滨化集团股份有限公司2025 年半年度报告 公司代码：601678 公司简称：滨化股份 滨化集团股份有限公司 2025 年半年度报告 1 / 170 滨化集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人董红波、主管会计工作负责人孙淑芳及会计机构负责人（会计主管人员）姜海 丰声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度利润分配预案为：以实施权益分派股权登记日登记的总股本，扣除公司回购专 用账户所持股份为基数分配利润，向全体股东每10股派发现金红利0.10元（含税）。实际派发现 金红利总额将根据股权登记日可参与利润分配的股份数量确定。如在董事会审议通过本次利润分 配方案之日起至实施权益分派股权登记日期间，因可转债转股/回购股份/股权激励授予股份回购注 销/重大资产重组股份回购注销等致使公司总股本 ...

华电国际电力股份有限公司 2025 年半年度报告 公司代码：600027 公司简称：华电国际 华电国际电力股份有限公司 2025 年半年度报告 华电国际电力股份有限公司 2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、本公司全体董事出席董事会会议。 三、本半年度报告未经审计。 本半年度报告涉及未来计划等前瞻性陈述，本公司郑重声明该计划不构成本公司对投资者的实质 性承诺，请投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 四、公司负责人刘雷、主管会计工作负责人李国明及会计机构负责人（会计主管人员）王超声明： 保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本公司第十届董事会第二十五次会议建议2025年半年度派发股息每股人民币0.09元（含 ...

东方电气股份有限公司 2025 年半年度报告 公司代码：600875 公司简称：东方电气 东方电气股份有限公司 2025 年半年度报告 1 东方电气股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 张彦军 | 因公外出 | 罗乾宜 | | 董事 | 孙国君 | 因公外出 | 张少峰 | 三、 本半年度报告未经审计。 四、 公司负责人罗乾宜、主管会计工作负责人吕双及会计机构负责人（会计主管人员）郑兴义声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请投资 者注意投资风险。 七、 是否 ...

四川水井坊股份有限公司2025 年半年度报告 公司代码：600779 公司简称：水井坊 四川水井坊股份有限公司 2025 年半年度报告 1 / 147 四川水井坊股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人胡庭洲、主管会计工作负责人蒋磊峰及会计机构负责人（会计主管人员）徐金 金声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告第三节管理 ...

中仑新材料股份有限公司 2025 年半年度报告全文 1 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人杨清金、主管会计工作负责人谢长火及会计机构负责人(会计 主管人员)谢长火声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告中"第三节管理层讨论与分析"中"十、公司面临的风险 和应对措施"部分，详细描述了公司经营中可能存在的风险与应对措施，敬 请投资者关注相关内容。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公 司已在本报告中详细阐述公司在生产经营过程中可能面对的风险及应对措施， 敬请查阅第三节"管理层讨论与分析"之"十、公司面临的风险和应对措 施"，请投资者予以关注。 公司计划不派发现金红利，不送红股 ...

北京利仁科技股份有限公司 2025 年半年度报告全文 证券代码：001259 证券简称：利仁科技 公告编号：2025-043 北京利仁科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 北京利仁科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人宋老亮、主管会计工作负责人杨善东及会计机构负责人(会计 主管人员)侯进颖声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 实质承诺，投资者及相关人士均应当对此保持足够风险认识，并且应当理解 计划、预测与承诺之间的差异，敬请投资者注意投资风险。 公司已在本报告"第三节管理层讨论与分析"之"十、公司面临的风险和 应对措施"中，描述了可能面对的风险因素及应对措施，敬请投资者关注相 关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | 第一节 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notes](index=2&type=section&id=1.1%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the report's authenticity and alerts investors to risks associated with forward-looking statements - The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report's contents, with no false records, misleading statements, or material omissions[4](index=4&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) - Investors are advised to be aware of the risks associated with forward-looking statements in the report, such as future plans, development strategies, and performance forecasts[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=1.2%20%E7%9B%AE%E5%BD%95) This section lists the report's overall structure, covering eight main chapters including company profile, MD&A, and financial reports [Directory of Documents for Inspection](index=4&type=section&id=1.3%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the specific content and location of the company's inspection documents available during the reporting period - The documents for inspection include financial statements signed and sealed by the company's legal representative, chief financial officer, and head of accounting[10](index=10&type=chunk) - The documents also include the originals of all company documents and announcements publicly disclosed on the CSRC-designated website during the reporting period[11](index=11&type=chunk) - The location for inspecting these documents is the company's Board of Directors' office[13](index=13&type=chunk) [Definitions](index=5&type=section&id=1.4%20%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report to ensure clear understanding of its content - "Reporting Period," "Current Period," or "This Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - "The Company," "This Company," or "Marssenger" refers to Marssenger Kitchenware Co, Ltd[14](index=14&type=chunk) - "Controlling Shareholder" or "Actual Controller" refers to Mr Huang Weibin[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=6&type=section&id=2.1%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides basic information about Marssenger Kitchenware Co, Ltd, including its stock ticker, listing exchange, and legal representative - The company's stock ticker is "Marssenger," with stock code "300894," listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's Chinese name is 火星人厨具股份有限公司, and its legal representative is Huang Weibin[17](index=17&type=chunk) [Contact Persons and Methods](index=6&type=section&id=2.2%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Mao Weiping, and the Securities Affairs Representative is Xu Lingli[18](index=18&type=chunk) - The contact address for both is 366 Xincheng Road, Jianshan New District, Haining City, Zhejiang Province, with the phone number 0573-87019995[18](index=18&type=chunk) [Other Information](index=6&type=section&id=2.3%20%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that there were no changes to the company's contact information or registration details during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[19](index=19&type=chunk) - The locations for information disclosure and document inspection remained unchanged during the reporting period[20](index=20&type=chunk) - The company's registration details remained unchanged during the reporting period[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=2.4%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Revenue decreased by 46.30% YoY, net profit turned to a loss with a 400.99% decline, and operating cash flow significantly deteriorated 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 374,435,885.07 | 697,257,223.91 | -46.30% | | Net Profit Attributable to Shareholders | -123,529,556.94 | 41,041,706.67 | -400.99% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -129,223,178.75 | 35,884,568.68 | -460.11% | | Net Cash Flow from Operating Activities | -140,515,520.21 | -59,974,247.61 | -134.29% | | Basic Earnings Per Share (RMB/share) | -0.30 | 0.10 | -400.00% | | Diluted Earnings Per Share (RMB/share) | -0.30 | 0.06 | -600.00% | | Weighted Average Return on Equity | -9.11% | 2.52% | -11.63% | | **Period-End Indicators** | **End of Current Period (RMB)** | **End of Prior Year (RMB)** | **Change from Prior Year-End** | | Total Assets | 2,252,765,931.28 | 2,482,693,038.97 | -9.26% | | Net Assets Attributable to Shareholders | 1,294,197,996.58 | 1,417,650,712.43 | -8.71% | - The company had no situations requiring retrospective adjustments or restatements of prior year accounting data during the reporting period[22](index=22&type=chunk) [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=2.5%20%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) This section confirms no discrepancies in net profit or net assets between Chinese accounting standards and international or foreign standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[23](index=23&type=chunk) - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[24](index=24&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=2.6%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled RMB 5,693,621.81, primarily from government subsidies and fair value changes in financial assets 2025 Semi-Annual Non-recurring Profit and Loss Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -881,638.52 | | Government Subsidies Included in Current Profit/Loss (excluding those closely related to normal business operations) | 3,640,214.68 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises | 2,759,479.46 | | Gains/Losses from Entrusted Investments or Asset Management | 1,437,006.85 | | Other Non-operating Income and Expenses | -227,055.41 | | Less: Income Tax Impact | 1,034,385.25 | | **Total** | **5,693,621.81** | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it classified any non-recurring items as recurring[27](index=27&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Principal Business Activities During the Reporting Period](index=9&type=section&id=3.1%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company specializes in new kitchen appliances, but the industry faced a downturn due to real estate market adjustments - The company specializes in the R&D, design, production, and sales of new kitchen appliances, with main products including integrated stoves, integrated dishwashers, and integrated sinks[32](index=32&type=chunk) - In the first half of 2025, the domestic real estate market continued its adjustment phase, with residential completion area **decreasing by 15.5% YoY**, leading to a significant contraction in new demand for kitchen appliances[29](index=29&type=chunk) - The retail sales of the integrated stove industry **decreased by 27.6% YoY**, and while the industry is in a downturn, the company's online sales remain number one in the category[29](index=29&type=chunk)[44](index=44&type=chunk) [Industry Development](index=9&type=section&id=3.1.1%20%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The kitchen appliance industry contracted significantly due to a 15.5% YoY decline in residential completions, though the company maintained its leading market share - In H1 2025, the domestic real estate market's adjustment led to a **15.5% YoY decrease** in residential completion area to 162.66 million square meters, significantly shrinking new demand for kitchen appliances[29](index=29&type=chunk) - From January to June 2025, retail sales of integrated stoves were **RMB 6.6 billion**, a **YoY decrease of 27.6%**, indicating the industry is still in a downturn and clearing phase[29](index=29&type=chunk) - The company maintained its leadership in the high-end integrated stove market, with a **retail volume market share of 12.5%** in H1 2025, ranking first in the industry[30](index=30&type=chunk) - The company believes high-end integrated kitchen appliances like integrated stoves and dishwashers are a core future trend, with the industry advancing towards "functional integration, intelligent operation, and scenario-based design"[31](index=31&type=chunk) [Company's Main Business and Products](index=9&type=section&id=3.1.2%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E4%BA%A7%E5%93%81) The company's core products include integrated stoves, dishwashers, and sinks, complemented by a range of kitchen solutions - The company's integrated stove products, centered around gas stoves and range hoods, integrate various functions like disinfection, steaming, drying, and baking, with models such as steam-bake-fry all-in-one and steam-bake separate units[34](index=34&type=chunk) - The company has successfully developed integrated dishwashers that combine sink functions with dishwashing, water softening, drying, sterilization, and cleaning of fruits or seafood[35](index=35&type-chunk) - To complement its main products, the company also offers integrated kitchen cabinets, built-in appliances (like ovens and steamers), and gas water heaters to meet one-stop shopping needs[36](index=36&type=chunk) [Main Operating Models](index=11&type=section&id=3.1.3%20%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a diversified operating model combining offline distribution with a robust online e-commerce presence and a self-reliant production system - The company's sales model includes a core distribution model, an online model (Tmall, JD.com, Douyin, etc), a direct offline retail model, and other channels like home improvement and engineering[39](index=39&type=chunk)[40](index=40&type=chunk) - The company uses an R&D model centered on independent research, supplemented by industry-academia-research collaboration, forming a multi-dimensional R&D system[41](index=41&type=chunk)[42](index=42&type=chunk) - The procurement model follows the "purchase-to-produce" principle, optimizing processes through centralized purchasing and public bidding to ensure quality and cost-effectiveness[43](index=43&type=chunk) - The company organizes production based on "orders + reasonable forecasts," primarily relying on in-house manufacturing supplemented by outsourcing to create a flexible and efficient system[44](index=44&type=chunk) [E-commerce Business](index=12&type=section&id=3.1.4%20%E7%94%B5%E5%AD%90%E5%95%86%E5%8A%A1%E4%B8%9A%E5%8A%A1) The company leads online sales in its category with a 29% retail share, ensuring consumer rights through robust service policies - The company has actively expanded its online channels by establishing a presence on major e-commerce platforms like Tmall, JD.com, Suning.com, Douyin, and Kuaishou[44](index=44&type=chunk) - According to CMM data, the company's online retail share for integrated stoves in H1 2025 was **29%**, maintaining its industry-leading position for several consecutive years[44](index=44&type=chunk) - The company strictly adheres to the E-commerce Law, implementing "7x24 hour after-sales service" and "365-day worry-free returns," and operates a 24-hour service hotline to protect consumer rights[45](index=45&type=chunk) - The company emphasizes business ethics, integrity, and has strengthened measures for network security, data protection, and personal information privacy[45](index=45&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=3.2%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is built on product innovation, R&D, smart manufacturing, brand influence, and comprehensive after-sales service - The company provides a whole-house custom kitchen solution centered on integrated stoves, adhering to a "good-looking, easy-to-use, good-service" product philosophy[47](index=47&type=chunk)[48](index=48&type=chunk) - The company holds multiple authoritative certifications, including National High-tech Enterprise and National Industrial Design Center, leads a "14th Five-Year" national key research project, and holds over **800 patents**, including 65 invention patents[49](index=49&type=chunk)[50](index=50&type=chunk) - Driven by the industrial internet, the company has built a digital management system and a fully automated production line, earning recognition as a Zhejiang Provincial Industrial Internet Platform and Future Factory[51](index=51&type=chunk) - The company has established a high-end brand image and strong reputation through innovative marketing strategies[52](index=52&type=chunk)[53](index=53&type=chunk) - The company has built a comprehensive channel strategy with over **2,000 stores nationwide**, leads in e-commerce sales, and offers a standardized service system with extensive commitments[54](index=54&type=chunk)[55](index=55&type=chunk) [Product Advantages](index=12&type=section&id=3.2.1%20%E4%BA%A7%E5%93%81%E4%BC%98%E5%8A%BF) The company strengthens its market position by launching innovative products with advanced technology and upgrading its MCOOK smart platform - The company's mission is to "solve the problem of kitchen fumes," offering a whole-house custom kitchen solution centered on integrated stoves with a "good-looking, easy-to-use, good-service" philosophy[47](index=47&type=chunk) - Launched the upgraded X5 Pro integrated stove featuring the self-developed "Galaxy Platform" technology, supporting four-in-one functions (steam, bake, disinfect, fry) and achieving a powerful 26m³/min suction with 1200Pa static pressure[47](index=47&type=chunk) - Introduced the new Q60 steam-bake integrated stove, which uses bionic whale suction technology, combining a 29m³/min air volume with a low 47-decibel noise design to optimize fume capture and user experience[47](index=47&type=chunk) - The self-developed MCOOK platform was upgraded to transition from single-product intelligence to scene-based intelligence, creating a futuristic kitchen experience with AI environmental perception and smart recipe recommendations[48](index=48&type=chunk) [Technology and R&D Advantages](index=13&type=section&id=3.2.2%20%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) As an industry technology leader, the company holds numerous certifications, leads a national key research project, and possesses over 800 patents - The company holds multiple authoritative certifications, including National High-tech Enterprise, National Industrial Design Center, Future Factory Pilot Enterprise, and National Intellectual Property Demonstration Enterprise[49](index=49&type=chunk) - The company is the leading unit for a "14th Five-Year" national key research project, collaborating with top domestic research institutions and universities to define the industry's future[49](index=49&type=chunk) - Marssenger has established a five-in-one R&D system, supported by a 7,000㎡ CNAS-certified laboratory and over two hundred R&D personnel[50](index=50&type=chunk) - The company has obtained over **800 patents**, including **65 invention patents**, with a deep technology reserve in areas such as burner technology, smoke extraction, and steam-baking technology[50](index=50&type=chunk) [Smart Manufacturing Advantages](index=13&type=section&id=3.2.3%20%E6%99%BA%E8%83%BD%E5%88%B6%E9%80%A0%E4%BC%98%E5%8A%BF) The company leverages the industrial internet to build a digital management system and a fully automated production line, achieving provincial recognition - The company uses the industrial internet as a core driver to build a digital management system, achieving refined operations from production to management through deep application of big data technology[51](index=51&type=chunk) - The company has introduced world-leading automated production equipment and technology, creating a fully automated production line from stamping and welding to intelligent production and warehousing[51](index=51&type=chunk) - Through the integration of advanced systems like SAP, MES, IPCS, and WMS, the company has achieved real-time production data, precise material delivery, scientific order scheduling, and optimized inventory management[51](index=51&type=chunk) - The "Marssenger Smart Kitchen Appliance Industrial Internet Platform" was selected as a Zhejiang Provincial Industrial Internet Platform, and the "Marssenger Integrated Stove Future Factory" was recognized as a Zhejiang Provincial Future Factory[51](index=51&type=chunk) [Brand Advantages](index=13&type=section&id=3.2.4%20%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) The company has built an industry-leading position through its strong product capabilities and high-end brand positioning over fifteen years - Marssenger has always been committed to solving the problem of kitchen fumes, establishing its industry leadership over fifteen years through strong product capabilities and a high-end brand positioning[52](index=52&type=chunk) - During the reporting period, the company combined traditional advertising on CCTV and high-speed rail with targeted placements on new media platforms like Douyin and Xiaohongshu to continuously expand its brand influence[52](index=52&type=chunk) - The company consistently maintains a high-end brand positioning in store design, product positioning, and pricing, shaping a premium brand image and enhancing product reputation through superior quality and stylish design[53](index=53&type=chunk) [Channel and After-Sales Advantages](index=14&type=section&id=3.2.5%20%E6%B8%A0%E9%81%93%E4%B8%8E%E5%94%AE%E5%90%8E%E4%BC%98%E5%8A%BF) The company employs a comprehensive channel strategy with over 2,000 stores and leading online sales, supported by a benchmark-setting after-sales service system - Marssenger has built a competitive barrier with its omni-channel strategy, creating a synergistic sales ecosystem with over **2,000 stores nationwide** as of the reporting period's end[54](index=54&type=chunk) - In online channels, Marssenger has been the e-commerce sales champion in the integrated stove category for many years, building a full-link digital marketing matrix on platforms like Tmall, JD.com, and Douyin[54](index=54&type=chunk) - The company pioneered a "dual-wheel drive" strategy, blurring the lines between online and offline to achieve precise online traffic acquisition for offline stores and enhance online conversion through offline experiences[54](index=54&type=chunk) - Marssenger adheres to the service philosophy of "swift response, right the first time," establishing a standard service system of "seven commitments + six special services + two value-added services" and launching the "Marssenger Express Service" brand[55](index=55&type=chunk) - The company enhances its brand's competitive edge through policies like "365-day worry-free returns, lifetime maintenance, and 24-hour response," and actively participates in drafting industry service standards[55](index=55&type=chunk) [Analysis of Main Business Operations](index=14&type=section&id=3.3%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Financial data shows significant declines in revenue and operating costs, a sharp rise in financial expenses, and deteriorating operating cash flow Year-over-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 374,435,885.07 | 697,257,223.91 | -46.30% | Mainly due to the impact of the external economic environment and industry downturn | | Operating Costs | 228,145,559.84 | 381,032,907.42 | -40.12% | Mainly due to the decrease in revenue | | Selling Expenses | 179,229,303.42 | 183,693,199.95 | -2.43% | | | Administrative Expenses | 57,942,884.63 | 57,306,920.65 | 1.11% | | | Financial Expenses | 16,060,737.75 | -12,173,793.48 | 231.93% | Mainly due to the interest expense on bonds payable this period | | Income Tax Expense | -28,278,884.51 | -1,603,039.11 | -1,664.08% | Mainly due to the increase in deferred tax expense recognized from losses this period | | R&D Investment | 45,560,831.34 | 52,559,982.59 | -13.32% | | | Net Cash Flow from Operating Activities | -140,515,520.21 | -59,974,247.61 | -134.29% | Mainly due to reduced cash collection from lower sales | | Net Cash Flow from Investing Activities | -235,268,175.83 | -59,795,916.95 | -293.45% | Mainly due to an increase in net payments for investments and wealth management products | | Net Cash Flow from Financing Activities | -16,515,978.20 | -398,932,287.53 | 95.86% | Mainly due to no dividend distribution and lower bank loan repayments this period | | Net Increase in Cash and Cash Equivalents | -392,299,674.24 | -518,702,452.09 | 24.37% | | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[58](index=58&type=chunk) Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB 10,000) | Operating Costs (RMB 10,000) | Gross Margin | YoY Change in Revenue | YoY Change in Costs | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Integrated Stoves | 31,493.00 | 18,827.33 | 40.22% | -47.05% | -39.24% | -7.69% | [Analysis of Non-Main Business Operations](index=15&type=section&id=3.4%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section states that there is no analysis of non-main business operations for the reporting period [Analysis of Assets and Liabilities](index=15&type=section&id=3.5%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets decreased, with a significant drop in cash and a sharp rise in trading financial assets Significant Changes in Asset Composition | Item | Closing Balance (RMB) | % of Total Assets | Opening Balance (RMB) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 172,194,752.13 | 7.64% | 763,962,374.87 | 30.77% | -23.13% | Mainly due to reduced cash collection from lower sales and increased payments for wealth management products | | Construction in Progress | 2,305,114.89 | 0.10% | 13,894,117.13 | 0.56% | -0.46% | Mainly due to the transfer of construction in progress to fixed assets | | Trading Financial Assets | 452,836,986.31 | 20.10% | 60,006,301.54 | 2.42% | 17.68% | Mainly due to increased purchases of bank wealth management products | | Receivables Financing | 3,465,208.15 | 0.15% | 37,811,400.05 | 1.52% | -1.37% | Mainly due to a decrease in discounting this period | | Deferred Tax Assets | 82,360,750.31 | 3.66% | 54,172,753.34 | 2.18% | 1.48% | Mainly due to an increase in deductible losses | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (RMB) | Purchases This Period (RMB) | Sales This Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 60,006,301.54 | 1,074,286,858.46 | 681,456,173.69 | 452,836,986.31 | | Other Equity Investments | 98,376,493.15 | 19,200,000.00 | 0.00 | 117,576,493.15 | | Receivables Financing | 37,811,400.05 | 140,645,733.12 | 174,991,925.02 | 3,465,208.15 | | **Total** | **196,194,194.74** | **1,234,132,591.58** | **856,448,098.71** | **573,878,687.61** | Restricted Assets as of the Reporting Period End | Item | Closing Book Balance (RMB) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Other Non-current Assets | 39,633,904.16 | Pledge | Pledged for issuing bank acceptance bills | | **Total** | **39,633,904.16** | | | [Investment Analysis](index=17&type=section&id=3.6%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment amount increased by 336.83% due to higher purchases of bank wealth management products, while a key project was delayed Investment Amount During the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment Amount This Period | 917,049,921.11 | | Investment Amount in Prior Year Period | 209,931,817.80 | | Change | 336.83% | Financial Assets Measured at Fair Value | Asset Class | Initial Investment Cost (RMB) | Amount Purchased This Period (RMB) | Amount Sold This Period (RMB) | Closing Amount (RMB) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | Trust Products | 50,000,000.00 | 0.00 | 0.00 | 10,000,000.00 | Own Funds | | Other (Own Funds) | 450,000,000.00 | 400,000,000.00 | 350,000,000.00 | 101,486,301.37 | Own Funds | | Other (Raised Funds) | 400,000,000.00 | 400,000,000.00 | 200,000,000.00 | 200,651,780.83 | Raised Funds | | Other (Own Funds) | 270,090,372.15 | 270,090,372.15 | 130,019,166.67 | 140,698,904.11 | Own Funds | | **Total** | **1,170,090,372.15** | **1,070,090,372.15** | **680,019,166.67** | **452,836,986.31** | | - The "Intelligent Kitchen Appliance Production Base Construction Project" has been postponed to June 30, 2026, due to a slowdown in investment progress caused by external market changes[73](index=73&type=chunk) - The company has an outstanding balance of **RMB 200 million** in cash management using idle raised funds, with an actual investment income of RMB 0.22 million received this period[71](index=71&type=chunk)[74](index=74&type=chunk) - The company terminated the "R&D Center and Informatization Construction Technical Improvement Project" and reallocated the remaining **RMB 40.04 million** of raised funds to the "Intelligent Kitchen Appliance Production Base Construction Project"[74](index=74&type=chunk) Overview of Entrusted Wealth Management During the Reporting Period | Type | Source of Funds | Amount Incurred (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 30,000 | 10,000 | | Bank Wealth Management Products | Raised Funds | 20,000 | 20,000 | | Other | Own Funds | 17,500 | 14,007 | | **Total** | | **67,500** | **44,007** | [Disposal of Material Assets and Equity](index=21&type=section&id=3.7%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) This section states that the company did not sell any material assets or equity during the reporting period - The company did not sell any material assets during the reporting period[79](index=79&type=chunk) - The company did not sell any material equity during the reporting period[80](index=80&type=chunk) [Analysis of Major Subsidiaries and Investees](index=21&type=section&id=3.8%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section discloses the acquisition and disposal of subsidiaries, noting the minimal impact of the newly established Jinan Zhongshuo company Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition/Disposal | Impact on Overall Operations and Performance | | :--- | :--- | :--- | | Jinan Zhongshuo Company | New Investment | Minor impact | [Structured Entities Controlled by the Company](index=21&type=section&id=3.9%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) This section states that the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[81](index=81&type=chunk) [Risks and Countermeasures](index=21&type=section&id=3.10%20%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from real estate market volatility, competition, and raw material prices, and has developed corresponding countermeasures - **Risk of real estate market fluctuations**: Demand for kitchen appliances is closely tied to the real estate and home renovation markets, and market volatility could slow demand growth[81](index=81&type=chunk)[82](index=82&type=chunk) - **Countermeasures for real estate market fluctuations**: Deepen core technology in integrated stoves, cultivate integrated dishwashers as a second growth curve, maintain a high-end brand position, and explore opportunities in kitchen renovations[82](index=82&type=chunk)[83](index=83&type=chunk) - **Risk of intensified market competition**: Traditional kitchen appliance manufacturers are entering the new appliance sector, shifting competition from price wars to comprehensive capabilities, which could reduce industry profit margins[83](index=83&type=chunk) - **Countermeasures for intensified market competition**: Adhere to an "innovation-driven, industry-leading" approach by strengthening core competencies in product, brand, R&D, quality, channels, and service[83](index=83&type=chunk) - **Risk of raw material price fluctuations**: The prices of key raw materials like stainless steel are linked to commodity price volatility, which could pressure production costs and profitability[84](index=84&type=chunk) - **Countermeasures for raw material price fluctuations**: Avoid heavy reliance on any single raw material, establish long-term partnerships with key suppliers, and mitigate pressure through cost control, efficiency improvements, and supply chain optimization[84](index=84&type=chunk) [Record of Investor Relations Activities](index=22&type=section&id=3.11%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) This section lists investor relations activities conducted during the period, primarily through online conference calls to discuss company operations Record of Investor Relations Activities During the Reporting Period | Date | Location | Method | Counterparty Type | Counterparty | Main Topics and Materials Provided | | :--- | :--- | :--- | :--- | :--- | :--- | | 2025-03-25 | Online Conference Call | Telephone Communication | Institution | 10 institutional investors including Guolian Securities | Understanding the company's operating situation | | 2025-05-07 | Online Conference Call | Telephone Communication | Institution | 21 institutional investors including Guolian Securities | Understanding the company's operating situation | | 2025-05-16 | Online Platform | Online Platform Communication | Institution | Investors participating in the 2024 annual online results briefing | Understanding the company's operating situation | [Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=3.12%20%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has established a "Market Value Management System" approved by the board, but has not disclosed a valuation enhancement plan - The company has formulated a "Market Value Management System," which was approved at the 25th meeting of the third Board of Directors on April 21, 2025[87](index=87&type=chunk) - The system aims to strengthen the company's market value management, standardize related behaviors, and protect the legitimate rights and interests of the company and its investors[87](index=87&type=chunk) - The company has not disclosed a valuation enhancement plan[87](index=87&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=23&type=section&id=3.13%20%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) This section states that the company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan[87](index=87&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=4.1%20%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section states that there were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[88](index=88&type=chunk) [Profit Distribution and Capitalization of Capital Reserves](index=23&type=section&id=4.2%20%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) This section states that the company does not plan to distribute profits or capitalize capital reserves for the first half of the year - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[89](index=89&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=4.3%20%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The 2023 restricted stock plan is ongoing, with 1.44 million shares repurchased and canceled due to unmet performance targets - The company has completed the registration for the initial and reserved grants of its 2023 restricted stock incentive plan[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - Due to the departure of some incentive recipients and the failure to meet company-level performance targets for the 2024 assessment year, a total of **1.4409 million restricted shares** are proposed to be repurchased and canceled[97](index=97&type=chunk) - On October 18, 2024, the company completed the repurchase and cancellation of **1,516,400 restricted shares** under the 2023 incentive plan, reducing the company's total shares from 409,236,728 to 407,720,328[96](index=96&type=chunk) [Environmental Information Disclosure](index=26&type=section&id=4.4%20%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) This section states that the company and its main subsidiaries are not on the list of enterprises required to disclose environmental information - The listed company and its main subsidiaries are not included in the list of enterprises legally required to disclose environmental information[99](index=99&type=chunk) [Social Responsibility](index=26&type=section&id=4.5%20%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company is committed to improving kitchen health, protecting customer rights, and adhering to environmental protection standards - Marssenger is dedicated to its mission of "solving the problem of kitchen fumes in China" and making "Chinese kitchen life healthier"[99](index=99&type=chunk) - In terms of customer rights protection, the company has established a CSS customer relationship management system and a national service hotline (400 888 8490) providing 7x24 hour support[99](index=99&type=chunk) - Marssenger is a three-time five-star certified enterprise for "after-sales brand," "service reputation," and "service brand"[99](index=99&type=chunk) - In environmental protection, the company strictly complies with laws such as the Environmental Protection Law and implemented ISO14001 and ISO45001 management systems in 2015[100](index=100&type=chunk) - The company implements 6S on-site management and waste sorting to maintain a safe and comfortable working environment[100](index=100&type=chunk) [Significant Matters](index=27&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Commitments Fulfilled or Overdue by Relevant Parties](index=27&type=section&id=5.1%20%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) This section states that there were no overdue unfulfilled commitments from relevant parties during the reporting period - During the reporting period, there were no commitments from the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or remained unfulfilled past their deadlines[103](index=103&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=27&type=section&id=5.2%20%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) This section states that there was no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, there were no instances of non-operating fund occupation of the listed company by its controlling shareholder or other related parties[104](index=104&type=chunk) [Irregular External Guarantees](index=27&type=section&id=5.3%20%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) This section states that there were no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[105](index=105&type=chunk) [Appointment and Dismissal of Accounting Firm](index=27&type=section&id=5.4%20%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) This section states that the semi-annual financial report has not been audited - The company's semi-annual report has not been audited[106](index=106&type=chunk) [Explanation of "Non-standard Audit Report" by the Board, Supervisory Committee, and Audit Committee](index=27&type=section&id=5.5%20%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This section states that there is no explanation of a "non-standard audit report" for the current reporting period [Board's Explanation of Prior Year's "Non-standard Audit Report"](index=27&type=section&id=5.6%20%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section states that there is no board explanation regarding a "non-standard audit report" from the previous year [Bankruptcy and Reorganization Matters](index=27&type=section&id=5.7%20%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) This section states that no bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[107](index=107&type=chunk) [Litigation](index=27&type=section&id=5.8%20%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation but disclosed several other concluded and pending cases with varying outcomes and amounts - The company had no material litigation or arbitration matters during this reporting period[108](index=108&type=chunk) Overview of Other Litigation Matters | Case Details | Amount Involved (RMB 10,000) | Provision for Liability | Progress | Result and Impact | | :--- | :--- | :--- | :--- | :--- | | Concluded litigation where the company was defendant | 8 | No | Concluded | Settled through mediation | | Concluded arbitration where the company was respondent | 17.06 | No | Concluded | First-instance ruling dismissed the applicant's claims | | Concluded litigation where the company was defendant | 55.73 | No | Concluded | Settled through mediation | | Concluded litigation where the company was plaintiff | 90.42 | No | Concluded | Won at first instance, enforcement pending | | Concluded litigation where the company was plaintiff | 50 | No | Concluded | Won at first instance | | Concluded litigation where the company was defendant | 1.95 | No | Concluded | First-instance judgment found the company not liable | | Concluded litigation where the company was plaintiff | 20.5 | No | Concluded | Withdrawn | | Concluded litigation where the company was defendant | 2.7 | No | Concluded | Plaintiff withdrew the case | | Concluded litigation where the company was defendant | 50 | No | Concluded | Settled through mediation | | Concluded litigation where the company was a third party | 28.55 | No | Concluded | As a third party, the company was not held liable | | Pending litigation where the company is plaintiff | 2 | No | In progress | / | | Pending litigation where the company is plaintiff | 500 | No | In progress | Awaiting first-instance verdict | [Penalties and Rectifications](index=29&type=section&id=5.9%20%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) This section states that there were no penalties or rectifications during the reporting period - There were no penalties or rectifications during the reporting period[111](index=111&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=5.10%20%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) This section states that there were no integrity issues concerning the company, its controlling shareholder, or actual controller - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[112](index=112&type=chunk) [Material Related-Party Transactions](index=29&type=section&id=5.11%20%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section states that no material related-party transactions occurred during the reporting period - The company had no related-party transactions related to daily operations during the reporting period[112](index=112&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[113](index=113&type=chunk) - The company had no joint external investment-related party transactions during the reporting period[114](index=114&type=chunk) - There were no related-party credit or debt transactions during the reporting period[115](index=115&type=chunk) - There were no deposits, loans, credit lines, or other financial business between the company and related financial companies or company-controlled financial companies and related parties[116](index=116&type=chunk)[117](index=117&type=chunk) - The company had no other material related-party transactions during the reporting period[118](index=118&type=chunk) [Material Contracts and Their Performance](index=30&type=section&id=5.12%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has leasing operations for stores and provides guarantees for distributors, with an outstanding balance of RMB 21.12 million - The company had no custodianship or contracting situations during the reporting period[119](index=119&type=chunk)[120](index=120&type=chunk) - The company's leasing activities are mainly for direct-sale stores or office spaces, with no single lease contributing more than 10% to the company's total profit[121](index=121&type=chunk) External Guarantees by the Company and its Subsidiaries | Guaranteed Party | Disclosure Date of Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Fulfilled | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company Distributor | 2023-04-25 | 10,000 | Prior Year | 310 | Joint Liability | Yes | No | | Company Distributor | 2024-04-22 | 10,000 | Prior Year | 310 | Joint Liability | Yes | No | | Company Distributor | 2024-04-22 | 10,000 | Prior Year | 1,578.98 | Joint Liability | No | No | | Company Distributor | 2024-04-22 | 10,000 | Current Period | 306.79 | Joint Liability | No | No | | Company Distributor | 2025-04-23 | 10,000 | Current Period | 226.5 | Joint Liability | No | No | | **Total Approved External Guarantee Limit This Period** | | **10,000** | **Total Actual External Guarantees This Period** | **533.29** | | | | | **Total Approved External Guarantee Limit at Period-End** | | **10,000** | **Total Outstanding External Guarantee Balance at Period-End** | **2,112.27** | | | | | **Ratio of Total Actual Guarantees to Net Assets** | | | | **1.63%** | | | | - The company had no other material contracts during the reporting period[127](index=127&type=chunk) [Explanation of Other Significant Matters](index=32&type=section&id=5.13%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The board decided twice not to revise the "Marssenger Convertible Bond" conversion price downward to protect investor interests - On January 22, 2025, the Board of Directors decided not to revise the conversion price of the "Marssenger Convertible Bond" downward, considering factors such as the company's fundamentals, market conditions, and the short time since issuance[128](index=128&type=chunk) - On July 21, 2025, the Board again decided against a downward revision and committed not to propose any such revision until December 31, 2025, even if the conditions are met again[128](index=128&type=chunk) [Significant Matters of Company Subsidiaries](index=32&type=section&id=5.14%20%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) This section states that there were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[129](index=129&type=chunk) [Changes in Share Capital and Shareholders](index=33&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Changes in Share Capital](index=33&type=section&id=6.1%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The total share count increased slightly due to convertible bond conversions, with no change in the number of restricted shares Changes in Share Capital | Item | Before Change (Shares) | Before Change (%) | Change (+, -) (Shares) | After Change (Shares) | After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 113,649,925 | 27.87% | 0 | 113,649,925 | 27.87% | | II. Unrestricted Shares | 294,070,554 | 72.13% | 2,456 | 294,073,010 | 72.13% | | **III. Total Shares** | **407,720,479** | **100.00%** | **2,456** | **407,722,935** | **100.00%** | - During the reporting period, 810 "Marssenger Convertible Bonds" were converted into a total of **2,456 shares** of "Marssenger" stock[133](index=133&type=chunk) - The impact of share changes on financial indicators such as EPS and net assets per share is detailed in Section II, Part 4, "Key Accounting Data and Financial Indicators"[133](index=133&type=chunk) [Securities Issuance and Listing](index=34&type=section&id=6.2%20%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) This section states that there were no securities issuances or listings during the reporting period - There were no securities issuances or listings during the reporting period[134](index=134&type=chunk) [Number of Shareholders and Shareholdings](index=34&type=section&id=6.3%20%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 23,954 shareholders, with controlling shareholder Huang Weibin holding 36.27% and pledging 65 million shares - At the end of the reporting period, the total number of common shareholders was **23,954**[135](index=135&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End | Restricted Shares Held | Unrestricted Shares Held | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Weibin | Domestic Individual | 36.27% | 147,900,000 | 110,925,000 | 36,975,000 | Pledged | 65,000,000 | | Haining Dahong Investment Partnership (LP) | Domestic Non-SOE | 12.42% | 50,657,000 | 0 | 50,657,000 | N/A | 0 | | Haining Dayou Investment Partnership (LP) | Domestic Non-SOE | 12.39% | 50,517,100 | 0 | 50,517,100 | N/A | 0 | - Haining Dayou and Haining Dahong are employee stock ownership platforms where Huang Weibin serves as the general partner, making them parties acting in concert with him[136](index=136&type=chunk) - The company has no differential voting rights arrangements, and the top 10 shareholders did not engage in any agreed repurchase transactions during the reporting period[137](index=137&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=6.4%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) This section states that there were no changes in the shareholdings of directors, supervisors, or senior management - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[138](index=138&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=6.5%20%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) This section states that there was no change in the controlling shareholder or actual controller during the reporting period - There was no change in the company's controlling shareholder during the reporting period[139](index=139&type=chunk) - There was no change in the company's actual controller during the reporting period[139](index=139&type=chunk) [Preferred Stock Information](index=38&type=section&id=6.6%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section states that the company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[140](index=140&type=chunk) [Bond-related Matters](index=39&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds](index=39&type=section&id=7.1%20%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8) This section states that the company had no enterprise bonds during the reporting period - The company had no enterprise bonds during the reporting period[142](index=142&type=chunk) [Company Bonds](index=39&type=section&id=7.2%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) This section states that the company had no company bonds during the reporting period - The company had no company bonds during the reporting period[143](index=143&type=chunk) [Non-financial Enterprise Debt Financing Instruments](index=39&type=section&id=7.3%20%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) This section states that the company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[144](index=144&type=chunk) [Convertible Corporate Bonds](index=39&type=section&id=7.4%20%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The "Marssenger Convertible Bond" has a total issuance of RMB 529 million, with the conversion price adjusted multiple times - On August 5, 2022, the company publicly issued 5,289,990 convertible corporate bonds with a total value of **RMB 528,999,000.00** and a 6-year term[145](index=145&type=chunk) - At the end of the reporting period, there were **4,766 holders** of the "Marssenger Convertible Bond," and the bond is unsecured[146](index=146&type=chunk) Changes in Convertible Bonds During the Reporting Period | Convertible Bond Name | Before Change (RMB) | Change due to Conversion (RMB) | After Change (RMB) | | :--- | :--- | :--- | :--- | | Marssenger Convertible Bond | 528,969,000.00 | 81,000.00 | 528,888,000.00 | Cumulative Conversion Status | Convertible Bond Name | Cumulative Converted Amount (RMB) | Cumulative Converted Shares | % of Pre-conversion Total Shares | Unconverted Amount (RMB) | % of Total Issuance Unconverted | | :--- | :--- | :--- | :--- | :--- | :--- | | Marssenger Convertible Bond | 111,000.00 | 3,335 | 0.00% | 528,888,000.00 | 99.98% | Historical Adjustments to Conversion Price | Convertible Bond Name | Adjustment Date | Adjusted Price (RMB) | Disclosure Date | Reason for Adjustment | Latest Price at Period-End (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Marssenger Convertible Bond | 2022-09-27 | 34.29 | 2022-09-21 | H1 2022 equity distribution | 32.95 | | Marssenger Convertible Bond | 2023-03-22 | 34.09 | 2023-03-21 | Initial grant of 2023 restricted stock incentive plan | 32.95 | | Marssenger Convertible Bond | 2023-05-25 | 33.49 | 2023-05-18 | 2022 annual equity distribution | 32.95 | | Marssenger Convertible Bond | 2024-02-28 | 33.47 | 2024-02-26 | Reserved grant of 2023 restricted stock incentive plan | 32.95 | | Marssenger Convertible Bond | 2024-05-28 | 32.87 | 2024-05-20 | 2023 annual equity distribution | 32.95 | | Marssenger Convertible Bond | 2024-10-22 | 32.95 | 2024-10-22 | Repurchase and cancellation of 1,516,400 restricted shares | 32.95 | [Debt Position, Credit Status, and Future Repayment Arrangements](index=41&type=section&id=7.5%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E7%9A%84%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E3%80%81%E8%B5%84%E4%BF%A1%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5%E4%BB%A5%E5%8F%8A%E5%9C%A8%E6%9C%AA%E6%9D%A5%E5%B9%B4%E5%BA%A6%E8%BF%98%E5%80%BA%E7%9A%84%E7%8E%B0%E9%87%91%E5%AE%89%E6%8E%92) The company's credit rating remains stable at AA-, with a stable outlook, and details on its debt position are provided elsewhere - Details on the company's debt position can be found in Section VII, Part 6, "Key Accounting Data and Financial Indicators for the Last Two Years"[152](index=152&type=chunk) - On June 9, 2025, China Securities Pengyuan Credit Rating maintained the company's corporate credit rating at **AA-** with a stable outlook, and the "Marssenger Convertible Bond" credit rating at **AA-**[152](index=152&type=chunk)[153](index=153&type=chunk) [Consolidated Losses Exceeding 10% of Prior Year-End Net Assets](index=42&type=section&id=7.6%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%90%88%E5%B9%B6%E6%8A%A5%E8%A1%A8%E8%8C%83%E5%9B%B4%E4%BA%8F%E6%8D%9F%E8%B6%85%E8%BF%87%E4%B8%8A%E5%B9%B4%E6%9C%AB%E5%87%80%E8%B5%84%E4%BA%A710%25) This section states that consolidated losses did not exceed 10% of the prior year-end net assets - During the reporting period, the company's consolidated losses did not exceed 10% of its net assets at the end of the previous year[154](index=154&type=chunk) [Key Accounting Data and Financial Indicators for the Last Two Years](index=42&type=section&id=7.7%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%E4%B8%A4%E5%B9%B4%E7%9A%84%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's liquidity ratios remained stable, while net profit after non-recurring items declined sharply by 460.11% Key Accounting Data and Financial Indicators for the Last Two Years | Item | End of Current Period | End of Prior Year | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 2.56 | 2.44 | 4.92% | | Debt-to-Asset Ratio | 42.55% | 42.90% | -0.35% | | Quick Ratio | 2.08 | 2.10 | -0.95% | | **Item** | **Current Period** | **Prior Year Period** | **YoY Change** | | Net Profit after Non-recurring Items (RMB 10,000) | -12,922.32 | 3,588.46 | -460.11% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Coverage Ratio | 100.00% | 100.00% | 0.00% | [Financial Report](index=43&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=43&type=section&id=8.1%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This section states that the semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[156](index=156&type=chunk) [Financial Statements](index=43&type=section&id=8.2%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company financial statements for the first half of 2025 - The consolidated balance sheet shows total assets of **RMB 2,252,765,931.28** at the end of the period, compared to RMB 2,482,693,038.97 at the beginning[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - The consolidated income statement shows total operating revenue of **RMB 374,435,885.07** and a net loss of **RMB 123,544,746.58** for the period[167](index=167&type=chunk)[168](index=168&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-RMB 140,515,520.21**, from investing activities of **-RMB 235,268,175.83**, and from financing activities of **-RMB 16,515,978.20**[174](index=174&type=chunk) [Company Basic Information](index=61&type=section&id=8.3%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details the history, registration, and business scope of Marssenger Kitchenware Co, Ltd, which was listed in 2020 - Marssenger Kitchenware Co, Ltd, formerly Zhejiang Marssenger Kitchenware Co, Ltd, was converted into a joint-stock company in 2016 and listed on the Shenzhen Stock Exchange on December 31, 2020[193](index=193&type=chunk)[194](index=194&type=chunk) - The company holds a business license with a unified social credit code of 91330481554013049C, with a registered capital of RMB 409.24 million and 409.24 million total shares[193](index=193&type=chunk) - The company operates in the household kitchen appliance manufacturing industry, focusing on the R&D, production, and sale of products like integrated stoves, sinks, cabinets, ovens, and dishwashers[194](index=194&type=chunk) [Basis of Preparation of Financial Statements](index=61&type=section&id=8.4%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This section states that the financial statements are prepared on a going concern basis, with no material uncertainties identified - These financial statements have been prepared on a going concern basis[195](index=195&type=chunk) - The company has no events or conditions that cast significant doubt on its ability to continue as a going concern for the next 12 months[196](index=196&type=chunk) [Significant Accounting Policies and Estimates](index=61&type=section&id=8.5%20%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company has formulated specific accounting policies and adopted new accounting standard interpretations, resulting in retrospective adjustments - The company has formulated specific accounting policies and estimates for transactions or events such as financial instrument impairment, inventories, fixed asset depreciation, and revenue recognition[198](index=198&type=chunk) - Effective January 1, 2024, the company adopted the provisions of "CAS Interpretation No 17," with no material impact on the financial statements from the first two provisions[319](index=319&type=chunk) - Effective January 1, 2024, the company adopted "CAS Interpretation No 18," leading to a retrospective adjustment that **increased operating costs by RMB 6,664,418.59** and **decreased selling expenses by the same amount** for the H1 2024 consolidated income statement[319](index=319&type=chunk) - The company's revenue recognition principle is based on identifying performance obligations in a contract and measuring revenue at the transaction price allocated to each obligation as it is satisfied[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk) - The company's main sales models include distribution (offline and online), direct e-commerce, and direct offline sales, with revenue recognition methods varying by model[293](index=293&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk) [Taxes](index=89&type=section&id=8.6%20%E7%A8%8E%E9%A1%B9) The company is subject to various taxes and benefits from preferential tax policies for high-tech enterprises and software products Main Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales revenue from goods and taxable services, net of deductible input VAT | 13%, 9%, 6%, 3%, 1% | | Urban Maintenance and Construction Tax | Amount of turnover tax actually paid | 7%, 5% | | Corporate Income Tax | Taxable income | 15%, 20% | | Property Tax | 1.2% of the residual value (original value less 30%) or 12% of rental income | 1.2%, 12% | | Education Surcharge | Amount of turnover tax actually paid | 3% | | Local Education Surcharge | Amount of turnover tax actually paid | 2% | - The company is recognized as a high-tech enterprise and is eligible for a **preferential corporate income tax rate of 15%** for three years[322](index=322&type=chunk) - The company benefits from a VAT refund policy for its embedded software products, where the actual tax burden exceeding 3% is refunded[322](index=322&type=chunk) - Several subsidiaries enjoy small and micro enterprise tax benefits, including reduced resource tax and a lower effective corporate income tax rate[323](index=323&type=chunk) [Notes to Consolidated Financial Statements](index=90&type=section&id=8.7%20%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B

浙江米奥兰特商务会展股份有限公司 2025 年半年度报告全文 浙江米奥兰特商务会展股份有限公司 2025 年半年度报告 2025-052 【2025 年 8 月】 浙江米奥兰特商务会展股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人潘建军、主管会计工作负责人姚宗宪及会计机构负责人(会计 主管人员)王倩声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的发展战略、经营计划、经营目标等前瞻性陈述， 并不构成本公司对任何投资者及相关人士的实质承诺，投资者及相关人士均 应当对此保持足够的风险认识，并且应当理解计划、目标、预测与承诺之间 的差异。 公司可能面对宏观经济波动的风险、汇率波动的风险、境外办展地政治经 济风险、投资并购项目实施风险等各类风险，详细描述敬请查阅本报告"第 三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"的有关内容。 公司经本次董事会审议通过的 ...

青岛百洋医药股份有限公司 2025 年半年度报告全文 青岛百洋医药股份有限公司 2025 年半年度报告 2025 年 8 月 1 青岛百洋医药股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人付钢、主管会计工作负责人李震及会计机构负责人(会计主管 人员)刘峰声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划等前瞻性陈述，均不构成本公司对投资者的 实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理 解计划、预测与承诺之间的差异。 公司在经营中，面临品牌运营业务集中风险、药品质量风险、政策风险、 市场竞争加剧风险等，详细内容见本报告"第三节管理层讨论与分析"之 "十、公司面临的风险和应对措施"。敬请投资者予以关注，并注意投资风 险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 重要提示、目录和释义 ...

远信工业股份有限公司 2025 年半年度报告全文 远信工业股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 远信工业股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈少军、主管会计工作负责人蔡芳琦及会计机构负责人(会计 主管人员)蔡芳琦声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异，敬请投资者注意投 资风险。 公司在本报告中的"第三节管理层讨论与分析"之"十、公司面临的风 险和应对措施"部分描述了公司经营中可能存在的重大风险及其应对措施， 敬请广大投资者注意阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 ...