海科新源(301292) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, outlines the report's structure, and defines key terminology for clarity Important Notice The company's board, supervisors, and senior management guarantee the report's truthfulness, accuracy, and completeness; no cash dividends, bonus shares, or capital increase from capital reserves are planned; forward-looking statements are not substantial commitments - Company's board, supervisors, and senior management guarantee report content truthfulness, accuracy, and completeness, assuming legal responsibility[4] - Company's responsible person, chief accountant, and head of accounting department declare financial reports are true, accurate, and complete[4] - Company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] - Forward-looking statements regarding future plans and development strategies in this report do not constitute substantial commitments; investors should be aware of investment risks[4] Table of Contents This report comprises eight main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports - The report includes eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports[7] Definitions This section defines key terms and entities used in the report, including the company and its main subsidiaries, as well as core products like lithium-ion battery electrolyte materials and consumer chemicals - Definitions provided for the company and its subsidiaries (e.g., Sipai, Saimaisen, Netherlands Company, US Holding Company, Georgia Company, Haike Xinyuan (Hubei), Xinyuan Haoke, Xinweiyuan, Baoshan Branch)[14] - Detailed explanations of main product names, such as lithium-ion battery electrolytes, electrolyte solvents (DMC, EMC, DEC, PC, EC), carbonate series products, propylene glycol (PG), dipropylene glycol, 1,3-butanediol (BDO), hexanediol, pentanediol, vinylene carbonate (VC), fluoroethylene carbonate (FEC), ethylene sulfate (DTD), lithium bis(fluorosulfonyl)imide (LiFSI), lithium difluoro(oxalate)borate (LiODFB), lithium tetrafluoroborate (LiBF4)[14][15] - The reporting period is explicitly defined as January 1, 2025, to June 30, 2025[15] Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period 1. Company Profile The company's stock abbreviation is "Haike Xinyuan," stock code 301292, listed on the Shenzhen Stock Exchange, with Ma Lijun as legal representative - Company stock abbreviation: Haike Xinyuan, stock code: 301292, listed on: Shenzhen Stock Exchange[17] - The company's legal representative is Ma Lijun[17] 2. Contact Person and Information The company's Board Secretary is Wei Binbin, Securities Affairs Representative is Li Ling, and the contact address is No. 23 Zoucheng Road, Dongying High-tech Industrial Development Zone, Dongying City, Shandong Province - Board Secretary is Wei Binbin, Securities Affairs Representative is Li Ling[18] - Contact address is No. 23 Zoucheng Road, Dongying High-tech Industrial Development Zone, Dongying City, Shandong Province, with phone and fax numbers both 0546-7061006[18] 3. Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or registration status, as detailed in the 2024 annual report - No changes in the company's registered address, office address and postal code, website, or email during the reporting period[19] - No changes in information disclosure and archiving locations during the reporting period[20] - No changes in the company's registration status during the reporting period[21] 4. Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 27.92% year-on-year, but net profit attributable to shareholders remained negative, with losses narrowing by 61.21%; net cash flow from operating activities decreased by 27.45%, and total assets and net assets attributable to shareholders both declined Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (Yuan) | Same Period Last Year (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,316,232,184.55 | 1,810,669,207.43 | 27.92% | | Net Profit Attributable to Shareholders of Listed Company | -42,830,580.73 | -110,424,224.13 | 61.21% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -49,758,176.37 | -114,564,990.10 | 56.57% | | Net Cash Flow from Operating Activities | -248,286,572.39 | -194,817,989.28 | -27.45% | | Basic Earnings Per Share (Yuan/share) | -0.19 | -0.50 | 62.00% | | Diluted Earnings Per Share (Yuan/share) | -0.19 | -0.50 | 62.00% | | Weighted Average Return on Net Assets | -1.51% | -3.60% | 2.09% | | Period-End Indicators | Current Period-End (Yuan) | Previous Year-End (Yuan) | Change from Previous Year-End | | Total Assets | 7,293,710,701.56 | 8,332,610,930.36 | -12.47% | | Net Assets Attributable to Shareholders of Listed Company | 2,809,899,804.50 | 2,850,859,938.67 | -1.44% | 5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards - No differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23] - No differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[24] 6. Non-recurring Gains and Losses and Amounts The company's total non-recurring gains and losses for the reporting period amounted to 6,927,595.64 Yuan, primarily from government subsidies, fair value changes of financial assets, and disposal gains/losses of non-current assets; no reclassification of non-recurring items as recurring Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 17,824.74 | | Government Subsidies Included in Current Profit and Loss (Excluding Those with Continuous Impact) | 4,782,768.84 | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities, Excluding Hedging Activities | 2,695,291.60 | | Other Non-operating Income and Expenses | -186,662.96 | | Other Income and Loss Items Meeting the Definition of Non-recurring Gains and Losses | 103,844.07 | | Less: Income Tax Impact | 769,252.47 | | Impact on Minority Interests (After Tax) | -283,781.82 | | Total | 6,927,595.64 | - The company has no other specific situations where income and loss items meet the definition of non-recurring gains and losses[27] - The company has not reclassified non-recurring gains and losses 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[28] Part III Management Discussion and Analysis This section analyzes the company's main business activities, core competencies, financial performance, investment status, and risks, along with management's strategies and responses 1. Main Business Activities During the Reporting Period The company focuses on lithium-ion battery electrolyte materials and consumer chemicals, driven by high growth in new energy vehicles, energy storage, and 3C markets, alongside steady growth in consumer chemicals, achieving performance growth through strategic cooperation, market opportunities, and operational excellence (I) Industry Development Status In H1 2025, global new energy vehicle sales grew by 31.8%, China's NEV production and sales increased by 41.4% and 40.3% respectively; global power battery installations rose by 37.3%, and battery energy storage systems by 54%; China's electrolyte shipments grew by 45%, while cosmetics retail sales increased by 2.9%, and propylene glycol domestic consumption and exports grew by 3.17% and 31.09% respectively - From January to June 2025, global new energy vehicle sales reached 9.469 million units, a year-on-year increase of 31.8%[30] - In H1 2025, China's new energy vehicle production and sales completed 6.968 million units and 6.937 million units respectively, with year-on-year increases of 41.4% and 40.3%[30] - In H1 2025, global power battery installations reached 504.4 GWh, a year-on-year increase of 37.3%; global battery energy storage system installations totaled 86.7 GWh, a year-on-year increase of 54%[30] - In H1 2025, China's electrolyte shipments reached 870,000 tons, a year-on-year increase of 45%[31] - From January to June 2025, China's cosmetics retail sales reached 229.1 billion Yuan, a year-on-year increase of 2.9%[31] - In H1 2025, domestic apparent consumption of propylene glycol is estimated at 189,000 tons, an increase of 3.17% year-on-year; total exports approximately 140,000 tons, an increase of 31.09% year-on-year[31] (II) Main Business Activities of the Company The company specializes in R&D, production, and sales of carbonate series lithium-ion battery electrolyte solvents, additives, and high-end propylene glycol, implementing a "lithium battery materials + consumer chemicals" dual-driven strategy - The company specializes in the R&D, production, and sales of carbonate series lithium-ion battery electrolyte solvents, additives, and high-end propylene glycol and other fine chemicals[31] - The company implements a "lithium battery materials + consumer chemicals" dual-driven strategy[31] - Lithium-ion battery materials primarily include electrolyte solvents such as DMC, DEC, EMC, EC, PC, and lithium salts and additives such as LiFSI, VC, FEC, DTD, LiODFB, LiBF4[32] - Consumer chemicals mainly include food-grade and pharmaceutical-grade propylene glycol, 1,3-butanediol, fragrance-grade dipropylene glycol, industrial propylene glycol, and dipropylene glycol series products[32] (III) Business Model The company has adopted DuPont's IBE integrated operational excellence management system, establishing independent R&D, procurement, production, and sales models, focusing on innovation, supply chain resilience, market-oriented flexible production, and direct sales to major domestic and international chemical enterprises and regional distributors - The company has introduced DuPont's IBE integrated operational excellence management system, establishing independent and complete R&D, procurement, production, and sales models[34] - In R&D, four major platforms have been built: new energy materials, electronic-grade high-purity chemicals, electrolyte R&D and testing, and battery preparation and evaluation[34] - In procurement, the company strengthens supply chain stability and collaborative innovation, controlling costs through centralized procurement and economies of scale[34] - In production, the company is market-oriented, achieving digital management and maximizing economic benefits through advanced technology and flexible transformation[35] - In sales, a direct sales model is adopted, with customers categorized into end-users and regional distributors[35] (IV) Market Position The company is a global leader in lithium-ion battery electrolyte solvents, maintaining its top market share through leading technology, a comprehensive product line, and multi-base layout advantages; in consumer chemicals, it is a major domestic producer of food-grade and pharmaceutical-grade polyols and the earliest to achieve stable mass production of bio-based 1,3-butanediol, significantly promoting domestic substitution - The company is a global leader in lithium-ion battery electrolyte solvents, holding a leading position in the electrolyte solvent industry[35] - The company actively expands into new lithium battery electrolyte additives, solid electrolytes, and new solvent products, offering one-stop services[35] - The company is one of the main domestic producers of food-grade and pharmaceutical-grade polyol products, and also the earliest enterprise to achieve stable mass production of bio-based 1,3-butanediol in China[36] (V) Key Performance Drivers The company's performance growth is primarily driven by deepened strategic cooperation with downstream leaders, high growth opportunities in the new energy sector (electric vehicles and energy storage), high-quality development in the consumer chemicals industry, and continuous efforts in operational excellence and cost reduction - Deepened strategic cooperation, establishing stable relationships with downstream leading enterprises to secure large orders and raw material supply[36] - Rapid growth in the new energy vehicle and energy storage industries, with electric vehicle market growth projected at 20% and energy storage market growth exceeding 30% in 2025[36] - High-quality development of the consumer chemicals industry, with the accelerated rise of domestic brands and policy support for industry transformation towards high-end and intelligent products[37][38] - Implementation of operational excellence, achieving comprehensive cost reduction and efficiency improvement through new technology applications, process optimization, supply chain management, and marketing channel integration[38] 2. Analysis of Core Competencies The company's core competencies include continuous R&D innovation, a comprehensive product system, deep customer engagement, agile global supply chain, strengthened cost control, and a robust talent development and incentive system, supported by 116 authorized patents and strategic partnerships with industry leaders - The company possesses independent intellectual property rights for its entire industry chain core technologies; as of June 30, 2025, it has obtained 116 authorized patents (55 invention patents, 61 utility model patents) and participated in the formulation of 12 national/industry/group standards[39] - The company is one of the few domestic manufacturers capable of simultaneously supplying 5 types of lithium battery carbonate solvents and additives, offering one-stop services[40] - The company has established long-term strategic partnerships with leading electrolyte enterprises such as Tinci Materials, BYD, Rontec, Enchem, Soulbrain, and Mitsubishi, with products covering global renowned automakers and lithium-ion battery giants like Tesla, BYD, CATL, LG, Samsung SDI, and Panasonic[42] - The company has strategically deployed three production bases in Dongying (Shandong), Lianyungang (Jiangsu), and Yichang (Hubei), and has completed the layout of European and American subsidiaries and warehousing bases, forming a "local warehousing + rapid response" delivery system[42] - The company continuously implements an operational excellence mechanism, deepening cost reduction and efficiency improvement through technological innovation, process optimization, supply chain management, and marketing channel integration[43] - A separation mechanism for evaluation and appointment has been established to expand development opportunities for high-value creation positions, stimulate employee enthusiasm, and build a systematic training and empowerment system to cultivate talent[43][44] 3. Analysis of Main Business During the reporting period, the company's operating revenue increased by 27.92% year-on-year, mainly due to a 41.21% growth in carbonate series product revenue and a 5.70% increase in gross profit margin; administrative expenses significantly decreased by 51.73% due to reduced downtime losses; net cash flow from investment activities increased by 112.83% due to reduced project payments and increased net inflow from wealth management; net cash flow from financing activities sharply decreased by 93.85% due to reduced borrowings and increased repayment of borrowings Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Same Period Last Year (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,316,232,184.55 | 1,810,669,207.43 | 27.92% | | | Operating Cost | 2,233,403,255.26 | 1,778,948,479.53 | 25.55% | | | Selling Expenses | 8,675,366.72 | 8,263,584.88 | 4.98% | | | Administrative Expenses | 33,615,726.60 | 69,634,121.98 | -51.73% | Mainly due to reduced downtime losses in the reporting period | | Financial Expenses | 24,935,478.36 | 22,427,311.78 | 11.18% | | | Income Tax Expense | -7,676,478.18 | -8,431,474.43 | 8.95% | | | R&D Investment | 76,027,532.56 | 62,542,367.98 | 21.56% | | | Net Cash Flow from Operating Activities | -248,286,572.39 | -194,817,989.28 | -27.45% | | | Net Cash Flow from Investment Activities | 43,277,469.97 | -337,285,372.89 | 112.83% | Mainly due to reduced cash payments for projects and increased net inflow from wealth management in the reporting period | | Net Cash Flow from Financing Activities | 29,303,792.40 | 476,756,764.52 | -93.85% | Mainly due to reduced borrowings and increased repayment of borrowings in the reporting period | | Net Increase in Cash and Cash Equivalents | -173,272,727.46 | -50,162,910.27 | -245.42% | Mainly due to increased working capital occupation and cash payments for debt repayment in the reporting period | Product or Service Information Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | Change in Operating Revenue Year-on-Year | Change in Operating Cost Year-on-Year | Change in Gross Profit Margin Year-on-Year | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Carbonate Series | 1,688,384,960.13 | 1,641,939,026.53 | 2.75% | 41.21% | 33.39% | 5.70% | | Propylene Glycol | 403,955,548.37 | 387,447,208.20 | 4.09% | -1.23% | -0.12% | -1.07% | Production and Sales of Different Products or Businesses | Product | Capacity | Capacity Under Construction | Capacity Utilization Rate | Output | | :--- | :--- | :--- | :--- | :--- | | Carbonate Series | 386871.73 | 23000 | 99.86% | 386337.84 | | Propylene Glycol | 52360.34 | | 127.53% | 66774.58 | | Additives | 2083.33 | 8200 | 95.98% | 1999.55 | 4. Analysis of Non-Core Business During the reporting period, non-core businesses negatively impacted total profit, with positive contributions from investment income and fair value changes, but negative impacts from asset impairment and credit impairment losses; other income primarily comprised input tax deductions and government subsidies Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Formation Reason | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 38,699.09 | -0.06% | Mainly income from purchasing wealth management products | No | | Fair Value Change Gains/Losses | 2,656,592.51 | -4.33% | Mainly fair value changes of trading financial assets | No | | Asset Impairment | -409,209.49 | 0.67% | Mainly inventory write-down losses | No | | Non-operating Income | 168,166.01 | -0.27% | Mainly received liquidated damages and fines | No | | Non-operating Expenses | 337,004.23 | -0.55% | Mainly compensation payments | No | | Other Income | 19,871,314.38 | -32.40% | Mainly received input tax deductions and government subsidies | No | | Credit Impairment Losses | -15,585,312.31 | 25.41% | Mainly bad debt provisions for accounts receivable, accounts receivable financing, and other receivables | No | 5. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets decreased by 12.47% year-on-year; monetary funds significantly decreased due to a reduction in other monetary funds; accounts receivable increased due to higher operating revenue; changes in fixed assets and construction in progress were mainly due to transfers from construction to fixed assets; short-term borrowings decreased due to a reduction in discounted unexpired acceptance bills Significant Changes in Asset Composition | Item | Amount at End of Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Previous Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 821,573,859.63 | 11.26% | 1,851,307,205.19 | 22.22% | -10.96% | Other monetary funds decreased during the reporting period | | Accounts Receivable | 1,231,665,041.13 | 16.89% | 941,151,210.01 | 11.29% | 5.60% | Due to increased operating revenue during the reporting period | | Inventory | 217,267,307.89 | 2.98% | 204,543,731.74 | 2.45% | 0.53% | No significant change | | Fixed Assets | 2,892,225,110.37 | 39.65% | 2,264,325,148.18 | 27.17% | 12.48% | Due to transfer from construction in progress to fixed assets during the reporting period | | Construction in Progress | 1,142,392,602.45 | 15.66% | 1,705,389,308.34 | 20.47% | -4.81% | Due to transfer from construction in progress to fixed assets during the reporting period | | Short-term Borrowings | 1,442,209,237.78 | 19.77% | 2,454,540,863.60 | 29.46% | -9.69% | Due to reduced discounted unexpired acceptance bills during the reporting period | - No significant changes in the measurement attributes of the company's main assets during the reporting period[58] - Information on restricted asset rights can be found in Section VIII, Item 7, Article 17, Assets with Restricted Ownership or Use Rights[58] 6. Analysis of Investment Status During the reporting period, the company's investment decreased by 18.14% year-on-year; ongoing significant non-equity investment projects include a 12,700-ton additive project and a power battery high-end materials and supporting project, both under construction with some already in operation; the company holds financial assets measured at fair value, primarily trading financial assets and accounts receivable financing; wealth management transactions amounted to 551.30 million Yuan, with an outstanding balance of 110.591 million Yuan at period-end Investment Amount During the Reporting Period | Indicator | Investment Amount During Reporting Period (Yuan) | Investment Amount in Same Period Last Year (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 205,843,547.32 | 251,459,674.81 | -18.14% | Significant Non-Equity Investments in Progress | Project Name | Investment Method | Is it Fixed Asset Investment | Industry Involved in Investment Project | Amount Invested in Current Reporting Period (Yuan) | Cumulative Actual Investment Amount at Period-End (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 12,700-ton Additive Project | Self-built | Yes | Chemical Raw Materials and Chemical Products Manufacturing | 53,025,580.39 | 1,315,920,237.03 | 98.83% | | Power Battery High-end Materials and Supporting Project | Self-built | Yes | Chemical Raw Materials and Chemical Products Manufacturing | 71,253,079.62 | 111,336,380.11 | 69.20% | Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 245,750,350.10 | 634,989.50 | 551,299,981.54 | 683,383,245.40 | 113,032,096.74 | | Derivative Financial Assets | 1,010,184.59 | 1,004,566.52 | | | 2,014,751.11 | | Accounts Receivable Financing | 139,563,655.87 | | | | 144,258,598.43 | | Total Above | 386,324,190.56 | 369,577.02 | 551,299,981.54 | 683,383,245.40 | 259,305,446.28 | - Wealth management transactions during the reporting period amounted to 551.30 million Yuan, with an outstanding balance of 110.591 million Yuan at period-end[68] 7. Significant Asset and Equity Sales The company did not sell any significant assets or equity during the reporting period - The company did not sell significant assets during the reporting period[70] - The company did not sell significant equity during the reporting period[71] 8. Analysis of Major Holding and Participating Companies The company's main subsidiaries include Jiangsu Sipai New Energy Technology Co., Ltd., Hubei Xinyuan Haoke New Materials Co., Ltd., Hi-tech Spring Europe B.V., and Haike Xinyuan Materials Technology (Hubei) Co., Ltd., with Jiangsu Sipai and Hubei Xinyuan Haoke significantly impacting the company's operating revenue and net profit Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Registered Capital (Ten Thousand Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Sipai New Energy Technology Co., Ltd. | Subsidiary | 50000 | 2,674,386,997.57 | 1,279,065,076.09 | 1,194,738,269.70 | -19,829,269.69 | -18,449,222.77 | | Hubei Xinyuan Haoke New Materials Co., Ltd. | Subsidiary | 50000 | 1,468,900,077.26 | 285,723,094.56 | 677,752,738.85 | -31,813,850.28 | -31,816,502.32 | | Hi-tech Spring Europe B.V. | Subsidiary | 100万欧元 | 79,201,341.40 | 2,114,583.82 | 60,107,092.82 | 13,155,954.72 | 13,155,954.72 | | Haike Xinyuan Materials Technology (Hubei) Co., Ltd. | Subsidiary | 50000 | 1,651,697,864.43 | 454,087,653.93 | 82,053,767.42 | 25,440,717.46 | 24,882,698.83 | 9. Structured Entities Controlled by the Company During the reporting period, the company had no structured entities under its control - The company had no structured entities under its control during the reporting period[74] 10. Risks Faced by the Company and Countermeasures The company faces risks from industry policy fluctuations, product price volatility, raw material price fluctuations, and safety/environmental concerns, which it addresses through technology and market leadership, long-term strategic partnerships, innovation, cost control, and robust safety management systems - Industry policy fluctuation risk: The gradual phasing out of national new energy vehicle financial subsidy policies may affect the lithium battery industry chain material market. The company responds by enhancing cost competitiveness, developing fine chemical alcohol businesses, and bio-based products[75] - Product price fluctuation risk: Oversupply of upstream materials for lithium battery electrolytes and price volatility adversely affect performance. The company responds by signing long-term contracts with leading downstream customers, technological innovation, and cost control[75] - Raw material price fluctuation risk: Fluctuations in major raw material prices significantly impact production costs and operating performance. The company responds by tracking market changes, annual framework procurement, dynamic inventory management, and process technological innovation[76] - Safety production and environmental protection risks: Production processes may lead to safety accidents or environmental pollution. The company responds by improving its safety management system, implementing the DuPont safety system, and increasing investment in safety and environmental protection[76] 11. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company hosted various research activities, including institutional investors, through online roadshow platforms and phone calls, primarily discussing company products, operations, management, and industry development - On May 9, 2025, an online exchange was held via the Flush roadshow platform, with all investors participating, discussing company products, operations, and management[77] - On June 25, 2025, a phone call via Tencent Meeting hosted institutions such as Huashi Investment, Xiamen C&D, and Harvest Fund, discussing company products, operations, industry development, and management[77][78] 12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company formulated and approved its "Market Value Management System" on December 23, 2024, to standardize market value management, enhance company quality, and improve investor returns; no valuation enhancement plan was disclosed - The company formulated and approved the "Market Value Management System" on December 23, 2024, at the fifteenth meeting of the second board of directors[79] - The company did not disclose a valuation enhancement plan[79] 13. Implementation of "Quality and Return Dual Improvement" Action Plan The company did not disclose an announcement regarding its "Quality and Return Dual Improvement" action plan - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[80] Part IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives 1. Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period - No changes occurred in the company's directors, supervisors, and senior management during the reporting period[81] 2. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[82] 3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans but implemented an employee stock ownership plan during the reporting period, holding 851,100 shares (0.38% of total share capital), funded by employee compensation and self-raised funds; directors, supervisors, and senior management hold shares within this plan, with an amortization expense of 343,915.33 Yuan recorded in other capital reserves - No equity incentive plans during the reporting period[83] - The total number of shares held by all effective employee stock ownership plans during the reporting period was 851,100 shares, accounting for 0.38% of the listed company's total share capital[83] - Funds for the employee stock ownership plan originated from employees' legal compensation, self-raised funds, and other financing methods permitted by laws and regulations[83] - Ma Lijun (Director, General Manager) holds 155,000 shares, Wei Binbin (Director, CFO, Board Secretary) holds 57,100 shares, and Li Yong (Supervisor) holds 43,000 shares[83] - During the reporting period, the amortization expense for the company's employee stock ownership plan was 343,915.33 Yuan, correspondingly increasing other capital reserves[85] 4. Environmental Information Disclosure The company and its three major subsidiaries (Shandong Haike Xinyuan, Hubei Xinyuan Haoke, Jiangsu Sipai New Energy) are all included in the list of enterprises required to disclose environmental information by law, with corresponding inquiry indexes provided - The company and its 3 major subsidiaries are included in the list of enterprises required to disclose environmental information by law[86] - Shandong Haike Xinyuan Materials Technology Co., Ltd., Hubei Xinyuan Haoke New Materials Co., Ltd., and Jiangsu Sipai New Energy Technology Co., Ltd. all have inquiry indexes for their legally disclosed environmental information reports[86] 5. Social Responsibility The company actively fulfills its corporate social responsibility, including New Year greetings to elderly residents in Xixianhe Village, fire department safety support for local communities, purchasing unsold pears to aid farmers, and providing employment opportunities for migrant workers in Zhijiang City - Before the Spring Festival, the company delivered New Year goods worth 20,000 Yuan to elderly residents in Xixianhe Village[87] - The company's fire department provided fire safety training and hazard inspections for surrounding communities and villagers, and assisted in handling 6 fire incidents[87] - In response to government calls, the company purchased 30 boxes of pears as "cooling relief" supplies, helping fruit farmers in Bailizhou Town, Zhijiang City, solve the problem of unsold produce[87] - The company collaborated with a third-party labor service company to provide low-skilled employment opportunities, such as packaging and cleaning, for 117 migrant workers from villages and towns surrounding Zhijiang Yaojiagang Chemical Industrial Park[88] Part V Significant Matters This section covers important commitments, related party transactions, litigation, and other significant events affecting the company during the reporting period 1. Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period During the reporting period, various commitments from the controlling shareholder Shandong Haike Holding Co., Ltd., actual controller Yang Xiaohong, and certain directors, supervisors, and senior management, including share lock-up, share reduction, dividend, non-competition/related party transactions/fund occupation, share price stabilization, and immediate return dilution compensation measures, were either being fulfilled or had been completed; some shareholders' share lock-up periods were automatically extended by six months due to the share price falling below the issue price - Shandong Haike Holding Co., Ltd. and Yang Xiaohong's share lock-up commitments are being fulfilled, with the lock-up period automatically extended by 6 months due to the share price being below the issue price[90][91][92] - The share lock-up commitments of Cui Zhiqiang, Li Ling, Li Yong, Liu Meng, Teng Wenbin, Wu Leilei, Zhang Shengan, and Zhang Zaizhong have been fulfilled[94][95][96][97] - Shandong Haike Holding Co., Ltd.'s share reduction commitment is being fulfilled, pledging to reduce holdings by no more than 25% of the total shares held at the end of the previous year within two years after the lock-up period expires, with a reduction price not lower than the issue price[97][98][99] - The share price stabilization commitments of the company, Shandong Haike Holding Co., Ltd., Yang Xiaohong, Cui Zhiqiang, Wu Leilei, and Zhang Zaizhong are being fulfilled[108][109][110][111] - The commitments regarding non-competition, related party transactions, and fund occupation by the company, Shandong Haike Holding Co., Ltd., Yang Xiaohong, Cui Zhiqiang, Li Ling, Li Yong, Wang Aidong, Wu Leilei, and Zhang Zaizhong are being fulfilled[100][101][102][103][104][105][106][107] - The company, Shandong Haike Holding Co., Ltd., and Yang Xiaohong committed to actively implement measures to compensate for the dilution of immediate returns, including strengthening the management of raised funds, accelerating the investment progress of fundraising projects, improving profitability, and strengthening the investor return system[113][114][115] - The company, Shandong Haike Holding Co., Ltd., and Yang Xiaohong committed that the prospectus and other information disclosure materials for the initial public offering are true, accurate, and complete, without false records, misleading statements, or major omissions, and pledged to repurchase new shares according to law if the listing conditions are not met[125][126][127][128][129][130][131][132][133][134][135][136] 2. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[137] 3. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[138] 4. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[139] 5. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period There was no non-standard audit report for the company during the reporting period - There was no non-standard audit report for the company during the reporting period[140] 6. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year There was no non-standard audit report for the company during the reporting period - There was no non-standard audit report for the company during the reporting period[140] 7. Bankruptcy and Reorganization Matters No bankruptcy or reorganization matters occurred for the company during the reporting period - No bankruptcy or reorganization matters occurred for the company during the reporting period[140] 8. Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters; other litigation matters primarily involved payment disputes with Luoyang Dasheng New Energy Development Co., Ltd. and Hunan Oubiao Cosmetics Co., Ltd., some of which have been concluded in the first instance, ruling the defendants to pay goods and liquidated damages - The company had no significant litigation or arbitration matters during this reporting period[141] - The company has a payment dispute with Luoyang Dasheng New Energy Development Co., Ltd., involving 3.65 million Yuan, which has been concluded in the first instance, ruling Dasheng Company to pay for goods and liquidated damages[142] - The company has a payment dispute with Hunan Oubiao Cosmetics Co., Ltd., involving 244,800 Yuan, which has been concluded in the first instance, ruling Oubiao Company to pay for goods and interest[142] - Subsidiary Sipai Company has a payment dispute with Luoyang Dasheng New Energy Development Co., Ltd., involving 1 million Yuan, which has been concluded in the first instance, ruling Dasheng Company to pay for goods and liquidated damages[143] 9. Penalties and Rectification There were no penalties or rectification situations for the company during the reporting period - There were no penalties or rectification situations for the company during the reporting period[144] 10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no integrity issues requiring disclosure - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no integrity issues requiring disclosure[145] 11. Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments, nor any non-operating related party creditor-debtor relationships; no deposit, loan, credit, or other financial business existed between the company and related financial companies - The company had no related party transactions related to daily operations during the reporting period[145] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[146] - The company had no related party transactions involving joint external investments during the reporting period[147] - The company had no non-operating related party creditor-debtor relationships during the reporting period[148] - No deposit, loan, credit, or other financial business existed between the company and related financial companies, or between financial companies controlled by the company and related parties[149][150] 12. Significant Contracts and Their Performance During the reporting period, the company engaged in leasing, primarily for office buildings and employee dormitories; the company provided multiple guarantees to its subsidiaries, with the total guarantee amount accounting for 65.74% of the company's net assets; no other significant contracts existed - Leasing of other company assets by the company during the reporting period primarily involved office buildings and employee dormitories[154] - As of the end of the reporting period, the approved guarantee limit for subsidiaries totaled 4.5 billion Yuan, with an actual guarantee balance of 1.8472945 billion Yuan, accounting for 65.74% of the company's net assets[162] - The company had no other significant contracts during the reporting period[163] 13. Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[164] 14. Significant Matters of Company Subsidiaries During the reporting period, the company's subsidiaries had no significant matters - The company's subsidiaries had no significant matters during the reporting period[165] Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and shareholdings of directors, supervisors, and senior management 1. Share Change Status During the reporting period, the company's restricted shares decreased by 499,341 shares, with a corresponding increase in unrestricted shares, mainly due to some pre-IPO shares becoming unrestricted and listed for trading on January 8, 2025, after their lock-up period expired on January 7, 2025 Share Change Status | Item | Number Before This Change (Shares) | Proportion Before This Change | Increase/Decrease in This Change (Shares) | Number After This Change (Shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 138,174,488 | 62.02% | -499,341 | 137,675,147 | 61.79% | | Of which: Shares held by domestic natural persons | 2,380,489 | 1.07% | -499,341 | 1,881,148 | 0.84% | | II. Unrestricted Shares | 84,621,290 | 37.98% | 499,341 | 85,120,631 | 38.21% | | Of which: RMB ordinary shares | 84,621,290 | 37.98% | 499,341 | 85,120,631 | 38.21% | | III. Total Shares | 222,795,778 | 100.00% | 0 | 222,795,778 | 100.00% | - Reason for share change: Some of the company's pre-IPO shares became unrestricted and listed for trading on January 8, 2025, after their lock-up period expired on January 7, 2025[169] 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 | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haike Holding Co., Ltd. | 135,793,999 | 0 | 0 | 135,793,999 | IPO Restriction | January 7, 2027 | | Yang Xiaohong | 731,636 | 0 | 0 | 731,636 | IPO Restriction | January 7, 2027 | | Zhang Zaizhong | 500,592 | 500,592 | 0 | 0 | IPO Restriction | January 7, 2025 | | Cui Zhiqiang | 323,460 | 323,460 | 0 | 0 | IPO Restriction | January 7, 2025 | | Zhang Shengan | 269,550 | 269,550 | 0 | 0 | IPO Restriction | January 7, 2025 | | Wu Leilei | 115,521 | 115,521 | 0 | 0 | IPO Restriction | January 7, 2025 | | Li Yong | 115,521 | 115,521 | 0 | 0 | IPO Restriction | January 7, 2025 | | Liu Meng | 115,521 | 115,521 | 0 | 0 | IPO Restriction | January 7, 2025 | | Teng Wenbin | 115,521 | 115,521 | 0 | 0 | IPO Restriction | January 7, 2025 | | Li Ling | 92,417 | 92,417 | 0 | 0 | IPO Restriction | January 7, 2025 | | Total | 138,173,738 | 1,648,103 | 0 | 136,525,635 | | | 2. 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 during the reporting period[172] 3. Number of Shareholders and Shareholding Status At the end of the reporting period, the total number of common shareholders was 26,438; among the top ten shareholders, Shandong Haike Holding Co., Ltd. held 60.95% as the largest shareholder, and Guojin Securities Haike Xinyuan Employee Strategic Placement Collective Asset Management Plan held 2.50%; the company's special repurchase securities account held 851,100 shares, representing 0.38% of total shares - Total number of common shareholders at the end of the reporting period was 26,438[173] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haike Holding Co., Ltd. | Domestic Non-State-Owned Legal Person | 60.95% | 135,793,999 | 135,793,999 | 0 | | Guojin Securities - China Merchants Bank - Guojin Securities Haike Xinyuan Employee Strategic Placement Collective Asset Management Plan | Other | 2.50% | 5,574,079 | 0 | 5,574,079 | | Zhao Hongji | Domestic Natural Person | 1.49% | 3,327,787 | 0 | 3,327,787 | | Shanghai Heyin Investment Management Co., Ltd. - Changde Heyin Xiangde Equity Investment Partnership (Limited Partnership) | Other | 0.99% | 2,210,000 | 0 | 2,210,000 | | Shanghai Chentao Asset Management Co., Ltd. - Ningbo Chentong Venture Capital Partnership (Limited Partnership) | Other | 0.74% | 1,654,520 | 0 | 1,654,520 | | Shenzhen Dacheng Caizhi Venture Capital Management Co., Ltd. - Shenzhen Dacheng Chuanghong Private Equity Investment Enterprise (Limited Partnership) | Other | 0.72% | 1,598,471 | 0 | 1,598,471 | | Hangzhou Jingyou Investment Management Partnership (Limited Partnership) - Hangzhou Jingyou Phase III Equity Investment Partnership (Limited Partnership) | Other | 0.50% | 1,120,292 | 0 | 1,120,292 | | Wang Jizhong | Domestic Natural Person | 0.35% | 779,190 | 0 | 779,190 | | Yang Xiaohong | Domestic Natural Person | 0.33% | 731,636 | 731,636 | 0 | | UBS AG | Overseas Legal Person | 0.31% | 701,504 | 0 | 701,504 | - The company is unaware of any related party relationships or concerted action agreements among other shareholders[174] - As of the end of the reporting period, the company's special repurchase securities account held 851,100 shares, with a shareholding proportion of 0.38%[174] 4. Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[177] 5. Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - No changes in the company's controlling shareholder during the reporting period[178] - No changes in the company's actual controller during the reporting period[178] 6. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[179] Part VII Bond-Related Information This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period Bond-Related Information During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[181] Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies, taxation, and other significant financial details 1. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[183] 2. 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 for the first half of 2025, comprehensively illustrating its financial position, operating results, and cash flows (I) Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 7,293,710,701.56 Yuan, with total current assets of 2,954,146,735.81 Yuan and total non-current assets of 4,339,563,965.75 Yuan; total liabilities were 4,386,945,403.48 Yuan, and total owners' equity was 2,906,765,298.08 Yuan Key Data from Consolidated Balance Sheet | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 821,573,859.63 | 1,851,307,205.19 | | Trading Financial Assets | 115,046,847.85 | 246,760,534.69 | | Accounts Receivable | 1,231,665,041.13 | 941,151,210.01 | | Inventory | 217,267,307.89 | 204,543,731.74 | | Fixed Assets | 2,892,225,110.37 | 2,264,325,148.18 | | Construction in Progress | 1,142,392,602.45 | 1,705,389,308.34 | | Total Assets | 7,293,710,701.56 | 8,332,610,930.36 | | Short-term Borrowings | 1,442,209,237.78 | 2,454,540,863.60 | | Accounts Payable | 1,010,086,093.07 | 986,203,760.86 | | Long-term Borrowings | 784,265,170.66 | 710,949,751.34 | | Total Liabilities | 4,386,945,403.48 | 5,374,067,887.32 | | Total Owners' Equity Attributable to Parent Company | 2,809,899,804.50 | 2,850,859,938.67 | | Total Owners' Equity | 2,906,765,298.08 | 2,958,543,043.04 | (II) Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 4,848,315,610.55 Yuan, with total current assets of 2,156,914,431.87 Yuan and total non-current assets of 2,691,401,178.68 Yuan; total liabilities were 1,892,190,046.30 Yuan, and total owners' equity was 2,956,125,564.25 Yuan Key Data from Parent Company Balance Sheet | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 582,184,482.27 | 1,231,196,658.48 | | Accounts Receivable | 829,692,477.44 | 585,026,438.41 | | Long-term Equity Investments | 2,142,410,852.40 | 2,142,410,852.40 | | Fixed Assets | 407,783,911.81 | 432,873,908.30 | | Total Assets | 4,848,315,610.55 | 5,374,981,847.98 | | Short-term Borrowings | 301,888,821.11 | 297,352,092.08 | | Notes Payable | 725,500,000.00 | 1,400,416,815.64 | | Accounts Payable | 281,450,418.70 | 211,991,484.07 | | Total Liabilities | 1,892,190,046.30 | 2,438,871,137.24 | | Total Owners' Equity | 2,956,125,564.25 | 2,936,110,710.74 | [(III) Consolidated Income Statement](index=98&type=section&id=3%E3%80