成都富森美家居股份有限公司 2025 年半年度报告全文 成都富森美家居股份有限公司 2025 年半年度报告 2025-024 【2025 年 8 月】 1 成都富森美家居股份有限公司 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、监事会及除董事长刘兵先生因被实施留置措施无法签署关 于 2025 年半年度报告的书面确认意见之外，其他董事、监事和高级管理人员 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。 公司负责人刘云华（代）、主管会计工作负责人王鸿及会计机构负责人 (会计主管人员)阚宗涛声明：保证本半年度报告中财务报告的真实、准确、 完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | 未亲自出席董事 | 未亲自出席董事 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 姓名 | 职务 | | | | 刘兵 | 董事长 | 因被成都市郫都区监 察委员会实施留置 | | 公司可能面临的风险详见本报告"第三节 管理层讨论与分析"中"十、 公司面临的风险和应对措 ...

Section 1 Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, ensuring no false records, misleading statements, or major omissions, and assume individual and joint legal liability[4](index=4&type=chunk) - Company head Lv Huasheng, chief accounting officer Yan Xianfa, and head of the accounting department Zhang Qi declare that the financial report herein is true, accurate, and complete[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the first half of the year[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the nine main chapters of the report and their starting page numbers - The report is divided into nine main chapters, covering various aspects such as company operations, finance, governance, and important matters[8](index=8&type=chunk) [List of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Documents for inspection include signed financial statements and originals of all publicly disclosed company documents and announcements - Documents available for inspection include financial statements signed and sealed, as well as originals of all company documents and announcements publicly disclosed[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for frequently used terms in the report, clarifying company names, reporting periods, and other key terminology - The report clarifies that "the Company," "this Company," and "Guochuang Hi-tech" all refer to Hubei Guochuang Hi-tech Materials Co, Ltd[12](index=12&type=chunk) - The "Reporting Period" refers to January 1, 2025, to June 30, 2025, and the "Same Period Last Year" refers to January 1, 2024, to June 30, 2024[12](index=12&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company's stock, "Guochuang Hi-tech" (002377), is listed on the Shenzhen Stock Exchange, and its legal representative is Lv Huasheng - Stock name: **Guochuang Hi-tech**, Stock code: **002377**[15](index=15&type=chunk) - Listing exchange: **Shenzhen Stock Exchange**[15](index=15&type=chunk) - Legal representative: **Lv Huasheng**[15](index=15&type=chunk) [II. Contact Person and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Yan Xianfa and the Securities Affairs Representative is Zhou Qin, both located in Wuhan - Board Secretary: **Yan Xianfa**, Securities Affairs Representative: **Zhou Qin**[16](index=16&type=chunk) - Contact phone and fax: **027-87617400**[16](index=16&type=chunk) [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes were made to the company's registration, office address, website, or information disclosure locations during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period, with details available in the 2024 annual report[17](index=17&type=chunk) - The locations for information disclosure and document inspection remained unchanged during the reporting period, with details available in the 2024 annual report[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, operating revenue grew by 35.80% and net profit attributable to shareholders turned positive with a 101.28% increase, while total assets decreased by 8.76% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Same Period Last Year (Yuan) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 276,259,806.81 | 203,435,916.08 | 35.80% | | Net Profit Attributable to Shareholders | 171,615.37 | -13,455,470.89 | 101.28% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -794,215.65 | -13,634,080.52 | 94.17% | | Net Cash Flow from Operating Activities | -92,887,667.15 | -63,131,400.09 | -47.13% | | Basic Earnings Per Share (Yuan/share) | 0.0002 | -0.0147 | 101.36% | | Diluted Earnings Per Share (Yuan/share) | 0.0002 | -0.0147 | 101.36% | | Weighted Average Return on Equity | -0.17% | -2.58% | 2.41% | | **Indicator** | **End of Current Period (Yuan)** | **End of Last Year (Yuan)** | **Change from End of Last Year** | | Total Assets | 1,037,305,571.72 | 1,136,929,740.16 | -8.76% | | Net Assets Attributable to Shareholders | 469,299,314.15 | 469,039,786.11 | 0.06% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) There are no discrepancies in net profit or net assets between financial reports prepared under Chinese accounting standards and international or foreign accounting standards - The company reports no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[21](index=21&type=chunk) - The company reports no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[22](index=22&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring profit and loss for the period was RMB 965,831.02, mainly from government grants and fair value changes of financial assets Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Government grants included in current profit or loss (excluding those closely related to normal business operations) | 36,379.31 | | | Gains/losses from fair value changes of financial assets and liabilities held by non-financial enterprises, and from their disposal | 429,569.19 | | | Other non-operating income and expenses | 594,874.71 | | | Less: Income tax impact | 94,992.19 | | | Less: Minority interest impact (after tax) | 0.00 | | | Total | 965,831.02 | | - The company has no other items that meet the definition of non-recurring profit and loss, nor has it reclassified any non-recurring items as recurring[25](index=25&type=chunk) Section 3 Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business remains the R&D, production, and sale of modified asphalt products, achieving a turnaround to profitability through market expansion and efficiency improvements - During the reporting period, the company's main business remained unchanged, focusing on the R&D, production, and sale of modified asphalt products for road surfaces[27](index=27&type=chunk) - The company operates three proprietary asphalt production bases in Wuhan, Qinzhou, and Xinjin, with a total storage capacity of **85,000 tons**, serving most regions nationwide[27](index=27&type=chunk) - In H1 2025, national fixed-asset investment in highway construction **decreased by 8.9% year-on-year**, while apparent domestic asphalt consumption remained stable compared to the same period last year[27](index=27&type=chunk) [(I) Main Business Introduction](index=9&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E4%BB%8B%E7%BB%8D) The company specializes in modified asphalt for infrastructure projects, operating three production bases with 85,000 tons of storage capacity and a nationwide business presence - The company's main business is the R&D, production, and sale of modified asphalt products used in highways, national and provincial roads, urban main roads, and airport runways[27](index=27&type=chunk) - The company operates three proprietary asphalt production bases in Wuhan (Hubei), Qinzhou (Guangxi), and Xinjin (Sichuan), with a total storage capacity of **85,000 tons** and a service network covering most of the country[27](index=27&type=chunk) [(II) Industry Development Status](index=9&type=section&id=(%E4%BA%8C)%20%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E7%8A%B6%E5%86%B5) In H1 2025, national highway construction investment fell by 8.9% to RMB 1.13 trillion, while apparent asphalt consumption remained stable at approximately 14.39 million tons - From January to June 2025, national fixed-asset investment in highway construction totaled **RMB 1.129 trillion**, a year-on-year **decrease of 8.9%**[27](index=27&type=chunk) - In H1 2025, apparent domestic asphalt consumption was approximately **14.39 million tons**, remaining stable compared to the same period last year[27](index=27&type=chunk) [(III) Review of Major Work in H1 2025](index=9&type=section&id=(%E4%B8%89)%202025%20%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E4%B8%BB%E8%A6%81%E5%B7%A5%E4%BD%9C%E5%9B%9E%E9%A1%BE) The company reduced management expenses by 51.81%, expanded into the East China market, increased asphalt sales, and maintained a zero-accident safety record - The company's **management expenses decreased by 51.81% year-on-year**, reflecting improved operational efficiency and reduced costs[28](index=28&type=chunk) - Business volume from top-tier industry clients increased compared to the same period last year, indicating enhanced product and service quality[28](index=28&type=chunk) - The company successfully expanded into the East China market, leading to an increase in asphalt sales compared to the same period last year[30](index=30&type=chunk) - During the reporting period, the company achieved its **"zero-accident" target** in safety and environmental protection, with the HSE management system operating stably and efficiently[30](index=30&type=chunk) [(IV) Analysis of Operating Performance](index=10&type=section&id=(%E5%9B%9B)%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) In H1 2025, the company achieved a turnaround with operating revenue of RMB 276 million and net profit attributable to shareholders of RMB 171,600 - In H1 2025, the company generated total operating revenue of **RMB 276 million** and net profit attributable to shareholders of **RMB 171,600**[30](index=30&type=chunk) - Operating revenue **increased by 35.80%** year-on-year, primarily due to business expansion in the East China market and increased asphalt sales[30](index=30&type=chunk) - The company's net profit increased year-on-year, **achieving a turnaround from loss to profit**, mainly due to various cost reduction and efficiency improvement measures[30](index=30&type=chunk) [II. Core Competitiveness Analysis](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness remains unchanged, centered on its brand, technology, product quality, service capabilities, and experienced management team - The company's core competitiveness remained unchanged, maintaining advantages in brand, technology, product, and management within the asphalt business[31](index=31&type=chunk) - The company's **"Guochuang" brand** of modified asphalt is a well-known domestic brand, widely used in national highway network construction and key municipal road projects[31](index=31&type=chunk) - Recognized as a high-tech enterprise since 2008, the company operates an R&D center certified by the Ministry of Transport and holds dozens of patents[31](index=31&type=chunk) - The company provides high-quality SBS modified asphalt and special SBS modified asphalt that meet both domestic and international standards[32](index=32&type=chunk) - The company possesses the capability for rapid, large-scale production and supply of finished modified asphalt and offers professional supply chain solutions to leading enterprises[32](index=32&type=chunk)[33](index=33&type=chunk) - The management team is highly experienced, knowledgeable about industry trends, and focused on talent development through internal training and external recruitment[33](index=33&type=chunk) [III. Main Business Analysis](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business revenue grew 35.80% to RMB 276 million, driven by market expansion, while cost-cutting measures reduced sales and management expenses significantly Major Financial Data Y-o-Y Change | Indicator | Current Period (Yuan) | Same Period Last Year (Yuan) | Y-o-Y Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 276,259,806.81 | 203,435,916.08 | 35.80% | Primarily due to new business development in the East China market | | Operating Cost | 268,413,477.28 | 198,585,169.49 | 35.16% | Primarily due to the corresponding increase in costs with higher revenue | | Sales Expenses | 2,334,020.75 | 4,480,813.01 | -47.91% | Primarily due to cost reduction and efficiency improvement measures | | Management Expenses | 8,030,718.73 | 16,665,818.54 | -51.81% | Primarily due to cost reduction and efficiency improvement measures | | Net Cash Flow from Operating Activities | -92,887,667.15 | -63,131,400.09 | -47.13% | Primarily due to increased payments for goods and services with higher revenue | Operating Revenue Breakdown (by Industry, Product, Region) | Category | Item | Current Period Amount (Yuan) | % of Operating Revenue | Same Period Last Year Amount (Yuan) | % of Operating Revenue | Y-o-Y Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Asphalt Products | 269,000,671.15 | 97.37% | 201,812,777.73 | 99.20% | 33.29% | | | Engineering Services | 7,259,135.66 | 2.63% | 1,623,138.35 | 0.80% | 347.23% | | **By Product** | Modified Asphalt | 51,954,759.45 | 18.81% | 100,138,955.75 | 49.22% | -48.12% | | | Heavy-duty Paving Asphalt | 209,254,683.54 | 75.75% | 95,556,459.52 | 46.97% | 118.99% | | | Road Construction & Maintenance | 7,259,135.66 | 2.63% | 1,623,138.35 | 0.80% | 347.23% | | **By Region** | Central China | 252,438,787.10 | 91.38% | 180,186,642.48 | 88.57% | 40.10% | | | Southwest China | 23,821,019.71 | 8.62% | 23,249,273.60 | 11.43% | 2.46% | [IV. Non-core Business Analysis](index=12&type=section&id=%E4%BA%8C%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business activities, including investment income from futures and non-operating income from write-offs, impacted total profit but are not sustainable Non-core Business Analysis | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 429,569.19 | -110.32% | Futures gains | No | | Asset Impairment | 65,516.24 | -16.83% | | No | | Non-operating Income | 661,642.91 | -169.93% | Write-off of unpayable accounts | No | | Non-operating Expenses | 68,800.68 | -17.67% | | No | [V. Analysis of Assets and Liabilities](index=13&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by 8.76%, with a significant 8.85% increase in inventory due to new projects and stocking for the East China region Major Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Last Year (Yuan) | % of Total Assets | Change in % | Reason for Major Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 74,441,461.86 | 7.18% | 140,546,437.79 | 12.36% | -5.18% | | | Accounts Receivable | 382,651,525.75 | 36.89% | 478,377,591.79 | 42.08% | -5.19% | | | Inventory | 114,937,865.84 | 11.08% | 25,358,878.39 | 2.23% | 8.85% | Primarily due to stocking for new projects and the East China region | | Short-term Borrowings | 342,947,633.90 | 33.06% | 419,352,410.45 | 36.88% | -3.82% | | | Contract Liabilities | 58,614,905.44 | 5.65% | 34,673,348.40 | 3.05% | 2.60% | | | Long-term Borrowings | 5,000,000.00 | 0.48% | 0.00 | 0.00% | 0.48% | | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (Yuan) | Fair Value Change Gains/Losses (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 0 | 0 | 0 | | Other Equity Investments | 6,960,000.00 | 0 | 6,960,000.00 | | Receivables Financing | 14,715,593.92 | 0 | 1,251,906.93 | | Subtotal of Financial Assets | 21,675,593.92 | 0 | 8,211,906.93 | | Financial Liabilities | 0.00 | 0 | 0.00 | Restricted Assets as of the End of the Reporting Period | Item | Year-end Book Balance (Yuan) | Year-end Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 19,461,432.61 | 19,461,432.61 | Margin deposit & statutory restriction | Bank acceptance, letter of guarantee, letter of credit & interest rate swap deposits | | Other Current Assets | 10,000,000.00 | 10,000,000.00 | Pledge | Term deposit pledge | | Fixed Assets | 93,740,795.36 | 47,100,882.15 | Mortgage | Loan collateral | | Intangible Assets | 3,780,872.57 | 2,149,635.90 | Mortgage | Credit line | | Total | 126,990,322.16 | 78,719,172.28 | —— | —— | [VI. Investment Analysis](index=14&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company invested RMB 40 million to increase the registered capital of a subsidiary and engaged in asphalt futures hedging, realizing a gain of RMB 429,600 - The total investment during the reporting period was **RMB 40,000,000.00**, primarily for increasing the registered capital of the wholly-owned subsidiary Guangxi Guochuang by RMB 40 million[47](index=47&type=chunk) - The company had no securities investments, major equity investments, or major non-equity investments during the reporting period[47](index=47&type=chunk) - The hedging activities during the reporting period generated an actual gain of **RMB 429,600**, effectively mitigating price fluctuation risks[49](index=49&type=chunk) - The company engages in hedging to mitigate the adverse effects of raw material and inventory price fluctuations on its operations, strictly prohibiting any speculative trading[49](index=49&type=chunk) - The company had no use of raised funds during the reporting period[52](index=52&type=chunk) Derivative Investments for Hedging Purposes | Derivative Type | Purchase Amount (RMB 10k) | Sale Amount (RMB 10k) | Fair Value Change Gains/Losses (RMB 10k) | Period-end Amount (RMB 10k) | | :--- | :--- | :--- | :--- | :--- | | Asphalt Futures | 2,970.83 | 3,014.14 | 42.96 | 0 | | Total | 2,970.83 | 3,014.14 | 42.96 | 0 | [VII. Sale of Major Assets and Equity](index=16&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major assets or equity were sold during the reporting period - The company did not sell any major assets during the reporting period[53](index=53&type=chunk) - The company did not sell any major equity during the reporting period[54](index=54&type=chunk) [VIII. Analysis of Major Subsidiaries and Investees](index=17&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Guangxi Guochuang Road Material Co, Ltd is the main subsidiary, while Hubei Guochuang Highway Engineering Testing Co, Ltd was deregistered in June 2025 Major Subsidiaries and Investees Affecting Net Profit by over 10% | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Guochuang Road Material Co, Ltd | Subsidiary | Asphalt production and sales | 90,000,000 | 244,578,843.45 | 111,044,908.21 | 76,209,342.85 | -5,083,203.20 | -3,861,981.75 | - Hubei Guochuang Highway Engineering Testing Co, Ltd was deregistered on June 11, 2025, with no impact on overall operations or performance[56](index=56&type=chunk) [IX. Structured Entities Controlled by the Company](index=17&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[57](index=57&type=chunk) [X. Risks and Countermeasures](index=17&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from market competition, price volatility, and accounts receivable, which it addresses through strategic partnerships, hedging, and credit management - The company faces **market competition risk**, which it mitigates by leveraging its brand, quality, and technology advantages to foster close cooperation with transportation investment platforms and their material suppliers[57](index=57&type=chunk) - The company faces **raw material price volatility risk**, addressed by monitoring international crude oil prices, strengthening strategic cooperation with petrochemical giants, and using futures for hedging[57](index=57&type=chunk) - The company faces **accounts receivable management risk**, countered by conducting thorough customer credit assessments before bidding and intensifying collection efforts[58](index=58&type=chunk)[59](index=59&type=chunk) - The company faces **industry cyclicality risk**, which it manages by developing counter-cyclical new products and extending its industrial chain, with a focus on road maintenance as a key business source[59](index=59&type=chunk) [XI. Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has 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[60](index=60&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[60](index=60&type=chunk) [XII. Implementation of the "Dual Enhancement of Quality and Returns" Action Plan](index=18&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding a "Dual Enhancement of Quality and Returns" action plan - The company did not disclose an announcement regarding a "Dual Enhancement of Quality and Returns" action plan during the reporting period[60](index=60&type=chunk) Section 4 Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period; for details, please refer to the 2024 annual report[62](index=62&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=19&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital 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 first half of the year[63](index=63&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor their implementation, during the reporting period[64](index=64&type=chunk) [IV. Environmental Information Disclosure](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its main subsidiaries are not included in the list of 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[65](index=65&type=chunk) [V. Social Responsibility](index=19&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company has not yet undertaken work related to poverty alleviation or rural revitalization - During the reporting period, the company has not yet undertaken work related to poverty alleviation or rural revitalization[65](index=65&type=chunk) Section 5 Important Matters [I. Commitments Fulfilled or Overdue by Relevant Parties](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) No commitments were fulfilled or remained overdue by the company's actual controller, shareholders, related parties, or acquirers during the reporting period - The company reports no commitments fulfilled during the reporting period or overdue as of the end of the reporting period by its actual controller, shareholders, related parties, acquirers, or the company itself[67](index=67&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=20&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation of the listed company by its controlling shareholders or other related parties - The company reports no non-operating fund occupation by its controlling shareholders or other related parties during the reporting period[68](index=68&type=chunk) [III. Irregular External Guarantees](index=20&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[69](index=69&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=20&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report has not been audited - The company's semi-annual report is unaudited[70](index=70&type=chunk) [V. Explanation by the Board of Directors and Supervisory Committee on the "Non-standard Audit Report" for the Current Period](index=20&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) There was no non-standard audit report for the current reporting period - There was no non-standard audit report for the current reporting period[71](index=71&type=chunk) [VI. Explanation by the Board of Directors on the "Non-standard Audit Report" from the Previous Year](index=20&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) There was no non-standard audit report for the current reporting period - There was no non-standard audit report for the current reporting period[71](index=71&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=20&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[71](index=71&type=chunk) [VIII. Litigation Matters](index=20&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation but was involved in other lawsuits totaling RMB 8.59 million, which have no significant adverse impact - The company had no major litigation or arbitration matters during this reporting period[72](index=72&type=chunk) Summary of Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (RMB 10k) | Provision for Liabilities | Progress | Outcome and Impact | Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation not meeting major disclosure standards | 858.58 | No | Some cases judged or settled; others pending | No significant adverse impact on the company | Some cases are in the process of enforcement | [IX. Penalties and Rectifications](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[74](index=74&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=21&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller maintained a good integrity status with no unfulfilled court judgments or major overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status, with no unfulfilled effective court judgments or large overdue debts[75](index=75&type=chunk) [XI. Major Related-Party Transactions](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine related-party transactions for raw material procurement, notably with Ningbo Dinggao, for which the approved transaction limit was increased - The transaction limit with Ningbo Dinggao was increased to **RMB 499 million** and approved by the Board of Directors and shareholders' meeting[77](index=77&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[78](index=78&type=chunk) - The company had no related-party credit or debt transactions during the reporting period[80](index=80&type=chunk) Related-Party Transactions in the Ordinary Course of Business | Related Party | Transaction Type | Transaction Content | Amount (RMB 10k) | % of Similar Transactions | Approved Limit (RMB 10k) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Dinggao New Material Co, Ltd | Raw Material Procurement | Asphalt and additives | 27,889.96 | 60.99% | 26,000 | Yes | | Ningbo Guopei Petrochemical Co, Ltd | Services Received | Processing fees | 471.63 | 100.00% | 1,200 | No | | Guangxi Changhong Biomaterial Co, Ltd | Raw Material Procurement | Asphalt and additives | 1,612.45 | 3.53% | 7,000 | Yes | [XII. Major Contracts and Their Performance](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no custody, contracting, leasing, or entrusted wealth management arrangements but provided several major guarantees for its subsidiaries - The company had no custody, contracting, or leasing arrangements during the reporting period[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **RMB 240 million**, with an actual outstanding balance of **RMB 90 million**, representing **19.18%** of the company's net assets[89](index=89&type=chunk) - The company had no entrusted wealth management or other major contracts during the reporting period[90](index=90&type=chunk)[91](index=91&type=chunk) Guarantees Provided for Subsidiaries | Guaranteed Party | Guarantee Limit (RMB 10k) | Actual Start Date | Actual Guarantee Amount (RMB 10k) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Guochuang Road Material Co, Ltd | 7,000 | 2023-08-21 | 7,000 | Joint liability | 3 years | Yes | | Guangxi Guochuang Road Material Co, Ltd | 1,000 | 2024-02-28 | 1,000 | Joint liability | 3 years | Yes | | Guangxi Guochuang Road Material Co, Ltd | 24,000 | 2025-06-03 | 8,000 | Joint liability | 3 years | No | | Guangxi Guochuang Road Material Co, Ltd | 1,000 | 2025-02-27 | 1,000 | Joint liability | 3 years | No | | Hubei Guochuang Road Material Technology Co, Ltd | 1,000 | 2024-03-24 | 1,000 | Joint liability | 3 years | Yes | | Hubei Guochuang Hi-tech Materials Technology Co, Ltd | 5,000 | 2024-06-05 | 5,000 | Joint liability, mortgage | 3 years | Yes | [XIII. Explanation of Other Major Matters](index=24&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company plans to acquire Ningbo Guopei Petrochemical for RMB 225 million, and the "Guochuang Future R&D Center" project is nearing completion - In July 2025, the company proposed to acquire **100% equity of Ningbo Guopei Petrochemical Co, Ltd for RMB 225 million**, which has been approved by the Board and shareholders, pending payment upon disbursement of the acquisition loan[92](index=92&type=chunk) - The "Guochuang Future R&D Center" project, part of a property exchange, has been completed and is expected to be delivered soon[92](index=92&type=chunk) [XIV. Major Matters Concerning Subsidiaries](index=25&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no major matters concerning the company's subsidiaries during the reporting period - There were no major matters concerning the company's subsidiaries during the reporting period[93](index=93&type=chunk) Section 6 Share Capital Changes and Shareholder Information [I. Share Capital Changes](index=26&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Restricted shares decreased by 657,574 as former executives' shares were unlocked, while the total share capital remained unchanged - The decrease in restricted shares is mainly due to the unlocking of **25% of shares held by departed directors, supervisors, and senior management** (Hao Liqun, Peng Yachao, Meng Junmei, He Bin, Zhang Jingjing, Li Mouyu) six months after their departure[96](index=96&type=chunk) Share Capital Changes | Share Class | Pre-change Quantity (shares) | Pre-change Ratio | Change (+/- shares) | Post-change Quantity (shares) | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 44,634,154 | 4.87% | -657,574 | 43,976,580 | 4.80% | | II. Unrestricted Shares | 871,691,047 | 95.13% | 657,574 | 872,348,621 | 95.20% | | III. Total Shares | 916,325,201 | 100.00% | 0 | 916,325,201 | 100.00% | Changes in Restricted Shares | Shareholder Name | Opening Restricted Shares (shares) | Unlocked this Period (shares) | Closing Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Hao Liqun | 74,000.00 | 18,500.00 | 55,500.00 | Executive lock-up (departed) | | Peng Yachao | 834,194.00 | 208,549.00 | 625,645.00 | Executive lock-up (departed) | | Meng Junmei | 404,400.00 | 101,100.00 | 303,300.00 | Executive lock-up (departed) | | He Bin | 392,900.00 | 98,225.00 | 294,675.00 | Executive lock-up (departed) | | Li Mouyu | 388,300.00 | 97,075.00 | 291,225.00 | Executive lock-up (departed) | | Zhang Jingjing | 536,500.00 | 134,125.00 | 402,375.00 | Executive lock-up (departed) | | Total | 44,634,154.00 | 657,574.00 | 43,976,580.00 | -- | [II. Securities Issuance and Listing](index=28&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[99](index=99&type=chunk) [III. Number of Shareholders and Shareholding Status](index=28&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the period, there were 26,470 common shareholders, with Keyuan Holdings Group and Guochuang Gaoke Industrial Group being the top two shareholders - Total number of common shareholders at the end of the reporting period: **26,470**[100](index=100&type=chunk) - Keyuan Holdings Group Co, Ltd and Tao Chunfeng are parties acting in concert; Guochuang Gaoke Industrial Group Co, Ltd and Gao Panwen are parties acting in concert[100](index=100&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Nature | Shareholding Ratio | Period-end Shares (shares) | Restricted Shares (shares) | Unrestricted Shares (shares) | Share Status | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Keyuan Holdings Group Co, Ltd | Domestic non-state-owned legal entity | 11.00% | 100,795,771 | 0 | 100,795,771 | Pledged | 100,795,771 | | Guochuang Gaoke Industrial Group Co, Ltd | Domestic non-state-owned legal entity | 6.71% | 61,444,812 | 0 | 61,444,812 | Pledged | 61,444,812 | | Huang Yu | Domestic natural person | 5.00% | 45,816,261 | 0 | 45,816,261 | Pledged | 26,516,261 | | Tao Chunfeng | Domestic natural person | 5.00% | 45,816,261 | 34,362,196 | 11,454,065 | Pledged | 45,816,261 | [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=29&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period; for details, please refer to the 2024 annual report[102](index=102&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=29&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[103](index=103&type=chunk) - The company's actual controller did not change during the reporting period[103](index=103&type=chunk) [VI. Preferred Stock Matters](index=30&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[104](index=104&type=chunk) Section 7 Bond-related Matters [Bond-related Matters](index=31&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[106](index=106&type=chunk) Section 8 Financial Report [I. Audit Report](index=32&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report is unaudited[108](index=108&type=chunk) [II. Financial Statements](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, and cash flow statements [1. Consolidated Balance Sheet](index=32&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were RMB 1.04 billion, an 8.76% decrease from the beginning of the year - As of June 30, 2025, the company's consolidated total assets were **RMB 1,037,305,571.72**, an **8.76% decrease** from RMB 1,136,929,740.16 at the beginning of the year[111](index=111&type=chunk) - At period-end, total current assets were **RMB 669,354,117.73**, and total non-current assets were **RMB 367,951,453.99**[110](index=110&type=chunk)[111](index=111&type=chunk) - At period-end, total current liabilities were **RMB 535,082,788.14**, total non-current liabilities were **RMB 19,815,420.84**, and total liabilities were **RMB 554,898,208.98**[112](index=112&type=chunk) [2. Parent Company Balance Sheet](index=34&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were RMB 1.13 billion, a 5.46% increase from the beginning of the year - As of June 30, 2025, the parent company's total assets were **RMB 1,128,765,568.07**, a **5.46% increase** from RMB 1,070,264,660.48 at the beginning of the year[116](index=116&type=chunk) - At period-end, total current assets were **RMB 488,649,212.41**, and total non-current assets were **RMB 640,116,355.66**[115](index=115&type=chunk) - At period-end, total current liabilities were **RMB 590,748,097.83**, total non-current liabilities were **RMB 14,184,910.96**, and total liabilities were **RMB 604,933,008.79**[116](index=116&type=chunk) [3. Consolidated Income Statement](index=36&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, consolidated operating revenue was RMB 276 million, and net profit attributable to parent company shareholders was RMB 171,600, achieving a turnaround - For H1 2025, the company's consolidated total operating revenue was **RMB 276,259,806.81**, a year-on-year **increase of 35.80%**[119](index=119&type=chunk) - Consolidated net profit was **RMB 90,243.88**, with net profit attributable to parent company shareholders at **RMB 171,615.37**, achieving a **turnaround from loss to profit**[120](index=120&type=chunk) - Basic and diluted earnings per share were both **RMB 0.0002**[120](index=120&type=chunk) [4. Parent Company Income Statement](index=39&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the parent company's operating revenue grew 61.81% to RMB 295 million, with net profit increasing significantly to RMB 27.98 million - For H1 2025, the parent company's operating revenue was **RMB 294,812,647.61**, a **61.81% increase** from RMB 183,307,806.09 in the same period last year[122](index=122&type=chunk) - The parent company's net profit was **RMB 27,979,435.06**, a significant increase from RMB 6,839,461.75 in the same period last year[122](index=122&type=chunk) - Investment income was **RMB 23,254,037.20**, and credit impairment loss was **RMB 15,018,445.76**[122](index=122&type=chunk) [5. Consolidated Cash Flow Statement](index=40&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating activities was -RMB 92.89 million, a 47.13% year-on-year decrease, resulting in a net decrease in cash of RMB 65.94 million - For H1 2025, net cash flow from operating activities was **-RMB 92,887,667.15**, a year-on-year **decrease of 47.13%**[124](index=124&type=chunk) - Net cash flow from investing activities was **-RMB 1,965,712.66**, and net cash flow from financing activities was **RMB 28,914,130.61**[125](index=125&type=chunk) - The net increase in cash and cash equivalents was **-RMB 65,939,249.44**[125](index=125&type=chunk) [6. Parent Company Cash Flow Statement](index=41&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, the parent company's net cash flow from operating activities was -RMB 98.31 million, resulting in a net decrease in cash of RMB 51.94 million - For H1 2025, the parent company's net cash flow from operating activities was **-RMB 98,310,101.92**[127](index=127&type=chunk) - Net cash flow from investing activities was **-RMB 96,559,010.81**, and net cash flow from financing activities was **RMB 142,924,431.44**[128](index=128&type=chunk) - The net increase in cash and cash equivalents was **-RMB 51,944,681.53**[128](index=128&type=chunk) [7. Consolidated Statement of Changes in Owners' Equity](index=42&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, consolidated total owners' equity was RMB 482 million, with retained earnings at -RMB 4.20 billion - As of June 30, 2025, the company's consolidated total owners' equity was **RMB 482,407,362.74**, with total owners' equity attributable to the parent company at **RMB 469,299,314.15**[132](index=132&type=chunk) - Retained earnings at the end of the period were **-RMB 4,200,903,482.60**[132](index=132&type=chunk) [8. Parent Company Statement of Changes in Owners' Equity](index=46&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the parent company's total owners' equity increased by 5.64% to RMB 524 million, with retained earnings at -RMB 4.10 billion - As of June 30, 2025, the parent company's total owners' equity was **RMB 523,832,559.28**, a **5.64% increase** from RMB 495,853,124.22 at the beginning of the year[139](index=139&type=chunk) - Retained earnings at the end of the period were **-RMB 4,101,514,480.67**[139](index=139&type=chunk) [III. Company Basic Information](index=50&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Hubei Guochuang Hi-tech Materials Co, Ltd, established in 2002 and headquartered in Wuhan, specializes in the R&D, production, and sale of modified asphalt products - Hubei Guochuang Hi-tech Materials Co, Ltd was established on March 25, 2002, and is headquartered in Wuhan, Hubei Province[142](index=142&type=chunk) - The company and its subsidiaries are primarily engaged in the R&D, production, and sale of finished modified asphalt, asphalt modification equipment, and new road materials[142](index=142&type=chunk) - These financial statements were approved for issuance by the company's 7th Board of Directors at its 18th meeting on August 26, 2025[142](index=142&type=chunk) [IV. Basis of Preparation for Financial Statements](index=50&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with China's Accounting Standards for Business Enterprises, using the accrual basis and historical cost principle - The Group's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission[143](index=143&type=chunk) - The Group's accounting is based on the accrual basis, and these financial statements are measured on a historical cost basis, with the exception of certain financial instruments[143](index=143&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of this reporting period, with no major events affecting its going concern ability[144](index=144&type=chunk) [V. Significant Accounting Policies and Estimates](index=50&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies for key areas such as revenue recognition, financial instrument impairment, and inventory valuation - The financial statements prepared by the company comply with the requirements of the enterprise accounting standards, truly and completely reflecting the financial position, operating results, and cash flows of the company and the group[147](index=147&type=chunk) - The company's revenue recognition involves significant accounting judgments and estimates, such as identifying performance obligations, estimating variable consideration, and determining the timing of revenue recognition[298](index=298&type=chunk) - The company uses an **expected credit loss model** to assess the impairment of financial instruments, considering historical data and forward-looking information[302](index=302&type=chunk) - The company measures inventory at the **lower of cost or net realizable value** and provides for inventory write-downs for obsolete and slow-moving items[303](index=303&type=chunk) [VI. Taxes](index=87&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company and its subsidiaries are subject to various taxes, with some entities benefiting from preferential tax policies for high-tech enterprises and western development - The company's high-tech enterprise status was renewed, granting it a **preferential income tax rate of 15%** for three years[312](index=312&type=chunk) - The subsidiary Guangxi Guochuang Road Material Co, Ltd benefits from the Western Development tax incentive policy, with an **income tax rate of 15%**[313](index=313&type=chunk) - Some subsidiaries qualify for small and micro enterprise preferential policies, with their taxable income calculated at 25% and taxed at a rate of 20%[313](index=313&type=chunk) Main Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income | 1%, 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 3.5%, 5%, 7% | | Corporate Income Tax | Taxable income | See table below | | Education Surcharge | Actual turnover tax paid | 1.5%, 3% | | Local Education Surcharge | Actual turnover tax paid | 1%, 2% | Corporate Income Tax Rates for Different Entities | Taxpayer Name | Income Tax Rate | | :--- | :--- | | The Company | 15% | | Guangxi Guochuang Road Material Co, Ltd | 15% | | Hubei Guochuang Road Material Technology Co, Ltd | 25% | | Sichuan Guochuang Xinglu Asphalt Material Co, Ltd | 25% | | Jianli County Guochuang Municipal Construction Management Co, Ltd | 25% | | Hubei Guochuang Hi-tech Materials Technology Co, Ltd | 25% | | Hubei Guochuang Xinglu Trading Co, Ltd | 25% | | Shenzhen Guochuang Qizhi Technology Co, Ltd | 25% | | Shenzhen Gongying No. 3 Investment Enterprise (Limited Partnership) | Partnership does not pay corporate income tax | [VII. Notes to Consolidated Financial Statement Items](index=88&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed breakdowns and explanations for key items in the consolidated financial statements, including assets, liabilities, equity, and income statement components - The period-end balance of cash and cash equivalents was **RMB 74,441,461.86**, including bank deposits of RMB 51,743,145.05[316](index=316&type=chunk) - The period-end book value of accounts receivable was **RMB 382,651,525.75**, with a bad debt provision ratio of **15.93%**[334](index=334&type=chunk) - The period-end book value of inventory was **RMB 114,937,865.84**, of which raw materials accounted for RMB 110,222,300.91[394](index=394&type=chunk) - The period-end balance of short-term borrowings was **RMB 342,947,633.90**, mainly comprising guaranteed loans and discounted notes[484](index=484&type=chunk) - Operating revenue for the period was **RMB 276,259,806.81**, and operating cost was **RMB 268,413,477.28**[550](index=550&type=chunk) - Net cash flow from operating activities was **-RMB 92,887,667.15**[588](index=588&type=chunk) [VIII. R&D Expenditures](index=140&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was RMB 10.48 million, all of which was expensed, showing a slight increase from the previous year - All R&D expenditure was expensed, as there were no R&D projects meeting capitalization criteria during the period[606](index=606&type=chunk)[607](index=607&type=chunk) R&D Expenditure Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | R&D Expenses | 10,479,318.74 | 10,246,213.74 | | Total | 10,479,318.74 | 10,246,213.74 | | Of which: Expensed R&D | 10,479,318.74 | 10,246,213.74 | [IX. Changes in the Scope of Consolidation](index=140&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The scope of consolidation changed due to the deregistration of Hubei Guochuang Highway Engineering Testing Co, Ltd on June 11, 2025 - The deregistration of Hubei Guochuang Highway Engineering Testing Co, Ltd on June 11, 2025, led to a change in the scope of consolidation[617](index=617&type=chunk) - The company had no business combinations not under common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries leading to a loss of control during the reporting period[609](index=609&type=chunk)[613](index=613&type=chunk)[614](index=614&type=chunk)[615](index=615&type=chunk)[616](index=616&type=chunk) [X. Interests in Other Entities](index=143&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in its subsidiaries, with Jianli County Guochuang Municipal Construction Management Co, Ltd being a significant non-wholly-owned subsidiary - Jianli County Guochuang Municipal Construction Management Co, Ltd is a significant non-wholly-owned subsidiary, with a **minority interest of 19.00%**, and the loss attributable to minority shareholders for the period was -RMB 81,371.49[622](index=622&type=chunk) - The company had no transactions involving changes in the equity share of subsidiaries while still retaining control[626](index=626&type=chunk) - The company did not disclose information on significant joint ventures or associates[627](index=627&type=chunk)[628](index=628&type=chunk)[629](index=629&type=chunk)[630](index=630&type=chunk) Composition of the Enterprise Group | Subsidiary Name | Registered Capital (Yuan) | Main Place of Business | Business Nature | Shareholding Ratio (Direct) | | :--- | :--- | :--- | :--- | :--- | | Guangxi Guochuang Road Material Co, Ltd | 90,000,000.00 | Qinzhou Port, Guangxi | Asphalt production and sales | 100.00% | | Hubei Guochuang Road Material Technology Co, Ltd | 50,000,000.00 | Wuhan, Hubei | Road engineering maintenance | 100.00% | | Sichuan Guochuang Xinglu Asphalt Material Co, Ltd | 50,000,000.00 | Xinjin County Logistics Park | Asphalt production and sales | 100.00% | | Jianli County Guochuang Municipal Construction Management Co, Ltd | 68,250,000.00 | Jianli County, Hubei | Engineering investment and construction | 81.00% | | Hubei Guochuang Hi-tech Materials Technology Co, Ltd | 110,000,000.00 | Wuhan, Hubei | Asphalt production and sales | 100.00% | | Hubei Guochuang Xinglu Trading Co, Ltd | 100,000,000.00 | Wuhan, Hubei | Real estate | 100.00% | | Shenzhen Guochuang Qizhi Technology Co, Ltd | 10,000,000.00 | Shenzhen | Computer software | 100.00% | | Shenzhen Gongying No. 3 Investment Enterprise (Limited Partnership) | 93,451,000.00 | Shenzhen | Investment | 99.99% | [XI. Government Grants](index=148&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company received government grants related to assets, with a deferred income balance of RMB 19,199.51 at period-end, and recognized RMB 11,733.20 in profit or loss Liability Items Involving Government Grants | Account | Opening Balance (Yuan) | New Grants (Yuan) | Recognized in Non-operating Income (Yuan) | Transferred to Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 30,932.71 | 0 | 0 | 11,733.20 | 19,199.51 | Asset-related | | Total | 30,932.71 | 0 | 0 | 11,733.20 | 19,199.51 | | Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related - Enterprise technical transformation funds | 11,733.20 | 34,891.57 | | Subtotal Asset-related | 11,733.20 | 34,891.57 | | Subtotal Income-related | 0 | 302,245.53 | | Total | 11,733.20 | 337,137.10 | [XII. Risks Related to Financial Instruments](index=149&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages market, credit, and liquidity risks associated with its financial instruments through various measures, including hedging, which generated a gain of RMB 429,600 - The Group's risk management objective is to achieve an appropriate balance between risk and return, minimizing the negative impact of risks on its operating performance to maximize shareholder value[637](index=637&type=chunk) - The company faces **market risk** (exchange rate risk, interest rate risk, and other price risks), **credit risk**, and **liquidity risk**[638](index=638&type=chunk)[647](index=647&type=chunk)[649](index=649&type=chunk) - The company engages in asphalt futures hedging, not for speculation, effectively mitigating price fluctuation risks and realizing a gain of **RMB 429,600**[652](index=652&type=chunk)[654](index=654&type=chunk) Interest Rate Risk Sensitivity Analysis | Item | Impact on Current Year Profit (Yuan) | Impact on Prior Year Profit (Yuan) | | :--- | :--- | :--- | | RMB benchmark interest rate increases by 0.25 bps | 712,375.00 | 720,125.00 | | RMB benchmark interest rate decreases by 0.25 bps | -712,375.00 | -720,125.00 | Other Price Risk Sensitivity Analysis for Equity Investments | Item | Impact on Current Year Shareholders' Equity (Yuan) | Impact on Prior Year Shareholders' Equity (Yuan) | | :--- | :--- | :--- | | Fair value of equity investments increases by 5% | 261,000.00 | 261,000.00 | | Fair value of equity investments decreases by 5% | -261,000.00 | -261,000.00 | Classification of Financial Asset Transfers | Transfer Method | Nature of Transferred Asset | Amount Transferred (Yuan) | Derecognition Status | | :--- | :--- | :--- | :--- | | Endorsement | Bank acceptance bill | 89,436,703.53 | Derecognized | | Endorsement | Bank acceptance bill | 59,705,542.00 | Not derecognized | | Discounting | Bank acceptance bill | 199,891,679.41 | Derecognized | | Discounting | Commercial acceptance bill | 4,130,757.96 | Derecognized | [XIII. Fair Value Disclosure](index=154&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value primarily consist of receivables financing and other equity investments, valued using Level 3 inputs - Receivables financing is measured at its face value as fair value due to the short maturity of the bills (less than 6 months)[661](index=661&type=chunk) - The equity investment in Wuhan Optics Valley Kexin Micro-credit Co, Ltd is valued using the asset-based approach to determine its fair value[661](index=661&type=chunk) Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Receivables Financing | 1,251,906.93 | 1,251,906.93 | | Other Equity Investments | 6,960,000.00 | 6,960,000.00 | | Total assets continuously measured at fair value | 8,211,906.93 | 8,211,906.93 | [XIV. Related Parties and Related-Party Transactions](index=155&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling party is Tao Chunfeng, and it engaged in routine transactions with related parties for procurement, services, and leasing - The ultimate controlling party of the enterprise is **Tao Chunfeng**[662](index=662&type=chunk) - Following a change in the actual controller on October 21, 2024, entities controlled by the former actual controller remain related parties for 12 months[664](index=664&type=chunk) Procurement of Goods/Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Approved Limit (Yuan) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | | Ningbo Dinggao New Material Co, Ltd | Raw material procurement | 278,899,593.36 | 260,000,000.00 | Yes | | Ningbo Guopei Petrochemical Co, Ltd | Processing fees | 4,716,258.94 | 12,000,000.00 | No | | Guangxi Changhong Biomaterial Co, Ltd | Raw material procurement | 16,124,500.00 | 70,000,000.00 | Yes | | Hubei Guochuang Road Engineering Co, Ltd | Services received | 21,383,790.04 | 25,000,000.00 | No | Guarantees Provided by the Company | Guaranteed Party | Guarantee Amount (Yuan) | Start Date | End Date | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Guangxi Guochuang Road Material Co, Ltd | 70,000,000.00 | 2023-08-21 | 2026-08-21 | Yes | | Guangxi Guochuang Road Material Co, Ltd | 80,000,000.00 | 2025-06-03 | 2028-06-03 | No | Guarantees Received by the Company | Guarantor | Guarantee Amount (Yuan) | Start Date | End Date | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Wuhan Bus Manufacturing Co, Ltd | 156,000,000.00 | 2024-04-07 | 2025-04-06 | Yes | | Keyuan Holdings Group Co, Ltd | 50,000,000.00 | 2024-12-27 | 2025-12-27 | No | | Keyuan Holdings Group Co, Ltd | 30,000,000.00 | 2025-06-09 | 2026-06-09 | No | Related-Party Receivables | Item | Related Party | Period-end Book Balance (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Hubei Guochuang Road Engineering Co, Ltd | 62,286

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