太和水(605081) - 2025 Q2 - 季度财报(更正)

Definitions Definitions of Common Terms This chapter defines common terms and abbreviations used in the report, including company entities, key related parties, business models (EPC, EOD), and financial units, ensuring accurate report interpretation - The reporting period is from January 1, 2025, to June 30, 2025[15] - Defines the company and its various subsidiaries and affiliates, such as Beijing Xinxin, Zhuozhuo Yongye, and Dingrun Jiade[14] - Explains business models such as EPC (Engineering, Procurement, and Construction) and EOD (Ecological-Oriented Development)[14] Company Profile and Key Financial Indicators I. Company Information This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative, confirming the full name as Shanghai Taihe Water Technology Development Co., Ltd - The company's Chinese name is Shanghai Taihe Water Technology Development Co., Ltd., abbreviated as Taihe Water[16] - The legal representative is He Xin[16] II. Contact Person and Information This section lists the name, contact address, phone, fax, and email of the company's Board Secretary for investor and stakeholder communication - The Board Secretary is He Yufei, with the contact address at Lanyun Cultural Center, Lane 899, Panlong Road, Qingpu District, Shanghai[17] III. Overview of Basic Information Changes This section details the company's basic information, including registered address, office address, website, and email, noting no changes during the reporting period - The company's registered address is Room 1957, No. 19, Lane 38, Caoli Road, Fengjing Town, Jinshan District, Shanghai, and its office address is Lanyun Cultural Center, Lane 899, Panlong Road, Qingpu District, Shanghai[18] - There were no changes to the company's basic information during the reporting period[18] IV. Overview of Information Disclosure and Document Storage Location Changes This section discloses the company's selected information disclosure newspapers, the website for semi-annual reports, and the report storage location, confirming no changes during the reporting period - The company's information disclosure newspapers include "China Securities Journal" and "Shanghai Securities News", with reports published on **http://www.sse.com.cn**[19](index=19&type=chunk) - There were no changes to information disclosure and document storage locations during the reporting period[19] V. Company Stock Overview This section provides the company's stock exchange, stock abbreviation, stock code, and previous abbreviation, clarifying that the company's stock has been subject to delisting risk warning - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation *"ST Taihe" and stock code 605081, previously "Taihe Water"[20] VII. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for H1 2025, showing significant year-on-year declines in operating revenue and net profit, and reductions in total assets and net assets, primarily due to macroeconomic factors and bad debt provisions Key Accounting Data (H1 2025 vs. Prior Year Period) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 33,050,870.88 | 75,145,432.78 | -56.02 | | Total Profit | -55,935,657.19 | -19,780,222.02 | -182.79 | | Net Profit Attributable to Shareholders of Listed Company | -57,076,621.40 | -19,964,410.37 | -185.89 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -53,098,238.89 | -18,299,209.09 | -190.17 | | Net Cash Flow from Operating Activities | -39,341,583.81 | -39,187,976.49 | -0.39 | | Current Period End vs. Prior Year End | | | | | Net Assets Attributable to Shareholders of Listed Company | 917,491,743.73 | 974,568,365.13 | -5.86 | | Total Assets | 1,342,393,178.73 | 1,525,768,444.25 | -12.02 | Key Financial Indicators (H1 2025 vs. Prior Year Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.50 | -0.18 | -177.78 | | Diluted Earnings Per Share (Yuan/share) | -0.50 | -0.18 | -177.78 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (Yuan/share) | -0.47 | -0.16 | -193.75 | | Weighted Average Return on Net Assets (%) | -6.03 | -1.54 | Decrease by 4.49 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -5.61 | -1.41 | Decrease by 4.2 percentage points | - Operating revenue decreased by 56.02% year-on-year, primarily due to macroeconomic environment impacts and fewer new engineering projects[23] - Net profit attributable to shareholders of the listed company and net profit excluding non-recurring items declined, mainly due to decreased revenue and bad debt provisions for credit losses[23] (I) Key Accounting Data This section details the company's H1 2025 key accounting data, including operating revenue, total profit, net profit, net cash flow from operating activities, net assets, and total assets, comparing them to the prior year, revealing significant financial deterioration Key Accounting Data (H1 2025 vs. Prior Year Period) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 33,050,870.88 | 75,145,432.78 | -56.02 | | Total Profit | -55,935,657.19 | -19,780,222.02 | -182.79 | | Net Profit Attributable to Shareholders of Listed Company | -57,076,621.40 | -19,964,410.37 | -185.89 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -53,098,238.89 | -18,299,209.09 | -190.17 | | Net Cash Flow from Operating Activities | -39,341,583.81 | -39,187,976.49 | -0.39 | | Current Period End vs. Prior Year End | | | | | Net Assets Attributable to Shareholders of Listed Company | 917,491,743.73 | 974,568,365.13 | -5.86 | | Total Assets | 1,342,393,178.73 | 1,525,768,444.25 | -12.02 | (II) Key Financial Indicators This section lists the company's H1 2025 key financial indicators, including basic EPS, diluted EPS, basic EPS excluding non-recurring items, and weighted average ROE, all showing a deteriorating trend, reflecting a severe decline in profitability Key Financial Indicators (H1 2025 vs. Prior Year Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.50 | -0.18 | -177.78 | | Diluted Earnings Per Share (Yuan/share) | -0.50 | -0.18 | -177.78 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (Yuan/share) | -0.47 | -0.16 | -193.75 | | Weighted Average Return on Net Assets (%) | -6.03 | -1.54 | Decrease by 4.49 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -5.61 | -1.41 | Decrease by 4.2 percentage points | - Basic earnings per share and basic earnings per share excluding non-recurring items decreased, primarily due to lower revenue and bad debt provisions for credit losses[24] IX. Non-Recurring Gains and Losses Items and Amounts This section lists the company's H1 2025 non-recurring gains and losses items and their amounts, totaling -3,978,382.51 Yuan, primarily including non-current asset disposal gains/losses, government subsidies, fair value change gains/losses, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts (H1 2025) | Non-Recurring Gains and Losses Items | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -38,510.83 | | Government grants recognized in current profit or loss | 504,039.92 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | -2,765,457.78 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 795,433.74 | | Other non-operating income and expenses apart from the above | -2,497,069.79 | | Other gains and losses that meet the definition of non-recurring items | 47,573.51 | | Less: Income tax impact | -8,870.86 | | Minority interest impact (after tax) | 33,262.14 | | Total | -3,978,382.51 | Management Discussion and Analysis I. Industry and Main Business Overview During the Reporting Period This section details the opportunities and challenges in the water environment governance industry, along with the company's operational strategies and development in its core water ecological restoration and drinking water businesses. The industry benefits from national policy support but faces macroeconomic downturn and intensified market competition. The company adheres to a "preserve existing, increase new, seek change" strategy, deepening technology in water ecological restoration and expanding products and channels in drinking water - The water environment governance industry is supported by national ecological civilization policies but faces multiple challenges, including global economic uncertainty, domestic economic restructuring, local fiscal pressure, and intensified market competition[30][31] - The company adheres to a "preserve existing, increase new, seek change" development strategy, focusing on water ecological restoration and the big health consumer sector[32] - The company's core technology for water ecological restoration is the "algae-eating insect-guided eutrophic water ecological restoration method", building a stable ecosystem through algae-eating insects, submerged plants, and aquatic animals[33] - The drinking water business centers on Heilongjiang Baiquan natural soda water, offering products like 390ml, 520ml, 4.5L, and pH 8.8, expanding online sales via Taobao, Douyin, Pinduoduo, WeChat mini-programs, and JD.com, while actively pursuing OEM collaborations and unmanned retail cabinet locations[35][37] (I) Industry Situation During the Reporting Period The water environment governance industry receives policy support under national ecological civilization initiatives, but macroeconomic uncertainty, local fiscal pressures, and intensifying market competition pose challenges, requiring continuous technological innovation to meet demand - National policies such as the "14th Five-Year Plan" and "Opinions on Comprehensively Promoting the Construction of Beautiful China" provide development opportunities for the water environment governance industry[30] - The industry faces challenges including global economic growth uncertainty, domestic economic restructuring, local government fiscal pressure, and intensified market competition[31] - Technological innovation is key to industry development, with urgent market demand for efficient, green, and sustainable governance technologies[31] (II) Company's Business Operations During the Reporting Period The company's business is divided into water environment ecological construction and maintenance, and drinking water sales. The water environment business centers on "algae-eating insect" technology to build stable underwater ecosystems. The drinking water business features natural soda water, expanding market reach through multiple online and offline channels, and plans to focus on customized water and unmanned retail - The company's water environment ecological construction and maintenance business focuses on improving eutrophic water environments through bio-ecological synergy technology, covering lakes, urban rivers, and landscape waters[33] - The core technical route is the "algae-eating insect-guided eutrophic water ecological restoration method", utilizing algae-eating insects to consume algae and detritus, and building a stable underwater forest system with submerged plants and photosynthetic bacteria[33] - The main product of the drinking water business is "TAIHESHUI" natural soda water, sourced from the Heilongjiang Baiquan Natural Soda Water Protection Area, characterized by its natural weak alkalinity with a pH value ≥ 8.5[35][37] - Online channels for drinking water have been strengthened on Taobao, Douyin, and Pinduoduo, with new additions including WeChat mini-programs and JD.com's self-operated platform; offline channels are expanding through OEM collaborations and market promotion[37] 1. Water Environment Ecological Construction and Maintenance Business The company is an innovative practitioner in water environment ecological restoration, improving water bodies through the "algae-eating insect-guided eutrophic water ecological restoration method" to build stable insect-plant symbiotic aquatic ecosystems, achieving water self-purification - The company specializes in improving eutrophic water environments through bio-ecological synergy technology, with business covering lakes, urban rivers, and landscape waters[33] - The core technology uses "algae-eating insects" as a pioneer species, effectively reducing algae and detritus, and improving water transparency[33] - By planting submerged plants, introducing photosynthetic bacteria, and other aquatic animals, a stable underwater forest system centered on submerged plants is built, forming an insect-plant symbiotic aquatic ecosystem[33] 2. Drinking Water Business The company's drinking water business centers on Heilongjiang Baiquan natural soda water, with a rich product line, expanding market reach through multiple online platforms and offline OEM collaborations, and plans to focus on customized water and unmanned retail in the future - Natural soda water produced by wholly-owned subsidiary Heilongjiang Haihe Beverage Co., Ltd. originates from the natural soda water protection area in western Baiquan County, Qiqihar City, Heilongjiang Province, featuring pure and transparent water quality rich in various beneficial trace elements[35] - The "TAIHESHUI" brand currently offers four classic products: 390ml, 520ml, 4.5L, and pH 8.8, meeting diverse consumption needs[37] - Online channels have expanded to Taobao Tmall flagship store, Douyin enterprise store, Pinduoduo store, and newly added WeChat mini-programs and JD.com's self-operated platform, while offline channels engage in OEM collaborations with multiple enterprises[37] - Future strategy will focus on customized water services and actively expand into emerging channels such as unmanned retail cabinet locations[37] II. Discussion and Analysis of Operations During the reporting period, the company's operating performance was affected by macroeconomic conditions, industrial policies, market competition, and local fiscal factors, leading to a significant decline in new orders and operating revenue, and an expanded net loss. The company will continue to focus on its core water ecological governance business, strengthening technology R&D and operational management to address challenges - The company's operating revenue was CNY 33.05 million, a 56.02% year-on-year decrease; net profit attributable to shareholders of the listed company was -CNY 57.08 million, a 185.89% year-on-year decrease[38] - The decline in performance was primarily due to complex macroeconomic conditions, industry policy adjustments, intense market competition, and poor local fiscal conditions, resulting in lower-than-expected new orders and extended collection cycles[38] - The company's core customers are mostly local governments and large private enterprise groups, and the economic downturn has led to difficulties in customer capital turnover and increased collection challenges[38] - The company will adhere to its core business positioning in water ecological governance, strengthen technology R&D and service capability building, optimize business layout, and enhance operational management[38] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in its unique technological advantages, industry brand recognition, independent cultivation capabilities for core materials, and natural soda water source advantages. Specifically, the "eutrophic water ecological restoration method" and improved Vallisneria spiralis technology have been recognized by institutions such as the Ministry of Water Resources, providing stable support for business expansion - The company possesses a core technology system based on its independently developed "eutrophic water ecological restoration method", including 8 water ecological element construction methods (12 domestic invention patents) and 72 utility model patents[39] - Domesticated algae-eating insects effectively consume algae and detritus, improving water transparency; improved submerged plants (evergreen dwarf Vallisneria spiralis and improved spiny Vallisneria spiralis) offer advantages such as non-flowering, low/high temperature resistance, efficient nitrogen and phosphorus absorption, and asexual reproduction[39][40] - The company's established insect-plant symbiotic system offers advantages such as ecological energy saving, significant effects, lower costs, long-lasting action, and wide applicability[41] - The company has gained recognition from institutions such as the Ministry of Water Resources for its technological advantages, including being selected for the "Xiong'an New Area Water Resource Guarantee Capacity Technical Support Recommended Shortlist" as both Category A and Category B technologies[42] - Core materials (algae-eating insects, Vallisneria spiralis, and microorganisms) are cultivated independently, with standardized breeding bases established in multiple regions nationwide to ensure material quality and supply[43] - The soda water business relies on the Heilongjiang Baiquan County Natural Soda Water Protection Area, where the water source is weakly alkaline small-molecule cluster water, rich in various trace elements[44] 1. Technological Advantages The company possesses a core technology system in water environment ecological governance, including the "eutrophic water ecological restoration method" and multiple patents, building efficient and stable insect-plant symbiotic aquatic ecosystems through domesticated algae-eating insects and improved submerged plants (e.g., Vallisneria spiralis) to achieve water self-purification - The company has built a full-chain technology system centered on its independently developed "eutrophic water ecological restoration method", covering biological regulation, ecological restoration, and long-term maintenance, holding 8 water ecological element construction methods (12 domestic invention patents) and 72 utility model patents[39] - Domesticated algae-eating insects feed on blue-green algae, detritus, suspended particles, and harmful bacteria, effectively reducing algae in water bodies and improving water transparency[39] - The improved Vallisneria spiralis has advantages such as non-flowering, seedless, dwarf, low/high temperature resistance, salt tolerance, and evergreen throughout the seasons, efficiently absorbing nitrogen and phosphorus nutrients, producing nascent oxygen, and achieving asexual reproduction[40] - By introducing, adjusting, and perfecting algae-eating insects, submerged plants, and other aquatic organisms, a stable insect-plant symbiotic aquatic ecosystem is formed, enabling self-purification of eutrophic water bodies[41] 2. Brand Advantages The company has established a professional advantage in water ecological restoration and construction through its core technology system, gaining recognition from institutions such as the Ministry of Water Resources, thereby enhancing its market reputation National Institutional Recognition | No. | Recognition Status | Year of Recognition | Evaluating Unit | Content of Recognition | | :--- | :--- | :--- | :--- | :--- | | 1 | "Water Ecological Field" Category A (Cutting-edge Leading) Technology in "Xiong'an New Area Water Resource Guarantee Capacity Technical Support Recommended Shortlist" | 2019 | Science and Technology Promotion Center of Ministry of Water Resources, Haihe River Water Conservancy Commission of Ministry of Water Resources, China Water Resources and Hydropower Planning and Design General Institute of Ministry of Water Resources, China International Engineering Consulting Corporation | Lake and reservoir governance technology solutions combined with wetland governance and industrial adjustment models | | 2 | "Water Ecological Field" Category B (Mature and Practical) Technology in "Xiong'an New Area Water Resource Guarantee Capacity Technical Support Recommended Shortlist" | 2019 | Science and Technology Promotion Center of Ministry of Water Resources, Haihe River Water Conservancy Commission of Ministry of Water Resources, China Water Resources and Hydropower Planning and Design General Institute of Ministry of Water Resources, China International Engineering Consulting Corporation | Algae-eating insect-guided water body ecological restoration technology | 3. Advantages of Independent Cultivation of Core Materials The company acquires core materials (algae-eating insects, Vallisneria spiralis, microorganisms, etc.) through independent cultivation, establishing standardized breeding bases in multiple regions nationwide to ensure stable material quality and meet project demands, thereby supporting rapid business expansion - The core materials required for the company's business (algae-eating insects, Vallisneria spiralis, and microorganisms) are obtained through independent cultivation[43] - Standardized breeding bases are established in multiple regions nationwide to ensure stable material quality and meet project demands in different areas[43] 4. Soda Water Source Advantages The core advantage of the company's drinking water business lies in its natural soda water source, originating from the Heilongjiang Baiquan County Natural Soda Water Protection Area, featuring pure water quality, rich in trace elements, and characterized by weakly alkaline small-molecule cluster water - The company relies on the Heilongjiang Baiquan County Natural Soda Water Protection Area to build its core barrier[44] - The water source is naturally filtered through deep rock layers, forming weakly alkaline small-molecule cluster water, rich in various trace elements, which helps neutralize the body's acidic environment and promote metabolism and absorption[44] IV. Major Operating Conditions During the Reporting Period During the reporting period, the company's operations were affected by multiple unfavorable factors, leading to significant declines in operating revenue and profit. The asset and liability structure changed significantly, with decreases in cash, accounts receivable, and accounts payable, and increases in prepayments and other receivables. Investment-wise, the amount of investment increased substantially, mainly due to equity acquisitions, while financial assets measured at fair value decreased. The company also established and deregistered several subsidiaries - Operating revenue decreased by 56.02% year-on-year, primarily due to the macroeconomic environment and declining demand in the water environment governance industry, leading to fewer new orders[46] - Total profit and net profit attributable to shareholders of the listed company declined significantly, mainly due to decreased revenue and bad debt provisions for credit losses[22][23] - Cash and bank balances at period-end decreased by 42.89% compared to the beginning of the period, primarily due to payments for goods and services in the current period[50] - Prepayments at period-end increased by 194.42% compared to the beginning of the period, primarily due to increased prepayments to suppliers in the current period[51] - Investment amount during the reporting period was CNY 25.755 million, a 100.00% year-on-year increase, mainly for equity investments[55] - Financial assets measured at fair value had a period-end balance of CNY 71,862,242.22, a 3.71% decrease from the beginning of the period, mainly due to fair value change losses of -CNY 2,765,457.78 on stock investments[57] - During the reporting period, Shanghai Yunlan Technology Development Co., Ltd. and Beijing Ranjing Technology Co., Ltd. were newly established, while Guangdong Taihe Water Environment Technology Co., Ltd., Jiangxi Taihe Water Environment Technology Development Co., Ltd., and Chongren County Bahe Ecological Technology Co., Ltd. were deregistered[63] (I) Main Business Analysis This section analyzes changes in the company's main business financial statement items, showing decreases in both operating revenue and cost, reduced selling and R&D expenses, and increased administrative and financial expenses, reflecting declining market demand, intensified competition, and shifts in internal cost structure Financial Statement Items Change Analysis Table (H1 2025 vs. Prior Year Period) | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 33,050,870.88 | 75,145,432.78 | -56.02 | | Operating Cost | 35,165,993.27 | 43,611,747.23 | -19.37 | | Selling Expenses | 6,970,422.56 | 10,201,714.87 | -31.67 | | Administrative Expenses | 42,322,641.77 | 36,681,849.10 | 15.38 | | Financial Expenses | 1,799,019.82 | -858,514.64 | 309.55 | | R&D Expenses | 3,317,885.57 | 4,543,507.27 | -26.98 | | Net Cash Flow from Operating Activities | -39,341,583.81 | -39,187,976.49 | -0.39 | | Net Cash Flow from Investing Activities | -37,680,495.68 | 32,473,149.23 | -216.04 | | Net Cash Flow from Financing Activities | -2,982,059.85 | -3,102,795.35 | 3.89 | - Operating revenue decreased by 56.02%, primarily due to the macroeconomic environment and declining demand in the water environment governance industry, leading to fewer new orders[46] - Administrative expenses increased by 15.38%, mainly due to higher depreciation expenses and employee compensation[47] - Financial expenses increased by 309.55%, primarily due to decreased interest income and increased amortization of unrecognized financing expenses[47] 1. Analysis Table of Changes in Financial Statement Items This section presents a detailed table of the company's main financial statement items, including current period figures, prior year figures, and change percentages, with explanations for each variation, revealing significant shifts in revenue, profit, expenses, and cash flow Financial Statement Items Change Analysis Table (H1 2025 vs. Prior Year Period) | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 33,050,870.88 | 75,145,432.78 | -56.02 | | Operating Cost | 35,165,993.27 | 43,611,747.23 | -19.37 | | Selling Expenses | 6,970,422.56 | 10,201,714.87 | -31.67 | | Administrative Expenses | 42,322,641.77 | 36,681,849.10 | 15.38 | | Financial Expenses | 1,799,019.82 | -858,514.64 | 309.55 | | R&D Expenses | 3,317,885.57 | 4,543,507.27 | -26.98 | | Net Cash Flow from Operating Activities | -39,341,583.81 | -39,187,976.49 | -0.39 | | Net Cash Flow from Investing Activities | -37,680,495.68 | 32,473,149.23 | -216.04 | | Net Cash Flow from Financing Activities | -2,982,059.85 | -3,102,795.35 | 3.89 | - Net cash flow from investing activities changed by -216.04%, primarily due to the recovery of time deposits and investment income in the prior year period[47] (III) Analysis of Assets and Liabilities This section analyzes changes in the company's period-end assets and liabilities. Cash, accounts receivable, and accounts payable significantly decreased, while prepayments, other receivables, productive biological assets, and right-of-use assets substantially increased, reflecting adjustments in the company's procurement, capital turnover, and asset structure Changes in Assets and Liabilities (Period-End vs. Prior Year-End) | Item Name | Current Period End (CNY) | % of Total Assets (Current Period End) | Prior Year End (CNY) | % of Total Assets (Prior Year End) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 107,488,785.91 | 8.01 | 188,229,802.82 | 12.34 | -42.89 | | Accounts Receivable | 415,508,074.27 | 30.95 | 585,085,036.52 | 38.35 | -28.98 | | Prepayments | 2,083,763.42 | 0.16 | 707,761.69 | 0.05 | 194.42 | | Other Receivables | 23,083,335.51 | 1.72 | 7,786,713.79 | 0.51 | 196.45 | | Productive Biological Assets | 6,073,504.79 | 0.45 | 3,916,475.31 | 0.26 | 55.08 | | Right-of-Use Assets | 71,041,102.60 | 5.29 | 51,399,407.48 | 3.37 | 38.21 | | Accounts Payable | 155,052,038.53 | 11.55 | 277,668,105.29 | 18.20 | -44.16 | | Other Payables | 20,040,427.02 | 1.49 | 9,493,117.66 | 0.62 | 111.10 | - Cash and bank balances at period-end decreased by 42.89% compared to the beginning of the period, primarily due to payments for goods and services in the current period[50] - Prepayments at period-end increased by 194.42% compared to the beginning of the period, primarily due to increased prepayments to suppliers in the current period[51] - Other receivables at period-end increased by 196.45% compared to the beginning of the period, primarily due to employee advances for petty cash in the current period[53] - Accounts payable at period-end decreased by 44.16% compared to the beginning of the period, primarily due to payments for materials in the current period[53] 1. Asset and Liability Status This section details the company's period-end asset and liability book values, their proportion of total assets, and their change percentages from the prior year-end, with explanations for major variations, reflecting dynamic shifts in the company's asset and liability structure Changes in Assets and Liabilities (Period-End vs. Prior Year-End) | Item Name | Current Period End (CNY) | % of Total Assets (Current Period End) | Prior Year End (CNY) | % of Total Assets (Prior Year End) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 107,488,785.91 | 8.01 | 188,229,802.82 | 12.34 | -42.89 | | Notes Receivable | 3,490,938.26 | 0.26 | 3,849,746.48 | 0.25 | -9.32 | | Accounts Receivable | 415,508,074.27 | 30.95 | 585,085,036.52 | 38.35 | -28.98 | | Prepayments | 2,083,763.42 | 0.16 | 707,761.69 | 0.05 | 194.42 | | Other Receivables | 23,083,335.51 | 1.72 | 7,786,713.79 | 0.51 | 196.45 | | Inventories | 123,083,275.34 | 9.17 | 104,224,698.45 | 6.83 | 18.09 | | Contract Assets | 113,664,887.14 | 8.47 | 127,825,409.74 | 8.38 | -11.08 | | Non-current Assets Due Within One Year | 1,411,373.71 | 0.11 | 1,758,936.40 | 0.12 | -19.76 | | Other Current Assets | 14,210,384.95 | 1.06 | 9,736,514.47 | 0.64 | 45.95 | | Long-term Receivables | 1,457,302.55 | 0.11 | 1,400,180.21 | 0.09 | 4.08 | | Other Non-current Financial Assets | 71,862,242.22 | 5.35 | 74,627,700.00 | 4.89 | -3.71 | | Fixed Assets | 292,372,132.50 | 21.78 | 243,741,087.57 | 15.97 | 19.95 | | Construction in Progress | 34,545,424.30 | 2.57 | 56,275,764.61 | 3.69 | -38.61 | | Productive Biological Assets | 6,073,504.79 | 0.45 | 3,916,475.31 | 0.26 | 55.08 | | Right-of-Use Assets | 71,041,102.60 | 5.29 | 51,399,407.48 | 3.37 | 38.21 | | Intangible Assets | 25,890,690.71 | 1.93 | 26,296,096.63 | 1.72 | -1.54 | | Goodwill | 12,999,819.89 | 0.97 | 11,379,373.17 | 0.75 | 14.24 | | Long-term Deferred Expenses | 12,573,822.03 | 0.94 | 15,018,712.14 | 0.98 | -16.28 | | Deferred Income Tax Assets | 8,601,412.63 | 0.64 | 10,297,766.77 | 0.67 | -16.47 | | Other Non-current Assets | 950,906.00 | 0.07 | 2,211,260.00 | 0.14 | -57.00 | | Short-term Borrowings | 26,204,055.56 | 1.95 | 28,958,277.78 | 1.90 | -9.51 | | Accounts Payable | 155,052,038.53 | 11.55 | 277,668,105.29 | 18.20 | -44.16 | | Contract Liabilities | 24,314,107.25 | 1.81 | 31,870,270.64 | 2.09 | -23.71 | | Employee Benefits Payable | 5,382,611.20 | 0.40 | 13,728,625.70 | 0.90 | -60.79 | | Taxes Payable | 72,723,803.15 | 5.42 | 75,071,570.26 | 4.92 | -3.13 | | Other Payables | 20,040,427.02 | 1.49 | 9,493,117.66 | 0.62 | 111.10 | | Non-current Liabilities Due Within One Year | 22,689,227.92 | 1.69 | 20,382,488.41 | 1.34 | 11.32 | | Other Current Liabilities | 14,822,881.08 | 1.10 | 18,578,821.21 | 1.22 | -20.22 | | Lease Liabilities | 54,373,502.41 | 4.05 | 49,283,431.31 | 3.23 | 10.33 | | Provisions | 10,221,588.59 | 0.76 | 10,949,283.27 | 0.72 | -6.65 | | Deferred Income Tax Liabilities | 11,492,295.72 | 0.86 | 10,446,434.41 | 0.68 | 10.01 | | Other Non-current Liabilities | 6,895,734.51 | 0.51 | 6,895,734.51 | 0.45 | 0.00 | (IV) Analysis of Investment Status During the reporting period, the company's external equity investment amount significantly increased, primarily through acquisitions, including Beijing Zhongke Yanyun Technology Co., Ltd., Heilongjiang Haihe Beverage Co., Ltd., and Nanchang Zhongchun Agricultural Technology Co., Ltd. Concurrently, the period-end balance of financial assets measured at fair value (stocks and private equity funds) decreased, with stock investments incurring fair value change losses Changes in Investment Amount During the Reporting Period | Investment Amount During Reporting Period (CNY 10,000) | Investment Amount in Prior Year Period (CNY 10,000) | Change (%) | | :--- | :--- | :--- | | 2,575.50 | 0.00 | 100.00% | - Significant equity investments during the reporting period included the acquisition of 55% equity in Beijing Zhongke Yanyun Technology Co., Ltd. (CNY 22 million), 100% equity in Heilongjiang Haihe Beverage Co., Ltd. (CNY 66 million), and 85% equity in Nanchang Zhongchun Agricultural Technology Co., Ltd. (CNY 25.755 million)[56] Financial Assets Measured at Fair Value (Period-End vs. Period-Beginning) | Asset Category | Period-Beginning Balance (CNY) | Fair Value Change Gains/Losses for Current Period (CNY) | Period-End Balance (CNY) | | :--- | :--- | :--- | :--- | | Stocks | 23,189,700.00 | -2,765,457.78 | 20,424,242.22 | | Private Equity Funds | 51,438,000.00 | | 51,438,000.00 | | Total | 74,627,700.00 | -2,765,457.78 | 71,862,242.22 | - The company holds 4.83% equity in Guoyue Jun'an No. 4 (Taizhou) Equity Investment Partnership (Limited Partnership), 21.28% equity in Jiaxing Xiaoxiang Equity Investment Partnership (Limited Partnership), and shares in the Ziyang Airport Economic Zone Industrial New City PPP Private Equity Investment Fund[59] 1. Overall Analysis of External Equity Investments During the reporting period, the company's external equity investment amount significantly increased, reaching CNY 25.755 million, a 100% increase from the prior year, indicating a notable rise in the company's investment and M&A activity Changes in Investment Amount During the Reporting Period | Investment Amount During Reporting Period (CNY 10,000) | Investment Amount in Prior Year Period (CNY 10,000) | Change (%) | | :--- | :--- | :--- | | 2,575.50 | 0.00 | 100.00% | (1). Significant Equity Investments The company made several significant equity investments during the reporting period, including acquiring 55% equity in Beijing Zhongke Yanyun Technology Co., Ltd., 100% equity in Heilongjiang Haihe Beverage Co., Ltd., and **85% equity in Nanchang Zhongchun Agricultural