厦门安妮股份有限公司 2025 年半年度报告全文 厦门安妮股份有限公司 2025 年半年度报告 二〇二五年八月 1 厦门安妮股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张杰、主管会计工作负责人张杰及会计机构负责人(会计主管 人员)许志强声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如涉及未来计划等前瞻性描述，不构成公司对投资者的实质性 承诺。该等前瞻性陈述内容是否能够实现，受市场环境、政策因素及公司业 务开展实际情况影响较大，存在不确定性。公司提醒投资者及相关人士对此 保持足够的风险认识，并理解计划、预测与承诺之间的差异。 公司已在本报告中详细阐述公司可能存在的风险，请查阅本报告中第三 节"管理层讨论与分析"之十"公司面临的风险和应对措施"。敬请广大投 资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | . | 4 | | ...

厦门金龙汽车集团股份有限公司 2025 年半年度报告 公司代码：600686 公司简称：金龙汽车 厦门金龙汽车集团股份有限公司 2025 年半年度报告 1 / 183 厦门金龙汽车集团股份有限公司 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、 公司负责人陈锋、主管会计工作负责人梁明煅及会计机构负责人（会计主管人员）梁明煅 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 以公司总股本 717,047,417 股为基数，向全体股东每 10 股派发现金股利 0.30 元（含税），合 计拟派发现金股利 21,511,422.51 元（含税）。公司2025 年半年度不送红股，也不进行资本公积 转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 年度报告所涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投 ...

上海浦东发展银行股份有限公司 2025 年半年度报告 二〇二五年八月 2025 年半年度报告 第一节 重要提示、目录和释义 1.1 重要提示 1 1. 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，并承担个别及连带的法律责任。 2. 公司于 2025 年 8 月 26 日在上海召开董事会 2025 年第八次会议审议通过本报告，全体董事亲自出 席会议并行使表决权。 3. 公司半年度报告中分别按照企业会计准则和国际财务报告准则编制的财务报表未经审计，但已经毕 马威华振会计师事务所（特殊普通合伙）分别根据中国注册会计师审阅准则和国际审阅准则审阅。 4. 公司董事长张为忠、行长谢伟及会计机构负责人章蕙声明：保证本半年度报告中财务报告的真实、准 确、完整。 5. 本报告期公司不进行利润分配，不实施公积金转增股本。 6. 公司不存在被控股股东及其关联方非经营性占用资金情况。 7. 公司不存在违反规定决策程序对外提供担保的情况。 8. 前瞻性陈述的风险声明：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，投资者及相关 ...

中信银行股份有限公司 二〇二五年半年度报告 （A股 股票代码 601998） 2025年8月27日 中信银行 2025 年半年度报告（A 股） 重要提示 本行董事会、监事会及董事、监事、高级管理人员保证本行2025年半年度报 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。 本行董事会会议于2025年8月27日审议通过了本行2025年半年度报告全文及 摘要，会议应出席董事9名，实际出席董事9名。本行监事和高级管理人员列席了 本次会议。 中期利润分配预案：本报告第三章"公司治理、环境和社会－2025年中期利 润分配"披露了经董事会审议通过的，拟提交临时股东大会审议的2025年中期利 润分配方案，每10股派发现金股息1.88元人民币（含税）。本行2025年上半年不 进行资本公积金转增股本。 本行根据中国会计准则和国际财务报告会计准则编制的2025年中期财务报告， 已经毕马威华振会计师事务所（特殊普通合伙）和毕马威会计师事务所分别根据 中国和香港审阅准则审阅。 本行董事长、执行董事方合英，执行董事、行长（主管财会工作负责人）芦 苇，财务会计部负责人康超，声明并保证本行2 ...

[Important Notices, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The company's management guarantees the authenticity and completeness of the semi-annual report and plans no dividend distribution for the period - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report's content, and bear individual and joint legal responsibility[4](index=4&type=chunk) - The company's responsible person Chen Tianbao, chief accounting officer Yang Ping, and head of the accounting department Yang Ping declare that the financial reports in this semi-annual report are true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly lists eight main sections, providing comprehensive navigation for investors [Directory of Documents for Inspection](index=4&type=section&id=Directory%20of%20Documents%20for%20Inspection) Reference documents, including signed financial statements and the original semi-annual report, are available at the company's Board of Directors' office - Documents for inspection include financial statements signed and sealed by the company's responsible person, chief accounting officer, and head of the accounting department; originals of all company documents and announcements publicly disclosed during the reporting period; the original 2025 semi-annual report signed by the company's legal representative; and other reference documents[9](index=9&type=chunk) - The location for the above documents is the company's Board of Directors' office[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including entity names and units, to ensure accurate understanding - "The Group" refers to Zhongdaan Co, Ltd and its subsidiaries; "the Company," "this Company," or "Zhongdaan" refers to Zhongdaan Co, Ltd[12](index=12&type=chunk) - "Reporting Period" refers to January-June 2025; "Yuan, Ten Thousand Yuan" indicates that unless otherwise specified, all monetary units are in RMB[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Zhongdaan Co, Ltd, stock code 300635, is listed on the Shenzhen Stock Exchange with Chen Tianbao as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhongdaan | | Stock Code | 300635 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 中达安股份有限公司 | | Company's Legal Representative | Chen Tianbao | [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) The company's Board Secretary is Li Haijie and the Securities Affairs Representative is Liu Li, both located in Guangzhou Contact Information | Position | Name | Contact Address | Telephone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Li Haijie | 20/F, Tower A, Victory Plaza, 103 Tiyu West Road, Tianhe District, Guangzhou, Guangdong | 020-31525672 | 020-38858516 | dadb@sino-daan.com | | Securities Affairs Representative | Liu Li | 20/F, Tower A, Victory Plaza, 103 Tiyu West Road, Tianhe District, Guangzhou, Guangdong | 020-31525672 | 020-38858516 | dadb@sino-daan.com | [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes to the company's contact information, disclosure locations, or registration details - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period; for details, please refer to the 2024 annual report[16](index=16&type=chunk) - The stock exchange website and media names for disclosing the semi-annual report, as well as the location for the report, remained unchanged during the reporting period; for details, please refer to the 2024 annual report[17](index=17&type=chunk) - The company's registration information remained unchanged during the reporting period; for details, please refer to the 2024 annual report[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's revenue and net profit declined year-over-year, while net cash flow from operating activities significantly improved Key Accounting Data and Financial Indicators (Year-on-Year Changes) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 302,081,332.73 | 330,057,999.08 | -8.48% | | Net Profit Attributable to Shareholders | 1,847,756.65 | 4,618,582.73 | -59.99% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 1,430,669.93 | 4,045,077.89 | -64.63% | | Net Cash Flow from Operating Activities | -16,099,801.13 | -68,294,639.78 | 76.43% | | Basic Earnings Per Share (Yuan/Share) | 0.0133 | 0.0339 | -60.77% | | Diluted Earnings Per Share (Yuan/Share) | 0.0136 | 0.0339 | -59.88% | | Weighted Average Return on Equity | 0.49% | 1.08% | -0.59% | | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | Total Assets | 1,396,567,319.98 | 1,369,362,378.68 | 1.99% | | Net Assets Attributable to Shareholders | 377,569,642.00 | 374,258,077.35 | 0.88% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international or foreign accounting standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[20](index=20&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled 417,086.72 Yuan, mainly from government grants and fair value changes of financial assets Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -34,922.46 | Mainly due to asset disposals during the period | | Government Grants Included in Current Profit and Loss | 406,354.07 | Mainly from stable employment subsidies, office purchase subsidies, and high-tech enterprise financial grants | | Fair value gains/losses from holding and disposing of financial assets and liabilities by non-financial enterprises, excluding effective hedging related to normal business operations | 27,601.37 | Mainly due to interest income from structured deposits received by subsidiary Guangdong Shunshui | | Other Non-operating Income and Expenses | 28,861.46 | | | Other Profit and Loss Items Meeting the Definition of Non-recurring | 187,572.31 | | | Less: Income Tax Impact | 103,419.38 | | | Minority Interest Impact (After Tax) | 94,960.65 | | | Total | 417,086.72 | | [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities During the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main businesses include engineering supervision, consulting, and information technology services, driven by national policies and internal strengths [(I) Main Business](index=9&type=section&id=(I)%20Main%20Business) The company's core operations span engineering supervision, consulting, and information technology services leveraging advanced technologies - The company holds a comprehensive engineering supervision qualification from the Ministry of Housing and Urban-Rural Development, allowing it to undertake supervision, project management, and technical consulting for all types of construction projects, with a focus on communications, power, civil engineering, and water conservancy supervision[26](index=26&type=chunk) - The company's engineering consulting business includes engineering survey and mapping, planning and architectural design, power engineering design, as well as consulting and agency construction services (project investment opportunity studies, feasibility studies, project agency construction, etc) and bidding agency services[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Information technology consulting and supervision services primarily provide third-party services for the entire lifecycle of informatization construction for government and enterprises, including planning, design, consulting, supervision, and evaluation, and has independently developed a series of smart engineering management and software products like "isDC Smart Engineering Data Center"[30](index=30&type=chunk)[31](index=31&type=chunk) [(II) Main Operating Model](index=10&type=section&id=(II)%20Main%20Operating%20Model) The company generates revenue through consulting and smart engineering services, primarily securing projects via competitive bidding - In full-process engineering consulting, the company provides one-stop solutions or phased professional services; in smart engineering business, it meets the needs of project supervision and participating units in areas like "intelligent perception + project management + visualization" to generate revenue, cash flow, and profit[33](index=33&type=chunk) - The company primarily acquires business through bidding, with strong competitive advantages in housing construction, municipal public works, communications engineering, power engineering (new energy), water conservancy engineering, informatization, and bidding agency[34](index=34&type=chunk) - The company has established a procurement management system, determining suppliers through a qualified supplier database via bidding and competitive selection, and signs long-term strategic cooperation agreements with core suppliers for services like labor, collaboration, materials, and leasing[35](index=35&type=chunk) [(III) Main Performance Drivers](index=10&type=section&id=(III)%20Main%20Performance%20Drivers) Performance is driven by national strategies, industry upgrades, and market expansion, supported by the company's comprehensive qualifications and technological innovation - External drivers include the "14th Five-Year Plan" promoting new urbanization and urban renewal, building energy efficiency, and elderly-friendly renovations, which increase demand for supervision services; the "dual carbon" goals creating demand for technical support in building-integrated photovoltaics and zero-carbon park construction; and the "Guiding Opinions on Deepening the Development of Smart Cities" accelerating the application of technologies like BIM and digital twins, opening up space for the digital transformation of engineering supervision[36](index=36&type=chunk) - Internal drivers include the company's "full qualification + full domain" service capability enhanced by its comprehensive engineering supervision qualification and subsidiary-specific qualifications; a national marketing network built through dual headquarters in the north and south and business units in key city clusters; a three-pronged talent strategy of "recruitment-training-incentive" with equity incentives; and the self-developed "Dali AI" vertical large model for the engineering supervision industry, which integrates six core tools to improve supervision process efficiency by over 80%[39](index=39&type=chunk)[40](index=40&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its standardized management, strong brand, multi-domain technical expertise, and robust talent and marketing networks [(I) Standardized Project Management System](index=11&type=section&id=(I)%20Standardized%20Project%20Management%20System) The company has established an industry-leading standardized project management system, certified by multiple international and domestic standards - The company has passed multiple system certifications including ISO9001 Quality Management, ISO14001 Environmental Management, ISO45001 Occupational Health and Safety Management, ISO/IEC27001 Information Security Management, ISO/IEC20000-1 IT Service Management, GB/T29490-2013 Intellectual Property Management, GB/T31950 Corporate Integrity Management, GB/T27922 After-sales Service Certification, and ITSS IT Service Standard Certification[41](index=41&type=chunk) - In 2024, the company participated in completing the compilation of two group standards: "Guidelines for Whole-Process Engineering Consulting in Power Construction Part 1: Transmission and Transformation Projects" and "Guidelines for Digital Supervision of Power Grid Projects," and also contributed to group standards such as "Supervision Specification for Information and Communication Construction Projects" and "5G Design Standard for Intelligent Buildings"[42](index=42&type=chunk) [(II) Brand Image Advantage](index=11&type=section&id=(II)%20Brand%20Image%20Advantage) With over two decades of industry experience, the company has built a strong brand image through innovation and quality service - Over the past two decades of development in supervision services, the company has consistently adhered to the values of "innovation, enterprise, openness, and pragmatism," establishing a strong brand image through continuous technological innovation, strict quality assurance, a comprehensive customer service system, and standardized project management processes[43](index=43&type=chunk) - Many of the company's flagship projects, such as the Sinopec Quanzhou 1 million tons/year ethylene and refining expansion project and the South-to-North Water Diversion Middle Route Phase I project, have won the National Quality Engineering Award, the highest honor in construction quality[43](index=43&type=chunk) [(III) Multi-domain Professional Technical Advantages](index=11&type=section&id=(III)%20Multi-domain%20Professional%20Technical%20Advantages) The company possesses significant technical advantages across information technology, energy, and water conservancy, with notable achievements in each sector - As one of the earliest enterprises engaged in communication engineering consulting services in China, the company has been deeply involved in the development of China's 2G to 5G networks, undertaking major projects like the China Mobile Southern Base and Guangdong Mobile Global Communication Building, and has participated in several landmark digital economy projects such as the Shanghai Zhuanqiao Cloud Base (Data Center) and the National Advanced Computing Industry Innovation (Yichang) Intelligent Computing Hub Center[44](index=44&type=chunk)[45](index=45&type=chunk) - The company independently developed the "Dali AI" large model, integrating six core tools—Zhi Li, Zhi Xi, Zhi Shu, Zhi He, Zhi Xun, and Zhi Ce—to promote the intelligent upgrading of supervision processes, and its isPM Smart Engineering Project Management Platform won the "Quality Digital Product Award" and was recognized as a "Guangdong Famous High-tech Product"[45](index=45&type=chunk)[46](index=46&type=chunk) - In the new energy sector, the company actively responds to the national "carbon peak and carbon neutrality" strategy, participating in several landmark wind, solar, and energy storage projects, including the Kubuqi Desert Base Erdos New Energy 1.1 million kW photovoltaic project, the Tibet Baxoi County 100,000 kW guaranteed grid-connected wind power project, and the Huaneng Yuhuan No 2 offshore wind power project[47](index=47&type=chunk)[48](index=48&type=chunk) - Since acquiring Guangdong Shunshui Engineering Construction Supervision Co, Ltd in 2019, the company has undertaken over 4,000 supervision projects in areas such as water conservancy hubs, sluices, reservoirs, and dikes, with projects like the Dongjiang-Shenzhen Water Supply Renovation Project and the Zhongshun Dawei Xihe Sluice Project winning the "China Water Conservancy Engineering Dayu Award," and has also participated in national key water conservancy projects like the South-to-North Water Diversion Project[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [(IV) Talent Advantage](index=13&type=section&id=(IV)%20Talent%20Advantage) The company maintains a stable and competitive talent pool through a comprehensive "people-oriented" cultivation and development system - The company has built a comprehensive talent cultivation mechanism, combining internal training with high-quality external educational resources, establishing a scientific assessment and technical grading system, and actively cooperating with universities to provide opportunities for academic and professional advancement[52](index=52&type=chunk) - As of June 30, 2025, the company had 952 personnel with various registered qualifications (including Class 1 Registered Structural Engineers, Class 1 Registered Architects, Class 1 Registered Cost Engineers, and Registered Supervision Engineers) and 2,913 professional talents (including IPMP International Project Managers and Information System Supervision Engineers)[52](index=52&type=chunk) - The company implements a "mentorship" model where experienced experts serve as mentors to pass on professional knowledge, practical experience, and corporate culture, and provides clear career development plans for employees to enhance their sense of identity and belonging[53](index=53&type=chunk) [(V) Marketing Network Advantage](index=13&type=section&id=(V)%20Marketing%20Network%20Advantage) The company has established a nationwide business network with dual headquarters to ensure rapid customer response and standardized management - The company's business covers all provinces, autonomous regions, and municipalities in China except Hong Kong, Macao, and Taiwan, and has established dual headquarters in the north and south, strengthening regional management capabilities and enabling flexible allocation of resources and personnel to enhance cross-regional business implementation[54](index=54&type=chunk) - The company has multiple subsidiaries, affiliated companies, and branches, forming a nationwide business network, and has implemented a responsive problem-solving mechanism through tools like a business consulting WeChat account and a service desk registration system[54](index=54&type=chunk) [(VI) Professional Qualification and Credit Advantage](index=13&type=section_id=(VI)%20Professional%20Qualification%20and%20Credit%20Advantage) The company holds numerous high-level qualifications, including comprehensive engineering supervision and Grade A water conservancy supervision, solidifying its market position - The company has obtained several important qualifications and credentials, with core qualifications including the Comprehensive Engineering Supervision Qualification issued by the Ministry of Housing and Urban-Rural Development and the Grade A Water Conservancy Engineering Construction Supervision Qualification issued by the Ministry of Water Resources[55](index=55&type=chunk) - Additionally, the company holds 2 engineering survey qualifications, 13 design qualifications, 1 surveying and mapping qualification, 1 urban and rural planning qualification, 3 supervision qualifications from the Ministry of Water Resources, 2 value-added telecommunications business licenses from the Ministry of Industry and Information Technology, 3 engineering consulting credentials, 2 other supervision credentials, and 2 special equipment production licenses[55](index=55&type=chunk) - The company continues to deepen its strategic competitiveness in the full business qualification system for informatization, energy, water conservancy, and engineering construction projects, integrating the entire industry chain around these fields and implementing localized business strategies through its regional business unit marketing network[56](index=56&type=chunk) [Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) During the period, main business revenue and costs decreased, while sales and financial expenses increased, and operating cash flow significantly improved Key Financial Data Year-on-Year Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 302,081,332.73 | 330,057,999.08 | -8.48% | | | Operating Cost | 225,332,707.04 | 250,620,053.91 | -10.09% | | | Sales Expenses | 6,356,760.61 | 5,243,892.43 | 21.22% | Mainly due to increased sales expenses for business expansion in the current period | | Administrative Expenses | 42,095,172.38 | 42,193,962.19 | -0.23% | | | Financial Expenses | 9,228,995.22 | 7,259,081.85 | 27.14% | Mainly due to an increase in the average loan balance compared to the same period last year, leading to higher financial expenses | | Income Tax Expense | -981,552.89 | -2,115,913.14 | 53.61% | Mainly due to a decrease in income tax expense accrued in the current period compared to the same period last year | | Net Cash Flow from Operating Activities | -16,099,801.13 | -68,294,639.78 | 76.43% | Mainly due to a decrease in cash paid for goods and services compared to the same period last year | | Net Cash Flow from Investing Activities | -8,701,008.56 | -3,806,708.82 | -128.57% | Mainly due to an increase in equity investment payments and structured deposits by subsidiary Guangdong Shunshui | | Net Cash Flow from Financing Activities | 3,816,005.74 | 54,575,272.16 | -93.01% | Mainly due to a decrease in long-term bank borrowings compared to the same period last year | | Net Increase in Cash and Cash Equivalents | -20,984,803.95 | -17,526,076.44 | -19.73% | Mainly due to a decrease in long-term bank borrowings compared to the same period last year | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Revenue | YoY Change in Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Civil Engineering Supervision | 59,559,222.46 | 46,557,817.52 | 21.83% | -19.92% | -18.70% | -1.17% | | Communications Supervision | 51,276,755.36 | 37,893,122.79 | 26.10% | -5.65% | -13.88% | 7.05% | | Power Supervision | 62,611,653.49 | 48,126,710.39 | 23.13% | 21.74% | 13.89% | 5.29% | | Water Conservancy Supervision | 48,425,556.50 | 34,152,709.38 | 29.47% | -6.62% | -5.20% | -1.06% | | Consulting and Agency Construction | 54,992,489.93 | 38,580,347.38 | 29.84% | -26.42% | -28.89% | 2.43% | [Non-core Business Analysis](index=15&type=section&id=IV.%20Non-core%20Business%20Analysis) Non-core business activities, particularly investment income and impairment losses, had a significant and sustainable impact on total profit Non-core Business Items and Impact | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,417,999.79 | 66.63% | Mainly from investment income from associates recognized under the equity method | Yes | | Non-operating Income | 250,001.96 | 11.75% | Mainly from the refund of a prior-year default penalty received this period | No | | Non-operating Expenses | 256,841.57 | 12.07% | Mainly due to owner assessment penalties incurred this period | No | | Credit Impairment Loss | 3,739,244.66 | 175.70% | Mainly from bad debt provisions for accounts receivable, notes receivable, and other receivables | Yes | | Asset Impairment Loss | 5,336,992.55 | 250.77% | Mainly from impairment provisions for contract assets | Yes | [Analysis of Assets and Liabilities](index=15&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) The company's total assets and net assets grew, with a notable increase in contract assets and short-term borrowings Significant Changes in Asset Composition | Item | End of Period Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | Change in Proportion | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 160,517,231.44 | 11.49% | 182,707,598.32 | 13.34% | -1.85% | | | Accounts Receivable | 197,236,062.85 | 14.12% | 191,395,067.59 | 13.98% | 0.14% | | | Contract Assets | 574,349,074.09 | 41.13% | 521,243,946.51 | 38.06% | 3.07% | Mainly due to the recognition of services provided based on performance progress, leading to an increase in contract assets | | Long-term Equity Investments | 110,008,672.42 | 7.88% | 107,900,234.00 | 7.88% | 0.00% | | | Fixed Assets | 48,347,958.89 | 3.46% | 50,042,901.51 | 3.65% | -0.19% | | | Short-term Borrowings | 151,679,011.28 | 10.86% | 126,736,733.42 | 9.26% | 1.60% | Mainly due to the borrowing of short-term loans in the current period | | Long-term Borrowings | 136,364,000.00 | 9.76% | 165,873,000.00 | 12.11% | -2.35% | Mainly due to the reclassification of borrowings due within one year | | Notes Receivable | 4,717,497.98 | 0.34% | 22,727,065.55 | 1.66% | -1.32% | Mainly due to the maturity of notes received in the previous period, resulting in a decrease in the balance | Restricted Assets as of the End of the Reporting Period | Item | Year-end Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 9,469,351.57 | Guarantee | Security deposits and interest, co-managed accounts, ETC card deposits, etc | | Notes Receivable | 1,296,836.75 | Transfer | Used for transfer | | Fixed Assets | 18,106,163.52 | Finance Lease | Ownership restrictions, disposal restrictions, etc | | Accounts Receivable | 22,732,691.99 | Transfer | Used for transfer | | Total | 51,605,043.83 | | | - The company has pledged its 67% equity in Guangdong Shunshui as collateral for a 34,000,000.00 Yuan acquisition loan; as of June 30, 2025, the book value of this equity in the parent company's accounts was 57,620,000.00 Yuan[67](index=67&type=chunk) - The company has pledged its 100% equity in Zhongdaan Design as collateral for a 48,000,000.00 Yuan acquisition loan; as of June 30, 2025, the book value of this equity in the parent company's accounts was 37,902,994.06 Yuan[68](index=68&type=chunk) - Zhongdaan Weifang has pledged its 100% equity and the revenue rights of its 5.9MWp distributed generation project for a finance lease with a maximum debt of 24,492,785.00 Yuan, and has also mortgaged photovoltaic auxiliary facilities, modules, and inverters with a book value of 18,106,163.52 Yuan[68](index=68&type=chunk)[69](index=69&type=chunk) [Investment Analysis](index=17&type=section&id=VI.%20Investment%20Analysis) The company's total investment increased by 10.84% year-over-year, with no significant equity or non-equity investments reported Investment Amount During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment in Reporting Period | 23,050,000.00 | | Investment in Prior Year Period | 20,796,656.80 | | Change | 10.84% | - The company had no significant equity investments, significant non-equity investments, financial assets measured at fair value, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Sale of Major Assets and Equity](index=18&type=section&id=VII.%20Sale%20of%20Major%20Assets%20and%20Equity) No major sales of assets or equity occurred during the reporting period - The company did not sell any major assets during the reporting period[75](index=75&type=chunk) - The company did not sell any major equity during the reporting period[76](index=76&type=chunk) [Analysis of Major Holding and Participating Companies](index=18&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Several key subsidiaries experienced declines in revenue or profit, while the newly established Zhaohui Technology reported a loss Financials of Major Holding and Participating Companies | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Shunshui Engineering Construction Supervision Co, Ltd | Subsidiary | Water Conservancy Supervision | 10,800,000 | 163,792,899.68 | 64,901,957.37 | 49,904,168.50 | 6,589,254.82 | 5,233,679.70 | | Fuzhou Weisi Power Survey and Design Co, Ltd | Subsidiary | Survey and Design | 10,080,000 | 49,830,776.69 | 11,488,698.18 | 9,613,423.80 | 394,780.50 | 697,647.59 | | Zhongdaan Holding Co, Ltd | Subsidiary | Engineering Management Services | 100,000,000 | 70,944,130.79 | 12,810,947.96 | 4,470,030.79 | -4,008,429.50 | -3,737,148.14 | | Da'an Cloud (Zhuhai) Investment Co, Ltd | Subsidiary | Investment and Asset Management | 100,000,000 | 84,059,901.48 | 83,848,903.99 | 0.00 | 1,310,503.70 | 651,152.70 | | Lushan Zhongdaan Engineering Consulting Co, Ltd | Subsidiary | Engineering Management Services | 5,000,000 | 6,460,836.86 | 5,657,732.36 | 1,243,545.86 | -786,867.80 | -616,301.09 | | Shandong Zhongdaan Design and Consulting Co, Ltd | Subsidiary | Architectural Design and Consulting | 50,000,000 | 197,686,926.57 | 37,224,420.33 | 11,223,686.36 | -1,216,644.85 | -858,403.64 | | Hunan Zhaohui Technology Development Co, Ltd | Subsidiary | Technical Consulting, Services | 5,000,000 | 3,251,061.20 | 3,251,061.20 | 0.00 | -1,748,938.80 | -1,748,938.80 | - Guangdong Shunshui's operating revenue decreased by 8.37% YoY, operating profit decreased by 35.25% YoY, and net profit attributable to shareholders decreased by 38.61% YoY[77](index=77&type=chunk) - Weisi Power's operating revenue decreased by 31.82% YoY, but operating profit increased by 133.53% YoY, and net profit attributable to shareholders increased by 202.04% YoY[78](index=78&type=chunk) - Zhongdaan Holding's operating profit decreased by 241.94% YoY, and net profit decreased by 223.86% YoY; Lushan Zhongdaan's operating revenue decreased by 43.77% YoY, and operating profit decreased by 73.42% YoY; Zhongdaan Design's operating revenue decreased by 72.63% YoY, and operating profit decreased by 118.69% YoY[78](index=78&type=chunk)[79](index=79&type=chunk) [Structured Entities Controlled by the Company](index=19&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[80](index=80&type=chunk) [Risks and Countermeasures](index=19&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from industry volatility, competition, and talent retention, which it addresses through strategic adjustments and management enhancements - The company is engaged in construction project management consulting services and faces industry fluctuation risks due to macroeconomic policies and economic cycles; countermeasures include closely monitoring market and legal changes and strengthening client relationships[80](index=80&type=chunk) - The engineering consulting service industry is highly market-oriented and competitive, posing market competition risks; countermeasures include establishing a standardized market strategy management mechanism, adjusting the industrial structure, and enhancing technology and services[81](index=81&type=chunk) - As of the first half of 2025, the combined book value of accounts receivable and contract assets was **771.5851 million Yuan**, accounting for **78.32% of current assets**, posing a risk of large balances; countermeasures include timely aging analysis and collection management, linking recovery to the performance assessment of responsible personnel[82](index=82&type=chunk) - As of the first half of 2025, the book value of goodwill on the consolidated balance sheet was **129.7293 million Yuan**, accounting for **9.29% of total assets**, posing a risk of goodwill impairment; goodwill increased by 4.0305 million Yuan this period due to the acquisition of Zhongdaan Information; countermeasures include conducting impairment tests on goodwill and related asset groups annually[82](index=82&type=chunk)[83](index=83&type=chunk) - With nationwide business coverage, the company faces risks in cross-regional operations and project management, including poor information flow, inadequate quality supervision, deviations in policy execution, safety and environmental incidents, and increased operational costs; countermeasures include developing detailed quality supervision standards, regular inspections, using advanced technology for real-time monitoring, and strengthening institutional training[84](index=84&type=chunk)[85](index=85&type=chunk) - The construction project management and consulting industry is technology and knowledge-intensive with high talent mobility, posing a risk of losing core technical and management personnel; countermeasures include continuously introducing management talent, strengthening performance assessments, and building a high-quality talent team through systematic training[86](index=86&type=chunk) [Record of Investor Relations Activities](index=20&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities) The company held an online performance briefing on May 23, 2025, to address investor questions - On May 23, 2025, the company hosted investors online for its 2024 annual performance briefing, discussing the annual results and answering investor questions[87](index=87&type=chunk) - The index for the activity details can be found on Cninfo (http://www.cninfo.com.cn)[87](index=87&type=chunk) [Status of Market Value Management System and Valuation Enhancement Plan](index=20&type=section&id=XII.%20Status%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[88](index=88&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[88](index=88&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=20&type=section&id=XIII.%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose a "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose a "Dual Improvement in Quality and Returns" action plan announcement during the reporting period[88](index=88&type=chunk) [Corporate Governance, Environment, and Society](index=21&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the period, Zhang Long resigned due to a work transfer, and Li Haijie was appointed as his successor Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhang Long | Director, Vice President, Board Secretary | Resigned | June 09, 2025 | Work Transfer | | Li Haijie | Vice President, Board Secretary | Appointed | June 09, 2025 | Work Transfer | | Li Haijie | Director | Elected | June 25, 2025 | Work Transfer | [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=21&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20for%20the%20Reporting%20Period) The company does not plan to distribute dividends or issue bonus shares for the first half of the year - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[91](index=91&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) No equity incentive plans or other employee incentive measures were implemented 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[92](index=92&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not listed as enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[93](index=93&type=chunk) [Social Responsibility](index=21&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its state-owned enterprise mission by promoting high-quality development, protecting stakeholder rights, and engaging in social welfare - As an enterprise controlled by the Licheng District Finance Bureau of Jinan City, Shandong Province, the company adheres to its state-owned enterprise mission, dedicating itself to promoting high-quality urban and rural construction development within the province and nationwide through high-quality management and comprehensive professional services, actively responding to key national strategies such as new urbanization, urban renewal, rural revitalization, and "carbon peak and carbon neutrality," and participating in pollution prevention and energy conservation[93](index=93&type=chunk) - The company strictly improves its corporate governance structure in accordance with laws and regulations, discloses information in a timely, accurate, true, complete, and sufficient manner, and maintains good communication with investors through various channels such as an investor hotline, email, company website, and investor relations interactive platform to protect the rights and interests of shareholders and creditors[93](index=93&type=chunk) - Adhering to a "people-oriented" talent philosophy, the company formulates and implements talent cultivation and human resource management plans, complies with the "Labor Law" and other regulations to protect the legal rights of employees, establishes an online learning platform and internal learning mechanisms, and cooperates with universities to provide platforms for academic and professional advancement[94](index=94&type=chunk)[95](index=95&type=chunk) - The company selects suppliers based on the principles of "fairness, justice, honesty, and credit," establishes long-term and stable cooperative relationships, and continuously improves its list of qualified suppliers; in environmental protection, it adheres to a green development concept, implements energy-saving and environmental protection measures, and advocates for low-carbon, eco-friendly, and green office practices[95](index=95&type=chunk) - The company insists on legal and honest operations, pays taxes according to the law, strengthens communication with government authorities, industry associations, and regulatory bodies, and actively engages in social welfare activities, conducting charitable donations and contributing to rural revitalization[95](index=95&type=chunk) [Significant Matters](index=23&type=section&id=Section%205%20Significant%20Matters) [Commitments Fulfilled During the Reporting Period and Overdue Commitments as of the End of the Reporting Period](index=23&type=section&id=I.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period) All relevant parties fulfilled their commitments on time during the reporting period, with no overdue commitments outstanding - Jinan Licheng Holding Group Co, Ltd and Jinan Likong Disen Equity Investment Partnership (Limited Partnership) committed to maintaining Zhongdaan's independence in personnel, assets, finance, organization, and business within their shareholder rights[97](index=97&type=chunk) - Jinan Licheng Holding Group Co, Ltd and Jinan Likong Disen Equity Investment Partnership (Limited Partnership) committed to reducing and standardizing related-party transactions, ensuring any necessary transactions are conducted on fair, just, and open principles with legally compliant procedures and fair pricing[97](index=97&type=chunk)[98](index=98&type=chunk) - Jinan Licheng Holding Group Co, Ltd and Jinan Likong Disen Equity Investment Partnership (Limited Partnership) committed to avoiding and resolving horizontal competition through measures like asset restructuring, business adjustments, and business integration, and to avoid engaging in new competitive businesses[98](index=98&type=chunk)[99](index=99&type=chunk) - Company shareholders and senior management (such as Wu Junye, Li Tao, Gan Lu, Wang Sheng) committed that after the lock-up period, annual share transfers during their tenure will not exceed 25% of their total holdings; after resignation, no transfers will be made for six months, and transfers within the following 12 months will not exceed 50%[99](index=99&type=chunk)[100](index=100&type=chunk) - The company and major shareholders (Wu Junye, Li Tao) committed that the prospectus is free from false records, misleading statements, or major omissions, and will initiate share buybacks and compensate investors for losses if such issues exist[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - The company's founders (Wu Junye, Li Tao, Chen Zhixiong, etc) committed to unconditionally provide full compensation if the company incurs liabilities from litigation, arbitration, or administrative penalties related to labor dispatch practices[107](index=107&type=chunk)[108](index=108&type=chunk) - The company's founders committed to bear all costs and provide full compensation if the company or its branches are required to make back payments for social insurance or housing provident funds or are penalized for such matters[108](index=108&type=chunk)[109](index=109&type=chunk) - Wu Junye committed not to seek actual control of Zhongdaan, either alone or jointly, and not to become the company's controlling shareholder or actual controller in any way, and to ensure that any transferee makes the same commitment[113](index=113&type=chunk) - During the reporting period, all commitments were fulfilled on time, and there were no overdue commitments[113](index=113&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=40&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had no instances of non-operating fund occupation by controlling shareholders and other related parties during the reporting period[114](index=114&type=chunk) [Irregular External Guarantees](index=40&type=section&id=III.%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[115](index=115&type=chunk) [Appointment and Dismissal of Accounting Firm](index=40&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[116](index=116&type=chunk) [Explanation from the Board of Directors, Supervisory Committee, and Audit Committee on the "Non-standard Audit Report" for the Current Period](index=40&type=section&id=V.%20Explanation%20from%20the%20Board%20of%20Directors%2C%20Supervisory%20Committee%2C%20and%20Audit%20Committee%20on%20the%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) No non-standard audit report was issued for the reporting period - The company did not have a non-standard audit report for the reporting period[117](index=117&type=chunk) [Explanation from the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=40&type=section&id=VI.%20Explanation%20from%20the%20Board%20of%20Directors%20on%20the%20%22Non-standard%20Audit%20Report%22%20of%20the%20Previous%20Year) No explanation regarding a prior year's non-standard audit report was applicable - The company has no explanation regarding a non-standard audit report from the previous year for the reporting period[117](index=117&type=chunk) [Bankruptcy and Reorganization Matters](index=40&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[117](index=117&type=chunk) [Litigation Matters](index=40&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration, and other legal matters are not expected to have a significant impact - The company had no major litigation or arbitration matters during this reporting period[118](index=118&type=chunk) Summary of Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (Ten Thousand Yuan) | Provision for Liabilities | Progress | Outcome and Impact | Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation where the company is plaintiff/applicant below major disclosure standards | 1,196.61 | No | Some cases closed, some pending | No significant impact | Judgments executed; some cases pending | | Summary of other litigation where the company is defendant/respondent below major disclosure standards | 54.29 | No | Some cases closed, some pending | No significant impact | Judgments executed; some cases pending | [Penalties and Rectifications](index=41&type=section&id=IX.%20Penalties%20and%20Rectifications) No penalties or rectifications were recorded during the reporting period - The company had no penalties or rectifications during the reporting period[119](index=119&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controller](index=41&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controller) There were no integrity issues concerning the company, its controlling shareholders, or actual controller - There were no issues regarding the integrity of the company, its controlling shareholders, or its actual controller during the reporting period[120](index=120&type=chunk) [Major Related-Party Transactions](index=41&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company engaged in routine related-party transactions for services, all conducted at market prices and within approved limits Related-Party Transactions in Daily Operations | Related Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (Ten Thousand Yuan) | % of Similar Transactions | Approved Limit (Ten Thousand Yuan) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Licheng Holding and its controlled entities | Common Control | Providing services to related parties | Full-process consulting, engineering supervision, etc | 3,453.07 | 24.98% | 15,000 | No | | Licheng Holding and its controlled entities | Common Control | Receiving services from related parties | Surveying, project management, etc | 172.14 | 3.69% | 4,000 | No | | Licheng Holding and its controlled entities | Common Control | Receiving services from related parties | Leasing, property management, utilities, etc | 136.62 | 40.95% | 800 | No | | Licheng Chengfa and its controlled entities | Related Legal Entity | Providing services to related parties | Full-process consulting, engineering supervision, etc | 54.12 | 0.39% | 5,000 | No | | Licheng Chengfa and its controlled entities | Related Legal Entity | Receiving services from related parties | Surveying, project management, etc | 0 | 0.00% | 200 | No | | Total | | | | 3,815.95 | | 25,000 | | - The cumulative actual amount of daily related-party transactions with related parties was 38.1595 million Yuan, which did not exceed the total estimated amount of 250 million Yuan[121](index=121&type=chunk) - During the reporting period, the company did not engage in related-party transactions involving the acquisition or sale of assets or equity, joint external investments, related-party debt and credit dealings, or any deposit, loan, credit, or other financial business with related financial companies or company-controlled financial companies[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The company had no other major related-party transactions during the reporting period[127](index=127&type=chunk) [Major Contracts and Their Performance](index=43&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company fulfilled its major operating contracts, primarily with China Mobile, and provided necessary guarantees for its subsidiaries - During the reporting period, the company's leasing activities mainly involved renting office space in Shandong, Guangzhou, and other locations for daily operations; the annual costs of these leases did not have a significant impact on the company's profit for the period[130](index=130&type=chunk) Guarantees Provided by the Company to Subsidiaries | Guaranteed Party | Guarantee Limit (Ten Thousand Yuan) | Actual Guarantee Amount (Ten Thousand Yuan) | Guarantee Type | Guarantee Period | Completed | | :--- | :--- | :--- | :--- | :--- | :--- | | Weisi Power | 1,000 | 100 | Joint Liability | 2024/4/10-2025/4/10 | Yes | | Weisi Power | 1,000 | 300 | Joint Liability | 2024/4/19-2025/4/19 | Yes | | Weisi Power | 1,000 | 300 | Joint Liability | 2024/5/8-2025/5/8 | Yes | | Weisi Power | 1,000 | 400 | Joint Liability | 2025/4/30-2026/4/30 | No | | Weisi Power | 500 | 500 | Joint Liability | 2024/9/23-2025/9/17 | No | | Guangdong Shunshui | 1,700 | 20 | Joint Liability | 2024/8/9-2025/8/9 | No | | Guangdong Shunshui | 3,000 | 500 | Joint Liability | 2024/12/12-2025/4/7 | Yes | | Zhongdaan Weifang | 1,888 | 188.8 | Joint Liability | 2024/3/14-2036/3/14 | No | | Zhongdaan Weifang | 1,888 | 188.8 | Joint Liability | 2024/4/18-2036/4/18 | No | | Zhongdaan Weifang | 1,888 | 211.2 | Joint Liability | 2024/5/9-2036/5/9 | No | | Zhongdaan Weifang | 1,888 | 435.01 | Joint Liability | 2024/6/19-2036/6/19 | No | | Zhongdaan Weifang | 1,888 | 200 | Joint Liability | 2024/5/8-2036/5/8 | No | | Zhongdaan Weifang | 1,888 | 366.4 | Joint Liability | 2024/6/19-2036/6/19 | No | | Total approved guarantee limit for subsidiaries in the reporting period (B1) | 1,700 | | | | | | Total actual guarantee amount for subsidiaries in the reporting period (B2) | 400 | | | | | | Total approved guarantee limit for subsidiaries at the end of the reporting period (B3) | 8,088 | | | | | | Total actual guarantee balance for subsidiaries at the end of the reporting period (B4) | 2,436.97 | | | | | | Ratio of actual total guarantee amount to company's net assets | 6.45% | | | | | Major Daily Operating Contracts | Contracting Company | Counterparty | Total Contract Amount (Yuan) | Contract Progress | Sales Revenue Recognized This Period (Yuan) | Cumulative Sales Revenue Recognized (Yuan) | Accounts Receivable Collection | Significant Changes in Conditions | Major Risk of Non-performance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongdaan Co, Ltd | 17 companies directly or indirectly controlled by China Mobile Group in 31 provinces, autonomous regions, and municipalities in mainland China | 809,202,841.45 | In progress | 291,128.90 | 328,265,758.68 | 310,161,580.56 | No | No | | Zhongdaan Co, Ltd | 25 subsidiary companies directly or indirectly controlled by China Mobile Group in provinces, autonomous regions, and municipalities in mainland China | 559,899,624.05 | In progress | 2,568,950.21 | 319,645,954.11 | 309,308,648.82 | No | No | | Zhongdaan Co, Ltd | 20 subsidiary companies directly or indirectly controlled by China Mobile Group in provinces, autonomous regions, and municipalities in mainland China | 393,862,655.98 | In progress | 42,248,467.47 | 127,188,874.82 | 89,286,885.56 | No | No | - The company had no other major contracts during the reporting period[136](index=136&type=chunk) [Explanation of Other Major Matters](index=46&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) The company completed corporate registration changes, terminated an equity acquisition, and is planning a private placement that may alter its control structure - The company has completed the industrial and commercial registration procedures for changing its registered capital, expanding its business scope, and amending the "Articles of Association"[137](index=137&type=chunk) - The company terminated the acquisition of 100% equity in Zhongdaan Information Consulting (Shandong) Co, Ltd because the original shareholders could not meet the performance commitments, triggering the buyback condition ahead of schedule[138](index=138&type=chunk)[139](index=139&type=chunk) - Company director, Vice President, and Board Secretary Zhang Long resigned, and Li Haijie was appointed as Vice President and Board Secretary, and elected as a director[140](index=140&type=chunk) - The company is planning a private placement of shares to specific investors, which may lead to a change in the company's actual controller; the stock was suspended from June 23 to 25, 2025 for this reason, and the matter has been accepted by the Shenzhen Stock Exchange, pending review and registration approval from the CSRC[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) [Major Matters of Company Subsidiaries](index=47&type=section&id=XIV.%20Major%20Matters%20of%20Company%20Subsidiaries) No major matters concerning subsidiaries were reported during the period - The company had no major matters concerning its subsidiaries during the reporting period[144](index=144&type=chunk) [Changes in Share Capital and Shareholders](index=48&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=48&type=section&id=I.%20Changes%20in%20Share%20Capital) During the period, the company's total share capital remained unchanged, with a shift from restricted to unrestricted shares due to management changes Changes in Share Capital | Share Type | Before Change (Shares) | Before Change (%) | Change (+/- Shares) | After Change (Shares) | After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 20,373,968 | 14.54% | -656,063 | 19,717,905 | 14.07% | | II. Unrestricted Shares | 119,760,032 | 85.46% | 656,063 | 120,416,095 | 85.93% | | III. Total Shares | 140,134,000 | 100.00% | 0 | 140,134,000 | 100.00% | - During the reporting period, upon the expiration of their terms, former director Zhang Xia, supervisor Huang Liang, and senior executives Zhuang Liezhong, Li Qingbin, and Luo Jun had a total of 645,585 restricted shares released[148](index=148&type=chunk) - During the reporting period, senior executives Zhang Xin, Shao Zongze, and Shao Youhe had a total of 55,640 restricted shares unlocked[149](index=149&type=chunk) - During the reporting period, 34,537 new restricted shares were added due to the appointment of senior executive Luo Yuanfei, and 10,625 new restricted shares were added due to the resignation of senior executive Zhang Long[149](index=149&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Start of Period | Shares Released This Period | Shares Added This Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Junye | 9,584,148.00 | 0.00 | 0.00 | 9,584,148.00 | Executive Lock-up | | Wang Sheng | 2,743,377.00 | 0.00 | 0.00 | 2,743,377.00 | Executive Lock-up | | Gan Lu | 3,354,750.00 | 0.00 | 0.00 | 3,354,750.00 | Executive Lock-up | | Zhang Xin | 35,025.00 | 12,500.00 | 0.00 | 22,525.00 | Executive Lock-up | | Shao Zongze | 39,500.00 | 27,375.00 | 0.00 | 12,125.00 | Executive Lock-up | | Shao Youhe | 63,058.00 | 15,765.00 | 0.00 | 47,293.00 | Executive Lock-up | | Luo Yuanfei | 0.00 | 0.00 | 34,537.00 | 34,537.00 | Executive Lock-up | | Zhang Long | 31,875.00 | 0.00 | 10,625.00 | 42,500.00 | Resigned Executive Lock-up | | Zhang Xia | 7,200 | 7,200 | 0.00 | 0.00 | Resigned Executive Lock-up | | Huang Liang | 142,875 | 142,875 | 0.00 | 0.00 | Resigned Executive Lock-up | | Zhuang Liezhong | 353,360 | 353,360 | 0.00 | 0.00 | Resigned Executive Lock-up | | Li Qingbin | 68,800 | 68,800 | 0.00 | 0.00 | Resigned Executive Lock-up | | Luo Jun | 73,350 | 73,350 | 0.00 | 0.00 | Resigned Executive Lock-up | | Restricted Stock Incentive Participants | 3,812,000.00 | 0.00 | 0.00 | 3,812,000.00 | Equity Incentive Lock-up | | Total | 20,373,968.00 | 701,225.00 | 45,162.00 | 19,717,905.00 | | [Securities Issuance and Listing](index=50&type=section&id=II.%20Securities%20Issuance%20and%20Listing) No securities were issued or listed during the reporting period - The company had no securities issuance or listing activities during the reporting period[152](index=152&type=chunk) [Number of Shareholders and Shareholding Status](index=50&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the period, the company had 15,114 shareholders, with the top two shareholders acting in concert - At the end of the reporting period, the total number of common shareholders was 15,114[153](index=153&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinan Likong Disen Equity Investment Partnership (LP) | Domestic Non-state-owned Legal Entity | 10.01% | 14,031,261.00 | 0.00 | 14,031,261.00 | N/A | 0 | | Wu Junye | Domestic Natural Person | 9.12% | 12,778,864.00 | 9,584,148.00 | 3,194,716.00 | N/A | 0 | | Gan Lu | Domestic Natural Person | 3.23% | 4,523,000.00 | 3,404,750.00 | 1,118,250.00 | N/A | 0 | | Wang Sheng | Domestic Natural Person | 2.68% | 3,757,836.00 | 2,843,377.00 | 914,459.00 | Pledged | 3,600,000 | | Beijing Jinju Private Equity Fund Management Co, Ltd - Jinju Xiangrui No 2 Private Fund | Domestic Non-state-owned Legal Entity | 1.26% | 1,768,500.00 | 0.00 | 1,768,500.00 | N/A | 0 | | Zhao Ruijun | Domestic Natural Person | 1.04% | 1,460,100.00 | 50,000.00 | 1,410,100.00 | N/A | 0 | | Xinguorong (Guangzhou) Management Consulting Partnership (LP) | Domestic Non-state-owned Legal Entity | 0.96% | 1,339,421.00 | 0.00 | 1,339,421.00 | N/A | 0 | | Yue Junfeng | Domestic Natural Person | 0.94% | 1,311,600.00 | 0.00 | 1,311,600.00 | N/A | 0 | | Hua Tianzhu | Domestic Natural Person | 0.71% | 1,000,000.00 | 1,000,000.00 | 0.00 | N/A | 0 | | Dong Xiaomeng | Domestic Natural Person | 0.71% | 998,300.00 | 0.00 | 998,300.00 | N/A | 0 | - The company's largest shareholder, Jinan Likong Disen Equity Investment Partnership (Limited Partnership), and the second-largest shareholder, Wu Junye, are parties acting in concert[154](index=154&type=chunk) - Company shareholder Wu Junye has entrusted all voting rights corresponding to his shares to Jinan Likong Disen Equity Investment Partnership (Limited Partnership)[154](index=154&type=chunk)[155](index=155&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=52&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[156](index=156&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=53&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[157](index=157&type=chunk) - The company's actual controller did not change during the reporting period[157](index=157&type=chunk) [Preferred Stock Related Matters](index=54&type=section&id=VI.%20Preferred%20Stock%20Related%20Matters) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[158](index=158&type=chunk) [Bond-related Matters](index=55&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=55&type=section&id=Bond-related%20Matters) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[160](index=160&type=chunk) [Financial Report](index=56&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=56&type=section&id=I.%20Audit%20Report) The semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[162](index=162&type=chunk) [Financial Statements](index=56&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the first half of 2025 Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 985,222,118.20 | 960,760,748.51 | | Total Non-current Assets | 411,345,201.78 | 408,601,630.17 | | Total Assets | 1,396,567,319.98 | 1,369,362,378.68 | | Total Current Liabilities | 819,836,523.37 | 765,186,670.07 | | Total Non-current Liabilities | 169,764,789.72 | 202,773,272.18 | | Total Liabilities | 989,601,313.09 | 967,959,942.25 | | Total Equity Attributable to Parent Company | 377,569,642.00 | 374,258,077.35 | | Minority Interest | 29,396,364.89 | 27,144,359.08 | | Total Equity | 406,966,006.89 | 401,402,436.43 | | Total Liabilities and Equity | 1,396,567,319.98 | 1,369,362,378.68 | Consolidated Income Statement Key Data (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 302,081,332.73 | 330,057,999.08 | | Total Operating Costs | 311,035,225.54 | 334,462,248.40 | | Operating Profit | 2,135,049.18 | 5,250,618.31 | | Total Profit | 2,128,209.57 | 4,770,413.36 | | Net Profit | 3,109,762.46 | 6,886,326.50 | | Net Profit Attributable to Parent Company Shareholders | 1,847,756.65 | 4,618,582.73 | | Minority Interest Income | 1,262,005.81 | 2,267,743.77 | | Basic Earnings Per Share | 0.0133 | 0.0339 | | Diluted Earnings Per Share | 0.0136 | 0.0339 | Consolidated Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow fro

株洲宏达电子股份有限公司 2025 年半年度报告全文 株洲宏达电子股份有限公司 2025 年半年度报告 2025-028 所有董事均已出席了审议本次半年报的董事会会议。 （一）宏观环境变化的风险。公司致力于电子元器件及电路模块的研发、 生产和销售，主营业务包括高可靠产品和民用产品两大类，以提供高可靠电 子元器件及解决方案为主。高可靠产品领域作为特殊的经济领域，主要受国 际环境、国际安全形势、地缘政治以及国防发展水平等多种因素影响。若未 来国际形势或国家安全环境出现重大变化，则可能对公司生产经营产生不利 影响。若行业管理体制、市场进入条件等发生变化，可能会吸引新的竞争对 手进入，导致公司所在行业竞争加剧，将对公司生产经营环境产生重大影响。 2025 年 8 月 1 株洲宏达电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人钟若农、主管会计工作负责人曾垒及会计机构负责人(会计主 管人员)邱建芳声明：保证本半年度报告中财务报告 ...

Part I Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The board and senior management guarantee the report's accuracy, though two directors dissent, while the financial officer affirms the financial statements - The company's board of directors and senior management guarantee the authenticity, accuracy, and completeness of the report, but directors Jia Mingqi and Zhao Yong express dissent regarding its authenticity, accuracy, and completeness[3](index=3&type=chunk)[4](index=4&type=chunk) - Company head Ma Bing, chief accountant Yang Weiyuan, and head of accounting department Yang Weiyuan declare the financial report to be true, accurate, and complete[4](index=4&type=chunk) - Forward-looking statements regarding future plans and development strategies in the report are subject to uncertainties, do not constitute profit forecasts or substantial commitments, and investors should be aware of investment risks[4](index=4&type=chunk) - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves[6](index=6&type=chunk) [Table of Contents](index=4&type=section&id=Table%20of%20Contents) This section outlines the structured content of the semi-annual report, including key operational, financial, and governance chapters - The report contains nine main chapters, covering company operations, finance, governance, and significant matters[8](index=8&type=chunk) [Definitions](index=6&type=section&id=Definitions) This section defines key terms and abbreviations used in the report, ensuring clear understanding of the content - The reporting period is defined as January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - The company's full name is Gansu Asia-Pacific Industrial Development Co., Ltd., abbreviated as Asia-Pacific Industrial or *ST Asia-Pacific[11](index=11&type=chunk) - The controlling shareholder is Guangzhou Wanshun Technology Co., Ltd., and the controlled subsidiary is Cangzhou Lingang Yanu Chemical Co., Ltd[11](index=11&type=chunk) Part II Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, and a summary of its key financial performance and position [Company Profile](index=7&type=section&id=Company%20Profile) The company's stock abbreviation changed to *ST Asia-Pacific, with stock code 000691, and Ma Bing as legal representative - The company's stock abbreviation has been changed to “**\*ST Asia-Pacific**”, with stock code **000691**[13](index=13&type=chunk) - The company's legal representative is Ma Bing[13](index=13&type=chunk) [Contact Person and Information](index=7&type=section&id=Contact%20Person%20and%20Information) This section provides contact details for the company's Board Secretary, Li Xiaohui, for investor communication - The Board Secretary is Li Xiaohui, with contact number **020-83628691** and email address **ytsy000691@163.com**[14](index=14&type=chunk) [Other Information](index=7&type=section&id=Other%20Information) The company's registered address, office address, website, and disclosure information remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue decreased by 8.88%, net loss attributable to shareholders widened by 67.13%, and operating cash flow turned negative, with total assets and net assets also declining Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 222,540,174.31 | 244,228,634.61 | -8.88% | | Net Profit Attributable to Shareholders of Listed Company | -23,722,119.05 | -14,193,619.77 | -67.13% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -12,441,532.58 | -14,617,945.52 | 14.89% | | Net Cash Flow from Operating Activities | -8,903,855.83 | 10,220,473.95 | -187.12% | | Basic Earnings Per Share (yuan/share) | -0.0734 | -0.0439 | -67.20% | | Diluted Earnings Per Share (yuan/share) | -0.0734 | -0.0439 | -67.20% | Key Accounting Data and Financial Indicators (Period-End vs. Prior Year-End) | Indicator | Period-End (yuan) | Prior Year-End (yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 581,564,115.10 | 598,900,538.00 | -2.89% | | Net Assets Attributable to Shareholders of Listed Company | -88,623,089.71 | -64,809,147.62 | -36.74% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets between international/overseas and Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under international accounting standards compared to Chinese accounting standards[19](index=19&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards compared to Chinese accounting standards[20](index=20&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **-RMB 11.28 million**, primarily from government grants, non-operating income/expenses, and tax impacts Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Government grants included in current profit or loss (excluding those with continuous impact) | 996,045.59 | | Other non-operating income and expenses apart from the above | -11,871,126.07 | | Less: Income tax impact | 107,371.40 | | Minority interest impact (after tax) | 298,134.59 | | **Total** | **-11,280,586.47** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it reclassified non-recurring gains and losses as recurring gains and losses[23](index=23&type=chunk) Part III Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, financial performance, core competencies, and risk factors [Company's Main Business Activities During the Reporting Period](index=10&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of fine chemical products, specifically pesticide and pharmaceutical intermediates, within the chemical manufacturing industry - The company's main business is the research and development, production, and sales of fine chemical products, specifically pesticide intermediates and pharmaceutical intermediates[25](index=25&type=chunk) - The company's industry is classified as "Chemical Raw Materials and Chemical Products Manufacturing (C26)", with a sub-industry of fine chemical intermediates[25](index=25&type=chunk) - The fine chemical industry is developing towards "diversification" and "refinement", with future demand for pesticide and pharmaceutical chemicals, as well as electronic and information chemicals, expected to continue expanding[27](index=27&type=chunk) - The company's main products are categorized into pyridine, nitration, and other chemical products, applied in pesticides, pharmaceuticals, and feed additives[37](index=37&type=chunk) - The company primarily adopts a direct raw material procurement model, with production mainly based on sales orders (supplemented by outsourced production), and a direct sales model, generating profit through processing and sales[38](index=38&type=chunk)[42](index=42&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [Overview of the Fine Chemical Industry Development](index=10&type=section&id=Overview%20of%20the%20Fine%20Chemical%20Industry%20Development) Fine chemicals, characterized by high value-added products and advanced technology, are a strategic focus for chemical industry development, emphasizing specialization, diversification, and clean processes - Fine chemical products are characterized by stable quality, excellent performance, and high added value, with wide applications in industries such as healthcare, food, daily chemicals, and electronics[26](index=26&type=chunk) - Since the 21st century, the fine chemical industry has formed industrial clusters, with products becoming more specialized, diversified, and high-performance, and an increasing emphasis on developing clean and energy-saving new processes[27](index=27&type=chunk) [Characteristics of the Fine Chemical Intermediates Industry](index=10&type=section&id=Characteristics%20of%20the%20Fine%20Chemical%20Intermediates%20Industry) The pesticide intermediate industry is knowledge and technology-intensive, moving towards independent innovation with a focus on clean production, while the pharmaceutical intermediate industry faces low overall technical levels and intense competition - The pesticide intermediate industry is knowledge-intensive and technology-intensive, with multiple product synthesis steps and long process flows; core competitiveness lies in the selection of chemical reaction processes, process control, and core catalyst selection[28](index=28&type=chunk) - China's pesticide intermediate industry is gradually transitioning from original imitation to independent innovation, with an increasing focus on the research and development of clean production processes and circular economy production processes[30](index=30&type=chunk) - China's pharmaceutical intermediate industry has a relatively low overall process technology level, with few enterprises producing a large number of advanced pharmaceutical intermediates and patented new drug supporting intermediate products, leading to increased reliance on exports[31](index=31&type=chunk) - Pharmaceutical intermediate products have a rapid update cycle, with profit margins typically starting to decline 3-5 years after market entry, leading to increasingly fierce industry competition[32](index=32&type=chunk) [Future Development Trends of the Fine Chemical Intermediates Industry](index=11&type=section&id=Future%20Development%20Trends%20of%20the%20Fine%20Chemical%20Intermediates%20Industry) The industry trend indicates leading enterprises expanding into active ingredient production, rising technical demands for custom intermediates, and stricter environmental regulations driving industry consolidation - Leading enterprises will extend their development from intermediates to active ingredient production, expecting to secure more product orders[33](index=33&type=chunk) - Custom intermediate technology and production requirements are high; leading enterprises with a solid technical R&D foundation and stable production capacity will become the preferred choice for downstream enterprises[34](index=34&type=chunk)[35](index=35&type=chunk) - Stricter environmental regulations will lead to the exit of smaller enterprises with insufficient environmental investment, while industry leaders will gain a higher competitive advantage due to long-term environmental investments[36](index=36&type=chunk) [Main Products and Applications](index=12&type=section&id=Main%20Products%20and%20Applications) The company's main products, including pyridine and nitration derivatives, are crucial intermediates for pesticides, pharmaceuticals, and feed additives, with nitration products being key for new insecticides - The company's main products are categorized into three types: pyridine, nitration, and other chemical products[37](index=37&type=chunk) - Products are primarily applied in the fields of pesticides, pharmaceuticals, and feed additives[37](index=37&type=chunk) - Nitration products are one of the main raw materials for new insecticides, characterized by low toxicity and high efficiency[37](index=37&type=chunk) [Main Business Model](index=12&type=section&id=Main%20Business%20Model) The company's fine chemical business operates on a direct raw material procurement model, primarily producing based on sales orders (with some outsourcing), and selling directly to large chemical enterprises to generate profit from processing - Procurement Model: Subsidiary Lingang Yanu Chemical has a dedicated procurement department that adopts a direct raw material procurement model and manages a list of qualified suppliers[38](index=38&type=chunk) - Production Model: Primarily self-production based on sales orders, with appropriate safety stock for high-demand and stable market products, and the ability to produce customized products according to customer-specified standards; some products are produced through outsourced processing due to capacity constraints or other factors[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - Sales Model: Primarily a direct sales model, with customers being large pesticide, pharmaceutical, and chemical enterprises, expanding business through exhibitions, website promotion, and customer visits[45](index=45&type=chunk) - Profit Model: Generates profit by purchasing raw materials, processing them, and selling the products to customers[46](index=46&type=chunk) [Industry Position](index=14&type=section&id=Industry%20Position) The company holds a leading position in the R&D and production of pesticide and pharmaceutical intermediates, with advanced technology and product quality - The company specializes in the research and development and production of pesticide and pharmaceutical intermediates, with its main products' technical processes and quality ranking among the best in the industry[49](index=49&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=Core%20Competitiveness%20Analysis) The company's core strengths include proprietary technology, comprehensive waste treatment, a strong customer base, and an experienced management team - The company possesses multiple proprietary technologies for pyridine derivative production, including **6 invention patents** and **19 utility model patents**[50](index=50&type=chunk) - The ammonia oxidation catalyst is a core production technology, significantly increasing the yield of cyanopyridine products and reducing ammonia and oxygen ratios to ensure production system safety[51](index=51&type=chunk) - The company's environmental equipment is complete and has passed environmental department inspections, with all three-waste emissions and treatments compliant, having received no environmental penalties, thus possessing a competitive advantage in environmental protection[53](index=53&type=chunk) - The company has numerous high-quality domestic and international customers, primarily international chemical giants and large domestic chemical enterprises, maintaining stable customer relationships[54](index=54&type=chunk) - The core management team of Lingang Yanu Chemical is stable and experienced, with over ten years of market, production, management, and technical experience in the fine chemical industry[55](index=55&type=chunk) [Technological Advantages](index=14&type=section&id=Technological%20Advantages) The company boasts strong R&D capabilities in fine chemical intermediates, holding multiple patents for pyridine derivative production, with its core ammonia oxidation catalyst technology enhancing yield and safety - The company possesses multiple proprietary technologies for pyridine derivative production, including **6 invention patents** and **19 utility model patents**[50](index=50&type=chunk) - The ammonia oxidation catalyst is the company's main core production technology, which can significantly increase product yield and ensure the safety of the production system[51](index=51&type=chunk) [Improving Three-Waste Treatment Technology and Environmental Equipment](index=14&type=section&id=Improving%20Three-Waste%20Treatment%20Technology%20and%20Environmental%20Equipment) The company continuously enhances its three-waste treatment capabilities and environmental equipment, adhering to source control principles and ensuring compliance, which provides a competitive edge under strict environmental regulations - The company adheres to a source control philosophy for environmental technology and equipment, continuously improving equipment, refining technology, encouraging innovation, and collaborating with external institutions to develop new technologies[53](index=53&type=chunk) - Lingang Yanu Chemical's environmental equipment is complete and has passed environmental department inspections, with all three-waste emissions and treatments compliant, having received no environmental penalties to date[53](index=53&type=chunk) [Customer Advantages](index=15&type=section&id=Customer%20Advantages) The company maintains stable, long-term relationships with a diverse portfolio of high-quality domestic and international clients, including major chemical enterprises, due to stringent product quality and supply requirements - The company has numerous high-quality domestic and international customers, primarily international chemical giants and large domestic chemical enterprises[54](index=54&type=chunk) - Customers are cautious in selecting suppliers; once a business relationship is established, it typically remains stable for a long time and has the potential to develop into a strategic partnership[54](index=54&type=chunk) [Management Team Advantages](index=15&type=section&id=Management%20Team%20Advantages) Lingang Yanu Chemical's stable and experienced core management team possesses over a decade of expertise in the fine chemical industry, enabling them to formulate effective development strategies aligned with market demands - Lingang Yanu Chemical's core management team is stable and experienced, with over ten years of market, production, management, and technical experience in the fine chemical industry[55](index=55&type=chunk) - The management team can formulate development strategies that align with the company's business model, industry development trends, and market demands[55](index=55&type=chunk) [Main Business Analysis](index=15&type=section&id=Main%20Business%20Analysis) Main business revenue decreased by **8.88%**, while cost of sales decreased by **13.73%**, leading to an improved gross margin. Pyridine products accounted for **88.32%** of revenue, with regional declines in East and North China, but significant growth in Northeast China Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 222,540,174.31 | 244,228,634.61 | -8.88% | | | Operating Cost | 194,203,081.17 | 225,104,284.62 | -13.73% | | | Selling Expenses | 1,857,000.97 | 1,866,852.43 | -0.53% | | | Administrative Expenses | 23,945,645.96 | 23,497,715.38 | 1.91% | | | Financial Expenses | 7,379,958.87 | 6,663,686.70 | 10.75% | | | Income Tax Expense | -291,208.73 | -3,111,023.28 | 90.64% | Taxable differences decreased compared to prior year | | R&D Investment | 8,056,224.44 | 8,181,579.42 | -1.53% | | | Net Cash Flow from Operating Activities | -8,903,855.83 | 10,220,473.95 | -187.12% | Inventory increased compared to prior year | | Net Cash Flow from Investing Activities | 4,289,819.06 | -2,545,559.58 | 268.52% | Increased cash received from matured structured deposits of subsidiaries | | Net Cash Flow from Financing Activities | -8,146,799.97 | -4,386,799.99 | -85.71% | Borrowings decreased compared to prior year | | Net Increase in Cash and Cash Equivalents | -12,660,916.85 | 3,557,158.26 | -455.93% | Inventory increased compared to prior year | Operating Revenue Composition (by Product) | Product Type | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Chemical Products - Pyridine | 196,538,788.24 | 88.32% | 214,055,795.67 | 87.65% | -8.18% | | Chemical Products - Non-Pyridine | 26,001,386.07 | 11.68% | 30,172,838.94 | 12.35% | -13.83% | Operating Revenue Composition (by Region) | Region | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic - North China | 79,339,543.23 | 35.65% | 87,619,258.41 | 35.88% | -9.45% | | Domestic - East China | 94,990,780.84 | 42.68% | 115,005,833.30 | 47.09% | -17.40% | | Domestic - Northeast China | 6,665,486.73 | 3.00% | 1,838,716.81 | 0.75% | 262.51% | Industry, Product, or Region Accounting for Over 10% of Operating Revenue or Operating Profit | Item | Operating Revenue | Operating Cost | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chemical Industry | 222,540,174.31 | 193,847,259.27 | 12.89% | -8.88% | -13.66% | 4.82% | | Chemical Products - Pyridine | 196,538,788.24 | 171,903,640.37 | 12.53% | -8.18% | -14.54% | 6.51% | | Domestic - North China | 79,339,543.23 | 68,939,543.73 | 13.11% | -9.45% | -20.85% | 12.51% | | Domestic - East China | 94,990,780.84 | 83,934,734.70 | 11.64% | -17.40% | -19.25% | 2.02% | [Non-Core Business Analysis](index=17&type=section&id=Non-Core%20Business%20Analysis) The company had no non-core business activities during the reporting period, with all income and profit derived from its main operations - The company had no non-core business activities during the reporting period[60](index=60&type=chunk) [Analysis of Assets and Liabilities](index=17&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders decreased, with increases in accounts receivable and inventory, and declines in cash, fixed assets, and contract liabilities. Certain assets are restricted, including mortgaged property and pledged subsidiary equity Significant Changes in Asset Composition At period-end, cash, fixed assets, and contract liabilities decreased as a percentage of total assets, while accounts receivable and inventory increased, indicating shifts in the company's current asset structure | Item | Proportion of Total Assets at Period-End | Proportion of Total Assets at Prior Year-End | Change in Proportion | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 4.54% | 7.02% | -2.48% | | Accounts Receivable | 14.55% | 11.12% | 3.43% | | Inventories | 18.20% | 15.34% | 2.86% | | Fixed Assets | 39.03% | 40.20% | -1.17% | | Contract Liabilities | 0.01% | 0.19% | -0.18% | Asset Restrictions as of the End of the Reporting Period Certain company assets are restricted, including mortgaged buildings and land use rights of its subsidiary for bank loans, and the pledge of **51%** of its subsidiary's equity to the controlling shareholder - Subsidiary Lingang Yanu Chemical's partial buildings and land use rights are mortgaged to Cangzhou Bank for loans[61](index=61&type=chunk) - The equity of controlled subsidiary Cangzhou Lingang Yanu Chemical Co., Ltd. has been pledged to Guangzhou Wanshun Technology Co., Ltd[63](index=63&type=chunk) [Investment Analysis](index=18&type=section&id=Investment%20Analysis) The company made no significant equity, non-equity, securities, or derivative investments, nor did it utilize raised funds during the reporting period, indicating a cautious investment approach - The company had no securities investments during the reporting period[64](index=64&type=chunk) - The company had no derivative investments during the reporting period[65](index=65&type=chunk) - The company had no use of raised funds during the reporting period[66](index=66&type=chunk) [Significant Asset and Equity Sales](index=18&type=section&id=Significant%20Asset%20and%20Equity%20Sales) The company did not sell any significant assets or equity during the reporting period, maintaining a stable asset structure - The company did not sell significant assets during the reporting period[67](index=67&type=chunk) - The company did not sell significant equity during the reporting period[68](index=68&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Cangzhou Lingang Yanu Chemical Co., Ltd., the sole source of the company's main business, reported **RMB 223 million** in revenue and **RMB 1.36 million** in net profit, while Gansu Wanshun Digital Technology Co., Ltd. is not yet operational Financial Situation of Major Holding Subsidiary Cangzhou Lingang Yanu Chemical Co., Ltd | Indicator | Amount (yuan) | | :--- | :--- | | Registered Capital | 120,000,000.00 | | Total Assets | 533,453,493.20 | | Net Assets | 262,806,791.10 | | Operating Revenue | 222,540,174.31 | | Operating Profit | -1,398,239.82 | | Net Profit | 1,361,625.75 | - The company's main business revenue is entirely derived from its controlled subsidiary, Cangzhou Lingang Yanu Chemical Co., Ltd[70](index=70&type=chunk) - The wholly-owned subsidiary, Gansu Wanshun Digital Technology Co., Ltd., is currently not operating[70](index=70&type=chunk) [Information on Structured Entities Controlled by the Company](index=19&type=section&id=Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period, indicating a traditional business structure without complex financial instruments - The company had no controlled structured entities during the reporting period[71](index=71&type=chunk) [Risks Faced by the Company and Countermeasures](index=19&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces severe risks including potential delisting, additional delisting warnings, bankruptcy, loss of main business, and unstable control, alongside market, raw material, environmental, and tax policy risks, which it addresses through active communication with creditors, seeking financing, government support, and pre-reorganization - The company's net assets at the end of 2024 were **-RMB 64.81 million**, leading to a delisting risk warning for its stock trading from April 30, 2025[71](index=71&type=chunk) - Controlling shareholder Guangzhou Wanshun applied for bankruptcy reorganization and pre-reorganization; Lanzhou Intermediate People's Court decided to initiate pre-reorganization, potentially leading to additional delisting risk warnings and bankruptcy if reorganization fails[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - The company failed to repay a **RMB 213.85 million** loan to Guangzhou Wanshun, risking Guangzhou Wanshun exercising its pledge over subsidiary equity, potentially causing the company to lose its main business[75](index=75&type=chunk)[78](index=78&type=chunk) - **86.51%** of controlling shareholder Guangzhou Wanshun's voting shares are pledged, and **76.21%** are judicially frozen and marked, posing a risk of unstable control[79](index=79&type=chunk) - The company is actively taking measures, including communicating with creditors for debt extension, seeking bank financing, striving for government support, exploring innovative financing channels, and cooperating with the court to advance pre-reorganization work to improve its asset-liability structure[86](index=86&type=chunk)[87](index=87&type=chunk) [Risks Faced by the Company](index=19&type=section&id=Risks%20Faced%20by%20the%20Company) The company faces severe risks including delisting due to negative net assets, potential additional delisting warnings and bankruptcy from pre-reorganization, loss of main business from overdue loans, and unstable control, alongside market, raw material, environmental, and tax policy risks - The company's net assets at the end of 2024 were **-RMB 64,809,147.62**, leading to a delisting risk warning for its stock trading from April 30, 2025[71](index=71&type=chunk) - Guangzhou Wanshun Technology Co., Ltd. has applied for bankruptcy reorganization and pre-reorganization of the company, and the Lanzhou Intermediate People's Court has decided to initiate pre-reorganization, potentially leading to additional delisting risk warnings and the risk of being declared bankrupt if reorganization fails[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - The company failed to repay a **RMB 213.85 million** loan to Guangzhou Wanshun on schedule, which may lead to Guangzhou Wanshun exercising its pledge over subsidiary equity, causing the company to lose its main business[75](index=75&type=chunk)[78](index=78&type=chunk) - Of the total voting shares held by controlling shareholder Guangzhou Wanshun, **86.51%** are pledged, and **76.21%** are judicially frozen and marked, posing a risk of unstable control[79](index=79&type=chunk) - The company also faces risks from lower-than-expected downstream market expansion, increased competition, raw material price fluctuations, stricter environmental and safety production requirements, and changes in high-tech enterprise tax policies[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk) [Countermeasures](index=22&type=section&id=Countermeasures) The company is actively addressing risks by cooperating with pre-reorganization efforts to improve its balance sheet, strengthening daily operations, enhancing R&D, optimizing product structure, and improving internal controls and financial management - The company will legally cooperate with the court to study and demonstrate the feasibility of reorganization, ensure stable production and operations, and strive for multi-party support to smoothly advance the reorganization work[86](index=86&type=chunk) - The company will continue to strengthen daily operational management, enhance the competitiveness of its main business, increase R&D efforts, adjust product structure and capacity, reduce production costs, and improve product market competitiveness and added value[87](index=87&type=chunk) - The company will strengthen internal control and financial management, improve internal controls, enhance risk management, increase risk resistance, and achieve cost reduction and efficiency improvement through comprehensive budget management and cost control[87](index=87&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[88](index=88&type=chunk) - The company has not disclosed a valuation enhancement plan[88](index=88&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed any "Dual Improvement in Quality and Returns" action plan during the reporting period - The company has not disclosed any "Dual Improvement in Quality and Returns" action plan announcement[88](index=88&type=chunk) Part IV Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Supervisors Chen Qixing, Ma Jingtian, and Su Jing resigned due to supervisory board reform, while directors and senior management remained unchanged - Supervisors Chen Qixing (Chairman of the Supervisory Board), Ma Jingtian, and Su Jing resigned on June 30, 2025, due to supervisory board reform[90](index=90&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Conversion for the Reporting Period](index=23&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20for%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period, reflecting its current financial strategy - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves for the semi-annual period[91](index=91&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company did not implement any 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 or their implementation during the reporting period[92](index=92&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=Environmental%20Information%20Disclosure) The company's subsidiary, Cangzhou Lingang Yanu Chemical Co., Ltd., is listed as an enterprise required to disclose environmental information and has reported through the official system - The company's controlled subsidiary, Cangzhou Lingang Yanu Chemical Co., Ltd., is included in the list of enterprises required to disclose environmental information in accordance with the law[93](index=93&type=chunk) - The environmental information disclosure report of Cangzhou Lingang Yanu Chemical Co., Ltd. can be found on the Enterprise Environmental Information Disclosure System (Hebei)[93](index=93&type=chunk) [Social Responsibility](index=23&type=section&id=Social%20Responsibility) The company has not yet engaged in poverty alleviation or rural revitalization efforts during the reporting period - During the reporting period, the company has not yet carried out poverty alleviation or rural revitalization work[94](index=94&type=chunk) Part V Significant Matters This section details the company's commitments, related party transactions, litigation, and other significant events impacting its operations and financial position [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=24&type=section&id=Commitments%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) All commitment-related parties, including the actual controller, shareholders, and affiliates, fulfilled their commitments regarding competition, related party transactions, fund occupation, and independence, with no overdue unfulfilled commitments at period-end - Lanzhou Asia-Pacific Mining Group Co., Ltd. and Lanzhou Taihua Investment Holding Co., Ltd. committed to avoiding horizontal competition and regulating related party transactions, and are fulfilling them normally[96](index=96&type=chunk)[97](index=97&type=chunk) - Chen Zhijian, Chen Shaofeng, and Guangzhou Wanshun Technology Co., Ltd. committed to avoiding horizontal competition, regulating related party transactions, and maintaining the independence of the listed company, and are fulfilling them normally[97](index=97&type=chunk)[98](index=98&type=chunk) - Hebei Yanu Biotechnology Co., Ltd. committed to assisting the subsidiary with system certification, and is fulfilling it normally[101](index=101&type=chunk) - Cangzhou Lingang Yanu Chemical Co., Ltd., Cangzhou Lingang Yanu Biomedical Co., Ltd., and Hebei Yanu Biotechnology Co., Ltd. committed to handling company division matters and sewage treatment plant related matters, and are fulfilling them normally[101](index=101&type=chunk)[102](index=102&type=chunk) - Wuhai City Lanya Chemical Co., Ltd. committed to avoiding horizontal competition, and is fulfilling it normally[102](index=102&type=chunk)[103](index=103&type=chunk) - All commitments were fulfilled on time during the reporting period, with no overdue unfulfilled situations[106](index=106&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=34&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) The company had no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period, maintaining financial independence - The company had no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[107](index=107&type=chunk) [Irregular External Guarantees](index=34&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period, adhering to regulatory compliance - The company had no irregular external guarantees during the reporting period[108](index=108&type=chunk) [Appointment and Dismissal of Accounting Firms](index=34&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited, thus no appointment or dismissal of accounting firms occurred during the reporting period - The company's semi-annual report was unaudited[109](index=109&type=chunk) [Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Period](index=34&type=section&id=Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no non-standard audit report for the current period, therefore no explanation from the Board or Supervisory Board is required - The company had no non-standard audit report for the current period[110](index=110&type=chunk) [Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=34&type=section&id=Board%20of%20Directors%27%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The Board acknowledged the "unqualified opinion with emphasis of matter paragraph regarding significant uncertainty about going concern" for the 2024 annual report and is actively working to improve the company's going concern ability in 2025 - The Board of Directors believes that the unqualified opinion with an emphasis of matter paragraph regarding significant uncertainty about going concern issued by L&A Certified Public Accountants for the company's 2024 annual report is consistent with the company's actual situation[110](index=110&type=chunk) - The Board of Directors highly values the matters involved in the audit report and will actively take effective measures to thoroughly improve the company's going concern ability in 2025[110](index=110&type=chunk) [Bankruptcy Reorganization Related Matters](index=34&type=section&id=Bankruptcy%20Reorganization%20Related%20Matters) The company's controlling shareholder applied for bankruptcy reorganization and pre-reorganization due to its inability to repay debts. The Lanzhou Intermediate People's Court initiated pre-reorganization, and **12** potential investors have submitted applications - On July 10, 2025, Guangzhou Wanshun Technology Co., Ltd. applied to the Lanzhou Intermediate People's Court for bankruptcy reorganization and pre-reorganization of the company, citing the company's inability to repay due debts and clear lack of solvency[112](index=112&type=chunk) - On July 11, 2025, the Lanzhou Intermediate People's Court decided to initiate pre-reorganization for the company and appointed Gansu Asia-Pacific Industrial Development Co., Ltd. Liquidation Group as the temporary administrator[112](index=112&type=chunk) - As of August 11, 2025, a total of **12** potential investors submitted application materials and fully paid earnest money to the temporary administrator[113](index=113&type=chunk) [Litigation Matters](index=35&type=section&id=Litigation%20Matters) The company was involved in two lawsuits: a resolution revocation dispute, which was dismissed and had no significant impact on profit, and a labor dispute, where the company lost the first instance and has appealed - In the case of Chang XX vs. the company regarding resolution revocation, the Lanzhou New Area People's Court dismissed all of Chang XX's claims, with the judgment becoming effective on April 6, 2025, and having no significant impact on the company's current or future profits[115](index=115&type=chunk) - In the labor dispute case between the company and Liu XX, the first instance ruled the company to pay **RMB 59,200**; the company has appealed, and the second instance has been heard but not yet decided[116](index=116&type=chunk) [Significant Litigation and Arbitration Matters](index=35&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) The lawsuit between Chang XX and the company regarding resolution revocation was dismissed by the Lanzhou New Area People's Court, with the judgment becoming effective on April 6, 2025, having no significant impact on current or future profits - In the case of Chang XX vs. the company regarding resolution revocation, the court dismissed all of Chang XX's claims, with the judgment becoming effective on April 6, 2025[115](index=115&type=chunk) - This judgment will not have a significant impact on the company's current or future profits[115](index=115&type=chunk) [Other Litigation Matters](index=36&type=section&id=Other%20Litigation%20Matters) In a labor dispute with Liu XX, the company was ordered to pay **RMB 59,200** in the first instance and has appealed, with the second instance heard but not yet decided - In the labor dispute case between the company and Liu XX, the first instance ruled the company to pay **RMB 59,200** to Liu XX[116](index=116&type=chunk) - The company has appealed to the Lanzhou Intermediate People's Court, and the second instance has been heard but not yet decided[116](index=116&type=chunk) [Penalties and Rectification](index=36&type=section&id=Penalties%20and%20Rectification) The company received no administrative penalties or rectification requirements for illegal activities during the reporting period - The company had no penalties or rectification during the reporting period[117](index=117&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=36&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company defaulted on a **RMB 213.85 million** loan to its controlling shareholder, leading to a bankruptcy reorganization application, but otherwise, no unfulfilled judgments or overdue debts were reported for the company, its actual controllers, or controlling shareholder - Due to financial strain, the company failed to repay a **RMB 213.85 million** loan to its controlling shareholder, Guangzhou Wanshun, by December 31, 2024, resulting in an overdue loan[118](index=118&type=chunk) - Guangzhou Wanshun applied to the Lanzhou Intermediate People's Court for bankruptcy reorganization and pre-reorganization of the company on July 10, 2025[118](index=118&type=chunk) - During the reporting period, the company's actual controllers, Mr. Chen Zhijian and Ms. Chen Shaofeng, and the controlling shareholder, had no unfulfilled effective court judgments or large overdue debts[119](index=119&type=chunk) [Significant Related Party Transactions](index=37&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions, including procurement, services, and sales, and terminated a significant related party transaction involving a private placement to its controlling shareholder Related Party Transactions Related to Daily Operations The company conducted various daily operational related party transactions, including purchasing products and raw materials, receiving leasing and outsourced processing services, and providing outsourced processing and selling products to affiliates Related Party Transactions (Procurement/Services Received) | Related Party | Related Transaction Type | Related Transaction Content | Related Transaction Amount (RMB 10,000) | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Hebei Shangdu Environmental Technology Co., Ltd. | Purchase of products from related party | Purchase of products | 57.82 | 180 | | Shijiazhuang Xinnuo Chemical Co., Ltd. | Purchase of raw materials from related party | Purchase of raw materials | 1,414.29 | 3,600 | | Cangzhou Lingang Yanu Biomedical Co., Ltd. | Receipt of services from related party | Lease | 305.31 | 690 | | Cangzhou Lingang Yanu Biomedical Co., Ltd. | Receipt of services from related party | Acceptance of outsourced processing | 355.75 | 2,000 | Related Party Transactions (Sales/Services Provided) | Related Party | Related Transaction Content | Related Transaction Amount (RMB 10,000) | | :--- | :--- | :--- | | Wuhai City Lanya Chemical Co., Ltd. | Provision of outsourced processing services | 201.95 | | Wuhai City Lanya Chemical Co., Ltd. | Sale of products | 486.73 | Other Significant Related Party Transactions The company terminated its planned private placement to controlling shareholder Guangzhou Wanshun, despite initial regulatory acceptance, due to litigation and internal reasons, with the exchange ceasing its review - The company planned to issue **96.88 million** shares to Guangzhou Wanshun Technology Co., Ltd., with Guangzhou Wanshun subscribing for all shares in cash, and becoming the company's controlling shareholder upon completion[128](index=128&type=chunk) - The application for this private placement was accepted by the Shenzhen Stock Exchange and underwent two rounds of review inquiries[130](index=130&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk) - Due to a lawsuit filed by Chang XX requesting the revocation of the company's third extraordinary general meeting resolution in 2024, the court once ruled to halt the private placement of shares[134](index=134&type=chunk)[135](index=135&type=chunk) - On January 21, 2025, the company's board of directors decided to terminate the private placement of shares to specific targets and voluntarily applied to the Shenzhen Stock Exchange to withdraw the relevant application documents[137](index=137&type=chunk) - On February 8, 2025, the Shenzhen Stock Exchange decided to terminate the review of the company's application for private placement of shares to specific targets[138](index=138&type=chunk) [Significant Contracts and Their Performance](index=43&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company has a significant lease contract for a sewage treatment center and provided multiple joint liability guarantees for its subsidiary, totaling **RMB 64.26 million**, which exceeds **50%** of its negative net assets Custody, Contracting, and Leasing Matters The company had no custody or contracting arrangements. In leasing, its controlled subsidiary leased a sewage treatment center for an annual rent of **RMB 6.9 million** - The company had no custody arrangements during the reporting period[141](index=141&type=chunk) - The company had no contracting arrangements during the reporting period[142](index=142&type=chunk) - The company's controlled subsidiary, Cangzhou Lingang Yanu Chemical Co., Ltd., leases a sewage treatment center, with an annual rent of **RMB 6.90 million**[144](index=144&type=chunk) Significant Guarantees The company provided multiple joint liability guarantees for its subsidiary, Cangzhou Lingang Yanu Chemical Co., Ltd., with an actual guarantee balance of **RMB 64.26 million**, representing **-72.51%** of its net assets Company's Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Cangzhou Lingang Yanu Chemical Co., Ltd. | 4,947 | 4,947 | Joint and several liability guarantee | No | | Cangzhou Lingang Yanu Chemical Co., Ltd. | 1,530 | 1,479 | Joint and several liability guarantee | No | - The total approved guarantee limit for subsidiaries at the end of the reporting period was **RMB 64.77 million**, with an actual guarantee balance totaling **RMB 64.26 million**[146](index=146&type=chunk) - The actual total guarantee amount accounted for **-72.51%** of the company's net assets, and the amount exceeding **50%** of net assets was **RMB 64.26 million**[147](index=147&type=chunk) [Explanation of Other Significant Matters](index=45&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company's stock received a delisting risk warning, its controlling shareholder's shares are pledged, and the company faces bankruptcy reorganization. The former largest shareholder's shares were judicially enforced, and the controlling shareholder's share increase plan remains unfulfilled, with a change in controlling shareholder - The company's stock trading was subject to a delisting risk warning from April 30, 2025, with the stock abbreviation changed to “**\*ST Asia-Pacific**”, due to negative net assets at the end of 2024[149](index=149&type=chunk) - Controlling shareholder Guangzhou Wanshun pledged **3.35 million** of its directly held company shares; as of the report disclosure date, **86.51%** of its total voting shares are pledged, and **76.14%** are judicially frozen and marked[150](index=150&type=chunk)[151](index=151&type=chunk) - The company failed to repay a **RMB 213.85 million** loan to Guangzhou Wanshun, leading to a bankruptcy reorganization and pre-reorganization application; the Lanzhou Intermediate People's Court has initiated pre-reorganization, and **12** potential investors have submitted application materials[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - Shares held by the former largest shareholder, Lanzhou Asia-Pacific Mining Group Co., Ltd., were forcibly sold or liquidated by the Lanzhou Chengguan District People's Court, with some remaining unsold[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) - Controlling shareholder Guangzhou Wanshun's share increase plan (intended to increase by no less than **RMB 30 million**) was not completed, with **RMB 10.032814 million** accumulated, and the fulfillment period extended by **6 months** to September 19, 2025[162](index=162&type=chunk) - On March 19, 2025, Guangzhou Wanshun became the controlling shareholder through share increase, holding **17.05%** of the company's voting shares. As of the report disclosure date, it holds **16.06%** of the company's voting shares[164](index=164&type=chunk)[165](index=165&type=chunk) [Significant Matters of Company Subsidiaries](index=48&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company's controlled subsidiary, Cangzhou Lingang Yanu Chemical Co., Ltd., completed business scope changes on April 15, 2025, due to business development needs - The company's controlled subsidiary, Cangzhou Lingang Yanu Chemical Co., Ltd., completed industrial and commercial change registration procedures on April 15, 2025, changing its business scope[166](index=166&type=chunk) Part VI Share Changes and Shareholder Information This section details the company's share capital, issuance, shareholder structure, and changes in control during the reporting period [Share Change Information](index=50&type=section&id=Share%20Change%20Information) The company's total share capital of **323.27 million** shares remained unchanged, with no changes in restricted or unrestricted shares, all being unrestricted tradable shares Share Change Information The company's total share capital and the structure of restricted and unrestricted shares remained unchanged, with **323.27 million** shares all being unrestricted tradable shares | Item | Number of Shares Before Change (shares) | Proportion Before Change | Net Increase/Decrease in This Change (shares) | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 323,270,000 | 100.00% | 0 | 323,270,000 | 100.00% | | III. Total Shares | 323,270,000 | 100.00% | 0 | 323,270,000 | 100.00% | - The company's total share capital remained unchanged during the reporting period, with no share repurchases or centralized bidding reductions of repurchased shares[170](index=170&type=chunk) [Changes in Restricted Shares](index=51&type=section&id=Changes%20in%20Restricted%20Shares) The company had no changes in restricted shares during the reporting period, as all shares are unrestricted tradable shares - The company had no changes in restricted shares during the reporting period[170](index=170&type=chunk) [Securities Issuance and Listing Information](index=51&type=section&id=Securities%20Issuance%20and%20Listing%20Information) The company had no new securities issuance or listing during the reporting period, indicating no equity financing through new shares - The company had no securities issuance and listing during the reporting period[170](index=170&type=chunk) [Shareholder Numbers and Shareholding Information](index=51&type=section&id=Shareholder%20Numbers%20and%20Shareholding%20Information) As of period-end, the company had **13,364** common shareholders. Lanzhou Asia-Pacific Mining Group and its concerted party held a significant stake, with some shares pledged or frozen. Guangzhou Wanshun Technology Co., Ltd. controlled **16.06%** of voting rights - The total number of common shareholders at the end of the reporting period was **13,364**[171](index=171&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Pledged, Marked, or Frozen Status (number) | | :--- | :--- | :--- | :--- | :--- | | Lanzhou Asia-Pacific Mining Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 8.96% | 28,977,295.00 | Pledged: 23,300,000; Marked: 23,300,000; Frozen: 5,677,295.00 | | Lanzhou Taihua Investment Holding Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.06% | 19,583,700.00 | Pledged: 18,257,200; Frozen: 10,583,700 | | Guangzhou Wanshun Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.04% | 3,350,000.00 | Not applicable: 0 | - Lanzhou Asia-Pacific Mining Group Co., Ltd. and its concerted party, Lanzhou Taihua Investment Holding Co., Ltd., irrevocably entrusted all their voting rights in the company (**48,560,995 shares**, accounting for **15.02%** of the company's total share capital) to Guangzhou Wanshun Technology Co., Ltd[172](index=172&type=chunk)[173](index=173&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=53&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[174](index=174&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=53&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder changed to Guangzhou Wanshun Technology Co., Ltd. on March 19, 2025, while the actual controllers, Chen Zhijian and Chen Shaofeng, remained unchanged - The new controlling shareholder is Guangzhou Wanshun Technology Co., Ltd., with the change date being March 19, 2025[175](index=175&type=chunk) - The company's actual controllers did not change during the reporting period[175](index=175&type=chunk) [Preferred Share Information](index=54&type=section&id=Preferred%20Share%20Information) The company had no preferred shares during the reporting period, indicating their absence from its capital structure - The company had no preferred shares during the reporting period[176](index=176&type=chunk) Part VII Bond-Related Information The company had no bond-related activities during the reporting period, neither issuing nor holding any bonds [Bond-Related Information](index=55&type=section&id=Bond-Related%20Information) The company had no bond-related activities during the reporting period, neither issuing nor holding any bonds - The company had no bond-related information during the reporting period[178](index=178&type=chunk) Part VIII Financial Report This section presents the company's unaudited semi-annual consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Audit Report](index=56&type=section&id=Audit%20Report) The company's semi-annual financial report was unaudited, therefore no audit report is attached - The company's semi-annual financial report was unaudited[180](index=180&type=chunk) [Financial Statements](index=56&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the 2025 semi-annual period Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 581,564,115.10 | | Total Liabilities | 541,411,877.17 | | Total Owners' Equity Attributable to Parent Company | -88,623,089.71 | | Minority Interests | 128,775,327.64 | | Total Owners' Equity | 40,152,237.93 | Consolidated Income Statement (Current Period Amount) | Item | Current Period Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 222,540,174.31 | | Total Operating Cost | 236,566,301.90 | | Operating Profit | -12,809,398.33 | | Total Profit | -24,680,524.40 | | Net Profit | -24,389,315.67 | | Net Profit Attributable to Parent Company Shareholders | -23,722,119.05 | | Basic Earnings Per Share (yuan/share) | -0.0734 | Consolidated Cash Flow Statement (Current Period Amount) | Item | Current Period Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -8,903,855.83 | | Net Cash Flow from Investing Activities | 4,289,819.06 | | Net Cash Flow from Financing Activities | -8,146,799.97 | | Net Increase in Cash and Cash Equivalents | -12,660,916.85 | [Consolidated Balance Sheet](index=56&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **RMB 582 million**, with total liabilities of **RMB 541 million**, and net assets attributable to parent company shareholders at **-RMB 88.62 million** Consolidated Balance Sheet Key Data (Period-End Balance) | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash and Bank Balances | 26,398,213.12 | | Accounts Receivable | 84,623,834.81 | | Inventories | 105,843,133.32 | | Fixed Assets | 226,998,087.45 | | Short-Term Borrowings | 97,128,033.35 | | Other Payables | 277,904,058.95 | | Total Owners' Equity Attributable to Parent Company | -88,623,089.71 | [Parent Company Balance Sheet](index=58&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **RMB 235 million**, total liabilities **RMB 279 million**, and total owner's equity **-RMB 43.78 million** Parent Company Balance Sheet Key Data (Period-End Balance) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 234,856,864.48 | | Total Liabilities | 278,634,180.50 | | Total Owners' Equity | -43,777,316.02 | | Long-Term Equity Investments | 195,661,143.00 | | Other Payables | 274,674,911.24 | [Consolidated Income Statement](index=60&type=section&id=Consolidated%20Income%20Statement) For the 2025 semi-annual period, consolidated total operating revenue was **RMB 223 million**, a decrease of **8.88%**, resulting in a net loss of **RMB 24.39 million** and a basic EPS of **-RMB 0.0734** Consolidated Income Statement Key Data (Current Period Amount) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 222,540,174.31 | 244,228,634.61 | | Total Operating Cost | 236,566,301.90 | 266,620,494.13 | | Operating Profit | -12,809,398.33 | -20,450,249.39 | | Total Profit | -24,680,524.40 | -20,422,025.74 | | Net Profit | -24,389,315.67 | -17,311,002.46 | | Net Profit Attributable to Parent Company Shareholders | -23,722,119.05 | -14,193,619.77 | | Basic Earnings Per Share (yuan/share) | -0.0734 | -0.0439 | [Parent Company Income Statement](index=63&type=section&id=Parent%20Company%20Income%20Statement) For the 2025 semi-annual period, the parent company reported zero operating revenue, a net loss of **RMB 14.65 million**, and a basic EPS of **-RMB 0.0453**, primarily due to a significant increase in non-operating expenses Parent Company Income Statement Key Data (Current Period Amount) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 0.00 | 0.00 | | Operating Profit | -3,037,737.18 | -3,128,452.73 | | Total Profit | -14,654,268.59 | -3,129,460.14 | | Net Profit | -14,654,268.59 | -3,069,046.44 | | Non-Operating Expenses | 11,616,531.41 | 1,007.41 | | Basic Earnings Per Share (yuan/share) | -0.0453 | -0.0095 | [Consolidated Cash Flow Statement](index=64&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the 2025 semi-annual period, operating cash flow turned negative at **-RMB 8.90 million**, investment cash flow was positive at **RMB 4.29 million**, and financing cash flow was **-RMB 8.15 million**, leading to a net decrease in cash and cash equivalents of **-RMB 12.66 million** Consolidated Cash Flow Statement Key Data (Current Period Amount) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -8,903,855.83 | 10,220,473.95 | | Net Cash Flow from Investing Activities | 4,289,819.06 | -2,545,559.58 | | Net Cash Flow from Financing Activities | -8,146,799.97 | -4,386,799.99 | | Net Increase in Cash and Cash Equivalents | -12,660,916.85 | 3,557,158.26 | | Cash and Cash Equivalents at Period-End | 21,394,719.74 | 36,248,121.85 | - Net cash flow from operating activities decreased by **187.12%** year-on-year, primarily due to an increase in inventory[57](index=57&type=chunk) - Net cash flow from investing activities increased by **268.52%** year-on-year, primarily due to increased cash received from matured structured deposits of subsidiaries[57](index=57&type=chunk) [Parent Company Cash Flow Statement](index=65&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the 2025 semi-annual period, the parent company's operating cash flow was **-RMB 5.65 million**, investment cash flow was **RMB 5.65 million**, and financing cash flow was zero, with a period-end cash and cash equivalents balance of **RMB 0.143 million** Parent Company Cash Flow Statement Key Data (Current Period Amount) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -5,648,717.76 | -7,239,656.88 | | Net Cash Flow from Investing Activities | 5,649,000.00 | 4,080,000.00 | | Net Cash Flow from Financing Activities | 0.00 | 1,900,000.00 | | Net Increase in Cash and Cash Equivalents | 282.24 | -1,259,656.88 | | Cash and Cash Equivalents at Period-End | 14

公元股份有限公司 2025 年半年度报告 2025 年 8 月 公元股份有限公司 2025 年半年度报告全文 1 公元股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人卢震宇、主管会计工作负责人杨永安及会计机构负责人(会计 主管人员)吴金国声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司未来发展计划、发展战略等前瞻性描述，不代表公司盈利预测，能 否实现取决于宏观经济环境、市场情况、行业发展状况与公司管理团队的努 力等多种因素，存在很大的不确定性，请投资者特别注意。 公司在本报告中第三节"管理层讨论与分析"之"十、公司面临的风险 和应对措施"部分描述了公司未来经营中可能面临的风险，敬请广大投资者 注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 6 | | 第三节 管理 ...

江苏法尔胜股份有限公司 2025 年半年度报告全文 江苏法尔胜股份有限公司 Jiangsu Fasten Company Limited 2025 年半年度报告全文 股票简称：法尔胜 股票代码：000890 董 事 长：陈明军 2025 年 8 月 1 江苏法尔胜股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈明军、主管会计工作负责人陈明军及会计机构负责人(会计 主管人员)周玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的公司未来计划、发展战略等前瞻性陈述不构成公司对 投资者的实质承诺，敬请投资者注意投资风险。 公司已在本报告中详细描述可能存在的相关风险及应对措施，敬请查阅 第三节"管理层讨论与分析"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | 4 | | --- | --- | | | 4 | | œ | | | | 1 ...

奥特佳新能源科技股份有限公司 2025 年半年度报告全文 1 奥特佳新能源科技股份有限公司 2025 年半年度报告全文 证券简称：奥特佳 证券代码：002239 公告编号：2025-049 奥特佳新能源科技股份有限公司 2025 年半年度报告 2025 年 8 月 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人王振坤先生、主管会计工作负责人沈军女士及会计机构负责人 冷泠女士声明：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。 在本报告中提及的涉及未来的经营计划、业务预期、策划尝试等，均为本 公司基于当前行业、市场环境及公司实际情况制定的计划。这些计划不构成盈 利预测或业绩承诺或实际业务进展。敬请投资者清晰理解其真实含义，审慎关 注投资风险。 竞争加剧导致的价格战风险，将可能导致公司相关产品毛利率下滑或损失 订单；客户降本传导风险，可能导致公司部分产品降价，从而影响利润；境外 业务成本控制风险；重点客户产品占有率下滑的风险。 公司 ...