervisors, and senior management. During the reporting period, Board Secretary Xia Yu, Vice President Dai Guizhong, and CFO Gao Xianyong all saw decreases in their shareholdings Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (Shares) | Number of Shares Reduced in Current Period (Shares) | Shares Held at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | | Xia Yu | Board Secretary | 790,000 | 180,000 | 610,000 | | Dai Guizhong | Vice President | 297,000 | 72,000 | 225,000 | | Gao Xianyong | Chief Financial Officer | 300,000 | 75,000 | 225,000 | V. Changes in Controlling Shareholder or Actual Controller During the reporting period, the company's controlling shareholder or actual controller did not change - The company's controlling shareholder did not change during the reporting period[101] - The company's actual controller did not change during the reporting period[101] VI. Preferred Shares Information During the reporting period, the company had no preferred shares information - The company had no preferred shares information[101] Section VII Bond-Related Information Bond-Related Information During the reporting period, the company had no bond-related information requiring disclosure - The company had no bond-related information[103] Section VIII Financial Report I. Audit Report This semi-annual financial report has not been audited - The semi-annual report has not been audited[105] II. Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2025, providing a comprehensive view of its financial position and operating results Consolidated Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 3,440,230,661.55 | | Total Liabilities | 2,976,313,010.70 | | Total Owners' Equity Attributable to Parent Company | 525,114,815.04 | | Total Owners' Equity | 463,917,650.85 | Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 456,040,548.07 | | Net Profit | -92,034,899.86 | | Net Profit Attributable to Parent Company Shareholders | -80,886,791.07 | | Basic Earnings Per Share (Yuan/share) | -0.1397 | Consolidated Cash Flow Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -81,992,049.95 | | Net Cash Flow from Investing Activities | -47,022,390.69 | | Net Cash Flow from Financing Activities | 4,707,145.83 | | Net Increase in Cash and Cash Equivalents | -124,160,343.15 | | Cash and Cash Equivalents at Period-End | 65,165,998.64 | III. Company Basic Information This section introduces Hunan Huamin Holdings Group Co., Ltd.'s registration information, historical evolution, business nature, main operating activities, controlling shareholder and actual controller, and the approval and consolidation scope of its financial report - The company's registered address is No. 068 Jinsha West Road, Jinzhou New District, Changsha City, Hunan Province, and its legal representative is Ouyang Shaohong[133] - The company operates in the photovoltaic industry and metal products industry, with a broad business scope including ferrous metal casting, photovoltaic equipment and component manufacturing, and electronic special material R&D[134] - The company's controlling shareholder and actual controller is natural person Ouyang Shaohong, who directly and indirectly holds a total of 38.01% of the company's voting shares[135] - The company's financial statements were approved for issuance by the Board of Directors on August 26, 2025[136] - The consolidated scope for this reporting period includes 15 subsidiaries, such as Hongxin New Energy and Honghui New Energy[138] IV. Basis of Financial Statement Preparation This section states that the company's financial statements are prepared on a going concern basis, adhering to accounting standards and disclosure regulations, using the accrual basis and historical cost, with a confirmed ability to continue operations for the next 12 months - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)" issued by the China Securities Regulatory Commission[139] - The company's accounting is based on the accrual basis, and, except for certain financial instruments, all items are measured at historical cost[139] - The company has the ability to continue as a going concern for 12 months from the end of the reporting period, with no significant matters affecting its going concern ability[140] V. Important Accounting Policies and Estimates This section details the company's significant accounting policies and estimates for financial statement preparation, covering areas like business combinations, financial instruments, revenue recognition, and R&D expenditures, tailored to its operational characteristics - The financial statements prepared by the company comply with the requirements of enterprise accounting standards and truly and completely reflect the financial position and operating results[143] - The company's accounting year adopts the calendar year, with a business cycle of 12 months, and the bookkeeping currency is Renminbi[144][145][146] - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[171] - The company's revenue recognition standard for domestic sales is when goods are delivered and the customer signs or stamps the delivery note; for international sales, it is when goods clear customs and export customs declarations are obtained[259] - R&D expenditures are divided into research phase expenditures and development phase expenditures; research phase expenditures are recognized in current profit or loss, while development phase expenditures can be recognized as intangible assets if specific conditions are met[233][234] VI. Taxes This section outlines the company's and its subsidiaries' main tax types and rates, including VAT, corporate income tax, and property tax, along with high-tech enterprise and small-profit enterprise tax incentives Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Payable on the balance after deducting input tax from output tax | 13%; 9%; 6%; 3% | | Corporate Income Tax | Payable on taxable income | 15%; 20%; 25% | | Property Tax | Ad valorem: 1.2% of the remaining value after a one-time deduction of 20% or 30% from the original value of the property; Ad rent: 12% of rental income | 1.2%; 12% | - The company and its subsidiary Hunan Hongyu Intelligent Manufacturing Co., Ltd. are recognized as high-tech enterprises and enjoy a 15% corporate income tax rate[286] - Subsidiaries such as Hongxin New Energy Technology (Yunnan) Co., Ltd. have main businesses that comply with the encouraged industry catalog for western development, and upon approval, can pay corporate income tax at a reduced rate of 15%[287][288] - Some subsidiaries qualify as small-profit enterprises and enjoy corporate income tax preferential policies[289] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for consolidated financial statement items, including 215 million Yuan in cash (with 150 million Yuan restricted), 456 million Yuan in revenue, 27.28 million Yuan in R&D, 43.81 million Yuan in financial expenses, and a 124 million Yuan net decrease in cash and cash equivalents - At period-end, monetary funds totaled 215 million Yuan, of which 150 million Yuan were restricted funds, mainly for letters of credit, acceptance bill margins, and interest[291][394] - At period-end, accounts receivable totaled 112 million Yuan, with bad debt provisions of 24.74 million Yuan[303][309] - At period-end, inventory totaled 172 million Yuan, with inventory impairment provisions of 11.47 million Yuan[339][341] - At period-end, the book value of fixed assets was 2.28 billion Yuan, including 1.42 billion Yuan for buildings and structures and 844 million Yuan for machinery and equipment[358] - At period-end, long-term payables totaled 1.65 billion Yuan, mainly including 1.22 billion Yuan for assets to be repurchased and 102 million Yuan for monocrystalline furnace purchases[426][428][429] - Current period operating revenue was 456 million Yuan, operating cost was 454 million Yuan, with photovoltaic product revenue of 375 million Yuan and wear-resistant product revenue of 48.65 million Yuan[444][445] - Current period R&D investment was 27.28 million Yuan, a 34.65% year-on-year increase, primarily due to increased R&D investment in the photovoltaic business[33][453] - Current period financial expenses were 43.81 million Yuan, a 140.46% year-on-year increase, mainly due to increased bank loan interest expenses and increased amortization of unrecognized financing expenses for government-built assets[33][455] - Net cash flow from operating activities for the current period was -81.99 million Yuan, net cash flow from investing activities was -47.02 million Yuan, and net cash flow from financing activities was 4.71 million Yuan, resulting in a net increase in cash and cash equivalents of -124 million Yuan[117][118] VIII. Research and Development Expenses This section discloses the company's R&D expenditure composition for the reporting period, primarily including direct materials, labor costs, depreciation and amortization, and other expenses. Total R&D expenditure for the current period was 27.28 million Yuan, all expensed, and increased from the prior year, mainly due to increased R&D investment in the photovoltaic business R&D Expenditure Composition | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Direct Materials | 21,557,544.51 | 12,421,476.18 | | Labor Costs | 5,439,053.11 | 6,975,860.90 | | Depreciation and Amortization | 192,435.71 | 683,686.29 | | Other | 90,302.12 | 178,858.60 | | Total | 27,279,335.45 | 20,259,881.97 | - All R&D expenditures for the current period were expensed[490] - R&D investment for the current period increased by 34.65% compared to the same period last year, mainly due to increased R&D investment in the photovoltaic business[33] IX. Changes in Consolidation Scope During the reporting period, the company experienced no significant transactions or events that altered its consolidation scope due to business combinations, reverse acquisitions, or subsidiary disposals - The company had no business combinations under non-common control during the reporting period[492] - The company had no business combinations under common control during the reporting period[492] - The company had no reverse acquisitions during the reporting period[493] - The company had no transactions or events resulting in loss of control over subsidiaries during the reporting period[493] X. Interests in Other Entities This section discloses the company's interests in its 15 subsidiaries, including key financial information for significant non-wholly owned subsidiaries like Hongxin New Energy and Honghui New Energy, with minority interests of 10.13% and 30.00% respectively - The company owns 15 subsidiaries, with main operating and registered locations concentrated in Dali Bai Autonomous Prefecture, Xuancheng City, Changsha City, Xingtai City, Panzhihua City, Yiyang City, and other places[138][494] Financial Information of Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Profit/Loss Attributable to Minority Shareholders in Current Period (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Hongxin New Energy | 10.13% | -6,350,762.49 | -75,295,934.28 | | Honghui New Energy | 30.00% | -4,685,097.32 | 12,394,888.74 | Key Financial Information of Important Non-Wholly Owned Subsidiaries (Current Period) | Subsidiary Name | Operating Revenue (Yuan) | Net Profit (Yuan) | Cash Flow from Operating Activities (Yuan) | | :--- | :--- | :--- | :--- | | Hongxin New Energy | 372,760,520.63 | -59,248,884.89 | -6,365,715.70 | | Honghui New Energy | 29,223,009.84 | -14,032,484.69 | -11,528,304.66 | XI. Government Grants This section discloses the company's government grants for the reporting period, including deferred income government grant projects and their changes, as well as government grant amounts recognized in current profit or loss. The company received 7.92 million Yuan in new government grants this period, primarily asset-related, which are recognized in profit or loss over the useful life of the related assets Liability Items Involving Government Grants (Deferred Income) | Account Title | Balance at Beginning of Period (Yuan) | New Grant Amount in Current Period (Yuan) | Amount Recognized in Other Income in Current Period (Yuan) | Balance at End of Period (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 8,626,325.74 | 7,917,400.00 | 1,133,290.88 | 15,410,434.86 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account Title | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Asset-related Government Grants | 1,133,290.88 | 424,570.20 | | Income-related Government Grants | 367,100.00 | 629,600.00 | | Total | 1,500,390.88 | 1,054,170.20 | XII. Risks Related to Financial Instruments This section analyzes the company's market risk (exchange rate risk, interest rate risk, other price risks), credit risk, and liquidity risk. The company primarily faces USD exchange rate risk but has not taken measures to hedge it. Interest rate risk mainly arises from fixed-rate debt and is minimal. Credit risk from financial assets is managed through credit risk assessment and expected credit loss models. Liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring bank loan utilization - The company primarily faces USD exchange rate risk but has not taken any measures to hedge it; a 1% appreciation of RMB against USD impacts profit and shareholder equity by 130,028.75 Yuan, while a 1% depreciation impacts it by -130,028.75 Yuan[505][507] - The company's interest rate risk mainly arises from interest-bearing debts such as bank borrowings, primarily fixed-rate contracts denominated in RMB, so interest rate fluctuation risk is very small[507] - Credit risk primarily arises from financial assets recognized by the company, managed by assessing whether credit risk has increased since initial recognition and determining the basis for credit impairment of financial assets[509][510] - Liquidity risk is managed by maintaining and monitoring what management considers sufficient cash and cash equivalents; as of June 30, 2025, the company had 208 million Yuan in unused bank credit lines[511] Analysis of Financial Liabilities by Undiscounted Remaining Contractual Obligations at Period-End | Item | Within 1 Year (Yuan) | 1-2 Years (Yuan) | 2-3 Years (Yuan) | Over 3 Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings (incl. interest) | 408,487,970.46 | | | | 408,487,970.46 | | Notes Payable | 150,258,857.94 | | | | 150,258,857.94 | | Long-Term Payables (incl. interest) | | 183,778,503.21 | 133,030,088.72 | 1,451,483,112.40 | 1,768,291,704.33 | XIII. Disclosure of Fair Value This section discloses the company's assets and liabilities measured at fair value at period-end. The company's total assets continuously measured at fair value amounted to 5.77 million Yuan, primarily other debt investments, measured using Level 3 fair value. For accounts receivable financing, investment cost is used as the best estimate of fair value when active market quotes are unavailable Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | (I) Other Debt Investments | 5,768,720.15 | 5,768,720.15 | | Total Assets Continuously Measured at Fair Value | 5,768,720.15 | 5,768,720.15 | | Total Liabilities Continuously Measured at Fair Value | | 0.00 | - Accounts receivable financing consists of bank acceptance bills; in the absence of an active market, or when fair value estimation information is unavailable, the investme