[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides the semi-annual report's important notice, table of contents, and definitions, with management assuring report integrity and no planned profit distribution [Important Notice](index=2&type=section&id=1.1%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and senior management affirm the semi-annual report's integrity, cautioning on forward-looking and operational risks, with no profit distribution planned - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - The company's principal, chief financial officer, and head of accounting department declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=1.2%20%E7%9B%AE%E5%BD%95) This section presents the semi-annual report's complete table of contents, detailing nine chapters on company operations, finance, governance, and significant events - The report comprises nine main chapters, covering various aspects of the company's operations and finances[7](index=7&type=chunk) [Definitions](index=5&type=section&id=1.3%20%E9%87%8A%E4%B9%89) This section defines key terms, company entities, product categories, and the reporting period from January 1 to June 30, 2025 - The reporting period is defined as January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - The company's main products are categorized into pharmaceuticals, crop protection, and lithium battery and other materials[11](index=11&type=chunk) - The controlling shareholders are Mr He Renbao and Ms Wang Yingmei[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines Zhejiang Yongtai Technology Co., Ltd.'s profile, key financial data, and non-recurring gains/losses for H1 2025, highlighting significant revenue and net profit growth - The company's stock abbreviation is Yongtai Technology, stock code 002326, listed on the Shenzhen Stock Exchange, with GDRs listed on the London Stock Exchange[13](index=13&type=chunk) Key Accounting Data and Financial Indicators for H1 2025 | Item | Current Period (yuan) | Prior Period (yuan) | Year-on-Year Change | | :--------------------------------- | :---------------- | :---------------- | :----------------------- | | Operating Revenue | 2,609,315,432.03 | 2,139,223,940.34 | 21.97% | | Net Profit Attributable to Shareholders of Listed Company | 58,800,194.22 | 37,650,314.26 | 56.17% | | Net Cash Flow from Operating Activities | 221,270,811.80 | -185,589,567.26 | 219.23% | | Basic Earnings Per Share (yuan/share) | 0.06 | 0.04 | 50.00% | | Weighted Average Return on Net Assets | 2.18% | 1.18% | Increased by 1.00 percentage point | | **Item** | **Period-End (yuan)** | **Prior Year-End (yuan)** | **Period-End vs Prior Year-End Change** | | Total Assets | 11,039,581,013.96 | 11,190,303,037.06 | -1.35% | | Net Assets Attributable to Shareholders of Listed Company | 2,746,932,752.61 | 2,671,269,113.39 | 2.83% | Non-Recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains or Losses from Disposal of Non-Current Assets (including reversal of asset impairment provisions) | -731,487.73 | | Government Subsidies Recognized in Current Profit or Loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed under fixed standards, and having a continuous impact on company profit or loss) | 22,662,110.38 | | Gains or Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains or Losses from Disposal of Financial Assets and Liabilities, excluding effective hedge accounting related to normal business operations | 2,463,283.26 | | Other Non-Operating Income and Expenses apart from the above items | 20,224,791.00 | | Less: Income Tax Impact | 4,236,856.83 | | Impact on Minority Interests (after tax) | 4,102,093.84 | | **Total** | **36,279,746.24** | [Company Profile](index=7&type=section&id=2.1%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section details the company's fundamental information, including stock details, names, and legal representative - The company's stock abbreviation is Yongtai Technology, stock code 002326, listed on the Shenzhen Stock Exchange, with GDR trading code YTT, listed on the London Stock Exchange[13](index=13&type=chunk) - The company's legal representative is Wang Yingmei[13](index=13&type=chunk) [Contacts and Contact Information](index=7&type=section&id=2.2%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary Zhang Jiangshan and Securities Affairs Representative Wang Ying - The Board Secretary is Zhang Jiangshan, and the Securities Affairs Representative is Wang Ying, both with the contact address at No 1, Donghai Fifth Avenue, Linhai Park, Zhejiang Chemical Raw Material Pharmaceutical Base[14](index=14&type=chunk) [Other Information](index=7&type=section&id=2.3%20%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, email, and information disclosure locations 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 document storage locations remained unchanged during the reporting period[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=2.4%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company reported a **21.97% increase in operating revenue**, a **56.17% rise in net profit**, and a **219.23% surge in operating cash flow** for H1 2025 Key Accounting Data and Financial Indicators for H1 2025 | Item | Current Period (yuan) | Prior Period (yuan) | Year-on-Year Change | | :--------------------------------- | :---------------- | :---------------- | :----------------------- | | Operating Revenue | 2,609,315,432.03 | 2,139,223,940.34 | 21.97% | | Net Profit Attributable to Shareholders of Listed Company | 58,800,194.22 | 37,650,314.26 | 56.17% | | Net Cash Flow from Operating Activities | 221,270,811.80 | -185,589,567.26 | 219.23% | | Basic Earnings Per Share (yuan/share) | 0.06 | 0.04 | 50.00% | | Weighted Average Return on Net Assets | 2.18% | 1.18% | Increased by 1.00 percentage point | | **Item** | **Period-End (yuan)** | **Prior Year-End (yuan)** | **Period-End vs Prior Year-End Change** | | Total Assets | 11,039,581,013.96 | 11,190,303,037.06 | -1.35% | | Net Assets Attributable to Shareholders of Listed Company | 2,746,932,752.61 | 2,671,269,113.39 | 2.83% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=2.5%20%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No differences in net profit or net assets were reported between financial statements prepared under international/foreign and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Their Amounts](index=8&type=section&id=2.6%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses for H1 2025 totaled **36.28 million yuan**, mainly from government subsidies, fair value changes, and other non-operating items Non-Recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains or Losses from Disposal of Non-Current Assets (including reversal of asset impairment provisions) | -731,487.73 | | Government Subsidies Recognized in Current Profit or Loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed under fixed standards, and having a continuous impact on company profit or loss) | 22,662,110.38 | | Gains or Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains or Losses from Disposal of Financial Assets and Liabilities, excluding effective hedge accounting related to normal business operations | 2,463,283.26 | | Other Non-Operating Income and Expenses apart from the above items | 20,224,791.00 | | Less: Income Tax Impact | 4,236,856.83 | | Impact on Minority Interests (after tax) | 4,102,093.84 | | **Total** | **36,279,746.24** | - The company has no other profit 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[23](index=23&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes H1 2025 operations, covering industry trends, business performance, core competencies, financial shifts, investments, and risk management strategies, noting growth in lithium battery and crop protection, but pressure in pharmaceuticals - The company is a manufacturer of fluorine-containing pharmaceuticals, crop protection, and new energy materials, driven by fluorine technology, technological innovation, and intelligent manufacturing[30](index=30&type=chunk) - The company's main products are categorized into pharmaceuticals, crop protection, and lithium battery and other materials, serving downstream markets such as pharmaceuticals, crop protection, new energy, and electronic materials[31](index=31&type=chunk) - In H1 2025, the company achieved operating revenue of **2.609 billion yuan**, a year-on-year increase of **21.97%**; net profit attributable to shareholders of the listed company was **58.80 million yuan**, a year-on-year increase of **56.17%**[36](index=36&type=chunk) - Operating revenue for the crop protection segment increased by **63.67%** year-on-year, the lithium battery and other materials segment increased by **105.74%** year-on-year, while the pharmaceutical segment's operating revenue decreased by **30.83%**[36](index=36&type=chunk) [Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=3.1%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's core fluorine technology drives R&D, production, and sales in pharmaceuticals, crop protection, and new energy materials, with strong growth in lithium battery and crop protection, but pharmaceutical segment pressure due to competition and patent expirations [Industry Overview During the Reporting Period](index=10&type=section&id=3.1.1%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The lithium battery, pharmaceutical, crop protection, and liquid cooling industries show trends of rebalancing, innovation, green development, and AI-driven growth, respectively, with varying market dynamics - In H1 2025, new energy vehicle production and sales reached **6.968 million units** and **6.937 million units** respectively, increasing by **41.4%** and **40.3%** year-on-year, with market penetration rising to **44.3%**[25](index=25&type=chunk) - The pharmaceutical industry is influenced by an aging population and deepening medical reforms, with policies encouraging innovative R&D, optimized review and approval processes, and improved quality of generic drugs[26](index=26&type=chunk) - The crop protection industry is driven by the "one license, one product" policy and environmental policies, developing towards centralization, greening, and diversification[27](index=27&type=chunk) - The liquid cooling industry benefits from the development of artificial intelligence and high-performance computing, with sustained growth in demand for fluorinated fluids, and policies promoting the large-scale application of liquid cooling technology[28](index=28&type=chunk)[29](index=29&type=chunk) [Company's Main Business](index=11&type=section&id=3.1.2%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's main business leverages fluorine technology for R&D, production, and sales of pharmaceuticals, crop protection, and new energy materials, supported by an integrated value chain and global sales - The company is a manufacturer of fluorine-containing pharmaceuticals, crop protection, and new energy materials, with fluorine technology at its core[30](index=30&type=chunk) - The company possesses a vertically integrated industrial chain, a flexible comprehensive production platform, and a professional R&D and innovation team[30](index=30&type=chunk) - The company conducts global sales of crop protection products through its subsidiary Shanghai Nonghui, achieving synergistic development in R&D, production, and trade[30](index=30&type=chunk) [Main Products and Uses](index=11&type=section&id=3.1.3%20%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company's diverse product portfolio spans pharmaceuticals, crop protection, and lithium battery materials, serving various downstream markets, complemented by a trading business - The company's main products are categorized into pharmaceuticals, crop protection, and lithium battery and other materials, serving various downstream markets such as pharmaceuticals, crop protection, new energy, and electronic materials[31](index=31&type=chunk) - Pharmaceutical products cover key fluorine-containing intermediates, active pharmaceutical ingredients (APIs), and formulations in cardiovascular, diabetes, central nervous system, anti-infective, and antiviral fields[31](index=31&type=chunk) - Lithium battery and other materials primarily include lithium battery materials, fluorine-containing liquid crystal intermediates, and fluorinated fluids[31](index=31&type=chunk) [Company's Operating Model](index=11&type=section&id=3.1.4%20%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company operates with an approved supplier system for procurement, a make-to-order production model, and a direct sales approach, ensuring supply stability and market responsiveness - The company adopts an approved supplier system, with procurement prices for major raw materials determined through bidding or negotiation, and at least two qualified suppliers for each major raw material[32](index=32&type=chunk) - The company primarily adopts a make-to-order production model, formulating production plans based on sales order volume, market conditions, and sales forecasts[33](index=33&type=chunk) - The company primarily uses direct sales, with the sales department building customer relationships, capturing market information, and developing sales plans, while product sales prices are mainly determined by market prices[35](index=35&type=chunk) [Overall Operating Performance](index=12&type=section&id=3.1.5%20%E6%80%BB%E4%BD%93%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) H1 2025 saw **2.609 billion yuan in revenue** (+**21.97%**) and **58.80 million yuan in net profit** (+**56.17%**), driven by strong crop protection and lithium battery segments, despite a **30.83% decline in pharmaceuticals** - In H1 2025, the company achieved operating revenue of **2.609 billion yuan**, a year-on-year increase of **21.97%**; net profit attributable to shareholders of the listed company was **58.80 million yuan**, a year-on-year increase of **56.17%**[36](index=36&type=chunk) - Operating revenue for the crop protection segment increased by **63.67%** year-on-year, the lithium battery and other materials segment increased by **105.74%** year-on-year, while the pharmaceutical segment's operating revenue decreased by **30.83%**[36](index=36&type=chunk) - The pharmaceutical segment's temporary performance pressure is mainly due to the expiration of some customer original drug patents leading to market share contraction, coupled with intensified industry competition causing downward price pressure[36](index=36&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=3.2%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include fluorine technology, integrated value chain, advanced R&D, comprehensive product lines, cost efficiency, strong partnerships, and flexible multi-base production - The company, with fluorine technology at its core, spans inorganic and organic fluorochemical fields, covering diverse fine chemical industries such as new energy lithium battery materials, pharmaceuticals, and crop protection, and vertically integrates the upstream, midstream, and downstream industrial chain[37](index=37&type=chunk) - The company possesses national-level enterprise technology centers, postdoctoral workstations, and other R&D platforms, mastering industry-leading technologies such as directional fluorine atom introduction and chiral enzyme catalytic reaction technology[38](index=38&type=chunk) - The company has a rich series of fluorobenzene intermediate products, and its lithium battery materials layout includes various product forms such as lithium salt raw materials, lithium salts, additives, and electrolytes, possessing a comprehensive production platform[39](index=39&type=chunk) - The company achieves a "producing various products from the same initial raw material" model by starting production from basic raw materials and comprehensively utilizing by-products in the production process, resulting in a prominent cost advantage[40](index=40&type=chunk)[41](index=41&type=chunk) - The company has established long-term and stable cooperative relationships with well-known domestic and international enterprises such as Merck KGaA, BASF, CATL, and BYD[42](index=42&type=chunk) - The company has established multiple production bases in regions such as Zhejiang, Inner Mongolia, Fujian, and Guangdong, enabling flexible response to different market demands[43](index=43&type=chunk) [Analysis of Main Business](index=13&type=section&id=3.3%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's main business analysis reveals a **21.97% revenue increase** driven by lithium battery and crop protection sales, with industrial revenue growing domestically, despite a decline in pharmaceutical products Year-on-Year Changes in Key Financial Data | Item | Current Period (yuan) | Prior Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,609,315,432.03 | 2,139,223,940.34 | 21.97% | Primarily due to significant growth in lithium battery and crop protection sales during the reporting period | | Operating Cost | 2,134,643,802.13 | 1,690,796,640.32 | 26.25% | Primarily due to a corresponding increase in costs from significant growth in lithium battery and crop protection sales during the reporting period | | Financial Expenses | 69,412,875.90 | 56,974,546.22 | 21.83% | Primarily due to increased exchange gains and losses during the reporting period | | Income Tax Expense | 15,911,034.78 | 28,581,091.76 | -44.33% | Primarily due to a decrease in deferred income tax expense from loss compensation during the reporting period | | Net Cash Flow from Operating Activities | 221,270,811.80 | -185,589,567.26 | 219.23% | Primarily due to increased cash inflows from sales and the unfreezing of litigation-related funds during the reporting period | Operating Revenue Composition (by Product) | Item | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Pharmaceuticals | 418,468,980.05 | 16.04% | 604,993,381.99 | 28.28% | -30.83% | | Crop Protection | 508,945,246.26 | 19.50% | 310,949,279.27 | 14.53% | 63.67% | | Lithium Battery and Other Materials | 870,924,215.16 | 33.38% | 423,313,305.59 | 19.79% | 105.74% | | Trading | 805,468,925.24 | 30.87% | 794,883,984.07 | 37.16% | 1.33% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Item | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Industrial | 1,798,338,441.47 | 1,378,888,911.40 | 23.32% | 34.28% | 46.42% | -6.36% | | Trading | 805,468,925.24 | 748,882,950.51 | 7.03% | 1.33% | 0.42% | 0.85% | | **By Product** | | | | | | | | Pharmaceuticals | 418,468,980.05 | 255,908,930.55 | 38.85% | -30.83% | -24.24% | -5.32% | | Crop Protection | 508,945,246.26 | 331,257,917.50 | 34.91% | 63.67% | 60.64% | 1.23% | | Lithium Battery and Other Materials | 870,924,215.16 | 791,722,063.35 | 9.09% | 105.74% | 99.04% | 3.06% | | Trading | 805,468,925.24 | 748,882,950.51 | 7.03% | 1.33% | 0.42% | 0.85% | | **By Region** | | | | | | | | Domestic | 1,467,065,488.32 | 1,287,057,778.78 | 12.27% | 33.35% | 43.04% | -5.94% | | International | 1,136,741,878.39 | 840,714,083.13 | 26.04% | 9.40% | 6.28% | 2.17% | [Analysis of Non-Core Business](index=15&type=section&id=3.4%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business analysis shows investment income, asset impairment, and non-operating items influenced total profit, with non-operating income mainly from accounts payable write-offs Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation Reason | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 16,112,977.78 | 20.36% | Primarily due to investment income from disposal of financial assets at fair value through profit or loss and investment income recognized under the equity method during the reporting period | No | | Gains or Losses from Changes in Fair Value | -758,533.70 | -0.96% | Primarily due to changes in forward foreign exchange rates during the reporting period | No | | Asset Impairment Losses | 5,550,999.97 | 7.01% | Primarily due to reversal of inventory impairment during the reporting period | No | | Non-Operating Income | 23,704,701.23 | 29.95% | Primarily due to the cleanup and write-off of long-standing accounts payable exceeding the prescribed period during the reporting period | No | | Non-Operating Expenses | 3,978,709.51 | 5.03% | Primarily due to late payment fees and net losses from disposal of fixed assets during the reporting period | No | [Analysis of Assets and Liabilities](index=15&type=section&id=3.5%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's asset and liability analysis shows a slight decrease in total assets but an increase in net assets, with shifts in monetary funds, contract liabilities, long-term borrowings, inventories, and short-term borrowings Significant Changes in Asset Composition | Item | Amount at End of Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Previous Year (yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 469,742,934.17 | 4.26% | 739,281,281.26 | 6.61% | -2.35% | Primarily due to payments for goods and equipment purchases during the reporting period | | Inventories | 1,142,361,843.87 | 10.35% | 987,727,619.21 | 8.83% | 1.52% | Primarily due to increased sales of crop protection and lithium battery products, leading to a corresponding increase in inventories during the reporting period | | Construction in Progress | 1,612,222,749.12 | 14.60% | 1,484,952,659.78 | 13.27% | 1.33% | Primarily due to an increase in the Inner Mongolia Yongtai Project during the reporting period | | Short-Term Borrowings | 2,055,195,604.91 | 18.62% | 1,744,714,985.76 | 15.59% | 3.03% | Primarily due to an increase in short-term borrowings during the reporting period | | Contract Liabilities | 139,999,406.32 | 1.27% | 428,776,934.50 | 3.83% | -2.56% | Primarily due to a decrease in advance receipts during the reporting period | | Long-Term Borrowings | 1,147,528,325.19 | 10.39% | 1,411,479,225.22 | 12.61% | -2.22% | Primarily due to repayment of long-term borrowings during the reporting period | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Gains or Losses from Fair Value Changes in Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Subtotal of Financial Assets | 98,313,366.92 | -30,876.19 | 6,328,584.33 | 17,472,931.89 | 87,138,143.17 | | Receivables Financing | 35,371,299.21 | | 663,296,738.25 | 648,111,580.94 | 50,556,456.52 | | Total of Above | 133,684,666.13 | -30,876.19 | 669,625,322.58 | 665,584,512.83 | 137,694,599.69 | | Financial Liabilities | 612,182.86 | -727,657.51 | | 183,672.86 | 1,156,167.51 | Asset Rights Restricted as of End of Reporting Period | Item | Book Value at Period End (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 249,968,470.64 | Used for opening bank acceptance bills, bank loans, futures accounts, and court litigation freezing | | Accounts Receivable | 90,097,102.36 | Used for opening bank acceptance bills, bank loans | | Notes Receivable | 213,733,596.76 | Endorsed but not yet derecognized | | Fixed Assets | 1,532,146,668.14 | Used for mortgaged loans | | Intangible Assets | 235,734,840.65 | Used for mortgaged loans | | Construction in Progress | 81,654,912.29 | Used for mortgaged loans | | Investment Properties | 18,054,656.09 | Used for mortgaged loans | | **Total** | **2,421,390,246.93** | | [Analysis of Investment Status](index=17&type=section&id=3.6%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's total investment decreased by **54.84%** in the reporting period, with major non-equity investments in Inner Mongolia Yongtai and lithium salt projects, and derivative investments for hedging risks Overall Investment Amount During the Reporting Period | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Period (yuan) | Change Percentage | | :--- | :--- | :--- | | 212,405,723.59 | 470,337,728.18 | -54.84% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it Fixed Asset Investment | Industry Involved in Investment Project | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment Amount as of End of Reporting Period (yuan) | Source of Funds | Project Progress | Estimated Return (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Yongtai Project | Self-built | Yes | Pharmaceutical intermediates, pesticide intermediates and technicals, lithium battery materials, etc | 115,649,468.38 | 2,660,583,839.92 | Own funds or self-raised funds | 88.69% | 1,255,912,200.00 | | Yongtai Gaoxin 134,000 tons/year Liquid Lithium Salt Industrialization Project | Self-built | Yes | Electrolyte lithium salt | 2,666,395.04 | 719,768,467.28 | Own funds or self-raised funds | 90.80% | 669,560,000.00 | | **Total** | **--** | **--** | **--** | **118,315,863.42** | **3,380,352,307.20** | **--** | **--** | **1,925,472,200.00** | Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Initial Investment Amount (yuan) | Beginning Balance (yuan) | Gains or Losses from Fair Value Changes in Current Period (yuan) | Amount Purchased in Reporting Period (yuan) | Amount Sold in Reporting Period (yuan) | Ending Investment Amount (yuan) | Proportion of Company's Net Assets at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Foreign Exchange Contracts | 5,113.35 | 2,967.1 | 0.77 | 2,146.25 | 2,967.1 | 2,146.25 | 0.78% | | Futures Contracts | 0 | 10.26 | -76.62 | 0 | 10.26 | -76.62 | -0.03% | | **Total** | **5,113.35** | **2,977.36** | **-75.85** | **2,146.25** | **2,977.36** | **2,069.63** | **0.75%** | - The company appropriately conducts derivative hedging business based on specific circumstances, which can effectively reduce foreign exchange risk and market risk, lock in order profits, and reasonably control related operational risks[63](index=63&type=chunk) Overall Use of Raised Funds | Item | Amount (10,000 yuan) | | :--- | :--- | | Net Amount of Raised Funds | 47,659.90 | | Cumulative Investment in Raised Fund Projects | 48,111.99 | | Total Raised Funds Used in Current Period | 14,568.71 | | Proportion of Raised Funds Used at End of Reporting Period | 100.95% | | Balance of Unused Raised Funds at Period End | 2,541.58 | | Purpose and Destination of Unused Raised Funds | Deposited in special raised funds account, to be invested in raised fund projects as planned | | Balance of Raised Funds as of June 30, 2025 | 2,541.58 | | Funds with investment progress exceeding 100% at period-end originated from interest income, exchange gains/losses, and previously pre-used self-raised funds for non-replaceable issuance expenses | | | Other amounts represent previously pre-used self-raised funds for non-replaceable issuance expenses | | [Significant Asset and Equity Sales](index=19&type=section&id=3.7%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not undertake any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[69](index=69&type=chunk) - The company did not sell significant equity during the reporting period[70](index=70&type=chunk) [Analysis of Major Controlled and Invested Companies](index=19&type=section&id=3.8%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major subsidiaries Inner Mongolia Yongtai and Yongtai New Energy showed strong growth, and Shanghai Nonghui's net profit surged, while some pharmaceutical subsidiaries incurred initial losses, and Jiangsu Subin is in liquidation Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Nonghui Chemical Co., Ltd. | Subsidiary | Wholesale and retail of chemical products, daily necessities, import and export business | 10,000,000.00 | 1,186,267,058.76 | 382,315,774.92 | 1,040,224,910.67 | 22,825,016.80 | 17,212,140.03 | | Zhejiang Yongtai New Energy Materials Co., Ltd. | Subsidiary | Manufacturing and sales of electronic special materials, chemical products | 330,000,000.00 | 698,887,616.21 | 128,266,572.42 | 512,657,140.87 | 14,365,956.85 | 14,369,859.88 | | Zhejiang Shouxin Pharmaceutical Co., Ltd. | Subsidiary | Production and sales of pharmaceutical intermediates, APIs | 20,348,152.00 | 608,295,216.73 | 373,742,747.55 | 188,824,218.04 | 61,850,874.96 | 53,492,133.21 | | Inner Mongolia Yongtai Chemical Co., Ltd. | Subsidiary | Production and sales of chemical raw materials and chemical products | 1,291,000,000.00 | 3,237,210,992.52 | 1,182,222,103.20 | 551,973,836.48 | 76,111,340.51 | 65,632,393.03 | - Inner Mongolia Yongtai's partial project capacity continued to ramp up, with operating revenue and net profit increasing by **27.99%** and **82.63%** respectively year-on-year[74](index=74&type=chunk) - Yongtai New Energy's electrolyte capacity gradually released, with production and sales scale growing year-on-year, and operating revenue and net profit increasing by **131.19%** and **389.45%** respectively year-on-year[74](index=74&type=chunk) - Shanghai Nonghui's export sales increased by **27.63%** year-on-year, and net profit significantly increased by **76.10%**[74](index=74&type=chunk) - Yongtai Pharmaceutical and Yongtai Shouxin are still in the early stages of commercial operation, with relatively small sales volumes, leading to temporary losses in the current reporting period[73](index=73&type=chunk) [Information on Structured Entities Controlled by the Company](index=20&type=section&id=3.9%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company reported no controlled structured entities during the reporting period[75](index=75&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=3.10%20%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company addresses macroeconomic, market competition, raw material price, project, safety, environmental, and foreign exchange risks through strategic adjustments, R&D, cost control, and hedging - The company faces macroeconomic risks and will respond by adjusting operating strategies, increasing R&D investment, and exploring new markets[75](index=75&type=chunk)[76](index=76&type=chunk) - The company faces industry and market competition risks and will enhance competitiveness by improving operational management mechanisms, strengthening R&D investment, and technological innovation[77](index=77&type=chunk) - The company faces raw material price fluctuation risks and will stabilize procurement prices through multi-party price comparisons, bulk purchasing, strategic reserves, and deep cooperation with suppliers[78](index=78&type=chunk) - The company faces project construction risks and will ensure project benefits by integrating resources, accelerating construction progress, and monitoring market and policy changes[79](index=79&type=chunk) - The company faces safety and environmental risks and will strictly implement energy conservation and emission reduction policies, enhance safety and environmental protection levels, and monitor changes in industrial policies[80](index=80&type=chunk) - The company faces foreign exchange rate fluctuation risks and will continuously monitor foreign currency transactions and asset-liability scales, potentially signing forward foreign exchange contracts to hedge risks[81](index=81&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=3.11%20%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has neither established a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[82](index=82&type=chunk) - The company has not disclosed a valuation enhancement plan[83](index=83&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=3.12%20%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 published an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[83](index=83&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers the company's corporate governance, environmental, and social responsibility practices, including management changes, no profit distribution, a restricted stock incentive plan, environmental disclosures, and active social engagement [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=4.1%20%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in directors, supervisors, or senior management during the reporting period, but a re-election and supervisory board abolition were completed in July 2025 - The company's directors, supervisors, and senior management did not change during the reporting period[85](index=85&type=chunk) - In July 2025, the company completed the re-election of directors and senior management, and the supervisory board was legally abolished[85](index=85&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=23&type=section&id=4.2%20%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) 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[86](index=86&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=23&type=section&id=4.3%20%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company successfully implemented its 2024 Restricted Stock Incentive Plan, granting **11.64 million shares to 302 recipients**, with no other employee incentive plans in effect - On June 28, 2024, the company approved the "2024 Restricted Stock Incentive Plan (Draft)", proposing to grant **12.31 million restricted shares** to **321 recipients**[87](index=87&type=chunk) - After adjustment, the final number of actual granted and registered incentive recipients was **302**, with **11.64 million restricted shares** granted and registered on July 16, 2024, at a grant price of **4.30 yuan/share**[89](index=89&type=chunk)[90](index=90&type=chunk) - The company had no employee stock ownership plans in place during the reporting period[91](index=91&type=chunk) - The company had no other employee incentive measures during the reporting period[91](index=91&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=4.4%20%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and **seven major subsidiaries** are legally mandated to disclose environmental information, with public access provided for transparency - The company and its **7 major subsidiaries** are included in the list of enterprises required to disclose environmental information by law[91](index=91&type=chunk) - Environmental information disclosure reports can be accessed through the enterprise environmental information disclosure systems of the ecological environment departments in Zhejiang, Guangdong, Inner Mongolia, and Fujian provinces[91](index=91

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山东得利斯食品股份有限公司 2025 年半年度报告全文 山东得利斯食品股份有限公司 2025 年半年度报告 2025-052 2025 年 8 月 1 山东得利斯食品股份有限公司 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。 公司负责人郑思敏、主管会计工作负责人柴瑞芳及会计机构负责人(会计 主管人员)袁丽丽声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析"涉及未来发展计划等前瞻性陈 述，不构成公司对投资者的实质承诺，并详细描述了公司经营中可能存在的 风险，敬请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 7 | | | 第三节 | 管理层讨论与分析 10 | | | 第四节 | 公司治理、环境 ...

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