江西沃格光电集团股份有限公司2025 年半年度报告 公司代码：603773 公司简称：沃格光电 江西沃格光电集团股份有限公司 2025 年半年度报告 1 / 195 江西沃格光电集团股份有限公司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、 公司负责人易伟华、主管会计工作负责人胡芳芳及会计机构负责人（会计主管人员）詹锦城 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 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，请投资者注意 投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司 ...

[Glossary](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms and identifies the company, its subsidiaries, controlling shareholder, and actual controllers - The report defines "Company," "the Company," and "Shouxian Valley" as Zhejiang Shouxian Valley Pharmaceutical Co., Ltd., listing several wholly-owned and associate companies[14](index=14&type=chunk) - The controlling shareholder is Zhejiang Shouxian Valley Investment Management Co., Ltd., and the actual controllers are the Li Mingyan family (Li Mingyan, Zhu惠照, Li Zhenhao, Li Zhenyu)[14](index=14&type=chunk) - Key terms such as Chinese medicinal materials, decoction pieces, proprietary Chinese medicines, health foods, Ganoderma lucidum spore powder, Dendrobium officinale, GMP, direct stores, and distributors are explained[14](index=14&type=chunk)[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=6&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 provides an overview of the company's basic information and presents key financial performance metrics - The company's Chinese name is Zhejiang Shouxian Valley Pharmaceutical Co., Ltd., stock code **603896**, listed on the Shanghai Stock Exchange[17](index=17&type=chunk)[21](index=21&type=chunk) - The company's legal representative is Li Mingyan, and the Board Secretary is Liu Guofang[17](index=17&type=chunk)[18](index=18&type=chunk) - The company's registered address is No. 10 Shangcheng Road, Hushan Street, Wuyi County, Zhejiang Province, with the website www.sxg1909.com[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&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) Operating revenue and net profit significantly declined year-on-year, while total assets and net assets attributable to shareholders slightly increased Key Financial Performance Indicators | Indicator | Current Period (Jan-Jun) | Prior Period (Adjusted) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 299,683,685.70 | 358,941,052.69 | -16.51 | | Total Profit | 65,695,913.28 | 99,325,142.76 | -33.86 | | Net Profit Attributable to Listed Company Shareholders | 65,558,637.69 | 99,310,066.78 | -33.99 | | Net Profit Attributable to Listed Company Shareholders excl. Non-recurring G&L | 35,824,360.12 | 84,599,684.53 | -57.65 | | Net Cash Flow from Operating Activities | 122,994,078.52 | 129,175,435.64 | -4.79 | | **Current Period End vs Prior Year End (Adjusted)** | | | | | Net Assets Attributable to Listed Company Shareholders | 2,311,679,934.95 | 2,291,287,346.15 | 0.89 | | Total Assets | 3,263,637,736.15 | 3,131,807,017.80 | 4.21 | Per Share Data and Profitability Ratios | Indicator | Current Period (Jan-Jun) | Prior Period (Adjusted) | Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (RMB/share) | 0.33 | 0.50 | -34.00 | | Diluted EPS (RMB/share) | 0.33 | 0.50 | -34.00 | | Basic EPS excl. Non-recurring G&L (RMB/share) | 0.18 | 0.43 | -58.14 | | Weighted Average ROE (%) | 2.82 | 4.46 | YoY decrease of 1.64 percentage points | | Weighted Average ROE excl. Non-recurring G&L (%) | 1.54 | 3.80 | YoY decrease of 2.26 percentage points | - The decline in operating revenue is primarily due to weak consumption, but **Q2's 6.64% year-on-year decrease** improved significantly from **Q1's 22.68% decrease**, with **positive growth achieved in July**[25](index=25&type=chunk) - Net profit declined more sharply than operating revenue, mainly due to increased management and financial expenses; management expenses rose by **RMB 3.32 million** (depreciation increased by **RMB 5.06 million**), and financial expenses increased by **RMB 17.48 million** (due to a **RMB 15.88 million** decrease in interest income)[26](index=26&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring gains and losses for the period were **RMB 29,734,277.57**, mainly from government subsidies and financial asset fair value changes Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Government subsidies included in current profit and loss | 24,809,410.27 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 4,392,313.34 | | Other non-operating income and expenses apart from the above items | 580,507.78 | | Total | 29,734,277.57 | [Management Discussion and Analysis](index=9&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 discusses the company's industry, business operations, core competencies, and financial performance during the reporting period - The company primarily engages in the breeding, cultivation, processing, and sales of precious Chinese medicinal materials such as Ganoderma lucidum, Dendrobium officinale, and saffron[31](index=31&type=chunk) - During the reporting period, the company's operating revenue decreased by **16.51%** year-on-year, and net profit attributable to parent company shareholders decreased by **33.99%** year-on-year[55](index=55&type=chunk) - The company continues to advance its "full industrial chain" development model, possessing core advantages in breeding, cultivation, standard setting, and Ganoderma lucidum spore powder cell-wall breaking and de-walling processes[64](index=64&type=chunk)[67](index=67&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk) [Explanation of the Company's Industry and Main Business Operations during the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%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 outlines the company's main businesses, operating models, and industry trends for Chinese medicinal products and health foods - The company's core products include Shouxian Valley brand Ganoderma lucidum spore powder (cell-wall broken/de-walled), Dendrobium candidum granules, and Dendrobium candidum Ganoderma lucidum extract[31](index=31&type=chunk) - The operating model encompasses self-production at bases, external procurement of raw materials, and product distribution and direct sales (including internet sales)[34](index=34&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk)[41](index=41&type=chunk) - The Chinese medicinal decoction pieces market grew to **RMB 276.4 billion** in 2024, projected to exceed **RMB 300 billion** in 2025, driven by policy support and digital transformation[45](index=45&type=chunk) - The health food market reached **RMB 399.8 billion** in 2024, expected to surpass **RMB 1.5 trillion** by 2030, with young consumers and segmented categories as key growth drivers[46](index=46&type=chunk)[47](index=47&type=chunk) - The Ganoderma lucidum and Ganoderma lucidum spore powder industry has varying technical content and quality, but the company is the **sole enterprise mastering de-walling technology** and has led the formulation of **ISO international standards**[50](index=50&type=chunk)[51](index=51&type=chunk) - The Dendrobium officinale industry shows clear regional distribution, with Zhejiang enterprises holding a leading edge in deep processing and sales[53](index=53&type=chunk) [Discussion and Analysis of Operations](index=13&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 actively implemented marketing reforms, digital empowerment, and R&D innovation, advancing construction projects despite revenue and net profit declines - In the first half of 2025, the company achieved operating revenue of **RMB 299.6837 million**, a year-on-year decrease of **16.51%**; net profit attributable to listed company shareholders was **RMB 65.5586 million**, a year-on-year decrease of **33.99%**[55](index=55&type=chunk) - The company established a multi-dimensional operating model through various channels, expanding into markets outside Zhejiang, successfully signing **7 strategic partners**, acquiring **10 health pharmacies**, opening **5 new direct stores**, and signing over **110 new cooperative terminals**[57](index=57&type=chunk) - The company fully advanced its "Future Farm + Future Factory + Future Market" digital intelligence construction, with MES, WMS, DIMS, SFA, and other systems launched, driving sales operations to transition from **"experience-based decision-making" to "data-driven decision-making"**[59](index=59&type=chunk) - There are **92 R&D projects** underway, including **56 industry-academia collaboration projects**, with multiple provincial and ministerial awards received; the Ganoderma germplasm bank was certified by Guinness as the **"world's largest Ganoderma germplasm bank"**[60](index=60&type=chunk)[61](index=61&type=chunk) - The Yanglong Phase III civil engineering project successfully completed final acceptance, and the Shouxian Valley Health Bio-industrial Park soft capsule preparation workshop obtained its production license, now possessing qualifications for producing **five major health food dosage forms**[62](index=62&type=chunk) - Two new products (Ganoderma whole herb tablets, Ginseng Ganoderma tablets) using **"de-walled Ganoderma lucidum spore powder"** as raw material successfully completed registration acceptance, and one product (Shouxian Valley brand Saffron Dendrobium candidum paste) obtained renewed registration[63](index=63&type=chunk) [Analysis of Core Competitiveness during the Reporting Period](index=15&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) Core competitiveness derives from its "full industrial chain" model, superior breeding, organic cultivation, industry standard leadership, unique processing, regional advantages, and robust quality control - The company has established a **"full industrial chain"** development model for Ganoderma lucidum, Dendrobium officinale, and other product series, covering breeding, cultivation, processing, and sales, thereby strengthening control over distribution channels[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - The company possesses a rare Chinese medicinal material germplasm resource bank, independently breeding **"Xianzhi" series Ganoderma lucidum** and **"Xianhu" series Dendrobium officinale** new varieties, and has received multiple provincial and national awards[67](index=67&type=chunk)[70](index=70&type=chunk)[72](index=72&type=chunk) - The company holds a leading position in the technical R&D and industry standard setting for Ganoderma lucidum and Dendrobium officinale, having led or participated in the formulation of **63 published standards, including 4 international standards**[75](index=75&type=chunk) - The company pioneered the **"four low, one high" supersonic low-temperature airflow cell-wall breaking technology** and invented the spore powder de-walling technology, significantly increasing the content and safety of active ingredients[78](index=78&type=chunk) - The company's management and R&D teams remain stable; Chairman Li Mingyan has over **40 years of industry experience** in Chinese medicinal material breeding and decoction piece R&D, and the company hosts the **"Shouxian Valley Academician Expert Workstation"** and a **"Provincial Post-doctoral Workstation"**[84](index=84&type=chunk)[85](index=85&type=chunk) [Main Operating Conditions during the Reporting Period](index=22&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 analyzes changes in key financial statement items, main business revenue breakdown, gross profit and margin, and asset-liability and investment status Key Income Statement Items and Changes | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 299,683,685.70 | 358,941,052.69 | -16.51 | Weak consumption | | Operating Cost | 57,512,042.40 | 70,433,361.35 | -18.35 | Linked to revenue decrease | | Sales Expenses | 133,095,100.94 | 159,034,297.14 | -16.31 | Decreased advertising expenses | | Management Expenses | 45,874,434.56 | 42,555,057.12 | 7.80 | Increased depreciation expenses | | Financial Expenses | 1,776,526.77 | -15,709,351.78 | Not applicable | Decreased interest income | | R&D Expenses | 29,763,574.38 | 23,165,012.10 | 28.49 | Increased R&D investment | | Net Cash Flow from Investing Activities | -122,875,258.16 | 285,259,358.54 | -143.07 | Larger amount of wealth management products matured in prior period | Main Business Revenue Breakdown | Item | Amount (RMB 10,000) | Proportion (%) | Growth Rate (%) | | :--- | :--- | :--- | :--- | | Main Business Revenue | 29,478.96 | 98.37 | -16.44 | | Ganoderma Lucidum Spore Powder Products | 21,553.64 | 73.11 | -17.79 | | Dendrobium Officinale Products | 4,666.25 | 15.83 | -24.25 | | Sales in Zhejiang Province | 19,461.46 | 66.47 | -23.72 | | Internet Sales | 7,678.30 | 25.60 | 15.14 | | Distribution Model Subtotal | 15,575.81 | 52.84 | -26.88 | | Direct Sales Model Subtotal | 13,903.15 | 47.16 | -0.55 | Gross Profit Margin by Product | Product | Gross Margin (%) | YoY Change (percentage points) | | :--- | :--- | :--- | | Ganoderma Lucidum Spore Powder Products | 85.57 | 0.29 | | Dendrobium Officinale Products | 81.21 | 2.58 | | Other Products | 65.41 | 2.65 | | Total | 82.65 | 0.66 | Key Balance Sheet Items and Changes | Item Name | Current Period End (RMB) | Change from Prior Year End (%) | Explanation of Change | | :--- | :--- | :--- | :--- | | Accounts Receivable | 54,234,289.44 | -33.68 | Decreased sales revenue, intensified collection efforts | | Inventory | 224,978,555.16 | 23.82 | Increase in consumable biological assets | | Fixed Assets | 720,576,250.47 | 110.01 | Construction in progress transferred to fixed assets | | Construction in Progress | 242,060,370.10 | -51.75 | Construction in progress transferred to fixed assets | | Short-term Borrowings | 262,919,600.20 | 40.30 | Increased bill discounting business | | Contract Liabilities | 13,906,276.55 | 31.64 | Increased advance receipts for goods | - Total external equity investments at period-end amounted to **RMB 108,466,247.07**, primarily including investments in Wuyi Commercial Bank, Wuyi BOC Fullerton Bank, and Qingyu Shouxian Valley[108](index=108&type=chunk) - During the reporting period, the company acquired **100% equity** of Hangzhou Shouxian Valley Health Pharmacy Chain Co., Ltd. to integrate assets and enhance scale and revenue levels[109](index=109&type=chunk) [Other Disclosures](index=32&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 discloses potential risks like natural disasters, gross margin volatility, and inventory turnover, alongside progress on the "Quality Improvement, Efficiency Enhancement, and Return" action plan - The company may face risks such as natural disasters, gross margin fluctuations, license cancellation, raw material quality control, germplasm loss, tax policy changes, and slow inventory turnover[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - The "Quality Improvement, Efficiency Enhancement, and Return" action plan is progressing smoothly, including focusing on core business, technological innovation (**4 authorized invention patents**, Guinness certification for Ganoderma germplasm bank, **ESG rating upgraded to AA**)[118](index=118&type=chunk)[119](index=119&type=chunk) - The company prioritizes investor returns, with annual cash dividends consistently **above 30%** since its listing; **RMB 53,525,855.97** was distributed as cash dividends for the 2024 fiscal year[120](index=120&type=chunk) - Mr. Li Zhenyu, one of the actual controllers, Director, and General Manager, increased his shareholding by **3,964,800 shares**, representing **2.00%** of the total share capital, with a cumulative increase amount of **RMB 82.0992 million**[121](index=121&type=chunk) - The company strengthens investor relations management through various channels such as performance briefings, "SSE E-interaction," and investor hotlines, achieving a **100% response rate**[122](index=122&type=chunk) [Corporate Governance, Environment, and Society](index=35&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 reports on the stability of the board and management, absence of profit distribution plans, and continuous efforts in environmental protection and pollution control - During the reporting period, there were no changes in the company's directors, supervisors, or senior management, and no half-year profit distribution or capital reserve to share capital plans[124](index=124&type=chunk) - The company is not classified as a key polluting entity but continuously invests in the construction and operation of pollution prevention facilities, including those for water, air, noise, and solid waste treatment[125](index=125&type=chunk)[126](index=126&type=chunk) - The company formulated a 2025 self-monitoring plan for "three wastes" (wastewater, waste gas, solid waste), regularly commissioning third parties for testing to ensure emissions comply with national environmental standards[127](index=127&type=chunk)[128](index=128&type=chunk) [Significant Matters](index=38&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 details the fulfillment of commitments, related party transactions, asset acquisitions, construction projects, and convertible bond issuance and fund utilization - The controlling shareholder, actual controllers, directors, supervisors, and senior management have all strictly fulfilled their commitments regarding resolving horizontal competition, related party transactions, and supplementary payments for social insurance and housing provident funds[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) - The estimated total amount of routine related party transactions for 2025 is **RMB 616.58 million** (including **RMB 550 million** in related party deposits), with **RMB 551.9039 million** actually incurred in the first half[137](index=137&type=chunk)[138](index=138&type=chunk) - The company, through its wholly-owned subsidiary, acquired **100% equity** of Hangzhou Shouxian Valley Health Pharmacy Chain Co., Ltd. from the controlling shareholder for a consideration of **RMB 3.30 million**, with the industrial and commercial change completed[139](index=139&type=chunk) - The construction general contract for the Shouxian Valley Digital Intelligence Center project has a provisional total price of **RMB 350 million**, with **RMB 62.7329 million** paid as of the end of the reporting period[141](index=141&type=chunk) - The company issued two convertible bonds totaling **RMB 758 million** (net **RMB 736 million**); the "Health Industrial Park Health Food Phase II Project" was suspended, and **RMB 80.5320 million** of raised funds were reallocated to the "Smart Park Upgrade Project"[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) - As of the end of the reporting period, cumulative raised funds invested amounted to **RMB 521 million**, with the "Health Industrial Park Health Food Project (Basic Construction)" achieving a progress of **97.83%**. The company managed idle raised funds through cash management, with an ending balance of **RMB 224.83 million**[146](index=146&type=chunk)[149](index=149&type=chunk) [Share Changes and Shareholder Information](index=48&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 on minor changes in total shares due to convertible bond conversion, lists top shareholders, and confirms the actual control structure - During the reporting period, the company's total shares increased from **198,243,832 shares** to **198,243,911 shares**, an increase of **79 shares**, primarily due to the conversion of "Shou 22 Convertible Bonds"[152](index=152&type=chunk)[153](index=153&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **23,739**[155](index=155&type=chunk) Top Shareholders | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Zhejiang Shouxian Valley Investment Management Co., Ltd. | 56,711,239 | 28.61 | Domestic Non-State-owned Legal Person | | Li Zhenhao | 15,041,650 | 7.59 | Domestic Natural Person | | Li Zhenyu | 9,078,961 | 4.58 | Domestic Natural Person | | Xu Meiyun | 2,833,900 | 1.43 | Domestic Natural Person | | Fang Zhengshun | 2,600,100 | 1.31 | Domestic Natural Person | - The actual controllers, the Li Mingyan family (Li Mingyan, Zhu Huizhao, Li Zhenhao, Li Zhenyu), collectively hold **40.78%** of the company's equity[158](index=158&type=chunk) - Mr. Li Zhenyu, Director and General Manager, increased his shareholding by **3,964,800 shares** during this period[157](index=157&type=chunk)[160](index=160&type=chunk) [Bond-Related Information](index=53&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 provides details on the company's convertible bonds, including issuance, conversion status, and credit ratings - The company issued two convertible corporate bonds: "Shouxian Convertible Bond" (redeemed and delisted on June 6, 2023) and "Shou 22 Convertible Bond"[162](index=162&type=chunk)[163](index=163&type=chunk) - The "Shou 22 Convertible Bond" had a total issuance amount of **RMB 398 million**, a 6-year term, with a conversion period from May 23, 2023, to November 16, 2028[163](index=163&type=chunk)[164](index=164&type=chunk) - As of the end of the reporting period, **8,150 shares** of "Shou 22 Convertible Bond" had been converted, with an unconverted amount of **RMB 397,689,000**, representing **99.92%** of the total issuance[168](index=168&type=chunk) - The conversion price of "Shou 22 Convertible Bond" has been adjusted multiple times, with the latest conversion price at **RMB 36.84/share** as of the end of the reporting period[170](index=170&type=chunk) - As of June 30, 2025, the company's total assets were **RMB 3,263.8735 million**, with an asset-liability ratio of **29.17%**. The company's main credit rating is **"AA-"**, and the "Shou 22 Convertible Bond" rating is **"AA-"**, with a **"stable"** outlook[171](index=171&type=chunk) [Financial Report](index=56&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 consolidated and parent company financial statements, significant accounting policies, and changes in consolidation scope - This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity[174](index=174&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk)[184](index=184&type=chunk)[187](index=187&type=chunk)[190](index=190&type=chunk)[193](index=193&type=chunk)[198](index=198&type=chunk) - Detailed disclosure of significant accounting policies and accounting estimates, covering accounting treatments for financial instruments, inventory, long-term equity investments, fixed assets, and revenue recognition[206](index=206&type=chunk)[211](index=211&type=chunk)[236](index=236&type=chunk)[241](index=241&type=chunk)[249](index=249&type=chunk)[256](index=256&type=chunk)[276](index=276&type=chunk)[286](index=286&type=chunk) - Explanation of changes in the scope of consolidation for the current period, including the acquisition of **100% equity** of Hangzhou Shouxian Valley Health Pharmacy Chain Co., Ltd. through a business combination under common control, the establishment of Hangzhou Shouxian Valley Food Co., Ltd., and the transfer of Fuzhou Shouxian Valley Health Management Co., Ltd. and Zhengzhou Shouxian Valley Health Management Co., Ltd.[162](index=162&type=chunk)[484](index=484&type=chunk)[490](index=490&type=chunk)[491](index=491&type=chunk) - Disclosure of risks related to financial instruments, including credit risk, liquidity risk, and market risk (interest rate risk, other price risk), along with an analysis of the maturity dates of undiscounted contractual cash flows for financial liabilities[500](index=500&type=chunk)[501](index=501&type=chunk)[503](index=503&type=chunk)[504](index=504&type=chunk)

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