[Sino Medical 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Sino%20Medical%20Science%20and%20Technology%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Performance Forecast and Year-on-Year Comparison](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast%20%26%20II.%20Prior%20Year%20Performance) The company projects significant growth in its 2025 semi-annual performance, with substantial increases in revenue and net profit, including a turnaround in non-recurring adjusted net profit Key Financial Performance Comparison | Financial Metric | 2025 H1 (Forecast) (RMB Million) | 2024 H1 (Prior Period) (RMB Million) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 240.48 | 213.69 | +12.53% | | **Net Profit Attributable to Shareholders** | 13.84 | 3.49 | +296.54% | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items)** | 7.98 | -12.59 | +163.35% (Turnaround) | - The financial data in this performance forecast has not been audited by a certified public accountant[4](index=4&type=chunk) [Analysis of Performance Growth Drivers](index=1&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Growth) The core drivers for this period's performance growth are increased sales of core products and effective cost control, despite negative impacts from reduced investment income and asset impairment losses - Significant sales growth in core products, including two coronary stent products and coronary balloon products, due to their inclusion in national centralized procurement[5](index=5&type=chunk) - Stable development in emerging businesses, with neuro-interventional business maintaining steady growth[5](index=5&type=chunk) - Effective cost control, with year-on-year decreases in selling and R&D expenses, though administrative expenses increased[5](index=5&type=chunk) - Negative influencing factors include a significant year-on-year decrease in investment income and asset impairment losses, partially dragging down profit growth[5](index=5&type=chunk) [Important Statements and Risk Warnings](index=2&type=section&id=IV.%20Risk%20Warnings%20%26%20V.%20Other%20Explanatory%20Matters) The company confirms no material uncertainties affecting the accuracy of this performance forecast as of the announcement date, while reminding investors that the disclosed data is preliminary and subject to the final 2025 semi-annual report - The company confirms no material uncertainties currently affect the accuracy of this performance forecast[6](index=6&type=chunk) - The company emphasizes that this forecast data is preliminary, and final figures will be based on the officially disclosed 2025 semi-annual report[7](index=7&type=chunk)

成都智明达电子股份有限公司 2025 年半年度报告 公司代码：688636 公司简称：智明达 成都智明达电子股份有限公司 2025 年半年度报告 1 / 149 成都智明达电子股份有限公司 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、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在报告中详细描 述可能存在的相关风险，敬请查阅本报告"第三节 管理层讨论与分析" 之 "四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人龙波、主管会计工作负责人刘馨竹及会计机构负责人（会计主管人员）李婷声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 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， ...

[Key Financial Data and Indicators](index=1&type=section&id=Item%201.%20Key%20Financial%20Data%20and%20Indicators%20for%20H1%202025) In H1 2025, total operating revenue increased by 2.07% to CNY 4.435 billion, while net profit attributable to shareholders grew 4.63% to CNY 254 million, driven by non-recurring gains, despite declines in operating and total profit Key Financial Data for H1 2025 (CNY '0,000) | Item | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 443,520.54 | 434,514.18 | 2.07% | | **Operating Profit** | 25,751.10 | 27,429.08 | -6.12% | | **Total Profit** | 25,904.44 | 28,441.74 | -8.92% | | **Net Profit Attributable to Shareholders** | 25,398.68 | 24,274.50 | 4.63% | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items)** | 21,566.67 | 18,180.61 | 18.62% | | **Basic Earnings Per Share (CNY)** | 0.137 | 0.131 | 4.64% | | **Total Assets** | 2,971,841.12 | 2,903,488.34 (Beginning of Period) | 2.35% | | **Total Equity Attributable to Shareholders** | 1,519,215.27 | 1,493,816.59 (Beginning of Period) | 1.70% | [Explanation of Operating Performance and Financial Condition](index=1&type=section&id=Item%202.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) Revenue growth was driven by broadcasting 5G and digital cultural tourism, while net profit growth was primarily due to tax exemptions, as the company actively embraces new technologies to foster new productive forces in smart broadcasting - The company's operating revenue growth was primarily driven by emerging businesses such as broadcasting 5G and digital cultural tourism[5](index=5&type=chunk) - Net profit attributable to shareholders increased mainly due to income tax exemption policies for cultural reform enterprises, explaining the difference between the **4.63%** net profit growth and the **18.62%** non-recurring net profit growth[5](index=5&type=chunk) - The company strategically integrates new technologies like AI, cloud computing, and big data to explore new business models and foster new productive forces in smart broadcasting[5](index=5&type=chunk) [Explanation of Differences from Previous Performance Forecasts](index=2&type=section&id=Item%203.%20Explanation%20of%20Differences%20from%20Previous%20Performance%20Forecasts) The company had not issued any performance forecasts for the first half of 2025 prior to this earnings flash report - This earnings flash report marks the company's initial disclosure of H1 2025 performance data, with no prior forecasts issued[6](index=6&type=chunk) [Documents for Reference](index=2&type=section&id=Item%204.%20Documents%20for%20Reference) The reference documents include comparative balance sheets and income statements signed and sealed by the company's legal representative, head of accounting, and head of the accounting department - Comparative balance sheets and income statements, signed and sealed by relevant responsible persons, are available for review[7](index=7&type=chunk)

Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key terms such as the Company, controlling shareholder, and major business entities to ensure precise communication throughout the report - The report clarifies that **'the Company' refers to Dahu Aquaculture Co., Ltd.**, **'Controlling Shareholder' refers to Tibet Hongshan Technology Development Co., Ltd.**, and specifies key business entities like **'Two Lakes and Two Reservoirs'**, **Dongfang Huakang**, and **Deshan Wine Industry**[16](index=16&type=chunk) Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the Company's fundamental corporate details, including contact information, addresses, disclosure channels, and stock overview Company Basic Information | Item | Information | | :--- | :--- | | **Company Name** | Dahu Aquaculture Co., Ltd. (Dahu Shares) | | **Stock Code** | 600257 (Shanghai Stock Exchange) | | **Legal Representative** | Luo Dingkun | | **Information Disclosure Newspapers** | China Securities Journal, Shanghai Securities News, Securities Times | | **Information Disclosure Website** | www.sse.com.cn | [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the Company's operating revenue decreased by **14.40%**, while total profit surged by **136.28%**, and net loss attributable to shareholders narrowed by **81.34%**, driven by improved operating cash flow from increased sales collections and reduced procurement 2025 Half-Year Key Accounting Data (Unit: RMB) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 425,544,826.66 | 497,127,058.26 | -14.40 | | Total Profit | 22,861,467.67 | 9,675,784.88 | 136.28 | | Net Profit Attributable to Shareholders of Listed Company | -2,571,624.48 | -13,782,393.98 | 81.34 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -4,539,093.45 | -16,760,401.07 | 72.92 | | Net Cash Flow from Operating Activities | 84,213,927.49 | -104,152,373.58 | N/A | | Total Assets (Period-End) | 1,858,831,277.71 | 1,860,201,296.68 | -0.07 | - Net cash flow from operating activities significantly improved year-on-year, primarily due to shortened accounts receivable credit terms, leading to a **27.25 million RMB** increase in sales collections, and a **129.82 million RMB** reduction in cash paid for goods and services[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the Company's total non-recurring gains and losses amounted to **1.97 million RMB**, primarily from government subsidies, fair value changes in financial assets, and interest income from funds occupied by non-financial enterprises 2025 Half-Year Non-Recurring Gains and Losses Items (Unit: RMB) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Government Subsidies | 2,320,486.19 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 369,520.39 | | Interest Income from Funds Occupied by Non-Financial Enterprises | 402,222.23 | | Net Other Non-Operating Income and Expenses | 189,244.10 | | Debt Restructuring Gains/Losses | -226,412.75 | | **Total** | **1,967,468.97** | Management Discussion and Analysis [Industry and Principal Business Overview](index=7&type=section&id=%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) The Company strategically focuses on the big health industry, operating two main segments: health product production and sales (aquaculture, liquor, health supplements) and health medical services (rehabilitation, nursing), with aquaculture benefiting from policy support, liquor facing consumption upgrades, and rehabilitation medical services driven by an aging population - The Company has established **'Health Products + Health Medical Services'** as its two core business segments, aligning with China's 'Healthy China' strategy and market demand[27](index=27&type=chunk) - Aquaculture Industry: National policies continuously promote ecological fisheries and the pre-prepared food industry, creating opportunities for the Company's aquaculture and processing businesses, with China's pre-prepared food market size projected to exceed **1.07 trillion RMB** by 2026[38](index=38&type=chunk)[41](index=41&type=chunk)[48](index=48&type=chunk) - Liquor Industry: The industry is becoming more standardized, with consumption trends shifting towards branding and quality, posing competitive pressure on regional brands from national renowned liquors[49](index=49&type=chunk)[51](index=51&type=chunk) - Rehabilitation and Nursing Medical Industry: Benefiting from an aging population and national policy support, rehabilitation demand continues to grow, with significant market potential, as China's rehabilitation medical market size is expected to exceed **220 billion RMB** by 2025[51](index=51&type=chunk)[55](index=55&type=chunk) [Principal Business Operations](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The Company's principal businesses are categorized into four types: live aquatic products using large-surface green farming, chilled and frozen aquatic products via order-based production, liquor with traditional brewing techniques, and rehabilitation nursing medical services primarily in the Yangtze River Delta region - **Live Aquatic Products**: The Company possesses approximately **168,000 mu** of freshwater aquaculture area, utilizing a 'catch-as-you-sell' model, with sales concentrated in Central-South, Southwest, East, and North China regions[28](index=28&type=chunk)[29](index=29&type=chunk) - **Chilled and Frozen Aquatic Products**: Employing an 'order-based production' model, the Company collaborates closely with core channels like Walmart Sam's Club and Tianhong, with a marketing network covering multiple regions nationwide[30](index=30&type=chunk)[31](index=31&type=chunk) - **Liquor**: The Company owns the 'Deshan' Chinese time-honored brand, with products covering sauce, strong, and mixed aroma types, primarily adopting a dealer-based sales model[32](index=32&type=chunk)[34](index=34&type=chunk) - **Rehabilitation and Nursing Medical Services**: Through its subsidiary Dongfang Huakang, the Company operates multiple rehabilitation and nursing institutions in Shanghai, Changzhou, Wuxi, and Hangzhou, ranking among the larger privately-run health and elderly care medical institutions in the Yangtze River Delta region[35](index=35&type=chunk) [Discussion and Analysis of Operations](index=15&type=section&id=%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) In H1 2025, the Company achieved **426 million RMB** in operating revenue and a net loss attributable to shareholders of **-2.57 million RMB**, narrowing the loss by **11.28 million RMB** year-on-year, primarily driven by strong growth in frozen aquatic products, while liquor and medical businesses experienced revenue declines - Frozen aquatic products business performed strongly, with H1 revenue growing by **14.99%** year-on-year, new products like Thai Curry Shrimp and Huadiao Drunken Crab contributing **30.79 million RMB** in revenue, and crayfish series products generating **142 million RMB**, up **19.90%** year-on-year[56](index=56&type=chunk) - Liquor product sales declined due to consumption downgrades and intensified regional market competition, resulting in a **17.00%** year-on-year decrease in operating revenue[56](index=56&type=chunk) - Overall medical business revenue decreased by **8.36%** year-on-year, with hospitals in Changzhou and Wuxi experiencing revenue declines, while Shanghai Jincheng Nursing Home maintained a bed utilization rate of approximately **98%**, with revenue growing by **11.52%** year-on-year[57](index=57&type=chunk) [Core Competitiveness Analysis](index=16&type=section&id=%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 stems from three key advantages: long-term usage rights for **'Two Lakes and Two Reservoirs'**, strong brand recognition with **'Dahu'** and **'Deshan'** trademarks, and advanced ecological aquaculture, water treatment, and traditional liquor brewing technologies - **Resource Advantage**: The Company holds long-term usage rights for the operated **'Two Lakes and Two Reservoirs'**, providing an excellent foundation for business development with superior water quality[60](index=60&type=chunk) - **Brand and Product Advantage**: **'Dahu'** and **'Deshan'** are both China Well-known Trademarks; **'Dahu'** brand aquatic products are organically certified and have won multiple brand awards, while **'Deshan'** liquor's ancient brewing technique is listed as a provincial intangible cultural heritage[61](index=61&type=chunk)[64](index=64&type=chunk) - **Technology and Environmental Advantage**: The Company collaborates with research institutions to innovate ecological aquaculture models and possesses core water environment governance technologies; Deshan Wine Industry is located in an excellent ecological brewing environment with a long history of winemaking[62](index=62&type=chunk)[63](index=63&type=chunk) [Analysis of Key Operating Performance](index=18&type=section&id=%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 analyzes the Company's operating status through financial statement item changes, noting decreased revenue and costs, reduced selling, general, and administrative expenses, leading to narrowed losses, increased cash, decreased prepayments, and partial repayment of long-term borrowings Analysis of Major Income Statement Items Changes (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 425,544,826.66 | 497,127,058.26 | -14.40 | | Operating Cost | 319,159,915.19 | 378,040,605.09 | -15.58 | | Selling Expenses | 9,087,882.15 | 13,705,794.46 | -33.69 | | Administrative Expenses | 54,182,081.10 | 63,426,006.11 | -14.57 | | Financial Expenses | 16,039,098.41 | 18,711,715.95 | -14.28 | Analysis of Major Balance Sheet Items Changes | Item Name | Change (%) | Explanation | | :--- | :--- | :--- | | Cash and Cash Equivalents | 24.53 | Primarily due to increased cash flow from operating activities | | Financial Assets Held for Trading | 45.90 | Primarily due to the use of idle funds to purchase structured deposits | | Prepayments | -51.04 | Primarily due to the completion of delivery and sale of goods corresponding to crayfish procurement prepayments made earlier | | Long-term Borrowings | -32.12 | Primarily due to repayment of long-term bank loans | - The Company and Dongfang Huakang jointly invested to establish Shanghai Kuaizhi Medical Technology Co., Ltd. on March 4, 2025, with a registered capital of **5 million RMB**, and the Company holding an **80%** stake[70](index=70&type=chunk) [Potential Risks](index=22&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The Company details key operating risks in this report, including product market competition, food safety, operating cost fluctuations, management risks from business expansion, and operational risks within the medical industry - **Market Competition Risk**: Dahu live fish face quantity advantage competition from pond-farmed fish; liquor products, as regional brands, face market pressure from national renowned liquors[73](index=73&type=chunk) - **Food Safety Risk**: Any hygiene inspection or food safety issues could adversely impact the Company's reputation, sales, and performance[74](index=74&type=chunk) - **Cost Fluctuation Risk**: Rising costs for labor, fish fry procurement, and factors like natural disasters or fish diseases could lead to significant fluctuations in operating costs[75](index=75&type=chunk)[76](index=76&type=chunk) - **Management and Medical Operation Risk**: Expanding business scale and cross-industry mergers and acquisitions (medical services) introduce risks related to management integration, medical safety, and quality[76](index=76&type=chunk)[77](index=77&type=chunk) Corporate Governance, Environment, and Society [Corporate Governance Status](index=24&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the Company's directors, supervisors, or senior management, and the half-year profit distribution plan proposed no distribution or capital reserve capitalization, with no equity incentive or employee stock ownership plans - There were no changes in the Company's directors, supervisors, or senior management during the reporting period[80](index=80&type=chunk) - The proposed half-year profit distribution plan is to not distribute profits or convert capital reserves into share capital[80](index=80&type=chunk) [Environmental Information](index=24&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The Company adheres to an ecological aquaculture philosophy of 'natural rearing and growth,' improving and restoring aquatic ecosystems through filter-feeding fish farming and bioremediation technologies to promote green and sustainable development - The Company adopts a natural stocking ecological aquaculture model, where fish like bighead carp and silver carp are not fed, consuming plankton to help purify water quality, achieving low energy consumption, low pollution, and low emissions[81](index=81&type=chunk) - The Company utilizes technologies such as biological metabolic restoration and lake ecosystem food web regulation, optimizing aquatic organism stocking structures and restoring aquatic plant communities to biologically manage water bodies and improve the ecological environment[82](index=82&type=chunk) Significant Matters [Fulfillment of Commitments](index=26&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The performance commitment related to the acquisition of Dongfang Huakang remains within its fulfillment period, with the original commitment party pledging Dongfang Huakang to achieve cumulative net profits of **245 million RMB** over five years from 2020 to 2025 (excluding 2022) - Dongfang Huakang's performance commitment party pledged cumulative net profits of **20 million RMB** for 2020, **60 million RMB** for 2021, **105 million RMB** for 2023, **165 million RMB** for 2024, and **245 million RMB** for 2025[86](index=86&type=chunk)[87](index=87&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The Company anticipates total annual related party transactions for 2025 not exceeding **5.71 million RMB**, with **1.46 million RMB** incurred as of June 30, 2025, primarily involving product procurement, sales, property and security services, and asset leasing - The total estimated amount for routine related party transactions in 2025 will not exceed **5.71 million RMB**[91](index=91&type=chunk) - As of the end of the reporting period, related party transactions amounted to **1.46 million RMB**, primarily including procurement of products and services from related parties, as well as asset leasing[92](index=92&type=chunk)[93](index=93&type=chunk) [Significant Contracts and Their Fulfillment](index=32&type=section&id=%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) As of the end of the reporting period, the Company's total guarantee balance for subsidiaries was **364 million RMB**, representing **45.63%** of its net assets, including **44 million RMB** for entities with a debt-to-asset ratio exceeding **70%** Company Guarantee Total Amount (Unit: RMB) | Item | Amount (RMB) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 363,597,144.10 | | Ratio of Total Guarantees to Company's Net Assets (%) | 45.63 | | Debt Guarantee Amount Provided for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70% (D) | 44,000,000.00 | Share Changes and Shareholder Information [Share Capital Changes](index=35&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the Company's total share capital or shareholding structure - During the reporting period, there were no changes in the Company's total share capital or shareholding structure[103](index=103&type=chunk) [Shareholder Information](index=35&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the Company had **46,166** common shareholders, with controlling shareholder Tibet Hongshan Technology Development Co., Ltd. holding **25.9951%** and increasing its stake by **20,467,001** shares during the period - As of the end of the reporting period, the Company had a total of **46,166** common shareholders[104](index=104&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | | :--- | :--- | :--- | | Tibet Hongshan Technology Development Co., Ltd. | 125,098,212 | 25.9951 | | Fan Yuanlong | 13,953,762 | 2.90 | | Yu Yiping | 6,384,700 | 1.33 | | Lin Weiping | 3,479,700 | 0.72 | | Liang Baihong | 2,713,400 | 0.56 | Bond-Related Information [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=38&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%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) During the reporting period, the Company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The Company had no corporate bonds or non-financial enterprise debt financing instruments during this reporting period[110](index=110&type=chunk) Financial Report [Financial Statements](index=39&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the Company's unaudited 2025 half-year consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in equity - This half-year report is unaudited[5](index=5&type=chunk) - Consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity are provided[112](index=112&type=chunk)[115](index=115&type=chunk)[118](index=118&type=chunk)[121](index=121&type=chunk)[124](index=124&type=chunk)[127](index=127&type=chunk)[131](index=131&type=chunk)[138](index=138&type=chunk) [Significant Accounting Policies and Estimates](index=63&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the Company's fundamental accounting principles, including accounting standards, period, and functional currency, along with specific accounting policies and estimates for financial instruments, inventories, long-term equity investments, revenue recognition, and government grants - Financial statements are prepared on a going concern basis, with the accounting year from January 1 to December 31 of the Gregorian calendar, and the functional currency being RMB[146](index=146&type=chunk)[150](index=150&type=chunk)[152](index=152&type=chunk) - Revenue recognition policy: Revenue is recognized when the customer obtains control of the related goods; sales of aquatic products and liquor are recognized at the point of delivery; medical services are recognized over the period of performance as the customer simultaneously obtains and consumes the economic benefits[238](index=238&type=chunk)[241](index=241&type=chunk) - Impairment of financial assets: Impairment provisions are recognized based on expected credit losses; for receivables without significant financing components, the simplified approach is used to measure expected credit losses over the entire lifetime; other financial assets are measured using the 'three-stage' model[180](index=180&type=chunk)[187](index=187&type=chunk) [Notes to Consolidated Financial Statement Items](index=96&type=section&id=%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 and explanations for major items in the consolidated financial statements, including the composition, changes, and related accounting treatments for cash and cash equivalents, accounts receivable, inventories, fixed assets, intangible assets, goodwill, short-term borrowings, accounts payable, and deferred tax assets/liabilities - Period-end cash and cash equivalents totaled **233 million RMB**, including **44,700 RMB** in restricted funds[268](index=268&type=chunk)[424](index=424&type=chunk) - Period-end accounts receivable had a book balance of **149 million RMB**, with bad debt provisions of **27.26 million RMB**, resulting in a carrying value of **121 million RMB**; the top five debtors accounted for **74.37%** of the total[276](index=276&type=chunk)[284](index=284&type=chunk) - Period-end inventory had a carrying value of **446 million RMB**, primarily comprising consumable biological assets (**284 million RMB**) and work-in-progress (**104 million RMB**)[301](index=301&type=chunk) - Period-end goodwill had a carrying value of **136 million RMB**, primarily arising from the acquisition of Dongfang Huakang Medical Management Co., Ltd[334](index=334&type=chunk)[337](index=337&type=chunk)

证券代码：601878 证券简称：浙商证券 公告编号：2025-042 浙商证券股份有限公司 2025年半年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本公告所载2025年半年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以公司2025年半年度报告中披露的数据为准，提请投资者注意投 资风险。 一、2025年半年度主要财务数据和指标 单位：人民币元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 6,512,485,890.31 | 8,000,213,703.21 | -18.60 | | 营业利润 | 1,545,966,248.30 | 958,109,273.01 | 61.36 | | 利润总额 | 1,551,591,952.26 | 956,732,272.13 | 62.18 | | 归属于上市公司股东 | 1,149,413,823.33 | 784,352,341.09 | 46 ...

| 证券代码：688597 | 证券简称：煜邦电力 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：118039 | 债券简称：煜邦转债 | | 北京煜邦电力技术股份有限公司 2025年半年度业绩预告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 （一）利润总额：3,778.76 万元。归属于母公司所有者的净利润： 3,874.18 万元。归属于母公司所有者的扣除非经常性损益的净利润：3,621.14 万元。 （二）每股收益：0.17 元。 三、本期业绩变化的主要原因 公司智能电力产品业务为公司第一大收入占比的业务，合同主要来自于国 家电网和南方电网的集中招标，公司根据客户需求与收货节奏安排产品生产、 交付。2025 年上半年，受客户对产品交付的节奏放缓等影响，尽管 2024 年末 公司持有智能电力产品在手订单约 ...

[Key Financial Data and Indicators](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20for%20H1%202025) H1 2025 saw steady growth in core financial metrics, with total operating revenue increasing 10.00% and net profit attributable to shareholders rising 11.32% Key Financial Data and Indicators (H1 2025) | Indicator | Current Period (H1 2025) | Prior Period (H1 2024) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue (Million yuan) | 750.45 | 682.26 | 10.00% | | Operating Profit (Million yuan) | 199.40 | 177.60 | 12.27% | | Net Profit Attributable to Shareholders (Million yuan) | 172.40 | 154.88 | 11.32% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Million yuan) | 154.87 | 151.79 | 2.03% | | Basic Earnings Per Share (yuan) | 0.75 | 0.67 | 11.94% | | Total Assets (Million yuan) | 2161.73 | 2109.17 | 2.49% | | Shareholders' Equity Attributable to Parent Company (Million yuan) | 1753.60 | 1654.38 | 6.00% | [Explanation of Operating Performance and Financial Position](index=1&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) The company's H1 2025 performance growth stems from strategic initiatives and steady sales, notably stronger overseas business expansion - The company attributes its performance growth to adhering to the operational guidelines of 'rapid R&D, securing orders, strengthening management, reducing costs, improving quality, and increasing efficiency'[4](index=4&type=chunk)[6](index=6&type=chunk) Sales Revenue by Category and Region (H1 2025) | Revenue Category | Sales Revenue (Million yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | **By Product Category** | | | | Refrigeration Motors and Fans | 660.17 | 10.30% | | Servo Motors | 68.67 | 11.21% | | **By Region** | | | | Domestic Sales | 349.78 | 7.70% | | Overseas Sales | 400.67 | 12.08% | [Explanation of Differences from Previous Performance Forecasts](index=2&type=section&id=III.%20Explanation%20of%20Differences%20from%20Previous%20Performance%20Forecasts) The company did not issue any prior performance forecasts for H1 2025 before this earnings flash report - This earnings flash report marks the company's initial disclosure of H1 2025 performance data, with no prior forecasts issued[7](index=7&type=chunk) [Documents for Reference](index=2&type=section&id=IV.%20Documents%20for%20Reference) Key financial statements in this earnings flash report are signed by management and reviewed by the internal audit department - Documents for reference include comparative balance sheets and income statements signed and sealed by the legal representative, chief accountant, and head of accounting, along with an internal audit report signed by the head of the internal audit department[8](index=8&type=chunk)

证券代码：300801 证券简称：泰和科技 公告编号：2025-023 山东泰和科技股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日-2025 年 6 月 30 日 2、预计的业绩：同向上升 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所 预审计。 三、业绩变动原因说明 1 1、在全球市场竞争加剧、需求增长乏力的背景下，公司及时调整销售策略， 通过优化产品组合、拓展销售渠道、提升客户服务质量等措施，不仅有效提升了 市场占有率，还助力客户增强了市场竞争力，实现了公司与客户的互利共赢，2025 年上半年预计营业收入 139,159.69 万元，同比增长 27.68%，总销量 65.43 万吨， 同比增长 74.45%。其中，水处理剂销量 17.82 万吨，同比增长 19.94%；氯碱销 量 47.60 万吨，同比增长 110.23%。公司产品销量增长带动公司营业收入同比增 长，进而实现了归属于上市公司股东的净 ...

浙江苏泊尔股份有限公司 2025 年半年度业绩快报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大 遗漏。 浙江苏泊尔股份有限公司 股票代码：002032 股票简称：苏泊尔 公告编号：2025-041 特别提示： 本公告所载 2025 年半年度财务数据已经公司内部审计部门审计，未经会计师事务所审计，请投资者注 意投资风险。 一、2025 年半年度主要财务数据 单位：元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 （％） | | --- | --- | --- | --- | | 营业总收入 | 11,477,500,800.41 | 10,964,777,968.45 | +4.68% | | 营业利润 | 1,171,798,428.07 | 1,169,947,290.55 | +0.16% | | 利润总额 | 1,171,672,419.93 | 1,171,229,382.77 | +0.04% | | 归属于上市公司股东的净利润 | 939,913,794.13 | 940,593,117.65 | -0.07% | | 归属于上市公司股东的 ...

证券代码：688768 证券简称：容知日新 公告编号：2025-031 安徽容知日新科技股份有限公司 2025 年半年度业绩预告的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）业绩预告情况 业绩预计：同比上升 1、经财务部门初步测算，预计 2025 年半年度实现营业收入 25,000.00 万元 至 26,000.00 万元，与上年同期相比，将增加 3,005.95 万元至 4,005.95 万元，同 比增加 13.67%至 18.21%。 2、预计 2025 年半年度实现归属于母公司所有者的净利润 1,400.00 万元至 1,500.00 万元，与上年同期相比，将增加 1,334.20 万元至 1,434.20 万元，同比增 加 2,027.62%至 2,179.59%。 3、预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净利 润 1,300.00 万元至 1,400.0 ...