武汉港迪技术股份有限公司 2025 年半年度报告全文 公司简称：港迪技术 公司代码：301633 武汉港迪技术股份有限公司 2025 年半年度报告 2025 年 8 月 武汉港迪技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人向爱国、主管会计工作负责人张丽娟及会计机构负责人(会计 主管人员)曾丽声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的宏观及行业分析、公司未来发展战略、经营计划等前瞻性陈 述，不构成公司对投资者及相关人士的实质承诺，投资者及相关人士均应当 对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司未来可能面临下游行业景气度风险、产品的竞争风险、原材料价格波 动的风险等，详细内容见本报告之"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。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一 ...

新华文轩出版传媒股份有限公司2025 年半年度报告 公司代码：601811 公司简称：新华文轩 新华文轩出版传媒股份有限公司 2025 年半年度报告 1 / 175 新华文轩出版传媒股份有限公司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、 公司负责人周青、主管会计工作负责人徐永平及会计机构负责人（会计主管人员）贺小茂 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 2025年半年度利润分配预案：拟以总股本123,384.10万股为基数，向股东每股派发现金股利0.19 元（含税），共计支付现金股利23,442.98万元（含税）。 上述利润分配方案需经本公司2025年第一次临时股东大会审议通过后方可实施。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成本公司对投资者的实质承 ...

深圳市智莱科技股份有限公司 2025 年半年度报告全文 深圳市智莱科技股份有限公司 2025 年半年度报告 2025-026 2025 年 8 月 公司日常经营中可能面临的风险因素主要包括下游客户景气度、市场竞争、 客户集中、原材料价格波动、汇率波动以及行业政策等风险。公司经营生产 经营中面临的风险与应对措施在本报告第三节"管理层讨论与分析"之"十、 公司面临的风险和应对措施"部分予以描述。 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 1 深圳市智莱科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、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。 公司负责人干德义、主管会计工作负责人干龙琴及会计机构负责人(会计 主管人员)蔡秀云声明：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。 公司目前不存在影响正常经营的重大风险。 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | -- ...

东方国际创业股份有限公司2025 年半年度报告 公司代码：600278 公司简称：东方创业 东方国际创业股份有限公司 2025 年半年度报告 1 / 190 东方国际创业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人谭明、主管会计工作负责人党晔及会计机构负责人（会计主管人员）陈乃轶声 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 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及未来计划或规划等前瞻性陈述的，均不构成公司对投资者的实质承诺，投资者 应对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。敬请投资者注意投资 风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露 ...

深圳市安车检测股份有限公司 2025 年半年度报告全文 深圳市安车检测股份有限公司 2025 年半年度报告 2025-039 2025 年 8 月 深圳市安车检测股份有限公司 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、监事会及除未出席的董事、监事、高级管理人员外的其他 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。 | 未亲自出席 | 未亲自出席董事 | 未亲自出席会议原因 | 被委托 | | --- | --- | --- | --- | | 董事姓名 | 职务 | | 人姓名 | | | | 公司董事殷志勇先生因工作时间等原因未出席亦未委托其他董事出席本次会 | | | | | 议。根据《中华人民共和国公司法》《上市公司章程指引(2025 年修订)》 | | | 殷志勇 | 董事 | | 无 | | | | 等法律法规的规定，董事未出席董事会会议且未委托代表出席的，视为放弃 | | | | | 在该次会议上的投票权，殷志勇先生的表决结果计为"弃权"。 | | 上述请投资者特别关注。 公司负责人 ...

上海锦江国际酒店股份有限公司2025 年半年度报告 公司代码：600754/900934 公司简称：锦江酒店/锦江 B 股 上海锦江国际酒店股份有限公司 2025 年半年度报告 1 / 220 上海锦江国际酒店股份有限公司2025 年半年度报告 重要提示 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司已在本报告中详细阐述存在的行业风险、市场风险等，敬请查阅"管理层讨论与分析"部分的 内容。 十一、其他 √适用 □不适用 本半年度报告分别以中文和英文两种文字印制，在对两种语言文本的说明上存在歧义时，以中文文 本为准。 3 / 220 | 第一节 | 释义 5 | | | --- | --- | --- | | 第二节 | 公司简介和主 ...

1 / 196 无锡信捷电气股份有限公司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。 无锡信捷电气股份有限公司2025 年半年度报告 公司代码：603416 公司简称：信捷电气 无锡信捷电气股份有限公司 2025 年半年度报告 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及未来计划等前瞻性陈述，该等陈述不构成公司对投资者的实质承诺，请投资者注 意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 三、 本半年度报告未经审计。 四、 公司负责人李新、主管会计工作负责人朱佳蕾及会计机构负责人（会计主管人员）朱佳蕾 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 截至2025年6月30日，公司报表中期末未分配利润为人民币1,743,442,552.07元。经董事会决 议，公司2025年半年度拟以实施权益分派股权登记日登记的总股本为 ...

浙江通力传动科技股份有限公司 2025 年半年度报告 浙江通力传动科技股份有限公司 2025 年半年度报告 二〇二五年八月 1 / 138 浙江通力传动科技股份有限公司 2025 年半年度报告 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。 公司负责人项献忠、主管会计工作负责人陈旭明及会计机构负责人(会计 主管人员)林忠直声明：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。 本公司提请投资者认真阅读本半年度报告全文，并特别关注本报告"第 三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"中描述的公 司在经营中可能存在的风险及应对措施，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 / 138 | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 6 | | 第三节 管理层讨论与分析 9 | | 第四节 公司治理、环境和社会 26 | | ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial preliminary information, including management's assurance, a detailed report structure, a list of reference documents, and definitions of key terms [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility. During the reporting period, the company must comply with disclosure requirements for seed and planting businesses, and has identified major risks such as changes in industrial policy, natural disasters, uncertainties in new variety research and development and promotion, market competition, and operational seasonality - The company's board of directors and senior management declare to guarantee the truthfulness, accuracy, and completeness of the report content[3](index=3&type=chunk) - The company must comply with the disclosure requirements for "seed and planting businesses" in the "Self-Regulatory Guidelines No. 3 for Listed Companies on the Shenzhen Stock Exchange—Industry Information Disclosure"[3](index=3&type=chunk) - Major risks include changes in industrial policy, natural disasters, uncertainties in new variety research and development and promotion, market supply-demand imbalance, and operational seasonality[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=4&type=section&id=Table%20of%20Contents) This section lists the structured table of contents for the report, including nine main chapters covering company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data [List of Reference Documents](index=5&type=section&id=List%20of%20Reference%20Documents) This section provides a list of reference documents available for inspection during the reporting period, including financial statements signed and sealed by the legal representative, the person in charge of accounting, and the head of the accounting department - Reference documents include financial statements signed and sealed, original copies of publicly disclosed company documents and announcements, and the original semi-annual report text signed by the chairman[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) - The storage location for reference documents is the company's Board Secretary Office[14](index=14&type=chunk) [Definitions](index=6&type=section&id=Definitions) This section defines key terms and company abbreviations used in the report, clarifying the full names of the company and its main subsidiaries, and the time scope of the reporting period Major Definitions | Definition Item | Definition Content | | :--- | :--- | | Company, This Company, Denghai Seeds | Shandong Denghai Seeds Co., Ltd. | | Reporting Period | January 1, 2025 to June 30, 2025 | | Last Three Years | 2025, 2024, 2023 | - Listed several subsidiary abbreviations including Changji Denghai, Zhangye Denghai, and Qingdao Denghai[16](index=16&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information, contact details, and a summary of its key accounting data and financial performance, including non-recurring gains and losses [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) This section provides basic company information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Denghai Seeds | | Stock Code | 002041 | | Stock Exchange Listed On | Shenzhen Stock Exchange | | Company's Chinese Name | Shandong Denghai Seeds Co., Ltd. | | Company's Legal Representative | Tang Shiwei | [II. Contact Person and Contact Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's board secretary and securities affairs representative, facilitating communication for investors and relevant parties Contact Persons and Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yuan Shaogang | South of Agricultural Science Academy, Chengshan Road, Laizhou City, Shandong Province | 0535-2788926 | 0535-2788875 | dmb@sddhzy.com | | Securities Affairs Representative | Wang Xiao | South of Agricultural Science Academy, Chengshan Road, Laizhou City, Shandong Province | 0535-2788889 | 0535-2788875 | dmb@sddhzy.com | [III. Other Information](index=7&type=section&id=III.%20Other%20Information) This section confirms that the company's registered address, office address, website, email address, information disclosure media, and document storage location remained unchanged during the reporting period, consistent with the 2024 annual report - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period[21](index=21&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, as well as the semi-annual report storage location, remained unchanged during the reporting period[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue and net profit attributable to shareholders of listed companies both declined, with operating revenue decreasing by 9.41% year-on-year and net profit by 33.42%. Net cash flow from operating activities improved but remained negative Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 369,332,216.06 | 407,692,633.40 | -9.41% | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 35,112,378.69 | 52,735,389.87 | -33.42% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (yuan) | -4,326,149.14 | 10,830,439.02 | -139.94% | | Net Cash Flow from Operating Activities (yuan) | -63,316,742.73 | -126,799,071.41 | 50.07% | | Basic Earnings Per Share (yuan/share) | 0.0399 | 0.0599 | -33.39% | | Diluted Earnings Per Share (yuan/share) | 0.0399 | 0.0599 | -33.39% | | Weighted Average Return on Net Assets | 0.97% | 1.47% | -0.50% | | Total Assets (yuan) | 4,754,655,244.68 | 4,878,071,041.66 | -2.53% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 3,604,258,637.07 | 3,594,666,258.38 | 0.27% | [V. Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) The company states that there were no differences in net profit and net assets in financial reports disclosed under International Accounting Standards or foreign accounting standards compared to Chinese Accounting Standards during the reporting period - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[25](index=25&type=chunk) - The company's financial reports disclosed under foreign accounting standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[26](index=26&type=chunk) [VI. Non-Recurring Gains and Losses and Their Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Their%20Amounts) This section details the non-recurring gains and losses and their amounts for the reporting period, totaling 39,438,527.83 yuan, primarily including gains and losses from disposal of non-current assets, government subsidies, and fair value changes of financial assets Non-Recurring Gains and Losses and Their Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 5,546,014.52 | | Government grants recognized in current profit and loss (excluding those related to normal business operations) | 25,713,536.29 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | 16,960,885.38 | | Other non-operating income and expenses apart from the above items | -285,908.78 | | Other items that meet the definition of non-recurring gains and losses | 74,670.53 | | Less: Income tax impact | 2,274,286.77 | | Minority interest impact (after tax) | 6,296,383.34 | | Total | 39,438,527.83 | - The company does not classify non-recurring gains and losses as recurring gains and losses[29](index=29&type=chunk) [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section offers an in-depth analysis of the company's main business, core competencies, financial performance, asset and liability status, investment activities, and the risks it faces, along with corresponding countermeasures [I. Main Business Activities of the Company During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20of%20the%20Company%20During%20the%20Reporting%20Period) The company primarily engages in hybrid corn seed business, also covering other crop seeds. During the reporting period, the seed industry revitalization action progressed steadily, and biological breeding technology developed rapidly, but the corn seed market remained oversupplied and highly competitive. The company actively adjusted its strategy, increased R&D investment, and promoted the industrialization of biological breeding. The company's business model covers new variety R&D, production, procurement, sales, and warehousing management, continuously strengthening intellectual property protection - The company primarily engages in hybrid corn seed business, also covering wheat, vegetable, and rice seeds, belonging to the agricultural seed sector[31](index=31&type=chunk) - 2025 is a critical period for accelerating the "five-year effectiveness" of seed industry revitalization, with the state continuously advancing the seed industry revitalization strategy, increasing policy support, and promoting the industrialization of biological breeding[31](index=31&type=chunk) - The corn seed market generally continued to be oversupplied, leading to lower seed prices and intense competition; the accelerated promotion of genetically modified varieties injected new vitality into the market[32](index=32&type=chunk) - The company's main performance is derived from its hybrid corn seed business, accounting for approximately **90% of revenue**, with "Denghai" and "Xianyu" series as key varieties[33](index=33&type=chunk) - New variety R&D models include conventional breeding and haploid induction, with long breeding cycles, and the company possesses national and provincial-level R&D platforms[33](index=33&type=chunk)[34](index=34&type=chunk) - The production model primarily combines "company + farmers," entrusted propagation, and "company + contractors," facing risks from natural disasters and management[34](index=34&type=chunk)[35](index=35&type=chunk) - The sales model is mainly based on county-level distributors, facing risks of cross-regional sales by distributors and sales of competing products, and is improving its marketing model to adapt to new customer groups[35](index=35&type=chunk)[36](index=36&type=chunk) - During the reporting period, the company applied for **12 plant variety rights** (2 hybrid varieties, 10 inbred lines) and obtained **10 authorizations** (9 hybrid varieties, 1 inbred line); it also obtained **1 authorized invention patent**[37](index=37&type=chunk) - Total sales returns in the first half of 2025 amounted to **8.6638 million yuan**, primarily for corn seeds[37](index=37&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company has developed strong core competencies through its national-level R&D platforms, numerous scientific and technological awards, integrated breeding-propagation-promotion industrial model, and the outstanding contributions of founder Mr. Li Denghai in corn breeding. The company continues to make progress in high-yield corn breeding and the promotion of genetically modified varieties, with a comprehensive variety reserve and leading technical expertise - The company possesses multiple national and provincial-level technological innovation platforms, such as the National Corn Engineering Technology Research Center (Shandong), and has received **25 national and provincial/ministerial awards**[38](index=38&type=chunk) - The company is one of the earliest pilot enterprises to implement integrated breeding-propagation-promotion, having formed a stable industrial model and established stable seed production and processing bases in Xinjiang, Gansu, Ningxia, and Shandong[38](index=38&type=chunk)[39](index=39&type=chunk) - The actual controller, Mr. Li Denghai, is known as the "Father of Compact Hybrid Corn in China," having achieved significant success in high-yield corn breeding with multiple generations of variety improvements[39](index=39&type=chunk) - Five corn varieties independently bred by the company, including YEDAN 2, YEDAN 12, YEDAN 13, YEDAN 19, and DENGHAI 605, were inducted into the "Hall of Fame," making the company the entity with the most inducted varieties[40](index=40&type=chunk) - During the reporting period, the demonstration and promotion of **6 national-approved genetically modified corn varieties**, led by DENGHAI 605D, progressed in an orderly manner, with sales gradually increasing[41](index=41&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, influenced by declining corn prices, market oversupply, and abnormal climate, the company's operating performance declined, with operating revenue decreasing by 9.41% year-on-year and net profit by 33.42%. The company actively responded by strengthening marketing, quality control, advancing R&D center construction, and approving genetically modified varieties, aiming for high-quality development - The company's operating performance declined due to factors such as falling commercial corn prices, weak market confidence, diseases, and abnormal climate[42](index=42&type=chunk) Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 369,332,216.06 | 407,692,633.40 | -9.41% | | Net Profit Attributable to Shareholders of Listed Company | 35,112,378.69 | 52,735,389.87 | -33.42% | | Net Cash Flow from Operating Activities | -63,316,742.73 | -126,799,071.41 | 50.07% | | Income Tax Expense | 12,068,229.27 | 3,187,828.63 | 278.57% | | R&D Investment | 43,178,704.56 | 37,968,891.89 | 13.72% | - The company strengthened marketing and technical services for marketable regional varieties, reduced seed production area to lower inventory risk, and advanced the construction of an integrated breeding-propagation-promotion system, including the Qingdao Biotechnology R&D Center[42](index=42&type=chunk)[43](index=43&type=chunk) - The Qingdao Biotechnology R&D Center has completed an investment of **121.0134 million yuan**, with project progress reaching **97.81%**, and scientific research and breeding work has commenced in an orderly manner[43](index=43&type=chunk) - The genetically modified corn variety "Denghai 1959D" passed approval, bringing the company's total genetically modified corn varieties to **6** at the end of the reporting period[43](index=43&type=chunk) Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (yuan) | Share of Operating Revenue | Prior Year Period Amount (yuan) | Share of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Corn Seeds | 338,237,234.88 | 91.58% | 384,522,566.78 | 94.32% | -12.04% | | Vegetable Seeds | 9,988,376.00 | 2.70% | 10,737,724.10 | 2.63% | -6.98% | | Rice Seeds | 9,328,027.53 | 2.53% | 6,076,698.00 | 1.49% | 53.50% | | Wheat Seeds | 3,072,204.09 | 0.83% | 1,409,215.13 | 0.35% | 118.01% | [IV. Analysis of Non-Core Business](index=15&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) This section analyzes the impact of the company's non-core businesses on profit, where investment income, fair value change gains/losses, and asset disposal gains contributed significantly to profit, while credit impairment losses and non-operating expenses had a negative impact Impact of Non-Core Business on Profit | Item | Amount (yuan) | Percentage of Total Profit | Main Reason | | :--- | :--- | :--- | :--- | | Investment Income | 12,739,941.74 | 28.90% | Investment income from disposal of financial assets held for trading | | Fair Value Change Gains/Losses | 4,220,943.64 | 9.58% | Financial assets held for trading | | Non-Operating Income | 689,967.02 | 1.57% | Compensation income, other income | | Non-Operating Expenses | 1,423,048.18 | 3.23% | Losses from destruction and scrapping of non-current assets, fines, other | | Credit Impairment Losses | -2,349,085.22 | -5.33% | Bad debt losses on accounts receivable, bad debt losses on other receivables | | Asset Disposal Gains | 5,993,186.90 | 13.60% | Gains from disposal of fixed assets | [V. Analysis of Assets and Liabilities](index=16&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of listed companies remained largely unchanged. Among current assets, monetary funds and accounts receivable increased, while inventories and contract liabilities decreased. Both short-term and long-term borrowings increased, with some fixed and intangible assets pledged for loans Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Percentage of Total Assets | Amount at End of Prior Year (yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,707,005,564.97 | 35.90% | 1,536,141,970.07 | 31.49% | 4.41% | | Accounts Receivable | 59,764,482.16 | 1.26% | 40,286,063.16 | 0.83% | 0.43% | | Inventories | 708,138,049.00 | 14.89% | 840,862,539.38 | 17.24% | -2.35% | | Short-term Borrowings | 31,550,000.00 | 0.66% | 20,550,000.00 | 0.42% | 0.24% | | Contract Liabilities | 263,632,545.54 | 5.54% | 407,323,025.74 | 8.35% | -2.81% | | Long-term Borrowings | 7,700,000.00 | 0.16% | 6,000,000.00 | 0.12% | 0.04% | - Financial assets measured at fair value through profit or loss had a period-end balance of **1,276,365,676.54 yuan**, a decrease from the beginning of the period[57](index=57&type=chunk) Asset Rights Restriction Status | Item | Book Value at Period-End (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Fixed Assets | 23,979,188.82 | Mortgage | Loan collateral | | Intangible Assets | 4,167,736.12 | Mortgage | Loan collateral | | Total | 28,146,924.94 | | | [VI. Analysis of Investment Status](index=17&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total investment decreased significantly by 73.95% year-on-year. Major non-equity investment projects progressed smoothly, with Qingdao Biotechnology R&D Center, Chaxian Drying Line Plant Construction, and Denghai Agricultural Science New Plant all substantially completed, exceeding 90% investment progress. The company had no significant equity investments, securities investments, or derivative investments during the reporting period Investment Amount During Reporting Period | Investment Amount During Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Rate | | :--- | :--- | :--- | | 15,098,129.18 | 57,955,859.39 | -73.95% | Significant Non-Equity Investments in Progress | Project Name | Cumulative Actual Investment Amount as of End of Reporting Period (yuan) | Project Progress | | :--- | :--- | :--- | | Qingdao Biotechnology R&D Center | 121,013,356.09 | 97.81% | | Chaxian Drying Line Plant Construction | 18,907,954.44 | 96.94% | | Denghai Agricultural Science New Plant | 32,664,391.70 | 97.94% | | Corn Innovation Capability Project | 2,811,000.00 | 19.41% | | Intelligent Artificial Climate Chamber Project | 2,090,632.59 | 20.91% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) [VII. Significant Asset and Equity Disposals](index=19&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company had no significant asset or equity disposal events during the reporting period - The company did not dispose of significant assets during the reporting period[66](index=66&type=chunk) - The company did not dispose of significant equity during the reporting period[67](index=67&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the financial information of the company's major holding and participating companies, including total assets, net assets, operating revenue, and net profit, with Shandong Denghai Pioneer Seed Co., Ltd., Changji Denghai Seed Co., Ltd., and Jilin Denghai Seed Co., Ltd. having a significant impact on the company's net profit Major Subsidiary Financial Data | Company Name | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Shandong Denghai Pioneer Seed Co., Ltd. | 525,879,517.45 | 388,018,458.36 | 70,433,754.96 | 9,526,029.97 | | Changji Denghai Seed Co., Ltd. | 221,406,743.33 | 177,760,356.65 | 57,578,139.31 | 9,468,636.15 | | Jilin Denghai Seed Co., Ltd. | 37,857,341.87 | 25,079,286.22 | 4,763,325.00 | 5,243,040.83 | - There were no acquisitions or disposals of subsidiaries during the reporting period[68](index=68&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=20&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[69](index=69&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=20&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks including new variety market promotion, adjustments in corn industry policy, seed production, and management. To address these challenges, the company plans to strengthen new variety layout and technical services, intensify germplasm research, scientifically plan seed production areas, and enhance group-level management - **New variety market promotion risk**: New varieties have a short time to market, and their field performance needs to be confirmed. Countermeasures: Plan new variety layout, strengthen marketing and technical services[69](index=69&type=chunk) - **Corn industry policy adjustment risk**: Accelerated industrialization of biological breeding intensifies market competition. Countermeasures: Increase germplasm research, improve the integrated breeding-propagation-promotion system in the four major regions, and strengthen production management and marketing services[70](index=70&type=chunk) - **Seed production risk**: Susceptible to natural disasters and pests. Countermeasures: Accelerate the construction of independent production bases, scientifically plan seed production areas, and enhance seed production technology[71](index=71&type=chunk) - **Management risk**: Numerous subsidiaries and diversified organizational structure require improved group-level management. Countermeasures: Clarify strategic positioning of parent and subsidiary companies, formulate synergistic development plans, and strengthen management team training[72](index=72&type=chunk)[73](index=73&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[74](index=74&type=chunk) - The company did not disclose a valuation enhancement plan[74](index=74&type=chunk) [XII. Implementation of the 'Quality and Return Dual Improvement' Action Plan](index=21&type=section&id=XII.%20Implementation%20of%20the%20%27Quality%20and%20Return%20Dual%20Improvement%27%20Action%20Plan) The company did not disclose an announcement regarding the 'Quality and Return Dual Improvement' action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[74](index=74&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=22&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's governance structure, profit distribution plans, employee incentives, environmental information disclosure, and its commitment to social responsibility [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were significant changes in the company's board of directors and supervisory board members due to re-election, with several directors and supervisors leaving upon term expiration, and new directors and a vice chairman being elected Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wu Xiaoyan | Director | Elected | May 13, 2025 | Re-election | | Wu Xiaoyan | Vice Chairman | Elected | May 18, 2025 | Re-election | | Wang Longxiang | Director, Vice Chairman | Term expired | May 12, 2025 | Re-election | | Zhai Dongfeng | Chairman of Supervisory Board | Term expired | May 12, 2025 | Re-election | [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=22&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[77](index=77&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no implementation of equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[78](index=78&type=chunk) [IV. Environmental Information Disclosure](index=22&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required by law to disclose environmental information, thus relevant disclosure requirements do not apply - The listed company and its major subsidiaries are not included in the list of enterprises required by law to disclose environmental information[79](index=79&type=chunk) [V. Social Responsibility](index=22&type=section&id=V.%20Social%20Responsibility) Adhering to its mission of 'pioneering China's high-yield corn path and catching up with world advanced levels,' the company is committed to national food security, increasing agricultural output and farmer income, and shareholder returns, actively fulfilling social responsibilities including environmental protection, resource conservation, and participation in social welfare - The company is committed to "national food security, increasing agricultural output and farmer income, and providing returns to shareholders"[79](index=79&type=chunk) - The company focuses on realizing corporate social value, promoting environmental protection and friendliness, resource conservation and recycling, and participating in and donating to social welfare and charitable causes[79](index=79&type=chunk)[80](index=80&type=chunk) [Section V Significant Events](index=24&type=section&id=Section%20V%20Significant%20Events) This section details important events during the reporting period, including commitments, related party transactions, litigation, penalties, and significant contracts, confirming the absence of many such events [I. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=24&type=section&id=I.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself[82](index=82&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=24&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties from the listed company[83](index=83&type=chunk) [III. Irregular External Guarantees](index=24&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[84](index=84&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[85](index=85&type=chunk) [V. Board of Directors' Explanation on 'Non-Standard Audit Report' for the Current Reporting Period](index=24&type=section&id=V.%20Board%20of%20Directors%27%20Explanation%20on%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Reporting%20Period) Not applicable, as the company's semi-annual report was not audited, there is no non-standard audit report - Not applicable, as the company's semi-annual report was not audited[86](index=86&type=chunk) [VI. Board of Directors' Explanation on 'Non-Standard Audit Report' for the Previous Year](index=24&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20on%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Previous%20Year) Not applicable - Not applicable[86](index=86&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=24&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[86](index=86&type=chunk) [VIII. Litigation Matters](index=24&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[87](index=87&type=chunk) [IX. Penalties and Rectification](index=25&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[88](index=88&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller - During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller[89](index=89&type=chunk) [XI. Significant Related Party Transactions](index=25&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions related to daily operations, asset or equity acquisition/disposal, joint external investment, related party creditor-debtor relationships, or transactions with finance companies - The company had no related party transactions related to daily operations during the reporting period[89](index=89&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[90](index=90&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[92](index=92&type=chunk) [XII. Significant Contracts and Their Performance](index=26&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no trusteeship, contracting, leasing, or significant guarantee situations during the reporting period. The company engaged in entrusted wealth management, with an outstanding balance of 1.271 billion yuan at period-end and no overdue unrecovered amounts - The company had no trusteeship, contracting, or leasing situations during the reporting period[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - The company had no significant guarantee situations during the reporting period[99](index=99&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (million yuan) | Outstanding Balance (million yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 26,500 | 127,133.06 | 0 | [XIII. Explanation of Other Significant Matters](index=26&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[102](index=102&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=27&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning subsidiaries during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[103](index=103&type=chunk) [Section VI Share Changes and Shareholder Information](index=28&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital structure, shareholder numbers, and changes in shareholdings of directors and senior management, confirming no changes in controlling shareholder or actual controller [I. Share Capital Changes](index=28&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged at 880,000,000 shares, all of which are unrestricted shares Share Capital Changes | Item | Number of Shares Before Change (shares) | Percentage Before Change | Number of Shares After Change (shares) | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0.00% | | II. Unrestricted Shares | 880,000,000 | 100.00% | 880,000,000 | 100.00% | | III. Total Shares | 880,000,000 | 100.00% | 880,000,000 | 100.00% | - There were no reasons for share changes, approvals, or transfer situations during the reporting period[106](index=106&type=chunk) [2. Changes in Restricted Shares](index=29&type=section&id=2.%20Changes%20in%20Restricted%20Shares) The company had no changes in restricted shares during the reporting period - The company had no changes in restricted shares during the reporting period[107](index=107&type=chunk) [II. Securities Issuance and Listing](index=29&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[107](index=107&type=chunk) [III. Number of Shareholders and Shareholding Information](index=29&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) At the end of the reporting period, the total number of common shareholders was 67,600. Laizhou Academy of Agricultural Sciences is the controlling shareholder with a 53.21% stake, and Li Denghai is the second largest shareholder with a 7.35% stake. There were no pledged, marked, or frozen shares among the top ten shareholders - The total number of common shareholders at the end of the reporting period was **67,600**[108](index=108&type=chunk) Top 10 Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | Share Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Laizhou Academy of Agricultural Sciences | Domestic Non-State-Owned Legal Person | 53.21% | 468,223,255 | 468,223,255 | Not Applicable | | Li Denghai | Domestic Natural Person | 7.35% | 64,696,004 | 64,696,004 | Not Applicable | | Yinhua Fund - Agricultural Bank - Yinhua China Securities Financial Asset Management Plan | Other | 0.61% | 5,373,192 | 5,373,192 | Not Applicable | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.40% | 3,559,030 | 3,559,030 | Not Applicable | - Li Denghai is the actual controller of Laizhou Academy of Agricultural Sciences, the company's controlling shareholder[108](index=108&type=chunk)[109](index=109&type=chunk) - There were no pledged, marked, or frozen shares among the top 10 shareholders[108](index=108&type=chunk) [IV. Changes in Shareholdings of Directors and Senior Management](index=31&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors and senior management during the reporting period, as detailed in the 2024 annual report - There were no changes in the shareholdings of the company's directors and senior management during the reporting period[111](index=111&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=31&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) Neither the company's controlling shareholder nor actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[112](index=112&type=chunk) - The company's actual controller did not change during the reporting period[112](index=112&type=chunk) [VI. Preferred Share Information](index=31&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[113](index=113&type=chunk) [Section VII Bond-Related Information](index=32&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of any bond-related information for the company during the reporting period [Bond-Related Information](index=32&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[115](index=115&type=chunk) [Section VIII Financial Report](index=33&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements, including detailed notes on accounting policies, taxation, and specific financial items, along with supplementary information [I. Audit Report](index=33&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[117](index=117&type=chunk) [II. Financial Statements](index=33&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows Consolidated Balance Sheet (Summary) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 1,707,005,564.97 | 1,536,141,970.07 | | Financial Assets Held for Trading | 1,276,365,676.54 | 1,532,591,341.11 | | Accounts Receivable | 59,764,482.16 | 40,286,063.16 | | Inventories | 708,138,049.00 | 840,862,539.38 | | Total Assets | 4,754,655,244.68 | 4,878,071,041.66 | | Short-term Borrowings | 31,550,000.00 | 20,550,000.00 | | Contract Liabilities | 263,632,545.54 | 407,323,025.74 | | Total Liabilities | 801,396,781.45 | 931,303,948.26 | | Total Owners' Equity Attributable to Parent Company | 3,604,258,637.07 | 3,594,666,258.38 | | Total Owners' Equity | 3,953,258,463.23 | 3,946,767,093.40 | Consolidated Income Statement (Summary) | Item | First Half of 2025 (yuan) | First Half of 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 369,332,216.06 | 407,692,633.40 | | Total Operating Costs | 370,912,729.68 | 406,509,983.13 | | Operating Profit | 44,812,680.26 | 49,116,313.44 | | Total Profit | 44,079,599.10 | 51,036,558.27 | | Net Profit | 32,011,369.83 | 47,848,729.64 | | Net Profit Attributable to Parent Company Shareholders | 35,112,378.69 | 52,735,389.87 | | Basic Earnings Per Share | 0.0399 | 0.0599 | Consolidated Cash Flow Statement (Summary) | Item | First Half of 2025 (yuan) | First Half of 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -63,316,742.73 | -126,799,071.41 | | Net Cash Flow from Investing Activities | 164,599,369.44 | 277,051,175.09 | | Net Cash Flow from Financing Activities | -13,250,956.67 | -21,377,647.55 | | Net Increase in Cash and Cash Equivalents | 88,031,670.04 | 128,874,456.13 | | Cash and Cash Equivalents at Period-End | 513,877,464.21 | 552,156,004.08 | [III. Company Overview](index=52&type=section&id=III.%20Company%20Overview) This section introduces the company's historical evolution, listing status, share capital structure, registration information, and main business scope, clarifying that the company primarily engages in the selection, production, packaging, and sale of new crop varieties - The company was established in December 2000 and listed on the SME Board of the Shenzhen Stock Exchange in April 2005[148](index=148&type=chunk) - As of June 30, 2025, the company's total share capital was **880 million shares**, all of which are unrestricted shares[149](index=149&type=chunk) - The company primarily engages in the selection of new crop varieties, and the production, packaging, and sale of crop seeds within the licensed business scope, with main products including hybrid corn seeds, hybrid vegetable seeds, wheat seeds, rice seeds, and flower seedlings[152](index=152&type=chunk) [IV. Basis of Financial Statement Preparation](index=52&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company'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 relevant disclosure regulations of the China Securities Regulatory Commission, confirming the company's ability to continue as a going concern for at least the next 12 months - The company prepares its financial statements on a going concern basis, in accordance with the Accounting Standards for Business Enterprises and relevant regulations of the China Securities Regulatory Commission[154](index=154&type=chunk) - The company has the ability to continue as a going concern for at least the next 12 months from the end of the reporting period, with no significant matters affecting its going concern ability[155](index=155&type=chunk) [V. Significant Accounting Policies and Estimates](index=53&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering key areas such as financial instrument classification and measurement, revenue recognition, inventory valuation, long-term equity investments, depreciation of fixed assets, amortization of intangible assets, lease accounting treatment, and deferred income tax, while also clarifying materiality standards - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truthfully and completely reflecting the company's financial position, operating results, cash flows, and other relevant information[158](index=158&type=chunk) - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and their contractual cash flow characteristics[180](index=180&type=chunk) - The company performs impairment accounting for financial assets measured at amortized cost, financial assets classified as at fair value through other comprehensive income, contract assets, and financial guarantee contracts based on expected credit losses[201](index=201&type=chunk) - Revenue recognition principle is to recognize revenue when performance obligations in the contract are satisfied, i.e., when the customer obtains control of the relevant goods or services[257](index=257&type=chunk) - The company primarily sells crop seeds such as corn, wheat, and rice domestically, using a distributor model, and recognizes revenue when customers receive goods without objection[264](index=264&type=chunk) - The company recognizes right-of-use assets and lease liabilities for leases, and depreciates right-of-use assets using the straight-line method[276](index=276&type=chunk) [VI. Taxation](index=87&type=section&id=VI.%20Taxation) This section details the main tax categories and rates for the company and its subsidiaries, and explains the tax preferential policies enjoyed, including VAT exemption for seeds and seedlings, corporate income tax exemption or halving for agricultural, forestry, animal husbandry, and fishery projects, and a 15% tax rate for high-tech enterprises Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Income | 6%, 9% | | Corporate Income Tax | Taxable Income | 15%, 20%, 25% | - The company and its controlled subsidiaries enjoy VAT exemption for wholesale and sales of seeds and seedlings[293](index=293&type=chunk) - The company and eligible controlled subsidiaries are exempt from corporate income tax for income derived from corn new variety breeding and cultivation, and enjoy a 50% reduction in corporate income tax for income derived from flower breeding and cultivation[294](index=294&type=chunk) - The company and high-tech enterprises such as Shandong Denghai Huayu Seed Co., Ltd., Shandong Denghai Yuyu Seed Co., Ltd., Shandong Denghai Lufeng Seed Co., Ltd., Tai'an Denghai Wuyue Taishan Seed Co., Ltd., and Liaoning Denghai Seed Co., Ltd. pay corporate income tax at a **15% rate**[294](index=294&type=chunk)[296](index=296&type=chunk) - Jilin Denghai Seed Co., Ltd. and Shandong Denghai Luxi Seed Co., Ltd. are small and micro-profit enterprises, paying corporate income tax at a **20% rate**[297](index=297&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=88&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, financial assets held for trading, accounts receivable, inventories, short-term borrowings, contract liabilities, deferred income, etc., and explains the reasons for changes in each item. During the reporting period, accounts receivable and prepayments significantly increased, while accounts payable and contract liabilities significantly decreased Monetary Funds | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 208,029.15 | 226,439.08 | | Bank Deposits | 1,645,815,767.58 | 1,490,441,379.70 | | Funds Deposited with Finance Company | 60,981,768.24 | 45,473,777.31 | | Total | 1,707,005,564.97 | 1,536,141,970.07 | Financial Assets Held for Trading | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Wealth Management Products and Structured Deposits | 1,276,365,676.54 | 1,532,591,341.11 | | Of which: Principal | 1,271,330,550.00 | 1,528,071,550.00 | | Of which: Income | 5,035,126.54 | 4,519,791.11 | | Total | 1,276,365,676.54 | 1,532,591,341.11 | - Accounts receivable at period-end amounted to **59,764,482.16 yuan**, an increase of **48.35%** from the beginning of the period, primarily due to the company's increased credit support to reputable distributors during the current period[24](index=24&type=chunk)[43](index=43&type=chunk)[304](index=304&type=chunk) - Prepayments at period-end amounted to **99,828,967.52 yuan**, an increase of **193.20%** from the beginning of the period, primarily due to prepayments for 2025 production base seed production fees[24](index=24&type=chunk)[43](index=43&type=chunk)[333](index=333&type=chunk) - Inventories at period-end amounted to **708,138,049.00 yuan**, a decrease of **15.78%** from the beginning of the period, primarily including corn, wheat, and rice seeds[24](index=24&type=chunk)[336](index=336&type=chunk) - Short-term borrowings at period-end amounted to **31,550,000.00 yuan**, an increase of **53.53%** from the beginning of the period, primarily due to increased loans by subsidiaries for short-term prepayments of base production funds[24](index=24&type=chunk)[44](index=44&type=chunk)[381](index=381&type=chunk) - Accounts payable at period-end amounted to **57,897,328.45 yuan**, a decrease of **60.68%** from the beginning of the period, primarily due to payments for prior period production base seed production settlements[24](index=24&type=chunk)[44](index=44&type=chunk)[383](index=383&type=chunk) - Contract liabilities at period-end amounted to **263,632,545.54 yuan**, a decrease of **35.28%** from the beginning of the period, primarily due to the write-off of advance receipts to revenue in the current period[24](index=24&type=chunk)[44](index=44&type=chunk)[391](index=391&type=chunk) - Deferred income at period-end amounted to **123,915,678.68 yuan**, an increase of **73.45%** from the beginning of the period, primarily due to an increase in project funds received in the current period[24](index=24&type=chunk)[45](index=45&type=chunk)[403](index=403&type=chunk) - Non-operating expenses increased by **3066.93%** in the current period compared to the prior year period, primarily due to an increase in late payment fees paid in the current period[46](index=46&type=chunk)[438](index=438&type=chunk) - Income tax expense increased by **278.57%** in the current period compared to the prior year period, primarily due to an increase in taxable income compared to the prior period[46](index=46&type=chunk)[439](index=439&type=chunk)[440](index=440&type=chunk) - Net cash outflow from operating activities decreased by **63,482,328.68 yuan** in the current period compared to the prior year period, primarily due to a decrease in cash paid for goods and services purchased[46](index=46&type=chunk)[442](index=442&type=chunk) [VIII. Research and Development Expenses](index=124&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section details the R&D expenditures during the reporting period, with total R&D investment of 43,178,704.56 yuan, including expensed R&D of 42,268,174.56 yuan and capitalized R&D of 910,530.00 yuan, primarily for the development of new corn varieties R&D Expenditure Details | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Office Expenses | 712,794.44 | 1,338,490.57 | | Employee Compensation | 14,511,571.69 | 14,864,044.48 | | Approval and Testing Fees | 8,719,842.10 | 10,434,484.07 | | Project Cooperation R&D Fees | 3,430,000.00 | 0 | | Total | 43,178,704.56 | 37,968,891.89 | | Of which: Expensed R&D | 42,268,174.56 | 37,661,391.89 | | Capitalized R&D | 910,530.00 | 307,500.00 | - Capitalized R&D projects primarily involve new corn varieties, with a period-end balance of **3,806,744.04 yuan**[459](index=459&type=chunk) [IX. Interests in Other Entities](index=124&type=section&id=IX.%20Interests%20in%20Other%20Entities) This section lists the composition of the company's enterprise group, including the registered capital, registered location, business nature, and shareholding percentage of major subsidiaries. Shandong Denghai Pioneer Seed Co., Ltd. is a significant non-wholly owned subsidiary, with a minority shareholder stake of 49.00% Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (yuan) | Business Nature | Shareholding Percentage (Direct) | | :--- | :--- | :--- | :--- | | Shandong Denghai Pioneer Seed Co., Ltd. | 54,811,941.46 | Production, sales; new crop variety selection | 51.00% | | Changji Denghai Seed Co., Ltd. | 60,000,000.00 | Production, sales; new crop variety selection | 100.00% | | Qingdao Denghai Seed Co., Ltd. | 90,000,000.00 | New crop variety selection, sales | 100.00% | | Yili Denghai Seed Co., Ltd. | 100,000,000.00 | Production, sales; new crop variety selection | 100.00% | Financial Information of Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Net Profit Attributable to Minority Shareholders for Current Period (yuan) | Minority Interest Balance at Period-End (yuan) | | :--- | :--- | :--- | :--- | | Shandong Denghai Pioneer Seed Co., Ltd. | 49.00% | 4,667,754.69 | 190,129,044.60 | [X. Government Grants](index=128&type=section&id=X.%20Government%20Grants) This section discloses the government grants received by the company during the reporting period. At period-end, government grants related to assets in deferred income totaled 17,360,008.02 yuan, and those related to income totaled 106,555,670.66 yuan. The total government grants recognized in other income for the current period amounted to 25,713,536.29 yuan Liability Items Involving Government Grants | Accounting Account | Period-Beginning Balance (yuan) | New Grants for Current Period (yuan) | Amount Transferred to Other Income for Current Period (yuan) | Period-End Balance (yuan) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 16,749,301.89 | 6,000,000.00 | 5,389,293.87 | 17,360,008.02 | Related to Asset | | Deferred Income | 54,693,063.01 | 62,530,000.00 | 10,667,392.35 | 106,555,670.66 | Related to Income | | Total | 71,442,364.90 | 68,530,000.00 | 16,056,686.22 | 123,915,678.68 | | Government Grants Recognized in Current Profit and Loss | Accounting Account | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Other Income | 25,713,536.29 | 18,717,644.03 | | Total | 25,713,536.29 | 18,717,644.03 | [XI. Risks Related to Financial Instruments](index=128&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, market risk (interest rate risk, foreign exchange risk), and liquidity risk in its operations. The company manages these risks by selecting reputable banks and distributors, maintaining sufficient cash, and believes that interest rate and foreign exchange risks have a minor impact on the company - The company faces credit risk, market risk (interest rate risk, foreign exchange risk), and liquidity risk[469](index=469&type=chunk) - Credit risk primarily arises from bank deposits and accounts receivable, managed by selecting reputable banks and distributors[470](index=470&type=chunk) - Interest rate risk has a minor impact on the company due to small bank borrowing amounts and no outstanding bonds[472](index=472&type=chunk) - The company has no foreign currency monetary items, thus foreign exchange risk does not affect the company[473](index=473&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents[474](index=474&type=chunk) [XII. Disclosure of Fair Value](index=130&type=section&id=XII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, where financial assets held for trading (wealth management products and structured deposits) are measured using Level 2 fair value, and other equity instrument investments are measured using Level 3 fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 1,276,365,676.54 | | 1,276,365,676.54 | | Other Equity Instrument Investments | | 300,000.00 | 300,000.00 | | Total Assets Continuously Measured at Fair Value | 1,276,365,676.54 | 300,000.00 | 1,276,665,676.54 | - Wealth management products and structured deposits use a discounted cash flow valuation model to determine fair value[477](index=477&type=chunk) - Unlisted equity investments (other equity instrument investments) use the cost method to determine fair value due to low equity proportion, no significant influence, and lack of market reference[478](index=478&type=chunk) [XIII. Related Parties and Related Party Transactions](index=130&type=section&id=XIII.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses information on the company's parent company, ultimate controlling party, subsidiaries, and other related parties, and lists related party purchase and sale transactions during the reporting period, including the purchase of corn and flowers totaling 40,500.00 yuan from Laizhou Academy of Agricultural Sciences - The parent company of the enterprise is Laizhou Academy of Agricultural Sciences, with a shareholding of **53.21%**, and the ultimate controlling party is Li Denghai[479](index=479&type=chunk) - Other related parties include the former controlled subsidiary Dandong Denghai Liangyu Seed Co., Ltd[481](index=481&type=chunk) Purchase of Goods/Acceptance of Services | Related Party | Related Party Transaction Content | Amount for Current Period (yuan) | Approved Transaction Limit (yuan) | Exceeded Transaction Limit | Amount for Prior Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Laizhou Academy of Agricultural Sciences | Corn, Flowers | 40,500.00 | 1,000,000.00 | No | 225,793.60 | - Among receivables from related parties, other receivables from Dandong Denghai Liangyu Seed Co., Ltd. amounted to **1,180,400.00 yuan**, for which a full impairment provision has been made[484](index=484&type=chunk) [XIV. Commitments and Contingencies](index=131&type=section&id=XIV.%20Commitments%20and%20Contingencies) As of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure - As of the balance sheet date, the company had no commitments requiring disclosure[485](index=485&type=chunk) - As of the balance sheet date, the company had no contingencies requiring disclosure[486](index=486&type=chunk)[487](index=487&type=chunk) [XV. Notes to Parent Company Financial Statement Items](index=132&type=section&id=XV.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for the main items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue, and investment income. The parent company's accounts receivable and operating revenue both showed significant growth, but net profit and investment income decreased - The parent company's accounts receivable at period-end amounted to **26,028,856.76 yuan**, an increase of **267.18%** from the beginning of the period[133](index=133&type=chunk)[489](index=489&type=chunk) - The parent company's other receivables at period-end amounted to **83,658,099.48 yuan**, primarily intercompany balances with subsidiaries[135](index=135&type=chunk)[502](index=502&type=chunk) - The parent company's long-term equity investments at period-end amounted to **644,107,567.14 yuan**, an increase of **1.10%** from the beginning of the period, mainly due to an additional investment of **7,000,000.00 yuan** in Changji Denghai Seed Co., Ltd[138](index=138&type=chunk)[516](index=516&type=chunk) - The parent company's operating revenue for the current period amounted to **154,449,680.17 yuan**, an increase of **14.82%** from the prior period[139](index=139&type=chunk)[519](index=519&type=chunk) - The parent company's investment income for the current period amounted to **9,695,359.18 yuan**, a decrease of **45.44%** from the prior period, mainly due to a decrease in investment income from the disposal of financial assets held for trading[140](index=140&type=chunk)[523](index=523&type=chunk) [XVI. Supplementary Information](index=140&type=section&id=XVI.%20Supplementary%20Information) This section provides supplementary information such as the detailed statement of non-recurring gains and losses, return on net assets, and earnings per share. Total non-recurring gains and losses amounted to 39,438,527.83 yuan, and the weighted average return on net assets was 0.97% Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 5,546,014.52 | | Government grants recognized in current profit and loss (excluding

福建博思软件股份有限公司 2025 年半年度报告全文 福建博思软件股份有限公司 2025 年半年度报告 2025-044 2025 年 8 月 1 福建博思软件股份有限公司 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。 公司负责人陈航、主管会计工作负责人林伟平及会计机构负责人(会计主 管人员)林伟平声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在发展过程中，存在市场竞争风险，行业政策风险，核心技术泄露、 核心技术人员流失的风险，新业务、新领域开拓风险，应收账款余额较大风 险，商誉减值的风险等风险因素，敬请广大投资者注意投资风险，详细内容 见本报告中第三节第十小节"公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务 ...