温氏食品集团股份有限公司 2025 年半年度报告全文 债券代码：123107 债券简称：温氏转债 证券代码：300498 证券简称：温氏股份 公告编号：2025-103 温氏食品集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 温氏食品集团股份有限公司 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。 公司负责人温志芬、主管会计工作负责人林建兴及会计机构负责人(会计 主管人员)梁冰飞声明：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。 本报告中所涉及的未来计划、未来展望和发展战略等前瞻性描述，不构 成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险 认识，并且应当理解计划、展望、预测与承诺之间的差异，敬请投资者注意 投资风险。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"畜禽、水产养殖相关业务"的披露要求 本公司需要请投资者特别关 ...

浙江金道科技股份有限公司 2025 年半年度报告全文 浙江金道科技股份有限公司 2025 年半年度报告 2025-045 【2025 年 8 月】 1 浙江金道科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人金言荣、主管会计工作负责人林捷及会计机构负责人(会计主 管人员)金莉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展的展望等前瞻性陈述不构成公司对投资者的实质 承诺，敬请广大投资者理性投资，注意风险。公司在本年度报告中详细阐述 了未来可能发生的有关风险因素及对策，详见"第三节管理层讨论与分析" 之"十、公司面临的风险和应对措施"，敬请投资者予以关注。 公司在生产经营中可能面临客户集中度较高的风险、国际客户开发的不利 风险、公司未来规模迅速扩张引致的管理风险，有关风险因素及应对措施内 容已在本报告"第三节 管理层讨论与分析"之"十 公司面临的风险和应对 措 ...

兰州银行股份有限公司 BANK OF LANZHOU CO.,LTD. 2025 年半年度报告 （股票代码：001227） 二〇二五年八月 2025 年半年度报告 兰州银行简介 兰州银行股份有限公司（以下简称"兰州银行""本行"）成立于 1997 年，是甘肃省第 一家地方法人股份制商业银行。1997 年 6 月，原兰州市 56 家城市信用社组建成立兰州 市城市合作银行，1998 年 8 月更名为兰州市商业银行，2008 年 6 月更名为兰州银行， 2022 年 1 月 17 日成功在深交所主板上市（股票代码：001227），成为甘肃省首家 A 股 上市银行。本行共有员工 4,400 余人，下辖总行营业部 1 家、分行 15 家、支行 179 家， 覆盖全省各市州，控股金融租赁公司 1 家。 本行坚守本源，坚持审慎稳健的经营理念，秉承"服务地方、服务中小、服务民 营、服务居民"的市场定位，充分发挥地方银行独特优势，筑牢业务基础，强化创新转 型，积极探索服务实体、服务中小的有效模式，已发展成为一家经营稳健、特色鲜明、 结构合理、口碑良好的现代城商行。 截至 2025 年 6 月末，兰州银行资产总额 5,097.4 ...

广东美信科技股份有限公司 2025 年半年度报告全文 广东美信科技股份有限公司 2025 年半年度报告 2025-043 【2025 年 8 月 28 日】 1 广东美信科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人张定珍、主管会计工作负责人刘满荣及会计机构负责人(会计 主管人员)黄耿博声明：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。 公司不存在对生产经营情况、财务状况和持续盈利能力有重大不利影响的 风险因素。 关于公司经营中可能面临的风险因素，详见本报告第三节"管理层讨论与 分析"第十项"公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | | 第三节 | 管理层讨论与分析 9 | | | 第四节 | ...

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section provides important notes, affirming the board and management's assurance of report accuracy and completeness, while also advising investors on risk factors and the company's plan for no profit distribution - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[4](index=4&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section presents the report's directory structure, clearly listing the eight main chapters and their starting page numbers for easy investor reference - The report comprises eight main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[7](index=7&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, covering company names, subsidiaries, financial units, and technical terms from the photovoltaic and wear-resistant materials industries for accurate understanding - The reporting period is from **January 1, 2025, to June 30, 2025**[10](index=10&type=chunk) - The definitions section elaborates on key terms in the photovoltaic industry (e.g., silicon material, monocrystalline silicon, TOPCon cells, HJT cells) and wear-resistant materials industry (e.g., high-efficiency ball mill integrated energy-saving technology, grinding balls, liners, hammerheads, PIP technology)[10](index=10&type=chunk)[11](index=11&type=chunk) [Section 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) [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) This section outlines the company's basic registration information, including stock abbreviation, code, listing exchange, Chinese and foreign names, and legal representative, clearly identifying the company Company Basic Information | Stock Abbreviation | Huamin Shares | | :--- | :--- | | Stock Code | 300345 | | Stock Listing Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Hunan Huamin Holdings Group Co., Ltd | | Company's Legal Representative | Ouyang Shaohong | [II. Contact 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) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone, fax, and email, facilitating investor communication - The company's Board Secretary is Zhou Dan, and the Securities Affairs Representative is Jiang Shan, both with the contact address at 29th Floor, Xingye IEC Building, No. 86 Xinjian Lane, Liudu, Yuhua District, Changsha City, Hunan Province[14](index=14&type=chunk) - The company's contact phone and fax are both **0731-89723366**, and the email is huamin@huaminchina.cn[14](index=14&type=chunk) [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) This section confirms that the company's contact information, information disclosure, and registration details remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[15](index=15&type=chunk) - Registration details remained unchanged during the reporting period[15](index=15&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&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) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a slight revenue decrease but a significant reduction in net loss attributable to shareholders, alongside a decrease in total assets and net assets Key Financial Indicators for H1 2025 | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 456,040,548.07 | 470,431,872.83 | -3.06% | | Net Profit Attributable to Shareholders of Listed Company | -80,886,791.07 | -136,582,830.52 | 40.78% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -90,678,524.37 | -137,635,253.67 | 34.12% | | Net Cash Flow from Operating Activities | -81,992,049.95 | -37,519,169.37 | -118.53% | | Basic Earnings Per Share (Yuan/share) | -0.1397 | -0.2364 | 40.91% | | Diluted Earnings Per Share (Yuan/share) | -0.1397 | -0.2364 | 40.91% | | Weighted Average Return on Net Assets | -14.60% | -16.94% | 2.34% | | **Period-End Indicators** | **Current Period-End (Yuan)** | **Prior Year-End (Yuan)** | **Change from Prior Year-End** | | Total Assets | 3,440,230,661.55 | 3,645,043,630.30 | -5.62% | | Net Assets Attributable to Shareholders of Listed Company | 525,114,815.04 | 594,349,544.36 | -11.65% | [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) This section states that the company has no differences in net profit and net assets between financial reports prepared under international or foreign accounting standards and Chinese accounting standards - The company has no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[17](index=17&type=chunk) - The company has no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[17](index=17&type=chunk) [VI. Non-Recurring Gains and Losses](index=8&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) This section lists the company's non-recurring gains and losses for the reporting period, totaling **9.79 million Yuan**, which positively impacted the company's net profit Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 14,290.21 | | Government grants recognized in current profit or loss | 10,883,269.26 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 13,311.24 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 954,500.00 | | Debt restructuring gains or losses | 230,000.00 | | Other non-operating income and expenses apart from the above | 486,226.71 | | Less: Income tax impact | 1,703,454.33 | | Minority interest impact (after tax) | 1,086,409.79 | | **Total** | **9,791,733.30** | [Section 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) [I. Main Businesses 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's main businesses span the photovoltaic and wear-resistant materials sectors, focusing on high-efficiency N-type monocrystalline silicon wafers and energy-saving solutions for grinding equipment - The company primarily engages in photovoltaic new energy product manufacturing and application, supplemented by traditional wear-resistant new material businesses, committed to "creating a beautiful zero-carbon world"[21](index=21&type=chunk) - In the photovoltaic sector, the company is engaged in the R&D, production, and sales of high-efficiency N-type monocrystalline silicon wafers, including monocrystalline silicon rods, monocrystalline silicon wafers, and HJT-specific silicon wafers, while actively exploring smart energy solutions[22](index=22&type=chunk)[23](index=23&type=chunk) - In the wear-resistant materials sector, the company provides high-efficiency ball mill integrated energy-saving technology solutions and crusher hammerhead products, aiming to achieve "increased production, energy saving, consumption reduction, and environmental protection"[22](index=22&type=chunk)[24](index=24&type=chunk) [II. Analysis of Core Competitiveness](index=11&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 competitiveness stems from its technological innovation, advanced N-type production capacity, experienced management team, and strong brand reputation in both new energy and wear-resistant materials - The company possesses a complete R&D team, continuously enhancing technological innovation capabilities through industry-university-research cooperation, demonstrating technological advantages in both new energy and new materials[25](index=25&type=chunk)[26](index=26&type=chunk) - The company focuses on the high-efficiency N-type silicon wafer market, with all production lines equipped with advanced equipment, adopting chain gettering process technology, possessing flexible production capabilities, and maintaining a leading production capacity[27](index=27&type=chunk) - The core management team has deep industry background and rich experience, enhancing team enthusiasm and execution through optimized organizational structure and equity incentives[28](index=28&type=chunk) - The company's product quality and high-efficiency ball mill integrated energy-saving technology are widely recognized in the industry, and its controlling subsidiary, Hongxin New Energy, has received multiple brand honors, enhancing market influence[29](index=29&type=chunk)[30](index=30&type=chunk) [III. Analysis of Main Business](index=13&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 the first half of 2025, the company saw improved gross margins and a **40.78% reduction in net loss** due to record PV installations and cost-reduction efforts, while also expanding into smart energy and embodied AI - In the first half of 2025, China's new photovoltaic installed capacity reached **212.21 GW**, a **107% year-on-year increase**, with a slight rebound in photovoltaic industry chain prices[31](index=31&type=chunk) - The company significantly improved its overall gross margin by implementing cost-reduction measures such as management efficiency, technological innovation, and process breakthroughs, lowering non-silicon costs to a historical low[31](index=31&type=chunk) Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 456,040,548.07 | 470,431,872.83 | -3.06% | | | Operating Cost | 453,821,588.38 | 552,005,221.97 | -17.79% | | | Selling Expenses | 3,261,491.48 | 5,984,944.80 | -45.51% | Primarily due to the company optimizing sales channels and reducing selling expenses in the current reporting period | | Financial Expenses | 43,813,763.18 | 18,221,179.13 | 140.46% | Primarily due to increased bank loan interest expenses and increased amortization of unrecognized financing expenses corresponding to government-built assets confirmed as long-term payables in the current reporting period | | R&D Investment | 27,279,335.45 | 20,259,881.97 | 34.65% | Primarily due to the company increasing R&D investment in its photovoltaic business in the current reporting period | | Net Cash Flow from Operating Activities | -81,992,049.95 | -37,519,169.37 | -118.53% | Primarily due to a decrease in tax refunds received by the company in the current reporting period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Photovoltaic Products | 375,025,393.06 | 391,102,175.67 | -4.29% | -6.58% | -21.40% | 19.65% | | Wear-Resistant Products | 48,650,133.64 | 42,115,806.15 | 13.43% | 7.93% | 9.27% | -1.06% | - The company is building a diversified development pattern of "new energy + new technology," with continuous progress in new energy business application scenarios; the first phase of its factory-level source-grid-load-storage integrated pioneer demonstration project has successfully passed acceptance and officially commenced operation[32](index=32&type=chunk) - The company actively expands into emerging strategic areas, laying out the embodied AI industry through equity investments in companies like Tiantai Robotics[32](index=32&type=chunk) [IV. Analysis of Non-Core Business](index=15&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) This section details the impact of non-core businesses on total profit, including investment income, asset impairment, and non-operating income/expenses, noting their minor and non-recurring nature Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 1,197,811.24 | 1.15% | No | | Asset Impairment | -1,790,419.36 | -1.72% | No | | Non-Operating Income | 479,134.09 | 0.46% | No | | Non-Operating Expenses | 69,185.56 | 0.07% | No | [V. Analysis of Assets and Liabilities](index=15&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) This section analyzes the company's asset and liability structure, noting decreases in total assets and net assets, an increase in fixed assets proportion, and specific asset restrictions at period-end Significant Changes in Asset Composition | Item | Amount at Current Period-End (Yuan) | Proportion of Total Assets | Amount at Prior Year-End (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 215,211,679.59 | 6.26% | 350,681,092.30 | 9.62% | -3.36% | | Accounts Receivable | 111,727,540.00 | 3.25% | 157,128,943.93 | 4.31% | -1.06% | | Fixed Assets | 2,277,850,095.31 | 66.21% | 2,287,428,694.63 | 62.75% | 3.46% | | Long-Term Borrowings | 31,569,993.33 | 0.92% | 0.00 | 0.00% | 0.92% | | Deferred Income Tax Assets | 109,337,947.52 | 3.18% | 96,148,535.57 | 2.64% | 0.54% | Asset Rights Restricted at Period-End | Item | Book Balance (Yuan) | Book Value (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 150,045,680.95 | 150,045,680.95 | Margin Deposit | Letter of credit, acceptance bill margin, and interest | | Fixed Assets | 76,388,424.02 | 44,392,140.79 | Sale-leaseback, Mortgage | Assets subject to sale-leaseback agreement, Mortgage | | Intangible Assets | 15,133,643.92 | 10,933,711.91 | Mortgage | Mortgage | | Investment Properties | 136,224,902.92 | 106,794,921.30 | Mortgage | Mortgage | | **Total** | **377,792,651.81** | **312,166,454.95** | | | [VI. Analysis of Investment Status](index=16&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) During the reporting period, the company's investment increased by **111.64%**, primarily due to wealth management products, with significant non-equity investments focused on photovoltaic projects under construction or in production - The investment amount for the reporting period was **6,878,142.86 Yuan**, an increase of **111.64%** compared to the same period last year, mainly due to increased investment in wealth management products[46](index=46&type=chunk) Significant Non-Equity Investments in Progress during the Reporting Period | Project Name | Investment Method | Industry Involved | Amount Invested in Current Reporting Period (Yuan) | Cumulative Actual Investment Amount at Period-End (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Hongxin New Energy High-Efficiency N-Type Monocrystalline Silicon Rod and Wafer Project (Phase I) | Self-built | Photovoltaic Industry | 926,941.68 | 947,535,734.45 | 99.74% | | Honghui New Energy 10GW HJT Battery Dedicated Monocrystalline Silicon Wafer Project | Self-built | Photovoltaic Industry | 47,612,241.17 | 577,263,313.34 | 64.14% | | Hongxin New Energy High-Efficiency N-Type Monocrystalline Silicon Rod and Wafer Project (Phase II) | Self-built | Photovoltaic Industry | 6,086,946.54 | 1,190,694,165.27 | 39.04% | - The amount of entrusted wealth management products during the reporting period was **6.88 million Yuan**, all of which were bank wealth management products invested with own funds, with no outstanding balance or overdue unrecovered amounts at period-end[51](index=51&type=chunk) [VII. Significant Asset and Equity Sales](index=18&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) During the reporting period, the company did not engage in any significant asset or equity sales - The company had no significant asset sales during the reporting period[47](index=47&type=chunk) - The company had no significant equity sales during the reporting period[47](index=47&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=18&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) This section analyzes the performance of key subsidiaries, with Hongxin New Energy significantly reducing its net loss by **58.15%** due to improved sales and cost efficiency, while Honghui New Energy's loss remained stable Financial Data of Major Subsidiaries | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Hongxin New Energy | 372,760,520.63 | -59,248,884.89 | | Honghui New Energy | 29,223,009.84 | -14,032,484.69 | - Hongxin New Energy's net profit increased by **58.15%** compared to the same period last year, achieving a significant reduction in losses, mainly due to improved sales prices, vigorous implementation of cost-reduction measures, comprehensive optimization of operational efficiency, and lowering non-silicon costs to a historical low, resulting in a significant improvement in overall gross margin[53](index=53&type=chunk) - Honghui New Energy's net profit remained largely flat compared to the same period last year; the loss was mainly affected by a temporary supply-demand mismatch in the market, insufficient company orders, and high fixed costs such as depreciation expenses and period expenses[54](index=54&type=chunk) [IX. Structured Entities Controlled by the Company](index=19&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) During the reporting period, the company had no structured entities requiring disclosure - The company has no structured entities under its control[55](index=55&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=19&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 from market competition, raw material price fluctuations, long-term contract performance, talent retention, and funding, addressed by R&D investment, market expansion, and financial management - The company faces risks of intensified market competition due to the expansion of photovoltaic industry capacity; countermeasures include focusing on high-efficiency N-type silicon wafers, increasing R&D investment, and expanding into overseas markets[55](index=55&type=chunk) - Raw material price fluctuations directly impact the company's costs and performance; countermeasures include centralized procurement, improving supply chain management, and tracking market dynamics[55](index=55&type=chunk)[56](index=56&type=chunk) - Long-term sales contracts may not be fulfilled as expected due to unforeseen factors; countermeasures include steadily advancing project construction, strengthening lean management, and enhancing customer service capabilities[56](index=56&type=chunk) - The company faces the risk of talent development lagging behind its growth; countermeasures include continuously attracting excellent talent, strengthening the management system, and implementing equity incentives[57](index=57&type=chunk) - The company is in a period of rapid development, with business expansion requiring significant capital; countermeasures include establishing a scientific capital management system, broadening financing channels, and strengthening budget management[58](index=58&type=chunk)[59](index=59&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities during the Reporting Period](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, the company primarily engaged with individual investors through phone calls and online briefings to discuss operations, industry outlook, performance, and strategic plans - During the reporting period, the company received individual investors through telephone communication and online performance briefings[60](index=60&type=chunk) - Communication content mainly included the company's operating conditions, industry outlook, performance, and strategic planning[60](index=60&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=%E5%8D%81%E4%BA%8C%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 not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[61](index=61&type=chunk) - The company has not disclosed a valuation enhancement plan[61](index=61&type=chunk) [XIII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=21&type=section&id=%E5%8D%81%E4%B8%89%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 has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[61](index=61&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=22&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) [I. Changes in Directors, Supervisors, and Senior Management](index=22&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) During the reporting period, there were changes in the company's directors, supervisors, and senior management, including the appointment of Liu Jiamin as Vice President and the departure of Sun Gaofeng, Zhang Jin, and Li Zhu due to the abolition of the Board of Supervisors - Liu Jiamin was appointed as Vice President on **April 24, 2025**[63](index=63&type=chunk) - Sun Gaofeng (Chairman of the Board of Supervisors), Zhang Jin (Employee Representative Supervisor), and Li Zhu (Supervisor) resigned on **May 16, 2025**, due to the abolition of the Board of Supervisors[63](index=63&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital during the Reporting Period](index=22&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 semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[64](index=64&type=chunk) [III. Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=22&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) During the reporting period, the company implemented an equity incentive plan, canceling certain unexercised stock options and facilitating the exercise of **1,494,330 shares** for eligible participants - The company canceled **316,500 stock options** granted but unexercised to 9 incentive recipients who no longer met the incentive conditions due to resignation, etc., and **470,000 stock options** from the first exercise period of the remaining reserved stock options that expired unexercised[66](index=66&type=chunk) - The company approved the exercise of **255,000 stock options** for 14 eligible incentive recipients for the second exercise period of the remaining reserved stock options[66](index=66&type=chunk) - During the reporting period, incentive recipients under the 2022 equity incentive plan collectively exercised **1,494,330 shares** through self-exercising options[66](index=66&type=chunk) [IV. Environmental Information Disclosure](index=23&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 and its key subsidiary, Hongxin New Energy Technology (Yunnan) Co., Ltd., are listed as legally required environmental information disclosure enterprises and have published their environmental reports - The company and its major subsidiary, Hongxin New Energy Technology (Yunnan) Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[68](index=68&type=chunk) - The environmental information disclosure report of Hongxin New Energy Technology (Yunnan) Co., Ltd. can be found on the designated website[68](index=68&type=chunk) [V. Social Responsibility](index=23&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 upholds legal and ethical operations, actively fulfilling social responsibilities by balancing economic and social benefits, protecting stakeholder rights, and promoting environmental sustainability and public welfare - The company strictly adheres to laws and regulations, improves its corporate governance structure and internal control system, and ensures timely, accurate, and complete information disclosure to protect shareholder rights[70](index=70&type=chunk) - The company adheres to a people-oriented approach, improves employment systems, enhances employee incentive mechanisms and welfare systems, values employee career planning and training, and protects employee rights[71](index=71&type=chunk) - The company selects qualified suppliers based on fair and just principles, fosters win-win cooperation with customers, continuously enhances R&D capabilities and delivery capacity, and provides high-quality products and services[72](index=72&type=chunk) - The company places high importance on environmental protection, adheres to green, low-carbon, and environmentally friendly sustainable development concepts, continuously improves production processes, and raises employee environmental awareness[73](index=73&type=chunk)[74](index=74&type=chunk) - The company focuses on establishing good public relations with all sectors of society, actively participates in social welfare undertakings, and serves and gives back to society[75](index=75&type=chunk) [Section V Significant Matters](index=25&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) [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=25&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%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) This section discloses that the controlling shareholder, Jianhongda Group, has not fully met its performance compensation commitment for Hongxin New Energy, owing **56 million Yuan**, with **2 million Yuan** received and the remainder under negotiation - Controlling shareholder Jianhongda Group committed that Hongxin New Energy's cumulative net profit for **2022-2024** would not be less than **38 million Yuan**, with **7.5 million Yuan** in **2022**, **14.5 million Yuan** in **2023**, and **16 million Yuan** in **2024**[77](index=77&type=chunk) - Hongxin New Energy failed to meet its performance commitments for **2022, 2023, and 2024**, requiring Jianhongda Group to pay **56 million Yuan** in performance compensation to the company[77](index=77&type=chunk) - As of the disclosure date of this report, the company has received **2 million Yuan** in performance compensation from Jianhongda Group, which will continue to fulfill its compensation obligations, and the company is actively pursuing the remaining payments, with both parties currently in communication and negotiation[77](index=77&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=26&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) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company - The company had no non-operating funds occupied by the controlling shareholder or other related parties of the listed company[78](index=78&type=chunk) [III. Irregular External Guarantees](index=26&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) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees[78](index=78&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=26&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) This semi-annual financial report has not been audited - The semi-annual financial report has not been audited[78](index=78&type=chunk) [V. Explanation by the Board of Directors, Board of Supervisors, and Audit Committee on the "Non-Standard Audit Report" for the Current Period](index=26&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%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no non-standard audit report, thus no explanation from the Board of Directors, Board of Supervisors, or Audit Committee is required - The company had no non-standard audit report[78](index=78&type=chunk) [VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=26&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) During the reporting period, the company had no non-standard audit report, thus no explanation from the Board of Directors is required - The company had no non-standard audit report[78](index=78&type=chunk) [VII. Bankruptcy Reorganization Matters](index=26&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) During the reporting period, the company had no bankruptcy reorganization matters - The company had no bankruptcy reorganization matters[78](index=78&type=chunk) [VIII. Litigation Matters](index=26&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) This section discloses other litigation matters during the reporting period, with the company as plaintiff/applicant involving **2.01 million Yuan** (settled/judged) and as defendant/respondent involving **0.37 million Yuan** (closed/retrial pending), none having a significant impact Other Litigation Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (Ten Thousand Yuan) | Provision for Estimated Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigations where the company is plaintiff/applicant not meeting the disclosure threshold for significant litigation | 201.38 | No | Settled/Judged | No significant impact | | Summary of other litigations where the company is defendant/respondent not meeting the disclosure threshold for significant litigation | 37.28 | No | Closed/Retrial pending | No significant impact | [IX. Penalties and Rectification](index=26&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) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations[80](index=80&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&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) During the reporting period, the company, its controlling shareholder, and actual controller had no integrity issues - The company, its controlling shareholder, and actual controller had no integrity issues[80](index=80&type=chunk) [XI. Significant Related Party Transactions](index=26&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) This section details significant related party transactions, including guarantees from the controlling shareholder up to **1.5 billion Yuan** (with **667 million Yuan** accepted), unfulfilled performance compensation of **56 million Yuan** from Jianhongda Group, and co-investment in an industry fund - The company accepted joint and several liability guarantees from its controlling shareholder, actual controller Ouyang Shaohong, and their related parties, totaling no more than **1.5 billion Yuan**, with **667 million Yuan** in accepted guarantees as of the end of the reporting period[81](index=81&type=chunk) - Based on Hongxin New Energy's performance commitment fulfillment for **2022, 2023, and 2024**, Jianhongda Group is required to pay **56 million Yuan** in performance compensation to the company; the company has received **2 million Yuan** and is in communication and negotiation for the remainder[82](index=82&type=chunk) - The company co-invested with professional investment institutions to establish an industry fund, with all partners intending to subscribe for **300 million Yuan**; the company, as a limited partner, subscribed for **5 million Yuan**, and Ms. Liao Zhaohui, the company's Vice Chairman, is a related party[82](index=82&type=chunk)[83](index=83&type=chunk) [XII. Significant Contracts and Their Performance](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section outlines the company's significant contracts, including property leases, guarantees for subsidiaries, and major operating contracts for photovoltaic product sales, noting the termination of one framework agreement due to market changes - The company leased out some idle factory buildings and land, with cumulative rental income of **3.64 million Yuan** from various leases during the lease period[84](index=84&type=chunk) - The company leased office premises for a term of five years, with cumulative rent totaling **7.52 million Yuan**[84](index=84&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (Ten Thousand Yuan) | Total Actual Guarantee Balance for Subsidiaries at Period-End (Ten Thousand Yuan) | | :--- | :--- | :--- | | Hongxin New Energy | 2,000 | 6,735.00 | | Honghui New Energy | 21,000 | | | Hongyu Technology | 500 | | | Hongxin Solar | 1,000 | 1,000 | - The company's total guarantee amount accounts for **14.73%** of its net assets[86](index=86&type=chunk) Major Contracts in Ordinary Operations | Company Party to Contract | Counterparty to Contract | Total Contract Amount | Contract Performance Progress | Sales Revenue Recognized in Current Period (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | Hongxin New Energy | Chint New Energy | 15GW total over 3 years, framework contract | Normal performance, partially settled | 10,187.61 | | Hongxin New Energy | Tongwei Co., Ltd | 1,520 million wafers, framework contract | Normal performance, partially settled | 13,391.94 | | Honghui New Energy | Huasheng New Energy | 15GW total over 3 years, framework contract | Normal performance, partially settled | 5,554.83 | | Hongxin New Energy | Yidao New Energy | Approximately 1,360 million wafers, framework contract | Contract terminated, both parties signed a supplementary agreement to terminate the original contract | 0.00 | [XIII. Explanation of Other Significant Matters](index=31&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company diversified its strategic layout by investing in Guangdong Tiantai Robotics Co., Ltd., entering the intelligent robotics sector - The company plans to subscribe for new registered capital in Guangdong Tiantai Robotics Co., Ltd. with an investment not exceeding **100 million Yuan**, entering the intelligent robotics sector[88](index=88&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=31&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) During the reporting period, there were no significant matters of company subsidiaries requiring disclosure - The company has no significant matters of subsidiaries requiring disclosure[89](index=89&type=chunk) [Section VI Share Changes and Shareholder Information](index=32&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [I. Share Changes](index=32&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total shares increased by **1,494,330** due to the exercise of stock options, resulting in a decrease in restricted shares and a corresponding increase in unrestricted shares Share Changes | Item | Number of Shares Before Change (Shares) | Proportion Before Change | Increase/Decrease in Current Change (Shares) | Number of Shares After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 134,595,000 | 23.29% | -9,750 | 134,585,250 | 23.23% | | II. Unrestricted Shares | 443,350,612 | 76.71% | 1,504,080 | 444,854,692 | 76.77% | | III. Total Shares | 577,945,612 | 100.00% | 1,494,330 | 579,439,942 | 100.00% | - The increase in the company's shares during the reporting period was due to the exercise of **1,494,330 shares** by eligible incentive recipients under the company's 2022 stock option incentive plan[92](index=92&type=chunk) - The change in restricted shares was due to changes in senior management restricted shares[92](index=92&type=chunk) [II. Securities Issuance and Listing](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities[96](index=96&type=chunk) [III. Company Shareholder Numbers and Shareholding](index=33&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) This section details the company's shareholder numbers and shareholding at period-end, with **14,552 common shareholders**, and provides information on top shareholders' holdings, changes, restricted shares, pledges, and related party relationships - The total number of common shareholders at the end of the reporting period was **14,552**[97](index=97&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (Shares) | Number of Restricted Shares Held (Shares) | Pledged, Marked, or Frozen Status (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ouyang Shaohong | Domestic Natural Person | 22.78% | 132,000,000 | 132,000,000 | Pledged 97,000,000 | | Hunan Jianxiang Huihong Industrial Investment Co., Ltd | Domestic Non-State-Owned Legal Person | 15.23% | 88,259,100 | 0 | Pledged 88,259,100 | | Guan Haiguo | Domestic Natural Person | 3.50% | 20,265,100 | 0 | Not Applicable 0 | | Zhu Mingchu | Domestic Natural Person | 2.76% | 15,982,995 | 0 | Not Applicable 0 | | Shanghai Yingshui Investment Management Co., Ltd. - Yingshui Xunyang No. 15 Private Securities Investment Fund | Other | 2.23% | 12,896,000 | 0 | Not Applicable 0 | - Ouyang Shaohong directly holds **100%** equity in Hunan Jianxiang Huihong Industrial Investment Co., Ltd.; Zhu Mingchu and his relatives collectively hold **100%** equity in Shanghai Yingshui Investment Management Co., Ltd. - Yingshui Xunyang No. 15 Private Securities Investment Fund; Guan Haiguo, Fu Zhen, and Chen Wenyan are parties acting in concert[97](index=97&type=chunk)[98](index=98&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) This section discloses changes in shareholdings of the company's directors, supervisors, and senior management. During the reporting period, Board Secretary Xia Yu, Vice President Dai Guizhong, and CFO Gao Xianyong all saw decreases in their shareholdings Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (Shares) | Number of Shares Reduced in Current Period (Shares) | Shares Held at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | | Xia Yu | Board Secretary | 790,000 | 180,000 | 610,000 | | Dai Guizhong | Vice President | 297,000 | 72,000 | 225,000 | | Gao Xianyong | Chief Financial Officer | 300,000 | 75,000 | 225,000 | [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, the company's controlling shareholder or actual controller did not change - The company's controlling shareholder did not change during the reporting period[101](index=101&type=chunk) - The company's actual controller did not change during the reporting period[101](index=101&type=chunk) [VI. Preferred Shares Information](index=36&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares information - The company had no preferred shares information[101](index=101&type=chunk) [Section VII Bond-Related Information](index=37&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-Related Information](index=37&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information requiring disclosure - The company had no bond-related information[103](index=103&type=chunk) [Section VIII Financial Report](index=38&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [I. Audit Report](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual financial report has not been audited - The semi-annual report has not been audited[105](index=105&type=chunk) [II. Financial Statements](index=38&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2025, providing a comprehensive view of its financial position and operating results Consolidated Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 3,440,230,661.55 | | Total Liabilities | 2,976,313,010.70 | | Total Owners' Equity Attributable to Parent Company | 525,114,815.04 | | Total Owners' Equity | 463,917,650.85 | Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 456,040,548.07 | | Net Profit | -92,034,899.86 | | Net Profit Attributable to Parent Company Shareholders | -80,886,791.07 | | Basic Earnings Per Share (Yuan/share) | -0.1397 | Consolidated Cash Flow Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -81,992,049.95 | | Net Cash Flow from Investing Activities | -47,022,390.69 | | Net Cash Flow from Financing Activities | 4,707,145.83 | | Net Increase in Cash and Cash Equivalents | -124,160,343.15 | | Cash and Cash Equivalents at Period-End | 65,165,998.64 | [III. Company Basic Information](index=51&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces Hunan Huamin Holdings Group Co., Ltd.'s registration information, historical evolution, business nature, main operating activities, controlling shareholder and actual controller, and the approval and consolidation scope of its financial report - The company's registered address is No. 068 Jinsha West Road, Jinzhou New District, Changsha City, Hunan Province, and its legal representative is Ouyang Shaohong[133](index=133&type=chunk) - The company operates in the photovoltaic industry and metal products industry, with a broad business scope including ferrous metal casting, photovoltaic equipment and component manufacturing, and electronic special material R&D[134](index=134&type=chunk) - The company's controlling shareholder and actual controller is natural person Ouyang Shaohong, who directly and indirectly holds a total of **38.01%** of the company's voting shares[135](index=135&type=chunk) - The company's financial statements were approved for issuance by the Board of Directors on **August 26, 2025**[136](index=136&type=chunk) - The consolidated scope for this reporting period includes 15 subsidiaries, such as Hongxin New Energy and Honghui New Energy[138](index=138&type=chunk) [IV. Basis of Financial Statement Preparation](index=52&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This section states that the company's financial statements are prepared on a going concern basis, adhering to accounting standards and disclosure regulations, using the accrual basis and historical cost, with a confirmed ability to continue operations for the next 12 months - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)" issued by the China Securities Regulatory Commission[139](index=139&type=chunk) - The company's accounting is based on the accrual basis, and, except for certain financial instruments, all items are measured at historical cost[139](index=139&type=chunk) - The company has the ability to continue as a going concern for **12 months** from the end of the reporting period, with no significant matters affecting its going concern ability[140](index=140&type=chunk) [V. Important Accounting Policies and Estimates](index=52&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates for financial statement preparation, covering areas like business combinations, financial instruments, revenue recognition, and R&D expenditures, tailored to its operational characteristics - The financial statements prepared by the company comply with the requirements of enterprise accounting standards and truly and completely reflect the financial position and operating results[143](index=143&type=chunk) - The company's accounting year adopts the calendar year, with a business cycle of **12 months**, and the bookkeeping currency is Renminbi[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[171](index=171&type=chunk) - The company's revenue recognition standard for domestic sales is when goods are delivered and the customer signs or stamps the delivery note; for international sales, it is when goods clear customs and export customs declarations are obtained[259](index=259&type=chunk) - R&D expenditures are divided into research phase expenditures and development phase expenditures; research phase expenditures are recognized in current profit or loss, while development phase expenditures can be recognized as intangible assets if specific conditions are met[233](index=233&type=chunk)[234](index=234&type=chunk) [VI. Taxes](index=87&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section outlines the company's and its subsidiaries' main tax types and rates, including VAT, corporate income tax, and property tax, along with high-tech enterprise and small-profit enterprise tax incentives Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Payable on the balance after deducting input tax from output tax | 13%; 9%; 6%; 3% | | Corporate Income Tax | Payable on taxable income | 15%; 20%; 25% | | Property Tax | Ad valorem: 1.2% of the remaining value after a one-time deduction of 20% or 30% from the original value of the property; Ad rent: 12% of rental income | 1.2%; 12% | - The company and its subsidiary Hunan Hongyu Intelligent Manufacturing Co., Ltd. are recognized as high-tech enterprises and enjoy a **15%** corporate income tax rate[286](index=286&type=chunk) - Subsidiaries such as Hongxin New Energy Technology (Yunnan) Co., Ltd. have main businesses that comply with the encouraged industry catalog for western development, and upon approval, can pay corporate income tax at a reduced rate of **15%**[287](index=287&type=chunk)[288](index=288&type=chunk) - Some subsidiaries qualify as small-profit enterprises and enjoy corporate income tax preferential policies[289](index=289&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=89&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for consolidated financial statement items, including **215 million Yuan** in cash (with **150 million Yuan** restricted), **456 million Yuan** in revenue, **27.28 million Yuan** in R&D, **43.81 million Yuan** in financial expenses, and a **124 million Yuan** net decrease in cash and cash equivalents - At period-end, monetary funds totaled **215 million Yuan**, of which **150 million Yuan** were restricted funds, mainly for letters of credit, acceptance bill margins, and interest[291](index=291&type=chunk)[394](index=394&type=chunk) - At period-end, accounts receivable totaled **112 million Yuan**, with bad debt provisions of **24.74 million Yuan**[303](index=303&type=chunk)[309](index=309&type=chunk) - At period-end, inventory totaled **172 million Yuan**, with inventory impairment provisions of **11.47 million Yuan**[339](index=339&type=chunk)[341](index=341&type=chunk) - At period-end, the book value of fixed assets was **2.28 billion Yuan**, including **1.42 billion Yuan** for buildings and structures and **844 million Yuan** for machinery and equipment[358](index=358&type=chunk) - At period-end, long-term payables totaled **1.65 billion Yuan**, mainly including **1.22 billion Yuan** for assets to be repurchased and **102 million Yuan** for monocrystalline furnace purchases[426](index=426&type=chunk)[428](index=428&type=chunk)[429](index=429&type=chunk) - Current period operating revenue was **456 million Yuan**, operating cost was **454 million Yuan**, with photovoltaic product revenue of **375 million Yuan** and wear-resistant product revenue of **48.65 million Yuan**[444](index=444&type=chunk)[445](index=445&type=chunk) - Current period R&D investment was **27.28 million Yuan**, a **34.65% year-on-year increase**, primarily due to increased R&D investment in the photovoltaic business[33](index=33&type=chunk)[453](index=453&type=chunk) - Current period financial expenses were **43.81 million Yuan**, a **140.46% year-on-year increase**, mainly due to increased bank loan interest expenses and increased amortization of unrecognized financing expenses for government-built assets[33](index=33&type=chunk)[455](index=455&type=chunk) - Net cash flow from operating activities for the current period was **-81.99 million Yuan**, net cash flow from investing activities was **-47.02 million Yuan**, and net cash flow from financing activities was **4.71 million Yuan**, resulting in a net increase in cash and cash equivalents of **-124 million Yuan**[117](index=117&type=chunk)[118](index=118&type=chunk) [VIII. Research and Development Expenses](index=124&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the company's R&D expenditure composition for the reporting period, primarily including direct materials, labor costs, depreciation and amortization, and other expenses. Total R&D expenditure for the current period was **27.28 million Yuan**, all expensed, and increased from the prior year, mainly due to increased R&D investment in the photovoltaic business R&D Expenditure Composition | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Direct Materials | 21,557,544.51 | 12,421,476.18 | | Labor Costs | 5,439,053.11 | 6,975,860.90 | | Depreciation and Amortization | 192,435.71 | 683,686.29 | | Other | 90,302.12 | 178,858.60 | | **Total** | **27,279,335.45** | **20,259,881.97** | - All R&D expenditures for the current period were expensed[490](index=490&type=chunk) - R&D investment for the current period increased by **34.65%** compared to the same period last year, mainly due to increased R&D investment in the photovoltaic business[33](index=33&type=chunk) [IX. Changes in Consolidation Scope](index=125&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company experienced no significant transactions or events that altered its consolidation scope due to business combinations, reverse acquisitions, or subsidiary disposals - The company had no business combinations under non-common control during the reporting period[492](index=492&type=chunk) - The company had no business combinations under common control during the reporting period[492](index=492&type=chunk) - The company had no reverse acquisitions during the reporting period[493](index=493&type=chunk) - The company had no transactions or events resulting in loss of control over subsidiaries during the reporting period[493](index=493&type=chunk) [X. Interests in Other Entities](index=126&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in its 15 subsidiaries, including key financial information for significant non-wholly owned subsidiaries like Hongxin New Energy and Honghui New Energy, with minority interests of **10.13%** and **30.00%** respectively - The company owns **15** subsidiaries, with main operating and registered locations concentrated in Dali Bai Autonomous Prefecture, Xuancheng City, Changsha City, Xingtai City, Panzhihua City, Yiyang City, and other places[138](index=138&type=chunk)[494](index=494&type=chunk) Financial Information of Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Profit/Loss Attributable to Minority Shareholders in Current Period (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Hongxin New Energy | 10.13% | -6,350,762.49 | -75,295,934.28 | | Honghui New Energy | 30.00% | -4,685,097.32 | 12,394,888.74 | Key Financial Information of Important Non-Wholly Owned Subsidiaries (Current Period) | Subsidiary Name | Operating Revenue (Yuan) | Net Profit (Yuan) | Cash Flow from Operating Activities (Yuan) | | :--- | :--- | :--- | :--- | | Hongxin New Energy | 372,760,520.63 | -59,248,884.89 | -6,365,715.70 | | Honghui New Energy | 29,223,009.84 | -14,032,484.69 | -11,528,304.66 | [XI. Government Grants](index=130&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the company's government grants for the reporting period, including deferred income government grant projects and their changes, as well as government grant amounts recognized in current profit or loss. The company received **7.92 million Yuan** in new government grants this period, primarily asset-related, which are recognized in profit or loss over the useful life of the related assets Liability Items Involving Government Grants (Deferred Income) | Account Title | Balance at Beginning of Period (Yuan) | New Grant Amount in Current Period (Yuan) | Amount Recognized in Other Income in Current Period (Yuan) | Balance at End of Period (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 8,626,325.74 | 7,917,400.00 | 1,133,290.88 | 15,410,434.86 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account Title | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Asset-related Government Grants | 1,133,290.88 | 424,570.20 | | Income-related Government Grants | 367,100.00 | 629,600.00 | | **Total** | **1,500,390.88** | **1,054,170.20** | [XII. Risks Related to Financial Instruments](index=131&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section analyzes the company's market risk (exchange rate risk, interest rate risk, other price risks), credit risk, and liquidity risk. The company primarily faces USD exchange rate risk but has not taken measures to hedge it. Interest rate risk mainly arises from fixed-rate debt and is minimal. Credit risk from financial assets is managed through credit risk assessment and expected credit loss models. Liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring bank loan utilization - The company primarily faces USD exchange rate risk but has not taken any measures to hedge it; a **1%** appreciation of RMB against USD impacts profit and shareholder equity by **130,028.75 Yuan**, while a **1%** depreciation impacts it by **-130,028.75 Yuan**[505](index=505&type=chunk)[507](index=507&type=chunk) - The company's interest rate risk mainly arises from interest-bearing debts such as bank borrowings, primarily fixed-rate contracts denominated in RMB, so interest rate fluctuation risk is very small[507](index=507&type=chunk) - Credit risk primarily arises from financial assets recognized by the company, managed by assessing whether credit risk has increased since initial recognition and determining the basis for credit impairment of financial assets[509](index=509&type=chunk)[510](index=510&type=chunk) - Liquidity risk is managed by maintaining and monitoring what management considers sufficient cash and cash equivalents; as of **June 30, 2025**, the company had **208 million Yuan** in unused bank credit lines[511](index=511&type=chunk) Analysis of Financial Liabilities by Undiscounted Remaining Contractual Obligations at Period-End | Item | Within 1 Year (Yuan) | 1-2 Years (Yuan) | 2-3 Years (Yuan) | Over 3 Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings (incl. interest) | 408,487,970.46 | | | | 408,487,970.46 | | Notes Payable | 150,258,857.94 | | | | 150,258,857.94 | | Long-Term Payables (incl. interest) | | 183,778,503.21 | 133,030,088.72 | 1,451,483,112.40 | 1,768,291,704.33 | [XIII. Disclosure of Fair Value](index=134&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the company's assets and liabilities measured at fair value at period-end. The company's total assets continuously measured at fair value amounted to **5.77 million Yuan**, primarily other debt investments, measured using Level 3 fair value. For accounts receivable financing, investment cost is used as the best estimate of fair value when active market quotes are unavailable Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | (I) Other Debt Investments | 5,768,720.15 | 5,768,720.15 | | **Total Assets Continuously Measured at Fair Value** | **5,768,720.15** | **5,768,720.15** | | **Total Liabilities Continuously Measured at Fair Value** | | **0.00** | - Accounts receivable financing consists of bank acceptance bills; in the absence of an active market, or when fair value estimation information is unavailable, the investme

苏州英华特涡旋技术股份有限公司 2025 年半年度报告全文 苏州英华特涡旋技术股份有限公司 2025 年半年度报告 2025 年 8 月 1 苏州英华特涡旋技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈毅敏、主管会计工作负责人黄勇及会计机构负责人(会计主 管人员)黄勇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划等前瞻性描述，均不构成本公司对任何投资 者的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异。 本公司敬请投资者认真阅读本报告，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"的部分，描述了公司未来经 营可能面临的主要风险及应对措施，敬请广大投资者注意风险。 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 | ਨੇਟ | | --- | | 第二 ...

First Section: Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors and senior management affirm the truthfulness, accuracy, and completeness of the semi-annual report, taking legal responsibility, and plan no cash dividends, bonus shares, or capital reserve conversions - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[5](index=5&type=chunk) - The company plans **not to distribute cash dividends**, bonus shares, or convert capital reserves into share capital[7](index=7&type=chunk) - The company must comply with the disclosure requirements for "LED Industry Chain Related Businesses" under the Shenzhen Stock Exchange Self-Regulatory Guidelines No. 4 for Listed Companies on the ChiNext Board[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 for this reporting period include signed financial statements, publicly disclosed company documents, and the chairman's signed semi-annual report, all available at the company's board of directors' office - Reference documents include signed and sealed financial statements, original publicly disclosed documents on designated websites, and the chairman's signed semi-annual report[12](index=12&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk) - Reference documents are kept at the company's board of directors' office[15](index=15&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides clear definitions for common terms used in the report, including company names, key subsidiaries, business technologies, units of measurement, and regulatory bodies Key Definitions | Term | Definition | | :--- | :--- | | Company, This Company, Changfang Group | Shenzhen Changfang Group Co., Ltd. | | Kangmingsheng | Changfang Group Kangmingsheng (Shenzhen) Technology Co., Ltd. | | LED | Abbreviation for Light Emitting Diode | | Mini LED | LED device with chip size between 50~200μm | | Reporting Period | January 1, 2025 to June 30, 2025 | Second Section: Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company's stock abbreviation is "Changfang ST", stock code 300301, listed on the Shenzhen Stock Exchange, with Shenzhen Changfang Group Co., Ltd. as its full Chinese name and Wu Taoxiang as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Changfang ST | | Stock Code | 300301 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Changfang Group Co., Ltd. | | Legal Representative | Wu Taoxiang | [II. Contact Person and Contact Information](index=6&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 Wu Taoxiang and the Securities Affairs Representative is Jiang Meixiu, both sharing the same contact address, phone, and fax numbers, with distinct email addresses Company Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wu Taoxiang | 221 Renmin Road, Fucheng Street, Longhua District, Shenzhen, Guangdong Province | 0755-82828966 | wtx@cfled.com | | Securities Affairs Representative | Jiang Meixiu | 221 Renmin Road, Fucheng Street, Longhua District, Shenzhen, Guangdong Province | 0755-82828966 | ir@cfled.com | [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, the company's registered and office addresses changed, with the new registered address in Pingshan District, Shenzhen, and the semi-annual report disclosed via Securities Times and Cninfo - The company's registered address has changed to the first floor of Changfang Group Headquarters Building, Zhukeng Community, Longtian Street, Pingshan District, Shenzhen, with industrial and commercial change registration completed on **May 23, 2025**[21](index=21&type=chunk)[24](index=24&type=chunk) - The company's semi-annual report is disclosed through Securities Times and Cninfo (www.cninfo.com.cn)[23](index=23&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&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) The company's operating revenue decreased by **21.14%** year-over-year, with net profit attributable to shareholders significantly declining by **178.89%**, primarily due to accounting policy changes and operational pressures Key Accounting Data and Financial Indicators (Year-over-Year Change) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Adjusted, Yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 212,996,906.59 | 270,082,507.18 | -21.14% | | Net Profit Attributable to Shareholders of Listed Company | -54,153,881.11 | -19,417,925.87 | -178.89% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -57,553,088.47 | -31,176,493.48 | -84.60% | | Net Cash Flow from Operating Activities | -21,931,162.18 | -9,893,984.57 | -121.66% | | Basic Earnings Per Share (Yuan/share) | -0.0653 | -0.0246 | -165.45% | | Weighted Average Return on Net Assets | -26.12% | -46.37% | 20.25% | | **Period-End Indicators** | **Current Period-End (Yuan)** | **Prior Year-End (Adjusted, Yuan)** | **Change from Prior Year-End (%)** | | Total Assets | 899,757,832.70 | 1,007,373,471.57 | -10.68% | | Net Assets Attributable to Shareholders of Listed Company | 191,495,820.39 | 234,414,952.78 | -18.31% | - The company changed the measurement model for investment properties from the cost model to the fair value model, applying retrospective adjustment to more objectively reflect fair value and enhance financial information accuracy[25](index=25&type=chunk)[26](index=26&type=chunk) [V. Differences in Accounting Data Under Domestic and Overseas 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) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[27](index=27&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[28](index=28&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=8&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) The company's total non-recurring gains and losses for this reporting period amounted to **3,399,207.36 Yuan**, primarily from disposal gains/losses of non-current assets and government subsidies recognized in current profit or loss Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 133,277.43 | | Government subsidies recognized in current profit or loss (excluding government subsidies closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 3,246,015.43 | | Other non-operating income and expenses apart from the above items | 21,741.48 | | Impact of minority interests (after tax) | 1,826.98 | | Total | 3,399,207.36 | Third Section: Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, financial performance, core competencies, and the risks it faces during the reporting period [I. Main Business Activities of the Company During the Reporting Period](index=9&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) During the reporting period, the LED lighting industry's recovery slowed, with orders shifting to emerging markets due to US tariff policies, impacting the company's revenue and net profit across its diverse product portfolio - In the first half of 2025, the LED lighting industry's recovery slowed, with US tariff policies causing domestic enterprise orders to shift to emerging markets such as Southeast Asia, Europe, and Africa[32](index=32&type=chunk) - The company primarily engages in the research, design, production, and sales of LED off-grid lighting, emergency lighting, electric fans, portable energy storage products, and LED lighting source devices[33](index=33&type=chunk) - During the reporting period, the company's operating revenue decreased by **21.14%** year-over-year, and net profit attributable to shareholders decreased by **178.89%**, primarily due to industry competition, tariff policies, and share-based payment expenses[56](index=56&type=chunk) [(I) Industry Overview](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In the first half of 2025, the LED lighting industry experienced a slow recovery, with US tariff policies redirecting orders to emerging markets, while high-value segments like automotive LED and Mini-LED backlighting saw growth amidst a "volume and price decline" in the downstream mobile lighting replacement market - The LED lighting industry's recovery slowed, with US tariff policies causing domestic enterprise orders to shift to Southeast Asia, Europe, and Africa[32](index=32&type=chunk) - Demand in the midstream packaging market is regionally differentiated, with emerging markets rising and high-value segments like automotive LED and Mini-LED backlighting showing significant results[32](index=32&type=chunk) - The downstream mobile lighting market is seeing accelerated penetration of LED smart lighting, but the existing replacement market is experiencing a "volume and price decline" trend[32](index=32&type=chunk) [(II) Company's Industry Position](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) The company is dedicated to the LED lighting sector, extending its business from packaging to off-grid lighting applications, with its subsidiary Kangmingsheng leading the industry in off-grid and smart lighting, possessing independent intellectual property and a global sales network - The company's business extends from white LED packaging for lighting to downstream off-grid lighting application fields[33](index=33&type=chunk) - The controlling subsidiary Kangmingsheng highly focuses on off-grid lighting business and has expanded into smart lighting and off-grid home appliance businesses, possessing independent intellectual property rights and holding a leading position in the industry[33](index=33&type=chunk) [(III) Company's Main Business](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business involves the R&D, production, and sales of LED off-grid lighting, emergency lighting, electric fans, portable energy storage products, and LED lighting source devices, widely used in daily life, work, outdoor activities, and emergency relief - The company primarily engages in the research, design, production, and sales of LED off-grid lighting, emergency lighting, electric fans, portable energy storage products, and other electronic products, as well as LED lighting source devices[33](index=33&type=chunk) - Lighting and other electronic products are widely used in daily life, production operations, outdoor leisure, fire protection, and emergency relief scenarios[33](index=33&type=chunk) [(IV) Main Products and Uses](index=9&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) Kangmingsheng's main products include off-grid lighting, home appliances, and portable energy storage, while Jiangxi Changfang focuses on SMD LED light sources for various applications, actively developing high-efficiency and plant lighting products - Kangmingsheng's main products include off-grid lighting (LED headlamps, flashlights, portable searchlights, emergency lights), off-grid home appliances (electric mosquito swatters, emergency fans, desk lamps), portable energy storage products, and general lighting products[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - Jiangxi Changfang's main products are SMD patch-type LED light source products, covering mainstream packaging fields such as PPA, PCT, and EMC, widely used in lighting, display, and indicator electronics, and actively developing high-efficiency, high-CRI, and plant lighting products[44](index=44&type=chunk)[45](index=45&type=chunk) [(V) Main Business Models](index=13&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) Kangmingsheng employs a sales model primarily through distributors, supplemented by ODM and e-commerce, with a combined "planned production" and "order-based production" approach, while Jiangxi Changfang focuses on "order-based production" for its sales via distributors, direct sales, and OEM/ODM - Kangmingsheng's sales model is primarily distributor-based, supplemented by ODM and e-commerce, covering both domestic and international sales; procurement is managed by the procurement department with assistance from quality and R&D; production combines "planned production" and "order-based production"; R&D is collaborative among product, R&D, and brand centers[46](index=46&type=chunk)[47](index=47&type=chunk)[50](index=50&type=chunk)[52](index=52&type=chunk) - Jiangxi Changfang's sales model includes distributors, direct sales, and OEM/ODM; its procurement model combines planned and order-based procurement; and its production model is primarily "order-based production" supplemented by "replenishment production"[54](index=54&type=chunk)[55](index=55&type=chunk) - Kangmingsheng's profitability model is primarily based on the research, development, production, and sales of LED mobile lighting application products, continuously launching new products to meet customer needs and establishing an extensive dealer network[54](index=54&type=chunk) [(VI) Main Performance Drivers](index=15&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) During the reporting period, the company's operating revenue and net profit significantly declined due to slow domestic demand, squeezed market share in Southeast Asia, intense domestic competition, and increased share-based payment expenses 2025 Semi-Annual Performance Overview | Indicator | Amount (10,000 Yuan) | Year-over-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 21,299.69 | -21.14% | | Net Profit Attributable to Shareholders of Listed Company | -5,415.39 | -178.89% | | Net Profit After Non-Recurring Gains/Losses | -5,755.31 | -84.60% | - Key drivers for performance decline include slow growth in domestic demand due to the "trade-in" policy, squeezed market share in Southeast Asia due to tariff policy adjustments and peer competition, intense competition in the domestic lighting industry, and increased share-based payment expenses[56](index=56&type=chunk)[57](index=57&type=chunk) - The company plans to enhance operational efficiency by deepening cost control, strengthening inventory turnover management, optimizing production management systems, increasing R&D investment in new products, boosting e-commerce channel investment, and implementing diversified sales channels[57](index=57&type=chunk) [II. Core Competitiveness Analysis](index=16&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) Leveraging years of experience in LED lighting, the company has developed four core competitive advantages: R&D innovation, large-scale manufacturing, extensive sales channels, and a rich product structure with strong brand recognition - The company possesses R&D innovation advantages, with its controlling subsidiary Kangmingsheng having a forward-looking R&D and design team that has won multiple design awards, including Germany's Red Dot and IF[58](index=58&type=chunk) - The company boasts a scale advantage, encompassing a comprehensive manufacturing system including design, R&D, molds, injection molding, and production; Kangmingsheng operates a modern production base in Jiangxi with the industry's largest production lines and cost control advantages[58](index=58&type=chunk) - The company has established a comprehensive, multi-dimensional sales network both domestically and internationally, covering online and offline channels, demonstrating extensive channel advantages[59](index=59&type=chunk) - The company offers a rich product structure, with its off-grid lighting business covering ten series and over 500 products, and owns multiple proprietary brands such as "Kangmingsheng," "VAVOFO," "Duolangda," and "KAMISAFE," enhancing its brand effect[59](index=59&type=chunk) [III. Main Business Analysis](index=16&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) During this reporting period, the company's main business operating revenue decreased by **21.14%**, with operating costs down **18.00%**, leading to a decline in gross profit margin, while management expenses increased by **28.24%** due to share-based payments Key Financial Data Year-over-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-over-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 212,996,906.59 | 270,082,507.18 | -21.14% | | | Operating Cost | 162,501,023.88 | 198,174,509.54 | -18.00% | | | Selling Expenses | 19,184,597.61 | 17,283,121.57 | 11.00% | | | Administrative Expenses | 42,000,175.92 | 32,752,234.34 | 28.24% | Primarily due to increased share-based payments during the reporting period | | Net Cash Flow from Operating Activities | -21,931,162.18 | -9,893,984.57 | -121.66% | Decrease in cash received from sales of goods and services, and increase in cash paid for other operating activities | | Asset Impairment Losses | -10,032,389.70 | -5,764,880.23 | -74.03% | Primarily due to provision for inventory depreciation during the reporting period | Segmented Product or Service Performance | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | Year-over-Year Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Industrial | 202,044,896.77 | 158,593,786.53 | 21.51% | -21.89% | | SMD LED (including high-power) | 15,665,034.87 | 18,395,743.65 | -17.43% | -44.52% | | Mobile Lighting Application Products and Other Electronic Products | 186,379,861.90 | 140,198,042.88 | 24.78% | -19.12% | Regional Sales Performance | Region | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | Year-over-Year Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Domestic | 79,343,145.75 | 58,051,261.28 | 26.84% | -40.61% | | International | 122,701,751.02 | 100,542,525.25 | 18.06% | -1.88% | Sales Performance by Sales Model | Sales Model Category | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue (%) | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue (%) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | LED Product Distribution | 74,260,752.24 | 36.75% | 139,903,332.42 | 54.09% | -46.92% | | LED Product Direct Sales | 127,784,144.53 | 63.25% | 118,759,981.58 | 45.91% | 7.60% | [IV. Non-Main Business Analysis](index=18&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-main business activities negatively impacted total profit this reporting period, primarily due to asset impairment losses (inventory depreciation) and credit impairment losses (accounts receivable), partially offset by government subsidies and asset disposal gains Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit (%) | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Asset Impairment | -10,032,389.70 | 18.41% | Primarily due to provision for inventory depreciation | No | | Credit Impairment Losses | -2,089,696.64 | 3.84% | Primarily due to provision for accounts receivable credit risk impairment losses | No | | Other Income | 3,274,700.72 | -6.01% | Primarily from government subsidies | No | | Gains from Asset Disposal | 133,277.43 | -0.24% | Primarily due to gains from disposal of fixed assets during the reporting period | No | [V. Analysis of Assets and Liabilities](index=18&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, the company's total assets and net assets attributable to shareholders both decreased, with a notable portion of assets, including cash, fixed assets, intangible assets, and investment properties, being restricted due to pledges or legal freezes Significant Changes in Asset Composition (Period-End Comparison) | Item | Current Period-End Amount (Yuan) | Proportion of Total Assets (%) | Prior Year-End Amount (Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 14,939,068.86 | 1.66% | 74,977,187.81 | 7.44% | -5.78% | | Inventories | 72,270,138.90 | 8.03% | 87,823,965.42 | 8.72% | -0.69% | | Investment Properties | 299,100,000.00 | 33.24% | 299,100,000.00 | 29.69% | 3.55% | | Fixed Assets | 274,822,130.64 | 30.54% | 288,321,231.28 | 28.62% | 1.92% | | Contract Liabilities | 1,108,328.90 | 0.12% | 4,744,173.74 | 0.47% | -0.35% | Asset Rights Restricted as of the End of the Reporting Period | Item | Carrying Amount (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 562,511.24 | Bank bill deposits, litigation freeze | | Fixed Assets | 133,571,197.95 | Loan collateral | | Intangible Assets | 22,691,934.95 | Loan collateral | | Investment Properties | 299,100,000.00 | Loan collateral, litigation freeze | | Total | 455,925,644.14 | | [VI. Investment Analysis](index=20&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) During the reporting period, the company did not engage in any significant equity investments, non-equity investments, wealth management, derivative investments, or entrusted loans, nor did it utilize any raised funds - The company had no use of raised funds during the reporting period[72](index=72&type=chunk) - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) [VII. Major Asset and Equity Sales](index=20&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) During the reporting period, the company did not sell any major assets or equity - The company did not sell any major assets during the reporting period[76](index=76&type=chunk) - The company did not sell any major equity during the reporting period[77](index=77&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=21&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) The company's main holding subsidiaries, Kangmingsheng and Jiangxi Changfang, both manufacturing entities, reported losses during the reporting period, with Kangmingsheng's net profit at **-25.35 million Yuan** and Jiangxi Changfang's at **-11.71 million Yuan** Major Subsidiary Financial Overview | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kangmingsheng | Subsidiary | Manufacturing | 107,476,000.00 | 438,631,305.41 | 174,628,177.37 | 188,499,456.18 | -25,595,070.75 | -25,351,448.98 | | Jiangxi Changfang | Subsidiary | Manufacturing | 312,244,900.00 | 20,916,898.15 | -61,402,164.93 | 16,459,152.23 | -11,763,853.04 | -11,713,853.04 | [IX. Information on Structured Entities Controlled by the Company](index=21&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) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[79](index=79&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=21&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 including intensified market competition, talent loss, liquidity issues, rising raw material and labor costs, foreign exchange rate fluctuations, and new product development challenges, which it plans to address through various strategic measures - The company faces risks such as intensified market competition, talent loss, liquidity, rising raw material prices and labor costs, foreign exchange rate fluctuations, and new product development[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - Countermeasures include strengthening core competitive advantages, enhancing customer cooperation, integrating upstream and downstream resources, optimizing human resource allocation, revitalizing existing assets, reinforcing cost control, closely monitoring exchange rates, and increasing market research and R&D investment[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - To attract and retain talent, the company implemented an equity incentive plan in **2024**[79](index=79&type=chunk) [XI. Registration Form for Investor Relations Activities During the Reporting Period](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) On **April 14, 2025**, the company hosted an online performance briefing for all investors to discuss its **2024** annual results Investor Relations Activities During the Reporting Period | Reception Time | Reception Venue | Reception Method | Type of Reception Object | Main Content Discussed | | :--- | :--- | :--- | :--- | :--- | | April 14, 2025 | Value Online (https://www.ir-online.cn/) online interaction | Online platform communication | Other (all investors participating in the company's 2024 annual performance briefing online) | 2024 Annual Performance Briefing | [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=%E5%8D%81%E4%BA%8C%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 not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[83](index=83&type=chunk) - The company has not disclosed a valuation enhancement plan[83](index=83&type=chunk) [XIII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=22&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%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 has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[83](index=83&type=chunk) Fourth Section: Corporate Governance, Environment, and Society This section details the company's corporate governance structure, environmental disclosures, and social responsibility initiatives during the reporting period [I. Changes in Directors, Supervisors, and Senior Management of the Company](index=23&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) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, consistent with the **2024** annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[85](index=85&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During This Reporting Period](index=23&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 not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[86](index=86&type=chunk) [III. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&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) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[87](index=87&type=chunk) [IV. Environmental Information Disclosure](index=23&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) Neither the company nor its major subsidiaries were included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[88](index=88&type=chunk) [V. Social Responsibility](index=23&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 upholds legal and ethical operations, actively fulfilling its social responsibilities by protecting shareholder, employee, and customer rights, prioritizing environmental protection, and engaging in public welfare initiatives - The company protects shareholder rights by establishing a sound corporate governance structure and ensuring timely and accurate information disclosure[88](index=88&type=chunk) - The company protects employees' legitimate rights and promotes mutual growth by improving employment systems, establishing incentive mechanisms, and providing training[88](index=88&type=chunk) - The company selects suppliers based on fair principles and provides high-quality products and services to customers, safeguarding the rights of both suppliers and customers[89](index=89&type=chunk) - The company places high importance on environmental protection, adhering to green, low-carbon, and environmentally friendly principles, optimizing production processes, and enhancing employees' environmental awareness[89](index=89&type=chunk) - The company actively participates in social welfare activities, serving and giving back to society[90](index=90&type=chunk) Fifth Section: Significant Matters This section covers significant events including unfulfilled commitments, related party transactions, litigation, penalties, and other material developments affecting the company [I. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties](index=25&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%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, several commitments made by Kangmingsheng's transaction counterparties, including Li Dichu, Li Yinghong, and Nie Wei, regarding avoiding horizontal competition, standardizing related-party transactions, increasing shareholdings, and recovering accounts receivable, remained overdue and unfulfilled due to alleged criminal activities by the committed parties - Kangmingsheng's transaction counterparties, Li Dichu, Li Yinghong, and Nie Wei, have overdue and unfulfilled commitments regarding avoiding horizontal competition and standardizing related-party transactions, as the committed parties are suspected of criminal offenses[92](index=92&type=chunk) - Kangmingsheng's transaction counterparties' commitment to increase shareholdings by no less than **330 million Yuan** remains unfulfilled, and the transaction consideration has not been fully paid, with the committed parties suspected of criminal offenses[94](index=94&type=chunk) - Li Dichu and Nie Wei's commitment to recover no less than **90%** of Kangmingsheng's accounts receivable is overdue and unfulfilled, as the committed parties are suspected of criminal offenses[94](index=94&type=chunk) - The company has reported the case to the public security authorities and will, based on the judicial outcome, pursue litigation or other means to compel the counterparties to fulfill their commitments or compensate the company for losses[94](index=94&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company](index=26&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) During the reporting period, the company had no instances of non-operating funds being occupied by controlling shareholders or other related parties - The company had no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company during the reporting period[95](index=95&type=chunk) [III. Irregular External Guarantees](index=26&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) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[97](index=97&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=27&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[98](index=98&type=chunk) [V. Explanations by the Board of Directors and Audit Committee Regarding "Non-Standard Audit Reports" for This Reporting Period](index=27&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report for this reporting period - The company did not have a non-standard audit report for this reporting period[99](index=99&type=chunk) [VI. Explanations by the Board of Directors Regarding "Non-Standard Audit Reports" for the Previous Year](index=27&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%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report for the previous year - The company did not have a non-standard audit report for the previous year[99](index=99&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=27&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) During the reporting period, the company had no bankruptcy and reorganization related matters - The company had no bankruptcy and reorganization related matters during the reporting period[99](index=99&type=chunk) [VIII. Litigation Matters](index=27&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company and its subsidiaries are involved in multiple significant lawsuits, including service payment disputes, sales contract disputes, shareholder liability for harming company creditors, and lease contract disputes, with amounts ranging from millions to over a hundred million Yuan, some in execution, awaiting retrial, or still under review Overview of Major Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (10,000 Yuan) | Litigation (Arbitration) Progress | | :--- | :--- | :--- | | Lawsuit against a Shenzhen company and a Puning company for unpaid service fees (June 20, 2020) | 1,897 | The court has resumed enforcement proceedings and is currently executing. | | Sales contract lawsuit against a Shenzhen electronics company (January 13, 2022) | 983.04 | The counterparty has no other assets available for enforcement; the company has filed to add the counterparty's two shareholders as respondents for enforcement, which is currently underway. | | Deng Zichang, Deng Ziquan shareholder liability dispute for harming company creditors (March 5, 2024) | 3,985.26 | The court has ruled to withdraw the lawsuit, and the case is closed. | | Lawsuit against a Shenzhen company and a Puning company for unpaid service fees (April 24, 2024) | 6,932.72 | The court has rendered a first-instance judgment; the company appealed the dismissed claims, the second instance upheld the original judgment, and the court subsequently ruled to initiate a retrial, awaiting judgment. | | Deng Zichang, Deng Ziquan liability dispute for harming company creditors (February 21, 2025) | 10,336.23 | As of the disclosure date of this report, the case has not yet been heard. | | Lease contract dispute between a Shenzhen company and Kangmingsheng (March 13, 2025) | 2,246.67 | As of the disclosure date of this report, the case is still under review. | [IX. Penalties and Rectification Measures](index=29&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 was warned and fined **4 million Yuan** by the Shenzhen Securities Regulatory Bureau and publicly condemned by the Shenzhen Stock Exchange for its controlling subsidiary Kangmingsheng's inflated profits and accounts receivable, leading to false statements in its **2020** and **2021** annual reports Company and Related Personnel Penalties | Name/Individual | Type | Reason | Type of Investigation/Penalty | Conclusion | | :--- | :--- | :--- | :--- | :--- | | Changfang Group | Other | Controlling subsidiary Kangmingsheng inflated profits and accounts receivable, leading to false statements in annual reports | Investigation or administrative penalty by China Securities Regulatory Commission, public condemnation by stock exchange | Shenzhen Securities Regulatory Bureau issued a warning and a fine of 4 million Yuan; Shenzhen Stock Exchange issued a public condemnation. | | Liu Zhigang | Director | Same as above | Same as above | Shenzhen Securities Regulatory Bureau issued a warning and a fine of 1.5 million Yuan; Shenzhen Stock Exchange issued a public condemnation. | | Jiang Wei | Director, Senior Management | Same as above | Same as above | Shenzhen Securities Regulatory Bureau issued a warning and a fine of 1.5 million Yuan; Shenzhen Stock Exchange issued a public condemnation. | | Jiangxi Kangmingsheng | Other | Product quality issues | Other | Gao'an City Market Supervision Administration decided to fine Jiangxi Kangmingsheng 7,262.4 Yuan and confiscate illegal gains of 1,737.6 Yuan. | [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=30&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) During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled court judgments or significant overdue debts - The company had no unfulfilled court judgments or significant overdue debts during the reporting period[109](index=109&type=chunk) [XI. Major Related Party Transactions](index=30&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) During the reporting period, the company did not engage in any related party transactions concerning daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[109](index=109&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[110](index=110&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[112](index=112&type=chunk) [XII. Major Contracts and Their Performance](index=31&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment or contracting arrangements; as a lessor, its rental income primarily came from Shenzhen Changfang Industrial Park, totaling **9,057,373.08 Yuan**, while as a lessee, its rental costs were mainly from Fukang Industrial Park, amounting to **2,901,421.70 Yuan** - The company had no entrustment or contracting arrangements during the reporting period[116](index=116&type=chunk)[117](index=117&type=chunk) Leasing Situation (as Lessor) | Lessee Name | Type of Leased Asset | 2025 January-June Income (Yuan) | 2024 January-June Income (Yuan) | | :--- | :--- | :--- | :--- | | Lease Customer 1 | Shenzhen Changfang Industrial Park | 9,057,373.08 | 8,626,069.60 | | Total | | 9,057,373.08 | 8,626,069.60 | Leasing Situation (as Lessee) | Lessor Name | Type of Leased Asset | 2025 January-June Cost (Yuan) | 2024 January-June Cost (Yuan) | | :--- | :--- | :--- | :--- | | Lessor 1 | Fukang Industrial Park | 2,901,421.70 | 4,201,953.04 | | Total | | 2,901,421.70 | 4,201,953.04 | Company Guarantee Total | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total approved guarantee limit at period-end | 60,000 | | Total actual guarantee balance at period-end | 3,000 | | Proportion of actual guarantee total to company's net assets | 15.67% | | Debt guarantee balance provided directly or indirectly to guaranteed parties with asset-liability ratio exceeding 70% | 1,500 | [XIII. Explanation of Other Significant Matters](index=35&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company's stock trading was subject to other risk warnings starting **January 13, 2025**, due to its controlling subsidiary Kangmingsheng's inflated profits and accounts receivable, which resulted in false statements in the **2020** and **2021** annual reports - The company's stock trading was subject to other risk warnings starting **January 13, 2025**, due to its controlling subsidiary Kangmingsheng's inflated profits and accounts receivable, which resulted in false statements in the **2020** and **2021** annual reports[127](index=127&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=35&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company's controlling subsidiary Kangmingsheng is under investigation by the China Securities Regulatory Commission for allegedly obstructing supervision, with related personnel fined, and its former management team is under police investigation for suspected concealment and destruction of accounting documents - Controlling subsidiary Kangmingsheng is under investigation by the China Securities Regulatory Commission for allegedly refusing and obstructing the lawful performance of supervisory inspection duties by securities regulatory authorities, with relevant responsible persons fined[128](index=128&type=chunk) - Some members of Kangmingsheng's former management team are under police investigation for suspected concealment and intentional destruction of accounting vouchers and other related cases, with the investigation ongoing[128](index=128&type=chunk) Sixth Section: Changes in Shares and Shareholder Information This section outlines changes in the company's share capital, shareholder structure, and the holdings of directors, supervisors, and senior management [I. Changes in Shares](index=36&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged, with the number and proportion of restricted and unrestricted shares also stable Changes in Shares | Category | Number of Shares Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (＋,－) | Number of Shares After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 39,992,050 | 4.82% | 0 | 39,992,050 | 4.82% | | II. Unrestricted Shares | 789,876,719 | 95.18% | 0 | 789,876,719 | 95.18% | | III. Total Shares | 829,868,769 | 100.00% | 0 | 829,868,769 | 100.00% | - During the reporting period, the company's total share capital, restricted shares, and unrestricted shares all remained unchanged[132](index=132&type=chunk) [II. Issuance and Listing of Securities](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) During the reporting period, the company had no issuance or listing of securities - The company had no issuance or listing of securities during the reporting period[132](index=132&type=chunk) [III. Company Shareholder Numbers and Shareholding Structure](index=37&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **19,117** common shareholders, with Nanchang Xinwang Capital Enterprise (Limited Partnership) as the largest shareholder holding **7.14%**; among the top ten shareholders, Li Dichu's **20,974,776** shares were frozen - As of the end of the reporting period, the total number of common shareholders was **19,117**[134](index=134&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Pledge, Mark, or Freeze Status (Share Status / Number) | | :--- | :--- | :--- | :--- | :--- | | Nanchang Xinwang Capital Enterprise (Limited Partnership) | Domestic Non-State-Owned Legal Person | 7.14% | 59,258,158 | Not Applicable / 0 | | Luo Koshu | Domestic Natural Person | 4.76% | 39,495,341 | Not Applicable / 0 | | Wang Gang | Domestic Natural Person | 4.14% | 34,344,861 | Not Applicable / 0 | | Li Dichu | Domestic Natural Person | 2.53% | 20,974,776 | Frozen / 20,974,776 | - The company is unaware of any associated relationships or concerted actions among the top 10 shareholders[134](index=134&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, as detailed in the **2024** annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[136](index=136&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=38&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[137](index=137&type=chunk) - The company's actual controller did not change during the reporting period[137](index=137&type=chunk) [VI. Preferred Shares Information](index=38&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[138](index=138&type=chunk) Seventh Section: Bond-Related Information This section provides information regarding the company's bond-related activities and status during the reporting period [Bond-Related Information](index=39&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[140](index=140&type=chunk) Eighth Section: Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements [I. Audit Report](index=40&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[142](index=142&type=chunk) [II. Financial Statements](index=40&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's **2025** semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, showing total assets of **899 million Yuan**, net assets attributable to the parent company of **191 million Yuan**, operating revenue of **213 million Yuan**, net profit of **-54.18 million Yuan**, and net cash flow from operating activities of **-21.93 million Yuan** Consolidated Balance Sheet Key Data (Period-End) | Item | Period-End Balance (Yuan) | | :--- | :--- | | Total Assets | 899,757,832.70 | | Total Liabilities | 707,481,826.00 | | Total Owners' Equity Attributable to Parent Company | 191,495,820.39 | Consolidated Income Statement Key Data (Current Period) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 212,996,906.59 | | Operating Profit | -54,480,891.81 | | Total Profit | -54,487,835.62 | | Net Profit | -54,187,847.84 | | Net Profit Attributable to Parent Company Shareholders | -54,153,881.11 | Consolidated Cash Flow Statement Key Data (Current Period) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -21,931,162.18 | | Net Cash Flow from Investing Activities | -4,180,978.01 | | Net Cash Flow from Financing Activities | -35,129,321.34 | | Net Increase in Cash and Cash Equivalents | -60,276,051.80 | [1、Consolidated Balance Sheet](index=40&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of **June 30, 2025**, the company's total consolidated assets were **899 million Yuan**, a **10.68%** decrease from the beginning of the period, with investment properties accounting for **33.24%** of total assets Consolidated Balance Sheet Major Items (Period-End) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 14,939,068.86 | 74,977,187.81 | | Accounts Receivable | 104,814,797.09 | 102,956,390.92 | | Inventories | 72,270,138.90 | 87,823,965.42 | | Investment Properties | 299,100,000.00 | 299,100,000.00 | | Fixed Assets | 274,822,130.64 | 288,321,231.28 | | Short-Term Borrowings | 85,807,366.72 | 87,530,176.46 | | Other Payables | 412,155,181.72 | 440,303,202.58 | | Total Owners' Equity Attributable to Parent Company | 191,495,820.39 | 234,414,952.78 | [2、Parent Company Balance Sheet](index=42&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of **June 30, 2025**, the parent company's total assets were **1.278 billion Yuan**, with long-term equity investments and investment properties being significant non-current assets, and total owners' equity at **736 million Yuan** Parent Company Balance Sheet Major Items (Period-End) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 654,757.70 | 905,189.52 | | Accounts Receivable | 43,423,648.81 | 38,331,428.38 | | Long-Term Equity Investments | 758,907,198.95 | 752,970,527.15 | | Investment Properties | 299,100,000.00 | 299,100,000.00 | | Short-Term Borrowings | 70,790,908.39 | 72,512,072.29 | | Other Payables | 406,956,282.33 | 416,744,072.23 | | Total Owners' Equity | 736,699,607.47 | 742,586,158.15 | [3、Consolidated Income Statement](index=44&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For this reporting period, the company's consolidated total operating revenue was **213 million Yuan**, a **21.14%** year-over-year decrease, resulting in negative operating profit, total profit, and net profit, with net profit attributable to parent company shareholders at **-54.15 million Yuan** Consolidated Income Statement Key Data (Current Period) | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 212,996,906.59 | 270,082,507.18 | | Total Operating Costs | 258,763,690.21 | 290,275,050.55 | | Administrative Expenses | 42,000,175.92 | 32,752,234.34 | | Operating Profit | -54,480,891.81 | -20,368,393.08 | | Net Profit | -54,187,847.84 | -19,407,085.45 | | Net Profit Attributable to Parent Company Shareholders | -54,153,881.11 | -19,417,925.87 | | Basic Earnings Per Share (Yuan/share) | -0.0653 | -0.0246 | [4、Parent Company Income Statement](index=46&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For this reporting period, the parent company's operating revenue was **19.76 million Yuan**, a **41.38%** year-over-year decrease, resulting in negative operating profit and net profit of **-17.12 million Yuan**, indicating an expanded loss Parent Company Income Statement Key Data (Current Period) | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 19,768,952.53 | 33,725,269.96 | | Operating Cost | 11,102,520.13 | 27,182,069.80 | | Administrative Expenses | 16,777,760.19 | 13,050,679.95 | | Financial Expenses | 8,539,155.64 | 14,568,567.47 | | Net Profit | -17,121,299.40 | -14,291,906.84 | [5、Consolidated Cash Flow Statement](index=48&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For this reporting period, the company's net cash flow from operating activities was **-21.93 million Yuan**, from investing activities **-4.18 million Yuan**, and from financing activities **-35.12 million Yuan**, resulting in a net decrease in cash and cash equivalents of **-60.27 million Yuan** Consolidated Cash Flow Statement Key Data (Current Period) | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -21,931,162.18 | -9,893,984.57 | | Net Cash Flow from Investing Activities | -4,180,978.01 | 22,678,914.47 | | Net Cash Flow from Financing Activities | -35,129,321.34 | 20,970,202.76 | | Net Increase in Cash and Cash Equivalents | -60,276,051.80 | 35,557,674.29 | | Cash and Cash Equivalents at Period-End | 14,376,557.62 | 47,757,762.55 | [6、Parent Company Cash Flow Statement](index=49&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For this reporting period, the parent company's net cash flow from operating activities was **-1.70 million Yuan**, from investing activities **-28.30 million Yuan**, and from financing activities **29.51 million Yuan**, resulting in a period-end cash and cash equivalents balance of **92,246.46 Yuan** Parent Company Cash Flow Statement Key Data (Current Period) | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,702,860.85 | 14,001,004.67 | | Net Cash Flow from Investing Activities | -28,301,972.10 | -142,511,585.85 | | Net Cash Flow from Financing Activities | 29,516,164.91 | 133,642,481.60 | | Net Increase in Cash and Cash Equivalents | -488,668.67 | 5,131,901.39 | | Cash and Cash Equivalents at Period-End | 92,246.46 | 5,294,634.08 | [7、Consolidated Statement of Changes in Owners' Equity](index=50&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) At the end of this reporting period, the company's total consolidated owners' equity was **192 million Yuan**, a **18.26%** decrease from the beginning of the period, with the **191 million Yuan** attributable to parent company owners primarily impacted by net profit losses Consolidated Owners' Equity Changes (Current Period) | Item | Period-Beginning Balance (Yuan) | Current Period Change Amount (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | | Share Capital | 829,868,769.00 | 0 | 829,868,769.00 | | Capital Reserves | 778,801,831.66 | 11,234,748.72 | 790,036,580.38 | | Retained Earnings | -1,362,147,899.39 | -54,153,881.11 | -1,416,301,780.50 | | Total Owners' Equity Attributable to Parent Company | 234,414,952.78 | -42,919,132.39 | 191,495,820.39 | | Total Owners' Equity | 235,229,105.82 | -42,953,099.12 | 192,276,006.70 | [8、Parent Company Statement of Changes in Owners' Equity](index=54&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) At the end of this reporting period, the parent company's total owners' equity was **736 million Yuan**, a **0.8%** decrease from the beginning of the period, with retained earnings further reduced by net losses and capital reserves increasing due to share-based payments Parent Company Owners' Equity Changes (Current Period) | Item | Period-Beginning Balance (Yuan) | Current Period Change Amount (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | | Share Capital | 829,868,769.00 | 0 | 829,868,769.00 | | Capital Reserves | 1,131,463,850.42 | 11,234,748.72 | 1,142,698,599.14 | | Retained Earnings | -1,206,638,712.78 | -17,121,299.40 | -1,223,760,012.18 | | Total Owners' Equity | 742,586,158.15 | -5,886,550.68 | 736,699,607.47 | [III. Company Basic Information](index=57&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, with unified social credit code 91440300775562228B, is registered in Pingshan District, Shenzhen, with its office in Longhua District, Shenzhen, and a registered capital of **829.868769 million Yuan**, engaging in a broad range of businesses from LED product manufacturing to new energy, with this financial report approved on **August 27, 2025** - Company unified social credit code: 91440300775562228B; Registered address: First Floor, Changfang Group Headquarters Building, Zhukeng Community, Longtian Street, Pingshan District, Shenzhen; Office address: Fukang Industrial Park, 221 Renmin Road, Fucheng Street, Longhua District, Shenzhen, Guangdong Province[176](index=176&type=chunk) - Legal Representative: Wu Taoxiang; Registered Capital: **829,868,769 Yuan**[176](index=176&type=chunk) - Business scope includes the production and sales of LED, light-emitting diodes, digital tubes, SMD products, solar light sources, semiconductors, indoor and outdoor lighting products, off-grid lighting products, smart lighting products, special lighting products, and LED lighting source SMD brackets; development of lighting energy-saving technologies; contracting and construction of municipal engineering and electromechanical installation projects; property management, self-owned property leasing, and domestic trade; import and export business; production, R&D, design, and sales of hardware, plastic products, new energy, new materials, electrical appliances, electronic products, lighting products, and smart energy storage products[176](index=176&type=chunk) - This financial report was approved by the company's board of directors on **August 27, 2025**[176](index=176&type=chunk) [IV. Basis of Financial Statement Preparation](index=57&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and relevant CSRC regulations, using the accrual basis of accounting and historical cost measurement, with no significant doubts about its going concern ability within 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards - Basic Standards" and specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance on or after February 15, 2006, as well as the disclosure requirements of the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities Publicly No. 15 - General Provisions for Financial Reports (Revised 2023)"[177](index=177&type=chunk) - The company's accounting is based on the accrual basis; except for certain financial instruments, these financial statements are measured at historical cost, and provisions for asset impairment are made in accordance with relevant regulations[177](index=177&type=chunk) - There are no matters or circumstances that raise significant doubts about the company's ability to continue as a

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录及释义) [Important Notice](index=2&type=section&id=重要提示) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with the Chairman, President, and CFO affirming the financial report's integrity. No cash dividends, bonus shares, or capital reserve conversions are planned for this reporting period, and the financial report is unaudited - The Bank's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - The Bank plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the 2025 semi-annual period[4](index=4&type=chunk) - The Bank's semi-annual financial report is unaudited, investors are advised to take note[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section lists the structured table of contents for the report, comprising eight main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports [Definitions](index=4&type=section&id=释义) This section provides definitions for common terms used in the report, such as "the Bank," "common shares," and "National Financial Regulatory Administration," to ensure clear understanding of the content. The reporting period is from January 1, 2025, to June 30, 2025 - The reporting period refers to the period from January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Part II Company Profile and Key Financial Indicators](index=5&type=section&id=第二节%20公司简介和主要财务指标) [1. Company Profile](index=5&type=section&id=一、公司简介) Qingdao Rural Commercial Bank Co., Ltd. (stock abbreviation: Qingnongshanghang, stock code: 002958) is listed on the Shenzhen Stock Exchange, with Wang Xifeng as its legal representative - Stock Abbreviation: Qingnongshanghang, Stock Code: **002958**, Listed Stock Exchange: Shenzhen Stock Exchange[15](index=15&type=chunk) - Legal Representative: Wang Xifeng[15](index=15&type=chunk) [2. Contact Person and Information](index=5&type=section&id=二、联系人和联系方式) The Bank's Board Secretary is Zhu Guangyuan, with contact address at Building 1, No. 6 Qinling Road, Laoshan District, Qingdao, Shandong Province, phone 0532-66957767, and email qrcb@qrcb.com.cn - Board Secretary: Zhu Guangyuan, Contact Number: **0532-66957767**, Email: qrcb@qrcb.com.cn[16](index=16&type=chunk) [3. Other Information](index=5&type=section&id=三、其他情况) The Bank's registered address, office address, website, email, information disclosure, and document storage locations remained unchanged during the reporting period, with no other applicable changes - The Bank's registered address, office address, postal code, website, and email remained unchanged during the reporting period[17](index=17&type=chunk) [4. Key Accounting Data and Financial Indicators](index=6&type=section&id=四、主要会计数据和财务指标) In the first half of 2025, the Bank's operating revenue decreased by 1.83% year-on-year, but total profit and net profit increased by 15.01% and 6.12% respectively. Net cash flow from operating activities significantly decreased by 91.67%, while total assets and deposits absorbed showed steady growth 2025 H1 Key Accounting Data and Financial Indicators (Unit: RMB thousand) | Item | Jan-Jun 2025 | Jan-Jun 2024 | YoY Change in Reporting Period | Jan-Jun 2023 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,751,671 | 5,858,890 | (1.83%) | 5,593,161 | | Total Profit | 2,303,343 | 2,002,654 | 15.01% | 1,912,882 | | Net Profit | 2,138,426 | 2,015,115 | 6.12% | 1,906,242 | | Net Profit Attributable to Parent Company Shareholders | 2,134,171 | 2,028,257 | 5.22% | 1,891,767 | | Net Cash Flow from Operating Activities | 736,338 | 8,844,357 | (91.67%) | 16,967,722 | | Basic Earnings Per Share (RMB/share) | 0.36 | 0.34 | 5.88% | 0.31 | | Total Assets (June 30, 2025 vs Dec 31, 2024) | 505,245,867 | 495,032,420 | 2.06% | 467,936,769 | | Deposits Absorbed (June 30, 2025 vs Dec 31, 2024) | 334,387,600 | 326,672,898 | 2.36% | 305,538,569 | [5. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=6&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[22](index=22&type=chunk) [6. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) In the first half of 2025, the Bank's net non-recurring gains and losses were **RMB 81,184 thousand**, a year-on-year decrease of 25.55%, mainly due to reduced government subsidies and fair value changes not being disclosed as non-recurring items Non-recurring Gains and Losses and Amounts (Unit: RMB thousand) | Item | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Jun 2023 | | :--- | :--- | :--- | :--- | | Net Gains from Disposal of Non-current Assets | 37,485 | 53,690 | 1,721 | | Government Subsidies | 39,888 | 60,384 | 192,892 | | Other Non-recurring Gains and Losses | 3,811 | (5,034) | (3,811) | | **Net Non-recurring Gains and Losses** | **81,184** | **109,040** | **190,802** | | Less: Income Tax Impact of Above Items | (20,646) | (27,361) | (48,341) | | **Total** | **60,538** | **81,679** | **142,461** | - The Bank's fair value changes from held-for-trading financial assets and liabilities, and reversals of asset impairment provisions arising from normal operations, were not disclosed as non-recurring gains and losses[25](index=25&type=chunk) [7. Supplementary Financial and Regulatory Indicators](index=7&type=section&id=七、补充财务及监管指标) As of the end of June 2025, the Bank's capital adequacy ratio, liquidity ratio, non-performing loan ratio, and provision coverage ratio all met regulatory requirements, with the non-performing loan ratio continuously decreasing to **1.75%** and the provision coverage ratio maintained at a high level of **249.00%**. The cost-to-income ratio significantly optimized to **25.20%** 2025 H1 Supplementary Financial and Regulatory Indicators | Indicator Category | Indicator | Standard | Jan-Jun 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | Capital Adequacy | Common Equity Tier 1 Capital Adequacy Ratio | ≥7.5% | 10.58% | 10.70% | 9.91% | | | Tier 1 Capital Adequacy Ratio | ≥8.5% | 12.09% | 12.26% | 11.48% | | | Capital Adequacy Ratio | ≥10.5% | 13.78% | 13.96% | 13.21% | | Liquidity Risk | Liquidity Ratio | ≥25% | 95.27% | 104.51% | 98.03% | | | Non-performing Loan Ratio | ≤5% | 1.75% | 1.79% | 1.81% | | Provisions | Provision Coverage Ratio | ≥150% | 249.00% | 250.53% | 237.96% | | Profitability | Cost-to-Income Ratio | ≤45% | 25.20% | 30.74% | 31.70% | | | Return on Total Assets (Annualized) | - | 0.86% | 0.59% | 0.58% | | | Net Interest Margin (Annualized) | - | 1.60% | 1.67% | 1.77% | | | Net Interest Income Ratio (Annualized) | - | 1.61% | 1.67% | 1.76% | - The non-performing loan ratio continued to decline, from **1.79%** at the end of 2024 to **1.75%** at the end of June 2025[28](index=28&type=chunk) - The cost-to-income ratio significantly optimized, decreasing from **30.74%** in 2024 to **25.20%** in the first half of 2025[28](index=28&type=chunk) [Part III Management Discussion and Analysis](index=10&type=section&id=第三节%20管理层讨论与分析) [1. Principal Businesses of the Bank During the Reporting Period](index=10&type=section&id=一、报告期内本行从事的主要业务) The Bank primarily engages in absorbing deposits, issuing loans, domestic and international settlements, and bill acceptance and discounting, maintaining a "serving agriculture and small businesses" market position, driven by retail finance, corporate finance, and treasury operations, while developing distinctive businesses like rural revitalization, international business, and wealth management - The Bank's business scope is extensive, including absorbing domestic and foreign currency public deposits, issuing loans, domestic and international settlements, and bill acceptance and discounting[32](index=32&type=chunk) - The Bank adheres to its market positioning of "serving agriculture and small businesses," driving development through three major segments: retail finance, corporate finance, and treasury operations[32](index=32&type=chunk) - The Bank focuses on developing distinctive businesses such as rural revitalization, international business, and wealth management, promoting deep integration of online and offline services[32](index=32&type=chunk) [2. Analysis of Core Competencies](index=10&type=section&id=二、核心竞争力分析) The Bank's core competencies include a promising regional economic outlook, sound corporate governance, unique urban-rural financial service model, professional and efficient SME financial services, excellent financial asset and investment management capabilities, prudent risk control, stringent internal management, and a pragmatic and proactive management team - Qingdao, as a key coastal central city, provides ample space for the Bank to deepen its local market presence[33](index=33&type=chunk) - A sound corporate governance structure, centered on the Board of Directors, Supervisory Board, and senior management, with directors, supervisors, and executives possessing years of banking management experience[33](index=33&type=chunk) - Possesses the largest and most extensive bank network in Qingdao, pioneering the internet-based micro and small enterprise cloud payment system[34](index=34&type=chunk) - Serves micro, small, and medium-sized enterprises through a "special scale, dedicated team, professional process, specialized risk control" model, introducing German microcredit technology[35](index=35&type=chunk) - Actively transforming into a "light capital, light asset" transactional bank focused on "financial markets and investment management," with its financial market center being the first to obtain full license operation qualifications[36](index=36&type=chunk) - Established a top-down risk management system comprising the Board of Directors, senior management, risk management departments, and branches, forming a "three lines of defense" internal control framework[37](index=37&type=chunk) - Senior management possesses excellent strategic vision and deep industry knowledge, implementing a market-oriented talent selection and assessment system[37](index=37&type=chunk) [3. Overview of Overall Performance](index=12&type=section&id=三、总体情况概述) In the first half of 2025, the Bank achieved growth in both scale and profitability, with net profit attributable to parent company shareholders increasing by **5.22%** year-on-year. Asset quality continued to improve, with both non-performing loan ratio and balance decreasing, and significant progress was made in serving the "five key areas" of finance, including growth in strategic emerging, technology, green, agriculture-related, and inclusive small and micro loans, alongside active promotion of digital transformation and elderly care financial ecosystem development - Achieved "double growth" in scale and profitability: Total loans and advances **RMB 272.199 billion**, an increase of **2.11%** from the end of last year; total deposits absorbed **RMB 334.388 billion**, an increase of **2.36%** from the end of last year[38](index=38&type=chunk) - Net profit attributable to parent company shareholders was **RMB 2.134 billion**, a year-on-year increase of **5.22%**[38](index=38&type=chunk) - Asset quality further optimized: Non-performing loan ratio was **1.75%**, a decrease of **0.04 percentage points** from the end of last year, achieving a "double decrease" in both non-performing loan ratio and balance[39](index=39&type=chunk) - New progress in serving the "five key areas" of finance: Strategic emerging loans balance **RMB 8.415 billion**, an increase of **RMB 1.839 billion**; technology finance loans balance **RMB 15.684 billion**, an increase of **RMB 1.632 billion**; green loans balance **RMB 15.486 billion**, an increase of **RMB 1.560 billion**; agriculture-related loans balance **RMB 59.1 billion**, maintaining first place in the city; inclusive small and micro loans balance **RMB 51.617 billion**, fully achieving the "two increases" target[40](index=40&type=chunk) - Building an elderly care financial ecosystem, continuously promoting the "Colorful Healthy Years" elderly care service brand[40](index=40&type=chunk) - Activating the digital finance innovation engine, launching **16** innovation projects in the first half of the year, implementing **3** major AI large model intelligent agent applications such as office assistant, compliance assistant, and credit assistant[40](index=40&type=chunk) [4. Financial Statement Analysis](index=13&type=section&id=四、财务报表分析) This section provides a detailed analysis of the Bank's income statement, balance sheet, and cash flow statement for the first half of 2025. Net interest income grew steadily, while non-interest net income decreased. Both total assets and total liabilities increased, primarily driven by loans and advances and deposits absorbed. Asset quality continued to improve, with a decrease in the non-performing loan ratio. In terms of cash flow, net cash flow from operating activities significantly decreased, net cash flow from investing activities significantly increased, and net cash flow from financing activities turned positive [(1) Analysis of Income Statement Items](index=13&type=section&id=（一）利润表项目分析) In the first half of 2025, the Bank's operating revenue decreased by **1.83%** year-on-year, but operating profit and total profit increased by **14.54%** and **15.01%** respectively. Net interest income grew by **1.54%**, mainly due to liability cost control. Non-interest net income decreased by **7.08%**, primarily affected by a reduction in fair value change gains. Credit impairment losses decreased by **19.68%** year-on-year, reflecting improved asset quality 2025 H1 Consolidated Income Statement Key Data (Unit: RMB thousand) | Item | Jan-Jun 2025 | Jan-Jun 2024 | Change Amount | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,751,671 | 5,858,890 | (107,219) | (1.83%) | | Net Interest Income | 3,623,539 | 3,568,582 | 54,957 | 1.54% | | Non-interest Net Income | 2,128,132 | 2,290,308 | (162,176) | (7.08%) | | Operating Profit | 2,299,532 | 2,007,685 | 291,847 | 14.54% | | Total Profit | 2,303,343 | 2,002,654 | 300,689 | 15.01% | | Net Profit | 2,138,426 | 2,015,115 | 123,311 | 6.12% | | Credit Impairment Losses | (1,932,229) | (2,405,538) | 473,309 | (19.68%) | - Net interest income increased by **1.54%**, primarily due to the Bank's increased support for the real economy, steady growth in credit scale, and strengthened cost control, continuously reducing liability costs[43](index=43&type=chunk) - Both net interest margin and net interest income ratio decreased by **0.09 percentage points** compared to the same period last year, mainly due to declining market interest rates and concessions to the real economy[46](index=46&type=chunk) - Net fee and commission income increased by **1.71%** year-on-year, mainly driven by increased income from agency, custody, and bond underwriting businesses[50](index=50&type=chunk) - Other non-interest net income decreased by **9.77%**, with investment income increasing by **RMB 334 million** and fair value change gains decreasing by **RMB 478 million**[53](index=53&type=chunk) - Credit impairment losses decreased by **19.68%**, mainly due to the Bank's strengthened risk control, improved asset quality, and reasonable provision accrual[57](index=57&type=chunk) [(2) Analysis of Balance Sheet Items](index=18&type=section&id=（二）资产负债表项目分析) As of June 30, 2025, the Bank's total assets reached **RMB 505.246 billion**, an increase of **2.06%** from the end of last year. Net loans and advances grew by **2.28%**, accounting for **51.64%** of total assets. Total liabilities increased by **2.07%**, with deposits absorbed being the primary source of funds, growing by **2.36%**. The non-performing loan ratio decreased to **1.75%**, indicating continuous optimization of asset quality. The financial investment structure was adjusted, with a significant increase in other debt investments Consolidated Balance Sheet Key Data as of June 30, 2025 (Unit: RMB thousand) | Item | June 30, 2025 | Dec 31, 2024 | Change Amount | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 505,245,867 | 495,032,420 | 10,213,447 | 2.06% | | Loans and Advances | 260,916,524 | 255,106,911 | 5,809,613 | 2.28% | | Total Liabilities | 463,331,564 | 453,921,297 | 9,410,267 | 2.07% | | Deposits Absorbed | 334,387,600 | 326,672,898 | 7,714,702 | 2.36% | | Net Assets Attributable to Parent Company Shareholders | 41,706,152 | 40,747,140 | 959,012 | 2.35% | - Net loans and advances increased by **2.28%**, primarily due to the Bank's adherence to its "serving agriculture and small businesses" positioning, increasing loan disbursements in key areas such as agriculture-related loans, inclusive finance, green finance, and strategic emerging industries[60](index=60&type=chunk) - Non-performing loan balance was **RMB 4.77 billion**, with a non-performing loan ratio of **1.75%**, a decrease of **0.04 percentage points** from the end of last year, achieving a "double decrease"[70](index=70&type=chunk) - Total financial investments were **RMB 179.12 billion**, with other debt investments increasing by **34.80%**, mainly due to optimizing asset structure and increasing investments in policy bank bonds and interbank financial bonds[88](index=88&type=chunk) - Deposits absorbed balance was **RMB 334.388 billion**, an increase of **2.36%**, representing the Bank's primary source of funds, with individual deposits accounting for **72.76%** of total deposits[96](index=96&type=chunk) - Borrowings from central bank balance was **RMB 17.847 billion**, a decrease of **0.11%**, mainly due to gradually reducing rediscount balances[97](index=97&type=chunk) - Bonds payable balance was **RMB 77.608 billion**, an increase of **1.35%**, mainly due to increased issuance of debt securities[97](index=97&type=chunk) [(3) Analysis of Cash Flow Statement Items](index=28&type=section&id=（三）现金流量表项目分析) In the first half of 2025, the Bank's net cash flow from operating activities was **RMB 736 million**, a significant year-on-year decrease of **91.67%**, primarily due to increased cash outflows for financial assets held for trading. Net cash flow from investing activities was **RMB 1.688 billion**, a year-on-year increase of **280.80%**, mainly due to reduced cash outflows for investments. Net cash flow from financing activities turned positive at **RMB 44.5 million**, primarily due to increased cash inflows from bond issuance 2025 H1 Consolidated Cash Flow Statement Key Data (Unit: RMB thousand) | Item | Jan-Jun 2025 | Jan-Jun 2024 | Change Amount | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 736,338 | 8,844,357 | (8,108,019) | | Net Cash Flow from Investing Activities | 1,687,788 | 443,189 | 1,244,599 | | Net Cash Flow from Financing Activities | 44,526 | (6,743,661) | Not applicable | - Cash inflow from operating activities increased by **RMB 572 million**, mainly due to increased cash inflow from repurchase agreements[100](index=100&type=chunk) - Cash outflow from operating activities increased by **RMB 8.68 billion**, mainly due to increased cash outflow for financial assets held for trading[101](index=101&type=chunk) - Cash inflow from investing activities decreased by **RMB 4.622 billion**, mainly due to decreased cash inflow from investment redemptions[100](index=100&type=chunk) - Cash outflow from investing activities decreased by **RMB 5.867 billion**, mainly due to decreased cash outflow for investments made[101](index=101&type=chunk) - Cash inflow from financing activities increased by **RMB 6.642 billion**, mainly due to increased cash inflow from bond issuance[100](index=100&type=chunk) - Cash outflow from financing activities decreased by **RMB 147 million**, mainly due to decreased cash outflow for dividend distribution, profit, or interest payments[101](index=101&type=chunk) [(4) Segment Analysis](index=29&type=section&id=（四）分部分析) The Bank's segment reporting on business income and expenses is detailed in the segment report section of the financial statement notes - The Bank's business income and expense segment information can be found in "Part VIII Financial Report," "Notes to Financial Statements," "VI. Segment Reporting"[102](index=102&type=chunk) [5. Analysis of Assets and Liabilities](index=29&type=section&id=五、资产及负债状况分析) The Bank's asset and liability position remains stable, with no significant overseas assets. Financial assets and liabilities measured at fair value primarily include financial assets held for trading, derivative financial assets/liabilities, and other debt investments. During the reporting period, investment income, other operating income, interbank placements, other debt investments, and interbank borrowings experienced changes exceeding **30%**, mainly influenced by market interest rates, policies, and business structure adjustments [(1) Major Overseas Assets](index=29&type=section&id=（一）主要境外资产情况) The Bank had no major overseas assets during the reporting period - Not applicable[103](index=103&type=chunk) [(2) Assets and Liabilities Measured at Fair Value](index=29&type=section&id=（二）以公允价值计量的资产和负债) As of the end of the reporting period, the Bank's financial assets measured at fair value totaled **RMB 129.117 billion**, and financial liabilities totaled **RMB 166.037 million**. These primarily include financial assets held for trading, derivative financial assets/liabilities, and other debt investments. There were no significant changes in the company's major asset measurement attributes during the reporting period Assets and Liabilities Measured at Fair Value (Unit: RMB thousand) | Item | Beginning Balance | Fair Value Change Gains/Losses for the Period | Accumulated Fair Value Changes Recognized in Equity | Impairment Provisions for the Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 47,992,049 | 38,428 | - | - | 51,402,089 | | Derivative Financial Assets | 216,748 | 283,103 | - | - | 476,081 | | Other Debt Investments | 44,460,963 | - | (404,533) | 15,714 | 59,933,010 | | Other Equity Instrument Investments | 5,200 | - | - | - | 5,200 | | Loans and Advances Measured at Fair Value Through Other Comprehensive Income | 17,177,226 | - | (1,183) | (10,995) | 17,300,890 | | **Subtotal Financial Assets** | **109,852,186** | **321,531** | **(405,716)** | **4,719** | **129,117,270** | | Derivative Financial Liabilities | (260,922) | 94,885 | - | - | (166,037) | | **Subtotal Financial Liabilities** | **(260,922)** | **94,885** | **-** | **-** | **(166,037)** | [(3) Asset Rights Restrictions as of the End of the Reporting Period](index=30&type=section&id=（三）截至报告期末的资产权利受限情况) Information on the Bank's asset rights restrictions is detailed in the notes to the financial report regarding pledged/mortgaged assets - Relevant information can be found in "Part VIII Financial Report," "Notes to Financial Statements," "X. Commitments and Contingencies," "(VI) Pledged/Mortgaged Assets"[107](index=107&type=chunk) [(4) Major Statement Items and Financial Indicators with Changes Exceeding 30% and Their Main Reasons](index=30&type=section&id=（四）变动幅度在30%以上的主要报表项目和财务指标及其主要原因) During the reporting period, investment income, other operating income, interbank placements, interbank loans, derivative financial assets, other debt investments, and interbank borrowings experienced changes exceeding **30%**, mainly influenced by increased returns on financial asset investments, market interest rate fluctuations, business structure optimization, and increased corporate income tax Major Statement Items and Financial Indicators with Changes Exceeding 30% (Unit: RMB thousand) | Item | Jan-Jun 2025 | Jan-Jun 2024 | Change | Main Reasons | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,024,967 | 691,047 | 48.32% | Increased investment returns from financial assets | | Other Operating Income | 39,094 | 29,246 | 33.67% | Normal business changes, small absolute amount | | Non-operating Income | 9,273 | 1,574 | 489.14% | Normal business changes, small absolute amount | | Income Tax Expense | (164,917) | 12,461 | Not applicable | Due to year-on-year increase in pre-tax profit and decrease in tax-exempt income | | Minority Interest Income/Loss | 4,255 | (13,142) | Not applicable | Due to increased shareholding in rural banks and fluctuations in rural bank profitability | | Net After-tax Other Comprehensive Income | (307,826) | 238,594 | Not applicable | Market interest rate changes, decrease in fair value floating gains on other debt investments | | Interbank Placements (June 30, 2025 vs Dec 31, 2024) | 9,533,895 | 7,118,849 | 33.92% | Increase in placements with domestic banks | | Interbank Loans (June 30, 2025 vs Dec 31, 2024) | 15,757,473 | 11,312,656 | 39.29% | Increase in loans to non-bank financial institutions | | Derivative Financial Assets (June 30, 2025 vs Dec 31, 2024) | 476,081 | 216,748 | 119.65% | Fair value changes of precious metal derivatives | | Financial Assets Purchased Under Resale Agreements (June 30, 2025 vs Dec 31, 2024) | 4,789,546 | 12,659,440 | (62.17%) | Decrease in scale of securities purchased under resale agreements | | Other Debt Investments (June 30, 2025 vs Dec 31, 2024) | 59,933,010 | 44,460,963 | 34.80% | Increase in investment scale of policy bank bonds and interbank financial bonds | | Interbank Borrowings (June 30, 2025 vs Dec 31, 2024) | 9,792,667 | 7,261,103 | 34.86% | Increase in borrowings from domestic banks | | Derivative Financial Liabilities (June 30, 2025 vs Dec 31, 2024) | 166,037 | 260,922 | (36.37%) | Fair value changes of interest rate derivatives | | Taxes Payable (June 30, 2025 vs Dec 31, 2024) | 424,956 | 228,630 | 85.87% | Increase in corporate income tax payable | | Other Liabilities (June 30, 2025 vs Dec 31, 2024) | 1,503,803 | 965,172 | 55.81% | Accrual of dividends payable according to the 2024 profit distribution plan. The Bank executed the profit distribution plan on July 9, 2025 | | Minority Interests (June 30, 2025 vs Dec 31, 2024) | 208,151 | 363,983 | (42.81%) | Due to increased shareholding in rural banks and fluctuations in rural bank retained earnings | [(5) Changes in Accrued Interest](index=31&type=section&id=（五）应收利息增减变动情况) As of June 30, 2025, the Bank's accrued interest balance was **RMB 47.388 million**, a decrease of **33.36%** from the beginning of the period. Accrued interest impairment provisions were **RMB 27.639 million**, a year-on-year decrease of **3.85%** Changes in Accrued Interest (Unit: RMB thousand) | Item | Dec 31, 2024 | Increase for the Period | Decrease for the Period | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Accrued Interest from: – Loans and Advances | 71,131 | 1,563,818 | (1,587,561) | 47,388 | | Total | 71,131 | 1,563,818 | (1,587,561) | 47,388 | | Accrued Interest Impairment Provisions | 28,745 | - | - | 27,639 | [(6) Off-Balance Sheet Items Analysis](index=31&type=section&id=（六）表外项目分析) The Bank's off-balance sheet items primarily include derivative financial instruments, contingencies, and commitments, with specific details provided in the notes to the financial statements - The Bank's off-balance sheet items primarily include derivative financial instruments, contingencies, and commitments[111](index=111&type=chunk) [6. Loan Quality Analysis](index=31&type=section&id=六、贷款质量分析) The Bank's loan quality analysis has been detailed in "4. Financial Statement Analysis," "(2) Analysis of Balance Sheet Items," "1. Analysis of Major Assets," "(2) Loan Quality Analysis" of this section - The Bank's loan quality analysis can be found in "Part III Management Discussion and Analysis," "4. Financial Statement Analysis," "(2) Analysis of Balance Sheet Items," "1. Analysis of Major Assets," "(2) Loan Quality Analysis"[112](index=112&type=chunk) [7. Investment Analysis](index=31&type=section&id=七、投资状况分析) The Bank's investment situation is generally stable, with financial investment details disclosed in the financial statement analysis. There were no significant equity or non-equity investments during the reporting period, and derivative investments primarily involved interest rate, credit, and precious metal derivatives [(1) Overall Situation](index=31&type=section&id=（一）总体情况) The company's investment situation is detailed in "Part III Management Discussion and Analysis," "4. Financial Statement Analysis," "(2) Analysis of Balance Sheet Items," "1. Analysis of Major Assets," "(4) Financial Investments" and "9. Analysis of Major Holding and Participating Companies" of this report [(2) Significant Equity Investments Acquired During the Reporting Period](index=31&type=section&id=（二）报告期内获取的重大的股权投资情况) The Bank had no significant equity investments during the reporting period - Not applicable[113](index=113&type=chunk) [(3) Significant Non-Equity Investments Underway During the Reporting Period](index=31&type=section&id=（三）报告期内正在进行的重大的非股权投资情况) The Bank had no significant non-equity investments during the reporting period - Not applicable[114](index=114&type=chunk) [(4) Financial Asset Investments](index=31&type=section&id=（四）金融资产投资) The Bank's financial asset investments primarily include securities investments and derivative investments. Securities investment details are disclosed in the financial statement analysis. Derivative financial instruments had a notional amount of **RMB 28.768 billion**, fair value assets of **RMB 476.081 million**, and liabilities of **RMB 166.037 million**, mainly comprising interest rate, credit, and precious metal derivatives - Securities investment information can be found in "Part III Management Discussion and Analysis," "4. Financial Statement Analysis," "(2) Analysis of Balance Sheet Items," "1. Analysis of Major Assets," "(4) Financial Investments" of this report[115](index=115&type=chunk) Derivative Financial Instruments Held (Unit: RMB thousand) | Item | Notional Amount as of June 30, 2025 | Fair Value Assets as of June 30, 2025 | Fair Value Liabilities as of June 30, 2025 | Notional Amount as of Dec 31, 2024 | Fair Value Assets as of Dec 31, 2024 | Fair Value Liabilities as of Dec 31, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Interest Rate Derivatives | 26,222,200 | 136,432 | (166,037) | 28,610,960 | 214,331 | (260,922) | | Credit Derivatives | 200,000 | 193 | - | 597,000 | 2,417 | - | | Precious Metal Derivatives | 2,345,813 | 339,456 | - | - | - | - | | Total | 28,768,013 | 476,081 | (166,037) | 29,207,960 | 216,748 | (260,922) | [(5) Use of Raised Funds](index=32&type=section&id=（五）募集资金使用情况) The Bank had no use of raised funds during the reporting period - The Bank had no use of raised funds during the reporting period[118](index=118&type=chunk) [8. Significant Asset and Equity Sales](index=32&type=section&id=八、重大资产和股权出售) The Bank did not engage in any significant asset or equity sales during the reporting period - The Bank did not sell significant assets during the reporting period[119](index=119&type=chunk) - The Bank did not sell significant equity during the reporting period[120](index=120&type=chunk) [9. Analysis of Major Holding and Participating Companies](index=32&type=section&id=九、主要控股参股公司分析) The Bank's major holding subsidiaries are **9** rural commercial banks, with Jinxiang Lan Hai Rural Bank demonstrating strong profitability, achieving a net profit of **RMB 21.658 million**. There were no acquisitions or disposals of subsidiaries during the reporting period, but the Bank acquired minority stakes in Rizhao Lan Hai, Pingyin Lan Hai, Yiyang Lan Hai, and Dexing Lan Hai Rural Banks in the first half of 2025, further increasing its shareholding and voting rights Major Subsidiary Information (Unit: RMB thousand) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Luohu Lan Hai Rural Bank | Subsidiary | 500,000 | 1,630,670 | 536,471 | 25,693 | (18,325) | (18,454) | | Dexing Lan Hai Rural Bank | Subsidiary | 90,000 | 995,098 | 110,771 | 11,274 | 2,589 | 1,907 | | Yiyang Lan Hai Rural Bank | Subsidiary | 90,000 | 895,479 | 108,857 | 11,676 | 2,657 | 1,944 | | Rizhao Lan Hai Rural Bank | Subsidiary | 100,000 | 776,655 | 37,666 | 6,975 | (10,307) | (9,592) | | Pingyin Lan Hai Rural Bank | Subsidiary | 100,000 | 832,805 | 74,336 | 3,349 | (6,773) | (5,777) | | Jining Lan Hai Rural Bank | Subsidiary | 100,000 | 1,317,569 | 81,542 | 11,760 | (6,435) | (6,107) | | Jinxiang Lan Hai Rural Bank | Subsidiary | 100,000 | 3,876,959 | 263,835 | 52,846 | 29,469 | 21,658 | | Yinan Lan Hai Rural Bank | Subsidiary | 100,000 | 1,456,579 | 120,540 | 14,863 | 3,094 | 2,394 | | Qingdao Pingdu Huimin Rural Bank | Subsidiary | 124,448.5 | 2,461,121 | 123,010 | 1,069 | (17,716) | (18,922) | - There were no disposals or acquisitions of subsidiaries during the reporting period[124](index=124&type=chunk) - In the first half of 2025, the Bank acquired minority stakes in Rizhao Lan Hai, Pingyin Lan Hai, Yiyang Lan Hai, and Dexing Lan Hai Rural Banks, further increasing its shareholding and voting rights in these related Lan Hai Rural Banks after the capital increase[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) [10. Structured Entities Controlled by the Bank](index=36&type=section&id=十、本行控制的结构化主体情况) Information on structured entities controlled by the Bank is detailed in the notes to the financial statements under "Interests in Other Entities" - Information on structured entities controlled by the Bank can be found in "Part VIII Financial Report," "Notes to Financial Statements," "XI. Interests in Other Entities"[131](index=131&type=chunk) [11. Business Development](index=36&type=section&id=十一、业务发展情况) The Bank's retail finance business achieved comprehensive high-quality development, with individual deposit balances leading all peers in the city and personal consumption loans growing by over **RMB 1 billion**. Corporate finance business focused on the "five key areas," with significant growth in strategic emerging, green, technology, agriculture-related, and small and micro loans. Treasury operations maintained stable and compliant operations, demonstrating a clear advantage with full financial market licenses, and wealth management services ranked highly in comprehensive capabilities. Digital transformation continued to advance, with AI large model applications implemented and data management capabilities achieving DCMM Level 3 certification [(1) Retail Finance Business](index=36&type=section&id=（一）零售金融业务) The Bank's retail finance business through refined customer segmentation, construction of an elderly care financial ecosystem, and integration of online and offline channels, achieved both quantity and quality growth in individual deposits, with balances exceeding **RMB 230 billion** by the end of the first half. Personal loans actively responded to consumption stimulus policies, with personal consumption loans growing by over **RMB 1 billion**. Bank card cumulative issuance exceeded **417,800**, and social security card issuance maintained the top position in the city. Channel business digital transformation empowered scenario ecosystems, providing payment and acquiring services to over **20,000** merchants, with extensive coverage of rural inclusive financial service points - By the end of the first half, the Bank's individual deposit balance led all peers in the city, being the first to exceed **RMB 230 billion**[132](index=132&type=chunk) - Personal consumption loans increased by over **RMB 1 billion**, setting a new historical high for the same period[133](index=133&type=chunk) - Cumulative card issuance exceeded **417,800**, with **3.7278 million** social security cards issued, maintaining the top position in the city[135](index=135&type=chunk) - In the first half, provided payment and acquiring services to over **20,000** merchants, with fee reductions exceeding **RMB 6 million**[136](index=136&type=chunk) - Rural inclusive financial payment service points processed **2.4523 million** transactions, with a transaction amount of **RMB 1.97 billion**, directly serving **700,000** basic customers and reaching over **3 million** rural residents[136](index=136&type=chunk) [(2) Corporate Finance Business](index=38&type=section&id=（二）公司金融业务) The Bank's corporate finance business focused on the "five key areas." As of the end of June 2025, strategic emerging loans balance was **RMB 8.415 billion**, an increase of **RMB 1.839 billion**; green loans balance was **RMB 15.486 billion**, an increase of **RMB 1.560 billion**; technology finance loans balance was **RMB 15.684 billion**, an increase of **RMB 1.632 billion**. Agriculture-related loans balance was **RMB 59.161 billion**, maintaining first place in the city. Small and micro loans balance was **RMB 142.815 billion**, fully achieving the "two increases" target. International business foreign exchange transaction volume increased by **9%** year-on-year - As of the end of June 2025, strategic emerging loans balance was **RMB 8.415 billion**, an increase of **RMB 1.839 billion** from the end of last year[139](index=139&type=chunk) - Green loans balance was **RMB 15.486 billion**, an increase of **RMB 1.560 billion** from the end of last year[139](index=139&type=chunk) - Technology finance loans balance was **RMB 15.684 billion**, an increase of **RMB 1.632 billion** from the end of last year, with the People's Bank of China's technology finance service effectiveness rated "Excellent" in Q1[139](index=139&type=chunk) - Agriculture-related loans balance was **RMB 59.161 billion**, an increase of **RMB 6.726 billion** from the beginning of the year, a growth of **12.83%**, maintaining first place in both scale and new additions in the city[139](index=139&type=chunk) - Small and micro loans balance was **RMB 142.815 billion**, serving **56,300** households, an increase of **RMB 8.072 billion** and **800** households from the end of last year, fully achieving the "two increases" target[139](index=139&type=chunk) - In the first half, foreign exchange transaction volume reached **USD 35.4 billion**, a year-on-year increase of **9%**[139](index=139&type=chunk) [(3) Treasury Operations](index=38&type=section&id=（三）资金业务) The Bank's treasury operations adhere to stable and compliant management, leveraging its full financial market license advantage to support the real economy through bond underwriting, investment, and bill business. Its wealth management product system is increasingly comprehensive, with comprehensive wealth management capabilities ranking **5th** among rural financial wealth management institutions, and wealth management product balance reaching **RMB 30.801 billion** - The Bank successfully issued the first sci-tech innovation bond among rural commercial banks nationwide and the first local legal entity bank in Shandong Province, steadily enhancing its market influence[141](index=141&type=chunk) - In the "Bank Wealth Management Capability Ranking Report (Q2 2025)" published by Puyi Standard, the Bank's wealth management comprehensive capability ranked **5th** among rural financial wealth management institutions[142](index=142&type=chunk) - At the end of the reporting period, wealth management product balance was **RMB 30.801 billion**[142](index=142&type=chunk) [(4) Digital Transformation](index=40&type=section&id=（四）数字化转型) The Bank continued to implement its digital transformation strategic plan, launching **16** innovation projects in the first half of the year, with mobile banking users exceeding **2.84 million**. It actively explored AI large model applications, implementing intelligent agents such as office assistant, compliance assistant, and credit assistant. Data management capabilities received DCMM Level 3 certification, and the proportion of digital talent exceeded **12%** - Cumulatively received over **20** national, provincial, and municipal digital finance awards, and **7** national invention patents[144](index=144&type=chunk) - In the first half, promoted the successful implementation of **16** innovation projects, including the enterprise-level risk control decision engine, with mobile banking users exceeding **2.84 million**[145](index=145&type=chunk) - Implemented **3** major AI large model intelligent agent applications: office assistant, compliance assistant, and credit assistant[146](index=146&type=chunk) - Data management capabilities received national data management DCMM Level 3 certification, with digital talent accounting for over **12%** of the entire bank[147](index=147&type=chunk) [12. Risk Management](index=41&type=section&id=十二、风险管理) The Bank actively promotes a risk management culture of "compliance, prudence, proactivity, and comprehensiveness," building an integrated "strategy-risk-capital" governance framework and strengthening risk limit management. It primarily faces credit risk, liquidity risk, market risk, and operational risk, and has established comprehensive management systems and response measures, with all risk indicators meeting regulatory requirements and risk management effectiveness continuously improving [(1) Credit Risk](index=41&type=section&id=（一）信用风险) The Bank continuously strengthens credit risk management by improving credit risk measurement tools, upgrading its risk early warning system, and optimizing risk management processes. Key efforts include credit policy support for the real economy, independent and centralized review and approval mechanisms, optimized disbursement review, deepened application of big data risk control technology, enhanced post-loan management effectiveness, and strengthened loan quality management - The Bank's credit risk assets include various loans, financial investments, and off-balance sheet credit businesses[148](index=148&type=chunk) - The Bank continuously improves credit risk measurement tools, utilizes big data mining technology to upgrade its risk early warning system, and optimizes risk management processes[149](index=149&type=chunk) - Implements a "separation of loan review and approval, hierarchical approval" credit approval model, establishing a professional disbursement review team[150](index=150&type=chunk) - Built a new risk control platform that aggregates multi-dimensional risk information, achieving seamless integration of the entire risk management process from "data-insight-decision-action"[150](index=150&type=chunk) - Strictly implements the "three lines of defense" mechanism for post-loan management, establishing a long-term mechanism for loan risk screening[150](index=150&type=chunk) [(2) Liquidity Risk](index=42&type=section&id=（二）流动性风险) The Bank has established a liquidity risk management system commensurate with its business scale, with the Board of Directors bearing ultimate responsibility. In the first half of 2025, the Bank closely monitored macroeconomic conditions and proactively arranged the maturity structure of its assets and liabilities to ensure liquidity safety. Liquidity ratio, liquidity coverage ratio, and net stable funding ratio all met regulatory requirements - The Bank has established a liquidity risk management system commensurate with its business scale, nature, and complexity, with the Board of Directors bearing ultimate responsibility for liquidity risk management[151](index=151&type=chunk) - In the first half of 2025, the Bank closely monitored macroeconomic conditions and changes in the central bank's monetary policy, ensuring the Bank's liquidity safety[152](index=152&type=chunk) - Liquidity ratio was **95.27%**, meeting the National Financial Regulatory Administration's requirement of not less than **25%**[153](index=153&type=chunk) - Liquidity coverage ratio was **348.90%**, meeting the National Financial Regulatory Administration's requirement of not less than **100%**[153](index=153&type=chunk) - Net stable funding ratio was **142.89%**, meeting the National Financial Regulatory Administration's requirement of not less than **100%**[153](index=153&type=chunk) [(3) Market Risk](index=43&type=section&id=（三）市场风险) The Bank has established a comprehensive market risk management system, with the Board of Directors bearing ultimate monitoring responsibility. Market risk remained stable and controllable, with continuously improving management effectiveness. Regarding interest rate risk, both trading book and banking book adopted prudent management strategies, with overall interest rate risk being controllable. For exchange rate risk, business operations are primarily in RMB, with low foreign exchange exposure, maintaining overall stable exchange rate risk levels - The Bank has established a comprehensive, reliable market risk management system commensurate with the nature, scale, and complexity of its business[156](index=156&type=chunk) - During the reporting period, the Bank's market risk remained stable and controllable, with continuously improving market risk management effectiveness[157](index=157&type=chunk) - The trading book adopted a relatively prudent investment strategy, with all interest rate risk indicators remaining within target ranges[158](index=158&type=chunk) - The banking book interest rate risk level was controlled within the annual interest rate risk management targets, and stress test results showed overall controllability[159](index=159&type=chunk) - The Bank's business operations are primarily in RMB, with low foreign exchange exposure, maintaining overall stable exchange rate risk levels, and all indicators are within limits[160](index=160&type=chunk) [(4) Operational Risk](index=45&type=section&id=（四）操作风险) The Bank's Board of Directors considers operational risk as one of the main risks and has established a comprehensive three-lines-of-defense operational risk management system. During the reporting period, the Bank improved its operational risk loss data collection, self-assessment, and key risk indicator management mechanisms, and launched a smart compliance management platform, effectively enhancing its operational risk management level - The Bank's Board of Directors considers operational risk as one of the main risks faced by the Bank, bearing ultimate responsibility for operational risk management[161](index=161&type=chunk) - The Group has fully established three lines of defense for operational risk: business lines, risk management lead departments, and internal audit departments[162](index=162&type=chunk) - During the reporting period, the Bank further established and improved mechanisms for operational risk loss data collection, operational risk and control self-assessment, and full lifecycle management of key risk indicators[162](index=162&type=chunk) - Developed and launched the smart compliance management platform (Phase I), initially achieving online and standardized operation of the three major operational risk tools, process management, and stress testing[162](index=162&type=chunk) [(5) Compliance Risk](index=46&type=section&id=（五）合规风险) The Bank actively carries out compliance risk prevention, strengthening its internal control and compliance management system, inspections and risk monitoring, risk review and resolution, and enhancing compliance culture building and warning education to foster a culture of "not daring to violate, not being able to violate, and not wanting to violate" throughout the bank - The Bank formulated an internal control and compliance management system construction outline and action plan, clarifying internal control and compliance management responsibilities at all levels and business lines[163](index=163&type=chunk) - Regularly conducted investigations into abnormal employee behavior, internal control and compliance inspections, and proxy management to address non-compliance issues[164](index=164&type=chunk) - Carried out pre-compliance review and embedded review, assessing compliance risks of new products and businesses in advance[164](index=164&type=chunk) - Issued the "Qingdao Rural Commercial Bank Compliance Culture Construction Action Plan," focusing on cultivating good habits and conscious actions of proactive compliance among all employees[164](index=164&type=chunk) [(6) Anti-Money Laundering Management](index=46&type=section&id=（六）反洗钱管理) The Bank actively practices a "risk-based" anti-money laundering approach, strengthening internal control mechanisms, supervision and inspection, and daily monitoring to enhance anti-money laundering efforts. Through policy advocacy, assessment rules, internal inspections, and centralized handling of suspicious cases, it effectively improved money laundering and terrorist financing risk management - Actively practices a "risk-based" anti-money laundering approach, strengthening internal control mechanisms, supervision and inspection, risk screening, and daily monitoring[165](index=165&type=chunk) - Established a monthly anti-money laundering policy advocacy mechanism, formulated anti-money laundering assessment implementation rules, and improved the inspection and accountability mechanism[165](index=165&type=chunk) - Actively promoted anti-money laundering compliance culture building, strengthened anti-money laundering publicity and training, and established a professional anti-money laundering team[165](index=165&type=chunk) - Actively promoted the construction and upgrade of anti-money laundering information systems, effectively improving money laundering and terrorist financing risk management levels[165](index=165&type=chunk) [(7) Large Exposure Risk](index=46&type=section&id=（七）大额风险暴露) As of the end of June 2025, all of the Bank's large exposure risk indicators met regulatory requirements. The maximum non-interbank single customer exposure accounted for **6.80%** of net Tier 1 capital, and the maximum non-interbank group customer exposure accounted for **11.50%** of net Tier 1 capital, both below regulatory limits - The Bank incorporates its large exposure risk management mechanism into its comprehensive risk management framework, achieving effective control of customer concentration risk through dynamic monitoring of risk exposures, regular regulatory reporting, and concentration control measures[166](index=166&type=chunk) - As of the end of June 2025, all of the Bank's large exposure risk indicators met regulatory requirements[167](index=167&type=chunk) - The maximum non-interbank single customer risk exposure accounted for **6.80%** of net Tier 1 capital, meeting the management indicator requirement of less than **15%**[167](index=167&type=chunk) - The maximum non-interbank group or economically dependent customer risk exposure accounted for **11.50%** of net Tier 1 capital, meeting the management indicator requirement of less than **20%**[167](index=167&type=chunk) [13. Capital Management](index=47&type=section&id=十三、资本管理) The Bank's capital management adheres to principles of capital adequacy, optimized allocation, and refined management, ensuring compliance with regulatory requirements and supporting business development. As of the end of June 2025, the Bank's Common Equity Tier 1 capital adequacy ratio was **10.58%**, Tier 1 capital adequacy ratio was **12.09%**, and total capital adequacy ratio was **13.78%**, all meeting regulatory requirements. The leverage ratio was **7.27%**, exceeding the National Financial Regulatory Administration's regulatory requirement [(1) Capital Adequacy Ratio](index=47&type=section&id=（一）资本充足率情况) As of the end of June 2025, the Bank's Common Equity Tier 1 capital adequacy ratio was **10.58%**, Tier 1 capital adequacy ratio was **12.09%**, and total capital adequacy ratio was **13.78%**, all meeting regulatory requirements. Total risk-weighted assets amounted to **RMB 330.657 billion** Capital Adequacy Ratio (Unit: RMB thousand) | Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Net Common Equity Tier 1 Capital | 34,969,358 | 34,269,354 | | Net Tier 1 Capital | 39,968,675 | 39,289,612 | | Net Total Capital | 45,556,181 | 44,735,496 | | Total Risk-Weighted Assets | 330,657,445 | 320,364,880 | | Common Equity Tier 1 Capital Adequacy Ratio | 10.58% | 10.70% | | Tier 1 Capital Adequacy Ratio | 12.09% | 12.26% | | Capital Adequacy Ratio | 13.78% | 13.96% | [(2) Leverage Ratio](index=48&type=section&id=（二）杠杆率情况) At the end of the reporting period, the Bank's leverage ratio was **7.27%**, exceeding the National Financial Regulatory Administration's regulatory requirement Leverage Ratio (Unit: RMB thousand) | No. | Item | June 30, 2025 | March 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Net Tier 1 Capital | 39,968,675 | 39,227,698 | 39,289,612 | 39,458,365 | | 2 | Adjusted On- and Off-Balance Sheet Assets | 549,836,198 | 569,145,896 | 524,556,283 | 502,718,994 | | 3 | Leverage Ratio | 7.27% | 6.89% | 7.49% | 7.85% | [14. Institutional Development](index=48&type=section&id=十四、机构建设情况) As of June 30, 2025, the Bank's head office and branches collectively had **343** outlets, **5,395** employees, and total assets of **RMB 492.199 billion**. Its subsidiaries collectively had **40** outlets, **476** employees, and total assets of **RMB 14.243 billion** Basic Information of the Bank's Head Office and Branches (Unit: RMB thousand) | Institution Name | Number of Outlets | Number of Employees | Asset Scale | | :--- | :--- | :--- | :--- | | Head Office | - | 854 | 296,285,160 | | Head Office Business Department | 1 | 12 | 8,278,680 | | Shinan Branch | 8 | 124 | 13,766,944 | | Shibei Branch | 7 | 112 | 12,041,712 | | ... | ... | ... | ... | | Total | 343 | 5,395 | 492,198,695 | Basic Information of the Bank's Subsidiaries (Unit: RMB thousand) | Subsidiary Name | Number of Outlets | Number of Employees | Asset Scale | | :--- | :--- | :--- | :--- | | Shenzhen Luohu Lan Hai Rural Bank | 1 | 49 | 1,630,670 | | Dexing Lan Hai Rural Bank | 3 | 37 | 995,098 | | ... | ... | ... | ... | | Total | 40 | 476 | 14,242,935 | [15. Company's Future Development Outlook](index=50&type=section&id=十五、公司未来发展的展望) The Bank will be guided by high-quality Party building to drive high-quality development, firmly pursuing a differentiated development path, focusing on the "five key areas" strategic deployment, and continuously enhancing its ability to serve the real economy. Concurrently, it will adhere to risk-based and compliance-first principles, solidify risk bottom lines, strengthen cultural immersion, and enhance team cohesion to contribute to building a strong financial nation - Drive high-quality development with high-quality Party building, establishing the new era rural commercial bank values of "serving the nation through finance, serving the people through finance"[176](index=176&type=chunk) - Shoulder the responsibility of a local legal entity bank, firmly pursuing a differentiated development path, focusing on building a new high ground for modern marine economic development, boosting consumption, and the "five key areas" strategic deployment[177](index=177&type=chunk) - Adhere to risk-based and compliance-first principles, solidify risk bottom lines and compliance defenses, improve a unified risk policy covering all businesses and processes, and optimize the enterprise-level risk control decision engine[178](index=178&type=chunk) - Strengthen cultural immersion and enhance team cohesion, improving a full-chain system for "selection, cultivation, utilization, retention, and management" to build a high-quality talent team[179](index=179&type=chunk) [16. Investor Relations Activities During the Reporting Period](index=51&type=section&id=十六、报告期内接待调研、沟通、采访等活动) During the reporting period, the Bank hosted multiple on-site research visits by institutional investors, with relevant activity records disclosed on Juchao Information Network - From January to June 2025, the Bank hosted multiple on-site research visits by institutional investors; specific details can be found in the "Investor Relations Activity Record Form" on Juchao Information Network[180](index=180&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=52&type=section&id=第四节%20公司治理、环境和社会) [1. Changes in Directors, Supervisors, and Senior Management](index=52&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, Liu Bingbing and Li Qingxiang resigned as non-executive directors due to term limits and work reasons, respectively, and Wang Qingjin resigned as an external supervisor due to work reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Liu Bingbing | Non-executive Director | Resignation | June 4, 2025 | In accordance with relevant regulations on tenure for key banking personnel | | Li Qingxiang | Non-executive Director | Resignation | June 4, 2025 | Work reasons | | Wang Qingjin | External Supervisor | Resignation | August 1, 2025 | Work reasons | [2. Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=52&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The Bank plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the 2025 semi-annual period - The Bank plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the 2025 semi-annual period[183](index=183&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=52&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The Bank had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The Bank had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[184](index=184&type=chunk) [4. Environmental Information Disclosure](index=52&type=section&id=四、环境信息披露情况) The Bank and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The Bank and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[185](index=185&type=chunk) [5. Social Responsibility](index=52&type=section&id=五、社会责任情况) The Bank actively fulfills its social responsibilities, precisely matching new agricultural business entities, with loans to such entities reaching **RMB 3.665 billion** as of the end of June 2025. It strengthened financial services in key areas of rural revitalization, with grain-related loans reaching **RMB 3.095 billion**. It innovated characteristic financial products to assist rural revitalization, lowered entry barriers to address collateral difficulties, and consolidated poverty alleviation achievements. It built a "Government-Bank Interconnection e-Station" service system, serving over **7 million** county residents - As of the end of June 2025, loans to new agricultural business entities totaled **2,786** households and **RMB 3.665 billion**, an increase of **RMB 234 million** from the end of last year[186](index=186&type=chunk) - As of the end of June 2025, the Bank's grain-related key area loan balance was **RMB 3.095 billion**, an increase of **RMB 1.451 billion** from the end of last year[187](index=187&type=chunk) - The Bank, in collaboration with Qingdao Municipal Agriculture and Rural Affairs Bureau, innovated rural asset collateral methods, launching new products such as rural property rights transaction certification loans[188](index=188&type=chunk) - Continuously optimized the "Agricultural Guarantee Loan" product model, with a loan balance of **RMB 1.301 billion**, accounting for **71%** of Qingdao's outstanding guaranteed balance[189](index=189&type=chunk) - As of the end of June 2025, the Bank provided credit support to **45** provincial and municipal registered impoverished households with a balance of **RMB 8.0901 million**; and supported **117** national registered impoverished households with a balance of **RMB 45.2959 million**[190](index=190&type=chunk) - Built a "Government-Bank Interconnection e-Station" service system integrating "finance + government affairs + convenience," serving over **7 million** county residents[190](index=190&type=chunk) [Part V Significant Events](index=54&type=section&id=第五节%20重要事项) [1. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=54&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, there were no overdue unfulfilled commitments by any commitment-related parties - During the reporting period, there were no commitments by the Bank's actual controller, shareholders, related parties, acquirers, and the Bank that were fulfilled or overdue and unfulfilled as of the end of the reporting period[193](index=193&type=chunk) [2. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=54&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties of the Bank - During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties of the Bank[194](index=194&type=chunk) [3. Irregular External Guarantees](index=54&type=section&id=三、违规对外担保情况) During the reporting period, the Bank had no irregular external guarantees - During the reporting period, the Bank had no irregular external guarantees[195](index=195&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=54&type=section&id=四、聘任、解聘会计师事务所情况) The Bank's semi-annual report is unaudited - The Bank's semi-annual report is unaudited[196](index=196&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on the Accounting Firm's "Non-Standard Audit Report" for the Reporting Period](index=54&type=section&id=五、董事会、监事会对会计师事务所本报告期%22非标准审计报告%22的说明) No

Part I [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors and senior management declare the truthfulness, accuracy, and completeness of this semi-annual report, and provide warnings on potential investment risks - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[5](index=5&type=chunk) - Company head He Rongming, chief financial officer Xie Zhenmei, and head of accounting department Cheng Naijun declare to guarantee the truthfulness, accuracy, and completeness of the financial report[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report's table of contents clearly lists nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data, providing comprehensive information navigation for investors - The report's table of contents includes nine main chapters, from important notices to financial reports, with a clear structure[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, including company name, major related parties, subsidiaries, regulatory bodies, and the reporting period, ensuring accurate understanding of the report's content - `Zhongqi New Material`, `the Company`, and `this Company` all refer to Guangdong Zhongqi New Material Co., Ltd[17](index=17&type=chunk) - `Xingkong Technology` refers to Guangdong Xingkong Technology Equipment Co., Ltd., the company's controlling shareholder[17](index=17&type=chunk) - `Reporting Period` refers to January 1, 2025, to June 30, 2025[17](index=17&type=chunk) Part II [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company's stock abbreviation is `Zhongqi New Material`, stock code 001212, listed on the Shenzhen Stock Exchange Basic Company Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhongqi New Material | | Stock Code | 001212 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | He Rongming | - The company's registered address, office address, website, email, etc., remained unchanged during the reporting period, as detailed in the 2024 annual report[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%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) During the reporting period, the company's operating revenue and net profit significantly decreased year-on-year, and net cash flow from operating activities also substantially reduced, reflecting operational pressure Key Accounting Data and Financial Indicators (Year-on-Year Change) | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 197,217,458.15 | 259,273,781.73 | -23.93% | | Net Profit Attributable to Shareholders of Listed Company | 2,522,952.72 | 23,694,042.47 | -89.35% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 449,224.71 | 22,442,507.20 | -98.00% | | Net Cash Flow from Operating Activities | 2,351,254.04 | 93,237,655.35 | -97.48% | | Basic Earnings Per Share (RMB/share) | 0.02 | 0.14 | -85.71% | | Weighted Average Return on Net Assets | 0.15% | 1.42% | -1.27% | Key Accounting Data and Financial Indicators (Period-End Change) | Item | Current Period-End (RMB) | Prior Year-End (RMB) | Period-End Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 2,258,637,278.28 | 2,338,007,252.31 | -3.39% | | Net Assets Attributable to Shareholders of Listed Company | 1,728,644,809.69 | 1,729,729,171.50 | -0.06% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%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) During the reporting period, the company had no differences in net profit and net assets disclosed under International Accounting Standards or overseas accounting standards compared to Chinese Accounting Standards - During the reporting period, the company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards compared to Chinese Accounting Standards[25](index=25&type=chunk) - During the reporting period, the company had no differences in net profit and net assets in financial reports disclosed under overseas accounting standards compared to Chinese Accounting Standards[26](index=26&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%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) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 2,073,728.01**, primarily from government subsidies, alongside gains and losses from disposal of non-current assets and fair value changes Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -531,915.54 | | Government Subsidies Included in Current Period's Gains and Losses | 3,383,587.47 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | -399,809.05 | | Other Non-Operating Income and Expenses | 187,702.05 | | Less: Income Tax Impact | 565,836.92 | | Total | 2,073,728.01 | - The company has no other gain or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[29](index=29&type=chunk) Part III [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=%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's main businesses cover three major areas: artificial quartz stone, high-purity quartz sand, and quartz silicon crystal new materials - The company's main products include artificial quartz stone, high-purity quartz sand, and quartz silicon crystal new materials[31](index=31&type=chunk) - Artificial quartz stone product series include photosensitive silicon crystal stone, rice-feel series, natural stone series, etc., widely used in indoor decoration, but performance declined due to changes in market structure and consumption patterns[31](index=31&type=chunk) - High-purity quartz sand has stable production capacity and a complete technical R&D and production system, widely used in quartz crucibles and semiconductor fields[32](index=32&type=chunk) - Quartz silicon crystal new material products have gradually been put into production, expected to support the company's business diversification and bring stable market demand and potential profits[33](index=33&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=%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 competencies are in four areas: products, technology R&D, product diversification, and scaled operations - The company's artificial quartz stone products demonstrate excellent core physical and chemical properties such as hardness, wear resistance, high temperature resistance, and stain resistance, with overall performance comparable to international first-tier brands, and participate in the formulation of core industry standards[34](index=34&type=chunk) - The company independently developed an automated quartz stone production line, equipped with a customized MES production management system, enhancing production efficiency, delivery capability, and product quality stability[36](index=36&type=chunk) - The company's product diversification covers artificial green stone, high-purity quartz sand, silicon powder, etc., meeting diverse demands and enhancing market competitiveness and risk resistance[38](index=38&type=chunk) - As one of the leading enterprises in the artificial quartz stone slab industry, the company possesses large-scale production capacity and an integrated production model, covering mining, R&D, and fine processing, effectively controlling costs[39](index=39&type=chunk) [Analysis of Main Business](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's main business revenue decreased by **23.93%** year-on-year, primarily due to a decline in non-metallic mineral product business Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 197,217,458.15 | 259,273,781.73 | -23.93% | | | Net Profit Attributable to Shareholders of Listed Company | 2,522,952.72 | 23,694,042.47 | -89.35% | | | Net Cash Flow from Operating Activities | 2,351,254.04 | 93,237,655.35 | -97.48% | Primarily due to reduced cash receipts in the current period | | Net Cash Flow from Investing Activities | 53,892,648.07 | -262,450,207.55 | 120.53% | Primarily due to increased redemption of bank time deposits in the current period | Operating Revenue Composition (by Product) | Product | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Slabs | 157,496,544.12 | 79.86% | 182,056,253.98 | 70.22% | -13.49% | | Countertops | 38,621,868.56 | 19.58% | 76,006,000.79 | 29.31% | -49.19% | | High-Purity Sand Revenue | 371,616.37 | 0.19% | 132,743.36 | 0.05% | 179.95% | - Revenue from non-metallic mineral products business decreased by **24.00%** year-on-year, with gross margin declining by **4.46%**[46](index=46&type=chunk) - High-purity sand revenue increased by **179.95%** year-on-year, but its gross margin was **-97.17%**, primarily due to a substantial **594.30%** year-on-year increase in operating costs[46](index=46&type=chunk) [Analysis of Non-Main Business](index=13&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company had no non-main business analysis content, indicating that its operations are primarily focused on core areas - The company had no non-main business analysis during the reporting period[48](index=48&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=%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, the company's total assets and net assets attributable to shareholders of the listed company slightly decreased Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 390,019,414.14 | 17.27% | 332,130,880.66 | 14.21% | 3.06% | | Fixed Assets | 785,341,783.06 | 34.77% | 583,879,690.26 | 24.97% | 9.80% | | Construction in Progress | 11,223,263.16 | 0.50% | 219,785,108.16 | 9.40% | -8.90% | | Long-Term Borrowings | 126,000,000.00 | 5.58% | 0.00 | 0.00% | 5.58% | Changes in Financial Assets Measured at Fair Value | Item | Beginning Balance (RMB) | Gains and Losses from Fair Value Changes in Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 683,254,107.63 | -2,534,878.00 | 724,000,000.00 | 854,244,348.88 | 550,474,880.75 | Asset Restriction Status | Item | Ending Balance (RMB) | Prior Year-End Balance (RMB) | | :--- | :--- | :--- | | Foreign Exchange Maturity Deposit | 164,647,800.00 | 144,123,309.36 | | Alibaba International Station Account Collection Balance | 754,712.24 | 1,102,654.09 | | Securities Account Balance | 12,587,314.52 | 1,950,205.03 | | Total | 177,989,826.76 | 147,176,168.48 | [Analysis of Investment Status](index=15&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's financial asset investments primarily consisted of securities investments, with an ending book value of **RMB 29.0361 million** and fair value change losses of **RMB 2.5349 million** for the current period Securities Investment Status | Security Abbreviation | Accounting Subject | Source of Funds | Beginning Book Value (RMB) | Gains and Losses from Fair Value Changes in Current Period (RMB) | Ending Book Value (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | East Money | Financial Assets Held for Trading | Own Funds | 5,809,500.00 | -1,170,266.83 | 5,397,148.80 | | Bohai Leasing | Financial Assets Held for Trading | Own Funds | 4,398,082.00 | -571,630.00 | 3,900,108.44 | | Nandu Power | Financial Assets Held for Trading | Own Funds | 5,690,964.00 | -8,207,265.53 | 5,754,363.82 | | Yonggui Electric | Financial Assets Held for Trading | Own Funds | 2,898,716.00 | -3,211,149.80 | 3,321,925.35 | | China Unicom | Financial Assets Held for Trading | Own Funds | 3,186,000.00 | 3,270,878.69 | 3,277,724.78 | | Zhonganke | Financial Assets Held for Trading | Own Funds | 8,075,000.00 | -11,531,431.08 | 7,384,817.93 | | Total | | | 30,058,262.00 | -2,534,878.00 | 29,036,089.12 | Overall Utilization of Raised Funds | Fundraising Method | Net Raised Funds (RMB 10,000) | Total Raised Funds Cumulatively Utilized (RMB 10,000) | Utilization Rate of Raised Funds at Period-End | | :--- | :--- | :--- | :--- | | Initial Public Offering | 62,939.71 | 36,229.25 | 57.56% | | Public Issuance of Corporate Bonds | 53,206.23 | 25,648.35 | 48.21% | | Total | 116,145.94 | 61,877.60 | 53.28% | - Some IPO fundraising projects (such as `Zhongqi (Hubei) New Material Phase I Construction Project`, `R&D Center Informatization Construction Project`) and convertible bond fundraising projects (`Luocheng Silicon Crystal New Material R&D, Development, and Manufacturing Integration Project`) were delayed in reaching their intended usable state due to changes in the macroeconomic environment, slowing market demand, and construction delays[61](index=61&type=chunk)[64](index=64&type=chunk) - The `Annual Production of 10,000 Tons of Semiconductor-Grade and Photovoltaic Crucible High-Purity Sand Project` was decided to be temporarily suspended after re-evaluation due to changes in market environment and changes in controlling shareholder and actual controller[61](index=61&type=chunk) [Disposal of Significant Assets and Equity](index=20&type=section&id=%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) During the reporting period, the company did not dispose of any significant assets or equity - The company did not dispose of significant assets during the reporting period[65](index=65&type=chunk) - The company did not dispose of significant equity during the reporting period[66](index=66&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, the company had no important information on holding and participating companies that should be disclosed - The company had no important information on holding and participating companies that should be disclosed during the reporting period[66](index=66&type=chunk) [Status of Structured Entities Controlled by the Company](index=21&type=section&id=%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) During the reporting period, the company had no structured entities under its control - The company had no structured entities under its control during the reporting period[67](index=67&type=chunk) [Risks Faced by the Company and Countermeasures](index=21&type=section&id=%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 multiple risks including macroeconomic fluctuations, real estate market volatility, intensified market competition, raw material price fluctuations, exchange rate volatility, and rising labor costs - Macroeconomic fluctuations may impact the company's product exports and downstream customer procurement pace; the company will advance a market diversification strategy, expand into emerging markets, and increase the proportion of high-value-added product sales[67](index=67&type=chunk) - Profound adjustments in the real estate market suppress demand for artificial quartz stone and other decorative materials; the company will accelerate product structure adjustment, increase R&D for high-end products, expand overseas markets, and strengthen cost control[68](index=68&type=chunk) - Intensified market competition requires the company to accelerate technological innovation, optimize product structure, and enhance competitiveness through green certification and digital services[69](index=69&type=chunk) - Fluctuations in major raw material prices may lead to increased production costs; the company will build a resilient supply chain system, select high-quality suppliers, and enhance supply chain responsiveness[71](index=71&type=chunk) - Exchange rate fluctuations affect the profitability of export business; the company will strengthen exchange rate analysis, adjust product pricing, and accelerate the collection of accounts receivable[72](index=72&type=chunk) - Rising labor costs increase operational pressure; the company will promote intelligent manufacturing, improve per capita efficiency, optimize talent structure, and enhance labor productivity through skills training[73](index=73&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%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) During the reporting period, the company did not formulate a market value management system nor disclose a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[74](index=74&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[75](index=75&type=chunk) [Implementation of “Dual Enhancement of Quality and Returns” Action Plan](index=22&type=section&id=%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) During the reporting period, the company did not disclose an announcement regarding the `Dual Enhancement of Quality and Returns` action plan - During the reporting period, the company did not disclose an announcement regarding the `Dual Enhancement of Quality and Returns` action plan[76](index=76&type=chunk) Part IV [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%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) During the reporting period, the company completed the re-election of its board of directors, forming the fourth board and appointing senior management - The company completed the re-election of its board of directors on June 19, 2025, and July 7, 2025, forming the fourth board and appointing senior management[80](index=80&type=chunk) - He Rongming was elected as Chairman and General Manager, and Xie Zhenmei was appointed as Chief Financial Officer[81](index=81&type=chunk) - The company no longer has a board of supervisors, with its functions now exercised by the board's audit committee[80](index=80&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=24&type=section&id=%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 not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[82](index=82&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=%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) During the reporting period, the company had no equity incentive plans but implemented its first employee stock ownership plan - The company had no equity incentives during the reporting period[83](index=83&type=chunk) - The company's first employee stock ownership plan completed stock purchases on March 4, 2024, with a **12-month** lock-up period, which expired on March 4, 2025[85](index=85&type=chunk) - As of the disclosure date of this report, all shares held under the company's first employee stock ownership plan have been sold[86](index=86&type=chunk) - The company's controlling shareholder and actual controller did not participate in this employee stock ownership plan[85](index=85&type=chunk) [Environmental Information Disclosure](index=26&type=section&id=%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 and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law, and no environmental accidents occurred during the reporting period - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[87](index=87&type=chunk) - During the reporting period, the company had no environmental accidents[87](index=87&type=chunk) [Social Responsibility](index=26&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company is committed to improving corporate governance, protecting the rights of investors and creditors, safeguarding employee interests, promoting win-win cooperation in the supply chain, strengthening environmental protection and sustainable development, and actively participating in social welfare activities - The company has established a governance structure with checks and balances among the shareholders' meeting, board of directors, and management, and has set up four specialized committees: Audit, Strategy, Nomination, and Remuneration & Assessment[88](index=88&type=chunk) - The company promptly conveys information to investors through diversified channels such as announcements, performance briefings, and the interactive platform, and strictly implements its profit distribution policy[89](index=89&type=chunk) - During the reporting period, the company timely paid the annual interest on `Zhongqi Convertible Bonds`, with the convertible bond's tracking rating maintained at **A+** and credit rating stable[91](index=91&type=chunk) - All company employees have signed labor contracts, legally contribute to social security and housing provident funds, receive timely salary payments, and are provided with health examinations and occupational safety training[92](index=92&type=chunk) - The company highly values environmental protection, adheres to the policy of `energy saving, emission reduction, and circular utilization`, has obtained ISO 14001 and ISO 45001 certifications, and implemented multiple pollution prevention and control measures[97](index=97&type=chunk)[98](index=98&type=chunk) - The company actively fulfills its social responsibilities, pays taxes honestly and lawfully, and encourages employees to participate in social welfare activities[101](index=101&type=chunk) Part V [Commitments Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During the Reporting Period and Those Overdue and Unfulfilled as of the End of the Reporting Period](index=29&type=section&id=%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, all commitments made by the company's actual controller, shareholders, and related parties were fulfilled on time, with no overdue unfulfilled matters - The former controlling shareholder Hainan Yuminghua, former actual controller Zhou Jun, and their related parties all duly fulfilled commitments regarding share lock-up and reduction, avoiding horizontal competition, and regulating related-party transactions[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - The company, controlling shareholder, actual controller, non-independent directors, and senior management have completed fulfilling their commitments to stabilize the company's stock price[103](index=103&type=chunk) - The company, former controlling shareholder Hainan Yuminghua, former actual controller Zhou Jun, and directors and senior management all duly fulfilled their commitments to compensate for diluted immediate returns[103](index=103&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) - The company's controlling shareholder Xingkong Technology and actual controller He Rongming issued a share lock-up commitment for the transferee in the agreement transfer, pledging not to transfer shares within **18 months** from the completion date of share transfer[112](index=112&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled matters[113](index=113&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=39&type=section&id=%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) During the reporting period,

中炬高新技术实业（集团）股份有限公司2025 年半年度报告 公司代码：600872 公司简称：中炬高新 中炬高新技术实业（集团）股份有限公司 2025 年半年度报告 2025 年 8 月 1 / 154 中炬高新技术实业（集团）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人黎汝雄、主管会计工作负责人林颖及会计机构负责人（会计主管人员）张斌声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成对投资者的实质承诺。 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、 ...