金三江(301059) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The company's board, supervisors, and senior management affirm the semi-annual report's truthfulness and completeness, with no planned cash dividends or bonus shares - Company's board, supervisors, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, with no false records, misleading statements, or major omissions[5] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves[7] Table of Contents This section outlines the report's eight main chapters, covering company profile, financials, management analysis, governance, and other key aspects - The report comprises eight main chapters, from important notices to financial reports, comprehensively covering the company's operations and financial status[9] Definitions Key terms and company entities are defined, specifying "Jinsanjiang" as Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd., for the 2025 semi-annual period - "Jinsanjiang/Company/This Company" refers to Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd[15] - The reporting period is from January 1, 2025, to June 30, 2025[15] Section II Company Profile and Key Financial Indicators I. Company Profile This section provides the company's basic information, including stock details, names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jinsanjiang | | Stock Code | 301059 | | Stock Listing Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. | | Company's Legal Representative | Zhao Guofa | II. Contact Persons and Information Contact details for the Board Secretary and Securities Affairs Representative are provided, including addresses, phone, fax, and email Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Ren Zhixia | No. 15 Chuangye Road, Zhaoqing High-tech Zone | 0758-3681267 | 0758-3623858 | ir@jsjgcl.com | | Securities Affairs Representative | Liu Jing | No. 15 Chuangye Road, Zhaoqing High-tech Zone | 0758-3681267 | 0758-3623858 | ir@jsjgcl.com | III. Other Information No changes occurred in the company's registered address, office, website, email, or information disclosure locations during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[20] - Information disclosure and archiving locations remained unchanged during the reporting period[21] - The company's registration status remained unchanged during the reporting period[22] IV. Key Accounting Data and Financial Indicators Operating revenue and net profit attributable to shareholders increased by 19.01% and 31.41% respectively, while total assets slightly decreased Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 200,079,697.66 | 168,117,137.72 | 19.01% | | Net Profit Attributable to Shareholders of Listed Company | 30,835,205.73 | 23,464,234.29 | 31.41% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 30,306,552.10 | 23,167,948.70 | 30.81% | | Net Cash Flow from Operating Activities | 43,943,356.64 | 38,850,791.54 | 13.11% | | Basic Earnings Per Share (yuan/share) | 0.13 | 0.10 | 30.00% | | Diluted Earnings Per Share (yuan/share) | 0.13 | 0.10 | 30.00% | | Weighted Average Return on Net Assets | 5.19% | 4.12% | 1.07% | | End of Current Reporting Period vs. End of Prior Year | | | | | Total Assets (yuan) | 694,131,122.21 | 730,850,031.41 | -5.02% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 584,253,112.63 | 589,757,831.41 | -0.93% | V. Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between domestic and international accounting standards - The company had no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[25] - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[26] VI. Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses were 528,653.63 yuan, mainly from government grants and financial asset fair value changes Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Government grants included in current profit or loss (excluding those with continuous impact) | 647,220.15 | | Fair value changes and disposal gains/losses from financial assets and financial liabilities held by non-financial enterprises | 24,377.99 | | Other non-operating income and expenses apart from the above | -122,777.40 | | Other gain/loss items that meet the definition of non-recurring gains and losses | 72,648.81 | | Less: Income tax impact | 92,815.92 | | Total | 528,653.63 | Section III Management Discussion and Analysis I. Main Business Activities During the Reporting Period The company specializes in R&D, production, and sales of precipitated silica for toothpaste, expanding into food, pharmaceuticals, and high-performance tires - The company's main business is the R&D, production, and sales of precipitated silica, with no change in main business since its establishment[31] - Products are currently mainly used in toothpaste, while continuously expanding into food and pharmaceuticals, high-end industrial applications (PE battery separators, silicone rubber, etc.), and high-performance tires[31] 1. Toothpaste Sector Silica products for toothpaste offer good chemical stability, adjustable properties, and fluoride compatibility, with anti-sensitivity and high-dispersibility innovations - Silica products for toothpaste feature good chemical stability, adjustable abrasion and refractive indices, good compatibility with fluorides, adjustable oil absorption, and high purity[32] - The company's self-developed anti-sensitivity silica and highly dispersible silica products will lead future market trends in the toothpaste sector[33] 2. Food and Pharmaceutical Sector Silica acts as an anti-caking agent, preventing clumping in granular or powdered foods and pharmaceuticals due to its fine, porous, and adsorptive nature - Silica products for food and pharmaceuticals primarily serve as anti-caking agents, preventing granular or powdered foods from clumping[34] - Their advantages include fine particles, loose porosity, and strong adsorption, capable of absorbing moisture to prevent food from becoming damp and caking[34] 3. High-End Industrial Sector Silica serves as a filler for PE battery separators and a reinforcing agent for silicone rubber, significantly enhancing material performance - Silica products for PE battery separators primarily serve as fillers, accounting for approximately 60% by weight, preventing short circuits and allowing free charge flow[35] - Silica products for silicone rubber primarily serve as reinforcing agents, accounting for 25%-40% by weight, significantly improving tensile strength, wear resistance, aging resistance, and tear strength of rubber products[35][36] 4. Green Low-Carbon High-Performance Tire Sector Silica improves grip, reduces rolling resistance, and enhances wear resistance in high-performance tires, making it crucial for new energy vehicles - Silica products for green low-carbon high-performance tires primarily serve as abrasives and reinforcing agents, improving grip, reducing rolling resistance, and enhancing wear and aging resistance[37] - Adding functional silica materials can significantly reduce rolling resistance and vehicle energy consumption, becoming a core choice for new energy vehicle manufacturers[37] II. Analysis of Core Competencies The company maintains industry leadership through strong R&D, unique production processes, stable customer relationships, and rigorous product quality control - The company is committed to independent R&D investment and platform construction, collaborating with multiple research institutions, and possessing specialized R&D platforms such as the Guangdong Provincial Enterprise Technology Center[38] - The company's production lines have achieved full automation and intelligent control, enhancing production efficiency and product quality through DCS intelligent systems and SAP information management systems[41][42] - The company has established stable and long-term cooperative relationships with well-known domestic and international toothpaste brands, demonstrating a customer advantage[44] - The company has established a strict supplier management system and a comprehensive quality control system, ensuring product quality stability through CNAS certified laboratories and ISO22000, ISO9001 systems[46] 1. R&D Advantages The company drives innovation through provincial R&D platforms, advanced laboratories, and a PLM system, holding 133 national patents, including 105 invention patents - The company has established specialized R&D platforms such as the Guangdong Provincial Enterprise Technology Center and the Guangdong Functional Silica Engineering Technology Research Center[38] - The company has built an R&D laboratory spanning over 4,700 square meters and introduced a PLM system for digital management of the entire R&D process[39] - As of the end of the reporting period, the company and its subsidiaries had obtained a total of 133 national patents, including 105 Chinese invention patents and 1 US invention patent[39] 2. Unique Production Process and Technological Advantages Full automation, intelligent control, DCS, and SAP systems ensure stable product quality, energy efficiency, and refined production management - The company's production lines have achieved full automation and intelligent control of processes, strictly ensuring product quality stability through precise, automated monitoring of each production step[41] - The company has implemented measures such as recovering drying waste heat, utilizing solar power, recycling steam, and reusing wash water in its production process to achieve energy conservation, emission reduction, and efficiency improvement[41] - The company employs DCS intelligent systems and SAP information management systems, and is planning the construction of an MES system to enhance the level of refined production management[42] 3. Customer Advantages The company has established long-term, stable cooperative relationships with renowned domestic and international toothpaste brands due to its quality and service - The company enjoys a high reputation in the industry due to its advanced production technology, high-quality products, and services[44] - The company has established stable and long-term cooperative relationships with well-known domestic and international toothpaste brands[44] 4. Product Quality Advantages Adhering to "quality first," the company implements strict supplier management, DCS monitoring, and CNAS, ISO22000, ISO9001 certifications for high credibility - The company has established a strict supplier management system and raw material acceptance standards, controlling quality from the source[46] - The entire production process is efficiently monitored and controlled by a Distributed Control System (DCS system) to ensure product quality stability[46] - The testing laboratory is CNAS certified, and the company rigorously operates ISO22000 food safety management system and ISO9001 quality management system[46] III. Analysis of Main Business Operating revenue increased by 19.01%, operating costs by 14.01%, and gross profit margin improved by 7.47%, while investing cash flow significantly decreased Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 200,079,697.66 | 168,117,137.72 | 19.01% | | | Operating Cost | 123,825,338.32 | 108,611,977.82 | 14.01% | | | Sales Expenses | 6,274,490.35 | 3,697,113.52 | 69.71% | Primarily due to increased compensation and business expansion expenses | | Administrative Expenses | 25,202,102.35 | 17,841,793.72 | 41.25% | Primarily due to increased compensation and office rent | | Financial Expenses | -918,719.93 | -454,943.07 | -101.94% | | | Income Tax Expense | 4,226,775.30 | 2,958,040.99 | 42.89% | Primarily due to increased profit | | R&D Investment | 9,261,063.24 | 9,749,583.81 | -5.01% | | | Net Cash Flow from Operating Activities | 43,943,356.64 | 38,850,791.54 | 13.11% | | | Net Cash Flow from Investing Activities | -18,653,790.75 | -11,657,255.33 | -60.02% | Primarily due to increased purchases of wealth management products and asset acquisition payments | | Net Cash Flow from Financing Activities | -47,715,349.09 | -42,466,083.17 | -12.36% | | | Net Increase in Cash and Cash Equivalents | -21,442,858.29 | -15,031,658.06 | -42.65% | Primarily due to increased dividend payments and investment expenditures | Product or Service Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Silica | 199,133,384.03 | 123,498,784.06 | 37.98% | 18.71% | 13.86% | 7.47% | IV. Analysis of Non-Core Business Non-core business, including wealth management income and government grants, contributed minimally to profit and is not sustainable Non-Core Business Analysis | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 24,377.99 | 0.07% | Primarily income from wealth management products and structured deposits | No | | Asset Impairment | -401,344.64 | -1.14% | Primarily inventory impairment provision | No | | Non-Operating Income | 2,402.55 | 0.01% | Primarily other non-daily operating income | No | | Non-Operating Expenses | 125,179.95 | 0.36% | Primarily donation expenses | No | | Other Income | 1,263,641.48 | 3.60% | Primarily government grants and others | No | | Credit Impairment Losses | 461,956.80 | 1.32% | Primarily bad debt provision according to company impairment policy | No | V. Analysis of Assets and Liabilities Total assets and net assets decreased; monetary funds and accounts receivable fell, while inventory and right-of-use assets rose; notes payable and long-term borrowings decreased Significant Changes in Asset Composition (End of Current Reporting Period vs. End of Prior Year) | 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 | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 90,490,693.16 | 13.04% | 121,724,983.15 | 16.66% | -3.62% | Primarily due to increased dividend payments and investments | | Accounts Receivable | 73,940,973.90 | 10.65% | 85,887,524.66 | 11.75% | -1.10% | Primarily due to increased sales collections | | Inventory | 70,062,278.59 | 10.09% | 60,592,546.78 | 8.29% | 1.80% | Primarily due to increased leased warehouses | | Fixed Assets | 370,852,469.29 | 53.43% | 378,283,521.47 | 51.76% | 1.67% | Primarily due to asset depreciation | | Right-of-Use Assets | 12,838,684.52 | 1.85% | 5,115,856.12 | 0.70% | 1.15% | Primarily due to increased leased warehouses | | Trading Financial Assets | 4,000,000.00 | 0.58% | 0.00 | 0.00% | 0.58% | Primarily due to purchases of wealth management products | | Notes Payable | 30,531,280.00 | 4.40% | 63,750,154.08 | 8.72% | -4.32% | Primarily due to a decrease in bank acceptance bills issued | | Long-Term Borrowings | 7,316,082.63 | 1.05% | 14,632,165.27 | 2.00% | -0.95% | Primarily due to reclassification to non-current liabilities due within one year | | Lease Liabilities | 12,421,470.42 | 1.79% | 4,842,585.83 | 0.66% | 1.13% | Primarily due to increased leased warehouses | | Non-Current Liabilities Due Within One Year | 12,583,645.28 | 1.81% | 8,767,886.35 | 1.20% | 0.61% | Primarily due to an increase in long-term borrowings due within one year | Asset Rights Restriction Status | Item | Book Balance at Period-End (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 6,195,729.06 | 6,195,729.06 | Guarantee | Acceptance bill deposit | | Fixed Assets | 231,299,513.17 | 202,951,785.82 | Mortgage | Credit mortgage | | Intangible Assets | 32,643,621.23 | 28,741,939.33 | Mortgage | Credit mortgage | | Accounts Receivable Financing | 2,182,416.75 | 2,182,416.75 | Pledge | Pledge for issuing acceptance bills | | Total | 272,321,280.21 | 240,071,870.96 | | | VI. Analysis of Investment Status The company had no use of raised funds, with 160.5577 million yuan in entrusted wealth management and no derivative investments or entrusted loans - The company had no use of raised funds during the reporting period[60] Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 yuan) | Unmatured Balance (10,000 yuan) | Overdue Unrecovered Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 16,055.77 | 1,688.55 | 0 | - The company had no derivative investments or entrusted loans during the reporting period[62][63] VII. 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[64] - The company did not sell significant equity during the reporting period[65] VIII. Analysis of Major Holding and Participating Companies Key subsidiaries include Jinsanjiang (Hong Kong) and Jinsanjiang Poland; a new Malaysian subsidiary is in establishment, not yet impacting performance Major Subsidiary Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinsanjiang (Hong Kong) Co., Ltd. | Subsidiary | Trade | 8,549.00 | 39,451,537.89 | 26,418,692.67 | 15,092,306.28 | 2,466,292.58 | 2,366,423.96 | | Jinsanjiang Poland Sp. z o.o. | Subsidiary | Trade | 5,985,464.01 | 29,906,348.00 | 12,788,183.01 | 0.00 | -2,659,752.84 | -2,659,752.84 | - Jinsanjiang (Malaysia) Co., Ltd. was established this year through its subsidiary Jinsanjiang (Hong Kong) Co., Ltd. to expand overseas business and optimize capacity layout[67] - The Malaysian company is currently in the establishment phase and has not yet had a significant impact on overall production, operations, and performance[67] IX. Information on Structured Entities Controlled by the Company During the reporting period, the company had no controlled structured entities - The company had no controlled structured entities during the reporting period[68] X. Risks Faced by the Company and Countermeasures The company addresses competition, geopolitical uncertainties, and environmental risks through R&D, market expansion, global supply chain, and eco-friendly innovations - The company faces industry competition risks, with countermeasures including continuously increasing R&D technical capabilities, focusing on industry applications, collaborating with strategic customers for joint R&D, and exploring new markets[68] - Escalating globalization risks are mitigated by the company through a global supply chain layout, multi-region supply capacity planning, and policy tracking to reduce challenges in overseas market expansion[69] - Increasingly stringent environmental requirements are addressed by the company through active investment in environmentally friendly materials and process innovation in R&D, and attention to new energy and new material application opportunities[70] XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company conducted its 2024 annual performance exchange with online investors on April 16, 2025 - On April 16, 2025, the company hosted an online performance exchange for its 2024 annual results with online investors via a network platform[71] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not disclosed any market value management system or valuation enhancement plan - The company has not disclosed the formulation of a market value management system[72] - The company has not disclosed a valuation enhancement plan[73] XIII. Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[74] Section IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management Wu Zhuoyu resigned as director and deputy general manager on May 22, 2025, due to personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wu Zhuoyu | Director | Resignation | May 22, 2025 | Personal reasons | | Wu Zhuoyu | Deputy General Manager | Resignation | May 22, 2025 | Personal reasons | II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this semi-annual period - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[76] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company implemented restricted stock and employee stock ownership plans, with 1.993998 million shares granted and 556,650 shares unlocked - The company granted 1.993998 million second-class restricted shares to 60 grantees on May 20, 2024[79] - The restricted stock grant price was adjusted from 4.34 yuan/share to 4.07 yuan/share, and the conditions for the first vesting period were met, allowing 627,618 shares to be vested[79] - The first batch of shares under the 2024 Employee Stock Ownership Plan matured, allowing 556,650 shares to be unlocked, accounting for 0.24% of the company's total share capital[83] - During the reporting period, 2 holders of the 2024 Employee Stock Ownership Plan resigned, and their 612,500 shares were transferred to Ren Zhenxue, the company's director and general manager[83] 1. Equity Incentives The 2024 Restricted Stock Incentive Plan granted 1.993998 million shares to 60 grantees, with 627,618 shares vested in the first period - On April 22, 2024, the company's board of directors approved the "Proposal on the Company's 2024 Restricted Stock Incentive Plan (Draft) and its Summary"[77] - On May 20, 2024, the company granted 1.993998 million second-class restricted shares to 60 eligible grantees[79] - On May 21, 2025, it was agreed to adjust the restricted stock grant price from 4.34 yuan/share to 4.07 yuan/share, and the conditions for the first vesting period were confirmed to be met, allowing 627,618 shares to be vested[79] 2. Implementation of Employee Stock Ownership Plan The 2024 Employee Stock Ownership Plan covered 41 employees, with 556,650 shares unlocked and shares of 2 resigned employees handled Employee Stock Ownership Plan Details | Employee Scope | Number of Employees | Total Shares Held (shares) | Proportion of Listed Company's Total Share Capital | Funding Sources for the Plan | | :--- | :--- | :--- | :--- | :--- | | Directors, supervisors, senior management, core managers, and supervisors of the company (including branches and controlled subsidiaries) | 41 | 1,113,300 | 0.48% | 1. Employee's own funds; 2. Special incentive funds accrued by the company; 3. Other methods permitted by laws and regulations | - During the reporting period, 2 holders of the 2024 Employee Stock Ownership Plan resigned, and their 612,500 shares were transferred to Ren Zhenxue, the company's director and general manager[83] - On June 6, 2025, the lock-up period for the first batch of shares under the 2024 Employee Stock Ownership Plan expired, allowing 556,650 shares to be unlocked, accounting for 0.24% of the company's total share capital[83] 3. Other Employee Incentive Measures During the reporting period, the company had no other employee incentive measures - The company had no other employee incentive measures[84] IV. Environmental Information Disclosure Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. is legally required to disclose environmental information - Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[85] V. Social Responsibility The company prioritizes employee welfare, safety, and environmental compliance, fostering a sustainable human resource ecosystem and robust safety culture - The company has improved its "Employee Handbook" and "Job Grade System Management System," establishing a "dual-channel" career development system for employees, and providing comprehensive compensation, benefits, occupational health, and safety protection[86] - The company adheres to the safety policy of "safety first, prevention foremost, safe development, and people-oriented," continuously optimizing on-site safety management and building and improving its safety culture system[89] - The company has passed the national Level 3 safety standardization certification, established a Safety Management Committee, and strictly complies with a series of safety production laws and regulations such as the "Production Safety Law of the People's Republic of China"[91][92] - The company strictly manages the entire process of chemical procurement, storage, collection, and use in accordance with regulations such as the "Regulations on the Safe Management of Hazardous Chemicals," and has established a management mechanism compliant with EU REACH regulations[95] 1. Employees The company fosters an inclusive workplace with a "dual-channel" career development system, comprehensive training, and welfare benefits - The company has improved its "Employee Handbook," respecting employee rights, prohibiting any form of bias and discrimination, and fostering an equal and inclusive workplace environment[86] - The company has improved its "Job Grade System Management System," establishing a "dual-channel" management and technical job grade system for employees, and providing rich compensation, benefits, and occupational health and safety protection[86] - The company develops training courses for employees at all levels around its talent development system and provides fragmented learning resources through the "Jinsanjiang Business School" platform[87] 2. Safety and Occupational Health Adhering to "safety first," the company builds a safety culture through regular meetings, training, and aims for "zero occupational diseases" with health monitoring - The company adheres to the safety policy of "safety first, prevention foremost, safe development, and people-oriented," continuously optimizing on-site safety management measures[89] - The company guides all employees to highly identify with safety awareness and goals through regular safety production meetings, multi-level safety training, and safety culture month activities[89] - The company has established a "zero occupational disease" occupational health management goal, regularly monitors occupational hazard factors in the workplace, provides occupational health examination services, and organizes environmental safety training and emergency first-aid publicity[90] 3. Production Safety Management The company maintains a comprehensive safety management system, certified to national Level 3, ensuring compliance and managing chemical and supplier safety - The company has established a comprehensive production safety management system, passed the national Level 3 safety standardization certification, and set up a Safety Management Committee[91] - The company strictly complies with a series of laws and regulations such as the "Production Safety Law of the People's Republic of China," establishing a sound and complete safety management mechanism[92] - The company has formulated and updated supplier safety management agreements, ensuring that engineering suppliers and sulfuric acid suppliers sign safety responsibility commitments before entering the plant[93][94] - The company strictly manages the entire process of chemical procurement, storage, collection, and use in accordance with regulations such as the "Regulations on the Safe Management of Hazardous Chemicals," and has established a management mechanism compliant with EU REACH regulations[95] Section V Significant Matters I. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company No overdue unfulfilled commitments by the company or related parties were reported - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[97] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties No non-operating fund occupation by controlling shareholders or other related parties occurred - During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties[98] III. 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[99] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[100] V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period This section is not applicable as the semi-annual report was unaudited - Not applicable[101] VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year This section is not applicable as the semi-annual report was unaudited - Not applicable[101] VII. Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters during the reporting period[102] VIII. 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 in this reporting period[103] - The company had no other litigation matters[104] IX. Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[104] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller had no unfulfilled court judgments or large overdue debts - The company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts during the reporting period[105] XI. Significant Related Party Transactions No related party transactions related to daily operations, asset/equity changes, joint investments, or creditor/debtor relationships occurred - The company had no related party transactions related to daily operations during the reporting period[105] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[106] - The company had no related party transactions involving joint external investments during the reporting period[107] - The company had no related party creditor/debtor relationships during the reporting period[108] - The company had no deposits, loans, credit lines, or other financial business with related financial companies or financial companies controlled by the company and related parties[109][110] - The company had no other significant related party transactions during the reporting period[111] XII. Significant Contracts and Their Performance The company had no trusteeship or contracting, but engaged in various leases; no leasing projects exceeded 10% of total profit - The company had no trusteeship situations during the reporting period[112] - The company had no contracting situations during the reporting period[113] Leasing Information | No. | Lessee | Lessor | Lease Location | Purpose | Lease Term | Lease Area (m²) | Lease Filing Completed | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. | Guangzhou Southern Media Industrial Park Co., Ltd. | Units 1501-3 and 1502, 15th Floor, Southern Media Building, No. 888 Huangpu Avenue East, Huangpu District, Guangzhou | Office | Jan 28, 2024 to Dec 31, 2029 | 1,026.37 | Yes | | 2 | Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. | Zhaoqing Huiyang Property Management Service Co., Ltd. | 252, Comprehensive Building No. 1, Jinqiang Science and Technology Innovation Park, No. 9-3 Chuangye Road, Zhaoqing High-tech Zone | Accommodation | Feb 5, 2025 to Feb 4, 2028 | | No | | 3 | Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. | Zhaoqing Huiyang Property Management Service Co., Ltd. | 112, Comprehensive Building No. 1, Jinqiang Science and Technology Innovation Park, No. 9-3 Chuangye Road, Zhaoqing High-tech Zone | Accommodation | Jun 1, 2025 to Feb 4, 2028 | | No | | 4 | JSJ POLAND SP. Z O.O. | PDC INDUSTRIAL CENTER WAŁBRZYCH 242 SP. Z O.O. | AL PANATTONI PARK | Processing, Warehouse | Jan 15, 2025 to Dec 15, 2031 | 4,953 | No | | 5 | JSJ POLAND SP. Z O.O. | PDC INDUSTRIAL CENTER WAŁBRZYCH 242 SP. Z O.O. | AL PANATTONI PARK | Office | May 15, 2025 to Dec 15, 2031 | 144 | No | - The company had no leasing projects that contributed over 10% of the company's total profit during the reporting period[114] - The company had no significant guarantee situations during the reporting period[115] - The company had no other significant contracts during the reporting period[116] XIII. Explanation of Other Significant Matters No other significant matters requiring explanation were reported by the company - The company had no other significant matters requiring explanation during the reporting period[117] XIV. Significant Matters of Company Subsidiaries The company's subsidiaries had no other significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[118] Section VI Share Changes and Shareholder Information I. Share Change Information The company's total share capital remained unchanged at 231,154,000 shares, with no changes in restricted or unrestricted share proportions Share Change Information | Share Category | Quantity Before This Change (shares) | Proportion | Increase/Decrease in This Change (+, -) | Quantity After This Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 24,416,974 | 10.56% | 0 | 24,416,974 | 10.56% | | II. Unrestricted Shares | 206,737,026 | 89.44% | 0 | 206,737,026 | 89.44% | | III. Total Shares | 231,154,000 | 100.00% | 0 | 231,154,000 | 100.00% | - During the reporting period, the company's total share capital remained unchanged, and the reasons for share changes, approval status, transfer status, and progress of share repurchases are all not applicable[122] II. Securities Issuance and Listing The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[122] III. Number of Shareholders and Shareholding The company had 10,206 common shareholders; Guangzhou Feixue Group held 43.67%, and actual controllers Ren Zhenxue and Zhao Guofa are a married couple - The total number of common shareholders at the end of the reporting period was 10,206[123] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Feixue Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 43.67% | 100,934,135.00 | 0.00 | 100,934,135.00 | | Guangzhou Sainuo Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 12.68% | 29,311,287.00 | 0.00 | 29,311,287.00 | | Zhao Guofa | Domestic Natural Person | 7.04% | 16,276,344.00 | 12,207,258 | 4,069,086.00 | | Ren Zhenxue | Domestic Natural Person | 7.04% | 16,276,344.00 | 12,207,258 | 4,069,086.00 | | Guangzhou Saizhi Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.99% | 2,288,049.00 | 0.00 | 2,288,049.00 | | Xu Junhua | Domestic Natural Person | 0.89% | 2,048,600.00 | 0.00 | 2,048,600.00 | | Industrial and Commercial Bank of China Co., Ltd. - China CITIC-Prudential Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) | Other | 0.82% | 1,890,100.00 | 0.00 | 1,890,100.00 | | China Construction Bank Co., Ltd. - Guotai Junan Jundexin Two-Year Holding Period Mixed Securities Investment Fund | Other | 0.61% | 1,418,784.00 | 0.00 | 1,418,784.00 | | Guangdong Yueke Gejin Advanced Manufacturing Investment Partnership (Limited Partnership) | Other | 0.58% | 1,345,474.00 | 0.00 | 1,345,474.00 | | Shen Daoyi | Domestic Natural Person | 0.53% | 1,236,200.00 | 0.00 | 1,236,200.00 | - Actual controllers Ren Zhenxue and Zhao Guofa are a married couple; Guangzhou Feixue Group Co., Ltd., Guangzhou Sainuo Management Consulting Partnership (Limited Partnership), and Guangzhou Saizhi Management Consulting Partnership (Limited Partnership) are enterprises controlled by actual controllers Ren Zhenxue and Zhao Guofa[125] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[128] V. Changes in Controlling Shareholder or Actual Controller No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[129] - The company's actual controller did not change during the reporting period[131] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[132] Section VII Bond-Related Information Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[134] Section VIII Financial Report I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[136] II. Financial Statements This section presents consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and owners' equity changes 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 694.13 million yuan, liabilities 110.00 million yuan, and owners' equity 584.25 million yuan Key Data from Consolidated Balance Sheet (End of Period Balance) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 694,131,122.21 | | Total Liabilities | 109,878,009.58 | | Total Owners' Equity | 584,253,112.63 | | Monetary Funds | 90,490,693.16 | | Accounts Receivable | 73,940,973.90 | | Inventory | 70,062,278.59 | | Fixed Assets | 370,852,469.29 | | Notes Payable | 30,531,280.00 | | Long-Term Borrowings | 7,316,082.63 | 2. Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 690.00 million yuan, liabilities 99.00 million yuan, and owners' equity 590.00 million yuan Key Data from Parent Company Balance Sheet (End of Period Balance) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 689,757,075.30 | | Total Liabilities | 99,313,108.69 | | Total Owners' Equity | 590,443,966.61 | | Monetary Funds | 82,996,236.61 | | Accounts Receivable | 85,350,552.39 | | Long-Term Equity Investment | 26,152,701.43 | | Notes Payable | 30,531,280.00 | 3. Consolidated Income Statement In H1 2025, total operating revenue was 200.08 million yuan (up 19.01%), and net profit attributable to parent company was 30.84 million yuan (up 31.41%) Key Data from Consolidated Income Statement (First Half of 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 200,079,697.66 | 168,117,137.72 | | Total Operating Costs | 166,243,570.86 | 142,265,444.75 | | Operating Profit | 35,184,758.43 | 26,643,865.93 | | Total Profit | 35,061,981.03 | 26,422,275.28 | | Net Profit | 30,835,205.73 | 23,464,234.29 | | Net Profit Attributable to Parent Company Shareholders | 30,835,205.73 | 23,464,234.29 | | Basic Earnings Per Share | 0.13 | 0.10 | | Diluted Earnings Per Share | 0.13 | 0.10 | 4. Parent Company Income Statement In H1 2025, parent company operating revenue was 211.00 million yuan, and net profit was 37.85 million yuan, both showing growth Key Data from Parent Company Income Statement (First Half of 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 210,745,730.28 | 168,117,137.72 | | Operating Profit | 43,103,461.53 | 27,354,596.50 | | Total Profit | 42,980,684.13 | 27,319,263.44 | | Net Profit | 37,847,461.80 | 24,397,767.09 | 5. Consolidated Cash Flow Statement Net cash from operating activities was 43.94 million yuan (up 13.11%); investing activities were -18.65 million yuan; financing activities were -47.72 million yuan Key Data from Consolidated Cash Flow Statement (First Half of 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 43,943,356.64 | 38,850,791.54 | | Net Cash Flow from Investing Activities | -18,653,790.75 | -11,657,255.33 | | Net Cash Flow from Financing Activities | -47,715,349.09 | -42,466,083.17 | | Net Increase in Cash and Cash Equivalents | -21,442,858.29 | -15,031,658.06 | | Cash and Cash Equivalents at Period-End | 84,294,964.10 | 65,996,934.35 | - Net cash flow from investing activities decreased by 60.02% year-on-year, primarily due to increased expenditures for wealth management and asset acquisition[49] - Net increase in cash and cash equivalents decreased by 42.65% year-on-year, primarily due to increased payments for dividends and investments[50] 6. Parent Company Cash Flow Statement Net cash from operating activities was 50.41 million yuan; investing activities were -25.05 million yuan; financing activities were -43.73 million yuan Key Data from Parent Company Cash Flow Statement (First Half of 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 50,408,216.90 | 39,726,744.75 | | Net Cash Flow from Investing Activities | -25,046,111.84 | -11,654,755.33 | | Net Cash Flow from Financing Activities | -43,733,987.75 | -42,379,396.37 | | Net Increase in Cash and Cash Equivalents | -17,661,238.67 | -14,085,147.04 | | Cash and Cash Equivalents at Period-End | 76,800,507.55 | 56,085,026.06 | 7. Consolidated Statement of Changes in Owners' Equity Consolidated owners' equity totaled 584.25 million yuan; key changes included 30.18 million yuan in comprehensive income and 39.01 million yuan reduction from profit distribution Consolidated Statement of Changes in Owners' Equity (First Half of 2025) | Item | Share Capital (yuan) | Capital Reserve (yuan) | Less: Treasury Stock (yuan) | Other Comprehensive Income (yuan) | Surplus Reserve (yuan) | Retained Earnings (yuan) | Total Owners' Equity Attributable to Parent Company (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Balance at Beginning of Current Year | 231,154,000.00 | 180,058,771.57 | 16,976,785.19 | -225,424.92 | 29,302,231.16 | 166,445,038.79 | 589,757,831.41 | | III. Changes in Current Period | 0.00 | 3,324,211.02 | 0.00 | -658,577.33 | 0.00 | -8,170,352.47 | -5,504,718.78 | | (I) Total Comprehensive Income | 0.00 | 0.00 | 0.00 | -658,577.33 | 0.00 | 30,835,205.73 | 30,176,628.40 | | (II) Owners' Contributions and Capital Reductions | 0.00 | 3,324,211.02 | 0.00 | 0.00 | 0.00 | 0.00 | 3,324,211.02 | | (III) Profit Distribution | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -39,005,558.20 | -39,005,558.20 | | IV. Balance at End of Current Period | 231,154,000.00 | 183,382,982.59 | 16,976,785.19 | -884,002.25 | 29,302,231.16 | 158,274,686.32 | 584,253,112.63 | 8. Parent Company Statement of Changes in Owners' Equity Parent company owners' equity totaled 590.44 million yuan; key changes included 37.85 million yuan in comprehensive income and 39.01 million yuan reduction from profit distribution Parent Company Statement of Changes in Owners' Equity (First Half of 2025) | Item | Share Capital (yuan) | Capital Reserve (yuan) | Less: Treasury Stock (yuan) | Surplus Reserve (yuan) | Retained Earnings (yuan) | Total Owners' Equity (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Balance at Beginning of Current Year | 231,154,000.00 | 180,058,771.57 | 16,976,785.19 | 29,302,231.16 | 164,739,634.45 | 588,277,851.99 | | III. Changes in Current Period | 0.00 | 3,324,211.02 | 0.00 | 0.00 | -1,158,096.40 | 2,166,114.62 | | (I) Total Comprehensive Income | 0.00 | 0.00 | 0.00 | 0.00 | 37,847,461.80 | 37,847,461.80 | | (II) Owners' Contributions and Capital Reductions | 0.00 | 3,324,211.02 | 0.00 | 0.00 | 0.00 | 3,324,211.02 | | (III) Profit Distribution | 0.00 | 0.00 | 0.00 | 0.00 | -39,005,558.20 | -39,005,558.20 | | IV. Balance at End of Current Period | 231,154,000.00 | 183,382,982.59 | 16,976,785.19 | 29,302,231.16 | 163,581,538.05 | 590,443,966.61 | III. Company Basic Information This section outlines the company's historical evolution, legal representative, industry nature, main business activities, registered and headquarters addresses, and defines the scope of consolidated financial statements for the current period - The company, formerly Zhaoqing Jinsanjiang Chemical Co., Ltd., was restructured into Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. in December 2019[170] - As of June 30, 2025, the company's registered capital and share capital both amounted to RMB 231,154,000.00[171] - The company's legal representative is Zhao Guofa, its industry is basic chemical raw material manufacturing, and its main business activities include basic chemical raw material manufacturing, goods import and export, and technology import and export[172][173][174] - The company's consolidated scope for this period includes Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. and its various domestic and international subsidiaries[177] (I) Company Overview Details the company's historical evolution, share capital, legal representative, industry, and main business activities - The company was wholly restructured into Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. in December 2019[170] - As of June 30, 2025, the company's registered capital and share capital both amounted to RMB 231,154,000.00[171] - The company's legal representative is Zhao Guofa, and its industry is basic chemical raw material manufacturing[172][173] (II) Scope of Consolidation This section specifies the entities included in the company's consolidated financial statements for the current period, including various subsidiaries - The company's consolidated scope for this period includes Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd., Guangzhou Feixue Material Technology Co., Ltd., Jinsanjiang (Hong Kong) Co., Ltd., Jinsanjiang (USA) Technology Co., Ltd., Jinsanjiang Poland Sp. z o.o., Jinsanjiang Technology Mexico S.A. de C.V., and Jinsanjiang (Malaysia) Co., Ltd[177] IV. Basis of Financial Statement Preparation Financial statements are prepared on a going concern basis, adhering to accounting standards, with the company affirming its ability to continue for at least 12 months - The company prepares its financial statements on a going concern basis, in accordance with "Enterprise Accounting Standards" and relevant regulations, based on actual transactions and events[178][179] - The company possesses the ability to continue as a going concern for at least 12 months from the end of this reporting period, with no significant matters affecting its going concern ability[180] V. Significant Accounting Policies and Estimates This section details the company's accounting standards, period, cycle, currency, and key policies for business combinations, financial instruments, and revenue recognition - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and other information[182] - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics[213] - The company recognizes revenue when it satisfies a performance obligation in the contract, which is when the customer obtains control of the related goods[312] - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost (including receivables), debt instrument investments measured at fair value through other comprehensive income, and lease receivables[228] VI. Taxation Main tax types and rates are listed, along with corporate income tax preferences for high-tech enterprises and VAT deductions for advanced manufacturing Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Income | 6%, 9%, 13%, 16%, 23% | | Urban Maintenance and Construction Tax | Payable Turnover Tax | 7% | | Corporate Income Tax | Taxable Income | 9%, 15%, 16.5%, 25%, 30% Federal Tax Rate: 21%, New Jersey State Tax Rate: 6.5%-11.5% | | Education Surcharge | Payable Turnover Tax | 3% | | Local Education Surcharge | Payable Turnover Tax | 2% | - Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. is expected to pass the high-tech enterprise re-certification in 2025 and is provisionally subject to corporate income tax at a reduced rate of 15%[355] - The company's subsidiary, Guangzhou Feixue Material Technology Co., Ltd., enjoys a corporate income tax policy for small and micro-profit enterprises, where taxable income is calculated at 25% and corporate income tax is paid at a rate of 20%[355] - Jinsanjiang (Zhaoqing) Silicon Material Co., Ltd. enjoys a preferential policy of an additional 5% deduction from value-added tax for advanced manufacturing enterprises[356] VII. Notes to Consolidated Financial Statement Items Detailed disclosures of consolidated financial statement items, including assets, liabilities, equity, income, and expenses, with explanations for significant changes - The period-end balance of monetary funds is 90,490,693.16 yuan, including restricted funds of bank acceptance bill deposits of 6,195,729.06 yuan[358] - The period-end book value of accounts receivable is 73,940,973.90 yuan, with a bad debt provision rate of 5.00%[374] - The period-end book value of inventory is 70,062,278.59 yuan, with total inventory impairment provision and contract performance cost impairment provision of 545,360.16 yuan[430] - The period-end book value of fixed assets is 370,852,469.29 yuan, with accumulated depreciation of 141,458,670.58 yuan[476] - Operating revenue for the current period amounted to 200,079,697.66 yuan, and operating cost was 123,825,338.32 yuan[584] - Administrative expenses for the current period amounted to 25,202,102.35 yuan, sales expenses were 6,274,490.35 yuan, and R&D expenses were 9,261,063.24 yuan[589][590][591] VIII. R&D Expenses Total R&D expenses for this period were 9.2611 million yuan, all expensed, primarily for employee compensation, direct inputs, and depreciation R&D Expense Details | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 4,560,406.75 | 3,885,581.19 | | Direct Inputs | 894,299.28 | 2,707,748.67 | | Depreciation and Amortization | 1,596,815.10 | 1,601,510.75 | | Entrusted Development Fees | 100,000.00 | 388,349.51 | | Share-Based Payments | 611,149.36 | 0.00 | | Other Expenses | 1,498,392.75 | 1,166,393.69 | | Total | 9,261,063.24 | 9,749,583.81 | | Of which: Expensed R&D Expenses | 9,261,063.24 | 9,749,583.81 | - There were no