股票代码：600926 半年度报告 SEMIANNUAL REPORT 2025 2025 年半年度报告杭州银行股份有限公司 杭州银行股份有限公司 2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证本半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司于 2025 年 8 月 27 日召开第八届董事会第二十次会议审议通过了本报告，本次会议应出 席董事 10 名，亲自出席董事 10 名。 三、公司半年度报告未经审计，经安永华明会计师事务所（特殊普通合伙）根据中国注册会计师 审阅准则审阅并出具审阅报告。 四、公司法定代表人、董事长宋剑斌，分管财务工作副行长章建夫及会计机构负责人韩晓茵，保 证半年度报告中财务报告的真实、准确、完整。 五、公司 2024 年年度股东大会审议通过了《杭州银行股份有限公司关于提请股东大会授权董事 会决定 2025 年度中期利润分配方案的议案》，授权董事会在符合利润分配的条件下，制定并实 施具体的中期分红方案。公司董事会将在授权期限内适时实施 2025 年度中期利润分配方案。 六、本半年度报告 ...

[Important Notice](index=2&type=section&id=Important%20Notice) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking descriptions in this report do not constitute a substantial commitment to investors, who are advised to note investment risks - Forward-looking descriptions do not constitute substantial commitments; investors are advised to note investment risks[3](index=3&type=chunk) [Absence of Non-Operating Fund Occupation by Controlling Shareholder and Related Parties](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%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%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 was no non-operating occupation of funds by the controlling shareholder or other related parties - No non-operating occupation of funds by controlling shareholder or other related parties[3](index=3&type=chunk) [Absence of External Guarantees Violating Decision-Making Procedures](index=2&type=section&id=%E5%85%AB%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%BF%9D%E5%8F%8D%E8%A7%84%E5%AE%9A%E5%86%B3%E7%AD%96%E7%A8%8B%E5%BA%8F%E5%AF%B9%E5%A4%96%E6%8F%90%E4%BE%9B%E6%8B%85%E4%BF%9D%E7%9A%84%E6%83%85%E5%86%B5) During the reporting period, the company did not provide external guarantees in violation of decision-making procedures - No external guarantees provided in violation of decision-making procedures[3](index=3&type=chunk) [Absence of Directors Unable to Guarantee Truthfulness, Accuracy, and Completeness of Semi-Annual Report](index=2&type=section&id=%E4%B9%9D%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%8D%8A%E6%95%B0%E4%BB%A5%E4%B8%8A%E8%91%A3%E4%BA%8B%E6%97%A0%E6%B3%95%E4%BF%9D%E8%AF%81%E5%85%AC%E5%8F%B8%E6%89%80%E6%8A%AB%E9%9C%B2%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E5%92%8C%E5%AE%8C%E6%95%B4%E6%80%A7) During the reporting period, there was no situation where more than half of the directors could not guarantee the truthfulness, accuracy, and completeness of the semi-annual report - No situation where more than half of directors could not guarantee truthfulness, accuracy, and completeness of semi-annual report[3](index=3&type=chunk) [Major Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential risks in this report; please refer to "Risks Faced" in Section III "Management Discussion and Analysis" - Company has detailed potential risks; refer to Section III "Management Discussion and Analysis" for "Risks Faced"[4](index=4&type=chunk) [Board of Directors and Senior Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The Board and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, assuming legal responsibility - Board and senior management guarantee truthfulness, accuracy, completeness of semi-annual report, assuming legal responsibility[5](index=5&type=chunk) [Unaudited Report Statement](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1%E3%80%82) This semi-annual report has not been audited - This semi-annual report is unaudited[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines the reporting period (January 1 to June 30, 2025) and common terms like CSRC, SSE, Guangming Group, and Guangming Real Estate - Reporting period is **January 1 to June 30, 2025**[9](index=9&type=chunk) - Company, this company, listed company, Guangming Real Estate all refer to Guangming Real Estate Group Co., Ltd[9](index=9&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&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 Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name, legal representative, and stock overview - Company Chinese name: Guangming Real Estate Group Co., Ltd., abbreviation: **Guangming Real Estate**[11](index=11&type=chunk) - Legal Representative: **Lu Jimin**[11](index=11&type=chunk) - Stock Code: **600708**, Listing Exchange: **Shanghai Stock Exchange**[15](index=15&type=chunk) [II. Contact Persons and Information](index=5&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 discloses the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - Board Secretary: **Su Pengcheng**, Securities Affairs Representative: **Zheng Chao**[12](index=12&type=chunk) - Contact Phone: **021-32211128**[12](index=12&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section introduces the company's registered address and office address, as well as its website and email address - Company Registered Address: Room A-75, 2nd Floor, Building 9, 1628 Lizheng Road, Lingang New Area, China (Shanghai) Pilot Free Trade Zone[13](index=13&type=chunk) - Company Office Address: 199 North Xizang Road, Jing'an District, Shanghai[13](index=13&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section states the designated newspapers for information disclosure, the website address for semi-annual reports, and the company's semi-annual report custody location - Designated newspapers for information disclosure: **"Shanghai Securities News"**, **"Securities Times"**[14](index=14&type=chunk) - Website for semi-annual reports: **www.sse.com.cn**[14](index=14&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides information on the company's stock type, listing exchange, stock abbreviation, stock code, and previous stock abbreviations Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Guangming Real Estate | 600708 | Haibo Shares, Donghai Shares | [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%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 key accounting data and financial indicators for H1 2025, showing revenue decline, profit turning to loss, and significant increase in net operating cash flow 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,808,412,656.41 | 3,056,724,846.06 | -8.12 | | Total Profit | -371,479,081.06 | 77,258,112.57 | -580.83 | | Net Profit Attributable to Shareholders of Listed Company | -397,796,091.34 | 8,241,132.05 | -4,926.96 | | Net Cash Flow from Operating Activities | 223,631,424.92 | -2,182,618,083.84 | 110.25 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 9,435,270,148.18 | 9,833,066,239.52 | -4.05 | | Total Assets (Period-end) | 57,744,705,709.82 | 59,561,264,946.27 | -3.05 | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.1785 | 0.0037 | -4,924.32 | | Diluted Earnings Per Share (Yuan/share) | -0.1785 | 0.0037 | -4,924.32 | | Basic EPS after Non-recurring Gains and Losses (Yuan/share) | -0.1813 | -0.0573 | -216.40 | | Weighted Average Return on Net Assets (%) | -4.13 | 0.08 | Decrease of 4.21 percentage points | | Weighted Average Return on Net Assets after Non-recurring Gains and Losses (%) | -4.19 | -1.18 | Decrease of 3.01 percentage points | - Total non-recurring gains and losses amounted to **6.32 million Yuan**[21](index=21&type=chunk) [Section III Management Discussion and Analysis](index=8&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. Description of Industry and Main Business During the Reporting Period](index=8&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%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section explains the company's main business as a state-owned real estate developer and outlines H1 2025 real estate policy and market performance [(I) Company's Main Business and Operating Model](index=8&type=section&id=%28%E4%B8%80%29%20%E5%85%AC%E5%8F%B8%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%92%8C%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) Guangming Real Estate, a state-owned developer, focuses on comprehensive real estate development, commercial operations, property services, and construction, with a "deep cultivation in Shanghai" strategy - Company's main business is comprehensive real estate development and operation, as a large state-owned integrated group company encompassing property development, commercial operations, property services, and construction[24](index=24&type=chunk) - Company adheres to a strategy of **deep cultivation in Shanghai**, aiming to become an integrated urban construction and operation service provider with Guangming Food industry genes[24](index=24&type=chunk) - Real estate business focuses on "optimizing layout, adjusting structure, destocking, and controlling risks," accelerating inventory clearance and reasonably expanding key projects in Shanghai[25](index=25&type=chunk) [(II) Industry Overview](index=8&type=section&id=%28%E4%BA%8C%29%20%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) H1 2025 real estate policies focused on market stability, risk prevention, and transformation; sales declined in Q2, with national new commercial housing sales down 3.5% and investment down 11.2% - In H1 2025, real estate policies precisely focused on "stabilizing the market, preventing risks, and promoting transformation"[26](index=26&type=chunk) - From January to June 2025, new commercial housing sales area decreased by **3.5%** year-on-year, with residential sales area down **3.7%**[26](index=26&type=chunk) - From January to June 2025, national real estate development investment decreased by **11.2%** year-on-year, with residential investment down **10.4%**[28](index=28&type=chunk) - New housing starts decreased by **20.0%** year-on-year, and completed housing area decreased by **14.8%**[30](index=30&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Facing industry adjustments, the company reported H1 revenue of **2.81 billion Yuan**, total profit of **-371 million Yuan**, and net profit attributable to parent of **-398 million Yuan**, while actively pursuing destocking and transformation - From January to June 2025, the company achieved operating revenue of **2.81 billion Yuan**, total profit of **-371 million Yuan**, and net profit attributable to shareholders of the listed company of **-398 million Yuan**[30](index=30&type=chunk) - Company fully implemented a "one project, one policy" differentiated marketing strategy, actively promoting phased rapid destocking of projects in Shanghai Lingang, Jinshan, Jiangsu Yixing, Changzhou, Zhejiang Hangzhou, Yunnan Kunming, Shandong Heze, and Hubei Wuhan[31](index=31&type=chunk) - From January to June 2025, the company's contracted sales area was **227,400 square meters**, a year-on-year decrease of **3.63%**; contracted sales amount was **2.41 billion Yuan**, a year-on-year increase of **4.52%**[31](index=31&type=chunk) - Company focused on "three major projects" construction, advancing the delivery of Lingang Guangming Star City project, implementing "housing voucher purchase" policy for Jinshan urban village project, planning adjustments for Fengxian urban village project, and accelerating construction of Pudong Chuansha and Huinan affordable housing projects[32](index=32&type=chunk) - Company integrated strategic investment and industrial development research functions into the Investment Development Department, merged operations, cost, and quality into the Operations Management Department, and integrated property management and commercial operations into Huadu Group through institutional reform[33](index=33&type=chunk) - From January to June 2025, the company's completed area was **417,800 square meters**, a year-on-year increase of **43.75%**[33](index=33&type=chunk) - Company optimized financing structure and reduced financing costs by utilizing various financing products such as corporate bonds, medium-term notes, and ultra-short-term financing bonds[34](index=34&type=chunk) - Company's Board of Directors held **5 meetings**, reviewed **38 proposals**, and revised the "Articles of Association" and supporting systems, replacing the Supervisory Board with the Board Audit Committee[35](index=35&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) This section outlines the company's core strengths in brand influence, corporate governance, high-quality development, capital operations, industrial platforms, and management structure [(I) Strong Brand Influence](index=11&type=section&id=%28%E4%B8%80%29%E8%89%AF%E5%A5%BD%E7%9A%84%E5%93%81%E7%89%8C%E5%BD%B1%E5%93%8D%E5%8A%9B) As a key member of Guangming Food Group, the company holds a national first-class real estate development qualification and has received numerous industry awards - Company's controlling shareholder is Guangming Food (Group) Co., Ltd., and the company is one of its important member enterprises[39](index=39&type=chunk) - Company's wholly-owned subsidiary, Nonggongshang Real Estate (Group) Co., Ltd., holds a **national first-class qualification** for real estate development enterprises[39](index=39&type=chunk) - Company's developed real estate projects have received top awards including the **Zhan Tianyou Civil Engineering Award**, **Luban Prize**, and **Magnolia Award**[39](index=39&type=chunk) [(II) Sound Corporate Governance Structure](index=11&type=section&id=%28%E4%BA%8C%29%E5%AE%8C%E5%96%84%E7%9A%84%E6%B3%95%E4%BA%BA%E6%B2%BB%E7%90%86%E7%BB%93%E6%9E%84) The company strictly adheres to laws and regulations to improve its corporate governance structure, with an efficient Board and committees ensuring standardized and healthy development - Company continuously improves its corporate governance structure in accordance with the "Company Law," "Securities Law," "Guidelines for Governance of Listed Companies," and relevant requirements of the Shanghai Stock Exchange[41](index=41&type=chunk) - Company's shareholders' meeting, Board of Directors, and management have clear responsibilities, with directors and senior management diligently performing their duties[41](index=41&type=chunk) [(III) Adherence to High-Quality Development](index=11&type=section&id=%28%E4%B8%89%29%E5%9D%9A%E6%8C%81%E9%AB%98%E8%B4%A8%E9%87%8F%E5%8F%91%E5%B1%95%E4%B8%BB%E5%9F%BA%E8%B0%83) The Board actively assesses macroeconomic changes, focusing on improving management and efficiency through strategic leadership, governance, organizational optimization, destocking, cost control, risk prevention, talent development, and Party building - Company focuses on improving enterprise management and optimizing internal management efficiency, continuously advancing management deepening and efficiency improvement guided by high-quality development[42](index=42&type=chunk) - Accelerating the strategic advancement of returning to Shanghai, returning to main business, and returning to profitability, striving to become an important vehicle for Guangming Headquarters' entity and integrated urban service functions[42](index=42&type=chunk) [(IV) Cost Reduction and Innovation in Capital Operations](index=11&type=section&id=%28%E5%9B%9B%29%E8%B5%84%E9%87%91%E8%BF%90%E4%BD%9C%E9%99%8D%E6%9C%AC%E5%88%9B%E6%96%B0) Amid economic downturn and real estate market confidence shocks, the company deepened financial innovation, expanding financing channels and optimizing debt structure through medium-term notes, ultra-short-term financing bonds, and corporate bonds - Company actively deepens financial innovation, committed to **reducing financing costs**[43](index=43&type=chunk) - Further adjusts and optimizes the company's debt structure and reduces financial expenses through businesses such as medium-term notes, ultra-short-term financing bonds, and corporate bonds[43](index=43&type=chunk) [(V) Innovative and Collaborative Industrial Platform](index=11&type=section&id=%28%E4%BA%94%29%E5%88%9B%E6%96%B0%E5%8D%8F%E5%90%8C%E7%9A%84%E4%BA%A7%E4%B8%9A%E5%B9%B3%E5%8F%B0) The company focuses on industry, collaboratively advancing transformation platforms, actively participating in urban renewal, and moving towards becoming an integrated urban industrial construction and operation service provider - Company focuses on industry, collaboratively advancing transformation platforms, focusing on the demand for a better life, and actively participating in the process of urban renewal[44](index=44&type=chunk) - Promotes the company's continuous advancement towards becoming an integrated urban industrial construction and operation service provider, accelerating the conversion of layout into business, models into benefits, and resources into assets[44](index=44&type=chunk) [(VI) Lean and Efficient Management Structure](index=11&type=section&id=%28%E5%85%AD%29%E7%B2%BE%E7%AE%80%E9%AB%98%E6%95%88%E7%9A%84%E7%AE%A1%E7%90%86%E6%9E%84%E6%9E%B6) The company's management team possesses extensive industry experience, professional capabilities, strong cohesion, and high execution, dedicated to building dreams, benefiting society, strengthening the enterprise, and achieving employee success - Company's management team has many years of industry experience, excellent professional capabilities, and keen market awareness[45](index=45&type=chunk) - Company adheres to an enterprise culture of "employees first, advocating struggle, love and respect," forming highly efficient execution[45](index=45&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details the company's financial statement item changes, business type and profit composition shifts, asset and liability status, and major controlled/invested companies during the reporting period [(I) Main Business Analysis](index=12&type=section&id=%28%E4%B8%80%29%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, both operating revenue and costs decreased, sales and administrative expenses reduced, while financial expenses increased. Net cash flow from operating activities significantly grew, but net cash flow from investing and financing activities sharply declined. Real estate development revenue increased, but gross margin decreased; property and leasing revenue and costs both declined 1. Analysis Table of Changes in Financial Statement Items This period saw year-on-year decreases in operating revenue, operating costs, sales expenses, administrative expenses, total profit, and net profit attributable to parent, while financial expenses increased. Net cash flow from operating activities significantly increased, but net cash flow from investing and financing activities sharply decreased 2025 H1 Changes in Financial Statement Items | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,808,412,656.41 | 3,056,724,846.06 | -8.12 | | Operating Cost | 2,601,253,727.80 | 2,664,133,788.51 | -2.36 | | Sales Expenses | 54,955,902.95 | 80,602,922.10 | -31.82 | | Administrative Expenses | 167,814,735.18 | 198,107,142.46 | -15.29 | | Financial Expenses | 330,486,723.01 | 315,011,396.66 | 4.91 | | Net Cash Flow from Operating Activities | 223,631,424.92 | -2,182,618,083.84 | 110.25 | | Net Cash Flow from Investing Activities | 3,808,392.53 | 171,350,139.15 | -97.78 | | Net Cash Flow from Financing Activities | -436,456,156.12 | 913,587,038.71 | -147.77 | | Total Profit | -371,479,081.06 | 77,258,112.57 | -580.83 | | Net Profit Attributable to Parent Company Shareholders | -397,796,091.34 | 8,241,132.05 | -4,926.96 | - Change in operating revenue primarily due to a year-on-year decrease in non-real estate segment revenue recognized this period[47](index=47&type=chunk) - Change in net cash flow from operating activities primarily due to a larger decrease in operating outflows than operating inflows this period, leading to a year-on-year increase[47](index=47&type=chunk) - Change in net cash flow from financing activities primarily due to a larger decrease in financing inflows than outflows this period, leading to a year-on-year decrease[48](index=48&type=chunk) 2. Detailed Explanation of Significant Changes in Company's Business Type, Profit Composition, or Sources of Profit This Period In the main business, real estate development and related services revenue increased by **7.64%** year-on-year, but gross margin fell to **7.93%**; property and leasing revenue decreased by **33.61%** year-on-year, with a gross margin of **6.05%**. East China remains the primary revenue source, but Central China revenue significantly declined 2025 H1 Main Business by Industry | Industry Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | Change in Operating Revenue YoY (%) | Change in Operating Cost YoY (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Real Estate Development and Related Services | 2,562,427,467.88 | 2,359,206,051.53 | 7.93 | 7.64 | 15.46 | | Property and Leasing | 195,560,557.19 | 183,737,485.35 | 6.05 | -33.61 | -31.21 | | Other | 746,010.87 | 210,815.51 | 71.74 | -99.76 | -99.92 | 2025 H1 Main Business by Region | Region | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | Change in Operating Revenue YoY (%) | Change in Operating Cost YoY (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | East China | 2,611,286,694.26 | 2,406,367,021.52 | 7.85 | 8.08 | 15.54 | | Central China | 29,806,844.95 | 25,995,299.62 | 12.79 | -93.61 | -94.30 | | Southwest China | 117,640,496.73 | 110,792,031.25 | 5.82 | 17.28 | 116.31 | [(III) Analysis of Assets and Liabilities](index=15&type=section&id=%28%E4%B8%89%29%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, both total assets and net assets attributable to the parent company decreased. Inventory remains the largest asset, accounting for over **70%**, but also decreased. Long-term borrowings increased, while contract liabilities decreased 1. Asset and Liability Status Period-end cash and cash equivalents, inventories, contract assets, long-term equity investments, contract liabilities, notes receivable, and employee compensation all decreased year-on-year, while short-term and long-term borrowings increased 2025 H1 Changes in Asset and Liability Status | Item Name | Current Period End Amount (Yuan) | Current Period End % of Total Assets | Prior Year End Amount (Yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 4,995,359,386.61 | 8.65 | 5,162,755,523.68 | 8.67 | -3.24 | | Inventories | 41,527,812,468.56 | 71.92 | 43,140,329,001.73 | 72.43 | -3.74 | | Contract Assets | 1,348,434.28 | 0.00 | 3,973,772.20 | 0.01 | -66.07 | | Long-term Equity Investments | 1,794,454,552.54 | 3.11 | 1,849,045,346.86 | 3.10 | -2.95 | | Short-term Borrowings | 324,000,000.00 | 0.56 | 278,250,297.23 | 0.47 | 16.44 | | Contract Liabilities | 2,961,154,336.82 | 5.13 | 3,957,595,682.16 | 6.64 | -25.18 | | Long-term Borrowings | 23,330,661,473.77 | 40.40 | 21,974,175,953.77 | 36.89 | 6.17 | | Notes Receivable | 0.00 | 0.00 | 108,870,000.00 | 0.18 | -100.00 | | Employee Compensation Payable | 21,222,709.24 | 0.04 | 53,837,991.66 | 0.09 | -60.58 | - Decrease in inventories primarily due to the recognition of sales costs for real estate projects this period[55](index=55&type=chunk) - Decrease in contract liabilities primarily due to the recognition of pre-received housing payments by subsidiaries this period[55](index=55&type=chunk) - Increase in long-term borrowings primarily due to increased long-term borrowings by subsidiaries this period[55](index=55&type=chunk) 3. Major Asset Restrictions as of the End of the Reporting Period As of the end of the reporting period, the book value of restricted assets was **21.26 billion Yuan**, primarily used for loan collateral - As of the end of the reporting period, the book value of restricted assets was **21.26 billion Yuan**[56](index=56&type=chunk) [(VI) Analysis of Major Controlled and Invested Companies](index=17&type=section&id=%28%E5%85%AD%29%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section discloses that major subsidiaries Nonggongshang Real Estate (Group) Co., Ltd., Shanghai Shenhong Cold Storage and Transportation Co., Ltd., and Guangming Real Estate Group Shanghai Huizhao Real Estate Co., Ltd. had an impact exceeding **10%** on the company's net profit - Subsidiaries with an impact exceeding **10%** on the company's net profit this reporting period include Nonggongshang Real Estate (Group) Co., Ltd., Shanghai Shenhong Cold Storage and Transportation Co., Ltd., and Guangming Real Estate Group Shanghai Huizhao Real Estate Co., Ltd[59](index=59&type=chunk) - Nonggongshang Real Estate (Group) Co., Ltd. reported a net profit of **-307.00 million Yuan**[58](index=58&type=chunk) - Guangming Real Estate Group Shanghai Huizhao Real Estate Co., Ltd. reported a net profit of **52.27 million Yuan**[58](index=58&type=chunk) [V. Other Disclosure Matters](index=18&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section discloses potential policy, market, financial, and operational risks, and details the progress and effectiveness of the H1 2025 valuation enhancement and quality improvement action plan [(I) Potential Risks Faced](index=18&type=section&id=%28%E4%B8%80%29%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces policy risks (new real estate development model, financial risks), market risks (fierce competition, demand decline, inventory impairment), financial risks (high capital demand, interest rate marketization, mortgage policy impact), and operational risks (supply-demand changes, long development cycles, high regulatory requirements) - Company faces policy risks, including new real estate development models, city-specific policies, and real estate financial risks[60](index=60&type=chunk) - Company faces market risks, such as fierce industry competition, declining demand, oversupply, and inventory impairment[61](index=61&type=chunk) - Company faces financial risks, including high capital demand, interest rate marketization, and changes in individual housing loan policies[62](index=62&type=chunk) - Company faces operational risks, such as changes in supply-demand relationships, long development cycles, high regulatory requirements, and slowing destocking rates[63](index=63&type=chunk) [(II) Other Disclosure Matters](index=18&type=section&id=%28%E4%BA%8C%29%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company formulated a 2025 valuation enhancement and quality improvement action plan, making progress in destocking, rational investment, management innovation, operational control, and investor communication in H1, but reported a loss in 2024 and proposed no cash dividend - Company formulated the **2025 Valuation Enhancement Plan and Quality Improvement and High-Return Action Plan**, practicing the development philosophy of "investor-centric"[64](index=64&type=chunk) - In H1, the company's contracted sales area decreased by **3.63%** year-on-year, while contracted sales amount increased by **4.52%** year-on-year[65](index=65&type=chunk) - Company completed partial institutional reforms and integration, enhancing operational control, with completed area increasing by **43.75%** year-on-year[66](index=66&type=chunk) - Company incurred a loss in **2024**, and proposed a profit distribution plan of **no cash dividend** for 2024[67](index=67&type=chunk) - Company compliantly disclosed its **2024 annual report**, **2025 first-quarter report**, and **33 interim announcements**, and engaged in various forms of communication with investors[68](index=68&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=20&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) [II. Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company plans no profit distribution or capital reserve conversion for H1 2025 - Company plans **no distribution or conversion** for H1 2025, with **0** bonus shares, cash dividends, or conversion shares per 10 shares[71](index=71&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company continued its targeted poverty alleviation efforts, allocating **500,000 Yuan** to Fengdeng Village, Xiangtu Township, Jianchuan County, Yunnan, for landscape improvement and infrastructure construction - In 2025, Guangming Real Estate continued its targeted poverty alleviation efforts with Fengdeng Village, Xiangtu Township, Jianchuan County, Yunnan[72](index=72&type=chunk) - Allocated **500,000 Yuan** in assistance funds, primarily for landscape improvement and infrastructure upgrade projects[72](index=72&type=chunk) [Section V Significant Matters](index=21&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. Fulfillment of Commitments](index=21&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Controlling shareholder Guangming Food Group continues to fulfill its commitment to avoid horizontal competition, having completed the deregistration or business scope change of some companies, with others progressing as planned - Controlling shareholder Guangming Food Group honors its commitments and actively fulfills its pledge to **avoid horizontal competition**[76](index=76&type=chunk) - Shanghai Shenfu Real Estate Management Company completed enterprise deregistration on **January 15, 2019**[76](index=76&type=chunk) - Shanghai Pinlei Real Estate Co., Ltd. completed enterprise deregistration on **October 31, 2018**[76](index=76&type=chunk) - Chaohu Jintaiyang Real Estate Co., Ltd. completed business scope and company name changes on **October 17, 2017**, now primarily engaged in food and grain business[78](index=78&type=chunk) - Shanghai Pudong Xinghuo Development Zone United Development Co., Ltd. completed its conversion to a wholly-owned limited liability company on **December 18, 2015**, with Guangming Food Group no longer holding equity in it[79](index=79&type=chunk) [VII. Major Litigation and Arbitration Matters](index=25&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company and its subsidiaries are involved in multiple significant construction contract and loan contract disputes, with large amounts at stake, some in enforcement or second-instance review - Shanghai Nonggongshang Construction Development Co., Ltd. is involved in multiple construction project contract disputes, with amounts ranging from tens of millions to hundreds of millions of Yuan, some cases have been judged and entered the enforcement stage[82](index=82&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk) - Hangzhou Qiandaohu Liyuan Real Estate Co., Ltd. is involved in a loan contract dispute, with a principal amount of **163 million Yuan** plus interest[84](index=84&type=chunk) - Yunnan Fengle Construction Engineering Co., Ltd. filed a creditor's subrogation claim against Guangming Real Estate and Guangming Zibo Real Estate Co., Ltd., involving **72.10 million Yuan** plus interest[86](index=86&type=chunk) [X. Major Related Party Transactions](index=31&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses the company's ordinary course related party transactions, related party receivables/payables, and financial business with related financial companies [(I) Related Party Transactions Related to Ordinary Operations](index=31&type=section&id=%28%E4%B8%80%29%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company expects ordinary related party transactions to amount to approximately **451.13 million Yuan** in 2025, approved by the Board and shareholders' meeting - Company expects ordinary related party transactions to amount to approximately **451.13 million Yuan** in 2025[90](index=90&type=chunk) [(IV) Related Party Receivables and Payables](index=32&type=section&id=%28%E5%9B%9B%29%E5%85%B3%E8%81%94%E5%80%BA%E6%9D%83%E5%80%BA%E5%8A%A1%E5%BE%80%E6%9D%A5) Controlling shareholder Guangming Food Group and its related parties plan to provide loans totaling no more than **16.3 billion Yuan** to the company and its subsidiaries in 2025, to support development, ensure working capital, and reduce financial expenses - Controlling shareholder Guangming Food (Group) Co., Ltd. and its related parties plan to provide loans totaling no more than **16.3 billion Yuan** to the company and its subsidiaries in 2025[92](index=92&type=chunk) - Related party receivables and payables aim to support company development, ensure normal working capital operations, further enhance company competitiveness, and effectively reduce some financial expenses[92](index=92&type=chunk) [(V) Financial Business Between the Company and Related Financial Companies, and Between Company-Controlled Financial Companies and Related Parties](index=33&type=section&id=%28%E4%BA%94%29%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%B9%8B%E9%97%B4%E7%9A%84%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) The company has deposit business with Guangming Food Group Finance Co., Ltd., with a period-end balance of **1.69 billion Yuan**, and loan business with a period-end balance of **510 million Yuan** - Company's period-end deposit balance at Guangming Food Group Finance Co., Ltd. was **1.69 billion Yuan**[97](index=97&type=chunk) - Company's period-end loan balance at Guangming Food Group Finance Co., Ltd. was **510 million Yuan**[96](index=96&type=chunk) [XI. Major Contracts and Their Fulfillment](index=34&type=section&id=%E5%8D%81%E4%B8%80%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 discloses significant guarantees executed and outstanding during the reporting period, including mortgage-plus-guarantee for joint ventures and guarantees for subsidiaries [(II) Significant Guarantees Executed and Outstanding During the Reporting Period](index=34&type=section&id=%28%E4%BA%8C%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company provided mortgage-plus-guarantee for joint venture Nonggongshang Real Estate (Group) Guangxi Mingtong Real Estate Co., Ltd., with a total guarantee balance of **152.73 million Yuan**. Guarantees for subsidiaries totaled **9.66 billion Yuan**. Total guarantees accounted for **99.09%** of the company's net assets - Company provided mortgage-plus-guarantee for joint venture Nonggongshang Real Estate (Group) Guangxi Mingtong Real Estate Co., Ltd., with a total guarantee balance of **152.73 million Yuan**[100](index=100&type=chunk) - At the end of the reporting period, guarantees for subsidiaries totaled **2.11 billion Yuan** in new occurrences and **9.66 billion Yuan** in outstanding balance[100](index=100&type=chunk) - Total guarantees (A+B) amounted to **9.81 billion Yuan**, accounting for **99.09%** of the company's net assets[100](index=100&type=chunk) [Section VI Share Changes and Shareholder Information](index=37&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 Capital Changes](index=37&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in the company's total share capital or share structure during the reporting period - No changes occurred in the company's total share capital or share structure during the reporting period[104](index=104&type=chunk) [II. Shareholder Information](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the shareholding of the top ten shareholders and top ten circulating shareholders as of the end of the reporting period, with controlling shareholder Guangming Food (Group) Co., Ltd. holding **35.22%** [(II) Shareholding of Top Ten Shareholders and Top Ten Circulating Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period](index=37&type=section&id=%28%E4%BA%8C%29%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, Guangming Food (Group) Co., Ltd. was the largest shareholder with a **35.22%** stake. Among the top ten shareholders, several are state-owned legal entities, and there are parties acting in concert Shareholding of Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Guangming Food (Group) Co., Ltd. | 784,975,129 | 35.22 | State-owned Legal Person | | Shanghai Metropolitan Asset Management Co., Ltd. | 358,249,294 | 16.07 | State-owned Legal Person | | Shanghai Dongxing Investment Holding Development Co., Ltd. | 38,245,438 | 1.72 | State-owned Legal Person | | Guangxi Railway Development Investment Fund (Limited Partnership) | 37,999,000 | 1.71 | State-owned Legal Person | | Chen Kechun | 19,515,500 | 0.88 | Domestic Natural Person | - Guangming Food (Group) Co., Ltd. has an associated relationship with Shanghai Metropolitan Asset Management Co., Ltd., Shanghai Yimin Food Factory (Group) Co., Ltd., and Shanghai Nonggongshang Greening Co., Ltd., and are parties acting in concert[108](index=108&type=chunk) Shareholding and Restrictions of Top Ten Restricted Shareholders As of the end of the reporting period, the company had **8 restricted shareholders**, holding a total of **3,358,972 shares**, with all restrictions related to unpaid consideration from share reform Shareholding of Top Ten Restricted Shareholders | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Restriction Condition | | :--- | :--- | :--- | :--- | | 1 | Shanghai Zhuanqiao Asset Investment Management Co., Ltd. | 696,010 | Unpaid consideration from share reform, advanced by major shareholder to circulating shareholders | | 2 | Shanghai Olympic Hotel | 696,010 | Unpaid consideration from share reform, advanced by major shareholder to circulating shareholders | | 3 | Holder not specified by issuer | 696,010 | Unpaid consideration from share reform, advanced by major shareholder to circulating shareholders | | 4 | Agricultural Bank of China Shanghai Branch Staff Union Committee | 696,009 | Unpaid consideration from share reform, advanced by major shareholder to circulating shareholders | | 5 | Songjiang Food | 348,005 | Unpaid consideration from share reform, advanced by major shareholder to circulating shareholders | [Section VII Bond-Related Information](index=40&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) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=40&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) This section discloses the basic information, debt structure, and key accounting and financial indicators of the company's corporate bonds and non-financial enterprise debt financing instruments [(I) Corporate Bonds (Including Enterprise Bonds)](index=40&type=section&id=%28%E4%B8%80%29%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89) The company issued multiple corporate bonds, including 23 Ming Bond 01, 24 Ming Bond 01, and 24 Ming Bond 03, with a total outstanding balance of **1.5 billion Yuan**, interest rates between **3.20% and 4.30%**, all traded on the Shanghai Stock Exchange without delisting risk Basic Information of Corporate Bonds | Bond Name | Abbreviation | Code | Bond Balance (Yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) | 23 Ming Bond 01 | 240336 | 500,000,000.00 | 4.3 | Shanghai Stock Exchange | | 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) | 24 Ming Bond 01 | 240586 | 600,000,000.00 | 3.20 | Shanghai Stock Exchange | | 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 2) (Type 2) | 24 Ming Bond 03 | 240781 | 400,000,000.00 | 3.60 | Shanghai Stock Exchange | [(IV) Significant Matters Related to Corporate Bonds During the Reporting Period](index=41&type=section&id=%28%E5%9B%9B%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses the company's non-operating receivables and fund borrowings, as well as the interest-bearing debt structure at both company and consolidated levels 1. Non-Operating Receivables and Fund Borrowings At the beginning and end of the reporting period, the company's consolidated non-operating receivables and fund borrowings balance was **0.00 billion Yuan**, with no violations of prospectus agreements or commitments - At the beginning and end of the reporting period, the company's consolidated non-operating receivables and fund borrowings balance was **0.00 billion Yuan**[115](index=115&type=chunk) 2. Debt Situation At the end of the reporting period, the company's (non-consolidated) interest-bearing debt balance was **22.85 billion Yuan**, a year-on-year change of **0.11%**; the consolidated interest-bearing debt balance was **33.13 billion Yuan**, a year-on-year change of **1.25%** - At the end of the reporting period, the company's (non-consolidated scope) interest-bearing debt balance was **22.85 billion Yuan**, a year-on-year change of **0.11%**[116](index=116&type=chunk) Company Debt Structure (Non-Consolidated) | Interest-Bearing Debt Category | Total Amount (billion Yuan) | % of Total Interest-Bearing Debt | | :--- | :--- | :--- | | Corporate Credit Bonds | 8.08 | 35.05 | | Non-Bank Financial Institution Loans | 5.35 | 23.42 | | Other Interest-Bearing Debt | 9.49 | 41.53 | | Total | 22.85 | 100.00 | - At the end of the reporting period, the company's consolidated interest-bearing debt balance was **33.13 billion Yuan**, a year-on-year change of **1.25%**[118](index=118&type=chunk) Company Consolidated Interest-Bearing Debt Structure | Interest-Bearing Debt Category | Total Amount (billion Yuan) | % of Total Interest-Bearing Debt | | :--- | :--- | :--- | | Corporate Credit Bonds | 8.08 | 24.17 | | Bank Loans | 9.57 | 28.88 | | Non-Bank Financial Institution Loans | 5.86 | 17.70 | | Other Interest-Bearing Debt | 9.69 | 29.25 | | Total | 33.13 | 100.00 | [(V) Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=43&type=section&id=%28%E4%BA%94%29%E9%93%B6%E8%A1%8C%E9%97%B4%E5%80%BA%E5%88%B8%E5%B8%82%E5%9C%BA%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company issued multiple medium-term notes, including 22 Guangming Real Estate MTN002, and 24 Guangming Real Estate MTN001 to MTN008, with a total outstanding balance of **6.3 billion Yuan**, interest rates between **2.53% and 5.50%**, all traded on the national interbank bond market without delisting risk Basic Information of Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Bond Balance (Yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangming Real Estate Group Co., Ltd. 2022 Second Tranche Medium-Term Note | 22 Guangming Real Estate MTN002 | 102282499 | 800,000,000.00 | 5.50 | National Interbank Bond Market | | Guangming Real Estate Group Co., Ltd. 2024 First Tranche Medium-Term Note | 24 Guangming Real Estate MTN001 | 102480519 | 600,000,000.00 | 3.00 | National Interbank Bond Market | | Guangming Real Estate Group Co., Ltd. 2024 Second Tranche Medium-Term Note | 24 Guangming Real Estate MTN002 | 102480779 | 500,000,000.00 | 3.60 | National Interbank Bond Market | | Guangming Real Estate Group Co., Ltd. 2024 Third Tranche Medium-Term Note | 24 Guangming Real Estate MTN003 | 102481332 | 800,000,000.00 | 3.57 | National Interbank Bond Market | | Guangming Real Estate Group Co., Ltd. 2024 Fourth Tranche Medium-Term Note | 24 Guangming Real Estate MTN004 | 102482930 | 700,000,000.00 | 2.53 | National Interbank Bond Market | | Guangming Real Estate Group Co., Ltd. 2024 Fifth Tranche Medium-Term Note | 24 Guangming Real Estate MTN005 | 102483376 | 600,000,000.00 | 2.55 | National Interbank Bond Market | | Guangming Real Estate Group Co., Ltd. 2024 Sixth Tranche Medium-Term Note | 24 Guangming Real Estate MTN006 | 102484066 | 500,000,000.00 | 2.86 | National Interbank Bond Market | | Guangming Real Estate Group Co., Ltd. 2024 Seventh Tranche Medium-Term Note | 24 Guangming Real Estate MTN007 | 102484394 | 800,000,000.00 | 3.80 | National Interbank Bond Market | | Guangming Real Estate Group Co., Ltd. 2024 Eighth Tranche Medium-Term Note | 24 Guangming Real Estate MTN008 | 102484717 | 600,000,000.00 | 3.84 | National Interbank Bond Market | [(VII) Key Accounting Data and Financial Indicators](index=44&type=section&id=%28%E4%B8%83%29%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 period-end current ratio, quick ratio, asset-liability ratio, as well as period net profit after non-recurring items, EBITDA to total debt ratio, and interest coverage ratio, showing decreased profitability but significantly improved cash interest coverage 2025 H1 Key Accounting Data and Financial Indicators | Key Indicator | Current Period End / Current Period (Jan-Jun) | Prior Year End / Prior Year Period | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 3.07 | 2.75 | 11.64 | | | Quick Ratio | 0.60 | 0.53 | 13.21 | | | Asset-Liability Ratio (%) | 82.86 | 82.64 | 0.22 | | | Net Profit after Non-recurring Gains and Losses | -404,114,646.32 | -127,787,305.61 | -216.24 | Primarily due to a year-on-year decrease in real estate main business profit this period | | EBITDA to Total Debt Ratio | -0.00007 | 0.02000 | -100.35 | Primarily due to a year-on-year decrease in real estate main business profit this period | | Interest Coverage Ratio | -0.04 | 0.73 | -105.48 | Primarily due to a year-on-year decrease in real estate main business profit this period | | Cash Interest Coverage Ratio | 1.60 | -1.71 | 193.57 | Primarily due to an increase in operating cash flow this period | | EBITDA Interest Coverage Ratio | -0.00358 | 0.80000 | -100.45 | Primarily due to a year-on-year decrease in real estate main business profit this period | | Loan Repayment Rate (%) | 100.00 | 100.00 | | | | Interest Payment Rate (%) | 100.00 | 100.00 | | | [Section VIII Financial Report](index=45&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) [II. Financial Statements](index=45&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 [Consolidated Balance Sheet](index=45&type=section&id=%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 assets were **57.75 billion Yuan**, total liabilities **47.85 billion Yuan**, and total owners' equity attributable to the parent company **9.44 billion Yuan** - Total Assets: **57.74 billion Yuan**[47](index=47&type=chunk) - Total Liabilities: **47.85 billion Yuan**[47](index=47&type=chunk) - Total Owners' Equity Attributable to Parent Company: **9.44 billion Yuan**[47](index=47&type=chunk) [Consolidated Income Statement](index=49&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company's total operating revenue was **2.81 billion Yuan**, total operating cost **3.18 billion Yuan**, net profit **-409 million Yuan**, and net profit attributable to parent company shareholders **-398 million Yuan** - Total Operating Revenue: **2.81 billion Yuan**[136](index=136&type=chunk) - Total Operating Cost: **3.18 billion Yuan**[136](index=136&type=chunk) - Net Profit: **-409 million Yuan**[137](index=137&type=chunk) - Net Profit Attributable to Parent Company Shareholders: **-398 million Yuan**[137](index=137&type=chunk) [Consolidated Cash Flow Statement](index=52&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating activities was **224 million Yuan**, from investing activities **3.81 million Yuan**, and from financing activities **-436 million Yuan** - Net Cash Flow from Operating Activities: **223.63 million Yuan**[141](index=141&type=chunk) - Net Cash Flow from Investing Activities: **3.81 million Yuan**[142](index=142&type=chunk) - Net Cash Flow from Financing Activities: **-436.46 million Yuan**[142](index=142&type=chunk) [III. Company Basic Information](index=59&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 the company's history and share capital changes; as of June 30, 2025, the total share capital was **2,228,636,743 shares** - Company's total share capital is **2,228,636,743 shares**, including **3,358,972 restricted shares** and **2,225,277,771 unrestricted shares**[156](index=156&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=82&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 each item in the consolidated financial statements, including cash and cash equivalents, accounts receivable, inventories, long-term equity investments, restricted assets, contract liabilities, and bonds payable [1. Cash and Cash Equivalents](index=82&type=section&id=1%E3%80%81%20%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) Period-end cash and cash equivalents balance was **4.995 billion Yuan**, with **7.36 million Yuan** held overseas and **339 million Yuan** restricted - Period-end cash and cash equivalents balance: **4.995 billion Yuan**[287](index=287&type=chunk) - Of which: Total amount of funds deposited overseas: **7.36 million Yuan**[287](index=287&type=chunk) - Restricted cash and cash equivalents are detailed in Note "VII, 31, Assets Whose Ownership or Use Rights Are Restricted"[287](index=287&type=chunk) [5. Accounts Receivable](index=85&type=section&id=5%E3%80%81%20%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) Period-end accounts receivable book balance was **2.25 billion Yuan**, with bad debt provision of **126 million Yuan**, and book value of **2.13 billion Yuan**. Combination one (within consolidation scope, related parties, government departments) had no bad debt provision, while combination two had a provision rate of **25.86%** - Period-end accounts receivable book balance: **2.25 billion Yuan**[298](index=298&type=chunk) - Bad debt provision: **125.73 million Yuan**[298](index=298&type=chunk) - Book value: **2.13 billion Yuan**[298](index=298&type=chunk) - Bad debt provision for combination one (accounts receivable within consolidation scope, from related parties, and from government departments) was **0**[301](index=301&type=chunk) - Bad debt provision rate for combination two was **25.86%**[301](index=301&type=chunk) [10. Inventories](index=97&type=section&id=10%E3%80%81%E5%AD%98%E8%B4%A7) Period-end inventory book value was **41.53 billion Yuan**, primarily comprising development costs of **22.24 billion Yuan** and developed products of **15.60 billion Yuan**. Total inventory impairment provision and contract performance cost impairment provision amounted to **2.27 billion Yuan** - Period-end inventory book value: **41.53 billion Yuan**[329](index=329&type=chunk) - Development costs book value: **22.24 billion Yuan**[329](index=329&type=chunk) - Developed products book value: **15.60 billion Yuan**[329](index=329&type=chunk) - Total inventory impairment provision and contract performance cost impairment provision: **2.27 billion Yuan**[335](index=335&type=chunk) - Period-end inventory balance includes **3.62 billion Yuan** of capitalized borrowing costs, with a capitalization rate of **4.05%** for borrowing interest expenses this period[336](index=336&type=chunk) [17. Long-term Equity Investments](index=104&type=section&id=17%E3%80%81%E9%95%BF%E6%9C%9F%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84) Period-end long-term equity investments book value was **1.79 billion Yuan**, including **103 million Yuan** in joint ventures and **1.69 billion Yuan** in associates. Investment income recognized under equity method this period was **1.51 million Yuan** - Period-end long-term equity investments book value: **1.79 billion Yuan**[344](index=344&type=chunk) - Joint venture investments book value: **102.54 million Yuan**[343](index=343&type=chunk) - Associate investments book value: **1.69 billion Yuan**[344](index=344&type=chunk) - Investment income recognized under equity method this period: **1.51 million Yuan**[344](index=344&type=chunk) [31. Assets Whose Ownership or Use Rights Are Restricted](index=115&type=section&id=31%E3%80%81%E6%89%80%E6%9C%89%E6%9D%83%E6%88%96%E4%BD%BF%E7%94%A8%E6%9D%83%E5%8F%97%E9%99%90%E8%B5%84%E4%BA%A7) As of the end of the reporting period, the book value of restricted assets was **21.26 billion Yuan**, primarily inventory pledged for loans - Period-end book value of restricted assets: **21.26 billion Yuan**[382](index=382&type=chunk) - Of which, inventory pledged for loans had a restricted book value of **20.84 billion Yuan**[382](index=382&type=chunk) - Restricted cash and cash equivalents amounted to **339.15 million Yuan**, used for sales proceeds supervision, mortgage loan guarantees, and freezes[381](index=381&type=chunk) [38. Contract Liabilities](index=117&type=section&id=38%E3%80%81%E5%90%88%E5%90%8C%E8%B4%9F%E5%80%BA) Period-end contract liabilities were **2.96 billion Yuan**, mainly comprising pre-received housing payments of **2.53 billion Yuan** and pre-received construction payments of **373 million Yuan** - Period-end contract liabilities: **2.96 billion Yuan**[392](index=392&type=chunk) - Pre-received housing payments: **2.53 billion Yuan**[392](index=392&type=chunk) - Pre-received construction payments: **373 million Yuan**[392](index=392&type=chunk) - Transaction price allocated to unfulfilled performance obligations is estimated at **6.12 billion Yuan**, expected to be recognized as revenue within the next **1-3 years**[438](index=438&type=chunk) [41. Other Payables](index=119&type=section&id=41%E3%80%81%E5%85%B6%E4%BB%96%E5%BA%94%E4%BB%98%E6%AC%BE) Period-end other payables were **4.13 billion Yuan**, primarily inter-company payables of **3.33 billion Yuan** - Period-end other payables: **4.13 billion Yuan**[400](index=400&type=chunk) - Inter-company payables: **3.33 billion Yuan**[406](index=406&type=chunk) - Dividends payable: **40.20 million Yuan**, with some dividends payable outstanding for over **1 year**[402](index=402&type=chunk)[404](index=404&type=chunk) [43. Non-Current Liabilities Due Within One Year](index=120&type=section&id=43%E3%80%811%20%E5%B9%B4%E5%86%85%E5%88%B0%E6%9C%9F%E7%9A%84%E9%9D%9E%E6%B5%81%E5%8A%A8%E8%B4%9F%E5%80%BA) Period-end non-current liabilities due within one year were **2.90 billion Yuan**, mainly including long-term borrowings of **1.51 billion Yuan** and bonds payable of **1.37 billion Yuan** due within one year - Period-end non-current liabilities due within one year: **2.90 billion Yuan**[407](index=407&type=chunk) - Long-term borrowings due within one year: **1.51 billion Yuan**[407](index=407&type=chunk) - Bonds payable due within one year: **1.37 billion Yuan**[407](index=407&type=chunk) [45. Long-term Borrowings](index=121&type=section&id=45%E3%80%81%E9%95%BF%E6%9C%9F%E5%80%9F%E6%AC%BE) Period-end long-term borrowings were **23.33 billion Yuan**, mainly comprising guaranteed borrowings of **6.84 billion Yuan**, mortgage-plus-guaranteed borrowings of **6.81 billion Yuan**, and entrusted-plus-credit borrowings of **9.69 billion Yuan** - Period-end long-term borrowings: **23.33 billion Yuan**[408](index=408&type=chunk) - Guaranteed borrowings: **6.84 billion Yuan**[408](index=408&type=chunk) - Mortgage-plus-guaranteed borrowings: **6.81 billion Yuan**[408](index=408&type=chunk) - Entrusted-plus-credit borrowings: **9.69 billion Yuan**[408](index=408&type=chunk) [46. Bonds Payable](index=121&type=section&id=46%E3%80%81%E5%BA%94%E4%BB%98%E5%80%BA%E5%88%B8) Period-end bonds payable were **6.60 billion Yuan**, including multiple corporate bonds and medium-term notes - Period-end bonds payable: **6.60 billion Yuan**[410](index=410&type=chunk) - Includes corporate bonds such as **23 Ming Bond 01**, **24 Ming Bond 01**, **24 Ming Bond 03**, and medium-term notes such as **22 Guangming Real Estate MTN001**, **MTN002**, **24 Guangming Real Estate MTN001 to MTN008**[410](index=410&type=chunk)[411](index=411&type=chunk)[412](index=412&type=chunk)[413](index=413&type=chunk)[414](index=414&type=chunk) [61. Operating Revenue and Operating Cost](index=129&type=section&id=61%E3%80%81%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) This period's operating revenue was **2.81 billion Yuan**, operating cost **2.60 billion Yuan**. Main business revenue was **2.76 billion Yuan**, other business revenue **49.68 million Yuan**. East China contributed the vast majority of revenue - This period's operating revenue: **2.81 billion Yuan**, operating cost: **2.60 billion Yuan**[434](index=434&type=chunk) - Main business revenue: **2.76 billion Yuan**, other business revenue: **49.68 million Yuan**[434](index=434&type=chunk) - East China operating revenue: **2.66 billion Yuan**, accounting for **94.58%** of total revenue[437](index=437&type=chunk) [66. Financial Expenses](index=131&type=section&id=66%E3%80%81%E8%B4%A2%E5%8A%A1%E8%B4%B9%E7%94%A8) This period's financial expenses were **330 million Yuan**, including interest expense of **344 million Yuan** and interest income of **19.82 million Yuan** - This period's financial expenses: **330.49 million Yuan**[443](index=443&type=chunk) - Interest expense: **344.23 million Yuan**[443](index=443&type=chunk) - Interest income: **19.82 million Yuan**[443](index=443&type=chunk) [79. Supplementary Information to Cash Flow Statement](index=137&type=section&id=79%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This period's net cash flow from operating activities was **224 million Yuan**, and net increase in cash and cash equivalents was **-209 million Yuan** - This period's net cash flow from operating activities: **223.63 million Yuan**[473](index=473&type=chunk) - Net increase in cash and cash equivalents: **-209.02 million Yuan**[473](index=473&type=chunk) [IX. Changes in Consolidation Scope](index=141&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) This section discloses changes in the company's consolidation scope, primarily the liquidation of subsidiary Nonggongshang Real Estate (Group) Hangzhou Fuyang Huixin Real Estate Co., Ltd. this period [5. Changes in Consolidation Scope Due to Other Reasons](index=142&type=section&id=5%E3%80%81%20%E5%85%B6%E4%BB%96%E5%8E%9F%E5%9B%A0%E7%9A%84%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E5%8F%98%E5%8A%A8) Subsidiary Nonggongshang Real Estate (Group) Hangzhou Fuyang Huixin Real Estate Co., Ltd. was liquidated this period, with its net profit from the beginning of the period to liquidation date being **216,941.59 Yuan** - Subsidiary Nonggongshang Real Estate (Group) Hangzhou Fuyang Huixin Real Estate Co., Ltd. was liquidated this period[487](index=487&type=chunk) - The subsidiary's net profit from the beginning of this period to the liquidation date was **216,941.59 Yuan**[489](index=489&type=chunk) [X. Interests in Other Entities](index=143&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 subsidiaries, joint ventures, and associates [1. Interests in Subsidiaries](index=143&type=section&id=1%E3%80%81%20%E5%9C%A8%E5%AD%90%E5%85%AC%E5%8F%B8%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section lists over **100 subsidiaries**, including names, registered capital, business nature, and shareholding ratios, explaining discrepancies between shareholding and v

合盛硅业股份有限公司2025 年半年度报告 公司代码：603260 公司简称：合盛硅业 合盛硅业股份有限公司 2025 年半年度报告 1 / 171 合盛硅业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人罗立国、主管会计工作负责人张雅聪及会计机构负责人（会计主管人员）张冬 梅声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本 ...

公司代码：603323 公司简称：苏农银行 江苏苏州农村商业银行股份有限公司 2025 年半年度报告 1 江苏苏州农村商业银行股份有限公司 2025 年半年度报告 江苏苏州农村商业银行股份有限公司 2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 沈志超 | 公务原因 | 陆颖栋 | 三、本半年度报告未经审计。 四、公司负责人徐晓军、行长庄颖杰、主管会计工作负责人邱萍及会计机构负责人（会计主管人 员）顾建忠声明：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方案 2025年度中期利润分配方案为：以本次分红派息股权登记日的总股本为基数，向全体股东每 10股（每股人民币1元）派发现金红利0.90元（含税）。 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所 ...

四川东材科技集团股份有限公司2025 年半年度报告 公司代码：601208 公司简称：东材科技 转债代码：113064 转债简称：东材转债 四川东材科技集团股份有限公司 2025 年半年度报告 1 / 189 四川东材科技集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人唐安斌、主管会计工作负责人敬国仁及会计机构负责人（会计主管人员）严丹 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请 投资者注意投资风险。 七、 是否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 ...

山东东宏管业股份有限公司2025 年半年度报告 公司代码：603856 公司简称：东宏股份 山东东宏管业股份有限公司 2025 年半年度报告 1 / 196 山东东宏管业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人倪奉尧、主管会计工作负责人倪奉尧及会计机构负责人（会计主管人员）孔令 彬声明：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 以实施权益分派股权登记日登记的总股本为基数，向全体股东每10股派发现金红利0.37元（ 含税），截至2025年6月30日，公司总股本为282,056,060股，以此计算合计拟派发现金红利 10,436,074.22元（含税）。占2025年半年度归属于公司股东净利润的比例为10.24%。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及未来计划、发展战略等前瞻性陈 ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential preliminary information, including a guarantee of report accuracy, a detailed table of contents, and key definitions for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, while future outlooks are not substantive commitments - The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's structure, providing a quick navigation guide to its eight main chapters and corresponding page numbers [Definitions](index=5&type=section&id=Definitions) This section defines common terms, company entities, main products, and key customers, ensuring a clear understanding of the report's content - The company's core businesses include precision progressive stamping dies, motor cores, and precision structural components for power lithium batteries[11](index=11&type=chunk) - Major clients include **CATL**, **BYD**, **EVE Energy**, **Nidec**, **Xiaomi**, and other well-known new energy vehicle and battery industry enterprises[11](index=11&type=chunk)[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) This section provides the company's basic identity and market positioning, including its stock abbreviation, code, listing exchange, and legal representative - Company stock abbreviation: **Zhenyu Technology**, stock code: **300953**, listing exchange: **Shenzhen Stock Exchange**[14](index=14&type=chunk) - The company's legal representative is **Jiang Zhenlin**[14](index=14&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication and inquiries [III. Other Information](index=7&type=section&id=III.%20Other%20Information) This section confirms no changes in the company's registered address, contact information, or information disclosure locations during the reporting period - No changes in company contact information, information disclosure and document storage locations, or registration status during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key financial data for the first half of 2025, highlighting strong growth in revenue and net profit, and a significant positive shift in operating cash flow 2025 Semi-Annual Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,046,762,596.96 | 3,132,977,427.64 | 29.17% | | Net Profit Attributable to Shareholders of Listed Company | 211,349,646.23 | 131,720,044.53 | 60.45% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 197,698,161.21 | 119,868,023.89 | 64.93% | | Net Cash Flow from Operating Activities | 174,392,398.29 | -362,065,346.21 | 148.17% | | Basic Earnings Per Share (yuan/share) | 1.28 | 0.88 | 45.45% | | Diluted Earnings Per Share (yuan/share) | 1.27 | 0.76 | 67.11% | | Weighted Average Return on Net Assets | 5.76% | 4.97% | 0.79% | | **End of Current Reporting Period vs. End of Prior Year:** | | | | | Total Assets | 11,221,303,579.10 | 11,425,589,229.33 | -1.79% | | Net Assets Attributable to Shareholders of Listed Company | 4,031,182,735.97 | 2,993,279,812.31 | 34.67% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section confirms that there were no discrepancies in net profit and net assets between the company's financial reports under domestic and overseas accounting standards - No differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the company's non-recurring gains and losses for the first half of 2025, totaling **13.65 million yuan**, primarily from government subsidies and financial asset disposals 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 487,244.95 | | Government grants recognized in profit or loss for the current period (excluding those closely related to the company's normal business operations and granted in accordance with national policies) | 12,056,294.20 | | Gains or losses arising from changes in fair value of financial assets and liabilities held for trading, and investment income from disposal of financial assets and liabilities held for trading, except for effective hedging activities related to the company's normal business operations | 3,724,502.07 | | Other non-operating income and expenses apart from the above | -325,158.55 | | Other gains and losses that meet the definition of non-recurring gains and losses | 326,586.95 | | Less: Income tax impact | 2,617,984.60 | | **Total** | **13,651,485.02** | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's main businesses, core competencies, financial performance, and risk management strategies [I. Company's Main Businesses During the Reporting Period](index=10&type=section&id=I.%20Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company primarily engages in precision progressive stamping dies and downstream precision structural components, achieving significant performance growth in the first half of 2025, driven by new energy vehicle and humanoid robot industries - The company's main businesses are precision progressive stamping dies and downstream precision structural components, applied in home appliances, new energy lithium batteries, automotive, industrial control, and other industries[26](index=26&type=chunk)[41](index=41&type=chunk) - In the first half of 2025, the company achieved operating revenue of **4.047 billion yuan**, a year-on-year increase of **29.17%**; net profit attributable to parent company shareholders was **211.35 million yuan**, a year-on-year increase of **60.45%**[58](index=58&type=chunk) - The company is actively developing the humanoid robot industry, having established a subsidiary in October 2024 to focus on key products and core technologies in the robot industry chain[40](index=40&type=chunk) [(I) Industry Classification of the Company](index=10&type=section&id=(I)%20Industry%20Classification%20of%20the%20Company) The company's core business, precision progressive stamping dies and structural components, is classified under "C Manufacturing" (Metal Products Industry, C33) by the China Securities Regulatory Commission - The company's main business is precision progressive stamping dies and downstream precision structural components[26](index=26&type=chunk) - The company's industry is "C Manufacturing" (Metal Products Industry), with industry classification code **C33**[26](index=26&type=chunk) [(II) Industry Development Status](index=10&type=section&id=(II)%20Industry%20Development%20Status) The company's key markets, including precision dies, motor cores, and lithium battery components, are experiencing rapid growth driven by new energy vehicles and emerging humanoid robot technologies - The explosive growth of new energy vehicles drives increased demand for precision progressive stamping dies[28](index=28&type=chunk) - In the first half of 2025, China's new energy vehicle production and sales increased by **41.4%** and **40.3%** respectively, with power battery installations increasing by **44%** year-on-year[31](index=31&type=chunk)[32](index=32&type=chunk) - The humanoid robot industry is designated as a future industry, receiving national policy support, and the company has established a subsidiary to enter this field[37](index=37&type=chunk)[40](index=40&type=chunk) [(III) Main Business, Main Products, and Uses](index=12&type=section&id=(III)%20Main%20Business%2C%20Main%20Products%2C%20and%20Uses) As a high-tech enterprise, the company specializes in R&D, design, production, and sales of precision progressive stamping dies and structural components, expanding into humanoid robot parts - The company's core business is the R&D, design, production, and sales of precision progressive stamping dies and downstream precision structural components[41](index=41&type=chunk) - Main products include multi-row/three-row/two-row/single-row motor core progressive dies, single-row power lithium battery structural component progressive dies, motor core precision structural components, and power lithium battery precision structural components[45](index=45&type=chunk) - Emerging products include humanoid robot reverse planetary roller screws, linear actuators, and dexterous hand precision components[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [(IV) Business Model](index=14&type=section&id=(IV)%20Business%20Model) The company operates on a "production-to-order" customized model with independent procurement, production, and direct sales, fostering stable customer relationships and diverse settlement options - The company adopts a **"production-to-order"** customized production model, with procurement and production driven by sales[46](index=46&type=chunk)[50](index=50&type=chunk) - The procurement model is "production-to-order + procurement-to-production", with stable raw material supply channels, mainly including steel, aluminum, and copper[48](index=48&type=chunk) - The sales model is direct sales to customers, establishing long-term stable cooperative relationships with domestic and international clients[53](index=53&type=chunk) [(V) Company's Industry Position](index=16&type=section&id=(V)%20Company%27s%20Industry%20Position) The company holds a leading position in China's mid-to-high-end motor core die industry, breaking foreign monopolies and achieving top-tier shipments in new energy automotive components - The company is an advanced manufacturing enterprise in China's mid-to-high-end motor core die industry, recognized as one of the "Key Backbone Enterprises for Motor Core Dies"[55](index=55&type=chunk) - Shipments of new energy electric vehicle drive motor cores rank among the domestic leaders, and power lithium battery precision structural component projects rank among the top in the industry[56](index=56&type=chunk) - The company was awarded the **2022 National Manufacturing Single Champion Product**, **2025 National Green Factory** honors, and consistently rated as an "Excellent Supplier" by CATL[56](index=56&type=chunk)[57](index=57&type=chunk) [(VI) Main Operating Performance and Driving Factors](index=17&type=section&id=(VI)%20Main%20Operating%20Performance%20and%20Driving%20Factors) In the first half of 2025, the company achieved significant increases in operating revenue and net profit, primarily driven by the robust growth of downstream industries - In the first half of 2025, the company achieved operating revenue of **4.047 billion yuan**, a year-on-year increase of **29.17%**[58](index=58&type=chunk) - Achieved net profit attributable to parent company shareholders of **211.35 million yuan**, a year-on-year increase of **60.45%**[58](index=58&type=chunk) - Performance growth is primarily driven by the development of downstream industries such as home appliances, new energy lithium batteries, automotive, and industrial control[58](index=58&type=chunk) [II. Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's sustained growth and market leadership are underpinned by its strong R&D, advanced manufacturing, stable customer base, product quality, and brand reputation - Technological R&D advantage: R&D investment in the first half of 2025 was **165.33 million yuan**, a year-on-year increase of **36.76%**, accounting for **4.09%** of operating revenue, maintaining industry-leading technological capabilities[60](index=60&type=chunk) - Customer advantage: Established stable cooperative relationships with well-known domestic and international clients including North American new energy vehicle companies, **BYD**, **Xiaomi**, **Li Auto**, **CATL**, and **EVE Energy**[63](index=63&type=chunk)[64](index=64&type=chunk) - Brand advantage: Consistently rated as a key backbone enterprise for motor core dies by the China Die & Mould Industry Association for many years, awarded national single champion enterprise and other honors[70](index=70&type=chunk) [III. Analysis of Main Business](index=18&type=section&id=III.%20Analysis%20of%20Main%20Business) The company's main business achieved double-digit revenue and profit growth, driven by innovation, efficiency, and successful expansion into humanoid robot components - In the first half of 2025, operating revenue was **4.047 billion yuan**, a year-on-year increase of **29.17%**; net profit attributable to parent company shareholders was **211.35 million yuan**, a year-on-year increase of **60.45%**[71](index=71&type=chunk) - The die business revenue grew and maintained high gross margins; the lithium battery structural component business gross margin continued to recover; the motor core business profitability further strengthened[72](index=72&type=chunk) - The humanoid robot precision parts and components business progressed smoothly, with reverse planetary roller screws and linear actuators completing mass production SOP verification and receiving small batch orders from domestic and international customers[73](index=73&type=chunk)[74](index=74&type=chunk) 2025 Semi-Annual Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,046,762,596.96 | 3,132,977,427.64 | 29.17% | - | | Operating Cost | 3,444,314,393.01 | 2,685,202,872.15 | 28.27% | - | | Sales Expenses | 21,852,244.99 | 15,233,491.64 | 43.45% | Increase in sales revenue, sales expenses, and personnel compensation, along with increased equity incentive expenses for sales personnel | | Management Expenses | 119,290,771.08 | 101,334,034.66 | 17.72% | - | | Financial Expenses | 63,828,723.34 | 74,426,772.41 | -14.24% | - | | Income Tax Expense | 13,319,784.91 | 5,478,890.67 | 143.11% | Increase in income tax expense due to higher total profit in the current period | | R&D Investment | 165,326,079.47 | 120,885,064.84 | 36.76% | Continuous increase in R&D investment for new market product demands, along with corresponding increases in employee compensation and equity incentives to encourage R&D innovation | | Net Cash Flow from Operating Activities | 174,392,398.29 | -362,065,346.21 | 148.17% | Increase in payments for goods purchased and services received via bills in the current period | | Net Cash Flow from Investing Activities | 57,543,471.17 | 73,095,282.91 | -21.28% | - | | Net Cash Flow from Financing Activities | -87,624,317.54 | 196,779,351.87 | -144.53% | Decrease in new borrowings compared to the prior year | | Net Increase in Cash and Cash Equivalents | 146,118,614.45 | -90,876,441.72 | 260.79% | Increase in net cash flow from operating activities compared to the prior year | 2025 Semi-Annual 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 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Precision Structural Components (incl. Lithium Battery Structural Components and Motor Cores) | 3,199,849,564.51 | 2,725,225,372.43 | 14.83% | 28.59% | 26.19% | 1.62% | | Other Businesses | 616,262,923.15 | 606,299,600.16 | 1.62% | 38.70% | 39.03% | -0.23% | [IV. Analysis of Non-Main Business](index=20&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) This section analyzes the impact of non-main businesses on the company's total profit, noting significant contributions from government subsidies and negative effects from asset and credit impairment losses 2025 Semi-Annual Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 3,724,502.07 | 1.66% | Primarily due to bank deposit wealth management income in the current period | | Asset Impairment | -36,985,815.86 | -16.49% | Primarily due to inventory impairment provisions made in the current period | | Non-operating Income | 1,009,083.27 | 0.45% | Primarily due to fines and liquidated damages received | | Non-operating Expenses | 1,334,241.82 | 0.60% | Primarily due to external donations and fines paid | | Credit Impairment Losses | -7,206,291.72 | -3.21% | Primarily due to bad debt provisions for accounts receivable | | Other Income | 53,184,691.45 | 23.72% | Primarily due to government grants and VAT additional deduction subsidies received in the current period | [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets slightly decreased, while net assets attributable to shareholders significantly increased, with notable shifts in accounts receivable, fixed assets, and borrowings 2025 Semi-Annual Major Changes in Asset Composition | Indicator | End of Current Reporting Period (yuan) | Proportion of Total Assets | End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,096,875,210.10 | 9.77% | 1,025,516,234.53 | 8.98% | 0.79% | | Accounts Receivable | 3,555,550,360.40 | 31.69% | 3,034,039,445.43 | 26.55% | 5.14% | | Inventories | 873,026,249.37 | 7.78% | 990,163,679.48 | 8.67% | -0.89% | | Fixed Assets | 3,848,294,791.49 | 34.29% | 3,787,278,264.09 | 33.15% | 1.14% | | Construction in Progress | 571,453,716.68 | 5.09% | 432,497,880.47 | 3.79% | 1.30% | | Short-term Borrowings | 1,700,439,213.84 | 15.15% | 1,614,406,027.42 | 14.13% | 1.02% | | Long-term Borrowings | 1,584,723,892.43 | 14.12% | 1,495,932,437.30 | 13.09% | 1.03% | 2025 Semi-Annual Assets and Liabilities Measured at Fair Value | Item | Beginning of Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | End of Period (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 324,855,396.65 | 2,535,833,000.00 | 2,791,358,396.65 | 69,330,000.00 | | Notes Receivable Financing | 244,416,612.86 | - | - | 288,401,672.84 | | **Total** | **569,272,009.51** | **2,535,833,000.00** | **2,791,358,396.65** | **357,731,672.84** | - As of the end of the reporting period, the total amount of restricted assets was **1.923 billion yuan**, with a book value of **1.756 billion yuan**, primarily restricted by acceptance, guarantees, asset pool and bill pool deposits, supply chain bill pledges, and bank loan mortgages[85](index=85&type=chunk)[86](index=86&type=chunk) [VI. Analysis of Investment Status](index=22&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's total investment slightly decreased, but it made strategic equity and non-equity investments, with most raised funds allocated to committed projects, some facing delays or changes - In the first half of 2025, total investment was **442.39 million yuan**, a year-on-year decrease of **1.80%**[87](index=87&type=chunk) - The company increased capital in its wholly-owned subsidiary Zhenyu Sales by **300.00 million yuan**[89](index=89&type=chunk) - The "Annual Production of 900 Million New Energy Power Lithium Battery Top Covers Project" has a cumulative actual investment of **1.551 billion yuan**, project progress of **96.92%**, and has been extended to December 31, 2025[90](index=90&type=chunk)[100](index=100&type=chunk) - The "New Construction Project for Annual Production of 360 Million New Energy Vehicle Lithium Battery Casings" was changed to "Phase I Sub-project of New Energy Vehicle Motor Core Production Line for Suzhou Fanster Machinery Technology Co., Ltd.", with **57.56 million yuan** of raised funds invested[101](index=101&type=chunk)[104](index=104&type=chunk) - Net raised funds in 2023 were **1.183 billion yuan**, with cumulative use of **827.00 million yuan** (**69.92%**), and unused raised funds balance of **163.38 million yuan**[96](index=96&type=chunk)[97](index=97&type=chunk) - The company used idle raised funds of no more than **400 million yuan** to temporarily supplement working capital, with **200 million yuan** used as of June 30, 2025[102](index=102&type=chunk) [VII. Major Asset and Equity Sales](index=30&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) This section confirms that the company did not engage in any significant asset or equity sales during the reporting period - The company did not sell major assets during the reporting period[109](index=109&type=chunk) - The company did not sell major equity during the reporting period[110](index=110&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=31&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes the operating performance of key subsidiaries, highlighting significant net profit growth driven by efficiency improvements, increased demand, and automation - Suzhou Fanster Machinery Technology Co., Ltd.'s net profit increased by **53.12%** year-on-year in the first half of 2025, mainly due to cost reduction, efficiency improvement, and optimization of customer and product structure[112](index=112&type=chunk) - Ningbo Zhenyu Auto Parts Co., Ltd.'s operating revenue increased by **58.08%** year-on-year and net profit increased by **223.67%** year-on-year in the first half of 2025, mainly due to increased downstream customer demand and enhanced production line automation[113](index=113&type=chunk) [IX. Structured Entities Controlled by the Company](index=31&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[114](index=114&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=31&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses market volatility, rapid technological change, raw material price fluctuations, management challenges from expansion, and geopolitical risks through continuous innovation and strategic management - Market risk: Downstream industries (home appliances, new energy lithium batteries, automotive, industrial control) are highly correlated with the macro economy, and slowing demand may affect performance[114](index=114&type=chunk) - Risk of rapid technological updates and product upgrades: Downstream industries have fast technological iterations, requiring the company to respond promptly to new demands and technological trends[115](index=115&type=chunk) - Raw material price fluctuation risk: Price fluctuations of major raw materials such as silicon steel sheets, aluminum, and copper have a significant impact on gross margin[116](index=116&type=chunk)[117](index=117&type=chunk) - Management risk arising from rapid future scale expansion: Increased management difficulty due to raised fund investment projects and external investments[118](index=118&type=chunk) - Geopolitical and trade barrier risks: Protectionist trade policies may negatively impact global economic growth and automotive consumption demand[119](index=119&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=32&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) This section details the company's investor relations activities, including institutional investor engagements and discussions on performance, business operations, and emerging industry布局 - The company hosted multiple on-site visits, conference calls, and online communications with institutional investors during the reporting period[120](index=120&type=chunk)[122](index=122&type=chunk) - Discussion topics mainly included the company's 2024 performance forecast, 2025 business operations, layout and progress of humanoid robot precision parts industry, and sales revenue of lithium battery structural components[120](index=120&type=chunk)[122](index=122&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=33&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) This section states that the company did not formulate or disclose a market value management system or valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[123](index=123&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[124](index=124&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=34&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) This section states that the company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[124](index=124&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=35&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's governance structure, environmental compliance, and social responsibility initiatives, including management stability, incentive plans, and stakeholder engagement [I. Changes in Directors, Supervisors, and Senior Management](index=35&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section confirms the stability of the company's management team, with no changes in directors, supervisors, or senior management during the reporting period - No changes in company directors, supervisors, and senior management during the reporting period[126](index=126&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=35&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) This section reiterates the company's semi-annual profit distribution plan, confirming no cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[127](index=127&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=35&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company adjusted its 2022 and 2024 restricted stock incentive plans, including cancellations, quantity and price adjustments, and new grants of reserved restricted shares - The 2022 restricted stock incentive plan canceled **565,250** granted but unvested restricted shares, adjusted the unvested quantity to **1,482,740** shares, and adjusted the grant price to **40.70 yuan/share**[128](index=128&type=chunk)[129](index=129&type=chunk) - The 2024 restricted stock incentive plan adjusted the unvested quantity to **5,607,980** shares, adjusted the grant price to **19.50 yuan/share**, and granted **700,000** reserved restricted shares to 11 incentive recipients[130](index=130&type=chunk) [IV. Environmental Information Disclosure](index=36&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its four major subsidiaries are legally mandated to disclose environmental information and have done so through provincial ecological environment systems, demonstrating compliance - The company and its four major subsidiaries (Ningbo Zhenyu Technology Co., Ltd., Ningbo Zhenyu Auto Parts Co., Ltd., Changzhou Zhenyu Auto Parts Co., Ltd., Ningde Zhenyu Auto Parts Co., Ltd.) are included in the list of enterprises required to disclose environmental information by law[132](index=132&type=chunk) - Relevant environmental information disclosure reports can be found on the systems of respective provincial ecological environment departments[132](index=132&type=chunk) [V. Social Responsibility](index=36&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting shareholder and employee rights, ensuring fair cooperation with stakeholders, and promoting green development - The company safeguards the rights of small and medium shareholders through online voting and other means, values investor relations, and distributed **25.62 million yuan** in cash dividends for the 2024 annual profit distribution[134](index=134&type=chunk) - The company strictly adheres to labor laws, pays "five insurances and one housing fund" for employees, provides occupational health examinations, welfare care, and a standardized promotion and training system[135](index=135&type=chunk) - The company optimizes its supply chain structure, improves procurement and supplier management systems, adheres to an "integrity management, win-win cooperation" philosophy to serve customers, and ensures product quality[136](index=136&type=chunk) - The company advocates green development, promotes green office practices, encourages low-carbon travel, and strengthens waste management to contribute to sustainable development[137](index=137&type=chunk) [Section V Significant Matters](index=37&type=section&id=Section%20V%20Significant%20Matters) This section addresses critical corporate events, including commitments, related party transactions, litigation, and other material developments during the reporting period [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=37&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) This section confirms that no commitments by the actual controller, shareholders, related parties, acquirers, or the company were unfulfilled or overdue during the reporting period - No unfulfilled or overdue unfulfilled commitments by the company during the reporting period[139](index=139&type=chunk) [II. Non-Operating Occupation of Funds by Controlling Shareholder and Other Related Parties](index=37&type=section&id=II.%20Non-Operating%20Occupation%20of%20Funds%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) This section states that there was no non-operating occupation of funds by the controlling shareholder or other related parties of the listed company during the reporting period - No non-operating occupation of funds by controlling shareholder and other related parties during the reporting period[140](index=140&type=chunk) [III. Irregular External Guarantees](index=37&type=section&id=III.%20Irregular%20External%20Guarantees) This section states that the company had no irregular external guarantees during the reporting period - No irregular external guarantees by the company during the reporting period[141](index=141&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=37&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) This section states that the company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[142](index=142&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period](index=37&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) This section states that no explanation regarding a "non-standard audit report" is applicable, as the semi-annual report was not audited [VI. Explanations by the Board of Directors on Matters Related to the "Non-Standard Audit Report" for the Previous Year](index=37&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20Matters%20Related%20to%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section states that explanations regarding matters related to the "non-standard audit report" for the previous year are not applicable [VII. Bankruptcy and Reorganization Matters](index=37&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) This section states that the company did not have any bankruptcy and reorganization matters during the reporting period - The company did not have any bankruptcy and reorganization matters during the reporting period[143](index=143&type=chunk) [VIII. Litigation Matters](index=37&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration during the reporting period, and other minor cases had no material impact on operations - No significant litigation or arbitration matters for the company during the reporting period[144](index=144&type=chunk) - Other litigation cases had a cumulative involved amount of **30.56 million yuan**, with no significant impact on company operations[145](index=145&type=chunk) [IX. Penalties and Rectification](index=38&type=section&id=IX.%20Penalties%20and%20Rectification) This section discloses that subsidiary Ningde Zhenyu received an administrative fine of **486,000 yuan** for violating solid waste pollution control regulations - Subsidiary Ningde Zhenyu was fined **486,000 yuan** for violating the Law on the Prevention and Control of Environmental Pollution by Solid Waste[146](index=146&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=38&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) This section states that the company, its controlling shareholder, and actual controller maintained good integrity during the reporting period - No integrity issues for the company, its controlling shareholder, and actual controller during the reporting period[147](index=147&type=chunk) [XI. Significant Related Party Transactions](index=38&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) This section states that the company did not engage in any significant related party transactions during the reporting period, including those related to operations, asset transfers, or financing - No significant related party transactions related to daily operations for the company during the reporting period[147](index=147&type=chunk) - No related party transactions involving asset or equity acquisitions or disposals for the company during the reporting period[148](index=148&type=chunk) - No related party creditor-debtor relationships for the company during the reporting period[150](index=150&type=chunk) [XII. Significant Contracts and Their Performance](index=39&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company incurred **20.89 million yuan** in leasing expenses and provided significant guarantees to subsidiaries, with an outstanding balance of **523.46 million yuan** at period-end - During the reporting period, total leasing expenses for factory buildings, warehouses, dormitories, etc., amounted to **20.89 million yuan**[156](index=156&type=chunk) 2025 Semi-Annual Company Guarantees for Subsidiaries | Indicator | Amount (million yuan) | | :--- | :--- | | Total approved guarantee limit for subsidiaries during the reporting period | 3,000 | | Total actual guarantees for subsidiaries during the reporting period | 910 | | Total approved guarantee limit for subsidiaries at period-end | 3,000 | | Total actual guarantee balance for subsidiaries at period-end | 523.4557 | | Ratio of total actual guarantees to company's net assets | 12.99% | | Debt guarantee balance provided directly or indirectly for guaranteed entities with asset-liability ratio exceeding 70% | 523.4557 | [XIII. Explanations of Other Significant Matters](index=42&type=section&id=XIII.%20Explanations%20of%20Other%20Significant%20Matters) The company's "Zhenyu Convertible Bonds" were fully redeemed and delisted from the Shenzhen Stock Exchange after triggering conditional redemption terms - "Zhenyu Convertible Bonds" triggered conditional redemption terms as the stock closing price was not less than **130%** of the current conversion price for fifteen consecutive trading days[165](index=165&type=chunk) - The company's board of directors decided to early redeem "Zhenyu Convertible Bonds," completing full redemption by April 23, 2025[165](index=165&type=chunk)[166](index=166&type=chunk) - "Zhenyu Convertible Bonds" (bond code: **123228**) were delisted from the Shenzhen Stock Exchange starting May 7, 2025[166](index=166&type=chunk)[167](index=167&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=43&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company increased capital in Zhenyu Sales by **300 million yuan** and converted previous interest-free loans to other subsidiaries into capital increases to optimize their capital structures - The company used its own funds to increase capital in wholly-owned subsidiary Zhenyu Sales by **300.00 million yuan**, increasing its registered capital to **350.00 million yuan**[168](index=168&type=chunk) - The company converted interest-free loans of raised funds into capital increases for wholly-owned subsidiaries Ningbo Zhenyu Auto Parts Co., Ltd. and Ningde Zhenyu Auto Parts Co., Ltd., increasing their registered capital to **664.45 million yuan** and **308.42 million yuan** respectively[169](index=169&type=chunk) [Section VI Share Changes and Shareholder Information](index=44&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital adjustments, including increases from convertible bond conversions and capital reserve transfers, and provides an overview of shareholder holdings [I. Share Changes](index=44&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital increased due to convertible bond conversions and capital reserve transfers, impacting both restricted and unrestricted shares - The conversion of "Zhenyu Convertible Bonds" led to an increase of **17,201,194** shares in the company's total share capital[173](index=173&type=chunk) - The 2024 annual equity distribution involved converting capital reserves into **4** shares for every **10** shares held by all shareholders, totaling **48,808,344** shares[173](index=173&type=chunk) - The company's total share capital increased to **173,477,731** shares[173](index=173&type=chunk) [1. Share Changes](index=44&type=section&id=1.%20Share%20Changes) This section presents a table illustrating the changes in the company's total shares, restricted shares, and unrestricted shares, primarily driven by convertible bond conversions and capital reserve transfers 2025 Semi-Annual Share Changes | Item | Number Before This Change (shares) | Increase/Decrease in This Change (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 34,803,667 | 13,920,470 | 48,724,137 | | II. Unrestricted Shares | 72,664,526 | 52,089,068 | 124,753,594 | | **III. Total Shares** | **107,468,193** | **66,009,538** | **173,477,731** | [2. Changes in Restricted Shares](index=46&type=section&id=2.%20Changes%20in%20Restricted%20Shares) This section details the changes in restricted shares for major shareholders, including increases for Jiang Zhenlin and Hong Ruidi due to capital reserve transfers, and the release of some senior executive restricted shares 2025 Semi-Annual Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Jiang Zhenlin | 24,914,805 | 0 | 9,965,922 | 34,880,727 | | Hong Ruidi | 9,888,150 | 0 | 3,955,260 | 13,843,410 | | Zou Chunhua | 150 | 150 | 0 | 0 | | Zhou Maowei | 562 | 562 | 0 | 0 | | **Total** | **34,803,667** | **712** | **13,921,182** | **48,724,137** | [II. Securities Issuance and Listing](index=46&type=section&id=II.%20Securities%20Issuance%20and%20Listing) This section states that the company had no securities issuance and listing activities during the reporting period [III. Shareholder Numbers and Shareholding](index=46&type=section&id=III.%20Shareholder%20Numbers%20and%20Shareholding) As of the reporting period end, the company had **18,649** common stock shareholders, with detailed holdings and relationships for major shareholders - The total number of common stock shareholders at the end of the reporting period was **18,649**[182](index=182&type=chunk) 2025 Semi-Annual Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at End of Period (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Zhenlin | Domestic Natural Person | 26.81% | 46,507,636 | 34,880,727 | 11,626,909 | Pledged 19,375,300 shares | | Hong Ruidi | Domestic Natural Person | 10.64% | 18,457,880 | 13,843,410 | 4,614,470 | Not applicable | | Ningbo Zhenyu New Energy Co., Ltd. | Domestic Non-State-Owned Legal Person | 4.70% | 8,150,394 | 0 | 8,150,394 | Pledged 8,150,394 shares | | Ningbo Juxin Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.02% | 6,968,080 | 0 | 6,968,080 | Not applicable | | China Construction Bank Co., Ltd. - Yongying Advanced Manufacturing Smart Selection Hybrid Initiated Securities Investment Fund | Other | 3.88% | 6,722,594 | 0 | 6,722,594 | Not applicable | | China Merchants Bank Co., Ltd. - Penghua Carbon Neutral Theme Hybrid Securities Investment Fund | Other | 3.15% | 5,470,096 | 0 | 5,470,096 | Not applicable | | National Social Security Fund 104 Portfolio | Other | 1.12% | 1,946,020 | 0 | 1,946,020 | Not applicable | | Minsheng Securities - CITIC Securities - Minsheng Securities Zhenyu Technology Strategic Placement No. 1 Collective Asset Management Plan | Other | 0.87% | 1,503,928 | 0 | 1,503,928 | Not applicable | | Wang Aiguo | Domestic Natural Person | 0.84% | 1,450,258 | 0 | 1,450,258 | Not applicable | | Basic Pension Insurance Fund 1202 Portfolio | Other | 0.80% | 1,384,589 | 0 | 1,384,589 | Not applicable | - Mr. Jiang Zhenlin and Ms. Hong Ruidi are a married couple and form a concerted action relationship with Ningbo Zhenyu New Energy Co., Ltd. and Ningbo Juxin Investment Partnership (Limited Partnership)[183](index=183&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=49&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section lists the changes in shareholdings for the company's directors, supervisors, and senior management during the reporting period, with notable increases for the Chairman and a Director 2025 Semi-Annual Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Jiang Zhenlin | Chairman, Director | 33,219,740 | 13,287,896 | 46,507,636 | | Hong Ruidi | Director | 13,184,200 | 5,273,680 | 18,457,880 | | Zhou Maowei | Director, Deputy General Manager | 750 | 300 | 1,050 | | **Total** | **--** | **46,404,690.00** | **18,561,876.00** | **64,966,566.00** | [V. Changes in Controlling Shareholder or Actual Controller](index=49&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that the company's controlling shareholder or actual controller remained unchanged during the reporting period, ensuring equity structure stability - No changes in controlling shareholder during the reporting period[186](index=186&type=chunk) - No changes in actual controller during the reporting period[186](index=186&type=chunk) [VI. Preferred Share Information](index=50&type=section&id=VI.%20Preferred%20Share%20Information) This section states that the company had no preferred shares during the reporting period - No preferred shares for the company during the reporting period[187](index=187&type=chunk) [Section VII Bond-Related Information](index=51&type=section&id=Section%20VII%20Bond-Related%20Information) This section details the company's bond-related activities, specifically the redemption and delisting of its convertible corporate bonds, and confirms the absence of other bond types [I. Corporate Bonds](index=51&type=section&id=I.%20Corporate%20Bonds) This section states that the company had no corporate bonds during the reporting period - No corporate bonds for the company during the reporting period[189](index=189&type=chunk) [II. Company Bonds](index=51&type=section&id=II.%20Company%20Bonds) This section states that the company had no company bonds during the reporting period - No company bonds for the company during the reporting period[190](index=190&type=chunk) [III. Debt Financing Instruments for Non-Financial Enterprises](index=51&type=section&id=III.%20Debt%20Financing%20Instruments%20for%20Non-Financial%20Enterprises) This section states that the company had no debt financing instruments for non-financial enterprises during the reporting period - No debt financing instruments for non-financial enterprises for the company during the reporting period[191](index=191&type=chunk) [IV. Convertible Corporate Bonds](index=51&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company's "Zhenyu Convertible Bonds" were fully redeemed and delisted from the Shenzhen Stock Exchange after triggering conditional redemption terms, leading to an increase in share capital - "Zhenyu Convertible Bonds" were issued on October 20, 2023, with a total amount of **1.195 billion yuan**, and listed on the Shenzhen Stock Exchange on November 9, 2023[192](index=192&type=chunk)[193](index=193&type=chunk) - From March 11 to March 31, 2025, the company's stock closing price triggered the conditional redemption terms of "Zhenyu Convertible Bonds," and the company decided to early redeem them[194](index=194&type=chunk) - As of April 22, 2025, the company had fully redeemed the remaining **10,538** unconverted "Zhenyu Convertible Bonds," which were delisted from the Shenzhen Stock Exchange starting May 7, 2025[194](index=194&type=chunk)[195](index=195&type=chunk) 2025 Semi-Annual Convertible Bond Changes | Convertible Corporate Bond Name | Amount Before This Change (yuan) | Converted to Shares (yuan) | Redeemed (yuan) | Amount After This Change (yuan) | | :--- | :--- | :--- | :--- | :--- | | Ningbo Zhenyu Technology Co., Ltd. 2023 Convertible Corporate Bonds Issued to Unspecified Objects | 939,414,900.00 | 938,361,100.00 | 1,053,800.00 | 0.00 | - The cumulative conversion amount was **1.194 billion yuan**, converting into **21,886,537** shares, accounting for **21.29%** of the company's total issued shares before the conversion start date[199](index=199&type=chunk) [V. Consolidated Statement Scope Loss Exceeding 10% of Net Assets at End of Previous Year During the Reporting Period](index=53&type=section&id=V.%20Consolidated%20Statement%20Scope%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20End%20of%20Previous%20Year%20During%20the%20Reporting%20Period) This section states that the company's consolidated statement scope loss did not exceed **10%** of net assets at the end of the previous year during the reporting period - The company's consolidated statement scope loss did not exceed **10%** of net assets at the end of the previous year during the reporting period[203](index=203&type=chunk) [Section VIII Financial Report](index=54&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items [I. Audit Report](index=54&type=section&id=I.%20Audit%20Report) This section states that the company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[205](index=205&type=chunk) [II. Financial Statements](index=54&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, offering a comprehensive view of its financial health and performance - As of June 30, 2025, consolidated total assets were **11.221 billion yuan**, and net assets attributable to parent company shareholders were **4.031 billion yuan**[207](index=207&type=chunk)[208](index=208&type=chunk) - In the first half of 2025, consolidated operating revenue was **4.047 billion yuan**, and consolidated net profit was **211 million yuan**[215](index=215&type=chunk)[216](index=216&type=chunk) - In the first half of 2025, consolidated net cash flow from operating activities was **174 million yuan**, a significant positive turnaround from **-362 million yuan** in the same period last year[220](index=220&type=chunk) [1. Consolidated Balance Sheet](index=54&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets slightly decreased, while owners' equity attributable to the parent company significantly increased - As of June 30, 2025, consolidated total assets were **11.221 billion yuan**, a decrease of **1.79%** from the beginning of the period[207](index=207&type=chunk) - As of June 30, 2025, owners' equity attributable to the parent company totaled **4.031 billion yuan**, an increase of **34.67%** from the beginning of the period[208](index=208&type=chunk) [2. Parent Company Balance Sheet](index=56&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets and liabilities both decreased, while owners' equity experienced an increase - As of June 30, 2025, parent company total assets were **7.232 billion yuan**, a decrease of **2.83%** from the beginning of the period[211](index=211&type=chunk) - As of June 30, 2025, parent company owners' equity totaled **3.763 billion yuan**, an increase of **30.84%** from the beginning of the period[212](index=212&type=chunk) [3. Consolidated Income Statement](index=58&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue increased by **29.17%** to **4.047 billion yuan**, with net profit rising by **60.12%** to **211 million yuan** - In the first half of 2025, consolidated total operating revenue was **4.047 billion yuan**, a year-on-year increase of **29.17%**[215](index=215&type=chunk) - In the first half of 2025, consolidated net profit was **210.92 million yuan**, a year-on-year increase of **60.12%**[216](index=216&type=chunk) - Sales expenses increased by **43.45%** year-on-year, and R&D expenses increased by **36.76%** year-on-year[215](index=215&type=chunk) [4. Parent Company Income Statement](index=60&type=section&id=4.%20Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue increased by **17.28%** to **318 million yuan**, with net profit growing by **71.59%** to **71.30 million yuan** - In the first half of 2025, parent company operating revenue was **317.76 million yuan**, a year-on-year increase of **17.28%**[218](index=218&type=chunk) - In the first half of 2025, parent company net profit was **71.30 million yuan**, a year-on-year increase of **71.59%**[219](index=219&type=chunk) [5. Consolidated Cash Flow Statement](index=62&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's consolidated net cash flow from operating activities significantly turned positive to **174 million yuan**, a substantial improvement from the prior year - In the first half of 2025, consolidated net cash flow from operating activities was **174.39 million yuan**, a year-on-year increase of **148.17%**[220](index=220&type=chunk) - Net cash flow from investing activities was **57.54 million yuan**, a year-on-year decrease of **21.28%**[221](index=221&type=chunk) - Net cash flow from financing activities was **-87.62 million yuan**, a year-on-year decrease of **144.53%**[221](index=221&type=chunk) [6. Parent Company Cash Flow Statement](index=63&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company reported negative net cash flow from operating activities, positive from investing activities, and negative from financing activities - In the first half of 2025, parent company net cash flow from operating activities was **-111.28 million yuan**[223](index=223&type=chunk) - Net cash flow from investing activities was **686.25 million yuan**[224](index=224&type=chunk) - Net cash flow from financing activities was **-441.58 million yuan**[224](index=224&type=chunk) [7. Consolidated Statement of Changes in Owners' Equity](index=64&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the company's consolidated total owners' equity increased by **1.038 billion yuan**, primarily driven by increases in share capital and capital reserves - In the first half of 2025, consolidated total owners' equity increased by **1.038 billion yuan**[227](index=227&type=chunk) - Share capital increased by **66.01 million yuan**, and capital reserves increased by **934.60 million yuan**[227](index=227&type=chunk) [8. Parent Company Statement of Changes in Owners' Equity](index=68&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the parent company's total owners' equity increased by **887 million yuan**, mainly due to increases in share capital and capital reserves - In the first half of 2025, parent company total owners' equity increased by **887.02 million yuan**[235](index=235&type=chunk) - Share capital increased by **66.01 million yuan**, and capital reserves increased by **934.60 million yuan**[235](index=235&type=chunk) [III. Company Basic Information](index=72&type=section&id=III.%20Company%20Basic%20Information) Established on November 28, 2012, with stock code 300953, the company's total share capital increased to **173,477,731** shares in the first half of 2025, focusing on R&D and manufacturing of dies and motors - The company was established on November 28, 2012, with stock code **300953** and stock abbreviation **Zhenyu Technology**[240](index=240&type=chunk) - In the first half of 2025, the company's total share capital increased to **173,477,731** shares due to convertible bond conversion and capital reserve conversion to share capital[240](index=240&type=chunk) - The company's main business activities include R&D, manufacturing, and processing of dies and motors; manufacturing and processing of hardware and plastic parts; and self-operated and agency import and export of goods and technologies[241](index=241&type=chunk) [IV. Basis of Financial Statement Preparation](index=72&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to accounting standards and regulatory disclosure requirements, accurately reflecting its financial position - The company's financial statements are prepared on a going concern basis, in accordance with Accounting Standards for Business Enterprises and China Securities Regulatory Commission information disclosure regulations[242](index=242&type=chunk) - No matters or circumstances exist that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[243](index=243&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=73&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's key accounting policies and estimates, covering financial instruments, revenue, asset impairment, and depreciation, highlighting management's judgments and assumptions - The company adheres to Accounting Standards for Business Enterprises, truly and completely reflecting its financial position, operating results, and cash flows[245](index=245&type=chunk) - Significant accounting policies and estimates cover classification, recognition, and measurement of financial instruments; determination of expected credit losses for notes receivable, accounts receivable, and contract assets; inventory valuation and impairment provisions; depreciation of fixed assets; amortization of intangible assets; revenue recognition principles; and accounting treatment for government subsidies[265](index=265&type=chunk)[281](index=281&type=chunk)[284](index=284&type=chunk)[289](index=289&type=chunk)[291](index=291&type=chunk)[293](index=293&type=chunk)[315](index=315&type=chunk)[323](index=323&type=chunk)[344](index=344&type=chunk)[354](index=354&type=chunk) - Management exercised significant judgments and estimates in areas such as financial instrument impairment, inventory impairment provisions, impairment of non-financial non-current assets, depreciation and amortization, deferred income tax assets, and fair value measurement[366](index=366&type=chunk)[367](index=367&type=chunk)[368](index=368&type=chunk)[369](index=369&type=chunk) [VI. Taxation](index=100&type=section&id=VI.%20Taxation) This section outlines the company's and its subsidiaries' main tax categories and rates, along with the preferential tax policies enjoyed, such as high-tech enterprise and advanced manufacturing incentives Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13% (export goods subject to "exemption, offset, refund" policy, refund rate of 13%) | | Urban Maintenance and Construction Tax | 7%, 5% etc. | | Corporate Income Tax | 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | - The company and several subsidiaries (Suzhou Fanster, Ningbo Zhenyu Auto Parts, Changzhou Zhenyu, Ningde Zhenyu, Guangdong Zhenyu, Yueyang Fanster) enjoy a **15%** corporate income tax preferential rate as high-tech enterprises[371](index=371&type=chunk)[372](index=372&type=chunk)[373](index=373&type=chunk) - Yibin Zhenyu qualifies for Western Development tax preferential policies, paying corporate income tax at a **15%** rate[373](index=373&type=chunk) - Eligible small and micro enterprise subsidiaries enjoy corporate income tax preferential policies, and advanced manufacturing enterprises enjoy value-added tax additional deduction policies[374](index=374&type=chunk)[375](index=375&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=101&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed explanations for each item in the consolidated financial statements, including monetary funds, receivables, inventories, fixed assets, borrowings, and owners' equity - As of June 30, 2025, the monetary funds balance was **1.097 billion yuan**, of which **362 million yuan** were restricted funds[377](index=377&type=chunk) - Accounts receivable balance at period-end was **3.556 billion yuan**, an increase of **17.19%** from the beginning of the period, with bad debt provision of **44.07 million yuan**[396](index=396&type=chunk)[397](index=397&type=chunk) - Inventory balance at period-end was **873.03 million yuan**, a decrease of **11.83%** from the beginning of the period, with inventory impairment provision of **49.50 million yuan**[456](index=456&type=chunk)[460](index=460&type=chunk) - Fixed assets book value at period-end was **3.848 billion yuan**, and construction in progress book value at period-end was **571.45 million yuan**[498](index=498&type=chunk)[507](index=507&type=chunk) - Short-term borrowings balance at period-end was **1.700 billion yuan**, and long-term borrowings balance at period-end was **1.585 billion yuan**[537](index=537&type=chunk)[573](index=573&type=chunk) - Bonds payable balance at the beginning of the period was **811 million yuan**, which has been fully reduced to **0 yuan** during the period due to redemption and conversion[574](index=574&type=chunk)[576](index=576&type=chunk) [VIII. R&D Expenses](index=150&type=section&id=VIII.%20R%26D%20Expenses) The company's total R&D expenses for the first half of 2025 amounted to **165.33 million yuan**, all expensed, primarily allocated to employee compensation, depreciation, and direct materials - Total R&D expenses for the first half of 2025 were **165.33 million yuan**, a year-on-year increase of **36.76%**[611](index=611&type=chunk)[614](index=614&type=chunk) - All R&D expenses were expensed, with no capitalized R&D projects[658](index=658&type=chunk) - Major components of R&D expenses include employee compensation (**72.60 million yuan**), depreciation and amortization (**48.81 million yuan**), and direct materials (**25.51 million yuan**)[614](index=614&type=chunk) [IX. Changes in Consolidation Scope](index=151&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that the company's consolidation scope remained unchanged during the reporting period, with no business combinations or subsidiary disposals - No changes in consolidation scope due to business combinations under non-common contr

浙江交通科技股份有限公司 2025 年半年度报告全文 1 浙江交通科技股份有限公司 2025 年半年度报告全文 浙江交通科技股份有限公司 第一节 重要提示、目录和释义 2025 年半年度报告 2025 年 08 月 28 日 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。 公司负责人于群力、主管会计工作负责人赵军伟及会计机构负责人(会计 主管人员)俞跃兵声明：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。 1.产业政策风险 公司主要从事道路、桥梁、隧道、轨道交通、港口码头、地下工程等交 通基础设施的投资、设计、施工、养护及工程项目咨询与管理业务。国家宏 观经济状况和对未来经济发展的预期、现有交通设施的使用状况和对未来扩 张需求的预期、国家对各地区经济发展的政策和规划以及各级政府的财政能 力等因素,都会对交通基建的投资建设产生影响。未来政府对国家交通基础设 施的政策把控方向、投资规划、扩张需求的预期变化等都会对公司的经营产 生较大影响。公司将加强对宏观经济政 ...

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Section I Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, a comprehensive report index, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisors, and senior management guarantee the report's accuracy, with the financial head confirming financial statement integrity - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming individual and joint legal responsibility[5](index=5&type=chunk) - Company head Zhan Jianxing, chief accountant Li Chong, and accounting department head Ou Yibin declare that the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - The profit distribution plan approved by the board of directors is to distribute a cash dividend of **1.5 yuan (tax inclusive) per 10 shares** to all shareholders, based on 295,455,913 shares[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report is structured into nine clear sections, covering key information, company profile, management discussion, governance, and financial statements - The report is divided into nine sections, including important notices, company profile and key financial indicators, management discussion and analysis, corporate governance, environment and society, significant matters, share changes and shareholder information, bond-related information, financial report, and other submitted data[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including company entities, regulatory bodies, and industry-specific terminology for better understanding - "Company," "the Company," "Nanxing Equipment," "Nanxing Shares" refer to Nanxing Equipment Co., Ltd[12](index=12&type=chunk) - "Nanxing Investment," "Controlling Shareholder" refer to Dongguan Nanxing Industrial Investment Co., Ltd., the company's controlling shareholder[12](index=12&type=chunk) - "Weiyi Network" refers to Guangdong Weiyi Network Technology Co., Ltd., a wholly-owned subsidiary of the company[12](index=12&type=chunk) - "IDC" refers to Internet Data Center, providing services such as domain name application, virtual host space rental, server co-location, and cloud host services[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators This section presents the company's basic information, contact details, and a summary of its key financial performance and position [1. Company Profile](index=7&type=section&id=1.%20Company%20Profile) Nanxing Equipment Co., Ltd. (stock code: 002757) is listed on the Shenzhen Stock Exchange, specializing in smart furniture equipment and IDC/cloud computing Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Nanxing Shares | | Stock Code | 002757 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Nanxing Equipment Co., Ltd. | | Legal Representative | Zhan Jianxing | [2. Contact Persons and Information](index=7&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Ye Yuping, and the Securities Affairs Representative is Wang Cuishan, both located at No. 8 Jinggang Middle Road, Shatian Town, Dongguan City, Guangdong Province Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Ye Yuping | No. 8 Jinggang Middle Road, Shatian Town, Dongguan City, Guangdong Province | 0769-88803333-850 | 0769-88803333-838 | investor@nanxing.com | | Securities Affairs Representative | Wang Cuishan | No. 8 Jinggang Middle Road, Shatian Town, Dongguan City, Guangdong Province | 0769-88803333-850 | 0769-88803333-838 | investor@nanxing.com | [3. Other Information](index=7&type=section&id=3.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or document availability - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) - The securities exchange website and media name/URL for the company's semi-annual report disclosure, and the location for report availability, remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk) [4. Key Accounting Data and Financial Indicators](index=8&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This reporting period saw a 10.51% decrease in operating revenue and a significant 63.84% drop in net profit attributable to shareholders, while total assets and net assets slightly increased Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,608,025,612.23 | 1,796,914,272.66 | -10.51% | | Net Profit Attributable to Shareholders of Listed Company | 59,795,858.71 | 165,373,421.45 | -63.84% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 56,526,000.46 | 159,998,527.25 | -64.67% | | Net Cash Flow from Operating Activities | 227,674,660.25 | 230,846,791.57 | -1.37% | | Basic Earnings Per Share (yuan/share) | 0.2024 | 0.5597 | -63.84% | | Diluted Earnings Per Share (yuan/share) | 0.2024 | 0.5597 | -63.84% | | Weighted Average Return on Net Assets | 2.96% | 6.92% | -3.96% | | **Current Period End vs. Prior Year End** | | | | | Total Assets | 3,528,165,484.31 | 3,466,666,292.97 | 1.77% | | Net Assets Attributable to Shareholders of Listed Company | 2,005,777,770.00 | 2,001,984,537.40 | 0.19% | [5. Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the period - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards during the reporting period[21](index=21&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards during the reporting period[22](index=22&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses for this period totaled 3.27 million yuan, primarily from non-current asset disposal, government grants, entrusted investment income, and other non-operating items Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -951,018.04 | Gains/losses from disposal of fixed assets | | Government Grants Included in Current Profit or Loss | 2,067,249.17 | Government grants | | Gains/Losses from Entrusted Investment or Asset Management | 3,340,206.45 | Investment income from structured deposits | | Other Non-Operating Income and Expenses Apart from the Above | -631,779.29 | | | Less: Income Tax Impact | 573,698.74 | | | Minority Interest Impact (After Tax) | -18,898.70 | | | Total | 3,269,858.25 | | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's main businesses, core competencies, financial performance, and risk factors [1. Main Businesses During the Reporting Period](index=10&type=section&id=1.%20Main%20Businesses%20During%20the%20Reporting%20Period) The company operates in smart furniture equipment and IDC/cloud computing, driven by market upgrades and AI demand, respectively - Nanxing Shares is positioned as a "home intelligent manufacturing system solution provider," focusing on R&D, production, sales, and service of home intelligent manufacturing equipment and smart production lines[35](index=35&type=chunk) - Weiyi Network is a leading digital economy infrastructure service provider in China, primarily engaged in cloud computing (including edge cloud, public cloud, hybrid cloud, private cloud, and cloud value-added services), intelligent computing, and AI services[69](index=69&type=chunk) [(I) Smart Furniture Equipment Business](index=10&type=section&id=(I)%20Smart%20Furniture%20Equipment%20Business) This business benefits from market renewal and customization trends, offering integrated smart production lines and maintaining leading core technologies - The furniture industry is gradually shifting from "new home driven" to "existing home renovation," with improvement-oriented demand becoming mainstream, driving production manufacturing towards single-piece flow and intelligent upgrades[27](index=27&type=chunk)[28](index=28&type=chunk) - The panel furniture equipment industry is undergoing a strategic leap from "domestic market" to "global layout," with intelligence, integration, and green practices becoming core directions for industrial upgrading[30](index=30&type=chunk) - The company has successfully built a full-process production equipment system covering "cutting → edge banding → drilling → sorting → packaging" and provides customers with full-link system solutions from product manufacturing to terminal delivery[35](index=35&type=chunk) [(II) IDC and Cloud Computing Business](index=19&type=section&id=(II)%20IDC%20and%20Cloud%20Computing%20Business) Driven by AI technology innovation and surging computing power demand, the IDC and cloud computing market continues to expand, with Weiyi Network providing comprehensive digital infrastructure services - In 2024, the global cloud computing market size was **$692.9 billion**, a year-on-year increase of **20.2%**, projected to approach **$2 trillion by 2030**; China's market size reached **828.8 billion yuan**, a year-on-year increase of **34.4%**, expected to exceed **3 trillion yuan by 2030**[59](index=59&type=chunk) - Demand for intelligent computing power is exploding, with the scale of intelligent computing power expected to reach **1,037.3 EFLOPS by 2025**, growing at an annual rate of over **46%**, far exceeding the growth of general computing power[60](index=60&type=chunk) - Weiyi Network has established and operates data center nodes covering **16 provinces, over 30 cities** in China, and some overseas regions, possessing **3,110 standard cabinets and 1,602 high-standard cabinets** in the Guangdong-Hong Kong-Macao Greater Bay Area[70](index=70&type=chunk) [2. Analysis of Core Competencies](index=24&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company's competitive edge stems from its comprehensive product lines, R&D, brand, and extensive service network in smart furniture, coupled with IDC's national resources and technological expertise - The company has built a three-tier product architecture covering the entire panel furniture production chain: "core single products—smart workstations—smart production lines and solutions," meeting the needs of all customer scenarios[85](index=85&type=chunk)[86](index=86&type=chunk) - The company has accumulated **128 authorized invention patents, 363 utility model patents, 18 design patents, and 61 computer software copyrights**, and participated in drafting multiple national standards for the woodworking industry[87](index=87&type=chunk) - Weiyi Network holds operating licenses for IDC, ISP, CDN, VPN, ICP, fixed network domestic data transmission, and internet resource collaboration (cloud services), and has established a nationwide "cloud-network-edge" integrated service node through deep cooperation with the three major basic operators[93](index=93&type=chunk) [(I) Smart Furniture Equipment Business](index=24&type=section&id=(I)%20Smart%20Furniture%20Equipment%20Business) Core strengths include a complete product matrix, continuous R&D, strong brand recognition, global sales and service channels, and an experienced management team - The company is the **first domestic brand to implement smart production line projects for home manufacturing**, with smart production lines deployed in over **300 benchmark factories globally**, including Sophia and IKEA OEM systems[86](index=86&type=chunk)[52](index=52&type=chunk) - The company's products are widely used by renowned home furnishing brands such as Sophia,慕思,顾家, and欧派, and are gradually replacing imported products[88](index=88&type=chunk) [(II) IDC and Cloud Computing Services](index=26&type=section&id=(II)%20IDC%20and%20Cloud%20Computing%20Services) Weiyi Network boasts nationwide resource advantages, a complete product ecosystem, extensive service experience, and continuous R&D investment, ensuring industry-leading technical support - Weiyi Network's business nodes cover multiple provinces and cities in China, as well as some overseas regions, enabling the rapid deployment of solutions across different basic telecom operator networks[93](index=93&type=chunk) - Weiyi Network and its subsidiaries have launched automated O&M, multi-cloud management, network asset mapping, and other products, possessing **213 copyrights, 30 utility patents, and 9 invention patents**[97](index=97&type=chunk)[98](index=98&type=chunk) - Weiyi Network has a technical service team of nearly a hundred people, providing **7x24-hour O&M technical support**, with customer support response times reaching industry-leading levels[98](index=98&type=chunk) [3. Analysis of Main Business](index=27&type=section&id=3.%20Analysis%20of%20Main%20Business) This reporting period, the company's main business revenue decreased by 10.51%, with specialized equipment revenue down 29.89% and IDC business revenue up 16.32% Key Financial Data Year-on-Year Change | Item | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,608,025,612.23 | 1,796,914,272.66 | -10.51% | Primarily due to a decrease in specialized equipment business revenue this period | | Net Profit Attributable to Shareholders of Listed Company | 59,795,858.71 | 165,373,421.45 | -63.84% | Primarily due to a decrease in operating profit this period | | R&D Investment | 61,563,133.06 | 75,254,255.52 | -18.19% | | | Net Cash Flow from Investing Activities | 11,586,363.77 | -132,186,954.62 | 108.77% | Primarily due to more redemptions of bank structured deposits this period | Operating Revenue Composition (by Industry) | Industry | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Specialized Equipment | 731,452,280.19 | 45.49% | 1,043,302,053.02 | 58.06% | -29.89% | | IDC Business | 876,573,332.04 | 54.51% | 753,612,219.64 | 41.94% | 16.32% | Operating Revenue Composition (by Product) | Product | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Automatic Edge Banding Machine | 334,584,308.06 | 20.81% | 508,230,909.34 | 28.28% | -34.17% | | CNC Drilling, Multi-Row Drilling | 154,791,497.90 | 9.63% | 226,801,638.73 | 12.62% | -31.75% | | IDC and Cloud Computing Related Services | 867,641,947.19 | 53.96% | 741,016,039.02 | 41.24% | 17.09% | [4. Analysis of Non-Core Business](index=29&type=section&id=4.%20Analysis%20of%20Non-Core%20Business) The impact of non-core business on total profit primarily includes positive contributions from investment income (structured deposits) and negative impacts from asset impairment (inventory write-downs) Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,340,206.45 | 4.53% | Wealth management income from bank structured deposits | No | | Asset Impairment | -2,894,091.27 | -3.93% | Primarily provision for inventory write-downs | No | | Non-Operating Income | 47,014.18 | 0.06% | Primarily gains from disposal of fixed assets | No | | Non-Operating Expenses | 1,585,284.56 | 2.15% | Primarily losses from fixed asset scrap | No | [5. Analysis of Assets and Liabilities](index=29&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) Monetary funds and accounts receivable significantly increased due to reduced inventory and higher IDC receivables, while inventory decreased and short-term borrowings rose Significant Changes in Asset Composition | Item | Current Period End Amount (yuan) | Proportion of Total Assets | Prior Year End Amount (yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 509,174,011.64 | 14.43% | 336,594,838.67 | 9.71% | 4.72% | Primarily due to reduced inventory backlog and increased cash recovery this period | | Accounts Receivable | 541,183,533.47 | 15.34% | 391,831,994.70 | 11.30% | 4.04% | Primarily due to increased IDC business customer receivables | | Inventories | 318,581,641.04 | 9.03% | 425,339,149.79 | 12.27% | -3.24% | No significant change | | Short-Term Borrowings | 47,000,000.00 | 1.33% | 21,455,851.00 | 0.62% | 0.71% | Primarily due to increased bank working capital loans | Financial Assets Measured at Fair Value | Item | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 380,302,994.50 | 340,000,000.00 | | Subtotal of Financial Assets | 380,302,994.50 | 340,000,000.00 | Asset Rights Restriction Status | Item | Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Bank Deposits | 10,162,797.50 | Frozen due to litigation | | Fixed Assets | 21,669,973.66 | Bank mortgage loan | | Total | 31,832,771.16 | | [6. Analysis of Investment Status](index=30&type=section&id=6.%20Analysis%20of%20Investment%20Status) Total investment for the period was 41.75 million yuan, a 35.16% decrease, with no significant equity, non-equity, securities, or derivative investments Investment Amount During the Reporting Period | Indicator | Current Period Investment Amount (yuan) | Prior Year Investment Amount (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 41,747,063.07 | 64,388,075.60 | -35.16% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) [7. Significant Asset and Equity Sales](index=31&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) No significant asset or equity sales occurred during the reporting period - The company did not sell significant assets during the reporting period[116](index=116&type=chunk) - The company did not sell significant equity during the reporting period[117](index=117&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=31&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Key subsidiaries like Nanxing Equipment (Shaoguan), Wuxi Nanxing Equipment, and Guangdong Weiyi Network Technology significantly contribute to revenue and net profit in their respective sectors Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanxing Equipment (Shaoguan) Co., Ltd. | Subsidiary | Manufacturing and sales of wood and bamboo processing machinery and parts | 100,000,000.00 | 202,755,113.86 | 92,052,039.54 | 86,247,167.91 | 21,153,776.82 | 17,562,176.62 | | Wuxi Nanxing Equipment Co., Ltd. | Subsidiary | Manufacturing and sales of wood and bamboo processing machinery and parts | 150,000,000.00 | 405,553,667.34 | 33,725,124.47 | 43,463,386.22 | -22,211,779.93 | -22,208,503.87 | | Guangdong Weiyi Network Technology Co., Ltd. | Subsidiary | IDC, cloud computing (including public cloud, hybrid cloud, private cloud, and cloud value-added services), cloud networking, digital solutions, etc. | 100,000,000.00 | 998,003,349.50 | 436,161,014.94 | 876,573,332.04 | 30,450,446.92 | 26,444,561.69 | [9. Structured Entities Controlled by the Company](index=32&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[119](index=119&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=32&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces market volatility and inventory impairment risks in smart furniture, and intensified competition, performance growth, accounts receivable, and regulatory risks in IDC/cloud computing - The smart furniture equipment business faces market risks influenced by the macroeconomic environment, industrial policies, real estate regulations, and urbanization, which may adversely affect operating performance; the company will continue to advance technological innovation and R&D investment, optimizing products to enhance market competitiveness[120](index=120&type=chunk) - The IDC and cloud computing business faces performance growth risks due to intensified market competition and potential declines in gross margins; there are also risks of bandwidth resource procurement restrictions and cost increases; the company will enhance core product capabilities and strengthen risk control[121](index=121&type=chunk) - The company's accounts receivable are growing rapidly, posing a risk of delayed or uncollectible payments from some customers due to operational difficulties; the company will strengthen risk control and improve collection mechanisms[124](index=124&type=chunk) - The IDC data center business is affected by national "dual carbon" policies, with increased energy consumption requirements potentially raising construction costs, and stricter regulation posing challenges to business expansion; the company will respond through R&D in energy conservation and refined operations[124](index=124&type=chunk) [(I) Operational Risks of Smart Furniture Equipment Business](index=32&type=section&id=(I)%20Operational%20Risks%20of%20Smart%20Furniture%20Equipment%20Business) This business is vulnerable to macroeconomic and real estate market fluctuations, alongside inventory impairment risks from increased stocking for cost reduction and faster delivery - The company's panel furniture equipment business is affected by changes in the domestic macroeconomic environment, industrial policies, real estate regulations, and urbanization process, which may have an adverse impact on operating performance[120](index=120&type=chunk) - To reduce production costs and shorten delivery times, the company increases raw material stocking; if the market or downstream customer demand changes significantly, the company will face inventory impairment risks[120](index=120&type=chunk) [(II) Operational Risks of IDC and Cloud Computing Services](index=32&type=section&id=(II)%20Operational%20Risks%20of%20IDC%20and%20Cloud%20Computing%20Services) Risks include intensified market competition, technology iteration, operator policy changes affecting performance, increased accounts receivable collection risk, and regulatory impacts on data center expansion - Lower entry barriers for IDC services and the influx of external capital intensify market competition, potentially leading to the iteration of traditional internet businesses by new technologies, loss of market share, and a decline in overall industry gross margins[121](index=121&type=chunk) - As a digital economy infrastructure service provider, the company needs to procure basic network resources; if basic operator market management policies are adjusted, the company may face risks of bandwidth resource procurement restrictions and increased costs[121](index=121&type=chunk) - With the rapid expansion of business scale, accounts receivable are growing quickly, posing a risk that some customers may delay payments or face operational difficulties, leading to uncollectible accounts receivable[124](index=124&type=chunk) - National "dual carbon" policies impose increasingly stringent energy consumption requirements on data centers, which may increase actual project construction costs, and tightening IDC industry regulation and restrictions will also bring challenges to business expansion[124](index=124&type=chunk) [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=33&type=section&id=11.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not establish a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not establish a market value management system during the reporting period[125](index=125&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[125](index=125&type=chunk) [12. Implementation of "Quality and Return Dual Improvement" Action Plan](index=33&type=section&id=12.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[125](index=125&type=chunk) Section IV Corporate Governance, Environment, and Society This section covers changes in company leadership, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [1. Changes in Directors, Supervisors, and Senior Management](index=34&type=section&id=1.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) Zheng Kejun, Deputy General Manager, resigned on April 17, 2025, due to personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zheng Kejun | Deputy General Manager | Resignation | April 17, 2025 | Personal reasons | [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=34&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The board approved a 2025 interim profit distribution plan of 1.5 yuan cash dividend per 10 shares (tax inclusive), totaling 44.32 million yuan, with no bonus shares or capital reserve conversion Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (yuan) (tax inclusive) | 1.5 | | Share Capital Base for Distribution Plan (shares) | 295,455,913.00 | | Total Cash Dividend Amount (yuan) (tax inclusive) | 44,318,386.95 | | Proportion of Total Cash Dividend (including other methods) to Total Profit Distribution | 100% | - The company's 2025 semi-annual profit distribution plan is to distribute a cash dividend of **1.5 yuan (tax inclusive) per 10 shares** to all shareholders based on the total share capital registered on the equity distribution record date, with no bonus shares or capital reserve conversion to share capital[130](index=130&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=34&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[131](index=131&type=chunk) [4. Environmental Information Disclosure](index=34&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[132](index=132&type=chunk) [5. Social Responsibility](index=34&type=section&id=5.%20Social%20Responsibility) The company actively fulfills social responsibilities by protecting shareholder and employee rights through sound governance and fair policies, and by contributing to public welfare initiatives - The company effectively safeguards the legitimate rights and interests of all shareholders through standardized operations, improved internal control systems, timely and accurate information disclosure, and strict implementation of insider information management systems[133](index=133&type=chunk) - The company formulates scientific compensation policies, provides equal development opportunities, emphasizes employee training, fosters a harmonious and friendly atmosphere, and established an "Employee Mutual Aid Foundation" to care for employees[135](index=135&type=chunk) - The company adheres to sharing development achievements, actively engages in public welfare, and has long focused on education assistance, poverty alleviation, and community development, giving back to society through cash and material donations[137](index=137&type=chunk) Section V Significant Matters This section details important events, commitments, related party transactions, and legal proceedings affecting the company [1. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=36&type=section&id=1.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company were fulfilled or overdue during the reporting period - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue as of the end of the reporting period[140](index=140&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=36&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) No non-operating funds were occupied by the controlling shareholder or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[141](index=141&type=chunk) [3. Irregular External Guarantees](index=36&type=section&id=3.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[142](index=142&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=36&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's interim financial report was not audited - The company's semi-annual report was unaudited[143](index=143&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period](index=36&type=section&id=5.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The board and supervisory board had no explanations regarding a "non-standard audit report" for the current period - The company reported no explanations from the board of directors or supervisory board regarding a "non-standard audit report" for the current reporting period[144](index=144&type=chunk) [6. Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year](index=36&type=section&id=6.%20Board%20of%20Directors'%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The board had no explanations regarding a "non-standard audit report" for the previous year - The company reported no explanations from the board of directors regarding a "non-standard audit report" for the previous year[144](index=144&type=chunk) [7. Bankruptcy and Reorganization Matters](index=36&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[144](index=144&type=chunk) [8. Litigation Matters](index=36&type=section&id=8.%20Litigation%20Matters) No major litigation or arbitration cases occurred; other minor cases totaling 27.11 million yuan are ongoing or resolved, with no significant impact expected - The company had no major litigation or arbitration matters during this reporting period[145](index=145&type=chunk) Overview of Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (10,000 yuan) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other litigation and arbitration cases of the company not meeting the disclosure threshold for major litigation as of June 30, 2025 | 2,710.53 | No | Closed; 2 cases settled through mediation, 1 case executed; 5 cases still in progress | The amount involved is relatively small and is not expected to have a significant adverse impact on the company's production and operations; 5 cases are still in progress | [9. Penalties and Rectification](index=37&type=section&id=9.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[147](index=147&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=10.%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled legal obligations or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled obligations determined by effective legal documents, nor any large overdue debts[148](index=148&type=chunk) [11. Significant Related Party Transactions](index=37&type=section&id=11.%20Significant%20Related%20Party%20Transactions) Daily related party transactions with the controlling shareholder for factory leasing amounted to 0.44 million yuan, within approved limits, with no other significant related party transactions Related Party Transactions Related to Daily Operations | Related Party | Related Party Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (10,000 yuan) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan Nanxing Industrial Investment Co., Ltd. | Controlling Shareholder | Lease of property from related party | Rent for Phase II factory building | 44.26 | 8.89% | - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[151](index=151&type=chunk) - The company had no non-operating related party creditor-debtor transactions during the reporting period[153](index=153&type=chunk) [12. Significant Contracts and Their Performance](index=39&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) The company leases factory premises from its controlling shareholder and provides guarantees totaling 306.01 million yuan for subsidiaries, representing 15.26% of net assets, and invested 390 million yuan in bank wealth management products - The company leases factory premises from its controlling shareholder Nanxing Investment, with a lease term from September 1, 2023, to August 31, 2026, and for Phase II factory premises from May 1, 2025, to April 30, 2026[159](index=159&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Entity | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Period | | :--- | :--- | :--- | :--- | | Guangdong Weiyi Network Technology Co., Ltd. | 6,000 | 1,700 | 5 years | | Guangdong Weiyi Network Technology Co., Ltd. | 10,000 | 0 | 5 years | | Guangdong Weiyi Network Technology Co., Ltd. | 5,000 | 1,980 | 3 years | | Guangdong Zhixiang Information Technology Co., Ltd. | 19,000 | 5,081.11 | 8 years | | Nanxing Cloud Computing Co., Ltd. | 13,500 | 9,050 | 11 years | | Wuxi Nanxing Equipment Co., Ltd. | 30,000 | 11,539.44 | 8 years | | Nanxing Equipment (Shaoguan) Co., Ltd. | 9,000 | 1,250.9 | 8 years | | **Total** | **94,750** | **30,601.45** | | Entrusted Wealth Management | Specific Type | Amount of Entrusted Wealth Management (10,000 yuan) | Unexpired Balance (10,000 yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 39,000 | 34,000 | [13. Explanation of Other Significant Matters](index=41&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) No other significant matters required explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[166](index=166&type=chunk) [14. Significant Matters of Company Subsidiaries](index=41&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) Wholly-owned subsidiary Guangdong Weiyi Network Technology introduced an employee stock ownership platform through capital increase for an employee stock ownership plan - The company's wholly-owned subsidiary, Guangdong Weiyi Network Technology Co., Ltd., introduced an employee stock ownership platform through capital increase to implement an employee stock ownership plan, and the employee stock ownership platform has been established[167](index=167&type=chunk) Section VI Share Changes and Shareholder Information This section details the company's share capital structure, shareholder numbers, and changes in major shareholder holdings [1. Share Change Information](index=42&type=section&id=1.%20Share%20Change%20Information) The company's total share capital remained unchanged at 295.46 million shares, with consistent proportions of restricted and unrestricted shares Share Change Information | Share Type | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 13,401,992 | 4.54% | 0 | 13,401,992 | 4.54% | | II. Unrestricted Shares | 282,053,921 | 95.46% | 0 | 282,053,921 | 95.46% | | III. Total Shares | 295,455,913 | 100.00% | 0 | 295,455,913 | 100.00% | - The company had no progress on share repurchases during the reporting period[170](index=170&type=chunk) [2. Securities Issuance and Listing Information](index=43&type=section&id=2.%20Securities%20Issuance%20and%20Listing%20Information) No securities issuance or listing occurred during the reporting period - The company had no securities issuance or listing during the reporting period[171](index=171&type=chunk) [3. Number of Shareholders and Shareholding Information](index=43&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, there were 51,295 common shareholders. Controlling shareholder Dongguan Nanxing Industrial Investment Co., Ltd. holds 35.56%, with significant increases in holdings by GF Technology Innovation Mixed Fund and GF Value Core Mixed Fund among top ten shareholders - As of the end of the reporting period, the total number of common shareholders was **51,295**[172](index=172&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) | Change in Holding During Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan Nanxing Industrial Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 35.56% | 105,077,893 | -6,052,100 | 105,077,893 | | China Construction Bank Co., Ltd. - GF Technology Innovation Mixed Securities Investment Fund | Other | 2.95% | 8,725,625 | 8,725,625 | 8,725,625 | | Zhan Renning | Domestic Natural Person | 2.85% | 8,434,473 | -2,811,000 | 368 | | Zhan Jianxing | Domestic Natural Person | 2.09% | 6,173,814 | 0 | 1,543,454 | | China Merchants Bank Co., Ltd. - GF Value Core Mixed Securities Investment Fund | Other | 2.08% | 6,139,500 | 6,139,500 | 6,139,500 | - Lin Wangnan and Zhan Jianxing are a married couple and the actual controllers of Dongguan Nanxing Industrial Investment Co., Ltd.; Zhan Renning and Zhan Jianxing are siblings[173](index=173&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, General Manager Zhan Renning reduced his shareholding by 2,811,000 shares, holding 8,434,473 shares at period-end Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Beginning Balance (shares) | Number of Shares Reduced This Period (shares) | Ending Balance (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhan Renning | General Manager | 11,245,473 | 2,811,000 | 8,434,473 | [5. Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) No changes occurred in the controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[176](index=176&type=chunk) - The company's actual controller did not change during the reporting period[176](index=176&type=chunk) [6. Preferred Share Information](index=45&type=section&id=6.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[177](index=177&type=chunk) Section VII Bond-Related Information No bond-related information for the company during the reporting period [Bond-Related Information](index=46&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[179](index=179&type=chunk) Section VIII Financial Report This section presents the company's unaudited interim financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [1. Audit Report](index=47&type=section&id=1.%20Audit%20Report) The company's interim financial report was not audited - The company's semi-annual financial report was unaudited[181](index=181&type=chunk) [2. Financial Statements](index=47&type=section&id=2.%20Financial%20Statements) This section includes the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the 2025 interim period - As of June 30, 2025, the company's subsidiaries Weiyun Company and Xingnanxing Company had **10,162,797.50 yuan** in bank deposits frozen due to litigation[304](index=304&type=chunk) - This reporting period's operating revenue was **1,608,025,612.23 yuan**, and operating cost was **1,345,910,134.37 yuan**[443](index=443&type=chunk) - This period's R&D expenses were **61,563,133.06 yuan**, compared to **75,254,255.52 yuan** in the prior period, a year-on-year decrease of **18.19%**[452](index=452&type=chunk) [(I) Consolidated Balance Sheet](index=47&type=section&id=1、合并资产负债表) As of June 30, 2025, consolidated total assets were 3.53 billion yuan, up 1.77%; total liabilities were 1.49 billion yuan, and total owners' equity was 2.04 billion yuan Key Data from Consolidated Balance Sheet | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 3,528,165,484.31 | 3,466,666,292.97 | | Total Current Assets | 1,836,150,342.24 | 1,709,557,585.14 | | Total Non-Current Assets | 1,692,015,142.07 | 1,757,108,707.83 | | Total Liabilities | 1,492,537,543.68 | 1,433,139,050.26 | | Total Owners' Equity | 2,035,627,940.63 | 2,033,527,242.71 | [(II) Parent Company Balance Sheet](index=51&type=section&id=2、母公司资产负债表) As of June 30, 2025, parent company total assets were 3.12 billion yuan, up 2.19%; total liabilities were 0.65 billion yuan, and total owners' equity was 2.47 billion yuan Key Data from Parent Company Balance Sheet | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 3,118,143,255.30 | 3,051,072,453.80 | | Total Current Assets | 1,334,857,246.08 | 1,306,331,181.75 | | Total Non-Current Assets | 1,783,286,009.22 | 1,744,741,272.05 | | Total Liabilities | 651,186,534.26 | 694,393,522.37 | | Total Owners' Equity | 2,466,956,721.04 | 2,356,678,931.43 | [(III) Consolidated Income Statement](index=54&type=section&id=3、合并利润表) For the 2025 interim period, total operating revenue was 1.61 billion yuan, down 10.51%; net profit was 60.10 million yuan, down 64.01%; basic EPS was 0.2024 yuan Key Data from Consolidated Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,608,025,612.23 | 1,796,914,272.66 | | Operating Profit | 75,264,017.72 | 190,801,470.65 | | Total Profit | 73,725,747.34 | 190,043,438.18 | | Net Profit | 60,103,324.03 | 167,531,301.81 | | Net Profit Attributable to Parent Company Shareholders | 59,795,858.71 | 165,373,421.45 | | Basic Earnings Per Share | 0.2024 | 0.5597 | [(IV) Parent Company Income Statement](index=56&type=section&id=4、母公司利润表) For the 2025 interim period, parent company operating revenue was 0.69 billion yuan, down 28.75%; net profit was 0.17 billion yuan, up 20.66% Key Data from Parent Company Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 693,894,724.63 | 973,813,506.68 | | Operating Profit | 175,193,278.11 | 155,598,209.29 | | Total Profit | 174,427,569.28 | 155,150,316.04 | | Net Profit | 167,617,606.02 | 138,920,025.30 | [(V) Consolidated Cash Flow Statement](index=58&type=section&id=5、合并现金流量表) Net cash from operating activities was 0.23 billion yuan, stable year-on-year; net cash from investing activities turned positive at 11.59 million yuan; net cash from financing activities was -76.84 million yuan Key Data from Consolidated Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 227,674,660.25 | 230,846,791.57 | | Net Cash Flow from Investing Activities | 11,586,363.77 | -132,186,954.62 | | Net Cash Flow from Financing Activities | -76,844,648.55 | -59,330,513.14 | | Net Increase in Cash and Cash Equivalents | 162,416,375.47 | 39,329,323.78 | | Ending Balance of Cash and Cash Equivalents | 499,011,214.14 | 518,275,775.38 | [(VI) Parent Company Cash Flow Statement](index=60&type=section&id=6、母公司现金流量表) Net cash from operating activities was 0.14 billion yuan, up 150.52%; net cash from investing activities turned positive at 82.10 million yuan; net cash from financing activities was -69.48 million yuan Key Data from Parent Company Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 138,823,138.41 | 55,412,771.81 | | Net Cash Flow from Investing Activities | 82,104,126.75 | -109,738,869.88 | | Net Cash Flow from Financing Activities | -69,484,617.46 | -64,696,881.09 | | Net Increase in Cash and Cash Equivalents | 151,442,647.70 | -119,022,979.16 | | Ending Balance of Cash and Cash Equivalents | 335,151,635.05 | 250,552,794.43 | [(VII) Consolidated Statement of Changes in Owners' Equity](index=61&type=section&id=7、合并所有者权益变动表) Consolidated owners' equity totaled 2.04 billion yuan, with net profit contributing 59.80 million yuan and profit distribution reducing it by 59.09 million yuan Key Data from Consolidated Statement of Changes in Owners' Equity | Item | Beginning Balance (yuan) | Change Amount This Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 2,001,984,537.40 | 3,793,232.60 | 2,005,777,770.00 | | Minority Interests | 31,542,705.31 | -1,692,534.68 | 29,850,170.63 | | Total Owners' Equity | 2,033,527,242.71 | 2,100,697.92 | 2,035,627,940.63 | | Net Profit Attributable to Parent Company Shareholders | 165,373,421.45 (Prior Period) | 59,795,858.71 (Current Period) | | | Distribution to Owners (or Shareholders) | -59,091,182.60 (Prior Period) | -59,091,182.60 (Current Period) | | [(VIII) Parent Company Statement of Changes in Owners' Equity](index=65&type=section&id=8、母公司所有者权益变动表) Parent company owners' equity totaled 2.47 billion yuan, up 4.68%, driven by net profit and reduced by profit distribution Key Data from Parent Company Statement of Changes in Owners' Equity | Item | Beginning Balance (yuan) | Change Amount This Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 2,356,678,931.43 | 110,277,789.61 | 2,466,956,721.04 | | Retained Earnings | 1,025,986,236.16 | 108,526,423.42 | 1,134,512,659.58 | | Total Comprehensive Income | 138,920,025.30 (Prior Period) | 167,617,606.02 (Current Period) | | | Distribution to Owners (or Shareholders) | -59,091,182.60 (Prior Period) | -59,091,182.60 (Current Period) | | [3. Company Basic Information](index=68&type=section&id=3.%20Company%20Basic%20Information) Nanxing Equipment Co., Ltd., established in 2011 and listed in 2015, specializes in panel furniture equipment and IDC/cloud services, controlled by Lin Wangnan and Zhan Jianxing - Nanxing Equipment Co., Ltd. was established in January 2011 and listed on the Shenzhen Stock Exchange in May 2015[214](index=214&type=chunk) - As of June 30, 2025, the company's total issued share capital was **295.4559 million shares**, and its registered capital was **295.4559 million yuan**[215](index=215&type=chunk) - The company's main business activities include being a professional supplier of complete sets of panel furniture production line equipment, as well as providing IDC, network security, cloud private line, public cloud, hybrid cloud, and other services[215](index=215&type=chunk) - The company's parent company is Dongguan Nanxing Industrial Investment Co., Ltd., and its actual controllers are Mr. Lin Wangnan and Ms. Zhan Jianxing[215](index=215&type=chunk) [4. Basis of Financial Statement Preparation](index=69&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared in accordance with PRC accounting standards and CSRC regulations, based on a going concern assumption, accurately reflecting financial position and performance - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" and various specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[216](index=216&type=chunk) - These financial statements are prepared on a going concern basis[217](index=217&type=chunk) [5. Significant Accounting Policies and Accounting Estimates](index=69&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's accounting policies and estimates for various items, including accounting period, reporting cycle, functional currency, business combinations, financial instruments, revenue recognition, and government grants - The company adopts RMB as its functional currency, and its operating cycle is 12 months[220](index=220&type=chunk)[221](index=221&type=chunk) - The company recognizes revenue when it satisfies its performance obligations in the contract, which is when the customer obtains control of the related goods or services[280](index=280&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[239](index=239&type=chunk) [6. Taxation](index=88&type=section&id=6.%20Taxation) Covers major taxes like VAT and corporate income tax. Nanxing Equipment and several subsidiaries enjoy a 15% high-tech enterprise income tax rate, with some also benefiting from VAT input tax deduction policies Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on sales of goods and taxable services as stipulated by tax law, after deducting current period deductible input VAT, the difference is VAT payable | 13%, 6% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 7%, 5% | | Corporate Income Tax | Calculated based on taxable income | See below for income tax rates of different taxable entities | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | | Property Tax | Based on 70% of the original value of the property | 1.2% | Income Tax Rates for Different Taxable Entities | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Nanxing Equipment Co., Ltd. | 15% | | Wuxi Nanxing Equipment Co., Ltd. | 15% | | Nanxing Equipment (Shaoguan) Co., Ltd. | 15% | | Guangdong Weiyi Network Technology Co., Ltd. | 15% | | Guangdong Zhixiang Information Technology Co., Ltd. | 15% | | Beijing Hutong Guanglian Technology Co., Ltd. | 20% | | Dongguan Yaoyao Lingxian Smart Technology Co., Ltd. | 20% | | Nanxing Cloud Computing Co., Ltd. | 25% | | Xiamen Nanxing Industrial Internet Research Institute Co., Ltd. | 25% | | Xiamen Century Netcom Network Service Co., Ltd. | 25% | | Xiamen Weiyun Network Technology Co., Ltd. | 25% | | Shenzhen Qiaolian Network Technology Co., Ltd. | 25% | | Guangzhou Yunsucheng Information Technology Co., Ltd. | 25% | | Guangdong Weiyi Energy Technology Co., Ltd. | 25% | | Xiamen Xingnanxing Smart Technology Co., Ltd. | 25% | | Dongguan Jizhi Smart Equipment Co., Ltd. | 25% | | Nanxing Equipment (Hong Kong) Co., Ltd. | 8.25% | | Weiyi Network International Co., Ltd. | 8.25% | - Nanxing Equipment, Wuxi Nanxing, Shaoguan Nanxing, Weiyi Network, and Zhixiang Technology are all recognized as high-tech enterprises, enjoying a **15% corporate income tax rate** preferential policy for 2025[301](index=301&type=chunk)[302](index=302&type=chunk) - Nanxing Equipment, Wuxi Nanxing, and Shaoguan Nanxing qualify for the advanced manufacturing enterprise VAT input tax deduction policy, allowing a **5% additional deduction** of deductible input VAT from January 1, 2023, to December 31, 2027[302](index=302&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=90&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the consolidated financial statement items' ending and beginning balances, changes, composition, and accounting methods - As of June 30, 2025, the company's subsidiaries Weiyun Company and Xingnanxing Company had **10,162,797.50 yuan** in bank deposits frozen due to litigation[304](index=304&type=chunk) - This reporting period's operating revenue was **1,608,025,612.23 yuan**, and operating cost was **1,345,910,134.37 yuan**[443](index=443&type=chunk) - This period's R&D expenses were **61,563,133.06 yuan**, compared to **75,254,255.52 yuan** in the prior period, a year-on-year decrease of **18.19%**[452](index=452&type=chunk) [(I) Monetary Funds](index=90&type=section&id=1、货币资金) Period-end monetary funds were 509.17 million yuan, up 51.29%, mainly bank deposits, with 10.16 million yuan frozen due to litigation Monetary Funds Composition | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 38,325.07 | 17,788.43 | | Bank Deposits | 508,944,699.95 | 336,259,122.38 | | Other Monetary Funds | 190,986.62 | 317,927.86 | | Total | 509,174,011.64 | 336,594,838.67 | - As of June 30, 2025, the company's subsidiaries Weiyun Company and Xingnanxing Company had **10,162,797.50 yuan** in bank deposits frozen due to litigation[304](index=304&type=chunk) [(II) Trading Financial Assets](index=90&type=section&id=2、交易性金融资产) Period-end trading financial assets were 340 million yuan, down from 380.30 million yuan, primarily wealth management products Trading Financial Assets Composition | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value Through Profit or Loss | 340,000,000.00 | 380,302,994.50 | | Including: Wealth Management Products | 340,000,000.00 | 380,302,994.50 | | Total | 340,000,000.00 | 380,302,994.50 | [(III) Notes Receivable](index=90&type=section&id=3、应收票据) Period-end notes receivable were 4.54 million yuan, down 26.39%, all bank acceptance notes with no bad debt provisions Notes Receivable by Category | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Notes | 4,544,570.60 | 6,173,946.20 | | Total | 4,544,570.60 | 6,173,946.20 | - As of the balance sheet date, the company's bank acceptance notes that were endorsed or discounted but not yet due amounted to **1,144,570.60 yuan**[313](index=313&type=chunk) [(IV) Accounts Receivable](index=91&type=section&id=4、应收账款) Period-end accounts receivable balance was 605.91 million yuan, up 35.55%; net book value was 541.18 million yuan after 64.73 million yuan in bad debt provisions Accounts Receivable Aging Distribution | Aging | Ending Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 Year (inclusive) | 553,088,633.01 | 397,690,919.45 | | 1 to 2 Years | 16,500,538.96 | 13,287,406.30 | | 2 to 3 Years | 3,354,224.90 | 6,634,444.08 | | Over 3 Years | 32,968,827.62 | 29,854,904.84 | | Total | 605,912,224.49 | 447,467,674.67 | Accounts Receivable Bad Debt Provision | Category | Ending Book Balance (yuan) | Ending Bad Debt Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Bad Debt Provision by Individual Item | 26,439,117.62 | 26,439,117.62 | 0.00 | | Bad Debt Provision by Portfolio | 579,473,106.87 | 38,289,573.40 | 541,183,533.47 | | Total | 605,912,224.49 | 64,728,691.02 | 541,183,533.47 | [(V) Contract Assets](index=93&type=section&id=5、合同资产) Period-end contract assets were 9.52 million yuan, slightly down, mainly warranty receivables, with 0.87 million yuan in bad debt provisions Contract Assets Information | Item | Ending Book Balance (yuan) | Ending Bad Debt Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Warranty Receivables | 10,397,752.77 | 873,123.58 | 9,524,629.19 | | Total | 10,397,752.77 | 873,123.58 | 9,524,629.19 | [(VI) Receivables Financing](index=94&type=section&id=6、应收款项融资) Period-end receivables financing was 0 yuan, down from 0.29 million yuan, all bank acceptance bills. 1.99 million yuan in endorsed/discounted but not yet due receivables financing Receivables Financing by Category | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | | 285,240.00 | | Total | | 285,240.00 | - As of the balance sheet date, the company's bank acceptance bills that were endorsed or discounted but not yet due amounted to **1,995,070.00 yuan**[329](index=329&type=chunk) [(VII) Other Receivables](index=95&type=section&id=7、其他应收款) Period-end other receivables book value was 9.79 million yuan, up 46.13%, mainly deposits/guarantees, advances, and intercompany balances, with 16.93 million yuan in bad debt provisions Other Receivables by Nature of Payment | Nature of Payment | Ending Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Deposits/Guarantees | 11,859,959.00 | 7,611,080.32 | | Petty Cash | 459,091.17 | 51,275.21 | | Advances | 1,201,839.51 | 1,435,331.07 | | Intercompany Balances and Others | 13,198,326.14 | 13,914,509.37 | | Total | 26,719,215.82 | 23,012,195.97 | Other Receivables Bad Debt Provision | Category | Ending Book Balance (yuan) | Ending Bad Debt Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Bad Debt Provision by Individual Item | 12,695,539.73 | 12,695,539.73 | 0.00 | | Bad Debt Provision by Portfolio | 14,023,676.09 | 4,232,482.60 | 9,791,193.49 | | Total | 26,719,215.82 | 16,928,022.33 | 9,791,193.49 | [(VIII) Prepayments](index=98&type=section&id=8、预付款项) Period-end prepayments were 21.70 million yuan, down 56.83%, with 99.73% due within one year Prepayments by Aging | Aging | Ending Balance (yuan) | Proportion | | :--- | :--- | :--- | | Within 1 Year | 21,643,276.13 | 99.73% | | 1 to 2 Years | 57,242.95 | 0.26% | | 2 to 3 Years | 762.21 | 0.01% | | Total | 21,701,281.29 | | [(IX) Inventories](index=98&type=section&id=9、存货) Period-end inventories were 318.58 million yuan, down 25.06%, comprising raw materials, WIP, finished goods, and semi-finished goods, with 23.92 million yuan in impairment provisions Inventory Classification | Item | Ending Book Balance (yuan) | Ending Inventory Impairment Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 38,617,955.85 | 8,699,148.85 | 29,918,807.00 | | Work in Progress | 51,599,575.44 | | 51,599,575.44 | | Finished Goods | 106,545,679.95 | 9,036,855.47 | 97,508,824.48 | | Goods Sent Out | 71,622,289.21 | | 71,622,289.21 | | Semi-Finished Goods | 69,359,473.82 | 6,179,000.62 | 63,180,473.20 | | Total | 342,496,645.98 | 23,915,004.94 | 318,581,641.04 | [(X) Other Current Assets](index=99&type=section&id=10、其他流动资产) Period-end other current assets were 81.65 million yuan, down 19.99%, mainly uncertified/deductible input VAT Other Current Assets Composition | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Uncertified/Deductible Input VAT | 75,279,370.28 | 94,784,449.37 | | Overpaid VAT | 1,731,542.69 | 56,085.58 | | Prepaid Expenses Due Within One Year | 160,393.55 | 91,236.26 | | Other | 4,478,175.00 | 5,240,840.00 | | Total | 81,649,481.52 | 102,060,022.36 | [(XI) Long-Term Equity Investments](index=99&type=section&id=11、长期股权投资) Period-end long-term equity investments were 7.53 million yuan, stable, primarily investment in associate Changzhou Wenqin Ventur