新和成(002001) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, lists the report's structure, and defines key terms for clarity Important Notes The board, supervisory board, and senior management guarantee the report's accuracy and completeness, noting forward-looking statements are not commitments - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[4] - The report contains forward-looking statements regarding future plans, which do not constitute a substantive commitment to investors, urging investors to be aware of investment risks[4] 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Distribution Basis (shares) | 3,059,121,988 | | Cash Dividend per 10 shares (tax inclusive) (yuan) | 2 | | Bonus Shares (tax inclusive) (shares) | 0 | | Capital Reserve to Share Capital Conversion | Not converted | Table of Contents This section outlines the report's main chapters, covering company operations, financials, governance, and other significant information - The report's table of contents clearly lists nine main chapters, covering company operations, financials, governance, and other significant information[7] Reference Documents This section lists available reference documents, including signed financial statements and original public disclosure announcements from the reporting period - Reference documents include financial statements signed and sealed by the company's legal representative, chief accountant, and head of accounting department[9] - Originals of all company documents and announcements publicly disclosed in CSRC-designated newspapers during the reporting period are also available as reference documents[9] Definitions This section defines key terms used in the report, including company abbreviations, regulatory bodies, and acronyms for main products and business areas - "Company," "the Company," and "NHU" all refer to Zhejiang NHU Co., Ltd[10] - "CSRC" refers to the China Securities Regulatory Commission, and "Zhejiang CSRC Bureau" refers to the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission[10] - The report also defines professional terms such as PPS (Polyphenylene Sulfide), PPA (High-Temperature Nylon), HSE (Health, Safety, and Environment), IPDA (Isophorone Diamine), and HDI (Hexamethylene Diisocyanate)[10] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key financial performance metrics Company Profile This section outlines the company's basic information, including stock ticker, code, listing exchange, and legal representative, defining its identity and market position Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | NHU | | Stock Code | 002001 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Zhejiang NHU Co., Ltd | | Legal Representative | Hu Baifan | Contact Persons and Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication with investors and stakeholders Company Contact Information | Item | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Shi Guanqun | Zeng Shuying | | Contact Address | No. 418, Xinchang Avenue West Road, Qixing Street, Xinchang County, Zhejiang Province | No. 418, Xinchang Avenue West Road, Qixing Street, Xinchang County, Zhejiang Province | | Phone | (0575)86017157 | (0575)86017157 | | Email | sgq@cnhu.com | 002001@cnhu.com | Other Information This section confirms that the company's registered address, office address, website, and email remained unchanged during the reporting period - The company's registered address, office address, website, and email contact information remained unchanged during the reporting period[14] - The securities exchange website and media name/URL for the company's semi-annual report disclosure, as well as the report's availability location, remained unchanged during the reporting period[15] Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in revenue and net profit 2025 Semi-Annual Key Accounting Data and Financial Indicators | Item | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 11,100,632,836.78 | 9,844,712,214.36 | 12.76% | | Net Profit Attributable to Shareholders of Listed Company | 3,603,323,979.16 | 2,204,361,642.96 | 63.46% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 3,678,562,540.56 | 2,157,462,467.70 | 70.50% | | Net Cash Flow from Operating Activities | 3,242,727,802.31 | 2,138,324,059.35 | 51.65% | | Basic Earnings Per Share (yuan/share) | 1.17 | 0.71 | 64.79% | | Weighted Average Return on Net Assets | 11.87% | 8.58% | Up 3.29 percentage points | 2025 Semi-Annual End-of-Period Asset and Liability Indicators | Item | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 43,728,859,981.08 | 42,989,132,470.97 | 1.72% | | Net Assets Attributable to Shareholders of Listed Company | 30,485,059,536.26 | 29,324,997,728.95 | 3.96% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reports no differences in net profit and net assets between Chinese accounting standards and international or overseas accounting standards during the period - The company's financial reports for the period show no differences in net profit and net assets when comparing International Accounting Standards with Chinese Accounting Standards[18] - The company's financial reports for the period show no differences in net profit and net assets when comparing overseas accounting standards with Chinese Accounting Standards[19] Non-Recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses for the period, totaling a negative 75.24 million yuan, primarily influenced by fair value changes and non-current asset disposals 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1,582,139.69 | | Government Subsidies Recognized in Current Profit/Loss (excluding those with continuous impact) | 53,301,140.51 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Disposal Gains/Losses | -126,732,336.07 | | Gains/Losses from Entrusted Investment or Asset Management | 8,184,998.28 | | Other Non-Operating Income and Expenses Apart from the Above | -1,780,103.34 | | Less: Income Tax Impact | 6,698,630.00 | | Minority Interest Impact (after tax) | -68,508.91 | | Total | -75,238,561.40 | - The company does not classify non-recurring gains and losses items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public – Non-Recurring Gains and Losses" as recurring gains and losses[23] Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and future outlook, as discussed by management Principal Businesses Engaged in by the Company During the Reporting Period The company's principal businesses remained unchanged during the reporting period, with details available in the 2024 annual report - The company's principal businesses remained unchanged during the reporting period, with details available in the company's 2024 annual report[25] Analysis of Core Competencies The company's core competencies remained unchanged during the reporting period, with a detailed analysis available in the 2024 annual report - The company's core competencies remained unchanged during the reporting period, with details available in the company's 2024 annual report[26] Analysis of Principal Business In the first half of 2025, the company achieved steady growth in revenue and net profit by expanding markets, enhancing innovation, strengthening management, and mitigating risks - In the first half of 2025, the company actively responded to complex domestic and international environments, achieving steady growth in key operating indicators in line with annual plan objectives[27] 2025 First Half Key Operating Indicators | Indicator | Amount (RMB 10,000) | Year-on-year Growth | | :--- | :--- | :--- | | Operating Revenue | 1,110,063.28 | 12.76% | | Total Profit | 422,940.23 | 56.68% | | Net Profit Attributable to Shareholders of Listed Company | 360,332.40 | 63.46% | - While consolidating its market advantages for existing products, the company actively promoted market expansion for new products like HA series and Tryptophan, maintaining efficient production lines through co-line production, centralized start-stop, and high output with low consumption[28] - The joint venture project with Sinopec Zhenhai Refining & Chemical for 180,000 tons/year liquid methionine (pure equivalent) has commenced trial production, and the Tianjin Nylon New Materials project has completed compliant approvals for energy, land, and other resources[29] - The company continues to deeply cultivate new product R&D, constantly expanding product categories, and systematically reviewing special topics for enhancing existing product competitiveness to strengthen internal drivers[30] - The company actively expands its overseas digital footprint, accelerating the localization of sales and R&D businesses abroad, and continuously improving its international management system[32] - The company precisely implements measures for various potential risks, promotes the upgrade of its management system framework, strengthens risk prevention and process management, ensuring compliant and efficient operations[33] Year-on-year Changes in Key Financial Data | Item | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 11,100,632,836.78 | 9,844,712,214.36 | 12.76% | - | | Operating Cost | 6,006,367,357.09 | 6,191,379,061.37 | -2.99% | - | | Taxes and Surcharges | 126,138,622.06 | 93,982,574.82 | 34.21% | Increase in urban maintenance and construction tax and education surcharges due to increased operating revenue | | Financial Expenses | -178,098,697.47 | 71,051,340.26 | -350.66% | Increase in exchange gains due to exchange rate fluctuations | | Net Cash Flow from Operating Activities | 3,242,727,802.31 | 2,138,324,059.35 | 51.65% | Increased revenue and faster collection of payments | | Net Cash Flow from Investing Activities | -1,108,314,695.05 | -745,685,689.42 | -48.63% | Increased purchase of wealth management products | | Net Cash Flow from Financing Activities | -2,154,111,363.13 | -1,070,263,034.77 | -101.27% | Increased dividend distribution | | Net Increase in Cash and Cash Equivalents | -12,707,478.21 | 383,746,932.62 | -103.31% | Increased purchase of wealth management products and dividend distribution | Operating Revenue Composition (by Industry, Product, Region, Sales Model) | Item | Amount for Current Reporting Period (yuan) | Proportion of Operating Revenue | Amount for Prior Year Same Period (yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 11,100,632,836.78 | 100% | 9,844,712,214.36 | 100% | 12.76% | | By Industry | | | | | | | Pharmaceutical and Chemical | 10,015,550,568.46 | 90.23% | 9,076,866,530.54 | 92.20% | 10.34% | | Other | 1,085,082,268.32 | 9.77% | 767,845,683.82 | 7.80% | 41.32% | | By Product | | | | | | | Nutritional Products | 7,199,720,687.58 | 64.86% | 6,680,260,846.33 | 67.86% | 7.78% | | Flavors and Fragrances | 2,104,560,598.28 | 18.96% | 1,924,696,068.19 | 19.55% | 9.35% | | New Materials | 1,038,207,401.78 | 9.35% | 722,250,116.77 | 7.34% | 43.75% | | Other | 758,144,149.14 | 6.83% | 517,505,183.07 | 5.25% | 46.50% | | By Region | | | | | | | Domestic Sales | 4,657,675,802.41 | 41.96% | 4,404,308,500.06 | 44.74% | 5.75% | | Export Sales | 6,442,957,034.37 | 58.04% | 5,440,403,714.30 | 55.26% | 18.43% | | By Sales Model | | | | | | | Direct Sales | 8,176,473,106.34 | 73.66% | 7,519,499,621.91 | 76.38% | 8.74% | | Distribution | 2,924,159,730.44 | 26.34% | 2,325,212,592.45 | 23.62% | 25.76% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Item | Operating Revenue | Operating Cost | Gross Profit Margin | Operating Revenue Year-on-year Change | Operating Cost Year-on-year Change | Gross Profit Margin Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | | Pharmaceutical and Chemical | 10,015,550,568.46 | 5,267,675,845.99 | 47.41% | 10.34% | -6.19% | Up 9.27 percentage points | | By Product | | | | | | | | Nutritional Products | 7,199,720,687.58 | 3,759,160,396.04 | 47.79% | 7.78% | -12.26% | Up 11.93 percentage points | | Flavors and Fragrances | 2,104,560,598.28 | 967,888,630.25 | 54.01% | 9.35% | -0.04% | Up 4.32 percentage points | | By Region | | | | | | | | Domestic Sales | 4,657,675,802.41 | 2,730,782,399.03 | 41.37% | 5.75% | -3.46% | Up 5.59 percentage points | | Export Sales | 6,442,957,034.37 | 3,275,584,958.06 | 49.16% | 18.43% | -2.59% | Up 10.97 percentage points | Analysis of Non-Principal Business This section analyzes the impact of non-principal businesses on total profit, primarily investment income, fair value changes, and other gains/losses, with fair value changes having a negative impact Impact of Non-Principal Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 18,237,922.39 | 0.43% | Income from wealth management products and profits from associates | No | | Gains/Losses from Changes in Fair Value | -106,860,384.44 | -2.53% | Fair value changes of forward foreign exchange settlements | No | | Other Income | 121,765,131.08 | 2.88% | Government subsidies received | No | | Credit Impairment Losses | 7,613,141.39 | 0.18% | Decrease in bad debt provision due to increased customer collections and lower accounts receivable balance | No | | Asset Impairment Losses | -33,272,405.82 | -0.79% | Provision for various asset impairment losses according to impairment standards | No | | Non-Operating Income | 1,218,592.90 | 0.03% | Compensation income | No | | Non-Operating Expenses | 2,998,696.24 | 0.07% | Asset disposal losses and external donations | No | Analysis of Assets and Liabilities This section analyzes the composition and significant changes in the company's assets and liabilities, including cash, financial assets, and borrowings, also disclosing fair value measurements and restricted assets Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 6,554,229,563.18 | 14.99% | 7,936,504,805.65 | 18.46% | Down 3.47 percentage points | | Financial Assets Held for Trading | 1,950,814,253.31 | 4.46% | 745,816.34 | 0.00% | Up 4.46 percentage points | | Non-Current Liabilities Due Within One Year | 3,612,607,139.81 | 8.26% | 2,465,378,913.94 | 5.73% | Up 2.53 percentage points | | Long-term Borrowings | 4,204,668,204.13 | 9.62% | 5,327,243,721.25 | 12.39% | Down 2.77 percentage points | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Amount Purchased in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading (excluding derivative financial assets) | - | - | 1,950,000,000.00 | 1,950,000,000.00 | | Derivative Financial Assets | 745,816.34 | 68,436.97 | - | 814,253.31 | | Financial Liabilities | 11,151,258.46 | 60,182,841.57 | - | 71,334,100.03 | Asset Rights Restricted as of the End of the Reporting Period | Item | Ending Book Balance (yuan) | Ending Book Value (yuan) | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 141,222,065.48 | 141,222,065.48 | Pledge | Bank acceptance bill margin, foreign exchange option margin, letter of guarantee margin, etc | | Notes Receivable | 91,635,728.01 | 91,635,728.01 | Pledge | Pledged for issuing bank acceptance bills | | Fixed Assets | 104,269,302.58 | 82,617,587.55 | Mortgage | Mortgaged to bank for obtaining borrowings | | Intangible Assets | 11,013,767.86 | 11,013,767.86 | Mortgage | Mortgaged to bank for obtaining borrowings | | Receivables Financing | 20,451,667.83 | 20,451,667.83 | Pledge | Pledged for issuing bank acceptance bills | | Total | 368,592,531.76 | 346,940,816.73 | - | - | Analysis of Investment Status This section summarizes the company's investment activities, noting a slight decrease in total investment, and details derivative investments for hedging exchange rate risks Overall Investment Amount During the Reporting Period | Item | Amount (yuan) | Change Rate | | :--- | :--- | :--- | | Investment Amount for the Reporting Period | 817,601,567.39 | -3.65% | | Investment Amount for Prior Year Same Period | 848,541,432.20 | - | - The company had no securities investments, significant equity investments, or significant non-equity investments during the reporting period[49] Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Initial Investment Amount (RMB 10,000) | Ending Amount (RMB 10,000) | Proportion of Ending Investment Amount to Company's Net Assets at End of Reporting Period | | :--- | :--- | :--- | :--- | | Forward Contracts | 32,201.55 | 164,883.52 | 5.41% | | Structured Forward Contracts | 48,381.10 | 13,511.10 | 0.44% | | Total | 80,582.65 | 178,394.62 | 5.85% | - The company conducts foreign exchange hedging to mitigate exchange rate risks from fluctuations, aiming to reduce exchange losses and effectively control operating risks. The actual loss from derivatives at the end of the reporting period was RMB 66.62 million[51][52] - The company had no use of raised funds or speculative derivative investments during the reporting period[53][54] 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 significant assets during the reporting period[55] - The company did not sell significant equity during the reporting period[56] Analysis of Major Holding and Associate Companies This section lists the company's major subsidiaries and their financial status, detailing acquisitions and disposals of subsidiaries during the reporting period Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong NHU Amino Acid Co., Ltd | Subsidiary | Production and sales of methionine | 110,000 | 1,354,409.75 | 1,217,345.37 | 375,807.33 | 169,535.96 | 143,821.92 | | Shandong NHU Pharmaceutical Co., Ltd | Subsidiary | Production and sales of flavors | 59,000 | 592,532.39 | 504,400.71 | 214,778.69 | 99,005.15 | 85,056.46 | | Shandong NHU Jinghua Technology Co., Ltd | Subsidiary | Production and sales of feed additives | 90,000 | 592,077.39 | 342,196.56 | 208,508.34 | 126,250.16 | 120,925.14 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Shandong NHU Vitamin Co., Ltd | Absorption merger and subsequent deregistration | No significant impact initially | | Zhejiang NHU Holding Co., Ltd | Investment and establishment | No significant impact initially | | NHU BESLENME GIDA SANAYi VE TiCARET LiMiTED SIRKETI | Investment and establishment | No significant impact initially | | NHU North America LLC | Investment and establishment | No significant impact initially | 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[58] Risks Faced by the Company and Countermeasures The company's risks and countermeasures remained unchanged during the reporting period, with details available in the 2024 annual report - The risks faced by the company and its countermeasures remained unchanged during the reporting period, with details available in the company's 2024 annual report[58] Implementation of Market Value Management System and Valuation Enhancement Plan The company approved its Market Value Management System in April 2025, outlining responsibilities and mechanisms, but no valuation enhancement plan was disclosed - The company has formulated a market value management system, which was reviewed and approved at the eleventh meeting of the ninth board of directors on April 11, 2025[59] - The "Market Value Management System" clarifies the organization and responsibilities, main methods, monitoring and early warning mechanisms, and emergency measures for market value management[59] - The company did not disclose a valuation enhancement plan[59] Implementation of "Dual Enhancement of Quality and Returns" Action Plan The company actively implemented its "Dual Enhancement of Quality and Returns" action plan through director share increases, share repurchases, and special dividends to boost investor confidence - On March 9, 2024, the company published the "Announcement on the 'Dual Enhancement of Quality and Returns' Action Plan," focusing on "Innovation-driven Development to Optimize and Specialize Main Business," "Contributor-centric Approach to Share Company Development Achievements," "Deepening Corporate Governance to Enhance Standardized Operations," and "Compliant Information Disclosure and Sincere Two-way Communication"[60] - During the reporting period, Mr. Shi Guanqun, a director, board secretary, vice president, and CFO of the company, increased his shareholding by 200,000 shares through secondary market bidding transactions, accounting for 0.0065% of the company's total share capital[61] - On April 15, 2025, the company released its "Share Repurchase Report," planning to repurchase a portion of its public shares through centralized bidding, with a repurchase amount ranging from RMB 300 million to 600 million. As of June 30, 2025, 14,299,692 shares have been repurchased, with a total transaction amount of RMB 309,114,666.59[61] - During the reporting period, the company implemented a special dividend and the 2024 annual equity distribution, distributing a total of RMB 2,150,761,326 in cash (tax inclusive) to better reward shareholders[61] - The company will continue to develop functional chemicals through technological development and product innovation, enriching the product lines of its fine "chemical +" and "biological +" platforms, optimizing and specializing its fine chemical main business, and continuously enhancing its core competitiveness[62] Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Company Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report[64] Profit Distribution and Capital Reserve to Share Capital Conversion for the Current Reporting Period The company approved a profit distribution plan to pay a cash dividend of 2 yuan per 10 shares (tax inclusive), with no bonus shares or capital reserve conversion 2025 Semi-Annual Profit Distribution Plan | Item | Amount | | :--- | :--- | | Bonus Shares per 10 shares (shares) | 0 | | Dividend per 10 shares (yuan) (tax inclusive) | 2 | | Share Capital Base for Distribution Plan (shares) | 3,059,121,988 | | Cash Dividend Amount (yuan) (tax inclusive) | 611,824,397.60 | | Cash Dividend Amount by Other Means (e.g., share repurchase) (yuan) | 309,134,899.57 | | Total Cash Dividend (including other means) (yuan) | 920,959,297.17 | | Distributable Profit (yuan) | 6,457,942,840.65 | | Proportion of Total Cash Dividend (including other means) to Total Profit Distribution | 100% | - This profit distribution plan is provisionally based on the total share capital of 3,073,421,680 shares as of July 31, 2025, minus the repurchased 14,299,692 shares, resulting in a base of 3,059,121,988 shares[65] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans during the period, and its fourth employee stock ownership plan was fully sold and terminated by June 2025 - The company had no equity incentive plans during the reporting period[66] Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Proportion of Listed Company's Total Share Capital | Funding Sources for the Plan | | :--- | :--- | :--- | :--- | :--- | | Fourth Employee Stock Ownership Plan: Company directors, supervisors, senior management, and eligible formal employees of the company and its controlled or wholly-owned subsidiaries | 627 | 29,528,181 | 0.96% | Legal remuneration of company employees, self-raised funds, and other methods permitted by laws and administrative regulations | - As of June 26, 2025, all company shares held under the company's fourth employee stock ownership plan have been sold and the plan terminated[68] - The company had no other employee incentive measures during the reporting period[69] Environmental Information Disclosure This section discloses that the company and its 10 major subsidiaries are on the list of enterprises required to disclose environmental information, with query indexes provided - The listed company and its 10 major subsidiaries have been included in the list of enterprises required to disclose environmental information by law[70] - Query indexes for environmental information disclosure reports of each enterprise are available on the Zhejiang Enterprise Environmental Information Disclosure System, Enterprise Environmental Information Disclosure System (Shandong), or Enterprise Environmental Information Disclosure System (Heilongjiang)[70] Social Responsibility The company has no social responsibility matters requiring disclosure during the reporting period - The company has no social responsibility matters to disclose during the reporting period[71] Significant Matters This section details important events and commitments, including compliance with pledges, absence of related party fund occupation, and other material transactions Commitments Fulfilled or Not Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period This section lists commitments by the company's controlling shareholder, shareholders, and related parties that were fulfilled or not overdue by the end of the reporting period - NHU Holding Group Co., Ltd. and Zhang Pingyi, Shi Cheng, Yuan Yizhong, Hu Baiyan, Shi Guanqun, Wang Xuewen, Cui Xinrong, Wang Xulin signed the "Commitment on Non-Competition," pledging not to engage in business activities that compete with the company's operations after its listing, and strictly fulfilling this commitment[73] - The company's directors and senior management pledged to faithfully and diligently perform their duties, safeguard the legitimate rights and interests of the company and all shareholders, and committed to ensuring the effective implementation of the company's immediate return compensation measures in accordance with relevant CSRC regulations[73] - The company's controlling shareholder, Hu Baifan, and NHU Holding Group Co., Ltd. pledged not to overstep their authority in interfering with the company's business management activities, not to infringe upon company interests, and to earnestly implement measures related to compensating the company's returns[73] - All commitments were fulfilled on time, with no overdue unfulfilled situations[73] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company The company reports no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period - The company had no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[74] 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[75] 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[76] Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Period The company had no non-standard audit report during the reporting period, thus no explanation from the board or supervisory board is required - The company had no non-standard audit report during the reporting period[77] Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year The company had no non-standard audit report during the reporting period, thus no explanation from the board regarding the prior year's non-standard audit report is required - The company had no non-standard audit report during the reporting period[77] 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[77] Litigation Matters The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[78] - The company had no other litigation matters during the reporting period[78] 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[78] 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[79] Significant Related Party Transactions The company had no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisitions/disposals, joint investments, or debt - The company had no related party transactions related to daily operations during the reporting period[80] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[81] - The company had no related party transactions involving joint external investments during the reporting period[82] - The company had no related party creditor-debtor relationships during the reporting period[83] - The company had no other significant related party transactions during the reporting period[86] Significant Contracts and Their Performance This section details the company's significant contracts, including no trusteeship, contracting, or leasing matters, external guarantees for subsidiaries, and investments in bank wealth management products - The company had no trusteeship, contracting, or leasing situations during the reporting period[87][88][89] Company's Guarantees for Subsidiaries (Partial) | Guaranteed Party Name | Guaranteed Amount (RMB 10,000) | Actual Guaranteed Amount (RMB 10,000) | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shandong NHU Jinghua Technology Co., Ltd | 50,000 | 50,000 | 2021.03.24-2025.12.25 | No | | Heilongjiang NHU Biotechnology Co., Ltd | 40,000 | 37,000 | 2021.08.26-2025.12.21 | No | | Zhejiang NHU Pharmaceutical Co., Ltd | 60,000 | 55,000 | 2022.06.24-2027.06.23 | No | | NHU (Hong Kong) Trading Co., Ltd | 50,000 | 7,874.46 | 2024.06.12-2025.06.12 | Yes | | Shandong NHU Jinghua Technology Co., Ltd | 58,600 | 58,600 | 2023.06.06-2028.03.29 | No | Company's Total Guarantee Amount | Item | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Amount During Reporting Period | 240,000.00 | | Total Actual Guarantee Amount During Reporting Period | 80.00 | | Total Approved Guarantee Amount at End of Reporting Period | 580,767.06 | | Total Actual Guarantee Balance at End of Reporting Period | 340,779.02 | | Proportion of Total Actual Guarantee Amount to Company's Net Assets | 11.18% | Entrusted Wealth Management | Specific Type | Funding Source for Entrusted Wealth Management | Amount of Entrusted Wealth Management (RMB 10,000) | Unmatured Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 265,000.00 | 195,000.00 | | Total | - | 265,000.00 | 195,000.00 | - The company had no other significant contracts during the reporting period[94] Explanation of Other Significant Matters This section explains that the company's fourth employee stock ownership plan has been terminated and details the progress of its share repurchase program - The company's fourth employee stock ownership plan was fully sold and terminated on June 26, 2025, with a total transaction amount of RMB 479,442,157.08[95] - On April 11, 2025, the company approved a share repurchase plan, with a planned repurchase amount ranging from RMB 300 million to 600 million and a repurchase price not exceeding RMB 31.5 per share[96][98] - As of June 30, 2025, the company has repurchased 14,299,692 shares, accounting for 0.4653% of the total share capital, with a total transaction amount of RMB 309,114,666.59[98] Significant Matters of Company Subsidiaries The company's wholly-owned subsidiary, Shandong NHU Jinghua Technology Co., Ltd., absorbed and merged Shandong NHU Vitamin Co., Ltd., resulting in the latter's deregistration and the former's increased registered capital - The company's wholly-owned subsidiary, Shandong NHU Jinghua Technology Co., Ltd., absorbed and merged Shandong NHU Vitamin Co., Ltd[99] - After the merger, Shandong NHU Jinghua Technology Co., Ltd. continues to operate, with its registered capital changing from RMB 400 million to RMB 900 million[99] - Shandong NHU Vitamin Co., Ltd. was deregistered, with all its assets, claims, and debts assumed by Shandong NHU Jinghua Technology Co., Ltd[99] Share Changes and Shareholder Information This section details changes in the company's share capital, including restricted and unrestricted shares, and provides an overview of shareholder holdings Share Change Status This section discloses the company's share changes, including increases in restricted shares, decreases in unrestricted shares, director share increases, and share repurchase progress Share Change Status | Item | Number Before This Change (shares) | Proportion Before This Change | Subtotal of Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 36,409,752 | 1.18% | 150,000 | 36,559,752 | 1.19% | | II. Unrestricted Shares | 3,037,011,928 | 98.82% | -150,000 | 3,036,861,928 | 98.81% | | III. Total Shares | 3,073,421,680 | 100.00% | 0 | 3,073,421,680 | 100.00% | - Mr. Shi Guanqun, a director, board secretary, vice president, and CFO of the company, increased his shareholding by 200,000 shares through secondary market bidding transactions on June 17, 2025, accounting for 0.0065% of the company's total share capital[102] - As of June 30, 2025, the company repurchased 14,299,692 shares through its dedicated share repurchase securities account via centralized bidding, accounting for 0.4653% of the total share capital, with a total transaction amount of RMB 309,114,666.59[104] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Shi Guanqun | 7,858,378 | 0 | 150,000 | 8,008,378 | Senior management lock-up | Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance during the reporting period[107] Number of Shareholders and Shareholding Status This section discloses the total number of common shareholders and the shareholding status of the top 10 shareholders at the end of the reporting period - The total number of common shareholders at the end of the reporting period was 80,733[108] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders at End of Reporting Period | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Changes in Shareholding During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | NHU Holding Group Co., Ltd | Domestic Non-State-Owned Legal Person | 50.08% | 1,539,232,431 | 0 | 1,539,232,431 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 6.24% | 191,901,175 | 54,077,516 | 191,901,175 | | National Social Security Fund 503 Portfolio | Other | 1.01% | 30,999,980 | -10,000,020 | 30,999,980 | | Industrial and Commercial Bank of China Co., Ltd. - Huatai-PineBridge CSI 300 ETF | Other | 0.89% | 27,443,541 | 817,000 | 27,443,541 | | Shanghai Chongyang Strategic Investment Co., Ltd. - Chongyang Strategic Huizhi Fund | Other | 0.88% | 26,930,663 | 0 | 26,930,663 | - The company is unaware of any related party relationships among other shareholders or whether they are concerted parties as defined in the "Measures for the Administration of the Takeover of Listed Companies"[109] - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[110] Changes in Shareholdings of Directors, Supervisors, and Senior Management This section discloses the shareholding changes of Mr. Shi Guanqun, a director, vice president, board secretary, and CFO, who increased his holdings by 200,000 shares Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shi Guanqun | Director, Vice President, Board Secretary, CFO | Current | 10,477,838 | 200,000 | 0 | 10,677,838 | 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[112] - The company's actual controller remained unchanged during the reporting period[112] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[113] Bond-Related Information This section provides an overview of the company's bond-related activities and status Bond-Related Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[115] Financial Report This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and notes Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[117] Financial Statements This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[118][122][125][128][130][134][137][152] Company Basic Information This section introduces Zhejiang NHU Co., Ltd.'s establishment, registration, share capital, listing status, and primary business in the pharmaceutical manufacturing industry - Zhejiang NHU Co., Ltd. was registered with the Zhejiang Administration for Industry and Commerce on April 5, 1999, with its headquarters in Shaoxing City, Zhejiang Province[159] - The company's registered capital is RMB 3,073,421,680.00, with a total of 3,073,421,680 shares, and its shares were listed and traded on the Shenzhen Stock Exchange on June 25, 2004[159] - The company belongs to the pharmaceutical manufacturing industry, with its main business activities being the R&D, production, and sales of nutritional products, flavors and fragrances, and high-molecular new materials[159] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis[160] - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[161] Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates for financial statement preparation, covering areas like financial instruments, inventory, fixed assets, and revenue recognition, ensuring accuracy and completeness - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, cash flows, and other relevant information[163] - The company has formulated specific accounting policies and estimates for transactions and matters such as financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, based on its actual production and operating characteristics[162] - The company identifies overseas operating entities, subsidiaries, joint ventures, and associates whose total assets/total revenue/total profit exceed 15% of the group's total assets/total revenue/total profit as significant entities[167] - On the acquisition date, the company recognizes the difference when the merger cost exceeds the fair value share of the identifiable net assets acquired in the merger as goodwill[169] - The company performs impairment testing and recognizes loss provisions for financial assets measured at amortized cost and debt instrument investments measured at fair value with changes recognized in other comprehensive income, based on expected credit losses[194] - The company primarily sells nutritional products, flavors and fragrances, and high-molecular new materials. Domestic sales revenue is recognized when products are delivered to the contractually agreed delivery location and accepted by the customer, while export sales revenue is recognized upon customs declaration and receipt of the bill of lading[254] - The company accrues safety production fees in accordance with the "Administrative Measures for the Accrual and Use of Enterprise Safety Production Fees" issued by the Ministry of Finance and the Ministry of Emergency Management, recognizing them in relevant product costs or current profit/loss, and simultaneously recording them in the "Special Reserve" account[273] Taxation This section details the company's and its subsidiaries' main tax types and rates, including high-tech enterprise tax incentives, small and micro-enterprise tax benefits, and advanced manufacturing VAT deductions Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services, calculated as output tax minus input tax | 13%, 9%, 8%, 6%, 5% and 19%; export goods enjoy "exemption, offset, and refund" policy, with refund rates from 0%-13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 5%, 7% | | Enterprise Income Tax | Taxable income | 8.25%, 8.7%, 15%, 16.5%, 17%, 20%, 22%, 25%, 30%, 34%, 34.59% | | Property Tax | Calculated at 1.2% of the remaining value after a one-time deduction of 30% from the original value of the property; calculated at 12% of rental income for rental properties | 1.2%, 12% | - The company and several subsidiaries are recognized as high-tech enterprises, subject to enterprise income tax at a rate of 15% in 2025[279][280][281] - Subsidiary Shandong Xinshuang'an Biotechnology Co., Ltd. enjoys the small and micro-profit enterprise policy, calculating taxable income at 25% and paying enterprise income tax at a rate of 20%[282] - Subsidiary NHU (Hong Kong) Trading Co., Ltd., according to Hong Kong tax law, is taxed on profits sourced from Hong Kong at a rate of 8.25% or 16.5%, while profits sourced from other places are exempt from profits tax[283] - The company and several subsidiaries enjoy the VAT super deduction policy for advanced manufacturing enterprises, allowing an additional 5% deduction from current deductible input VAT to reduce payable VAT[284] Notes to Consolidated Financial Statement Items This section provides detailed notes for consolidated financial statement items, including cash, financial assets, receivables, inventory, fixed assets, and revenue, along with foreign currency and leasing information Composition of Cash and Bank Balances | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 12,019.36 | 12,825.19 | | Bank Deposits | 6,166,047,031.04 | 7,880,453,812.72 | | Other Cash and Bank Balances | 388,170,512.78 | 56,038,167.74 | | Total | 6,554,229,563.18 | 7,936,504,805.65 | | Of which: Total Amount Deposited Overseas | 272,135,544.97 | 464,483,762.87 | Financial Assets Held for Trading | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value with Changes Recognized in Current Profit/Loss | 1,950,814,253.31 | 745,816.34 | | Of which: Principal-Protected Floating-Rate Wealth Management Products | 1,950,000,000.00 | - | | Derivative Financial Assets | 814,253.31 | 745,816.34 | | Total | 1,950,814,253.31 | 745,816.34 | Aging of Accounts Receivable and Provision for Bad Debts | Aging | Ending Book Balance (yuan) | Provision for Bad Debts (yuan) | Provision Rate | | :--- | :--- | :--- | :--- | | Within 1 year | 3,758,798,906.28 | 187,939,945.50 | 5.00% | | 1-2 years | 10,220,003.56 | 2,044,000.71 | 20.00% | | 2-3 years | 1,337,225.60 | 1,069,780.48 | 80.00% | | Over 3 years | 2,120,460.98 | 2,120,460.98 | 100.00% | | Total | 3,772,476,596.42 | 193,174,187.67 | 5.12% | Inventory Classification and Provision for Impairment | Item | Ending Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 428,376,898.52 | 436,268,057.09 | | Work in Progress | 1,022,567,167.00 | 1,115,128,422.01 | | Inventories | 2,905,262,033.29 | 2,279,778,297.34 | | Goods in Transit | 116,031,009.93 | 100,921,025.52 | | Development Costs | 54,960,480.22 | 54,960,480.22 | | Consigned Processing Materials | 3,365,787.07 | 4,971,296.82 | | Packaging Materials | 17,876,088.23 | 18,485,345.27 | | Low-Value Consumables | 1,258,311.13 | 79,583,917.69 | | Total | 4,549,697,775.39 | 4,090,096,841.96 | Book Value of Fixed Assets | Item | Ending Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Buildings and Structures | 7,028,190,532.66 | 7,125,511,779.18 | | General Equipment | 82,262,624.95 | 80,396,348.14 | | Specialized Equipment | 14,014,020,804.39 | 14,696,285,345.44 | | Transportation Vehicles | 15,370,085.48 | 13,791,350.67 | | Total | 21,139,844,047.48 | 21,915,984,823.43 | Operating Revenue and Operating Cost | Item | Revenue for Current Period (yuan) | Cost for Current Period (yuan) | Revenue for Prior Period (yuan) | Cost for Prior Period (yuan) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 11,072,628,572.89 | 5,996,026,761.47 | 9,724,806,954.17 | 6,107,204,399.47 | | Other Businesses | 28,004,263.89 | 10,340,595.62 | 119,905,260.19 | 84,174,661.90 | | Total | 11,100,632,836.78 | 6,006,367,357.09 | 9,844,712,214.36 | 6,191,379,061.37 | Financial Expenses | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Interest Expense | 112,615,701.07 | 143,713,361.26 | | Less: Interest Income | 39,620,525.39 | 67,461,973.58 | | Exchange Gains/Losses (Gains shown as "-") | -261,991,904.62 | -18,026,719.38 | | Other | 10,898,031.47 | 12,826,671.96 | | Total | -178,098,697.47 | 71,051,340.26 | Net Increase in Cash and Cash Equivalents | Supplementary Information | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Cash Balance at End of Period | 5,508,745,188.26 | 4,830,317,347.92 | | Less: Cash Balance at Beginning of Period | 5,521,452,666.47 | 4,446,570,415.30 | | Net Increase in Cash and Cash Equivalents | -12,707,478.21 | 383,746,932.62 | R&D Expenses This section outlines the company's R&D expenses for the reporting period, including staff costs, direct inputs, depreciation, and other related expenditures, all expensed Composition of R&D Expenses | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Staff Costs | 243,369,740.34 | 212,938,383.40 | | Direct Inputs | 194,855,941.97 | 198,007,999.74 | | Depreciation, Amortization of Intangible Assets | 45,699,299.17 | 43,345,244.55 | | Outsourcing Fees | 7,801,144.90 | 6,414,946.81 | | Office Expenses, Travel Expenses | 4,910,364.40 | 4,938,593.21 | | Other | 26,087,072.40 | 15,316,556.43 | | Total | 522,723,563.18 | 480,961,724.14 | | Of which: Expensed R&D Expenditures | 522,723,563.18 | 480,961,724.14 | Changes in Consolidation Scope This section details changes in the company's consolidation scope, including the addition of three new subsidiaries through establishment and the removal of one through absorption merger Increase in Consolidation Scope | Company Name | Method of Equity Acquisition | Time of Equity Acquisition | Capital Contribution Amount | Capital Contribution Ratio | | :--- | :--- | :--- | :--- | :--- | | NHU North America LLC | Establishment | January 2, 2025 | - | 100.00% | | NHU BESLENME GIDA SANAYi VE TiCARET LiMiTED SIRKETI | Establishment | January 17, 2025 | USD 80,000 | 100.00% | | Zhejiang NHU Holding Co., Ltd | Establishment | April 15, 2025 | RMB 500 million | 100.00% | Decrease in Consolidation Scope | Company Name | Method of Equity Disposal | Time of Equity Disposal | Net Assets on Disposal Date (RMB 10,000) | | :--- | :--- | :--- | :--- | | Shandong NHU Vitamin C