浙江奥翔药业股份有限公司2025 年半年度报告 公司代码：603229 公司简称：奥翔药业 浙江奥翔药业股份有限公司 2025 年半年度报告 1 / 143 浙江奥翔药业股份有限公司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、 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、 公司负责人郑志国、主管会计工作负责人朱丁敏及会计机构负责人（会计主管人员）郑仕 兰声明：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 不适用 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 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的公司未来计划、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 ...

奥锐特药业股份有限公司2025 年半年度报告 公司代码：605116 公司简称：奥锐特 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 2025 年半年度报告 1 / 157 奥锐特药业股份有限公司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、 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、 公司负责人彭志恩、主管会计工作负责人王袖玉及会计机构负责人（会计主管人员）王袖 玉声明：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 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的公司未来计划、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 ...

天地科技股份有限公司2025 年半年度报告 公司代码：600582 公司简称：天地科技 天地科技股份有限公司 2025 年半年度报告 六、 前瞻性陈述的风险声明 □适用 √不适用 1 / 209 天地科技股份有限公司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、 公司负责人胡善亭、主管会计工作负责人张林及会计机构负责人（会计主管人员）王志刚 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 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 本半年度报告第三节"管理层讨论与分析"描述了公司可能面对的风险。 十一、 其他 □适用 √不适用 2 / 209 | 第一节 | ...

金开新能源股份有限公司2025 年半年度报告 公司代码：600821 公司简称：金开新能 金开新能源股份有限公司 2025 年半年度报告 1 / 156 金开新能源股份有限公司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、 公司负责人尤明杨、主管会计工作负责人宋璐璐及会计机构负责人（会计主管人员）白旭 霞声明：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 为回报广大股东，秉承长期现金分红的原则，公司2025年上半年度拟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的股份余额为基数向全体股东每10股派发现金红利1元 （含税）。以公司总股本扣减公司回购账户29,938,500股后的股本数1,967,324,953股测算，拟派 发现金红利196,732,495.3元（含税），占公司2025年上半年归属上市公司股东净利润（未经审计） 的 ...

浙江东日股份有限公司2025 年半年度报告 公司代码：600113 公司简称：浙江东日 浙江东日股份有限公司 2025 年半年度报告 1/ 171 浙江东日股份有限公司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、 公司负责人杨澄宇、主管会计工作负责人谢小磊及会计机构负责人（会计主管人员）谢小 磊声明：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承诺，敬请投资 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 十、 重大风险提示 公司已在本报告中详细描述所存在的 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key terms used in the report, including the reporting period, company name, main subsidiaries, and product classifications, ensuring clear understanding of the report content - This report and semi-annual report refer to the **2025 semi-annual report**[10](index=10&type=chunk) - Company, this company, listed company, Aipu Co., and issuer refer to **Aipu Flavor & Fragrance Group Co., Ltd**[10](index=10&type=chunk) - This reporting period, reporting period, within the reporting period, this period, and within this period refer to the **first half of 2025**, specifically from January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Edible flavors are a product category of the company, including **food flavors and tobacco flavors**[11](index=11&type=chunk) - Daily-use fragrances are mixtures of daily-use spices and excipients, representing certain fragrance formulations[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, stock overview, and key accounting data and financial indicators for the reporting period, along with detailed disclosure of non-recurring gains and losses and their amounts [I. Company Information](index=6&type=section&id=I.%20Company%20Information) This section discloses the company's Chinese name, abbreviation, foreign name and abbreviation, and legal representative information - Company Chinese Name: **Aipu Flavor & Fragrance Group Co., Ltd**[13](index=13&type=chunk) - Company Chinese Abbreviation: **Aipu Co**[13](index=13&type=chunk) - Company Legal Representative: **Wei Zhonghao**[13](index=13&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the Board Secretary and Securities Affairs Representative - Board Secretary: **Qin Hanqing**[14](index=14&type=chunk) - Securities Affairs Representative: **Ye Bing**[14](index=14&type=chunk) - Contact Address: **No. 733 Gaoping Road, Jing'an District, Shanghai**[14](index=14&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces basic information such as the company's registered address, office address, website, and email address, noting no historical changes to the registered address - Company Registered Address: **No. 33 Caoxin Road, Jiading District, Shanghai**[15](index=15&type=chunk) - Company Office Address: **No. 733 Gaoping Road, Jing'an District, Shanghai**[15](index=15&type=chunk) - Company Website: **http://www.cnaff.com**[15](index=15&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's designated information disclosure newspapers, the website address for the semi-annual report, and the report custody location - Company's selected information disclosure newspapers: **"Shanghai Securities News" and "Securities Times"**[16](index=16&type=chunk) - Website address for publishing the semi-annual report: **http://www.sse.com.cn**[16](index=16&type=chunk) - Company's semi-annual report custody location: **Securities Affairs Department, No. 733 Gaoping Road, Jing'an District, Shanghai**[16](index=16&type=chunk) [V. Company Stock Overview](index=7&type=section&id=V.%20Company%20Stock%20Overview) This section provides information on the company's A-share listing exchange, stock abbreviation, and code - Stock Type: **A-share**[17](index=17&type=chunk) - Stock Listing Exchange: **Shanghai Stock Exchange**[17](index=17&type=chunk) - Stock Abbreviation: **Aipu Co.**, Stock Code: **603020**[17](index=17&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **14.87%** year-on-year, but net profit attributable to shareholders of the listed company increased by **33.85%**, mainly due to the disposal of a subsidiary, while net profit after deducting non-recurring gains and losses decreased by **29.38%** year-on-year Key Accounting Data (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,236,222,737.48 | 1,452,107,820.06 | -14.87 | | Total Profit (CNY) | 120,815,661.74 | 109,354,630.04 | 10.48 | | Net Profit Attributable to Parent Company Shareholders (CNY) | 83,104,909.95 | 62,086,190.10 | 33.85 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses (CNY) | 38,767,047.73 | 54,894,114.22 | -29.38 | | Net Cash Flow from Operating Activities (CNY) | -6,585,832.07 | 204,707,338.99 | -103.22 | | Net Assets Attributable to Parent Company Shareholders (End of Period, CNY) | 3,278,226,171.58 | 3,261,815,914.99 | 0.50 | | Total Assets (End of Period, CNY) | 3,719,654,249.10 | 3,646,890,333.32 | 2.00 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.2212 | 0.1653 | 33.82 | | Diluted Earnings Per Share (CNY/share) | 0.2212 | 0.1653 | 33.82 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.1032 | 0.1461 | -29.36 | | Weighted Average Return on Net Assets (%) | 2.52 | 1.96 | Increased by 0.56 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 1.17 | 1.73 | Decreased by 0.56 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the components and amounts of non-recurring gains and losses during the reporting period, totaling **CNY 44.34 million** Non-Recurring Gains and Losses Items and Amounts (Jan-Jun 2025) | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 60,729.01 | | Government grants recognized in current profit/loss | 2,207,403.02 | | Gains/losses from changes in fair value and disposal of financial assets and liabilities | 24,020,840.01 | | Other non-operating income and expenses apart from the above | -169,837.63 | | Other profit/loss items meeting the definition of non-recurring gains/losses | 20,008,982.30 | | Less: Income tax impact | 1,318,724.54 | | Impact on minority interests (after tax) | 471,529.95 | | **Total** | **44,337,862.22** | - Other profit/loss items meeting the definition of non-recurring gains/losses amounted to **CNY 20.01 million**, primarily due to non-recurring gains/losses related to the reduction in the scope of consolidation[22](index=22&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main business, operating model, performance drivers, operating conditions, core competencies, and risks, noting steady growth in flavor business, decline in fragrance business, and reduced food ingredients revenue due to subsidiary disposal, with overall revenue down but net profit up due to non-recurring gains [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main products are flavors, fragrances, and food ingredients, widely used in various consumer sectors, operating with a "production-to-order" model, direct sales, and driven by consumer demand, R&D, and digital transformation [(I) Company's Industry](index=9&type=section&id=(I)%20Company's%20Industry) The company's main products are flavors, fragrances, and food ingredients, widely used in dairy, beverages, snacks, baking, daily chemicals, and tobacco, belonging to the food manufacturing industry - The company's main products are **flavors, fragrances, and food ingredients**[25](index=25&type=chunk) - Downstream application areas primarily include **dairy products, beverages, snack foods, baked goods, daily chemicals, and tobacco**[25](index=25&type=chunk) - According to the classification of the China Association for Public Companies, the company belongs to C (Manufacturing), sub-category CA (Food, Beverages, Tobacco), major category 14 (Food Manufacturing)[25](index=25&type=chunk) [(II) Company's Main Business Operations](index=9&type=section&id=(II)%20Company's%20Main%20Business%20Operations) The company's main business has not changed significantly, covering flavors (edible, daily-use), fragrances (synthetic, natural), and food ingredients (industrial chocolate, imported dairy products), widely applied in consumer goods - During the reporting period, the company's main business did not undergo significant changes, primarily involving the R&D, manufacturing, and sales of **flavors, fragrances, and food ingredients**, as well as food ingredient trade[28](index=28&type=chunk) - Main products include **flavors (edible flavors and daily-use fragrances), fragrances (synthetic fragrances and natural fragrances), food ingredients (primarily industrial chocolate)**, while also engaging in import trade of internationally renowned brands of dairy products and other food ingredients[28](index=28&type=chunk) - The company's chocolate products are **industrial chocolate**, supplied to downstream food manufacturers for producing frozen drinks, baked goods, chocolate candies, and dairy products[29](index=29&type=chunk) [(III) Company's Operating Model](index=11&type=section&id=(III)%20Company's%20Operating%20Model) The company adopts a "production-to-order" and partial stock-up production model, with procurement divided into production business (planned procurement) and trade business (price locking), and sales primarily direct, supplemented by cooperation with wholesalers - Procurement Model: Production business procures in batches based on demand scale and inventory; trade business formulates procurement plans and locks in procurement prices **3-6 months in advance**[31](index=31&type=chunk) - Production Model: Combines **"production-to-order" with partial stock-up**, where the sales department formulates plans, the planning department prepares production plans, the quality control department inspects, and qualified products are put into storage[32](index=32&type=chunk) - Sales Model: Products are sold through a **direct sales model**, with sales subsidiaries established to serve key clients; cooperates with local trade wholesalers to expand market share[33](index=33&type=chunk) [(IV) Key Performance Drivers](index=11&type=section&id=(IV)%20Key%20Performance%20Drivers) The company's performance is primarily driven by six factors: upgrading consumer demand structure, synergistic development of diversified businesses, R&D innovation, digital and intelligent production, customer development, and talent cultivation - Upgrading Consumer Demand Structure: Policy promotion, rising resident incomes, changing consumption concepts, and improved logistics infrastructure drive the structural upgrade of domestic consumer demand[36](index=36&type=chunk) - Synergistic Development of Diversified Businesses: Adhering to the philosophy of "flavors and fragrances as the lead, integrated development of food ingredients," building a three-segment business architecture to enhance comprehensive competitiveness[37](index=37&type=chunk) - R&D as Core Driver: Continuously advancing R&D system construction and technological breakthroughs, focusing on extraction, synthesis, blending, application, and process improvement, leading innovation and optimization[38](index=38&type=chunk) - Introduction of Digital and Intelligent New Productive Forces: Jiangxi production base fully introduces **automated production lines**, enhancing quality stability, production efficiency, flexible production capacity, and reducing costs[39](index=39&type=chunk) - Customer Development Driving Business Growth: Adhering to a "customer-centric" approach, deeply understanding customer needs, providing one-stop integrated solutions, and deepening cooperative relationships[40](index=40&type=chunk) - Building Talent Foundation through Internal Training and External Recruitment: Continuously adopting a combination of internal training and external recruitment, optimizing the training system, improving the "teach, help, lead" mechanism, and solidifying the talent foundation[41](index=41&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) In the first half of 2025, flavor business revenue grew by **8.96%** to **CNY 328.18 million** with a **39.16%** gross margin, while fragrance revenue declined due to competition, and food ingredients revenue decreased by **22.69%** due to subsidiary disposal, leading to an overall **14.87%** revenue decrease but **33.85%** increase in net profit attributable to parent company - Flavor business revenue reached **CNY 328.18 million**, an increase of **8.96%** compared to the prior period, with a sales gross profit margin of **39.16%**, a slight increase[42](index=42&type=chunk) - Fragrance business sales revenue was **CNY 81.52 million**, with a gross profit margin of **20.11%**, both decreasing compared to the prior period, mainly due to low-price competition from competitors[43](index=43&type=chunk) - Food ingredients business achieved sales revenue of **CNY 813.90 million**, a decrease of **22.69%** compared to the prior period, primarily due to the disposal of former subsidiary Tianshun (Hangzhou) Food Co., Ltd.; if the impact of subsidiary disposal is excluded, food ingredients operating revenue still increased compared to the prior period[43](index=43&type=chunk) - The company achieved operating revenue of **CNY 1.24 billion**, a decrease of **14.87%** compared to the prior period; net profit attributable to shareholders of the listed company was **CNY 83 million**, an increase of **33.85%** compared to the prior period; net profit attributable to parent company after deducting non-recurring gains and losses was **CNY 39 million**, a decrease of **29.38%** compared to the prior period[44](index=44&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include a full industry chain, automated production, flexible management, R&D innovation, customer service, strong brand resources, and robust financing channels - Full Industry Chain Layout Advantage: Provides integrated "flavor + food ingredients" services, quickly responding to customer needs and enhancing risk resistance[45](index=45&type=chunk) - Fully Automated Production Line Advantage: Fully introduces **automated production lines**, enhancing quality assurance, delivery capability, and cost control[46](index=46&type=chunk) - Flexible Production Management Advantage: Accumulated rich experience in flavor production management, obtained multiple certifications, ensuring product quality stability and strengthening rapid R&D, production, and delivery capabilities[48](index=48&type=chunk) - R&D Innovation Advantage: Possesses qualifications such as a postdoctoral research station and national high-tech enterprise, multiple patents, and **over 30,000 flavor formulations**, enhancing product development efficiency[49](index=49&type=chunk) - Customer Service Advantage: Extensive marketing network, professional sales and R&D teams provide timely and precise services, assisting customers in enhancing product recognition[50](index=50&type=chunk) - High-Quality Customer Advantage: Established strong cooperative relationships with leading brand customers in downstream dairy, beverage, snack food, baking, daily chemical, and tobacco sectors[51](index=51&type=chunk) - Brand Resource Advantage: After **thirty years** of development, the "Aipu" brand is well-known in the domestic flavor and fragrance industry, being one of the largest edible flavor manufacturers in China[52](index=52&type=chunk) - Financing Channel Advantage: Maintained stable operations since its listing in **2015**, with a low asset-liability ratio and strong solvency, possessing stronger financing capabilities[53](index=53&type=chunk) [IV. Key Operating Conditions During the Reporting Period](index=16&type=section&id=IV.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) Operating revenue decreased by **14.87%** due to subsidiary disposal, while financial expenses increased by **139.43%** and operating cash flow decreased by **103.22%**, but investment cash flow significantly increased by **221.86%**, with non-recurring gains and losses rising by **CNY 35.44 million** from subsidiary disposal and fair value revaluation [(I) Analysis of Main Business](index=16&type=section&id=(I)%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue decreased by **14.87%**, mainly due to the disposal of subsidiary Tianshun (Hangzhou) Food Co., Ltd. Excluding this impact, operating revenue increased, with steady growth in the flavor business and an increase in the dairy products business. Various expenses (selling, administrative, R&D) also decreased due to the subsidiary disposal, while financial expenses increased due to lower interest income and exchange rate fluctuations. Net cash flow from operating activities decreased, net cash flow from investing activities significantly increased, and net cash flow from financing activities rapidly decreased - Operating revenue decreased by **14.87%** year-on-year, primarily due to the disposal of former subsidiary Tianshun (Hangzhou) Food Co., Ltd.; excluding this impact, operating revenue increased[55](index=55&type=chunk) - Selling expenses decreased by **9.68%** year-on-year, administrative expenses decreased by **18.20%** year-on-year, and R&D expenses decreased by **13.86%** year-on-year, all primarily due to the disposal of former subsidiary Tianshun (Hangzhou) Food Co., Ltd[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - Financial expenses increased by **139.43%** year-on-year, mainly due to reduced interest income from a smaller scale of large-denomination certificate of deposit purchases, coupled with the impact of foreign exchange rate fluctuations[57](index=57&type=chunk) - Net cash flow from operating activities decreased by **103.22%** year-on-year, primarily due to the combined impact of subsidiary disposal and expanded inventory for dairy products business[57](index=57&type=chunk) - Net cash flow from investing activities significantly increased by **221.86%** year-on-year, mainly due to expanded cash management scale and redemption of wealth management products at period-end[57](index=57&type=chunk) - Net cash flow from financing activities decreased by **93.12%** year-on-year, primarily because the 2024 annual cash dividend was distributed in July 2025, while the 2023 annual cash dividend was distributed in June 2024[57](index=57&type=chunk) - Income tax expense decreased by **21.91%** year-on-year, mainly due to the impact of utilizing deductible temporary differences or deductible losses for which deferred income tax assets were not recognized in prior periods[58](index=58&type=chunk) [(II) Explanation of Significant Profit Changes Caused by Non-Core Business](index=17&type=section&id=(II)%20Explanation%20of%20Significant%20Profit%20Changes%20Caused%20by%20Non-Core%20Business) During the reporting period, the company's non-recurring gains and losses significantly increased by **CNY 35.44 million**, mainly due to investment income from the disposal of equity in former subsidiary Shanghai Mengze Trading Co., Ltd., increased net profit from fair value revaluation of equity investments, and changes in wealth management product types - During the reporting period, non-recurring gains and losses attributable to the parent company were **CNY 44.34 million**, an increase of **CNY 35.44 million** compared to the prior period[59](index=59&type=chunk) - The increase primarily stemmed from the disposal of all equity in former controlled subsidiary Shanghai Mengze Trading Co., Ltd., resulting in an investment income of **CNY 20.01 million** for the current period[59](index=59&type=chunk) - Fair value revaluation of equity investments increased current net profit by **CNY 8.05 million**, compared to a decrease in net profit of **CNY 4.41 million** in the prior period[59](index=59&type=chunk) - Changes in wealth management product types led to more income being recognized as non-recurring gains and losses[59](index=59&type=chunk) [(III) Analysis of Assets and Liabilities](index=18&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds, other current assets, construction in progress, other non-current assets, accounts payable, other payables, and special reserves all increased, while other receivables, non-current assets due within one year, contract liabilities, employee compensation payable, and taxes payable decreased Asset and Liability Status Changes (June 30, 2025 vs. Year-End 2024) | Project Name | Current Period End (CNY) | Percentage of Total Assets at Current Period End (%) | Prior Year End (CNY) | Percentage of Total Assets at Prior Year End (%) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 306,279,432.11 | 8.23 | 211,597,734.56 | 5.80 | 44.75 | Some wealth management products matured and were not repurchased, leading to higher bank deposits and an increase in monetary funds compared to the prior year-end | | Other Receivables | 3,968,703.47 | 0.11 | 6,326,618.10 | 0.17 | -37.27 | The company recovered construction project performance bonds during the reporting period, leading to a decrease in other receivables at the end of this reporting period | | Non-Current Assets Due Within One Year | 11,006,492.12 | 0.30 | 309,004,361.91 | 8.47 | -96.44 | The company's non-current assets due within one year were other debt investments—negotiable large-denomination certificates of deposit; with some large-denomination certificates of deposit maturing, the scale of large-denomination certificates of deposit held by the company at period-end decreased compared to the prior year-end | | Other Current Assets | 55,016,556.54 | 1.48 | 36,251,022.40 | 0.99 | 51.77 | Primarily due to an increase in bank time deposits with maturities shorter than one year at the end of the reporting period | | Construction in Progress | 6,000,892.53 | 0.16 | 4,501,493.07 | 0.12 | 33.31 | At the end of this reporting period, the company had no significant construction in progress | | Other Non-Current Assets | 6,209,261.12 | 0.17 | 1,771,320.32 | 0.05 | 250.54 | Primarily due to an increase in the company's prepaid engineering and equipment costs | | Accounts Payable | 137,403,038.21 | 3.69 | 100,913,256.77 | 2.77 | 36.16 | During the reporting period, to mitigate risks from fluctuations in important raw material market prices and promote new products, the company expanded its raw material and product inventory, leading to an increase in accounts payable at period-end | | Contract Liabilities | 7,229,947.19 | 0.19 | 16,259,042.12 | 0.45 | -55.53 | Primarily due to subsidiaries fulfilling contractual obligations and recognizing revenue | | Employee Compensation Payable | 277,373.70 | 0.01 | 19,372,326.46 | 0.53 | -98.57 | Primarily due to the company's distribution of prior year-end bonuses | | Taxes Payable | 14,029,593.83 | 0.38 | 28,010,895.04 | 0.77 | -49.91 | In October 2024, the company disposed of former subsidiary Tianshun (Hangzhou) Food Co., Ltd., resulting in significant investment income and a larger amount of income tax payable at the end of 2024. The company fulfilled its tax obligations during this reporting period, leading to a decrease in taxes payable compared to the prior year-end | | Other Payables | 76,953,743.10 | 2.07 | 17,740,466.04 | 0.49 | 333.78 | Primarily due to the company's declaration of the 2024 annual cash dividend | | Special Reserves | 5,668,543.31 | 0.15 | 4,025,823.33 | 0.11 | 40.80 | Primarily due to surplus safety production fees of subsidiaries | - Overseas assets amounted to **CNY 387.54 million**, accounting for **10.42%** of total assets[63](index=63&type=chunk) - For details on major restricted assets at the end of the reporting period, please refer to Section VIII, Note VII: Notes to Consolidated Financial Statement Items; 31, "Assets with Restricted Ownership or Use Rights"[64](index=64&type=chunk) [(IV) Analysis of Investment Status](index=19&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company had no significant external equity investment matters. Financial assets measured at fair value at the end of the period totaled **CNY 1.32 billion**, mainly comprising bank wealth management products and structured deposits. The company holds equity in Wuxi Jinghai and participated in Aice Holdings Limited's private placement. Forward foreign exchange contracts, as hedging instruments, were expected to be largely effective, increasing net profit by **CNY 0.22 million** - During the reporting period, the company had **no significant external investment matters**[65](index=65&type=chunk) Financial Assets Measured at Fair Value (June 30, 2025) | Asset Category | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Financial assets held for trading | 1,317,016,283.30 | 1,190,426,730.43 | | Of which: Bank wealth management products and structured deposits | 1,301,680,283.30 | 1,181,042,730.43 | | Wuxi Jinghai (836547) | 15,336,000.00 | 9,384,000.00 | | Derivative financial assets (derivative financial liabilities if negative) | -84,793.25 | -121,600.12 | | Other debt investments | 64,014,779.79 | 361,244,019.44 | | Of which: Negotiable large-denomination certificates of deposit | 64,014,779.79 | 361,244,019.44 | | Other non-current financial assets | 316,851,184.00 | 246,960,000.00 | | Of which: Equity in Aice Holdings Limited | 316,851,184.00 | 246,960,000.00 | | **Total** | **1,697,797,453.84** | **1,798,509,149.75** | - The company holds **600,000 shares** of Wuxi Jinghai, with a shareholding ratio of **0.77%**, and the fair value at period-end is determined by the closing price on the balance sheet date[69](index=69&type=chunk) - Forward foreign exchange contracts, as hedging instruments, were expected to be largely effective, increasing net profit by **CNY 0.22 million**[70](index=70&type=chunk) [(V) Significant Asset and Equity Sales](index=23&type=section&id=(V)%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company had no significant asset and equity sales [(VI) Analysis of Major Holding and Participating Companies](index=23&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Disclosed financial information for major subsidiaries including Shanghai Aipu Food Technology, Shanghai Pujia Food Technology, Jiangxi Aipu Biotechnology, and Shanghai Shensun Food Co., Ltd. Among them, Shanghai Shensun Food Co., Ltd.'s "Food Ingredients R&D and Manufacturing Base" project has taken initial shape, but its capacity utilization rate is low, and benefits have not yet met expectations. During the reporting period, the company disposed of all equity in former subsidiary Shanghai Mengze Trading Co., Ltd., resulting in an investment income of **CNY 20.01 million** - Shanghai Shensun Food Co., Ltd.'s "Food Ingredients R&D and Manufacturing Base" fundraising project has taken initial shape, but due to factors such as raw material supply and price fluctuations, long product development cycles, long customer certification cycles, and weak consumer expectations, its **capacity utilization rate is low**, and project benefits have not yet met expectations[72](index=72&type=chunk) - During the reporting period, the company disposed of all equity in former subsidiary Shanghai Mengze Trading Co., Ltd., resulting in an investment income of **CNY 20.01 million** for the current period[73](index=73&type=chunk) Major Subsidiary Financial Information (Unit: CNY 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Aipu Food Technology (Group) Co., Ltd. (incl. subsidiaries) | Subsidiary | Food Ingredients | 20,000.00 | 34,166.39 | 27,227.48 | 45,555.04 | -181.42 | -184.99 | | Shanghai Pujia Food Technology Co., Ltd. (incl. subsidiaries) | Subsidiary | Flavors, Food Ingredients | 2,000.00 | 31,518.27 | 19,428.36 | 45,672.70 | 3,907.61 | 2,969.24 | | Jiangxi Aipu Biotechnology Co., Ltd. | Subsidiary | Flavors and Fragrances | 25,000.00 | 38,584.34 | 30,095.99 | 5,699.56 | -7.99 | -5.66 | | Shanghai Shensun Food Co., Ltd. | Subsidiary | Food Ingredients | 28,000.00 | 34,565.01 | 33,637.97 | 951.57 | -1,524.67 | -1,586.14 | [V. Other Disclosure Matters](index=24&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces various risks including macroeconomic fluctuations, food safety, new business development, consumer preference changes, market competition, gross profit margin volatility, accounts receivable losses, inventory impairment, exchange rate fluctuations, fundraising project implementation, and environmental policies [(I) Potential Risks](index=24&type=section&id=(I)%20Potential%20Risks) The company faces various risks including macroeconomic fluctuations, food safety, new business development, consumer preference changes, market competition, gross profit margin volatility, accounts receivable losses, inventory impairment and losses, exchange rate fluctuations, fundraising project implementation, and environmental policies - Risk of Macroeconomic Fluctuations: Slowing global economic growth and insufficient domestic effective demand may affect the company's revenue and profit[75](index=75&type=chunk) - Food Safety Risk: Numerous production and operation links, with third-party services used for transportation and warehousing, may lead to food safety issues[76](index=76&type=chunk) - Risk of New Business Development: Uncertainties exist in technological advancement, market demand tracking, new product launch, and market capture[77](index=77&type=chunk) - Risk of Changes in Consumer Preferences: Failure to adjust in a timely manner according to market demand changes may result in products not being recognized by consumers[78](index=78&type=chunk) - Market Competition Risk: The industry has both large-scale enterprises and small production enterprises, leading to fierce market competition; failure to continuously innovate will put the company at a disadvantage[79](index=79&type=chunk)[80](index=80&type=chunk) - Risk of Gross Profit Margin Fluctuations: Factors such as raw material supply and demand, price fluctuations, changes in end-consumer preferences, changes in downstream customer demand, and changes in competitive strategies of peer companies may all adversely affect the company's sales gross profit margin[81](index=81&type=chunk) - Risk of Accounts Receivable Losses: The large scale of accounts receivable means that if customer operating conditions deteriorate, the company may face the risk of accounts receivable losses[82](index=82&type=chunk) - Risk of Inventory Impairment and Losses: Intensified market competition and changes in market demand may lead to significant product price declines or sluggish sales, increasing the scale of inventory impairment and losses[83](index=83&type=chunk) - Exchange Rate Fluctuation Risk: Food ingredient trade primarily involves foreign currency procurement and settlement, and exchange rate fluctuations may further increase the risk of exchange gains and losses[84](index=84&type=chunk) - Risk of Implementation of Fundraising Investment Projects: Project implementation may be affected by poor organizational management, failure to start or complete as planned, changes in consumer preferences, significant adverse changes in market environment, and other situations[85](index=85&type=chunk) - Environmental Policy Risk: The government's efforts to strengthen environmental protection are continuous, and stricter environmental standards may be introduced, impacting the company's production and operations[86](index=86&type=chunk) [Section IV Corporate Governance, Environment and Society](index=26&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment%20and%20Society) This section covers changes in directors, supervisors, and senior management, profit distribution plans, equity incentive plans, and environmental information disclosure, noting an independent director's resignation, no semi-annual profit distribution, and three subsidiaries on the environmental disclosure list [I. Changes in Company Directors, Supervisors, and Senior Management](index=26&type=section&id=I.%20Changes%20in%20Company%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, independent director Ms. Tao Ningping resigned due to serving for six years; her resignation will take effect after a new independent director is elected, and she will continue to perform her duties until then - Independent director Ms. Tao Ningping applied to resign from her position as an independent director of the company's Fifth Board of Directors due to serving for **six years**[89](index=89&type=chunk) - After her resignation, Ms. Tao Ningping will no longer hold any positions in the company, but her resignation application will take effect after a new independent director is elected at the company's general meeting of shareholders, and she will continue to perform her duties until then[89](index=89&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=26&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "None" - Proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan: **None**[90](index=90&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no disclosed equity incentive matters with no subsequent progress or changes, nor any undisclosed or progressing incentive situations [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=27&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) The company has **3** subsidiaries included in the list of enterprises required to disclose environmental information, with corresponding inquiry indexes provided - Number of enterprises included in the list of enterprises required to disclose environmental information: **3**[92](index=92&type=chunk) - Including Shanghai Aipu Plant Technology Co., Ltd., Jiangxi Aipu Biotechnology Co., Ltd., and Henan Hualong Fragrance Co., Ltd[92](index=92&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=27&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements,%20Rural%20Revitalization,%20and%20Other%20Work) During the reporting period, the company had no specific progress in consolidating and expanding poverty alleviation achievements, rural revitalization, or other related work [Section V Significant Matters](index=28&type=section&id=Section%20V%20Significant%20Matters) This section details the company's fulfillment of significant commitments, major guarantees, progress in the use of raised funds, and other significant matters, including the closure of an equity repurchase lawsuit and the release of external guarantees [I. Fulfillment of Commitments](index=28&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's shareholders, directors, senior management, and controlling shareholder Wei Zhonghao strictly fulfilled all commitments related to initial public offering and refinancing, such as share lock-up, resolution of horizontal competition, and related-party transactions. All commitments are long-term effective and strictly fulfilled, with no unfulfilled situations - Company shareholder Shanghai Xinyu Investment Management Co., Ltd. strictly fulfilled its **share lock-up commitment**[95](index=95&type=chunk) - Company directors Wei Zhonghao, Xu Yaozhong, and company directors or senior management indirectly holding company shares, Ge Wenbin, Zhu Zhonglan, Huang Jian, Feng Linxia, all strictly fulfilled their **share lock-up commitments**[95](index=95&type=chunk)[96](index=96&type=chunk) - Controlling shareholder and actual controller Wei Zhonghao made long-term effective and strictly fulfilled commitments regarding resolving **horizontal competition**, implementing measures to mitigate dilution of immediate returns from non-public issuance of shares, and resolving **related-party transactions**[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) - Company directors, supervisors, and senior management made long-term effective and strictly fulfilled commitments regarding resolving **horizontal competition** and implementing measures to mitigate dilution of immediate returns from non-public issuance of shares[97](index=97&type=chunk)[98](index=98&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=33&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder and other related parties [III. Irregular Guarantees](index=33&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, the company had no external guarantees provided in violation of decision-making procedures [IV. Semi-Annual Report Audit Status](index=33&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report is unaudited [V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Prior Year's Annual Report](index=33&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Involving%20Non-Standard%20Audit%20Opinions%20in%20the%20Prior%20Year's%20Annual%20Report) During the reporting period, there were no changes or handling of matters involving non-standard audit opinions in the prior year's annual report [VI. Bankruptcy Reorganization Matters](index=33&type=section&id=VI.%20Bankruptcy%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy reorganization matters [VII. Significant Litigation and Arbitration Matters](index=33&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no significant litigation or arbitration matters [VIII. Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholder, Actual Controller Suspected of Violations, Penalties, and Rectification](index=33&type=section&id=VIII.%20Listed%20Company%20and%20Its%20Directors,%20Supervisors,%20Senior%20Management,%20Controlling%20Shareholder,%20Actual%20Controller%20Suspected%20of%20Violations,%20Penalties,%20and%20Rectification) During the reporting period, there were no instances of the listed company, its directors, supervisors, senior management, controlling shareholder, or actual controller being suspected of violations, receiving penalties, or undergoing rectification [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period](index=33&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20Its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained **good integrity**[100](index=100&type=chunk) - There were no unfulfilled effective court judgments or large overdue debts[100](index=100&type=chunk) [X. Significant Related-Party Transactions](index=33&type=section&id=X.%20Significant%20Related-Party%20Transactions) During the reporting period, the company had no daily operating related-party transactions, asset acquisition or equity acquisition/disposal related-party transactions, joint external investment related-party transactions, related-party creditor-debtor relationships, or other significant related-party transactions that were previously disclosed in temporary announcements and had no subsequent progress or changes [XI. Significant Contracts and Their Fulfillment](index=34&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company had no entrustment, contracting, or leasing matters. The company's guarantee amount for subsidiaries was **CNY 300 million**, accounting for **9.15%** of the company's net assets. The company had no external guarantees (excluding guarantees for subsidiaries) [(I) Entrustment, Contracting, Leasing Matters](index=34&type=section&id=(I)%20Entrustment,%20Contracting,%20Leasing%20Matters) During the reporting period, the company had no entrustment, contracting, or leasing matters [(II) Significant Guarantees Performed and Not Yet Completed During the Reporting Period](index=35&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Not%20Yet%20Completed%20During%20the%20Reporting%20Period) During the reporting period, the company's total guarantee amount for subsidiaries was **CNY 300 million**, accounting for **9.15%** of the company's net assets. The company had no external guarantees (excluding guarantees for subsidiaries) - The total amount of guarantees provided to subsidiaries during the reporting period was **CNY 300 million**[105](index=105&type=chunk) - The total outstanding guarantee balance for subsidiaries at the end of the reporting period was **CNY 300 million**[105](index=105&type=chunk) - The total guarantee amount accounted for **9.15%** of the company's net assets[105](index=105&type=chunk) - The company had **no external guarantees** (excluding guarantees for subsidiaries)[105](index=105&type=chunk) [(III) Other Significant Contracts](index=36&type=section&id=(III)%20Other%20Significant%20Contracts) During the reporting period, the company had no other significant contracts [XII. Explanation of Progress in Use of Raised Funds](index=36&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's total raised funds were **CNY 750 million**, with a net amount of **CNY 731 million**. Cumulative investment of raised funds totaled **CNY 305 million**, representing an investment progress of **41.69%**. The current year's investment was **CNY 17.30 million**, accounting for **2.37%**. The "Food Ingredients R&D and Manufacturing Base" project is planned to invest **CNY 731 million**, with **CNY 305 million** invested as of the end of the reporting period, an investment progress of **41.69%**, and the project is expected to reach its intended usable state by December 2026. The company used idle raised funds for cash management, with an approved limit of **CNY 489 million** and an outstanding balance of **CNY 446 million** at period-end [(I) Overall Use of Raised Funds](index=36&type=section&id=(I)Overall%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's total raised funds were **CNY 750 million**, with a net amount of **CNY 731 million**. Cumulative investment of raised funds totaled **CNY 305 million**, representing an investment progress of **41.69%**. The current year's investment was **CNY 17.30 million**, accounting for **2.37%** Overall Use of Raised Funds (Unit: CNY 10,000) | Indicator | Amount | | :--- | :--- | | Total Raised Funds | 75,000.00 | | Net Raised Funds | 73,105.56 | | Total Investment Committed in Prospectus or Offering Document | 75,000.00 | | Total Cumulative Raised Funds Invested as of Period-End | 30,474.97 | | Cumulative Investment Progress of Raised Funds as of Period-End (%) | 41.69 | | Amount Invested This Year | 1,729.71 | | Percentage of Amount Invested This Year (%) | 2.37 | [(II) Details of Fundraising Investment Projects](index=37&type=section&id=(II)Details%20of%20Fundraising%20Investment%20Projects) The company's "Food Ingredients R&D and Manufacturing Base" project plans to invest **CNY 731 million**, with **CNY 305 million** invested as of the end of the reporting period, an investment progress of **41.69%**, and the project is expected to reach its intended usable state by December 2026 Details of Fundraising Investment Projects (Unit: CNY 10,000) | Project Name | Total Planned Investment of Raised Funds (1) | Total Cumulative Raised Funds Invested as of Period-End (2) | Investment Progress (%) (2)/(1) | Date Project Reaches Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Construction of Food Ingredients R&D and Manufacturing Base | 73,105.56 | 30,474.97 | 41.69 | 2026.12 | [(III) Changes or Termination of Fundraising Investment Projects During the Reporting Period](index=37&type=section&id=(III)Changes%20or%20Termination%20of%20Fundraising%20Investment%20Projects%20During%20the%20Reporting%20Period) During the reporting period, the company had no changes or termination of fundraising investment projects [(IV) Other Uses of Raised Funds During the Reporting Period](index=37&type=section&id=(IV)Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) The company used idle raised funds for cash management, with an approved limit of **CNY 489 million** and an outstanding balance of **CNY 446 million** at period-end. Additionally, the "Food Ingredients R&D and Manufacturing Base Project" has been extended to December 2026 to reach its intended usable state - The approved limit for cash management of raised funds was **CNY 489 million**, and the cash management balance at the end of the reporting period was **CNY 446 million**[110](index=110&type=chunk) Idle Raised Funds Cash Management Status (Unit: CNY) | Counterparty | Product Name | Amount | Value Date | Maturity Date | Annualized Yield | Actual Principal Recovered | Actual Income Earned | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Everbright Bank | Structured Deposit | 471,500,000.00 | 2024/12/27 | 2025/3/26 | 2.10% | 471,500,000.00 | 2,475,375.00 | | Everbright Bank | Structured Deposit | 474,000,000.00 | 2025/3/27 | 2025/6/27 | 2.05% | 474,000,000.00 | 2,429,250.00 | | Everbright Bank | Structured Deposit | 446,000,000.00 | 2025/6/27 | 2025/9/27 | 1.95% | Not due | Not due | | SPD Bank | Structured Deposit | 15,000,000.00 | 2024/12/23 | 2025/1/23 | 2.20% | 15,000,000.00 | 27,500.00 | | SPD Bank | Structured Deposit | 5,000,000.00 | 2025/2/10 | 2025/3/10 | 1.95% | 5,000,000.00 | 8,125.00 | | Period-end (June 30, 2025) Balance | 446,000,000.00 | | | | | | | - The date for the "Food Ingredients R&D and Manufacturing Base Project" to reach its intended usable state has been extended to **December 2026**[112](index=112&type=chunk) [(V) Conclusive Opinions of Intermediary Agencies on Special Verification and Attestation of Raised Funds Storage and Use](index=39&type=section&id=(V)Conclusive%20Opinions%20of%20Intermediary%20Agencies%20on%20Special%20Verification%20and%20Attestation%20of%20Raised%20Funds%20Storage%20and%20Use) During the reporting period, the company had no conclusive opinions from intermediary agencies on special verification and attestation of raised funds storage and use [(VI) Subsequent Rectification of Unauthorized Changes in Use of Raised Funds and Illegal Occupation of Raised Funds](index=39&type=section&id=(VI)Subsequent%20Rectification%20of%20Unauthorized%20Changes%20in%20Use%20of%20Raised%20Funds%20and%20Illegal%20Occupation%20of%20Raised%20Funds) During the reporting period, the company had no subsequent rectification of unauthorized changes in the use of raised funds or illegal occupation of raised funds [XIII. Explanation of Other Significant Matters](index=39&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company's equity repurchase lawsuit was fully executed and closed in June 2025. Additionally, external guarantees passively formed by the company's sale of subsidiary equity were released in January 2025 - The company filed a lawsuit requesting defendants Xu Guangyi and Dai Xiaowen to repurchase the equity of the company's controlled subsidiary Shanghai Mengze Trading Co., Ltd. After winning the first instance and mediation, the case was **fully executed and closed in June 2025**[113](index=113&type=chunk) - After the company sold its equity in controlled subsidiary Tianshun (Hangzhou) Food Co., Ltd., the **CNY 60 million** credit guarantee provided for its subsidiary Shanghai Tianshun Food Co., Ltd. was **released in January 2025**[116](index=116&type=chunk) [Section VI Share Changes and Shareholder Information](index=41&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section discloses the company's unchanged share capital structure, **19,102** common shareholders, with controlling shareholder Wei Zhonghao holding **30.53%** and **7.6 million** treasury shares in the repurchase account [I. Share Capital Changes](index=41&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and share capital structure remained unchanged - During the reporting period, the company's total share capital and share capital structure remained **unchanged**[118](index=118&type=chunk) [II. Shareholder Information](index=41&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had a total of **19,102** common shareholders. Among the top ten shareholders, Wei Zhonghao held **30.53%**, being the largest shareholder and an acting-in-concert party with Shanghai Yile Industrial Co., Ltd. The company's dedicated share repurchase account held **7.6 million shares**, accounting for **1.9831%** of the total share capital - Total number of common shareholders at the end of the reporting period: **19,102**[120](index=120&type=chunk) Top Ten Shareholders' Shareholdings (As of Period-End) | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Wei Zhonghao | 117,014,266 | 30.53 | Domestic Natural Person | | Shanghai Yile Industrial Co., Ltd. | 13,320,000 | 3.48 | Domestic Non-State-Owned Legal Person | | Shanghai Xinyu Investment Management Co., Ltd. | 9,750,000 | 2.54 | Domestic Non-State-Owned Legal Person | | Qi Liping | 8,216,600 | 2.14 | Domestic Natural Person | | Liu Jiali | 4,398,400 | 1.15 | Domestic Natural Person | | Shanghai Xinhang Construction Investment Co., Ltd. | 3,600,000 | 0.94 | Domestic Non-State-Owned Legal Person | | Tang Xiaoyan | 3,070,000 | 0.80 | Domestic Natural Person | | Wang Jin | 2,950,510 | 0.77 | Domestic Natural Person | | Liu Quanfu | 2,419,200 | 0.63 | Domestic Natural Person | | Su Yuping | 1,810,100 | 0.47 | Domestic Natural Person | - Mr. Wei Zhonghao and Shanghai Yile Industrial Co., Ltd. are **acting-in-concert parties**[123](index=123&type=chunk) - As of June 30, 2025, the company's dedicated share repurchase account held **7.6 million shares**, and the repurchased shares accounted for **1.9831%** of the company's total share capital[122](index=122&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=43&type=section&id=III.%20Information%20on%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in shareholdings of current or former directors, supervisors, and senior management, nor any equity incentives granted [IV. Changes in Controlling Shareholder or Actual Controller](index=43&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the controlling shareholder or actual controller [V. Preferred Share Related Matters](index=43&type=section&id=V.%20Preferred%20Share%20Related%20Matters) During the reporting period, the company had no preferred share related matters [Section VII Bond-Related Matters](index=44&type=section&id=Section%20VII%20Bond-Related%20Matters) This section discloses the company's bond-related matters during the reporting period. During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=44&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=44&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds [Section VIII Financial Report](index=45&type=section&id=Section%20VIII%20Financial%20Report) This section includes the company's unaudited consolidated and parent company financial statements and detailed notes, showing total assets up **2.00%**, net profit up **33.85%**, but operating revenue down **14.87%**, with negative operating cash flow and significantly increased investment cash flow [I. Audit Report](index=45&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[127](index=127&type=chunk) [II. Financial Statements](index=45&type=section&id=II.%20Financial%20Statements) This section provides the company's unaudited consolidated and parent company financial statements, showing total assets of **CNY 3.72 billion** (up **2.00%**), total operating revenue of **CNY 1.24 billion** (down **14.87%**), net profit attributable to parent company shareholders of **CNY 83 million** (up **33.85%**), negative operating cash flow, and positive investment cash flow [Consolidated Balance Sheet](index=45&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were **CNY 3.72 billion**, an increase of **2.00%** from the end of the prior year. Total current assets were **CNY 2.61 billion**, and total non-current assets were **CNY 1.11 billion**. Total liabilities were **CNY 296 million**, and total owners' equity was **CNY 3.42 billion** Consolidated Balance Sheet Major Data (As of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 3,719,654,249.10 | 3,646,890,333.32 | | Total Current Assets | 2,610,891,146.20 | 2,586,730,139.33 | | Total Non-Current Assets | 1,108,763,102.90 | 1,060,160,193.99 | | Total Liabilities | 295,960,774.74 | 246,173,909.18 | | Total Owners' Equity | 3,423,693,474.36 | 3,400,716,424.14 | [Parent Company Balance Sheet](index=47&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **CNY 3.38 billion**, an increase of **2.42%** from the end of the prior year. Total current assets were **CNY 1.69 billion**, and total non-current assets were **CNY 1.69 billion**. Total liabilities were **CNY 336 million**, and total owners' equity was **CNY 3.05 billion** Parent Company Balance Sheet Major Data (As of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 3,384,283,686.00 | 3,304,473,828.09 | | Total Current Assets | 1,691,217,506.40 | 1,650,072,419.89 | | Total Non-Current Assets | 1,693,066,179.60 | 1,654,401,408.20 | | Total Liabilities | 336,001,491.91 | 257,012,114.16 | | Total Owners' Equity | 3,048,282,194.09 | 3,047,461,713.93 | [Consolidated Income Statement](index=49&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of **CNY 1.24 billion**, a year-on-year decrease of **14.87%**. Net profit was **CNY 101 million**, a year-on-year increase of **20.16%**. Net profit attributable to parent company shareholders was **CNY 83 million**, a year-on-year increase of **33.85%**. Basic earnings per share were **CNY 0.2212/share** Consolidated Income Statement Major Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,236,222,737.48 | 1,452,107,820.06 | | Total Operating Costs | 1,152,709,057.85 | 1,340,859,272.11 | | Total Profit | 120,815,661.74 | 109,354,630.04 | | Net Profit | 101,174,741.72 | 84,202,791.62 | | Net Profit Attributable to Parent Company Shareholders | 83,104,909.95 | 62,086,190.10 | | Basic Earnings Per Share (CNY/share) | 0.2212 | 0.1653 | [Parent Company Income Statement](index=51&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company achieved operating revenue of **CNY 262 million**, a year-on-year increase of **0.85%**. Net profit was **CNY 68 million**, a year-on-year increase of **92.36%** Parent Company Income Statement Major Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 262,120,481.05 | 259,910,350.37 | | Operating Profit | 76,228,390.52 | 39,538,701.66 | | Total Profit | 76,077,083.97 | 39,389,675.57 | | Net Profit | 68,435,279.48 | 35,574,387.35 | [Consolidated Cash Flow Statement](index=52&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **-CNY 6.59 million**, a year-on-year decrease of **103.22%**. Net cash flow from investing activities was **CNY 105 million**, a year-on-year increase of **221.86%**. Net cash flow from financing activities was **-CNY 3.43 million**, a year-on-year decrease of **93.12%**. Cash and cash equivalents at period-end were **CNY 306 million** Consolidated Cash Flow Statement Major Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -6,585,832.07 | 204,707,338.99 | | Net Cash Flow from Investing Activities | 104,895,912.07 | -86,076,539.23 | | Net Cash Flow from Financing Activities | -3,430,730.12 | -49,836,270.94 | | Net Increase in Cash and Cash Equivalents | 94,918,078.09 | 67,198,185.35 | | Cash and Cash Equivalents at Period-End | 305,653,963.01 | 472,545,032.85 | [Parent Company Cash Flow Statement](index=54&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was **CNY 31.89 million**, a year-on-year decrease of **19.14%**. Net cash flow from investing activities was **CNY 60.65 million**, a year-on-year increase of **241.29%**. Net cash flow from financing activities was **-CNY 4.65 million**, a year-on-year decrease of **89.28%**. Cash and cash equivalents at period-end were **CNY 167 million** Parent Company Cash Flow Statement Major Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 31,885,685.42 | 39,434,562.26 | | Net Cash Flow from Investing Activities | 60,654,656.27 | -42,933,796.09 | | Net Cash Flow from Financing Activities | -4,652,758.96 | -43,364,806.59 | | Net Increase in Cash and Cash Equivalents | 87,972,513.58 | -46,391,593.89 | | Cash and Cash Equivalents at Period-End | 167,245,534.97 | 149,948,920.51 | [Consolidated Statement of Changes in Owners' Equity](index=55&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, total owners' equity attributable to the parent company increased by **CNY 16.41 million**, minority interests increased by **CNY 6.57 million**, and total owners' equity increased by **CNY 22.98 million** Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (CNY) | Amount of Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 3,261,815,914.99 | 16,410,256.59 | 3,278,226,171.58 | | Minority Interests | 138,900,509.15 | 6,566,793.63 | 145,467,302.78 | | Total Owners' Equity | 3,400,716,424.14 | 22,977,050.22 | 3,423,693,474.36 | [Parent Company Statement of Changes in Owners' Equity](index=57&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the parent company's total owners' equity increased by **CNY 0.82 million**, with an ending balance of **CNY 3.05 billion** Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (CNY) | Amount of Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 3,047,461,713.93 | 820,480.16 | 3,048,282,194.09 | [III. Company Basic Information](index=58&type=section&id=III.%20Company%20Basic%20Information) The company, formerly Shanghai Aipu Flavor Co., Ltd., was established in 1995 and listed on the Shanghai Stock Exchange in 2015. After several share capital changes, as of June 30, 2025, the company's total share capital was **CNY 383 million**, with **7.6 million treasury shares**. The registered capital is **CNY 383 million**, legal representative is Wei Zhonghao, and its main business is flavors, fragrances, and food ingredients, classified as a food production enterprise - The company's predecessor was Shanghai Aipu Flavor Co., Ltd., established on **June 28, 1995**[150](index=150&type=chunk) - The company was listed on the Shanghai Stock Exchange on **March 25, 2015**[150](index=150&type=chunk) - As of June 30, 2025, the company's total share capital was **CNY 383.24 million** (shares), with **7.6 million treasury shares**[151](index=151&type=chunk) - Registered Capital: **CNY 383.24 million**; Legal Representative: **Wei Zhonghao**[152](index=152&type=chunk) - Industry Nature: **Food production enterprise**; Main Products: **Flavors, fragrances, and food ingredients**; Main business did not change during the reporting period[154](index=154&type=chunk) - The company's actual controller is **Wei Zhonghao**[154](index=154&type=chunk) [IV. Basis of Financial Statement Preparation](index=59&type=section&id=IV.%20Basis%20of%20Financial%20Statement%2

[Definitions](index=4&type=section&id=Section%201%20Definitions) [Common Terms and Definitions](index=4&type=section&id=Common%20Terms%20and%20Definitions) This section defines key terms used in the report to ensure clear understanding of its content - Defines "Foton Motor" as BAIC Foton Motor Co, Ltd[12](index=12&type=chunk) - Clarifies the "Reporting Period" as January-June 2025[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides basic company information, including its name, abbreviation, and legal representative - The company is BAIC Foton Motor Co, Ltd, abbreviated as Foton Motor[14](index=14&type=chunk) - The legal representative is Chang Rui[14](index=14&type=chunk) [Contact Persons and Methods](index=4&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section lists the contact information for the Secretary of the Board and the Securities Affairs Representative - The Secretary of the Board is Chen Weijuan, and the Securities Affairs Representative is Wang Guiqing[15](index=15&type=chunk) - Contact phone and fax are both 010-80716459[15](index=15&type=chunk) [Changes in Basic Information](index=4&type=section&id=III.%20Changes%20in%20Basic%20Information) This section discloses the company's registered address, office address, website, and email, noting no changes during the reporting period - The registered and office addresses are both located at Laoniuwan Village North, Shayang Road, Shahe Town, Changping District, Beijing[16](index=16&type=chunk) - **No changes** to the company's basic information occurred during the reporting period[16](index=16&type=chunk) [Information Disclosure and Document Location](index=4&type=section&id=IV.%20Information%20Disclosure%20and%20Document%20Location) This section specifies the designated newspapers for information disclosure, the website for the semi-annual report, and the document location - Designated newspapers for information disclosure are *Shanghai Securities News*, *China Securities Journal*, and *Securities Daily*[17](index=17&type=chunk) - The report is published on the website www.sse.com.cn[17](index=17&type=chunk) [Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section provides details of the company's A-share stock, including the listing exchange, ticker symbol, and code - Stock Type: A-Share, listed on the **Shanghai Stock Exchange**[18](index=18&type=chunk) - Stock Ticker: Foton Motor, Stock Code: **600166**[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details key accounting data for H1 2025, showing significant growth in total profit, net profit attributable to shareholders, and operating cash flow Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 30,370,991,018.43 | 23,968,217,219.13 | 26.71 | | Total Profit | 750,308,268.16 | 440,766,002.45 | 70.23 | | Net Profit Attributable to Shareholders | 776,858,166.03 | 414,171,229.14 | 87.57 | | Net Cash Flow from Operating Activities | 1,894,001,180.60 | 367,757,571.73 | 415.01 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | 0.0981 | 0.0523 | 87.57 | | Basic EPS after Non-recurring Items (RMB/Share) | 0.0695 | 0.0385 | 80.52 | | Weighted Average Return on Equity (%) | 5.28 | 2.86 | Increase of 2.42 p.p. | | Weighted Average ROE after Non-recurring Items (%) | 3.75 | 2.11 | Increase of 1.64 p.p. | - **Total profit increased by 70.23%** year-over-year, driven by a 9.08% rise in commercial vehicle sales, improved profitability in overseas business, innovative marketing models, and cost reductions across the value chain[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section discloses non-recurring profit and loss items for H1 2025, totaling RMB 226.26 million Non-recurring Profit and Loss Items for H1 2025 | Non-recurring Profit and Loss Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 135,824,051.76 | | Government Grants Recognized in Current Profit or Loss | 109,844,084.19 | | Fair Value Gains/Losses and Gains/Losses from Disposal of Financial Assets/Liabilities | -11,181,593.87 | | Other Non-operating Income and Expenses | 2,620,007.48 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | -3,620,147.50 | | Less: Income Tax Impact | 6,154,683.11 | | Minority Interest Impact (After Tax) | 1,076,043.66 | | **Total** | **226,255,675.29** | [Management's Discussion and Analysis](index=7&type=section&id=Section%203%20Management's%20Discussion%20and%20Analysis) [Industry and Core Business Overview](index=7&type=section&id=I.%20Industry%20and%20Core%20Business%20Overview) This section details Foton Motor's core business, operating model, global presence, R&D system, manufacturing, sales, and after-sales ecosystem, along with an overview of the automotive industry - Founded in 1996, the company is a state-controlled listed entity with a business presence in **over 130 countries and regions**[26](index=26&type=chunk) - The product portfolio includes a full range of commercial vehicles such as heavy-duty trucks, light-duty trucks, pickups, VANs, and buses, with a new energy vehicle matrix covering **pure electric, hybrid, and hydrogen fuel cell technologies**[26](index=26&type=chunk) - The company operates **17 R&D centers globally**, forming a technology innovation system focused on new energy, intelligent connectivity, testing, and lightweighting[26](index=26&type=chunk) - In H1 2025, China's auto production and sales grew by **12.5% and 11.4%** respectively, with commercial vehicle production and sales up by 4.7% and 2.6%[31](index=31&type=chunk) China's Automotive Industry Production and Sales Data (H1 2025) | Product Category | Sales Volume in Reporting Period (Units) | Year-over-Year Change (%) | | :--- | :--- | :--- | | Total Automobiles | 15,652,790 | 11.43 | | Total Commercial Vehicles | 2,121,671 | 2.58 | | Total Passenger Vehicles | 13,531,119 | 12.96 | [Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company advanced its new energy, overseas, and heavy-duty truck strategies, achieving growth in both sales volume and market share - In H1 2025, the company sold a total of **327,000 vehicles** (including Foton Daimler), a year-over-year increase of **9.1%**, with its market share rising by 0.9 percentage points to **15.4%**[34](index=34&type=chunk) - Medium and heavy-duty truck sales reached **72,246 units**, up **33.4%** YoY, with market share increasing by 2.6 percentage points to 12.1%; heavy-duty truck sales grew by **74.3%**[34](index=34&type=chunk) - Light-duty truck (including mini-trucks) sales totaled **229,499 units**, a **6.5%** YoY increase, with market share growing by 1.0 percentage point to 18.2%[35](index=35&type=chunk) - New energy vehicle sales reached **50,142 units**, a significant **151.0%** YoY increase, with market share rising by 4.2 percentage points to 12.5%[37](index=37&type=chunk) - Export sales totaled **78,518 units**, remaining stable compared to the same period last year[38](index=38&type=chunk) - Engine sales reached **133,845 units**, a slight decrease of **0.4%** YoY; Foton Cummins sales grew by 8.7%, while Foton Engine sales declined by 15.4%[39](index=39&type=chunk) [Analysis of Core Competitiveness](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness) The company enhances its core competitiveness through strategic leadership, innovation, digital transformation, and building a world-class value chain - The company adheres to a strategy of "comprehensive internationalization, new energy focus, and intelligence," aiming to maintain its top position in commercial vehicles[39](index=39&type=chunk)[40](index=40&type=chunk) - R&D investment continues to increase, with **RMB 960 million** spent in H1, accounting for **3.2% of operating revenue**, to achieve autonomy in core new energy and autonomous driving technologies[41](index=41&type=chunk)[78](index=78&type=chunk) - Autonomous driving products have achieved large-scale application in various scenarios, with HWP products delivered to 282 units and operating mileage exceeding **24 million kilometers**[44](index=44&type=chunk) - The company deepens cooperation with strategic partners to develop core components and key technologies in new energy and intelligence, with a focus on hydrogen energy R&D[45](index=45&type=chunk) - The company received the "2025 China Commercial Vehicle Innovative Technology Achievement" award and was re-selected for the SASAC's "Science and Technology Reform Enterprise" list[50](index=50&type=chunk) [Review of Key Operations](index=13&type=section&id=IV.%20Review%20of%20Key%20Operations) This section analyzes changes in major financial statement items, asset and liability structure, investment status, and the performance of key subsidiaries [(I) Core Business Analysis](index=13&type=section&id=(I)%20Core%20Business%20Analysis) During the reporting period, the company's operating revenue and costs grew significantly, while sales and financial expenses varied, and R&D expenses decreased Analysis of Major Financial Statement Item Changes (H1 2025 vs H1 2024) | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 30,370,991,018.43 | 23,968,217,219.13 | 26.71 | Increased sales volume YoY | | Operating Costs | 27,239,100,426.64 | 21,027,844,471.19 | 29.54 | Increased sales volume YoY | | Selling Expenses | 1,023,745,640.34 | 849,088,057.80 | 20.57 | Increased sales and labor costs | | Finance Costs | -28,512,330.82 | -20,147,494.79 | N/A | Increased foreign exchange gains due to currency fluctuations | | R&D Expenses | 960,557,907.17 | 1,043,496,166.64 | -7.95 | Reduced expensed R&D due to project phase changes | | Net Cash Flow from Operating Activities | 1,894,001,180.60 | 367,757,571.73 | 415.01 | Increased cash collection from sales YoY | [(III) Analysis of Assets and Liabilities](index=13&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the period, total assets and net assets attributable to the parent company increased, while accounts receivable, notes receivable, and receivables financing saw significant growth Changes in Assets and Liabilities (End of Current Period vs End of Prior Year) | Item | Current Period-end (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Accounts Receivable | 9,177,575,967.95 | 51.00 | Increase in receivables from vehicle sales | | Contract Assets | 200,009,679.74 | -67.86 | Receipt of new energy subsidy payments | | Notes Receivable | 8,579,629.20 | 681.69 | Increase in holdings of commercial acceptance bills | | Receivables Financing | 2,245,855,628.96 | 148.30 | Increase in holdings of bank acceptance bills | | Short-term Borrowings | 837,476,621.20 | 65.13 | Increase in new borrowings | | Taxes Payable | 195,324,318.09 | 92.09 | Increase in VAT payable | | Minority Interests | 625,411,338.35 | 214.03 | Receipt of capital contributions from minority shareholders | - Overseas assets amounted to **RMB 1.48 billion**, accounting for **2.52%** of total assets[56](index=56&type=chunk) - Restricted assets at period-end totaled **RMB 2.16 billion**, primarily consisting of cash and cash equivalents (collateral for acceptance bills) and fixed assets (mortgaged for loans)[58](index=58&type=chunk) [(IV) Investment Analysis](index=15&type=section&id=(IV)%20Investment%20Analysis) The company's financial assets measured at fair value primarily consist of equity investments, while other changes are mainly due to an increase in bank acceptance bills - Financial assets measured at fair value at period-end are mainly equity investments, with other changes driven by an increase in bank acceptance bills held[61](index=61&type=chunk) - The company's participation in the private placement of BAIC BluePark New Energy Technology Co, Ltd has not yet been completed, and no capital has been contributed[62](index=62&type=chunk) [(VI) Analysis of Major Subsidiaries and Investees](index=17&type=section&id=(VI)%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) This section discloses the operating performance of major subsidiaries and investees, along with details on the acquisition and disposal of subsidiaries during the period - Acquired a 20% stake in Beijing Zhicheng Yunli New Energy Technology Co, Ltd, making it a controlled subsidiary and generating non-operating income of RMB 98,900[62](index=62&type=chunk) - Transferred 100% of the shares in FOTON MOTOR CO, LTD, which is no longer consolidated, resulting in a decrease in investment income of RMB 5.45 million[62](index=62&type=chunk) Financial Data of Major Subsidiaries and Investees (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Foton Cummins Engine Co, Ltd | Investee | Engine manufacturing and sales | 2,288,000,000.00 | 453,023,721.28 | 392,699,999.17 | | ZF Foton Automated Transmissions (Jiaxing) Co, Ltd | Investee | Heavy-duty commercial vehicle transmissions | 267,000,000.00 | 145,570,507.81 | 108,834,219.84 | | Beijing Anpeng Zhongrong Auto New Retail Technology Co, Ltd | Investee | Financial leasing, factoring | 3,535,977,900.00 | 29,392,478.44 | 26,824,940.96 | | Beijing Carvin New Energy Vehicle Co, Ltd | Subsidiary | R&D and production of new energy commercial vehicles | 1,305,848,668.00 | -11,971,429.63 | -11,971,426.65 | [Other Disclosures](index=18&type=section&id=V.%20Other%20Disclosures) This section discloses risks related to market, supply chain, policy, technology, and exchange rates, and details progress on the "Quality and Efficiency Enhancement, Shareholder Return" action plan [(I) Potential Risks](index=18&type=section&id=(I)%20Potential%20Risks) The company faces risks from uncertain export growth, rising supply chain costs, evolving regulations for vehicle electrification and intelligence, and exchange rate fluctuations - **Market Risk**: Uncertainties in commercial vehicle export growth in H2 due to ongoing geopolitical risks and rising trade protectionism[65](index=65&type=chunk) - **Supply Chain Risk**: The complex global situation creates risks of rising costs, partnership constraints, and supply chain disruptions[66](index=66&type=chunk) - **Policy and Technology Risk**: The automotive industry is rapidly evolving towards electrification, intelligence, and low-carbon development, driven by national strategies, leading to continuous regulatory updates[67](index=67&type=chunk) - **Exchange Rate Fluctuation Risk**: The USD/RMB exchange rate is subject to various factors, creating short-term and long-term uncertainties[69](index=69&type=chunk) [(II) Progress on "Quality and Efficiency Enhancement, Shareholder Return" Action Plan](index=19&type=section&id=(II)%20Other%20Disclosures) The company achieved significant progress in its action plan in H1 2025, enhancing operational quality and profitability through strategic initiatives and improved governance - In H1, the company achieved sales of **327,000 units** (+9.1% YoY), operating revenue of **RMB 30.37 billion** (+26.7% YoY), and net profit attributable to shareholders of **RMB 780 million** (+87.6% YoY)[70](index=70&type=chunk) - New energy vehicle sales reached **50,000 units**, a **151.0%** YoY increase, with market share rising by 4.2 percentage points to 12.5%[73](index=73&type=chunk) - Continued to advance overseas industrialization projects, exporting **79,000 vehicles** in H1, on par with the same period last year[74](index=74&type=chunk) - The business model is transitioning to "Vehicle + Parts + Service Ecosystem," developing maintenance, used car, and digital intelligence business segments[75](index=75&type=chunk) - Established a "Market Value Management System" and is exploring long-term incentives and asset integration, committing to share buybacks if necessary to stabilize the stock price[76](index=76&type=chunk) - R&D investment in H1 was **RMB 960 million**, representing 3.2% of operating revenue, with **4,334 valid patents** held[78](index=78&type=chunk) - Completed the development and optimization of over 10 digital platforms/modules, with more than 60 projects completed and the process architecture upgraded to version 2.0[81](index=81&type=chunk) - Published 2 periodic reports and 47 ad-hoc announcements, held 1 earnings call, and hosted 8 investor research visits in H1[83](index=83&type=chunk)[84](index=84&type=chunk) - Established a three-tiered ESG management structure and voluntarily disclosed its first sustainability report[85](index=85&type=chunk) - Abolished the Supervisory Board, transferring some of its functions to the Board's Audit/Internal Control Committee to strengthen the role of independent directors and subsidiary governance[86](index=86&type=chunk)[87](index=87&type=chunk)[89](index=89&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) [Changes in Directors and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors%20and%20Senior%20Management) During the period, several changes occurred in senior management and the board, including reappointments, new appointments, and departures, with the Supervisory Board being abolished post-period - Wu Xibin was reappointed as the company's General Manager[94](index=94&type=chunk) - Liu Xuguang and Sun Jing were appointed as Deputy General Managers; Gong Haidong stepped down as Deputy General Manager[94](index=94&type=chunk) - Li Qinghua was elected as the employee representative director for the 9th Board of Directors, replacing Gong Haidong[94](index=94&type=chunk) - Post-period, the company abolished the Supervisory Board, leading to the departure of several supervisors[95](index=95&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=25&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) The company will not distribute profits or capitalize capital reserves for the first half of the year as the parent company's unappropriated profits are negative - No profit distribution or capitalization of capital reserves will be conducted for this reporting period[96](index=96&type=chunk) - The parent company's negative balance of unappropriated profits does not meet the conditions for dividend distribution[96](index=96&type=chunk) [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=III.%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) During the period, several participants in the company's employee stock ownership plans became ineligible due to resignation or termination of employment - Participants in the 4th, 7th, and 2023 employee stock ownership plans became ineligible due to resignation or termination of employment[98](index=98&type=chunk) - The shares held by these individuals will be handled in accordance with the plan's regulations[98](index=98&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries on the Mandatory Disclosure List](index=26&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20on%20the%20Mandatory%20Disclosure%20List) Four of the company's subsidiaries are included on the list of enterprises required to disclose environmental information - The number of entities on the mandatory environmental information disclosure list is **four**[98](index=98&type=chunk) - These include the Beijing Auhui Bus Branch, Shandong Multi-purpose Vehicle Plant, Times Linghang Truck Plant, and Zhucheng Automobile Plant[98](index=98&type=chunk) [Poverty Alleviation and Rural Revitalization Efforts](index=26&type=section&id=V.%20Poverty%20Alleviation%20and%20Rural%20Revitalization%20Efforts) The company actively supports poverty alleviation and rural revitalization through organizational support, employment assistance, and targeted aid programs - The company has established a leadership and working group to oversee and implement rural revitalization initiatives[99](index=99&type=chunk) - As of June 2025, the company has employed **79 individuals** from nine targeted poverty-stricken regions[100](index=100&type=chunk) - In H1 2025, the company's consumption-based poverty alleviation efforts totaled **RMB 507,000**[101](index=101&type=chunk) - The company dispatched an employee to serve as the first party secretary in a paired-assistance village to help local residents achieve prosperity[102](index=102&type=chunk) [Significant Matters](index=27&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=27&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments made by the controlling shareholder, BAIC Group, all of which have been strictly adhered to - BAIC Group has strictly adhered to the **36-month lock-up period** for shares subscribed in the private placement[104](index=104&type=chunk) - BAIC Group has committed not to improperly interfere with the company's operations or encroach on its interests[104](index=104&type=chunk) - BAIC Group has committed to resolving inter-industry competition and refraining from engaging in businesses that compete with the company[104](index=104&type=chunk)[105](index=105&type=chunk) - BAIC Group has committed to minimizing related-party transactions and ensuring they are conducted on fair and transparent market principles[105](index=105&type=chunk)[106](index=106&type=chunk) [Significant Related-Party Transactions](index=30&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses routine related-party transactions in sales, services, deposits, loans, and credit, and provides updates on related-party debts and credits [(I) Related-Party Transactions in Connection with Daily Operations](index=30&type=section&id=(I)%20Related-Party%20Transactions%20in%20Connection%20with%20Daily%20Operations) The company engages in significant routine related-party transactions with entities like Beijing Foton Daimler Automotive and Beijing Foton Cummins Engine, based on market pricing Major Related-Party Purchases/Services Received (H1 2025) | Counterparty | Relationship | Transaction Content | Transaction Amount (RMB 10k) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Beijing Foton Cummins Engine Co, Ltd | Joint Venture | Purchase of raw materials; services received | 315,623.75 | 42.46% | | Beijing Foton Daimler Automotive Co, Ltd | Joint Venture | Purchase of vehicles and raw materials; services received | 179,423.86 | 24.14% | | Beijing Foton Cummins Emission Solutions Co, Ltd | Joint Venture | Purchase of raw materials | 69,442.90 | 9.34% | | BAIC Group (incl subsidiaries) | Controlling Shareholder | Purchase of raw materials, assets; financial services | 50,818.09 | 6.84% | Major Related-Party Sales/Services Provided (H1 2025) | Counterparty | Relationship | Transaction Content | Transaction Amount (RMB 10k) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Beijing Foton Daimler Automotive Co, Ltd | Joint Venture | Sales of engines, transmissions, parts; financial and information services | 452,519.93 | 90.14% | | Beijing Foton Cummins Engine Co, Ltd | Joint Venture | Technical services, accommodation, warranty claims | 33,378.09 | 6.65% | | BAIC Group (incl subsidiaries) | Controlling Shareholder | Sales of vehicles, engines, parts; services provided | 16,122.17 | 3.21% | [(IV) Related-Party Debts and Credits](index=32&type=section&id=(IV)%20Related-Party%20Debts%20and%20Credits) As of June 30, 2025, Beijing Electric Vehicle Co, Ltd has made timely partial repayments of asset transfer fees and rent, with some amounts still outstanding - As of June 30, 2025, Beijing Electric Vehicle Co, Ltd has repaid **RMB 85 million** of the asset transfer fee, with **RMB 765 million** remaining outstanding[113](index=113&type=chunk) - BAIC BJEV has paid a deposit of **RMB 7 million** and the first rent installment of **RMB 85 million**, with **RMB 250 million** remaining outstanding[113](index=113&type=chunk) [(V) Financial Business with Related-Party Finance Companies](index=32&type=section&id=(V)%20Financial%20Business%20with%20Related-Party%20Finance%20Companies) The company conducts deposit and credit business with its controlling shareholder's finance company, BAIC Group Finance Co, Ltd Deposit Business with BAIC Group Finance Co, Ltd (H1 2025) | Related Party | Max Daily Deposit Limit (RMB) | Deposit Interest Rate Range | Opening Balance (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | BAIC Group Finance Co, Ltd | 5,900,000,000.00 | 1.088%-1.16% | 3,970,242,888.03 | 3,685,983,411.79 | - The total comprehensive credit line with BAIC Group Finance Co, Ltd is **RMB 10.5 billion**, with an actual utilized amount of **RMB 23.66 million**[119](index=119&type=chunk) [Significant Contracts and Their Performance](index=34&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses significant guarantees provided by the company, with the total guarantee amount representing 85.01% of the company's net assets [(II) Significant Guarantees Performed and Outstanding](index=34&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Outstanding) The company has provided joint liability guarantees for several subsidiaries and investees, with the total guarantee amount reaching RMB 12.18 billion, or 85.01% of net assets Company's Total Guarantee Amount (H1 2025) | Indicator | Amount (RMB 100 million) | | :--- | :--- | | Guarantees provided during the period (excluding subsidiaries) | 41.63 | | Outstanding guarantee balance at period-end (A) (excluding subsidiaries) | 97.23 | | Guarantees provided to subsidiaries during the period | 6.50 | | Outstanding guarantee balance for subsidiaries at period-end (B) | 24.52 | | Total Guarantee Amount (A+B) | 121.75 | | Total Guarantee Amount as a % of Net Assets | 85.01 | | Guarantees for shareholders, actual controllers, and their affiliates (C) | 47.42 | | Amount of guarantees exceeding 50% of net assets (E) | 50.14 | | Total of the above three items (C+D+E) | 170.13 | - The company has provided joint liability guarantees for several subsidiaries and investees, including Beijing Sinotruk Xinyuan Financial Leasing Co, Ltd and Beijing Foton Commercial Factoring Co, Ltd[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) [Changes in Share Capital and Shareholders](index=42&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=42&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total number of shares and share capital structure remained unchanged - The company's total number of shares and share capital structure **did not change** during the reporting period[131](index=131&type=chunk) - The total share capital is **7,917,400,367 shares**, of which 1,428,571,428 are restricted shares[131](index=131&type=chunk) [Shareholders](index=42&type=section&id=II.%20Shareholders) As of the end of the reporting period, the company had 123,160 common shareholders, with the controlling shareholder, BAIC Group, holding 40.84% of the shares - Total number of common shareholders at the end of the reporting period: **123,160**[132](index=132&type=chunk) Top Ten Shareholders (as of Period-end) | Shareholder Name | Shares Held at Period-end | Percentage (%) | Number of Restricted Shares | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | BAIC Group Co, Ltd | 3,233,860,362 | 40.84 | 1,428,571,428 | State-owned legal person | | Beijing State-owned Capital Operation and Management Co, Ltd | 296,626,400 | 3.75 | 0 | State-owned legal person | | Hong Kong Securities Clearing Company Ltd | 201,099,762 | 2.54 | 0 | Other | | Changchai Co, Ltd | 144,500,000 | 1.83 | 0 | State-owned legal person | | Weichai Power Co, Ltd | 80,000,000 | 1.01 | 0 | State-owned legal person | - The restricted shares held by the controlling shareholder, BAIC Group, will become tradable on **September 3, 2025**[138](index=138&type=chunk) [Bond-Related Information](index=46&type=section&id=Section%207%20Bond-Related%20Information) [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=46&type=section&id=I.%20Corporate%20Bonds%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company has **no corporate bonds** or non-financial enterprise debt financing instruments[141](index=141&type=chunk) [Convertible Corporate Bonds](index=46&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company has **no convertible corporate bonds**[141](index=141&type=chunk) [Financial Report](index=47&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=47&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report is **unaudited**[5](index=5&type=chunk)[143](index=143&type=chunk) [Financial Statements](index=47&type=section&id=II.%20Financial%20Statements) This section provides the consolidated and parent company financial statements for H1 2025, reflecting the company's financial position, operating results, and cash flows Key Data from Consolidated Balance Sheet (June 30, 2025 vs Dec 31, 2024) | Item | June 30, 2025 (RMB) | Dec 31, 2024 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 11,246,389,367.45 | 8,822,372,291.48 | | Accounts Receivable | 9,177,575,967.95 | 6,077,673,458.00 | | Inventories | 6,830,667,409.73 | 6,976,127,102.22 | | Total Assets | 58,750,982,860.99 | 51,848,813,097.04 | | Total Liabilities | 43,042,803,746.88 | 37,327,936,247.70 | | Total Equity Attributable to Parent Company | 15,082,767,775.77 | 14,321,719,535.57 | Key Data from Consolidated Income Statement (H1 2025 vs H1 2024) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 30,370,991,018.43 | 23,968,217,219.13 | | Operating Profit | 744,917,416.06 | 431,006,191.91 | | Total Profit | 750,308,268.16 | 440,766,002.45 | | Net Profit | 727,980,904.60 | 397,566,764.59 | | Net Profit Attributable to Parent Company Shareholders | 776,858,166.03 | 414,171,229.14 | | Basic Earnings Per Share (RMB/Share) | 0.0981 | 0.0523 | Key Data from Consolidated Cash Flow Statement (H1 2025 vs H1 2024) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,894,001,180.60 | 367,757,571.73 | | Net Cash Flow from Investing Activities | -67,099,574.72 | -293,381,752.13 | | Net Cash Flow from Financing Activities | 536,190,166.25 | 3,080,155,312.28 | | Net Increase in Cash and Cash Equivalents | 2,371,360,436.01 | 3,169,985,539.08 | [Company Basic Information](index=66&type=section&id=III.%20Company%20Basic%20Information) This section provides an overview of the company, including its history, listing date, controlling shareholder, registered capital, and primary business scope - The company issued public shares on May 11, 1998, and was listed on the **Shanghai Stock Exchange** on June 2, 1998[175](index=175&type=chunk) - As of June 30, 2025, the company's registered capital is **RMB 7.92 billion**, with BAIC Group holding a **40.84%** stake[175](index=175&type=chunk) - The company operates in the automotive manufacturing industry, primarily engaged in the production and sale of vehicles, including new energy vehicle components[176](index=176&type=chunk) [Basis of Preparation for Financial Statements](index=67&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and based on historical cost - The financial statements are prepared on a **going concern basis**[178](index=178&type=chunk) - The financial statements comply with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant disclosure rules from the CSRC[179](index=179&type=chunk) - The company uses the accrual basis of accounting and measures most items at **historical cost**, except for certain financial instruments[179](index=179&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for key areas such as financial instruments, inventory, revenue recognition, and government grants - The company determines its accounting policies for expected credit losses, depreciation, amortization, R&D capitalization, and revenue recognition based on its operational characteristics[180](index=180&type=chunk) - Financial assets are classified at initial recognition based on the business model for managing them and their contractual cash flow characteristics[197](index=197&type=chunk) - For notes receivable, accounts receivable, and contract assets, the company measures the loss allowance at an amount equal to **lifetime expected credit losses**[210](index=210&type=chunk) - The company uses the **straight-line method** for depreciation of fixed assets, which begins when the asset is ready for its intended use[240](index=240&type=chunk)[242](index=242&type=chunk) - Intangible assets are amortized over their estimated useful lives using a method that reflects the pattern of economic benefits consumption; the straight-line method is used if the pattern cannot be reliably determined[248](index=248&type=chunk)[250](index=250&type=chunk) - Revenue is recognized when the company satisfies a performance obligation by transferring control of a promised good or service to a customer[269](index=269&type=chunk)[270](index=270&type=chunk) - Government grants are recognized when there is reasonable assurance that the conditions will be met and the grants will be received[275](index=275&type=chunk) [Taxation](index=99&type=section&id=VI.%20Taxation) This section discloses the company's main taxes and tax rates, as well as preferential tax policies enjoyed by the company and its subsidiaries - Main taxes include Value-Added Tax (6%, 9%, 13%), Consumption Tax (3%-12%), Corporate Income Tax (15%, 25%), and others[290](index=290&type=chunk) - The company and several subsidiaries are recognized as High and New Technology Enterprises, qualifying for a reduced **Corporate Income Tax rate of 15%**[291](index=291&type=chunk)[292](index=292&type=chunk) - R&D expenses are eligible for a **100% super deduction** if expensed, and amortization is based on 200% of the cost if capitalized[292](index=292&type=chunk) - The company benefits from VAT exemptions for technology transfers and a 5% additional VAT deduction for advanced manufacturing enterprises[292](index=292&type=chunk)[293](index=293&type=chunk) [Notes to Consolidated Financial Statements](index=100&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes on major items in the consolidated financial statements, including assets, liabilities, revenue, costs, and investment income - The closing balance of cash and cash equivalents was **RMB 11.25 billion**, of which RMB 336.94 million was held overseas[295](index=295&type=chunk) - The closing book value of accounts receivable was **RMB 9.18 billion**, with a bad debt provision of RMB 478.89 million for individually assessed items[302](index=302&type=chunk)[303](index=303&type=chunk) - The closing book value of inventories was **RMB 6.83 billion**, with a provision for inventory write-down and contract cost impairment totaling RMB 183.43 million[335](index=335&type=chunk)[337](index=337&type=chunk) - The closing book value of long-term equity investments was **RMB 4.58 billion**, including investments in joint ventures and associates[350](index=350&type=chunk) - The closing book value of fixed assets was **RMB 10.14 billion**, with accumulated depreciation of RMB 8.34 billion[355](index=355&type=chunk) - Operating revenue for the period was **RMB 30.37 billion**, and operating costs were **RMB 27.24 billion**[425](index=425&type=chunk) - Investment income for the period was **RMB 298.35 million**, primarily from long-term equity investments accounted for using the equity method[434](index=434&type=chunk) [Research and Development Expenses](index=154&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, total R&D expenditure was RMB 1.19 billion, with RMB 585.48 million expensed and RMB 607.47 million capitalized R&D Expenses by Nature (H1 2025) | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Personnel Costs | 557,292,756.67 | 529,173,665.53 | | Depreciation and Amortization | 67,583,948.97 | 84,609,665.21 | | Development Fees | 104,565,791.98 | 88,879,638.15 | | Announcement Fees | 67,616,379.79 | 135,207,788.60 | | Prototype Vehicle Fees | 113,438,458.70 | 63,322,392.13 | | Testing Fees | 122,622,574.61 | 48,965,141.99 | | Others | 159,827,475.94 | 136,755,717.67 | | **Total** | **1,192,947,386.66** | **1,086,914,009.28** | | Of which: Expensed R&D | 585,477,007.43 | 675,907,162.40 | | Capitalized R&D | 607,470,379.23 | 411,006,846.88 | - Internally developed intangible assets accounted for **66%** of the total intangible asset balance at the end of the period[371](index=371&type=chunk) [Changes in the Scope of Consolidation](index=155&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) The scope of consolidation changed due to the acquisition of control over one company and the disposal of shares in another - The company acquired control of Beijing Zhicheng Yunli New Energy Technology Co, Ltd through a business combination not under common control on May 16, 2025[155](index=155&type=chunk) - The company disposed of its 100% stake in FOTON MOTOR CO, LTD on March 31, 2025, resulting in a loss of control[158](index=158&type=chunk) - A new subsidiary, "FOTON VIETNAM VEHICLE COMPANY LIMITED," was established during the period[158](index=158&type=chunk) [Interests in Other Entities](index=159&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the composition of the company's corporate group, including its major subsidiaries, joint ventures, and associates - The company has several wholly-owned or controlled subsidiaries, including Beijing Yindaxin Financing Guarantee Co, Ltd and Beijing Foton AUV New Energy Vehicle Co, Ltd[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk) - Key joint ventures include Beijing Foton Cummins Engine Co, Ltd and Beijing Foton Daimler Automotive Co, Ltd, both with a **50%** shareholding[163](index=163&type=chunk) - Key associates include Beijing Anpeng Zhongrong Auto New Retail Technology Co, Ltd and ZF Foton Automated Transmissions (Jiaxing) Co, Ltd[164](index=164&type=chunk)[165](index=165&type=chunk) [Government Grants](index=165&type=section&id=XI.%20Government%20Grants) This section discloses liability items related to government grants and the amount of grants recognized in the current period's profit or loss - The closing balance of government grants in deferred income was **RMB 777.40 million**[408](index=408&type=chunk) - The amount of government grants recognized in current profit or loss was **RMB 109.74 million**, with RMB 30.65 million related to assets and RMB 79.09 million related to income[433](index=433&type=chunk)[492](index=492&type=chunk) [Risks Related to Financial Instruments](index=167&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section describes the company's exposure to credit risk, liquidity risk, and market risk, and outlines the policies for managing these risks - The company's main financial instruments include cash, receivables, payables, borrowings, and various investments[492](index=492&type=chunk) - **Credit risk** arises mainly from bank deposits and receivables, which is managed by assessing customer creditworthiness and regular monitoring[493](index=493&type=chunk)[494](index=494&type=chunk) - **Liquidity risk** is managed by maintaining sufficient cash reserves; as of June 30, 2025, the company had unused bank credit facilities of **RMB 19.16 billion**[495](index=495&type=chunk) - **Interest rate risk** arises from long-term interest-bearing debt, and the company manages this by balancing fixed and floating rate contracts[496](index=496&type=chunk) - **Foreign exchange risk** arises from transactions denominated in foreign currencies, primarily USD and EUR, and is managed by monitoring exposure and using forward contracts[499](index=499&type=chunk)[501](index=501&type=chunk) - The company monitors its capital structure based on the debt-to-asset ratio, which was **73.26%** as of June 30, 2025[503](index=503&type=chunk) [Fair Value Disclosures](index=171&type=section&id=XIII.%20Fair%20Value%20Disclosures) This section discloses the fair value of assets and liabilities measured at fair value and explains the basis for determining fair value at different levels Items Measured at Fair Value at Period-end (June 30, 2025) | Item | Level 2 Fair Value (RMB) | Level 3 Fair Value (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 12,369,904.96 | - | 12,369,904.96 | | Other Non-current Financial Assets | - | 997,230,976.09 | 997,230,976.09 | | **Total Assets at Fair Value** | **12,369,904.96** | **997,230,976.09** | **1,009,600,881.05** | | Trading Financial Liabilities | 10,525,510.57 | - | 10,525,510.57 | | **Total Liabilities at Fair Value** | **10,525,510.57** | **-** | **10,525,510.57** | - **Level 1** fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities[507](index=507&type=chunk) - **Level 2** fair value is determined using valuation techniques with observable inputs other than Level 1 quoted prices[508](index=508&type=chunk) - **Level 3** fair value is determined using valuation techniques with significant unobservable inputs[509](index=509&type=chunk) [Related Parties and Related-Party Transactions](index=173&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's parent, subsidiaries, joint ventures, associates, and other related parties, and lists transactions with them - The company's parent is **BAIC Group Co, Ltd**, which holds a **40.84%** stake[514](index=514&type=chunk) - The company engages in sales and service transactions with joint ventures and associates like Beijing Foton Cummins Engine and Beijing Foton Daimler Automotive[519](index=519&type=chunk)[521](index=521&type=chunk) - The company acts as a lessor, providing rental services to related parties such as Beijing Foton Daimler Automotive[524](index=524&type=chunk)[525](index=525&type=chunk) - The company provides guarantees for related parties, with a total guarantee amount of **RMB 474.20 million**[526](index=526&type=chunk)[527](index=527&type=chunk) - Compensation for key management personnel for the period amounted to **RMB 6.02 million**[529](index=529&type=chunk) [Share-based Payments](index=188&type=section&id=XV.%20Share-based%20Payments) This section discloses the company's equity-settled share-based payment plans, with expenses of RMB 3.62 million recognized during the period - The equity-settled share-based payments are granted to senior executives and key employees[541](index=541&type=chunk) - The fair value of the equity instruments is determined based on the stock's closing price on the grant date[541](index=541&type=chunk) - The total expense recognized for share-based payments in the current period was **RMB 3.62 million**[544](index=544&type=chunk) [Commitments and Contingencies](index=189&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section details the company's significant commitments, including employee stock ownership plans and investment projects, as well as major contingencies - The company's 4th, 5th, 6th, 7th, and 2023 employee stock ownership plans are ongoing, with lock-up periods of 36 months[543](index=543&type=chunk)[545](index=545&type=chunk)[546](index=546&type=chunk)[547](index=547&type=chunk)[548](index=548&type=chunk)[549](index=549&type=chunk) - The company has committed to investing no less than **16.76 billion Rupees** in Maharashtra, India, with RMB 100 million already invested in construction in progress[551](index=551&type=chunk) - The company provides repurchase guarantees for bank acceptance bills issued by dealers, with an outstanding balance of **RMB 4.17 billion** as of June 30, 2025[555](index=555&type=chunk) - The company provides guarantees for customer vehicle financing, with an outstanding balance of **RMB 115.20 million** as of June 30, 2025[557](index=557&type=chunk) [Post-Balance Sheet Events](index=193&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) This section discloses significant non-adjusting events that occurred after the balance sheet date, including board approvals for new investments and transactions - On July 8, 2025, the Board of Directors approved a proposal to participate in a fund subscription, which constitutes a related-party transaction[560](index=560&type=chunk) - On July 10, 2025, the Board approved proposals for new routine related-party transactions and an increase in the guarantee limit for related parties[560](index=560&type=chunk) [Other Significant Matters](index=194&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses that the company's business is divided into six reportable segments based on its internal organizational structure and management reporting system - The company's operations are divided into six reportable segments: Light-duty Vehicles, Medium and Large Buses, Engines, Overseas, Management & R&D, and Others[561](index=561&type=chunk) Reportable Segment Financial Information (H1 2025) | Item | Light-duty Vehicle (RMB) | Bus (RMB) | Engine (RMB) | Overseas (RMB) | Mgmt & R&D (RMB) | Others (RMB) | Inter-segment Elim. (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 32,570,481,092.70 | 2,276,797,317.92 | 3,140,521,449.79 | 9,018,427,063.74 | 8,011,697,855.54 | 248,437,558.58 | -24,895,371,319.84 | 30,370,991,018.43 | | Operating Profit | 333,912,386.05 | -119,317,197.37 | 22,166,830.49 | 376,443,574.74 | 121,676,910.03 | 10,034,912.12 | 0.00 | 744,917,416.06 | | Total Assets | 35,772,630,383.82 | 6,467,454,664.78 | 3,440,868,573.69 | 12,129,537,341.07 | 61,852,143,699.81 | 4,558,038,590.79 | -65,469,690,392.97 | 58,750,982,860.99 | | Total Liabilities | 35,800,972,658.53 | 5,640,606,143.69 | 3,803,225,948.57 | 10,294,975,653.68 | 45,161,877,503.42 | 3,479,009,034.95 | -61,137,863,195.96 | 43,042,803,746.88 | [Notes to Parent Company Financial Statements](index=196&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statements) This section provides detailed notes on major items in the parent company's financial statements, including receivables, long-term investments, and revenue - The parent company's accounts receivable had a closing book value of **RMB 5.92 billion**, including RMB 2.75 billion from consolidated related parties[196](index=196&type=chunk) - The parent company's other receivables had a closing book value of **RMB 2.21 billion**, including RMB 1.67 billion from share transfers[201](index=201&type=chunk)[202](index=202&type=chunk) - The parent company's long-term equity investments had a closing book value of **RMB 9.95 billion**, including investments in subsidiaries, associates, and joint ventures[204](index=204&type=chunk) - The parent company's operating revenue for the period was **RMB 25.89 billion**, and operating costs were **RMB 23.82 billion**[208](index=208&type=chunk) - The parent company's investment income for the period was **RMB 298.55 million**, primarily from long-term equity investments accounted for using the equity method[208](index=208&type=chunk)[209](index=209&type=chunk) [Supplementary Information](index=209&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed schedule of non-recurring profit and loss items and calculations for ROE and EPS Total Non-recurring Profit and Loss for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Total Non-recurring Profit and Loss | 226,255,675.29 | Return on Equity (ROE) and Earnings Per Share (EPS) (H1 2025) | Profit for the Period | Weighted Average ROE (%) | Basic EPS | | :--- | :--- | :--- | | Net profit attributable to common shareholders | 5.28 | 0.0981 | | Net profit attributable to common shareholders after non-recurring items | 3.75 | 0.0695 |

天津鹏翎集团股份有限公司 2025 年半年度报告全文 天津鹏翎集团股份有限公司 2025 年半年度报告 公告编号：2025-028 2025 年 8 月 1 天津鹏翎集团股份有限公司 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。 公司负责人王东、主管会计工作负责人范笑飞及会计机构负责人(会计主 管人员)范笑飞声明：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，敬请投资者注意 相关内容，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 | 目录 | | --- | | 第一节 重要提示、目录和释义 | 2 | | --- | --- | | 第二节 公司简介和主要财务指标 | 7 | | 第三节 管理层讨论与分析 | 10 | | 第四节 公司治理、环境和 ...

罗博特科智能科技股份有限公司 2025 年半年度报告全文 罗博特科智能科技股份有限公司 2025 年半年度报告 2025-071 2025 年 8 月 1 罗博特科智能科技股份有限公司 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。 公司负责人戴军、主管会计工作负责人杨雪莉及会计机构负责人(会计主 管人员)刘洋声明：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。 本报告所涉及的发展战略及未来计划等前瞻性陈述，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。敬请广大投资者审慎决策，注意投资风 险。 公司在本报告"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"部分，详细描述了公司经营中可能存在的风险及应对措施，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。 2 | P | 1 | | ...

Part I [Important Notice, 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) This section provides important notices, the report's table of contents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, with the financial officers also affirming the financial statements - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming individual and joint legal responsibility[3](index=3&type=chunk) - Company head Yang Changli, chief accountant Yin Engang, and accounting manager Wang Benfu declare the financial report in this semi-annual report to be true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the nine main chapters of the report, covering company operations, finance, governance, and significant matters, with their respective starting page numbers - The report's table of contents includes nine main chapters, covering company operations, finance, governance, and significant matters[6](index=6&type=chunk) [Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include signed financial statements, all publicly disclosed company documents on the CSRC website, and H-share interim results announcements on the HKEX website - Reference documents include financial statements signed by the company head, chief accountant, and accounting manager, stamped with the company seal[8](index=8&type=chunk) - Reference documents include originals of all company files and announcements publicly disclosed on the CSRC designated website during the reporting period[9](index=9&type=chunk) - Reference documents include the H-share 2025 interim results announcement and interim report disclosed on the HKEX website[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, shareholders, subsidiaries, regulatory bodies, and specific nuclear power industry terminology - Definitions clarify key entities such as the company, the Group, controlling shareholder CGN, and its subsidiaries[11](index=11&type=chunk) - Detailed definitions provided for major nuclear power plants and their equity structures, including Nuclear Power Joint Venture Company, Ling'ao Nuclear Power, and Yangjiang Nuclear Power[11](index=11&type=chunk) - Explanation of nuclear power industry-specific terms like FCD (First Concrete Pour for reactor main building) and INES scale (International Nuclear Event Scale)[12](index=12&type=chunk) Part II [Company Profile and Key Financial Indicators](index=7&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) This section provides an overview of the company's basic information, contact details, and key financial performance indicators for the reporting period [I. Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) China General Nuclear Power Corporation (stock code: 003816) is listed on the Shenzhen Stock Exchange, with Yang Changli as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | China General Nuclear Power | | Stock Code | 003816 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Yang Changli | [II. Contact Persons and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Yin Engang and Securities Affairs Representative is Shan Jing, both located at CGN Building, Shenzhen, with contact details provided Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yin Engang | South Tower, CGN Building, 2002 Shennan Avenue, Futian District, Shenzhen, Guangdong, China | (+86) 755-84430888 | IR@cgnpc.com.cn | | Securities Affairs Representative | Shan Jing | South Tower, CGN Building, 2002 Shennan Avenue, Futian District, Shenzhen, Guangdong, China | (+86) 755-84430888 | IR@cgnpc.com.cn | [III. Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes occurred in the company's contact information, information disclosure, or document storage locations during the reporting period, as detailed in the 2024 annual report - No changes in the company's registered address, office address, website, or email during the reporting period[16](index=16&type=chunk) - No changes in information disclosure and document storage locations during the reporting period[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%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) In the first half of 2025, revenue slightly decreased by 0.53%, net profit attributable to shareholders dropped by 16.30%, while total assets and net assets attributable to shareholders saw minor increases Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (yuan) | Prior Year Period (Adjusted) (yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 39,167,179,350.15 | 39,375,785,365.25 | -0.53% | | Net Profit Attributable to Listed Company Shareholders | 5,951,814,953.25 | 7,110,987,477.61 | -16.30% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | 5,609,283,260.31 | 6,961,432,847.21 | -19.42% | | Net Cash Flow from Operating Activities | 11,316,632,119.94 | 12,789,004,652.64 | -11.51% | | Basic Earnings Per Share (yuan/share) | 0.118 | 0.141 | -16.31% | | Diluted Earnings Per Share (yuan/share) | 0.118 | 0.141 | -16.31% | | Weighted Average Return on Net Assets | 4.88% | 6.07% | Decrease of 1.19 percentage points | | **End of Current Reporting Period** | | **End of Prior Year (Adjusted)** | **Change from End of Prior Year** | | Total Assets | 436,767,800,521.54 | 426,661,678,599.25 | 2.37% | | Net Assets Attributable to Listed Company Shareholders | 120,697,389,182.45 | 120,639,452,737.11 | 0.05% | [V. Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%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) The company reported no differences in net profit and net assets between financial reports prepared under international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=9&type=section&id=%E5%85%AD%E3%80%81%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) Total non-recurring gains and losses for H1 2025 amounted to **342.53 million yuan**, primarily from disposal of non-current assets, government grants, and fair value changes of financial assets Non-recurring Gains and Losses for H1 2025 | Item | Amount (10,000 yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 1,780.33 | Primarily gains from disposal of land use rights and buildings | | Government grants recognized in profit or loss for the current period | 13,139.83 | Primarily gains from government scientific research project grants | | Gains or losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations of non-financial enterprises | 5,953.80 | Primarily gains from forward foreign exchange hedging activities | | Other non-operating income and expenses apart from the above | 20,588.42 | Primarily tax penalty refunds, donation expenses, and asset disposal losses | | Less: Income tax impact | 4,594.85 | | | Less: Impact on minority interests (after tax) | 2,614.36 | | | Total | 34,253.17 | | - The company has no situations where non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities - Non-recurring Gains and Losses" are defined as recurring gains and losses[24](index=24&type=chunk) Part III [Management Discussion and Analysis](index=10&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) This section provides management's discussion and analysis of the company's business operations, financial performance, core competencies, and future outlook [I. Main Business Activities during the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%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, as CGN's sole nuclear power platform, manages 28 operational and 20 under-construction nuclear power units, accounting for nearly half of China's total nuclear power capacity and generation - The company is CGN's sole nuclear power generation platform, primarily engaged in nuclear power plant construction, operation, and management, electricity sales from these plants, and organizing nuclear power plant design and R&D work[26](index=26&type=chunk) - As of June 30, 2025, the company managed **28 operational** nuclear power units and **20 under-construction** nuclear power units, with installed capacities of **31,796 MW** and **24,222 MW** respectively, accounting for **44.46%** of the national total operational and under-construction nuclear power installed capacity[26](index=26&type=chunk) - From January to June 2025, the total on-grid power generation from nuclear power plants managed by the company was **113.36 billion kWh**, accounting for **49.27%** of the national nuclear power unit on-grid power generation[26](index=26&type=chunk) [II. Analysis of Core Competencies](index=10&type=section&id=%E4%BA%8C%E3%80%81%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 strengths include significant environmental benefits, high-level nuclear power operation, integrated design-construction-management for cost control, strong R&D, and an experienced team - From January to June 2025, the company's on-grid power generation reduced standard coal consumption by approximately **34.09 million tons** and CO2 emissions by approximately **107.01 million tons**, demonstrating significant environmental benefits[29](index=29&type=chunk) - The proportion of operational nuclear power units' indicators reaching the top 1/4 globally (advanced level) and top 1/10 globally (excellent level) remained high at **91.07%** and **90.47%** respectively during the reporting period[31](index=31&type=chunk) - The company, through its wholly-owned subsidiary Engineering Company, possesses nuclear power engineering development capabilities, offering integrated services from project management to commissioning, enabling full-process cost control from design to construction and management[32](index=32&type=chunk)[33](index=33&type=chunk) - The company has developed the proprietary third-generation nuclear power technology "Hualong One" and continues to optimize and improve its design, while actively promoting the development of fourth-generation and small pressurized water reactor technologies[35](index=35&type=chunk) - As of June 30, 2025, the company had a total of **20,277 employees**, with technical personnel accounting for approximately **91%**, and senior management having over **25 years** of experience in the nuclear power industry[38](index=38&type=chunk) [1. Significant Environmental Benefits, Promoting Sustainable Development](index=10&type=section&id=1%E3%80%81%E7%8E%AF%E4%BF%9D%E6%95%88%E7%9B%8A%E6%98%BE%E8%91%97%EF%BC%8C%E4%BF%83%E8%BF%9B%E5%8F%AF%E6%8C%81%E7%BB%AD%E5%8F%91%E5%B1%95) Nuclear power, supported by national policies, plays a crucial role in optimizing energy structure, safeguarding energy security, and achieving carbon goals, with the company's plants significantly reducing coal consumption and CO2 emissions - Safe and orderly development of nuclear power is a strategic deployment by the 20th National Congress, vital for optimizing China's energy structure, ensuring energy security, building a new energy system, and achieving carbon peak and neutrality[28](index=28&type=chunk) - From January to June 2025, the total on-grid power generation from nuclear power plants managed by the company was **113.36 billion kWh**, equivalent to reducing standard coal consumption by approximately **34.09 million tons** and CO2 emissions by approximately **107.01 million tons**[29](index=29&type=chunk) [2. High Level of Nuclear Power Operation and Management](index=10&type=section&id=2%E3%80%81%E6%A0%B8%E7%94%B5%E8%BF%90%E8%90%A5%E7%AE%A1%E7%90%86%E4%BF%9D%E6%8C%81%E8%BE%83%E9%AB%98%E6%B0%B4%E5%B9%B3) With over 30 years of experience, the company maintains a high level of nuclear power operation and management, with **91.07%** of its operational units' indicators in the top 1/4 globally - The company has over **30 years** of nuclear power operation and management experience, including over a decade of multi-unit and multi-plant management, continuously improving through benchmarking with domestic and international peers[30](index=30&type=chunk) - During the reporting period, **91.07%** of the company's operational units' indicators were in the top 1/4 globally (advanced level), and **90.47%** were in the top 1/10 globally (excellent level)[31](index=31&type=chunk) - The average capacity factor of the company's operational units remained high, at the advanced level of WANO performance indicators[31](index=31&type=chunk) [3. Integrated Design, Construction, and Management, Significant Synergies, Strong Cost Control for Nuclear Power Projects](index=11&type=section&id=3%E3%80%81%E8%AE%BE%E8%AE%A1%E3%80%81%E5%BB%BA%E9%80%A0%E3%80%81%E7%AE%A1%E7%90%86%E4%B8%80%E4%BD%93%E5%8C%96%EF%BC%8C%E5%8D%8F%E5%90%8C%E6%95%88%E5%BA%94%E6%98%8E%E6%98%BE%EF%BC%8C%E6%A0%B8%E7%94%B5%E9%A1%B9%E7%9B%AE%E6%88%90%E6%9C%AC%E6%8E%A7%E5%88%B6%E8%83%BD%E5%8A%9B%E8%BE%83%E5%BC%BA) The company's wholly-owned engineering subsidiary provides integrated services from project management to commissioning, enabling full-process cost control and enhancing safety and economic efficiency through experience feedback - The company owns a wholly-owned subsidiary, Engineering Company, with nuclear power engineering development capabilities, providing integrated services including project management, engineering design, engineering procurement, construction management, and commissioning[32](index=32&type=chunk) - The company has established full-process control across design, procurement, construction, and management, enabling comprehensive cost control from the initial design phase of nuclear power plants[33](index=33&type=chunk) [4. Possessing Technical R&D and Independent Innovation Capabilities](index=11&type=section&id=4%E3%80%81%E6%8B%A5%E6%9C%89%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E5%92%8C%E8%87%AA%E4%B8%BB%E5%88%9B%E6%96%B0%E8%83%BD%E5%8A%9B) The company has developed proprietary "Hualong One" technology, actively promotes fourth-generation and small pressurized water reactor technologies, and has established a comprehensive R&D system with multiple national-level platforms - The company has researched and developed the proprietary third-generation nuclear power technology "Hualong One" and continues to optimize design and improve technology based on demonstration projects[35](index=35&type=chunk) - The company actively promotes the development of fourth-generation nuclear power technology and small pressurized water reactor technology, continuously tracking the latest advancements domestically and internationally[35](index=35&type=chunk) - The company has established an R&D system, including one national engineering technology center, one national key laboratory, and five national energy R&D platforms, along with multiple industry-leading large-scale laboratories[36](index=36&type=chunk) [5. Experienced Management Team and Professional Technical Personnel](index=12&type=section&id=5%E3%80%81%E6%8B%A5%E6%9C%89%E7%BB%8F%E9%AA%8C%E4%B8%B0%E5%AF%8C%E7%9A%84%E7%AE%A1%E7%90%86%E5%9B%A2%E9%98%9F%E5%92%8C%E4%B8%93%E4%B8%9A%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98) The company boasts an experienced senior management team and a highly qualified professional technical staff of **20,277 employees**, with **91%** being technical personnel, ensuring expertise for safe operations and project construction - The company's senior management team has over **25 years** of experience in the nuclear power industry, possessing extensive nuclear power management expertise[38](index=38&type=chunk) - As of June 30, 2025, the company had a total of **20,277 employees**, with technical personnel accounting for approximately **91%**[38](index=38&type=chunk) - As of June 30, 2025, the Group (including associates and joint ventures) had **384 licensed operators** and **727 senior operators**, sufficient to meet the personnel needs for simultaneous operation of dozens of nuclear power units[39](index=39&type=chunk) [III. Analysis of Main Business](index=12&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, the company's main business remained stable, with safe operation of units and orderly construction of new projects, while actively navigating electricity market reforms and pursuing diversified nuclear energy utilization - As of June 30, 2025, the company managed **28 operational** and **20 under-construction units**[45](index=45&type=chunk) - Lufeng Unit 1 achieved FCD on February 24, 2025, and Taishan Phase II and Fangchenggang Phase III projects were approved by the State Council on April 27, 2025[45](index=45&type=chunk) - In H1 2025, the company's operational nuclear power units achieved a total on-grid power generation of **113.36 billion kWh**, a **6.93% increase** year-on-year[45](index=45&type=chunk) - In H1 2025, the company's consolidated revenue was approximately **39.17 billion yuan**, a **0.53% decrease** year-on-year (restated); net profit attributable to parent company shareholders was approximately **5.95 billion yuan**, a **16.30% decrease** year-on-year (restated)[46](index=46&type=chunk) - In H1 2025, electricity sales revenue totaled approximately **30.66 billion yuan**, accounting for **78.27%** of total operating revenue[64](index=64&type=chunk) - In H1 2025, the company's average market electricity price decreased by approximately **8.23%** compared to the same period in 2024, primarily due to a general decline in electricity market transaction prices[66](index=66&type=chunk) [1. Industry Overview](index=12&type=section&id=1%E3%80%81%E8%A1%8C%E4%B8%9A%E6%A6%82%E8%A7%88) Nuclear power development is strategically supported by national policies for energy structure optimization and carbon goals, with national electricity consumption growing by **3.7%** in H1 2025 amid deepening market reforms - Safe and orderly development of nuclear power is a strategic deployment by the 20th National Congress, vital for optimizing China's energy structure, ensuring energy security, building a new energy system, and achieving carbon peak and neutrality[41](index=41&type=chunk) - In H1 2025, national electricity consumption increased by **3.7%** year-on-year[43](index=43&type=chunk) - The state continues to deepen electricity market reform, with the company actively participating in market transactions to adapt to new circumstances[44](index=44&type=chunk) [2. Operating Results for H1 2025](index=13&type=section&id=2%E3%80%812025%20%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%BB%8F%E8%90%A5%E6%88%90%E6%9E%9C) The company maintained stable operations in H1 2025, managing 28 operational and 20 under-construction units, with on-grid power generation increasing by **6.93%**, despite a **16.30%** drop in net profit attributable to parent company Key Financial Data from Consolidated Statements for H1 2025 | Indicator | Amount (billion yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Total Assets | 4,367.68 | 2.37% | | Total Liabilities | 2,630.52 | | | Asset-Liability Ratio | 60.23% | | | Equity Attributable to Parent Company Shareholders | 1,206.97 | 0.05% | | Operating Revenue | 391.67 | -0.53% | | Net Profit Attributable to Parent Company Shareholders | 59.52 | -16.30% | | Net Cash Flow from Operating Activities | 113.17 | -11.51% | [(1) Safety Management](index=13&type=section&id=(1)%E5%AE%89%E5%85%A8%E7%AE%A1%E7%90%86) The company prioritizes nuclear safety, continuously improving its management system, conducting safety activities, and maintaining a record of no nuclear events of Level 2 or above in H1 2025 - The company adheres to the "nuclear safety above all" philosophy and "safety first, quality first, pursuit of excellence" basic principles, fully implementing them throughout the design, construction, operation, and decommissioning phases of nuclear power plants[47](index=47&type=chunk) - In H1 2025, the company diligently advanced key internal and external actions in nuclear safety and safety management, continuously implementing nuclear safety regulatory requirements, and building a stricter nuclear safety responsibility system[48](index=48&type=chunk) - In H1 2025, according to the INES scale implemented by the International Atomic Energy Agency, the company's operational nuclear power plants maintained a historical record of no nuclear events of Level 2 or above[49](index=49&type=chunk) [(2) Operational Nuclear Power Units](index=14&type=section&id=(2)%E5%9C%A8%E8%BF%90%E6%A0%B8%E7%94%B5%E6%9C%BA%E7%BB%84) All **28 operational units** ran safely in H1 2025, with on-grid power increasing by **6.93%**, maintaining high average capacity and load factors, and achieving low radioactive waste emissions and carbon footprint On-grid Power Generation of Nuclear Power Plants in H1 2025 (billion kWh) | Nuclear Power Plant Name | 2025 | 2024 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Daya Bay Nuclear Power Plant | 7.853 | 5.618 | 39.78 | | Ling'ao Nuclear Power Plant | 7.552 | 7.921 | -4.66 | | Lingdong Nuclear Power Plant | 7.891 | 7.058 | 11.80 | | Yangjiang Nuclear Power Plant | 24.607 | 24.448 | 0.65 | | Taishan Nuclear Power Plant | 10.274 | 9.978 | 2.97 | | Fangchenggang Nuclear Power Plant | 15.522 | 11.597 | 33.85 | | Ningde Nuclear Power Plant | 15.567 | 15.394 | 1.13 | | Total Subsidiaries | 89.265 | 82.013 | 8.84 | | Hongyanhe Nuclear Power Plant | 24.095 | 23.997 | 0.41 | | Total Subsidiaries and Associates | 113.360 | 106.010 | 6.93 | Operational Unit Performance Indicators in H1 2025 | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Average Capacity Factor | 91.02% | 88.66% | | Average Load Factor | 87.11% | 83.77% | | Average Utilization Hours | 3,784 hours | 3,659 hours | - In H1 2025, radioactive waste management for the company's **28 operational units** strictly complied with national laws and regulations, meeting relevant technical specifications, with no environmental penalties incurred[56](index=56&type=chunk) - Nuclear power has the lowest carbon footprint factor (including the entire lifecycle from front-end nuclear fuel to decommissioning), emitting only **0.0065 kg CO2 equivalent per kWh**[58](index=58&type=chunk) [(3) Nuclear Power Units Under Construction](index=16&type=section&id=(3)%E5%9C%A8%E5%BB%BA%E6%A0%B8%E7%94%B5%E6%9C%BA%E7%BB%84) As of June 30, 2025, the company managed **20 under-construction units**, with Lufeng Unit 1 and Huizhou Unit 3 achieving FCD, and other units progressing through various construction and testing phases - As of June 30, 2025, the company managed **20 under-construction nuclear power units**, with **3 in commissioning**, **2 in equipment installation**, **4 in civil construction**, and **11 in FCD preparation**[60](index=60&type=chunk) - On February 24, 2025, Lufeng Unit 1 achieved FCD, commencing full construction; on June 10, 2025, Huizhou Unit 3 achieved FCD[60](index=60&type=chunk) Construction Phases and Expected Operation Times of Nuclear Power Units Under Construction | Nuclear Power Unit | FCD Preparation Phase | Civil Construction Phase | Equipment Installation Phase | Commissioning Phase | Expected Operation Time | | :--- | :--- | :--- | :--- | :--- | :--- | | Lufeng Unit 1 | | √ | | | 2030 | | Lufeng Unit 5 | | | √ | | 2027 | | Huizhou Unit 1 | | | | √ | 2025 | | Cangnan Unit 1 | | | | √ | 2026 | [(4) Electricity Sales](index=17&type=section&id=(4)%E7%94%B5%E5%8A%9B%E9%94%80%E5%94%AE) In H1 2025, electricity sales revenue was approximately **30.66 billion yuan**, accounting for **78.27%** of total revenue, with on-grid power increasing by **6.93%**, but average market electricity price decreased by **8.23%** due to market conditions - In H1 2025, our electricity sales revenue totaled approximately **30.66 billion yuan**, accounting for **78.27%** of our operating revenue for the period[64](index=64&type=chunk) - In H1 2025, our operational nuclear power units achieved on-grid power generation of **113.36 billion kWh** (including associates), a **6.93% increase** year-on-year, with market-based transactions accounting for approximately **56.1%** of total on-grid power, up **3.7 percentage points** year-on-year[64](index=64&type=chunk) - In H1 2025, the company's average market electricity price decreased by approximately **8.23%** compared to the same period in 2024, primarily due to a general decline in electricity market transaction prices[66](index=66&type=chunk) Approved Electricity Prices of Operational Nuclear Power Units (including VAT) | Nuclear Power Unit | Customer | Approved Electricity Price (yuan/kWh) | | :--- | :--- | :--- | | Daya Bay Units 1 & 2 | Guangdong Power Grid Co., Ltd. | 0.4056 | | Ling'ao Units 1 & 2 | Guangdong Power Grid Co., Ltd. | 0.4143 | | Yangjiang Units 1 to 6 | Guangdong Power Grid Co., Ltd. | 0.4153 | | Taishan Units 1 & 2 | Guangdong Power Grid Co., Ltd. | 0.4350 | | Fangchenggang Units 1 to 4 | Guangxi Power Grid Co., Ltd. | 0.4063 | | Ningde Units 1 & 2 | State Grid Fujian Electric Power Co., Ltd. | 0.4153 | | Hongyanhe Units 1 to 4 | State Grid Liaoning Electric Power Co., Ltd. | 0.3823 | [(5) Comprehensive Utilization of Nuclear Energy](index=18&type=section&id=(5)%E6%A0%B8%E8%83%BD%E7%BB%BC%E5%90%88%E5%88%A9%E7%94%A8) The company actively explores diversified nuclear energy applications, including the operational nuclear heating project at Hongyanhe and planned heating solutions for Zhaoyuan Phase I, alongside energy storage projects to enhance efficiency - The company actively conducts research on comprehensive nuclear energy utilization, exploring new technologies and models to expand diversified nuclear energy products[68](index=68&type=chunk) - The Hongyanhe Nuclear Power Base has completed China's first nuclear energy clean heating project in Northeast China, operating safely and stably for **3 heating seasons**[69](index=69&type=chunk) - The company actively explores various energy storage projects in provinces with nuclear power plants, which will help improve nuclear power unit energy efficiency and ensure economic benefits[69](index=69&type=chunk) [(6) Human Resources](index=19&type=section&id=(6)%E4%BA%BA%E5%8A%9B%E8%B5%84%E6%BA%90) As of June 30, 2025, the Group had **20,277 employees**, maintaining competitive compensation and prioritizing occupational health, with individual radiation doses well below national limits - As of June 30, 2025, the Group had a total of **20,277 employees** (excluding our associates and joint ventures)[70](index=70&type=chunk) - The Group implements a competitive salary policy within the industry, paying commissions and discretionary bonuses based on Group performance and employee performance[70](index=70&type=chunk) Maximum Individual Radiation Dose at Nuclear Power Plants in H1 2025 (mSv) | Nuclear Power Plant/Unit | 2025 | 2024 | | :--- | :--- | :--- | | Daya Bay Nuclear Power Plant, Ling'ao Nuclear Power Plant, and Lingdong Nuclear Power Plant | 6.647 | 8.767 | | Yangjiang Nuclear Power Plant | 5.965 | 8.226 | | Taishan Nuclear Power Plant | 2.432 | 4.067 | | Fangchenggang Nuclear Power Plant Units 1 to 4 | 4.084 | 4.003 | | Ningde Nuclear Power Plant Units 1 to 4 | 7.086 | 6.247 | | Hongyanhe Nuclear Power Plant | 6.043 | 5.140 | [(7) External Financing](index=19&type=section&id=(7)%E5%A4%96%E9%83%A8%E8%9E%8D%E8%B5%84) In H1 2025, the company strengthened financing coordination, controlled costs, and mitigated exchange rate risks, reducing foreign currency borrowings by approximately **236.3 million yuan**, with ample bank credit and cash ensuring liquidity - In H1 2025, a moderately loose monetary policy effectively supported the real economy, maintaining ample liquidity in the banking system and a steady decline in market interest rates[71](index=71&type=chunk) - Compared to the end of 2024, the Group's total foreign currency borrowings decreased by approximately **236.3 million yuan equivalent** at the end of the reporting period[72](index=72&type=chunk) - As of June 30, 2025, the company had approximately **315.39 billion yuan** in undrawn bank credit facilities, **15.10 billion yuan** in readily available interbank multi-variety debt financing instruments, and approximately **20.36 billion yuan** in monetary funds, providing effective liquidity risk mitigation[73](index=73&type=chunk) [3. H2 Outlook](index=20&type=section&id=3%E3%80%81%E4%B8%8B%E5%8D%8A%E5%B9%B4%E5%B1%95%E6%9C%9B) The company plans to focus on strategic development, safe operations, new project construction and approval, major overhauls, R&D, optimized electricity marketing, and cost control, while also optimizing capital structure and acquiring retained businesses - Plans for H2 include strengthening equipment health and operational management of nuclear power units to ensure safe production and power supply during peak summer demand[74](index=74&type=chunk) - Continued efforts to expand market development, promote new project applications and approvals; planned high-quality batch construction of units, aiming for commercial operation of Huizhou Unit 1 under entrusted management by the controlling shareholder[74](index=74&type=chunk) - Continued independent nuclear power R&D, optimizing "Hualong One"; strengthening systematic layout of advanced nuclear energy, accelerating R&D and platform construction[74](index=74&type=chunk) - Optimize capital structure through the issuance and listing of A-share convertible corporate bonds; acquire retained businesses from the controlling shareholder at an appropriate time and manner[75](index=75&type=chunk) [II. Year-on-Year Changes in Key Financial Data](index=20&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) In H1 2025, revenue slightly decreased by **0.53%**, operating costs increased by **5.27%**, leading to a **5.44 percentage point** drop in electricity business gross margin, and net profit attributable to parent company decreased by **16.30%** Year-on-Year Changes in Key Financial Data for H1 2025 | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 39,167,179,350.15 | 39,375,785,365.25 | -0.53% | | | Operating Cost | 25,464,336,384.57 | 24,188,697,710.70 | 5.27% | | | Selling Expenses | 13,278,548.79 | 17,324,177.45 | -23.35% | Primarily due to reduced market development investment in non-nuclear projects by subsidiaries | | Financial Expenses | 2,281,632,298.08 | 2,501,327,837.29 | -8.78% | | | Income Tax Expense | 2,490,273,738.00 | 2,111,993,302.83 | 17.91% | Primarily due to the expiration of income tax preferential policies for some nuclear power units and adjustments in tax policy, leading to increased income tax expenses | | R&D Expenditure | 1,370,333,775.57 | 1,118,222,107.84 | 22.55% | | | Net Cash Flow from Operating Activities | 11,316,632,119.94 | 12,789,004,652.64 | -11.51% | Primarily due to increased payments for fuel assemblies and increased income tax expenses due to adjustments in tax policy | | Net Cash Flow from Investing Activities | -8,810,348,539.49 | -4,991,205,311.25 | -76.52% | Primarily due to increased investment expenditures in nuclear power projects under construction | | Net Cash Flow from Financing Activities | 2,655,953,898.83 | -3,137,353,098.92 | 184.66% | Primarily due to increased borrowings influenced by reduced cash balances from operating and investing activities | Operating Revenue Composition in H1 2025 (10,000 yuan) | Item | Amount | Proportion of Operating Revenue | Prior Year Period Amount | Prior Year Period Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,916,717.94 | 100% | 3,937,578.54 | 100% | -0.53% | | **By Industry** | | | | | | | Electricity | 3,065,769.53 | 78.27% | 3,037,374.91 | 77.14% | 0.93% | | Other | 850,948.41 | 21.73% | 900,203.62 | 22.86% | -5.47% | | **By Product** | | | | | | | Electricity Sales | 3,065,769.53 | 78.27% | 3,037,374.91 | 77.14% | 0.93% | | Construction, Installation, and Design Services | 761,162.01 | 19.43% | 799,751.49 | 20.31% | -4.83% | | **By Region** | | | | | | | Guangdong | 2,056,351.89 | 52.50% | 2,184,764.06 | 55.48% | -5.88% | | Fujian | 584,372.22 | 14.92% | 580,370.61 | 14.74% | 0.69% | | Guangxi | 449,523.35 | 11.48% | 436,704.37 | 11.09% | 2.94% | | Zhejiang | 430,352.67 | 10.99% | 407,547.02 | 10.35% | 5.60% | | Hong Kong | 296,032.48 | 7.56% | 224,247.91 | 5.70% | 32.01% | | Liaoning | 46,290.03 | 1.18% | 39,486.84 | 1.00% | 17.23% | Gross Margin Changes in Main Business in H1 2025 (10,000 yuan) | Item | Operating Revenue | Operating Cost | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Electricity | 3,065,769.53 | 1,738,744.04 | 43.29% | 0.93% | 11.66% | Decrease of 5.44 percentage points | | **By Product** | | | | | | | | Electricity Sales | 3,065,769.53 | 1,738,744.04 | 43.29% | 0.93% | 11.66% | Decrease of 5.44 percentage points | | Construction, Installation, and Design Services | 761,162.01 | 745,131.85 | 2.11% | -4.83% | -5.95% | Increase of 1.17 percentage points | | **By Region** | | | | | | | | Guangdong | 2,056,351.89 | 1,266,376.11 | 38.42% | -5.88% | 1.47% | Decrease of 4.46 percentage points | | Fujian | 584,372.22 | 377,682.20 | 35.37% | 0.69% | 5.57% | Decrease of 2.99 percentage points | | Guangxi | 449,523.35 | 321,157.89 | 28.56% | 2.94% | 29.72% | Decrease of 14.75 percentage points | | Zhejiang | 430,352.67 | 417,313.18 | 3.03% | 5.60% | 3.54% | Increase of 1.93 percentage points | [IV. Analysis of Non-Core Business](index=22&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business primarily includes investment income from associates, which is sustainable, and non-sustainable items like fair value changes, asset impairments, and other non-operating income/expenses Non-Core Business Analysis for H1 2025 (10,000 yuan) | Item | Amount | Proportion of Total Profit | Explanation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 127,247.94 | 11.24% | Primarily investment income from associates | Yes | | Gains or Losses from Fair Value Changes | 2,986.30 | 0.26% | Primarily gains from forward foreign exchange hedging activities | No | | Asset Impairment | -455.59 | -0.04% | Primarily impairment provisions for engineering contract assets | No | | Non-operating Income | 923.27 | 0.08% | Primarily gains from disposal of scrap materials, contract claims, etc. | No | | Non-operating Expenses | -19,665.15 | -1.74% | Primarily tax penalty refunds, donation expenses, and asset disposal losses | No | [V. Analysis of Assets and Liabilities](index=22&type=section&id=%E4%BA%94%E3%80%81%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) At the end of the reporting period, total assets increased by **2.37%**, and net assets attributable to parent company increased by **0.05%**, with increases in cash, contract assets, and construction in progress, and a rise in short-term borrowings due to debt restructuring Significant Changes in Asset Composition in H1 2025 (10,000 yuan) | Item | Amount at End of Current Reporting Period | Proportion of Total Assets | Amount at End of Prior Year | Proportion of Total Assets | Change in Proportion | Explanation for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,036,449.63 | 4.66% | 1,681,174.50 | 3.94% | Increase of 0.72 percentage points | Primarily due to funds prepared in advance for dividend payments | | Accounts Receivable | 803,883.61 | 1.84% | 919,675.84 | 2.16% | Decrease of 0.32 percentage points | Primarily due to collection of engineering receivables and changes in electricity receivables | | Contract Assets | 497,718.45 | 1.14% | 346,258.86 | 0.81% | Increase of 0.33 percentage points | Primarily due to changes in engineering project settlement progress | | Construction in Progress | 5,288,035.76 | 12.11% | 4,600,425.09 | 10.78% | Increase of 1.33 percentage points | Primarily due to increased investment in nuclear power projects under construction, such as Lufeng Units 5 & 6 | | Short-term Borrowings | 2,666,063.05 | 6.10% | 1,726,374.55 | 4.05% | Increase of 2.05 percentage points | Primarily due to increased short-term bank borrowings as a result of debt structure adjustment | Assets and Liabilities Measured at Fair Value in H1 2025 (10,000 yuan) | Item | Beginning Balance | Fair Value Change Gains/Losses for Current Period | Cumulative Fair Value Changes Included in Equity | Amount Sold in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 0.00 | 2,354.10 | | 2,967.50 | 2,354.10 | | Other Equity Instrument Investments | 66,171.71 | 6,572.88 | 24,136.76 | | 72,744.59 | | Subtotal Financial Assets | 66,171.71 | 8,926.98 | 24,136.76 | 2,967.50 | 75,098.69 | | Financial Liabilities | -632.20 | 632.20 | | | 0.00 | - As of June 30, 2025, the book value of assets pledged to banks or restricted for other reasons by the Group was approximately **16.20 billion yuan**[87](index=87&type=chunk) [VI. Analysis of Investment Status](index=23&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment increased by **61.33%** year-on-year, with no significant equity or non-equity investments; the company engaged in forward foreign exchange purchases for hedging, yielding **29.68 million yuan** and mitigating exchange rate risk Investment Amount in H1 2025 | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount for Reporting Period | 11,408,704,982.57 | | Investment Amount for Prior Year Period | 7,071,613,937.41 | | Change Percentage | 61.33% | - The company had no securities investments, significant equity investments, or ongoing significant non-equity investments during the reporting period[89](index=89&type=chunk)[90](index=90&type=chunk) Derivative Investment Status in H1 2025 (10,000 yuan) | Derivative Investment Type | Initial Investment Amount | Fair Value Change Gains/Losses for Current Period | Ending Balance | Proportion of Ending Investment Amount to Company's Net Assets at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | Forward Foreign Exchange Purchase Hedging Business | 632.2 | 2,986.3 | 2,354.1 | 0.02% | - The Group's derivative transactions during the reporting period generated actual gains of **29.68 million yuan**, achieving the exchange rate risk hedging objective[92](index=92&type=chunk) [VII. Significant Asset and Equity Disposals](index=25&type=section&id=%E4%B8%83%E3%80%81%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) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[96](index=96&type=chunk) - The company did not dispose of significant equity during the reporting period[97](index=97&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=25&type=section&id=%E5%85%AB%E3%80%81%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) Major subsidiaries like Nuclear Power Joint Venture, Ling'ao, Yangjiang, Fangchenggang, and Ningde Nuclear Power significantly contributed to revenue and net profit, with minor changes in consolidation scope having no material impact Financial Data of Major Subsidiaries in H1 2025 (10,000 yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nuclear Power Joint Venture Company | Subsidiary | Nuclear Power Generation | 332,716.00 | 1,326,285.37 | 801,058.67 | 403,257.93 | 270,931.22 | 232,224.13 | | Ling'ao Nuclear Power | Subsidiary | Nuclear Power Generation | 332,322.40 | 1,192,396.32 | 820,769.93 | 256,328.95 | 92,932.87 | 41,082.81 | | Lingdong Nuclear Power | Subsidiary | Nuclear Power Generation | 534,800.00 | 1,887,592.86 | 957,032.98 | 262,349.12 | 96,393.91 | 106,342.91 | | Yangjiang Nuclear Power | Subsidiary | Nuclear Power Generation | 1,550,600.00 | 6,925,965.72 | 2,389,408.89 | 807,962.18 | 268,419.40 | 189,061.94 | | Fangchenggang Nuclear Power | Subsidiary | Nuclear Power Generation | 1,385,000.00 | 7,212,095.19 | 1,746,982.31 | 451,736.61 | 45,899.49 | 41,360.56 | | Ningde Nuclear Power | Subsidiary | Nuclear Power Generation | 1,117,750.00 | 4,149,646.97 | 1,767,060.95 | 532,981.87 | 169,948.52 | 118,420.64 | - During the reporting period, the company acquired Taishan Phase II Nuclear Power through a business combination under common control and established four new subsidiaries, while deregistering Sansha Advanced Energy Co., Ltd., none of which had a significant impact on overall operations or performance[99](index=99&type=chunk) [IX. Structured Entities Controlled by the Company](index=26&type=section&id=%E4%B9%9D%E3%80%81%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) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[100](index=100&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=26&type=section&id=%E5%8D%81%E3%80%81%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 in nuclear power plant safety, electricity sales, construction project control, and finance, with electricity sales risk increasing, and has implemented various management actions to mitigate these - The company faces risks in the safe and stable operation of nuclear power plants, addressed by a "zero tolerance" attitude towards nuclear safety hazards, strengthened hierarchical risk control, and hazard investigation and rectification measures[100](index=100&type=chunk) - Electricity sales risk increased due to relaxed electricity supply-demand, accelerated market-oriented reform, and declining spot prices; the company responds by closely monitoring policies, intensifying market marketing efforts, and optimizing trading strategies[101](index=101&type=chunk)[102](index=102&type=chunk) - Construction project control risks are addressed by optimizing project construction management mechanisms, strengthening coordinated planning for batch projects, and implementing experience feedback[103](index=103&type=chunk) - Financial risks, primarily from exchange rate and market interest rate fluctuations, are managed through forward transactions, debt swaps, controlling new foreign currency debt, and optimizing debt structure[104](index=104&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%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 on April 23, 2025, to standardize market value management, enhance investment value, and ensure market value reflects intrinsic value - The company has formulated a market value management system, approved by the 13th meeting of the Fourth Board of Directors on April 23, 2025[108](index=108&type=chunk) - The system aims to strengthen market value management, further standardize the company's market value management behavior, enhance the company's investment value, and promote the full reflection of the company's intrinsic value in its market value[108](index=108&type=chunk) [XII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%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) The company actively implements its "Quality and Return Dual Enhancement" action plan by focusing on value creation, improving corporate governance, and demonstrating responsibility, aiming to enhance company quality and investment value - The company actively implements the "Quality and Return Dual Enhancement" action plan, aligning with directives from the Party Central Committee and the State Council on invigorating the capital market, boosting investor confidence, and significantly improving the quality and investment value of listed companies[109](index=109&type=chunk) - The plan's main contents include committing to value creation (consolidating and expanding nuclear power installed capacity, improving operational efficiency, focusing on technological innovation), perfecting corporate governance (exploring a "nuclear safety management + governance control" model, strengthening director performance, enhancing ESG performance), and demonstrating responsibility (strictly fulfilling dividend commitments, formulating a market value management system, ensuring high-quality information disclosure and investor relations management)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=29&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) This section details changes in the company's governance, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives during the reporting period [I. Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=%E4%B8%80%E3%80%81%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) No changes occurred in the company's directors, supervisors, or senior management during the reporting period, with details available in the 2024 annual report - No changes in the company's directors, supervisors, and senior management during the reporting period, refer to the 2024 annual report for details[114](index=114&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=29&type=section&id=%E4%BA%8C%E3%80%81%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) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year[115](index=115&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=%E4%B8%89%E3%80%81%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 company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[116](index=116&type=chunk) [IV. Environmental Information Disclosure](index=29&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company is not on the mandatory environmental disclosure list, but nuclear power contributes significantly to energy saving and emission reduction with no direct greenhouse gas emissions, and no environmental accidents occurred - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[117](index=117&type=chunk) - Nuclear power plants have no direct greenhouse gas emissions during operation, contributing to energy saving and emission reduction as a clean energy source[117](index=117&type=chunk) - The company had no environmental accidents in H1 2025[117](index=117&type=chunk) [V. Social Responsibility](index=29&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company prioritizes social responsibility, investing **1.37 billion yuan** in R&D, promoting localization, and actively engaging with society through transparent information disclosure, public communication, and community development initiatives - In H1 2025, the company invested approximately **1.37 billion yuan** in R&D, further promoting the localization of key nuclear energy systems, equipment, and components across the industry chain[118](index=118&type=chunk) - The company's operational nuclear power bases have established professional nuclear safety information disclosure platforms, publishing monthly operational data and event information[120](index=120&type=chunk) - In H1 2025, the Group conducted nuclear power science popularization tours and public communication in the Guangdong-Hong Kong-Macao Greater Bay Area, actively engaging with cities, campuses, and communities[121](index=121&type=chunk) - The Group continued to provide targeted assistance to Lingyun and Leye counties in Baise, Guangxi, two national key counties for rural revitalization, investing **12 million yuan** in non-reimbursable aid for **10 assistance projects** in H1 2025[125](index=125&type=chunk) [1. Proactive Information Disclosure](index=29&type=section&id=1%E3%80%81%E4%B8%BB%E5%8A%A8%E7%9A%84%E4%BF%A1%E6%81%AF%E5%85%AC%E5%BC%80) The company's nuclear power bases maintain professional nuclear safety information platforms, proactively disclosing operational data and events through various channels, including websites, social media, and press conferences - Our operational nuclear power bases have established professional nuclear safety information disclosure platforms, publishing monthly operational data (capacity factor, radiation protection, industrial safety, Class 1 fire incidents, waste management, and environmental monitoring) and event information[120](index=120&type=chunk) - The company regularly holds press conferences, invites interviews and visits, organizes themed events, and publishes materials to inform industry regulators and media about nuclear power plant information, also accepting public inquiries via phone, fax, and email[120](index=120&type=chunk) [2. Transparent Public Communication](index=30&type=section&id=2%E3%80%81%E9%80%8F%E6%98%8E%E7%9A%84%E5%85%AC%E4%BC%97%E6%B2%9F%E9%80%9A) The company maintains transparent communication, enhancing nuclear power science popularization through exhibitions, community interactions, and virtual tours to foster public understanding and trust - We adhere to transparent communication, continuously exploring open and transparent communication mechanisms, and increasing efforts in nuclear power science popularization[121](index=121&type=chunk) - In H1 2025, the Group conducted nuclear power science popularization tours and public communication in the Guangdong-Hong Kong-Macao Greater Bay Area; Taishan Nuclear Power proactively engaged communities with **6 nuclear power science activities**, reaching over **1,500 people**[121](index=121&type=chunk) - Hongyanhe Nuclear Power visited Wagfangdian City Gongnong Primary School, using a VR cloud tour platform for a live broadcast, allowing over **2,000 teachers and students** to remotely experience a virtual tour of the nuclear power plant[121](index=121&type=chunk) [3. Win-Win Community Development](index=30&type=section&id=3%E3%80%81%E5%85%B1%E8%B5%A2%E7%9A%84%E7%A4%BE%E5%8C%BA%E5%8F%91%E5%B1%95) Upholding the principle of "building a project, driving local economy, benefiting local people," the company actively participates in rural revitalization through industrial, educational, governance, and consumption assistance in various regions - We adhere to the philosophy of "building a project, driving local economy, benefiting local people," actively promoting community development and building harmonious relationships with surrounding areas while achieving corporate growth[122](index=122&type=chunk) - The Group continued to provide targeted assistance to Lingyun and Leye counties in Baise, Guangxi, two national key counties for rural revitalization, investing **12 million yuan** in non-reimbursable aid for **10 assistance projects** in H1 2025[125](index=125&type=chunk) - Yangjiang Nuclear Power and Lufeng Nuclear Power developed and implemented "Hundred-Thousand-Ten-Thousand Project" plans for Dongping Town in Yangjiang City and Jieshi Town in Lufeng City, supporting collective village economic development and cultural tourism industry growth[127](index=127&type=chunk) - Ningde Nuclear Power facilitated 16 surrounding villages, including Jinggu Village, to sign investment and shareholding cooperation agreements with Baiyang Village in Xiamen Township for nuclear power contractor camps, innovating a "strong village leading weak villages" cluster development model to inject new vitality into collective village economies[129](index=129&type=chunk) Part V [Significant Matters](index=33&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) This section covers significant matters including commitments, related party transactions, external guarantees, litigation, penalties, and other important corporate events during the reporting period [I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company during the Reporting Period](index=33&type=section&id=%E4%B8%80%E3%80%81%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%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) The company reported no commitments fulfilled or overdue unfulfilled by the controlling shareholder, shareholders, related parties, acquirers, or the company during the reporting period - The company reported no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company during the reporting period[132](index=132&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=33&type=section&id=%E4%BA%8C%E3%80%81%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) The company reported no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - The company reported no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[133](index=133&type=chunk) [III. Irregular External Guarantees](index=33&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[134](index=134&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=33&type=section&id=%E5%9B%9B%E3%80%81%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) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[135](index=135&type=chunk) [V. Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period](index=33&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%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) The company reported no non-standard audit report for the current period - The company reported no non-standard audit report for the current period[136](index=136&type=chunk) [VI. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=33&type=section&id=%E5%85%AD%E3%80%81%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) The company reported no non-standard audit report for the previous year - The company reported no non-standard audit report for the previous year[136](index=136&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=33&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[136](index=136&type=chunk) [VIII. Litigation Matters](index=33&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[137](index=137&type=chunk) [IX. Penalties and Rectification](index=34&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[138](index=138&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&type=section&id=%E5%8D%81%E3%80%81%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) The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[139](index=139&type=chunk) [XI. Significant Related Party Transactions](index=34&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in daily operational related party transactions with CGN Group and its affiliates, including comprehensive, technical, engineering, nuclear fuel, and entrusted management services, and completed the acquisition of Taishan Phase II Nuclear Power Related Party Transactions Related to Daily Operations in H1 2025 (10,000 yuan) | Related Party | Related Transaction Type | Related Transaction Content | Related Transaction Amount | Proportion of Similar Transaction Amount | | :--- | :--- | :--- | :--- | :--- | | CGN Group (excluding Uranium Company, Cangnan Nuclear Power, Huizhou Nuclear Power, Huizhou Phase II Nuclear Power, Guangli Nuclear) | Comprehensive Services, Technical Services, Engineering Services, Nuclear Fuel Services, Entrusted Management Services | Receiving comprehensive services, providing comprehensive services, receiving technical services, providing technical services, providing engineering services, receiving nuclear fuel services, providing entrusted management services | 212,113.13 | 3.29% | | Uranium Company | Comprehensive Services, Technical Services, Engineering Services, Nuclear Fuel Services | Providing comprehensive services, providing technical services, providing engineering services, receiving nuclear fuel services | 465,141.25 | 7.21% | | Cangnan Nuclear Power | Technical Services, Engineering Services | Receiving technical services, providing technical services, providing engineering services | 371,353.25 | 5.75% | | Huizhou Nuclear Power | Comprehensive Services, Technical Services, Engineering Services | Receiving comprehensive services, providing comprehensive services, receiving technical services, providing technical services, providing engineering services | 178,745.7 | 2.77% | | Huizhou Phase II Nuclear Power | Technical Services, Engineering Services | Providing technical services, providing engineering services | 80,275.94 | 1.24% | | Guangli Nuclear | Comprehensive Services, Technical Services, Engineering Services | Receiving technical services, providing technical services, providing engineering services | 69,613.61 | 1.08% | Related Party Transactions for Asset or Equity Acquisition/Disposal in H1 2025 (10,000 yuan) | Related Party | Related Transaction Type | Related Transaction Content | Transfer Price | Transaction Gains/Losses | | :--- | :--- | :--- | :--- | :--- | | CGN | Equity Acquisition | The company acquired 100% equity of Taishan Phase II Nuclear Power from CGN | 120,387.56 | 0 | - The company reported no related party transactions involving joint external investments or non-operating related party receivables/payables during the reporting period[142]