金富科技股份有限公司 2025 年半年度报告全文 金富科技股份有限公司 JinFu Technology Co., Ltd. 2025 年半年度报告 2025 年 8 月 1 金富科技股份有限公司 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、董事、高级管理人员保证半年度报告内容的真实、准 确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连 带的法律责任。 公司负责人陈珊珊、主管会计工作负责人熊平津及会计机构负责人 (会计主管人员)熊平津声明：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。 本报告涉及未来计划等前瞻性的相关陈述，属于公司计划性事务，不 构成对投资者的实质性承诺，请投资者注意风险。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险 和应对措施"，详细描述了公司经营中可能存在的风险及应对措施，敬请 投资者关注相关内容。 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 | 第二节 | 公司简介和主要财务指标 6 | | | --- | --- | --- | | 第三节 | 管理层讨论与分 ...

【2025 年 8 月】 1 山东宝莫生物化工股份有限公司 2025 年半年度报告全文 山东宝莫生物化工股份有限公司 2025 年半年度报告 山东宝莫生物化工股份有限公司 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。 公司负责人陶旭城、主管会计工作负责人文莉及会计机构负责人(会计主 管人员)任燕声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应 对措施"部分，详细描述了公司经营中可能存在的风险，敬请投资者注意阅 读相关内容。 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 | | | 山东宝莫生物化工股份有限公司 2025 年半年度报告全文 备查文件目录 （一）载有公司负责人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表。 （二）报告期内公开披露过的所有公司文件的正本及公告的原稿。 4 山东宝莫生物化工股份有 ...

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This chapter defines key terms used in the report, including company names, industry-specific terminology, and regulatory bodies, ensuring clarity and consistency in understanding the report content - Company, the Company, Inforbus Software refer to Shandong Inforbus Software Commercial Middleware Co., Ltd[10](index=10&type=chunk) - Middleware, middleware software refers to a type of foundational software for distributed systems, positioned between applications and operating systems/databases, primarily addressing data transmission, access, application scheduling, system construction, integration, and process management in distributed environments[10](index=10&type=chunk) - PaaS Platform refers to Platform as a Service, a cloud computing service model providing a platform for customers to develop, run, and manage applications without building and maintaining the underlying infrastructure[11](index=11&type=chunk) - Xinchuang refers to Information Technology Application Innovation[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This chapter outlines the company's basic information and details key accounting data and financial indicators for the reporting period, including operating revenue, profit, net assets, total assets, and non-recurring gains and losses, revealing performance changes amidst increased market expansion and R&D investment [Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section introduces the company's basic information, including its Chinese name, abbreviation, legal representative, registered and office addresses, website, and email - Company Chinese Name: Shandong Inforbus Software Commercial Middleware Co., Ltd[13](index=13&type=chunk) - Company Chinese Abbreviation: Inforbus Software[13](index=13&type=chunk) - Legal Representative: Jing Xinhai[13](index=13&type=chunk) - Company Website: www.inforbus.com[13](index=13&type=chunk) [Company Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue slightly decreased year-on-year, while total profit, net profit, and non-recurring net profit all incurred significant losses, primarily due to increased market expansion, R&D investment, and credit impairment losses; net assets and total assets declined due to cash dividends Key Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 59,836,479.24 Yuan | 60,450,826.88 Yuan | -1.02 | | Total Profit | -10,158,362.15 Yuan | 1,357,794.85 Yuan | -848.15 | | Net Profit Attributable to Shareholders of Listed Company | -7,956,776.02 Yuan | 1,981,672.27 Yuan | -501.52 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | -13,315,886.43 Yuan | 1,017,537.37 Yuan | -1,408.64 | | Net Cash Flow from Operating Activities | -27,318,324.09 Yuan | -39,412,270.23 Yuan | Not Applicable | | **End of Current Reporting Period vs. End of Prior Year:** | | | | | Net Assets Attributable to Shareholders of Listed Company | 791,454,395.99 Yuan | 811,318,364.93 Yuan | -2.45 | | Total Assets | 832,549,846.39 Yuan | 859,989,449.60 Yuan | -3.19 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.09 | 0.03 | -400.00 | | Diluted Earnings Per Share (Yuan/share) | -0.09 | 0.03 | -400.00 | | Basic Earnings Per Share Excluding Non-recurring Gains/Losses (Yuan/share) | -0.16 | 0.01 | -1,700.00 | | Weighted Average Return on Net Assets (%) | -0.99 | 0.33 | Decreased **1.32 percentage points** | | Weighted Average Return on Net Assets Excluding Non-recurring Gains/Losses (%) | -1.65 | 0.17 | Decreased **1.82 percentage points** | | R&D Investment as Percentage of Operating Revenue (%) | 53.83 | 43.17 | Increased **10.66 percentage points** | - Total profit, net profit attributable to shareholders of the listed company, and net profit attributable to shareholders of the listed company excluding non-recurring gains/losses decreased compared to the prior year, primarily due to the company's sustained efforts in market expansion, increased expenditures such as sales personnel salaries, continuous investment in core technology R&D leading to higher depreciation expenses from new equipment, and increased credit impairment losses due to higher accounts receivable balances[19](index=19&type=chunk) - Net assets attributable to shareholders of the listed company and total assets decreased compared to the end of 2024, primarily due to the completion of the company's 2024 annual equity distribution, with cash dividends reducing net assets[20](index=20&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **5,359,110.41 Yuan**, primarily from government grants, disposal gains/losses of non-current assets, and fair value changes/investment income from financial assets Non-recurring Gains and Losses Items (Unit: Yuan) | Non-recurring Gains and Losses Item | Amount | Notes (if applicable) | | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets, including the reversal of impairment provisions | 98,917.30 | | | Government grants recognized in current profit/loss, excluding those closely related to normal business operations, compliant with national policies, enjoyed under fixed standards, and having a continuous impact on the company's profit/loss | 4,722,182.38 | | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 1,085,871.01 | Fair value changes and investment income from structured deposits and reverse repurchase agreements | | Other non-operating income and expenses apart from the above | 235.19 | | | Other profit/loss items meeting the definition of non-recurring gains/losses | 47,043.09 | Primarily individual income tax handling fee refunds | | Less: Income tax impact | 595,138.56 | | | Total | 5,359,110.41 | | [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This chapter analyzes the company's industry development, main business, operating performance, core competencies, and risks during the reporting period, highlighting its R&D investment and product upgrades under Xinchuang opportunities, while facing macroeconomic, competitive, and R&D failure risks [Industry and Main Business Overview for the Reporting Period](index=10&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20for%20the%20Reporting%20Period) The company's main business involves R&D, sales, and technical services of middleware software, falling under "I65 Software and Information Technology Services," offering both basic and generalized middleware products, customized development, and O&M services, with revenue primarily from product sales and related services - The company's main business is the R&D and sales of middleware software, and providing related technical services[27](index=27&type=chunk) - The company's industry is "I65 Software and Information Technology Services"[27](index=27&type=chunk) - The company has over **20 years** of R&D experience and technological accumulation in the middleware industry, having obtained **165 invention patents** and **240 software copyrights**, forming a highly reliable, high-performance, high-availability, and high-security middleware product system that has broken the technological monopoly of mainstream foreign middleware vendors like IBM and Oracle[27](index=27&type=chunk) - The company has developed a synergistic pattern of basic middleware and generalized middleware, with **fourteen major categories** of middleware products including application server middleware, load balancing middleware, distributed data caching middleware, workflow middleware, message middleware, enterprise service bus, data access management middleware, middleware unified management platform, IoT supervision platform software, business information and electronic document exchange system, PaaS platform software, big data governance and intelligent analysis platform, Inforbus Yuanqiong AI model management platform, and Inforbus data stream processing platform[28](index=28&type=chunk)[11](index=11&type=chunk) - The company's profitability primarily comes from selling its self-developed middleware products and providing middleware-related customized development and O&M services[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company's operating revenue decreased by **1.02%** year-on-year, with a net loss of **7.9568 million Yuan**, mainly due to increased market expansion and R&D investment; the company actively expanded the Xinchuang market, deepened industry-academia-research cooperation, and continuously upgraded core middleware products, strengthening the integration of domestic software and hardware ecosystems - In the first half of 2025, the company achieved total operating revenue of **59.8365 million Yuan**, a year-on-year decrease of **1.02%**; net profit attributable to shareholders of the listed company was **-7.9568 million Yuan**, a year-on-year decrease of **501.52%**[34](index=34&type=chunk) - The loss was primarily due to the company's continuous increase in market expansion and R&D investment, leading to higher selling and R&D expenses, as well as increased credit impairment losses due to higher accounts receivable balances[34](index=34&type=chunk) - The company is actively expanding into promising new market segments such as information technology, telecommunications, healthcare, and education, while consolidating and deepening its market leadership and services in traditional advantageous areas like party, government, military, energy, finance, and transportation[34](index=34&type=chunk) - During the reporting period, the company's R&D investment was **32.2106 million Yuan**, a year-on-year increase of **23.42%**; it led the compilation of **two middleware national standards** officially released and to be implemented in November 2025; **7 new invention patent applications** and **5 software copyright applications** were filed; **9 invention patents** and **5 software copyrights** were authorized[35](index=35&type=chunk) - During the reporting period, the company signed an agreement with China Xiongan Group Digital City Technology Co., Ltd. to jointly establish the "Xiongan Digital City Innovation Research Institute"[35](index=35&type=chunk) - The company continuously upgraded its main basic middleware products, including application server middleware, load balancers, distributed caches, and message middleware, achieving comprehensive improvements in performance, user experience, and reliability[36](index=36&type=chunk) [Analysis of Core Competencies for the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20for%20the%20Reporting%20Period) The company has over **two decades** of experience in the middleware industry, mastering **eight core technologies**, participating in national standard setting and major scientific and technological projects, demonstrating outstanding R&D capabilities, and leading future market directions in big data, IoT, cloud computing, and AI with its products, possessing capabilities for domestic substitution - The company has been deeply involved in the middleware industry for over **two decades**, is among the **first batch** of members to join the Xinchuang Work Committee, and was recognized as an "Outstanding Contribution Member Unit of the Xinchuang Work Committee," helping to address the "bottleneck" issue in domestic middleware[37](index=37&type=chunk)[38](index=38&type=chunk) - The company masters **eight core technologies**: high-performance application server series technology, communication and application collaboration series technology, business agile process platform technology, lightweight secure and efficient PaaS platform technology, complex IoT platform series technology, application secure and efficient protection technology, cloud-native integrated service management technology, and real-time stream processing technology[38](index=38&type=chunk)[41](index=41&type=chunk)[45](index=45&type=chunk) - The company is one of the main promoters and developers of middleware technical standards in China, having successively led or participated in the formulation of **19 national standards** and **5 industry standards** already released[38](index=38&type=chunk) - As a key support unit for national major scientific and technological projects, the company has repeatedly led or primarily participated in middleware-related special topics, with its products reaching international advanced levels and effectively supporting the substitution of foreign products in key national economic sectors[39](index=39&type=chunk) - Through continuous R&D innovation, the company enhances product technology content and enriches product functions, forming a synergistic development pattern of basic middleware and generalized middleware, and accelerating its deep strategic layout in big data, IoT, cloud computing, and artificial intelligence to build a new generation of infrastructure software[39](index=39&type=chunk)[40](index=40&type=chunk) - During the reporting period, the company obtained **9 new invention patents** and **5 software copyrights**; as of the end of the reporting period, the company had accumulated **165 invention patents** and **240 software copyrights**[45](index=45&type=chunk) R&D Investment (Unit: Yuan) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 32,210,594.39 | 26,097,340.42 | 23.42 | | Total R&D Investment | 32,210,594.39 | 26,097,340.42 | 23.42 | | Total R&D Investment as Percentage of Operating Revenue (%) | 53.83 | 43.17 | Increased **10.66 percentage points** | R&D Personnel (Unit: people) | Basic Information | Current Period Amount | Prior Year Period Amount | | :--- | :--- | :--- | | Number of Company R&D Personnel | 260 | 256 | | R&D Personnel as Percentage of Total Company Personnel (%) | 70.27 | 72.93 | | **Education Level** | | | | Master's | 49 | | | Bachelor's | 209 | | | Junior College and Below | 2 | | | **Age Structure** | | | | 20-29 | 176 | | | 30 (inclusive)-39 | 53 | | | 40 (inclusive) and Above | 31 | | [Risk Factors](index=27&type=section&id=IV.%20Risk%20Factors) The company faces risks from macroeconomic environment changes, intensifying industry competition, new technology R&D failures, seasonal fluctuations in operating performance, and accounts receivable bad debts - Macroeconomic environment risk: Changes in the national macroeconomic situation or adjustments in industrial policies may lead to fluctuations in the industry and downstream markets where the company operates, thereby impacting the company's future operations[60](index=60&type=chunk) - Intensifying industry competition risk: The Xinchuang market is gradually normalizing, and its continuous expansion attracts numerous manufacturers to actively engage in strategic布局; if the company fails to effectively translate its existing market position and core technological advantages into greater market share, it will adversely affect the company's business expansion and sustainable operations[61](index=61&type=chunk) - New technology and new product R&D failure risk: The software industry is characterized by rapid technological progress and product iteration, with new technologies and standards constantly evolving, iterating, and updating, posing feasibility, productization, and market demand risks[62](index=62&type=chunk)[63](index=63&type=chunk) - Seasonal fluctuation risk in operating performance: The company's customers or their downstream customers are primarily government agencies, military units, public institutions, and state-owned enterprises, with project delivery and fund settlement mostly concentrated in the second half of the year, leading to the majority of the company's revenue recognition occurring in the third and fourth quarters[64](index=64&type=chunk) - Accounts receivable bad debt risk: As the company's operating scale expands, accounts receivable balances increase; if systemic risks arise in the macroeconomic environment or industry development, some of the company's customers may face operational issues, potentially preventing the company from timely or even fully recovering payments[65](index=65&type=chunk) [Key Operating Performance for the Reporting Period](index=28&type=section&id=V.%20Key%20Operating%20Performance%20for%20the%20Reporting%20Period) Operating revenue for the current period remained largely flat year-on-year, while operating costs increased due to higher customized development business. Selling and R&D expenses rose due to increased market expansion and R&D investment. Administrative expenses decreased due to reduced intermediary fees, and financial expenses declined due to higher interest income. Net cash flow from operating activities increased, net cash flow from investing activities significantly increased, and net cash flow from financing activities significantly decreased Financial Statement Item Fluctuation Analysis (Unit: Yuan, Currency: RMB) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 59,836,479.24 | 60,450,826.88 | -1.02 | Largely consistent with the prior year period | | Operating Cost | 12,339,974.81 | 8,306,100.96 | 48.57 | Primarily due to increased revenue from middleware customized development business, leading to higher corresponding cost recognition | | Selling Expenses | 19,131,662.17 | 17,957,802.74 | 6.54 | Primarily due to the company's increased market promotion efforts, strengthened sales team building, expanded sales personnel, and increased investment in marketing outlets | | Administrative Expenses | 10,290,781.41 | 12,220,173.72 | -15.79 | Primarily due to reduced intermediary fees incurred by the company in the current period compared to the prior year period | | Financial Expenses | -586,763.67 | -44,932.01 | Not Applicable | Primarily due to increased interest income of the company in the current period compared to the prior year period | | R&D Expenses | 32,210,594.39 | 26,097,340.42 | 23.42 | Primarily due to the company's continuous increase in investment in core technology R&D, leading to higher depreciation expenses from new R&D equipment | | Net Cash Flow from Operating Activities | -27,318,324.09 | -39,412,270.23 | Not Applicable | Primarily due to increased cash received from sales of goods and provision of services in the current period | | Net Cash Flow from Investing Activities | 151,583,978.84 | -31,021,575.58 | Not Applicable | Primarily due to increased redemption of wealth management products purchased with idle funds for cash management in the current period compared to the prior year period | | Net Cash Flow from Financing Activities | -21,785,199.15 | 375,480,238.88 | -105.80 | Primarily due to the company's payment of dividends during the reporting period | Asset and Liability Status Changes (Unit: Yuan) | Item Name | Amount at End of Current Period | Amount at End of Prior Year | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 50,117,123.30 | 135,388,152.58 | -62.98 | Primarily due to the redemption of wealth management products purchased with idle funds | | Other Receivables | 16,799,746.83 | 410,823.46 | 3,989.29 | Primarily due to the recognition of revenue for some projects using the net method in the current period, with corresponding intercompany balances recorded as other receivables | | Deferred Income Tax Assets | 6,153,343.90 | 3,547,914.08 | 73.44 | Primarily due to increased deferred income tax assets recognized for deductible losses in the current period | | Employee Remuneration Payable | 6,016,194.09 | 14,110,269.40 | -57.36 | Primarily due to the payment of bonuses accrued at the end of the prior year in the current period, reducing the balance of employee remuneration payable | | Taxes Payable | 513,153.29 | 4,870,877.98 | -89.46 | Primarily due to the settlement of income tax accrued at the end of the prior year in the current period, reducing the balance of income tax payable | | Other Payables | 8,558,445.54 | 901,184.02 | 849.69 | Primarily due to increased accruals for disability security funds and union fees compared to the beginning of the year, and the recognition of revenue for some projects using the net method in the current period, with corresponding intercompany balances recorded as other payables | | Deferred Income Tax Liabilities | 431,336.29 | 38,815.26 | 1011.25 | Primarily due to increased taxable temporary differences resulting from an increase in right-of-use assets | - As of the end of the reporting period, the company's assets with restricted ownership or use rights amounted to **719,560.00 Yuan**, primarily for quality guarantee deposits and performance guarantee deposits[73](index=73&type=chunk)[74](index=74&type=chunk) [Analysis of Investment Status](index=31&type=section&id=IV.%20Analysis%20of%20Investment%20Status) The company's trading financial assets balance at the end of the period was **50,117,123.30 Yuan**, a significant decrease of **62.98%** from the beginning of the period, primarily due to the redemption of wealth management products purchased with idle funds Financial Assets Measured at Fair Value (Unit: Yuan, Currency: RMB) | Asset Category | Beginning Balance | Fair Value Change Gains/Losses for Current Period | Purchase Amount for Current Period | Sale/Redemption Amount for Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Structured Deposits) | 135,388,152.58 | 416,741.00 | 189,998,000.00 | 275,685,770.28 | 50,117,123.30 | - The ending balance of trading financial assets decreased compared to the beginning of the period, primarily due to the redemption of wealth management products purchased with idle funds[71](index=71&type=chunk) [Analysis of Major Holding and Participating Companies](index=32&type=section&id=VI.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiary, Shandong Inforbus Information Security Technology Co., Ltd., achieved operating revenue of **17.3585 million Yuan** during the reporting period, but both operating profit and net profit were negative, at **-0.8036 million Yuan** and **-0.7634 million Yuan**, respectively Major Subsidiary Financial Data (Unit: million Yuan, Currency: RMB) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Inforbus Information Security Technology Co., Ltd. | Subsidiary | Engaged in R&D, production, and O&M services for security software, middleware software, and industry application software | 30.00 | 31.30 | 27.20 | 17.36 | -0.80 | -0.76 | [Corporate Governance, Environment and Society](index=33&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%20and%20Society) This chapter primarily discloses the company's corporate governance situation during the reporting period, specifically noting "None" for the profit distribution or capital reserve to share capital increase plan, indicating no profit distribution or share capital increase for the half-year [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=33&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) During the reporting period, the half-year profit distribution plan or capital reserve to share capital increase plan approved by the company's board of directors was "None," meaning no profit distribution or capital reserve to share capital increase - Whether to distribute or increase: No - Number of bonus shares per 10 shares (shares): - - Dividend per 10 shares (Yuan) (tax included): - - Number of shares converted from capital reserve per 10 shares (shares): - [Significant Matters](index=34&type=section&id=Item%205.%20Significant%20Matters) This chapter details the company's fulfillment of various commitments during the reporting period, including share lock-up, share price stabilization, share repurchase, and lists daily transactions with related parties and the progress of raised funds utilization, demonstrating strict adherence to commitments and orderly advancement of investment projects [Fulfillment of Commitments](index=34&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, actual controllers, directors, supervisors, senior management, and other shareholders strictly fulfilled all commitments related to the initial public offering during the reporting period, including share lock-up, shareholding and reduction intentions, share price stabilization, share repurchase, compensation for diluted immediate returns, profit distribution policy, legal liability for compensation, and avoidance of horizontal competition and reduction of related party transactions - The company's controlling shareholder, Inforbus Company, and actual controllers Jing Xinhai and Cheng Jianping, committed not to transfer or entrust others to manage their directly or indirectly held shares issued before the company's initial public offering and listing on the Sci-Tech Innovation Board for **36 months** from the listing date[85](index=85&type=chunk) - The company's shareholder holding **5% or more**, Gaoxin Investment, committed not to transfer or entrust others to manage its shares in the company for **12 months** from the date of the company's initial public offering and listing on the Sci-Tech Innovation Board[89](index=89&type=chunk) - The company, controlling shareholder Inforbus Company, actual controllers Jing Xinhai and Cheng Jianping, and shareholder holding **5% or more** Chuangxin Company, committed that if the "Prospectus" contains false records, misleading statements, or major omissions that have a significant and material impact on judging whether the company meets the conditions for initial public offering and listing on the Sci-Tech Innovation Board as stipulated by laws, regulations, and normative documents, the company will repurchase all shares publicly offered by the company at the time of the initial public offering in accordance with the law[113](index=113&type=chunk) - The company's controlling shareholder, Inforbus Company, and actual controllers Jing Xinhai and Cheng Jianping, committed that neither they nor their close relatives/this enterprise and other enterprises controlled by this enterprise (excluding the issuer) currently have or are engaged in any business that is the same as or similar to the issuer's main business, or that constitutes or may constitute direct or indirect horizontal competition with the issuer's main business in any aspect[129](index=129&type=chunk) [Significant Related Party Transactions](index=52&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily operating related party transactions including purchasing goods/receiving services and selling goods/providing services, as well as related party leases. Specifically, it received property, accommodation, and catering services from Jinan Chuangxin Property Service Co., Ltd., and sold software products to Shandong Inforbus Software Engineering Co., Ltd. and Kunshan Inforbus Software Engineering Co., Ltd Purchase of Goods/Receipt of Services (Unit: Yuan, Currency: RMB) | Related Party | Related Transaction Content | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | :--- | | Jinan Chuangxin Property Service Co., Ltd. | Property Fees | 238,558.50 | 200,123.80 | | Jinan Chuangxin Property Service Co., Ltd. | Accommodation Fees | 10,322.27 | 18,198.49 | | Jinan Chuangxin Property Service Co., Ltd. | Catering Fees | 567,640.60 | 510,469.80 | | Kunshan Inforbus Software Engineering Co., Ltd. | Technical Service Fees | 986,999.23 | - | Sale of Goods/Provision of Services (Unit: Yuan, Currency: RMB) | Related Party | Related Transaction Content | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | :--- | | Shandong Inforbus Software Engineering Co., Ltd. | Software Products | 2,778,761.07 | 3,101,769.89 | | Kunshan Inforbus Software Engineering Co., Ltd. | Software Products | 61,946.90 | - | Related Party Leases (Company as Lessee, Unit: Yuan, Currency: RMB) | Lessor Name | Type of Leased Asset | Rent Paid for Current Period | Interest Expense on Lease Liabilities for Current Period | | :--- | :--- | :--- | :--- | | Shandong Inforbus Software Engineering Co., Ltd. | Property | 5,725,313.91 | 196,148.10 | | Beijing Inforbus Yilian Software Engineering Co., Ltd. | Property | 2,113,761.46 | 78,216.18 | | Kunshan Inforbus Software Engineering Co., Ltd. | Property | 274,619.04 | 7,512.02 | [Progress of Raised Funds Utilization](index=55&type=section&id=XII.%20Progress%20of%20Raised%20Funds%20Utilization) The company's total raised funds from its initial public offering amounted to **476.9256 million Yuan**, with a net amount of **399.3573 million Yuan**. As of the end of the reporting period, a cumulative total of **167.2581 million Yuan** had been invested, representing an investment progress of **41.88%**. The amount invested this year was **86.0314 million Yuan**. The company used **200.00 million Yuan** of idle raised funds for cash management, with an ending balance of **50.00 million Yuan** Overall Utilization of Raised Funds (Unit: million Yuan) | Source of Raised Funds | Total Raised Funds | Net Raised Funds | Total Investment Committed in Prospectus | Cumulative Raised Funds Invested as of End of Reporting Period | Cumulative Investment Progress of Raised Funds as of End of Reporting Period (%) | Amount Invested This Year | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 476.93 | 399.36 | 600.00 | 167.26 | 41.88 | 86.03 | - The company utilized no more than **200.00 million Yuan** of idle raised funds for cash management, ensuring it does not affect the construction of raised fund projects and the company's daily operations[152](index=152&type=chunk) - As of the end of the reporting period, the balance of idle raised funds used by the company for cash management was **50.00 million Yuan**, of which structured deposits accounted for **50.00 million Yuan**[153](index=153&type=chunk) [Share Changes and Shareholder Information](index=59&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This chapter details the company's share capital changes during the reporting period, including the listing and circulation of restricted shares, as well as the total number of shareholders and the top ten shareholders' holdings as of the end of the reporting period, clarifying controlling shareholder and actual controller information [Share Capital Changes](index=59&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged at **85,051,378 shares**. Restricted shares decreased by **32,132,633 shares**, primarily due to the listing and circulation of some initial public offering restricted shares on March 13, 2025, leading to a corresponding increase in unrestricted tradable shares Share Capital Change Table (Unit: shares) | Item | Quantity Before This Change | Proportion Before This Change (%) | Increase/Decrease in This Change (+,-) | Quantity After This Change | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 65,914,817 | 77.50 | -32,132,633 | 33,782,184 | 39.72 | | II. Unrestricted Tradable Shares | 19,136,561 | 22.50 | 32,132,633 | 51,269,194 | 60.28 | | III. Total Shares | 85,051,378 | 100.00 | - | 85,051,378 | 100.00 | - On March 13, 2025, **32,132,633 shares** of the company's initial public offering restricted shares became tradable[159](index=159&type=chunk) Restricted Share Change Table (Unit: shares) | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released During Reporting Period | Restricted Shares at End of Reporting Period | Release Date | | :--- | :--- | :--- | :--- | :--- | | Shandong Hi-Tech Venture Capital Co., Ltd. | 13,650,000 | 13,650,000 | 0 | 2025-3-13 | | Beijing Huaruan Innovation Investment Partnership (Limited Partnership) | 2,700,000 | 2,700,000 | 0 | 2025-3-13 | | Wu Jinyang | 2,700,000 | 2,700,000 | 0 | 2025-3-13 | | Liu Tianzhuo | 2,600,000 | 2,600,000 | 0 | 2025-3-13 | | Nanjing Lianchuang Digital Equity Investment Partnership (Limited Partnership) | 1,686,341 | 1,686,341 | 0 | 2025-3-13 | | Jinan Shuntong Investment Partnership (Limited Partnership) | 1,125,000 | 1,125,000 | 0 | 2025-3-13 | | Cheng Huan | 1,124,227 | 1,124,227 | 0 | 2025-3-13 | | Jiaxing Shangzhe Dangkang Equity Investment Partnership (Limited Partnership) | 1,124,227 | 1,124,227 | 0 | 2025-3-13 | | Jinan Shun Yuan Investment Partnership (Limited Partnership) | 868,000 | 868,000 | 0 | 2025-3-13 | | Qingdao Yizhou Private Equity Investment Fund Partnership (Limited Partnership) | 843,170 | 843,170 | 0 | 2025-3-13 | | Chen Liping | 843,169 | 843,169 | 0 | 2025-3-13 | | Huzhou Chuanghui Venture Capital Partnership (Limited Partnership) | 562,114 | 562,114 | 0 | 2025-3-13 | | Qingdao Lumingtou Jinhai Investment Management Partnership (Limited Partnership) | 562,114 | 562,114 | 0 | 2025-3-13 | | Gao Longlin | 472,100 | 472,100 | 0 | 2025-3-13 | | Yuekai Securities Co., Ltd. | 367,000 | 367,000 | 0 | 2025-3-13 | | Yu Xiaoming | 281,057 | 281,057 | 0 | 2025-3-13 | | Zhenyuan Investment (Jinan) Partnership (Limited Partnership) | 281,057 | 281,057 | 0 | 2025-3-13 | | Qingdao Liyu Cheng Equity Investment Partnership (Limited Partnership) | 281,057 | 281,057 | 0 | 2025-3-13 | | Hang Zhong | 32,000 | 32,000 | 0 | 2025-3-13 | | Qian Jian | 24,000 | 24,000 | 0 | 2025-3-13 | | Zhang Lixin | 5,000 | 5,000 | 0 | 2025-3-13 | | Lu Junjing | 1,000 | 1,000 | 0 | 2025-3-13 | [Shareholder Information](index=61&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had a total of **5,632** common shareholders. Among the top ten shareholders, Shandong Inforbus Software Engineering Co., Ltd. is the controlling shareholder, holding **25.22%**, with Jing Xinhai and Cheng Jianping as actual controllers and parties acting in concert. Some shareholders' restricted shares were released during the reporting period - Total number of common shareholders at the end of the reporting period: **5,632** households[163](index=163&type=chunk) Top Ten Shareholders' Holdings (Unit: shares) | Shareholder Name | Ending Holding Quantity | Proportion (%) | Quantity of Restricted Shares Held | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Shandong Inforbus Software Engineering Co., Ltd. | 21,450,000 | 25.22 | 21,450,000 | Domestic Non-State-Owned Legal Person | | Shandong Hi-Tech Venture Capital Co., Ltd. | 13,650,000 | 16.05 | 0 | State-Owned Legal Person | | Jinan Chuangye Information Technology Development Co., Ltd. | 6,352,400 | 7.47 | 6,352,400 | Domestic Non-State-Owned Legal Person | | Wu Jinyang | 2,700,000 | 3.17 | 0 | Domestic Natural Person | | Beijing Huaruan Innovation Investment Partnership (Limited Partnership) | 2,700,000 | 3.17 | 0 | Other | | Jinan Huiyuan Investment Partnership (Limited Partnership) | 1,349,500 | 1.59 | 1,349,500 | Other | | Nanjing Lianchuang Digital Equity Investment Partnership (Limited Partnership) | 1,346,746 | 1.58 | 0 | Other | | Jing Xinhai | 1,260,000 | 1.48 | 1,260,000 | Domestic Natural Person | | Cheng Jianping | 1,244,000 | 1.46 | 1,244,000 | Domestic Natural Person | | Jinan Shuntong Investment Partnership (Limited Partnership) | 1,125,000 | 1.32 | 0 | Other | - Shandong Inforbus Software Engineering Co., Ltd. is the controlling shareholder of the company, and Jing Xinhai and Cheng Jianping are parties acting in concert and the actual controllers of the company[169](index=169&type=chunk) - Wu Jinyang and Beijing Huaruan Innovation Investment Partnership (Limited Partnership) constitute parties acting in concert[169](index=169&type=chunk) Top Ten Restricted Shareholders' Holdings and Restrictions (Unit: shares) | No. | Restricted Shareholder Name | Quantity of Restricted Shares Held | Tradable Date | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Shandong Inforbus Software Engineering Co., Ltd. | 21,450,000 | March 15, 2027 | 36 months from listing date | | 2 | Jinan Chuangye Information Technology Development Co., Ltd. | 6,352,400 | March 15, 2027 | 36 months from listing date | | 3 | Jinan Huiyuan Investment Partnership (Limited Partnership) | 1,349,500 | March 15, 2027 | 36 months from listing date | | 4 | Jing Xinhai | 1,260,000 | March 15, 2027 | 36 months from listing date | | 5 | Cheng Jianping | 1,244,000 | March 15, 2027 | 36 months from listing date | | 6 | Shenzhen Kaiyuan Securities Investment Co., Ltd. | 1,063,142 | March 13, 2026 | 24 months from listing date | | 7 | Minsheng Securities Investment Co., Ltd. | 1,063,142 | March 13, 2026 | 24 months from listing date | [Bond-Related Information](index=66&type=section&id=Item%207.%20Bond-Related%20Information) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - Corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments: Not Applicable - Convertible corporate bonds: Not Applicable [Financial Report](index=67&type=section&id=Item%208.%20Financial%20Report) This chapter 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, with detailed notes on financial statement items, accounting policies, taxation, related party transactions, and supplementary information, comprehensively reflecting the company's financial position and operating results [Financial Statements](index=67&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, detailing the financial position, operating results, and cash flow at the end of the reporting period Consolidated Balance Sheet (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | 389,826,125.20 Yuan | 358,161,119.60 Yuan | | Trading Financial Assets | 50,117,123.30 Yuan | 135,388,152.58 Yuan | | Accounts Receivable | 270,422,872.16 Yuan | 260,977,407.19 Yuan | | Total Assets | 832,549,846.39 Yuan | 859,989,449.60 Yuan | | Total Liabilities | 41,095,450.40 Yuan | 48,671,084.67 Yuan | | Equity Attributable to Parent Company Owners | 791,454,395.99 Yuan | 811,318,364.93 Yuan | Consolidated Income Statement (January-June 2025 vs. January-June 2024) | Item | First Half of 2025 | First Half of 2024 | | :--- | :--- | :--- | | Operating Revenue | 59,836,479.24 Yuan | 60,450,826.88 Yuan | | Operating Cost | 12,339,974.81 Yuan | 8,306,100.96 Yuan | | Selling Expenses | 19,131,662.17 Yuan | 17,957,802.74 Yuan | | R&D Expenses | 32,210,594.39 Yuan | 26,097,340.42 Yuan | | Total Profit | -10,158,362.15 Yuan | 1,357,794.85 Yuan | | Net Profit | -7,956,776.02 Yuan | 1,981,672.27 Yuan | | Basic Earnings Per Share (Yuan/share) | -0.09 | 0.03 | Consolidated Cash Flow Statement (January-June 2025 vs. January-June 2024) | Item | First Half of 2025 | First Half of 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -27,318,324.09 Yuan | -39,412,270.23 Yuan | | Net Cash Flow from Investing Activities | 151,583,978.84 Yuan | -31,021,575.58 Yuan | | Net Cash Flow from Financing Activities | -21,785,199.15 Yuan | 375,480,238.88 Yuan | | Net Increase in Cash and Cash Equivalents | 102,480,455.60 Yuan | 305,046,393.07 Yuan | [Company Basic Information](index=87&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's share capital changes since its overall conversion and establishment in 2007, including multiple private placements and the initial public offering in 2024, with the registered capital ultimately changing to **85.051378 million Yuan**; the company's business scope covers computer software and hardware sales, technical services, and system integration - Shandong Inforbus Software Commercial Middleware Co., Ltd. was established as a joint-stock company through an overall conversion from Shandong Inforbus Software Commercial Middleware Co., Ltd. on July 20, 2007[208](index=208&type=chunk) - In March 2024, the company made its initial public offering of **21.262845 million** RMB ordinary shares (A shares), changing its registered capital from **63.788533 million Yuan** to **85.051378 million Yuan**[209](index=209&type=chunk) - The company's main business scope includes sales and maintenance services for computers, software and auxiliary equipment, electronic equipment, and computer network equipment; design, integration, and installation services for computer systems; design, development, production, and sales of computer software; and computer technology consulting, services, and personnel training[209](index=209&type=chunk) [Basis of Financial Statement Preparation](index=87&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations, and comply with the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)"; the company has evaluated its ability to continue as a going concern and found no significant doubts - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations[210](index=210&type=chunk) - The company also discloses relevant financial information in accordance with the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)"[210](index=210&type=chunk) - The company has evaluated its ability to continue as a going concern for the **12 months** from the end of the reporting period and found no significant doubts or circumstances regarding its ability to continue as a going concern[211](index=211&type=chunk) [Significant Accounting Policies and Estimates](index=87&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates regarding accounting periods, functional currency, materiality standards, business combinations, consolidated financial statement preparation, financial instrument recognition and measurement, asset impairment, revenue recognition, government grants, and deferred income tax, ensuring the truthfulness and accuracy of financial reporting - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar[214](index=214&type=chunk) - The company and its domestic subsidiaries use RMB as their functional currency[216](index=216&type=chunk) Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individually impaired accounts receivable | Single accounts receivable amount exceeds **0.5%** of total assets | | Significant write-off of accounts receivable in current period | Single accounts receivable amount exceeds **1%** of total profit | | Significant prepayments overdue for more than 1 year | Single prepayment amount exceeds **0.5%** of total assets | | Significant accounts payable overdue for more than 1 year | Single accounts payable amount exceeds **0.5%** of total assets | | Significant other payables overdue for more than 1 year | Single other payable amount exceeds **0.5%** of total assets | | Significant investment activities | Investment amount exceeds **5 million Yuan** | - The company classifies financial assets at initial recognition based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets into financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[228](index=228&type=chunk) - The company performs impairment accounting and recognizes loss provisions for notes receivable, accounts receivable, accounts receivable financing, other receivables, contract assets, and other items based on expected credit losses[235](index=235&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services[282](index=282&type=chunk) - Middleware software sales: Revenue is recognized upon completion of installation and acceptance, obtaining a signed installation and adjustment form or acceptance form from the customer, or when contractual acceptance conditions are met; if the contract does not require installation and acceptance, revenue is recognized upon shipment and customer receipt[283](index=283&type=chunk) - Middleware customized development: Revenue is recognized upon obtaining the customer's signed acceptance document[283](index=283&type=chunk) - Middleware O&M services: For contracts with specified service periods, revenue is recognized using the straight-line method; for contracts without specified service periods, revenue is recognized upon completion of the service and obtaining proof of service completion[284](index=284&type=chunk) - Government grants related to assets are recognized as deferred income and amortized into profit or loss over the useful life of the related asset using a rational and systematic method. Government grants related to income, intended to compensate the company for related costs or losses in future periods, are recognized as deferred income and recognized in profit or loss in the period when the related costs or losses are incurred; those intended to compensate for already incurred related costs or losses are directly recognized in profit or loss[287](index=287&type=chunk) - The company recognizes deferred income tax based on temporary differences between the carrying amounts of assets and liabilities at the balance sheet date and their tax bases, using the balance sheet liability method[290](index=290&type=chunk) [Taxation](index=107&type=section&id=VI.%20Taxation) The company's main taxes include value-added tax and corporate income tax. The company enjoys corporate income tax incentives for key software enterprises within national planning (10% tax rate), R&D expense super deduction, and immediate refund of value-added tax for software products and exemption from value-added tax for technology transfer/development. Subsidiary Xinan Company applies small and micro enterprise income tax preferential policies Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Amount of goods sold or taxable services provided | 13%, 6% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable and tax-exempt/refunded amount | 7% | | Corporate Income Tax | Taxable income | 10%, 20% | - The company meets the conditions for key software enterprises within national planning and is subject to corporate income tax at a reduced rate of **10%** for January-June 2025[301](index=301&type=chunk) - R&D expenses actually incurred by enterprises in R&D activities, which do not form intangible assets and are recognized in current profit or loss, are eligible for an additional **100%** deduction before tax from January 1, 2023[302](index=302&type=chunk) - Subsidiary Xinan Company applies small and micro enterprise income tax preferential policies for January-June 2025, where the portion of annual taxable income exceeding **1 million Yuan** but not exceeding **3 million Yuan** is reduced by **25%** and taxed at a rate of **20%**[302](index=302&type=chunk) - The company and its subsidiaries sell self-developed and produced software products, and after paying value-added tax at the statutory rate, enjoy an immediate refund of the portion of the actual value-added tax burden exceeding **3%**[302](index=302&type=chunk) - The company and its subsidiaries are exempt from value-added tax for technology transfer and technology development[303](index=303&type=chunk) [Notes to Consolidated Financial Statement Items](index=108&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the specific situation of each item in the consolidated financial statements, including cash and bank balances, trading financial assets, notes receivable, accounts receivable, contract assets, other receivables, inventories, fixed assets, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets with restricted ownership or use rights, accounts payable, contract liabilities, employee remuneration payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, share capital, capital reserve, surplus reserve, undistributed profits, operating revenue and operating cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains/losses, asset disposal gains/losses, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and supplementary information Cash and Bank Balances (Unit: Yuan, Currency: RMB) | Item | Ending Balance | Beginning Balance | | :--- | :--- | :--- | | Cash on Hand | 46,716.30 | 47,355.24 | | Bank Deposits | 389,059,820.98 | 357,325,604.36 | | Other Cash and Bank Balances | 719,587.92 | 788,160.00 | | Total | 389,826,125.20 | 358,161,119.60 | - As of the end of the reporting period, the company's assets with restricted ownership or use rights amounted to **719,560.00 Yuan**, primarily for quality guarantee deposits and performance guarantee deposits[305](index=305&type=chunk) Trading Financial Assets (Unit: Yuan, Currency: RMB) | Item | Ending Balance | Beginning Balance | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss (structured deposits) | 50,117,123.30 | 135,388,152.58 | | Total | 50,117,123.30 | 135,388,152.58 | Accounts Receivable (Unit: Yuan, Currency: RMB) | Category | Book Balance (Amount) | Book Balance (Proportion (%)) | Impairment Provision (Amount) | Impairment Provision (Provision Rate (%)) | Carrying Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | Individually impaired | 4,734,000.00 | 1.54 | 4,734,000.00 | 100.00 | - | | Collectively impaired | 301,956,040.11 | 98.46 | 31,533,167.95 | 10.44 | 270,422,872.16 | | Total | 306,690,040.11 | / | 36,267,167.95 | / | 270,422,872.16 | Inventory Classification (Unit: Yuan, Currency: RMB) | Item | Book Balance | Carrying Amount | | :--- | :--- | :--- | | Raw Materials | 3,180,158.21 | 3,180,158.21 | | Contract Performance Costs | 3,197,101.14 | 3,197,101.14 | | Total | 6,377,259.35 | 6,377,259.35 | Intangible Assets (Unit: Yuan, Currency: RMB) | Item | Patent Rights | Software and Other | Total | | :--- | :--- | :--- | :--- | | I. Original Cost (Ending Balance) | 3,622,641.52 | 21,429,076.82 | 25,051,718.34 | | II. Accumulated Amortization (Ending Balance) | 3,021,226.48 | 7,608,959.72 | 10,630,186.20 | | IV. Carrying Amount (Ending Carrying Amount) | 601,415.04 | 13,820,117.10 | 14,421,532.14 | Operating Revenue and Operating Cost (Unit: Yuan, Currency: RMB) | Item | Current Period Amount (Revenue) | Current Period Amount (Cost) | Prior Period Amount (Revenue) | Prior Period Amount (Cost) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 59,836,479.24 | 12,339,974.81 | 60,450,826.88 | 8,306,100.96 | | Total | 59,836,479.24 | 12,339,974.81 | 60,450,826.88 | 8,306,100.96 | Credit Impairment Losses (Unit: Yuan, Currency: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Notes Receivable Impairment Loss | -17,300.00 | - | | Accounts Receivable Impairment Loss | -2,915,587.06 | -2,400,169.88 | | Other Receivables Impairment Loss | -913,705.45 | 88,317.28 | | Total | -3,846,592.51 | -2,311,852.60 | Net Cash Flow from Operating Activities (Unit: Yuan, Currency: RMB) | Supplementary Information | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -27,318,324.09 | -39,412,270.23 | [Research and Development Expenses](index=151&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenses amounted to **32,210,594.39 Yuan**, all expensed, representing a **23.42%** increase from the prior year period; major expenditures included employee compensation, technical service and testing fees, depreciation and amortization, and lease fees R&D Expenses by Nature of Expense (Unit: Yuan, Currency: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | 16,601,705.04 | 16,725,692.14 | | Technical Service and Testing Fees | 7,356,329.54 | 5,394,969.68 | | Depreciation and Amortization | 6,236,615.40 | 1,996,006.77 | | Lease Fees | 1,428,853.49 | 1,332,457.66 | | Royalty Fees | 401,629.10 | 401,165.26 | | Travel Expenses | 163,800.25 | 234,574.24 | | Material Costs | 1,380.18 | 9,274.67 | | Other | 20,281.39 | 3,200.00 | | Total | 32,210,594.39 | 26,097,340.42 | | Of which: Expensed R&D | 32,210,594.39 | 26,097,340.42 | | Capitalized R&D | - | - | [Interests in Other Entities](index=153&type=section&id=X.%20Interests%20in%20Other%20Entities) The company owns one wholly-owned subsidiary, Shandong Inforbus Information Security Technology Co., Ltd., with a registered capital of **30.00 million Yuan**, primarily engaged in technology development, with a **100%** shareholding ratio Composition of Enterprise Group (Unit: million Yuan, Currency: RMB) | Subsidiary Name | Main Operating Location | Registered Location | Registered Capital | Business Nature | Shareholding Ratio (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinan Company (Shandong Inforbus Information Security Technology Co., Ltd.) | Jinan City, Shandong Province | Jinan City, Shandong Province | 30.00 | Technology Development | 100.00 | Investment Establishment | [Government Grants](index=154&type=section&id=XI.%20Government%20Grants) During the reporting period, the company's total government grants recognized in current profit or loss amounted to **6,603,271.69 Yuan**, including **159,381.43 Yuan** related to assets and **6,443,890.26 Yuan** related to income; the ending balance of government grants in deferred income was **371,382.18 Yuan** Liability Items Involving Government Grants (Unit: Yuan, Currency: RMB) | Financial Statement Item | Beginning Balance | New Grants for Current Period | Transferred to Other Income for Current Period | Ending Balance | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 480,763.61 | - | 159,381.43 | 321,382.18 | Related to Assets | | Deferred Income | 83,800.95 | - | 33,800.95 | 50,000.00 | Related to Income | | Total | 564,564.56 | - | 193,182.38 | 371,382.18 | / | Government Grants Recognized in Current Profit or Loss (Unit: Yuan, Currency: RMB) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Related to Assets | 159,381.43 | 371,738.29 | | Related to Income | 6,443,890.26 | 7,625,037.54 | | Total | 6,603,271.69 | 7,996,775.83 | [Risks Related to Financial Instruments](index=154&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company primarily faces credit risk, liquidity risk, and market risk (including interest rate risk); the company manages these risks through diversified investments, monitoring customer credit, maintaining sufficient cash flow, and monitoring bank borrowings. At period-end, the asset-liability ratio was **4.94%** - The main risks arising from the company's financial instruments are credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and commodity price risk)[460](index=460&type=chunk) - The company manages credit risk by classifying it into portfolios, primarily arising from bank deposits, accounts receivable, accounts receivable financing, and other receivables[461](index=461&type=chunk) - In managing liquidity risk, the company maintains and monitors what management considers sufficient cash and cash equivalents to meet its operating needs and mitigate the impact of cash flow fluctuations[463](index=463&type=chunk) - The company monitors its capital structure based on the asset-liability ratio (total liabilities divided by total assets). At period-end, the company's asset-liability ratio was **4.94%** (prior year-end: **5.66%**)[464](index=464&type=chunk) Interest-Bearing Financial Instruments Held (Unit: million Yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Floating Rate Financial Instruments (Financial Assets) | 439.94 | 493.55 | | Of which: Cash and Bank Balances | 389.83 | 358.16 | | Trading Financial Assets | 50.12 | 135.39 | [Disclosure of Fair Value](index=157&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) The company's total assets continuously measured at fair value at period-end amounted to **50,715,723.30 Yuan**, primarily including trading financial assets (structured deposits) and accounts receivable financing; the fair value of these assets is mainly measured using Level 2 and Level 3 inputs Fair Value of Assets and Liabilities Measured at Fair Value at Period-End (Unit: Yuan, Currency: RMB) | Item | Fair Value at Period-End (Level 2 Fair Value Measurement) | Fair Value at Period-End (Level 3 Fair Value Measurement) | Total | | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | | | | | (I) Trading Financial Assets | 50,117,123.30 | - | 50,117,123.30 | | 1. Financial assets measured at fair value through profit or loss (debt instrument investments) | 50,117,123.30 | - | 50,117,123.30 | | (VI) Accounts Receivable Financing | 598,600.00 | - | 598,600.00 | | Total assets continuously measured at fair value | 50,715,723.30 | - | 50,715,723.30 | - The company recognizes the fair value of wealth management products held based on their expected recoverable amounts. For accounts receivable financing held, their fair value is determined by their face value[470](index=470&type=chunk) [Related Parties and Related Party Transactions](index=158&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's controlling shareholder is Shandong Inforbus Software Engineering Co., Ltd., and the actual controllers are Jing Xinhai and Cheng Jianping. During the reporting period, the company engaged in daily related party transactions including goods purchase and sale, service provision and receipt, and leasing, and disclosed the ending balances of accounts receivable from and payable to related parties - The ultimate controlling parties of the enterprise are Jing Xinhai and Cheng Jianping, who are parties acting in concert[472](index=472&type=chunk) Parent Company Information (Unit: million Yuan, Currency: RMB) | Parent Company Name | Registered Location | Business Nature | Registered Capital | Parent Company's Shareholding Ratio in the Enterprise (%) | Parent Company's Voting Rights Ratio in the Enterprise (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Inforbus Software Engineering Co., Ltd. | Jinan City, Shandong Province | Software Development | 60.00 | 25.22 | 25.22 | Purchase of Goods/Receipt of Services Table (Unit: Yuan, Currency: RMB) | Related Party | Related Transaction Content | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | :--- | | Jinan Chuangxin Property Service Co., Ltd. | Property Fees | 238,558.50 | 200,123.80 | | Jinan Chuangxin Property Service Co., Ltd. | Accommodation Fees | 10,322.27 | 18,198.49 | | Jinan Chuangxin Property Service Co., Ltd. | Catering Fees | 567,640.60 | 510,469.80 | | Kunshan Inforbus Software Engineering Co., Ltd. | Technical Service Fees | 986,999.23 | - | Sale of Goods/Provision of Services Table (Unit: Yuan, Currency: RMB) | Related Party | Related Transaction Content | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | :--- | | Shandong Inforbus Software Engineering Co., Ltd. | Software Products | 2,778,761.07 | 3,101,769.89 | | Kunshan Inforbus Software Engineering Co., Ltd. | Software Products | 61,946.90 | - | Company as Lessee (Unit: Yuan, Currency: RMB) | Lessor Name | Type of Leased Asset | Amount for Current Period (Rent Paid) | Amount for Current Period (Interest Expense on Lease Liabilities) | | :--- | :--- | :--- | :--- | | Shandong Inforbus Software Engineering Co., Ltd. | Property | 5,725,313.91 | 196,148.10 | | Beijing Inforbus Yilian Software Engineering Co., Ltd. | Property | 2,113,761.46 | 78,216.18 | | Kunshan Inforbus Software Engineering Co., Ltd. | Property | 274,619.04 | 7,512.02 | Key Management Personnel Remuneration (Unit: Yuan, Currency: RMB) | Item | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | | Key Management Personnel Remuneration | 1,711,091.00 | 1,454,988.00 | Receivables (Unit: Yuan, Currency: RMB) | Item Name | Related Party | Ending Balance (Book Balance) | Ending Balance (Impairment Provision) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Shandong Inforbus Software Engineering Co., Ltd. | 9,384,244.54 | 619,424.45 | | Accounts Receivable | Kunshan Inforbus Software Engineering Co., Ltd. | 666,946.90 | 33,347.35 | Payables (Unit: Yuan, Currency: RMB) | Item Name | Related Party | Ending Book Balance | | :--- | :--- | :--- | | Accounts Payable | Kunshan Inforbus Software Engineering Co., Ltd. | 79,038.50 | [Share-based Payment](index=163&type=section&id=XV.%20Share-based%20Payment) The cumulative amount of equity-settled share-based payments recognized in capital reserve is **578,115.00 Yuan** - Cumulative amount of equity-settled share-based payments recognized in capital reserve: **578,115.00 Yuan**[486](index=486&type=chunk) [Notes to Parent Company Financial Statement Major Items](index=165&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section provides detailed notes on the parent company's major financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and operating cost, and investment income, similar to the consolidated statements but focusing on the parent company's individual situation Parent Company Accounts Receivable (Unit: Yuan, Currency: RMB) | Age | Ending Book Balance | | :--- | :--- |

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board ensures the semi-annual report's authenticity, accuracy, and completeness, while advising investors on risks associated with forward-looking statements - The company's Board of Directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming joint and several liability[3](index=3&type=chunk) - This semi-annual report is **unaudited**[5](index=5&type=chunk) - The profit distribution or capitalization of capital reserve plan for this reporting period is "**None**"[6](index=6&type=chunk) - Forward-looking statements regarding future plans and development strategies do not constitute substantive commitments to investors, who should be aware of investment risks[6](index=6&type=chunk) - There is **no non-operational occupation of funds** by the controlling shareholder or other related parties[7](index=7&type=chunk) - There are **no instances of providing external guarantees** in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines commonly used terms in the report, including the Company, CSRC, Lubei Group, Jinjiang Group, and its subsidiaries - "Company," "the Company," or "Listed Company" refers to Shandong Lubei Chemical Co, Ltd[16](index=16&type=chunk) - "Lubei Group" refers to Shandong Lubei Enterprise Group Corporation[16](index=16&type=chunk) - The report defines names of related parties or subsidiaries such as Jinjiang Group, Jinsheng Chemical, Mengda Titanium, Binhua Changfeng, Jinyi Technology, Jinhai Titanium, Xianghai Technology, Chuangling Technology, Yuanhai Technology, Zirconium Titanium New Materials, and Lubei Supply Chain[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section details the company's basic information, financial data, and non-recurring profit and loss items, showing a year-on-year decline in operating revenue and total profit - The company's Chinese name is 山东鲁北化工股份有限公司, its Chinese abbreviation is 鲁北化工, and its legal representative is Chen Shuchang[13](index=13&type=chunk) - The company's registered address is Chengkou Town, Wudi County, Shandong Province, and its website is http://www.lubeichem.com[15](index=15&type=chunk) - The company's A-shares are listed on the Shanghai Stock Exchange under the stock name Lubei Chemical and stock code 600727[18](index=18&type=chunk) [Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its Chinese name, abbreviation, English name, and legal representative - The company's Chinese name is Shandong Lubei Chemical Co, Ltd, with the Chinese abbreviation Lubei Chemical[13](index=13&type=chunk) - The company's legal representative is Chen Shuchang[13](index=13&type=chunk) [Contact Persons and Methods](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the names and contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Lin Hongbo, and the Securities Affairs Representative is Meng Lingzhen[14](index=14&type=chunk) - The contact address is Chengkou Town, Wudi County, Shandong Province, with the phone and fax number 0543-6451265 and email lubeichem@lubeichem.com[14](index=14&type=chunk) [Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines the historical changes to the company's registered address and confirms its current office location and website - The company's registered address is Chengkou Town, Wudi County, Shandong Province, and has remained unchanged since July 2011[15](index=15&type=chunk) - The office address is the same as the registered address, with a postal code of 251909 and the company website http://www.lubeichem.com[15](index=15&type=chunk) [Changes in Information Disclosure and Report Availability](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the designated newspapers, website, and location for the company's semi-annual report disclosure - The designated newspapers for information disclosure are *China Securities Journal* and *Shanghai Securities News*[17](index=17&type=chunk) - The website for publishing the semi-annual report is www.sse.com.cn[17](index=17&type=chunk) - The semi-annual report is available at the company's Securities Department[17](index=17&type=chunk) [Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic information about the company's stock, including its type, listing exchange, name, and code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[18](index=18&type=chunk) - The stock name is Lubei Chemical, and the stock code is 600727[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents key financial data, showing year-on-year declines in revenue, total profit, and net profit attributable to shareholders Key Accounting Data (Current Period Jan-Jun) | Indicator | Amount (RMB) | Same Period Last Year (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,578,215,450.84 | 2,815,483,872.96 | -8.43 | | Total Profit | 156,062,967.86 | 230,561,797.09 | -32.31 | | Net Profit Attributable to Shareholders | 78,193,466.18 | 146,477,616.87 | -46.62 | | Net Cash Flow from Operating Activities | 170,679,134.86 | 213,516,262.26 | -20.06 | | Net Assets Attributable to Shareholders (Period End) | 3,236,957,015.27 | 3,179,945,958.81 | 1.79 | | Total Assets (Period End) | 8,977,651,720.70 | 8,755,249,676.00 | 2.54 | Key Financial Indicators (Current Period Jan-Jun) | Indicator | Current Period | Same Period Last Year | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | 0.15 | 0.28 | -46.43 | | Diluted Earnings Per Share (RMB/Share) | 0.15 | 0.28 | -46.43 | | Basic EPS after Non-recurring Items (RMB/Share) | 0.15 | 0.27 | -44.44 | | Weighted Average Return on Equity (%) | 2.44 | 4.94 | Decreased by 2.50 percentage points | | Weighted Average ROE after Non-recurring Items (%) | 2.39 | 4.84 | Decreased by 2.45 percentage points | Non-recurring Profit and Loss Items and Amounts (Current Period) | Non-recurring Item | Amount (RMB) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 2,696,732.38 | | Government Grants Included in Current Profit/Loss | 1,325,245.52 | | Fair Value Changes in Financial Assets/Liabilities Held by Non-financial Enterprises | 580,158.11 | | Other Non-operating Income and Expenses | -5,716,307.62 | | Less: Income Tax Impact | 60,883.24 | | Less: Minority Interest Impact (After Tax) | -2,793,621.77 | | Total | 1,618,566.92 | [Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's operations, financial performance, and risks, highlighting efforts to improve performance despite declines in revenue and profit - The company's main business segments are titanium dioxide, methane chloride, fertilizers, cement, and salt[24](index=24&type=chunk) - During the reporting period, the company achieved **operating revenue of RMB 2.58 billion**, a **decrease of 8.43%** YoY; **total profit of RMB 156.06 million**, a **decrease of 32.31%** YoY; and **net profit attributable to shareholders of RMB 78.19 million**, a **decrease of 46.62%** YoY[50](index=50&type=chunk) - The company implemented measures such as scientific production organization, process optimization, internal potential tapping, comprehensive cost reduction, new product R&D, and market expansion to achieve significant cost reductions and steady benefit improvements[50](index=50&type=chunk) - The company's core competitiveness includes advantages in location and resources, circular economy, technology, and brand and marketing[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - The company faces risks related to production safety, environmental protection, product price fluctuations, rising raw material prices, and natural disasters[71](index=71&type=chunk)[73](index=73&type=chunk)[75](index=75&type=chunk) [Industry and Main Business Overview](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the company's five main business segments within the chemical industry, its operational models, and market conditions - The company's main businesses are segmented into titanium dioxide, methane chloride, fertilizers, cement, and salt, with products widely used in various sectors[24](index=24&type=chunk) - The titanium dioxide business has an annual production capacity of over **200,000 tons** of sulfate process titanium dioxide and **60,000 tons** of chloride process titanium dioxide[24](index=24&type=chunk) - The methane chloride business has an annual capacity of over **370,000 tons**, holding about **10% of the national market share** and **80% of the South China market share** for dichloromethane[27](index=27&type=chunk) - The fertilizer business, focusing on phosphate and compound fertilizers, utilizes patented waste resource utilization technologies, positioning itself as a resource-saving and environmentally friendly enterprise[29](index=29&type=chunk) - The salt business, producing crude salt and bromine, leverages coastal seawater resources to create an integrated industrial chain of "cooling, desalination, bromine extraction, and salt production"[31](index=31&type=chunk) - The company's procurement model involves public bidding and negotiation; its production model emphasizes continuous operation and recycling; and its sales model includes distribution, direct sales, and agency[33](index=33&type=chunk)[34](index=34&type=chunk)[36](index=36&type=chunk) - The titanium dioxide industry saw steady output growth and increased exports; methane chloride prices fell due to downstream refrigerant impacts; the fertilizer and cement industries faced oversupply and weak demand, while crude salt prices dropped and bromine prices rose[39](index=39&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[49](index=49&type=chunk) [Discussion and Analysis of Operations](index=15&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company maintained stable operations amid economic challenges by focusing on cost reduction, market optimization, and innovation, though overall performance declined H1 2025 Operating Performance | Indicator | Amount (RMB 10,000) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 257,821.55 | -8.43 | | Total Profit | 15,606.30 | -32.31 | | Net Profit Attributable to Shareholders | 7,819.35 | -46.62 | - The company achieved significant cost reductions and steady benefit improvements through a series of measures including scientific production organization, process optimization, internal potential tapping, comprehensive cost reduction, new product R&D, and market expansion[50](index=50&type=chunk) - Titanium dioxide products added over 30 new customers, with **export sales to end-users increasing YoY**; the salt chemical division's profit was driven by rising bromine prices; fertilizer sales **grew by 40.82% YoY** through a combination of domestic and international sales[51](index=51&type=chunk) - Key projects are progressing as planned, including the Xianghai Technology 60,000-ton chloride process titanium dioxide expansion, the 600,000-ton sulfur-to-acid and waste heat power generation project, and the Zirconium Titanium New Materials 600,000-ton zircon-titanium ore dressing project[51](index=51&type=chunk)[52](index=52&type=chunk) - Xianghai Technology invested in Inner Mongolia Yuxiao Mengda Titanium Industry Co, Ltd to secure the supply of high-titanium slag and ilmenite raw materials[52](index=52&type=chunk) - A collaborative project on "New Technology for Synergistic Treatment of Sulfur-containing Calcium Waste and Industrialization of Sulfur-Phosphorus-Titanium-Calcium-Lithium Co-production Ecological Industrial Model" won the second prize of the 2024 Shandong Provincial Science and Technology Progress Award[53](index=53&type=chunk) - The company strengthened party-building leadership, abolished the supervisory board to integrate its functions into the audit committee, and successfully completed the 2024 cash dividend distribution[54](index=54&type=chunk) [Analysis of Core Competitiveness](index=16&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is built on its unique location, resource advantages, mature circular economy model, and strong brand network - Located in northern Shandong near Huanghua Port, the company benefits from **low transportation costs** and policy support from its position in multiple economic zones[56](index=56&type=chunk) - The company possesses a long coastline and a million-ton salt field, enabling comprehensive seawater utilization for "cooling-desalination-bromine extraction-salt production," and has abundant marine and coal resources[56](index=56&type=chunk) - The company has established a technologically advanced gypsum-to-sulfuric acid co-production cement plant, enabling the recycling of waste acid from titanium dioxide and petrochemical processes[57](index=57&type=chunk) - The company and its subsidiary Jinhai Titanium have been recognized as "**Green Factories**" by the Ministry of Industry and Information Technology[57](index=57&type=chunk) - The company utilizes advanced titanium dioxide production processes with automated control, and its subsidiary Xianghai Technology masters core chloride process technology[58](index=58&type=chunk) - The company integrates production, sales, and R&D, with its "Lubei" and "Jinhai" brands recognized as **China Well-known Trademarks**[59](index=59&type=chunk) [Key Operating Activities](index=18&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details the company's operational performance, highlighting decreased revenue and profit, increased construction in progress, and changes in asset and liability structures - **Operating revenue decreased by 8.43% YoY**, primarily due to reduced income from titanium dioxide and methane chloride products[61](index=61&type=chunk) - **R&D expenses increased by 51.11% YoY**, mainly due to increased investment in research and development[61](index=61&type=chunk) - **Net cash flow from financing activities changed by 41.27% YoY**, primarily due to an increase in bank borrowings[61](index=61&type=chunk) Changes in Assets and Liabilities (Period End vs. Previous Year End) | Item | Current Period End (RMB) | Change (%) | Reason | | :--- | :--- | :--- | :--- | | Construction in Progress | 333,979,427.16 | 88.12 | Increased investment in Phase II chloride process titanium dioxide and zircon-titanium ore dressing projects | | Contract Liabilities | 103,478,380.64 | -39.44 | Decrease in advance payments from customers | | Long-term Borrowings | 559,147,553.65 | 59.76 | Increase in bank loans | | Trading Financial Assets | 8,000,000.00 | -80.95 | Redemption of wealth management products | | Notes Receivable Financing | 52,382,477.00 | -55.34 | Decrease in bank acceptance bills received from major banks | | Prepayments | 290,011,583.48 | 43.91 | Prepayments for raw materials and equipment | - During the reporting period, the company made a **capital injection of RMB 36 million** in cash to its subsidiary Zirconium Titanium New Materials, holding a 70% stake[65](index=65&type=chunk) Financial Information of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Jinhai Titanium | 397,546.19 | 151,764.97 | 131,694.58 | 228.94 | 68.67 | | Xianghai Technology | 141,617.64 | 15,053.69 | 39,383.02 | 1,409.86 | 1,439.60 | | Jinyi Technology | 87,271.70 | 68,761.22 | 41,959.11 | 12,802.45 | 8,858.89 | - The company disposed of its subsidiary Jinan Shizhong District Hairong Micro-credit Co, Ltd, realizing an **investment gain of RMB 526,300**[71](index=71&type=chunk) [Other Disclosures](index=21&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section outlines potential major risks, including safety, environmental, price volatility, and natural disaster risks, along with the company's corresponding mitigation measures - As a chemical company, it faces risks of safety accidents and environmental pollution due to corrosive, toxic, and dusty production characteristics[71](index=71&type=chunk) - The company has strengthened safety management, implemented responsibility systems, controlled hazards and environmental factors, and promoted energy conservation and emission reduction[72](index=72&type=chunk) - The prices of major products (titanium dioxide, fertilizers, cement, crude salt) are subject to fluctuations and the risk of rising raw material costs[73](index=73&type=chunk) - The company has enhanced market analysis, expanded its market share, strengthened procurement price verification, and reduced material and energy consumption through technological innovation[74](index=74&type=chunk) - The production of crude salt and bromine is susceptible to natural climate conditions, posing risks from natural disasters and extreme weather[75](index=75&type=chunk) - The company monitors weather forecasts for early warnings, implements protective measures, and conducts emergency drills for natural disasters[75](index=75&type=chunk) [Corporate Governance, Environment, and Society](index=22&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in directors and senior management, the absence of a semi-annual profit distribution plan, and the list of subsidiaries subject to mandatory environmental information disclosure - On May 9, 2025, the company completed its board and management transition, including abolishing the supervisory board, electing new directors, and appointing senior management[77](index=77&type=chunk) - The proposed semi-annual profit distribution plan is "**No**," with zero bonus shares, dividends, or transfers per 10 shares[78](index=78&type=chunk) - The company and three subsidiaries (Shandong Jinhai Titanium, Shandong Xianghai Titanium, Guangxi Tiandong Jinyi Technology) are included in the list of enterprises for mandatory environmental information disclosure[80](index=80&type=chunk) [Changes in Directors and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section lists the changes in the company's directors and senior management during the reporting period due to a board transition - During the reporting period, Xie Jun, Zhang Xiaoyan, Yuan Jinliang, Tian Xiangguo, Liu Zhengong, and Zhang Jinzeng resigned from their positions as directors, supervisors, or senior managers[77](index=77&type=chunk) - Chen Jinguo was elected as an employee director, Geng Guozhi and Wang Yuguo were elected as independent directors, and Lin Hongbo was appointed as the Board Secretary[77](index=77&type=chunk) - The changes were due to the company's board transition election on May 9, 2025, which included resolutions to abolish the supervisory board, elect directors, and appoint senior management[77](index=77&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=22&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) This section confirms that the company has not proposed a semi-annual profit distribution or capitalization of capital reserve plan - The company's proposed semi-annual profit distribution and capitalization of capital reserve plan is "**No**"[78](index=78&type=chunk) - The number of bonus shares, cash dividends (tax included), and capitalization shares per 10 shares are all 0[78](index=78&type=chunk) [Environmental Information of Listed Companies and Key Subsidiaries on the Mandatory Disclosure List](index=23&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) This section lists the company and three subsidiaries that are subject to mandatory environmental information disclosure and provides their respective query indexes - There are **4** entities on the list for mandatory environmental information disclosure[80](index=80&type=chunk) - These include Shandong Lubei Chemical Co, Ltd, Shandong Jinhai Titanium Resources Technology Co, Ltd, Shandong Xianghai Titanium Resources Technology Co, Ltd, and Guangxi Tiandong Jinyi Technology Co, Ltd[80](index=80&type=chunk) - The query index for their environmental information disclosure reports is the "Enterprise Environmental Information Disclosure System (Shandong)" or "Enterprise Environmental Information Disclosure System (Guangxi)"[80](index=80&type=chunk) [Significant Matters](index=24&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section confirms the fulfillment of commitments by the controlling shareholder, Lubei Group, and states the absence of fund occupation, irregular guarantees, or material litigation - Commitments from the controlling shareholder, Lubei Group, regarding resolving competition, related-party transactions, non-interference in management, and ensuring operational independence have been strictly fulfilled[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - There was **no non-operational occupation of funds** by the controlling shareholder or other related parties[86](index=86&type=chunk) - There were **no instances of providing external guarantees** in violation of prescribed decision-making procedures[86](index=86&type=chunk) - The company had **no material litigation or arbitration** during the reporting period[87](index=87&type=chunk) Company's Total Guarantee Status (Unit: RMB 10,000) | Indicator | Amount | | :--- | :--- | | Guarantees for Subsidiaries Incurred During the Period | 104,167.72 | | Outstanding Guarantee Balance for Subsidiaries at Period End (B) | 104,167.72 | | Total Guarantee Amount (A+B) | 104,167.72 | | Total Guarantee Amount as a Percentage of Net Assets (%) | 32.18 | [Fulfillment of Commitments](index=24&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the commitments made by the company's controlling entities and confirms that all commitments have been strictly fulfilled - Lubei Group has committed to not engaging in businesses that compete with Lubei Chemical or its subsidiaries and has strictly adhered to this commitment[83](index=83&type=chunk) - Lubei Group has committed to minimizing related-party transactions and ensuring compliance with legal procedures and disclosure obligations, which has been strictly fulfilled[84](index=84&type=chunk) - Lubei Group has committed not to interfere with the company's management or misappropriate its interests, and has strictly fulfilled this commitment[84](index=84&type=chunk) - Lubei Group has committed to ensuring Lubei Chemical's independence in business, assets, personnel, finance, and organization, and has strictly fulfilled this commitment[85](index=85&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders and Affiliates](index=26&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) This section confirms that there were no instances of non-operational fund occupation by controlling shareholders or other related parties during the reporting period - The company reports **no instances of non-operational fund occupation** by its controlling shareholder or other related parties during the reporting period[86](index=86&type=chunk) [Irregular Guarantees](index=26&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) This section confirms that the company did not provide any guarantees that violated prescribed decision-making procedures during the reporting period - The company reports **no irregular guarantees** during the reporting period[86](index=86&type=chunk) [Material Litigation and Arbitration](index=27&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) This section states that the company had no material litigation or arbitration matters during the reporting period - The company had **no material litigation or arbitration** matters during this reporting period[87](index=87&type=chunk) [Material Contracts and Their Performance](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the company's material guarantees, primarily for its subsidiaries, with a total guarantee amount representing 32.18% of net assets Guarantees for Subsidiaries (Unit: RMB 10,000) | Indicator | Amount | | :--- | :--- | | Guarantees for Subsidiaries Incurred During the Period | 104,167.72 | | Outstanding Guarantee Balance for Subsidiaries at Period End (B) | 104,167.72 | | Total Guarantee Amount (A+B) | 104,167.72 | | Total Guarantee Amount as a Percentage of Net Assets (%) | 32.18 | - The company provided multiple guarantees for Jinhai Titanium, including amounts of **RMB 100 million**, **RMB 150 million**, and **RMB 80 million**, with terms extending from 2022 to 2027[512](index=512&type=chunk)[513](index=513&type=chunk) - The company provided multiple guarantees for Xianghai Technology, including amounts of **RMB 30 million** and **RMB 220 million**, with terms extending from 2024 to 2026[513](index=513&type=chunk) [Changes in Share Capital and Shareholders](index=30&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section reports no change in the company's share capital and details the shareholder structure, including the top ten shareholders and restricted shareholders - During the reporting period, the company's total number of shares and share capital structure **remained unchanged**[92](index=92&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **56,358**[93](index=93&type=chunk) Top Ten Shareholders (as of Period End) | Shareholder Name | Shares Held (Shares) | Percentage (%) | Pledged, Marked, or Frozen Status (Shares) | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | | Shandong Lubei Enterprise Group Corporation | 180,969,187 | 34.24 | 90,000,000 (Pledged) | State-owned Legal Person | | Shandong State-owned Assets Investment Holdings Co, Ltd | 17,472,392 | 3.31 | 0 (None) | State-owned Legal Person | | Shandong Yongdao Investment Co, Ltd | 8,220,000 | 1.56 | 8,220,000 (Pledged) | Domestic Non-state-owned Legal Person | | Chai Changmao | 5,000,000 | 0.95 | 0 (None) | Domestic Individual | | Yu Daosheng | 1,892,900 | 0.36 | 0 (None) | Domestic Individual | Top Ten Restricted Shareholders (as of Period End) | No | Restricted Shareholder Name | Restricted Shares Held (Shares) | Restriction Condition | | :--- | :--- | :--- | :--- | | 1 | Wang Qingping | 45,000 | Share-reform restricted shares | | 2 | Yang Zhou | 15,000 | Share-reform restricted shares | [Changes in Share Capital](index=30&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section states that the company's total number of shares and share capital structure did not change during the reporting period - During the reporting period, the company's total number of shares and share capital structure **remained unchanged**[92](index=92&type=chunk) [Shareholders](index=30&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of shareholders and details the holdings of the top ten common and restricted shareholders as of the period end - As of the end of the reporting period, the total number of common shareholders was **56,358**[93](index=93&type=chunk) Top Ten Shareholders (as of Period End) | Shareholder Name | Shares Held (Shares) | Percentage (%) | Pledged, Marked, or Frozen Status (Shares) | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | | Shandong Lubei Enterprise Group Corporation | 180,969,187 | 34.24 | 90,000,000 (Pledged) | State-owned Legal Person | | Shandong State-owned Assets Investment Holdings Co, Ltd | 17,472,392 | 3.31 | 0 (None) | State-owned Legal Person | | Shandong Yongdao Investment Co, Ltd | 8,220,000 | 1.56 | 8,220,000 (Pledged) | Domestic Non-state-owned Legal Person | | Chai Changmao | 5,000,000 | 0.95 | 0 (None) | Domestic Individual | | Yu Daosheng | 1,892,900 | 0.36 | 0 (None) | Domestic Individual | Top Ten Restricted Shareholders (as of Period End) | No | Restricted Shareholder Name | Restricted Shares Held (Shares) | Restriction Condition | | :--- | :--- | :--- | :--- | | 1 | Wang Qingping | 45,000 | Share-reform restricted shares | | 2 | Yang Zhou | 15,000 | Share-reform restricted shares | [Bond-related Matters](index=32&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company has no corporate bonds, non-financial enterprise debt financing instruments, or convertible bonds - The company has **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments[100](index=100&type=chunk) - The company has **no convertible corporate bonds**[100](index=100&type=chunk) [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=32&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) This section states that the company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company has **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments[100](index=100&type=chunk) [Convertible Corporate Bonds](index=32&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) This section states that the company had no convertible corporate bonds during the reporting period - The company has **no convertible corporate bonds**[100](index=100&type=chunk) [Financial Report](index=33&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited consolidated and parent company financial statements and detailed notes for the reporting period - This semi-annual report is **unaudited**[102](index=102&type=chunk) - The financial statements include the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity[102](index=102&type=chunk)[105](index=105&type=chunk)[108](index=108&type=chunk)[112](index=112&type=chunk)[115](index=115&type=chunk)[118](index=118&type=chunk)[121](index=121&type=chunk)[128](index=128&type=chunk) - The notes to the financial statements provide detailed disclosures on the company's basic information, significant accounting policies and estimates, taxes, and notes to consolidated financial statement items[133](index=133&type=chunk)[141](index=141&type=chunk)[322](index=322&type=chunk)[329](index=329&type=chunk) - Supplementary information includes a detailed list of non-recurring profit and loss items and data on return on equity and earnings per share[553](index=553&type=chunk)[555](index=555&type=chunk) [Audit Report](index=33&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This section states that the semi-annual financial report has not been audited - This semi-annual report is **unaudited**[102](index=102&type=chunk) [Financial Statements](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company financial statements for the first half of 2025 Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 8,977,651,720.70 | | Total Liabilities | 5,360,959,926.87 | | Total Equity Attributable to Parent Company | 3,236,957,015.27 | Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 2,578,215,450.84 | | Total Profit | 156,062,967.86 | | Net Profit Attributable to Parent Company Shareholders | 78,193,466.18 | | Basic Earnings Per Share (RMB/Share) | 0.15 | Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 170,679,134.86 | | Net Cash Flow from Investing Activities | -37,961,906.28 | | Net Cash Flow from Financing Activities | -194,140,352.20 | | Net Increase in Cash and Cash Equivalents | -61,493,565.93 | [Company Basic Information](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details the company's history, share capital, legal representative, and main business activities in the chemical industry - The company was established on June 19, 1996, and listed on the Shanghai Stock Exchange on July 2 of the same year, with stock code 600727[133](index=133&type=chunk) - As of June 30, 2025, the company's registered capital is **RMB 528,583,135.00**[135](index=135&type=chunk) - The legal representative is Chen Shuchang, and the registered and head office address is Chengkou Town, Wudi County, Shandong Province[136](index=136&type=chunk)[137](index=137&type=chunk) - The company's main business activities include the R&D, production, and sales of chemical products such as titanium dioxide, methane chloride, crude salt and bromine, fertilizers, and cement[137](index=137&type=chunk) [Basis of Preparation for Financial Statements](index=54&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) This section confirms that the financial statements are prepared on a going concern basis, with no significant doubts about the company's future viability - The company's financial statements are prepared on a **going concern basis**[139](index=139&type=chunk) - The company has assessed its ability to continue as a going concern for the next 12 months and has found no significant factors that would cast doubt on this ability[140](index=140&type=chunk) [Significant Accounting Policies and Estimates](index=55&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 outlines the key accounting policies and estimates used in preparing the financial statements, covering areas from business combinations to revenue recognition - The financial statements comply with enterprise accounting standards, providing a true and fair view of the company's financial position and performance[141](index=141&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) - For notes and accounts receivable, the company measures the loss provision based on **lifetime expected credit losses**, regardless of significant financing components[197](index=197&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **22-40 years for buildings** and **10-14 years for machinery**[243](index=243&type=chunk) - Revenue is recognized by identifying performance obligations in a contract and measuring revenue based on the transaction price allocated to each obligation as it is satisfied[274](index=274&type=chunk)[281](index=281&type=chunk) - The company makes judgments, estimates, and assumptions for items such as financial asset impairment, inventory write-downs, fair value of financial assets, long-term asset impairment, depreciation, and deferred income tax[308](index=308&type=chunk)[312](index=312&type=chunk)[313](index=313&type=chunk)[314](index=314&type=chunk)[315](index=315&type=chunk)[317](index=317&type=chunk)[319](index=319&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk) [Taxes](index=87&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section details the company's main taxes and tax rates, as well as applicable tax incentives such as those for comprehensive resource utilization and R&D expenses Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 5% | | Corporate Income Tax | 15%, 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | | Resource Tax | 5% | - The company benefits from a corporate income tax incentive for comprehensive resource utilization, with **90% of relevant income included in total revenue**[324](index=324&type=chunk) - Manufacturing enterprises are eligible for a **100% super deduction** or **200% pre-tax amortization** for R&D expenses[324](index=324&type=chunk) - The subsidiary Guangxi Tiandong Jinyi Technology Co, Ltd, as a high-tech enterprise, enjoys a reduced corporate income tax rate of **15%**[325](index=325&type=chunk) - The company receives a **70% VAT refund** for products and services related to comprehensive resource utilization and a **5% additional deduction** on input VAT for advanced manufacturing enterprises[326](index=326&type=chunk)[328](index=328&type=chunk) - Local water conservancy construction funds are exempted in Shandong Province and Guangxi Zhuang Autonomous Region[328](index=328&type=chunk) [Notes to Consolidated Financial Statement Items](index=89&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the consolidated financial statements, explaining balances, changes, and related accounting treatments - Cash and cash equivalents at period-end were **RMB 2.83 billion**, with **RMB 1.71 billion** in other monetary funds being restricted, primarily as deposits for bank acceptance bills and letters of credit[330](index=330&type=chunk)[410](index=410&type=chunk) - The book value of construction in progress at period-end was **RMB 324.60 million**, an **increase of 83.96%** from the beginning of the period, mainly due to increased investment in key projects[391](index=391&type=chunk)[63](index=63&type=chunk) - Short-term borrowings at period-end were **RMB 2.92 billion**, consisting mainly of pledged loans[413](index=413&type=chunk) - Long-term borrowings at period-end were **RMB 559.15 million**, an **increase of 59.76%** from the beginning of the period, primarily due to an increase in bank loans[433](index=433&type=chunk)[64](index=64&type=chunk) - Operating revenue for the period was **RMB 2.58 billion** and cost of sales was **RMB 2.28 billion**; revenue **decreased by 8.43% YoY** due to lower sales of titanium dioxide and methane chloride products[447](index=447&type=chunk)[61](index=61&type=chunk) - R&D expenses for the period were **RMB 37.33 million**, a **YoY increase of 51.11%**, mainly due to higher R&D investment[459](index=459&type=chunk)[61](index=61&type=chunk) - Net cash flow from operating activities was **RMB 170.68 million**[481](index=481&type=chunk) [R&D Expenditures](index=147&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section details the company's R&D expenditures for the period, all of which were expensed, showing a significant year-on-year increase R&D Expenditure Breakdown (Current Period) | Item | Amount (RMB) | | :--- | :--- | | Employee Compensation | 18,520,467.45 | | Materials | 8,673,527.08 | | Depreciation and Amortization | 1,778,776.80 | | Fuel and Power | 6,925,549.34 | | Expert Consultation | 537,273.17 | | Others | 895,310.32 | | Total | 37,330,904.16 | - R&D expenditure for the current period was **RMB 37.33 million**, compared to **RMB 24.70 million** in the same period last year, a **YoY increase of 51.11%**[489](index=489&type=chunk)[61](index=61&type=chunk) - All R&D expenditures were **expensed**[489](index=489&type=chunk) [Changes in Consolidation Scope](index=148&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) This section confirms that there were no significant changes to the company's consolidation scope during the reporting period - There were **no business combinations under common control** during the period[489](index=489&type=chunk) - There were **no business combinations not under common control** during the period[489](index=489&type=chunk) - There were **no reverse acquisitions** during the period[489](index=489&type=chunk) - There were **no transactions or events leading to a loss of control** over subsidiaries during the period[489](index=489&type=chunk) [Interests in Other Entities](index=150&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 composition of the company's corporate group, including key subsidiaries and financial information for significant non-wholly-owned subsidiaries - Key subsidiaries include Guangxi Tiandong Jinyi Technology (51% owned), Shandong Chuangling New Materials (100% owned), Shandong Jinhai Titanium (100% owned), Shandong Xianghai Titanium (100% owned), and Shandong Lubei Zirconium Titanium New Materials (70% owned)[492](index=492&type=chunk) - The significant non-wholly-owned subsidiary is Jinyi Technology, with a **minority interest of 49.00%**[493](index=493&type=chunk) Key Financial Information of Jinyi Technology (Current Period) | Item | Amount (RMB) | | :--- | :--- | | Operating Revenue | 419,591,051.44 | | Net Profit | 88,588,919.56 | | Total Comprehensive Income | 88,588,919.56 | | Operating Activity Cash Flow | 142,210,906.89 | | Profit/Loss Attributable to Minority Shareholders | 43,408,570.58 | | Dividends Declared to Minority Shareholders | 73,500,000.00 | | Minority Interest Balance at Period End | 358,775,481.90 | [Government Grants](index=152&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses government grants received by the company, including deferred income related to assets and grants recognized in current profit or loss Liability Items Related to Government Grants (Deferred Income) | Item | Opening Balance (RMB) | New Grants (RMB) | Transferred to Other Income (RMB) | Closing Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,504,391.30 | 80,000.00 | 360,077.50 | 3,224,313.80 | Asset-related | Government Grants Included in Current Profit or Loss | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Income-related | 2,537,451.32 | 3,689,090.97 | | Income-related | 1,325,245.52 | 1,446,751.53 | | Total | 3,862,696.84 | 5,135,842.50 | [Financial Instrument Risks](index=153&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) This section states that the company does not engage in hedging activities for risk management and has not applied hedge accounting - The company **does not engage in hedging activities** for risk management[499](index=499&type=chunk) - The company **has not applied hedge accounting**[499](index=499&type=chunk) - The company has not disclosed details regarding the transfer of financial assets[499](index=499&type=chunk)[500](index=500&type=chunk) [Fair Value Disclosures](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) This section discloses the fair value of assets and liabilities measured at fair value, primarily trading financial assets and other equity investments Total Assets Measured at Fair Value on a Recurring Basis (Period End Fair Value) | Item | Level 2 Fair Value (RMB) | Level 3 Fair Value (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 8,000,000.00 | | 8,000,000.00 | | Other Equity Investments | | 600,000.00 | 600,000.00 | | **Total Assets Measured at Fair Value** | **8,000,000.00** | **600,000.00** | **8,600,000.00** | - The fair value for Level 2 is derived from the present value of expected cash inflows from bank wealth management products[503](index=503&type=chunk) - The fair value for Level 3 items (other equity investments and other non-current financial assets) is determined using a valuation technique based on the value of the investee's identifiable net assets[504](index=504&type=chunk) [Related Parties and 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) This section details the company's parent, subsidiaries, other related parties, and various related-party transactions during the reporting period - The company's parent is Shandong Lubei Enterprise Group Corporation, holding a **34.24%** stake, with the ultimate controlling party being the Wudi County Finance Bureau[506](index=506&type=chunk) - Other related parties include Shandong Lubei High-tech Zone Industrial Development Group, Shandong Jinyuan New Materials, Binhua Group and its subsidiaries, and Guangxi Tiandong Jinsheng Chemical[507](index=507&type=chunk)[508](index=508&type=chunk) Purchases of Goods/Services from Related Parties (Current Period) | Related Party | Transaction Content | Amount (RMB) | | :--- | :--- | :--- | | Shandong Lubei Enterprise Group Corporation | Purchase of steam, electricity, etc | 261,499,757.55 | | Wudi Haichuan Installation Engineering Co, Ltd | Engineering services, equipment, materials | 66,396,531.10 | | Wudi Lanjie Sewage Treatment Co, Ltd | Sewage treatment | 24,692,959.54 | | Guangxi Tiandong Jinsheng Chemical Co, Ltd | Purchase of fuel and power | 58,393,305.45 | Sales of Goods/Services to Related Parties (Current Period) | Related Party | Transaction Content | Amount (RMB) | | :--- | :--- | :--- | | Shandong Lubei Enterprise Group Corporation | Sales of purified water, demineralized water, fly ash, etc | 21,643,781.15 | | Shandong Lubei Haisheng Biotechnology Co, Ltd | Sales of cement, maintenance services | 23,109,323.42 | | Wudi Zhonghai New Aluminum Technology Co, Ltd | Sales of woven bags, provision of repairs, etc | 5,599,165.97 | | Binhua Group Co, Ltd | Sales of salt | 4,960,316.10 | - The company provided multiple guarantees for its subsidiaries Jinhai Titanium and Xianghai Technology, with a total outstanding guarantee balance of **RMB 1.04 billion** at the period end[512](index=512&type=chunk)[513](index=513&type=chunk)[90](index=90&type=chunk) - Key management personnel compensation for the current period amounted to **RMB 5.95 million**[515](index=515&type=chunk) [Share-based Payments](index=160&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) This section confirms that the company had no share-based payment arrangements during the reporting period - The company had **no share-based payment arrangements** during the reporting period[521](index=521&type=chunk) - The company had **no equity-settled share-based payments**[522](index=522&type=chunk) - The company had **no cash-settled share-based payments**[522](index=522&type=chunk) - The company incurred **no share-based payment expenses** during the period[522](index=522&type=chunk) [Commitments and Contingencies](index=161&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) This section states that the company had no significant commitments or material contingencies to disclose for the reporting period - The company had **no significant commitments** to report for the period[522](index=522&type=chunk) - The company has **no material contingencies** to disclose[522](index=522&type=chunk) [Post-Balance Sheet Events](index=161&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) This section confirms that no significant events occurred between the balance sheet date and the report's approval date that would require disclosure - The company had **no significant non-adjusting events** after the balance sheet date[522](index=522&type=chunk) - There were **no profit distribution events** after the balance sheet date[522](index=522&type=chunk) - There were **no sales returns** after the balance sheet date[522](index=522&type=chunk) [Other Significant Matters](index=161&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section confirms the absence of other significant matters such as prior period error corrections, debt restructuring, or discontinued operations - The company had **no prior period accounting error corrections**[522](index=522&type=chunk) - The company had **no significant debt restructuring**[523](index=523&type=chunk) - The company had **no asset swaps**[523](index=523&type=chunk) - The company had **no annuity plans**[523](index=523&type=chunk) - The company had **no discontinued operations**[523](index=523&type=chunk) - The company has **not disclosed segment information**[523](index=523&type=chunk) [Notes to Parent Company Financial Statement Items](index=162&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the parent company's financial statements, including receivables, long-term investments, and revenue - The parent company's accounts receivable had a book value of **RMB 32.53 million** at period-end, with a bad debt provision of **RMB 3.14 million**[526](index=526&type=chunk) - The parent company's other receivables had a book value of **RMB 1.11 billion** at period-end, with a significant portion related to intercompany balances[534](index=534&type=chunk)[540](index=540&type=chunk) - The parent company's long-term equity investments had a book value of **RMB 2.07 billion** at period-end, increasing by **RMB 131.90 million** during the period due to additional investments in subsidiaries[546](index=546&type=chunk) - The parent company's operating revenue for the period was **RMB 431.35 million**, with a cost of sales of **RMB 352.44 million**[548](index=548&type=chunk) - The parent company's investment income for the period was **RMB 77.08 million**, primarily from long-term equity investments accounted for using the cost method[552](index=552&type=chunk) [Supplementary Information](index=173&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary financial data, including a detailed breakdown of non-recurring profit and loss items and calculations for ROE and EPS Breakdown of Non-recurring Profit and Loss | Item | Amount (RMB) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 2,696,732.38 | | Government Grants Included in Current Profit/Loss | 1,325,245.52 | | Fair Value Changes in Financial Assets/Liabilities Held by Non-financial Enterprises | 580,158.11 | | Other Non-operating Income and Expenses | -5,716,307.62 | | Less: Income Tax Impact | 60,883.24 | | Less: Minority Interest Impact (After Tax) | -2,793,621.77 | | Total | 1,618,566.92 | Return on Equity (ROE) and Earnings Per Share (EPS) | Profit for the Period | Weighted Average ROE (%) | Basic EPS (RMB) | Diluted EPS (RMB) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 2.44 | 0.15 | 0.15 | | Net Profit Attributable to Common Shareholders after Non-recurring Items | 2.39 | 0.15 | 0.15 |

四川长虹电器股份有限公司 2025 年半年度报告 1 / 289 四川长虹电器股份有限公司2025 年半年度报告 公司代码：600839 公司简称：四川长虹 四川长虹电器股份有限公司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、 公司负责人柳江、主管会计工作负责人茆海云及会计机构负责人（会计主管人员）茆海云 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 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，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，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 ...

公司代码：600557 公司简称：康缘药业 江苏康缘药业股份有限公司 2025 年半年度报告 2025 年 8 月 江苏康缘药业股份有限公司（股票代码：600557） 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、 公司负责人高海鑫、主管会计工作负责人江锁成及会计机构负责人（会计主管人员）李清 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 本报告如涉及未来计划等前瞻性陈述，或会根据市场环境相应调整，该计划不构成公司对投 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 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 ...

宏和电子材料科技股份有限公司2025 年半年度报告 公司代码：603256 公司简称：宏和科技 宏和电子材料科技股份有限公司 2025 年半年度报告 1 / 162 宏和电子材料科技股份有限公司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。 三、 本半年度报告未经审计。 四、 公司负责人毛嘉明、主管会计工作负责人黄郁佳及会计机构负责人（会计主管人员）胡利 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 公司2025年上半年度不进行利润分配、公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中涉及公司经营和发展战略等未来计划的前瞻性陈述，该计划不构成公司对投 资者的实质承诺，请投资者注意投资风险。 本半年度报告中涉及相关行业数据，为公司内部对行业情况的统计数据或引用的外部参考数 据，仅供参考，不构成任何投资建议。 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 二、 公司全 ...

安邦护卫集团股份有限公司2025 年半年度报告 公司代码：603373 公司简称：安邦护卫 安邦护卫集团股份有限公司 2025 年半年度报告 1 / 203 安邦护卫集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每10股派发现金红利2.0 元（含税）。截至2025年6月30日，公司总股本为107,526,882股，以此计算合计拟派发现金红利 21,505,376.40元（含税）。该预案已经公司董事会、监事会审议通过，尚需提交股东大会审议批 准，实际分派的金额以公司发布的权益分派实施公告为准。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的经营计划、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 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、 公司负责人谢 ...

浙江中国轻纺城集团股份有限公司2025 年半年度报告 公司代码：600790 公司简称：轻纺城 浙江中国轻纺城集团股份有限公司 2025 年半年度报告 1 / 160 浙江中国轻纺城集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人潘建华、主管会计工作负责人邬建昌及会计机构负责人（会计主管人员）邬建 昌声明：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性承诺，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 ...

2025年半年度报告 2025 SEMI-ANNUAL REPORT 股票代码:300879 公告编号:2025-055 DAYE 2025年08月 宁波大叶园林设备股份有限公司 NINGBO DAYE GARDEN MACHINERY CO.,LTD. GREEN * ALKO Masport MOWOX® 宁波大叶园林设备股份有限公司 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。 宁波大叶园林设备股份有限公司 2025 年半年度报告全文 | | | | 第一节 重要提示、目录和释义 | | --- | | 第二节 公司简介和主要财务指标 . | | 第三节 管理层讨论与分析 | | 第四节 公司治理、环境和社会 | | 第五节 重要事项 | | 第六节 股份变动及股东情况 . | | 第七节 债券相关情况 …………………………………………………………………………………………………………………………………………………………………………………… ...