明新旭腾新材料股份有限公司2025 年半年度报告 公司代码：605068 公司简称：明新旭腾 转债代码：111004 转债简称：明新转债 明新旭腾新材料股份有限公司 2025 年半年度报告 1 / 179 明新旭腾新材料股份有限公司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、 公司负责人庄君新、主管会计工作负责人李萍及会计机构负责人（会计主管人员）李萍声 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 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，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 ...

Important Notice This section provides crucial declarations and disclaimers regarding the semi-annual report's accuracy, audit status, and potential risks [Board of Directors, Supervisory Board, and Senior Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7) The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility - Company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal liabilities[5](index=5&type=chunk) [Board Meeting Attendance](index=2&type=section&id=%E4%BA%8C%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%85%A8%E4%BD%93%E8%91%A3%E4%BA%8B%E5%87%BA%E5%B8%AD%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%BC%9A%E8%AE%AE) All company directors attended the Board of Directors meeting - All company directors attended the Board of Directors meeting[6](index=6&type=chunk) [Report Audit Status](index=2&type=section&id=%E4%B8%89%E3%80%81%20%E6%9C%AC%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1) This semi-annual report has not been audited - This semi-annual report has not been audited[7](index=7&type=chunk) [Financial Report Authenticity Statement](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%B4%9F%E8%B4%A3%E4%BA%BA%E5%88%98%E5%BB%BA%E5%8D%8E%E3%80%81%E4%B8%BB%E7%AE%A1%E4%BC%9A%E8%AE%A1%E5%B7%A5%E4%BD%9C%E8%B4%9F%E8%B4%A3%E4%BA%BA%E5%88%98%E7%AC%91%E5%AF%92%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%9C%BA%E6%9E%84%E8%B4%9F%E8%B4%A3%E4%BA%BA%EF%BC%88%E4%BC%9A%E8%AE%A1%E4%B8%BB%E7%AE%A1%E4%BA%BA%E5%91%98%EF%BC%89%E7%8E%8B%E6%99%B6%E5%A3%B0%E6%98%8E%EF%BC%9A%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E4%B8%AD%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E3%80%81%E5%87%86%E7%A1%AE%E3%80%81%E5%AE%8C%E6%95%B4) Company head Liu Jianhua, chief accountant Liu Xiaohan, and head of accounting Wang Jing declare the financial report's truthfulness, accuracy, and completeness - Company head Liu Jianhua, chief accountant Liu Xiaohan, and head of accounting Wang Jing declare the financial report's truthfulness, accuracy, and completeness[7](index=7&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%20%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) There is no profit distribution or capital reserve to share capital increase plan approved by the Board for this reporting period - There is no profit distribution or capital reserve to share capital increase plan approved by the Board for this reporting period[8](index=8&type=chunk) [Forward-Looking Statement Risk Disclaimer](index=2&type=section&id=%E5%85%AD%E3%80%81%20%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute a commitment to investors, who are advised to be aware of investment risks - Forward-looking descriptions in this report, such as future plans, development strategies, and other forward-looking statements, do not constitute a commitment to investors, who are advised to be aware of investment risks[8](index=8&type=chunk) [Occupation of Funds by Controlling Shareholder and Related Parties](index=2&type=section&id=%E4%B8%83%E3%80%81%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%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) The company has no non-operating occupation of funds by controlling shareholders or other related parties - The company has no non-operating occupation of funds by controlling shareholders or other related parties[9](index=9&type=chunk) [External Guarantees](index=2&type=section&id=%E5%85%AB%E3%80%81%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%BF%9D%E5%8F%8D%E8%A7%84%E5%AE%9A%E5%86%B3%E7%AD%96%E7%A8%8B%E5%BA%8F%E5%AF%B9%E5%A4%96%E6%8F%90%E4%BE%9B%E6%8B%85%E4%BF%9D%E7%9A%84%E6%83%85%E5%86%B5) The company has not provided external guarantees in violation of prescribed decision-making procedures - The company has not provided external guarantees in violation of prescribed decision-making procedures[9](index=9&type=chunk) [Directors' Guarantee of Report Authenticity](index=2&type=section&id=%E4%B9%9D%E3%80%81%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%8D%8A%E6%95%B0%E4%BB%A5%E4%B8%8A%E8%91%A3%E4%BA%8B%E6%97%A0%E6%B3%95%E4%BF%9D%E8%AF%81%E5%85%AC%E5%8F%B8%E6%89%80%E6%8A%AB%E9%9C%B2%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E5%92%8C%E5%AE%8C%E6%95%B4%E6%80%A7) There is no situation where more than half of the directors cannot guarantee the truthfulness, accuracy, and completeness of the company's disclosed semi-annual report - There is no situation where more than half of the directors cannot guarantee the truthfulness, accuracy, and completeness of the company's disclosed semi-annual report[9](index=9&type=chunk) [Major Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%20%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential risks in "Section III Management Discussion and Analysis, V. Other Disclosures, (I) Possible Risks" of this report - The company has detailed potential risks in this report, specifically in "Section III Management Discussion and Analysis, V. Other Disclosures, (I) Possible Risks"[9](index=9&type=chunk) Definitions This section defines common terms used in the report, ensuring clear understanding of key concepts [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 provides definitions for common terms used in the report, covering company names, organizational structures, laws, regulations, controlling shareholders, subsidiaries, product names, industry terms, and the reporting period, ensuring clear understanding of the report's content - Company Abbreviation: Konruns Pharmaceutical[14](index=14&type=chunk) - Company's Actual Controllers: Liu Jianhua, Wang Xijuan[14](index=14&type=chunk) - Main Products: Suling (Batroxobin for Injection), Miacalcic (Salmon Calcitonin Injection and Nasal Spray)[14](index=14&type=chunk) - Reporting Period: January 1, 2025, to June 30, 2025[14](index=14&type=chunk) Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock profile, and key financial performance indicators for the reporting period [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative, providing identity details for investors - Company Chinese Name: Beijing Konruns Pharmaceutical Co., Ltd[16](index=16&type=chunk) - Company Chinese Abbreviation: Konruns Pharmaceutical[16](index=16&type=chunk) - Legal Representative: Liu Jianhua[16](index=16&type=chunk) [Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%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 provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email, for investor communication and inquiries - Board Secretary: Huang Xiaodong[17](index=17&type=chunk) - Securities Affairs Representative: Zhang Shina[17](index=17&type=chunk) - Contact Number: **010-82898898**[17](index=17&type=chunk) - Email: ir@konruns.cn[17](index=17&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%20%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 describes the company's registered and office addresses, noting no historical changes during the reporting period, maintaining stability in basic company information - Company Registered Address: No 11 Xingsheng South Road, Economic Development Zone, Miyun District, Beijing[18](index=18&type=chunk) - Company Office Address: Building 3, No 7 Courtyard, Science Park Road, Zhongguancun Life Science Park, Changping District, Beijing[18](index=18&type=chunk) - No changes occurred during the reporting period[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%20%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 lists the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the report storage location, ensuring transparency and accessibility of information - Designated newspapers for information disclosure: *China Securities Journal*, *Shanghai Securities News*, *Securities Daily*, *Securities Times*[19](index=19&type=chunk) - Website address for semi-annual reports: http://www.sse.com.cn[19](index=19&type=chunk) - Company semi-annual report storage location: Building 3, No 7 Courtyard, Science Park Road, Zhongguancun Life Science Park, Changping District, Beijing[19](index=19&type=chunk) [Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%20%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, stock abbreviation, and code, clarifying its identity in the capital market - Stock Type: A-share[20](index=20&type=chunk) - Stock Listing Exchange: Shanghai Stock Exchange[20](index=20&type=chunk) - Stock Abbreviation: Konruns Pharmaceutical[20](index=20&type=chunk) - Stock Code: **603590**[20](index=20&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%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 discloses the company's key accounting data and financial indicators for the first half of 2025, showing growth in operating revenue and net profit, but a significant decrease in net cash flow from operating activities 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 460,869,253.77 | 405,024,853.01 | 13.79 | | Total Profit | 109,767,887.26 | 100,804,286.39 | 8.89 | | Net Profit Attributable to Shareholders of Listed Company | 91,046,083.02 | 79,202,846.22 | 14.95 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 96,257,444.50 | 74,497,082.33 | 29.21 | | Net Cash Flow from Operating Activities | -11,677,133.72 | 82,117,401.24 | -114.22 | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.58 | 0.50 | 16.00 | | Diluted Earnings Per Share (Yuan/share) | 0.58 | 0.50 | 16.00 | | Basic EPS (Excluding Non-Recurring Gains/Losses) (Yuan/share) | 0.61 | 0.47 | 29.79 | | Weighted Average Return on Net Assets (%) | 2.87 | 2.54 | Increased by 0.33 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 3.04 | 2.39 | Increased by 0.65 percentage points | - Net cash flow from operating activities同比下降 **114.22%** year-on-year, primarily due to increased cash paid to and on behalf of employees and increased taxes paid compared to the prior year period[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **-5,211,361.48 yuan**, which had an impact on net profit 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 130,668.15 | | Government grants recognized in current profit or loss | 1,908,885.78 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 379,689.56 | | Gains and losses from entrusted investments or asset management | 2,538,452.19 | | Other non-operating income and expenses | -11,424,362.67 | | Other gains and losses meeting the definition of non-recurring gains and losses | 356,635.36 | | Less: Income tax impact | -901,291.51 | | Minority interest impact (after tax) | 2,621.36 | | Total | -5,211,361.48 | [Net Profit After Deducting Impact of Share-Based Payments](index=7&type=section&id=%E5%8D%81%E3%80%81%20%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) This section discloses the company's net profit after deducting the impact of share-based payments, which was **96,998,373.39 yuan** for the first half of 2025, a year-on-year increase of **8.06%** Net Profit After Deducting Impact of Share-Based Payments | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-Based Payments | 96,998,373.39 | 89,760,145.02 | 8.06 | Management Discussion and Analysis This section provides a comprehensive review of the company's industry, business operations, core competencies, and financial performance during the reporting period [Industry and Main Business](index=8&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) The company operates in the pharmaceutical manufacturing industry, focusing on hemostasis and perioperative care, bone metabolism, oncology, and metabolic diseases, with key products "Suling" and "Miacalcic," while actively investing in innovative drug R&D - The company operates in the pharmaceutical manufacturing industry, focusing on unmet clinical needs in hemostasis and perioperative care, bone metabolism, oncology, and metabolic diseases[30](index=30&type=chunk) - "Suling" (Batroxobin for Injection) is a self-developed national Class 1 innovative drug, used for hemostasis in superficial surgical wounds, featuring "aggregation without thrombosis, balanced reconstruction, efficient hemostasis, and unlimited medical insurance coverage"[33](index=33&type=chunk) - "Miacalcic" is a salmon calcitonin product originally developed by Novartis, a polypeptide drug indicated for primary osteoporosis, secondary osteoporosis, and pain caused by bone loss or osteolysis[35](index=35&type=chunk) - KC1036 is a self-developed Class 1 innovative chemical drug, demonstrating anti-tumor activity by inhibiting multiple targets like AXL and VEGFR2, showing outstanding efficacy and good safety in advanced esophageal squamous cell carcinoma, rare thymic carcinoma, and pediatric Ewing's sarcoma[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - ZY5301 is the only Class 1.2 innovative traditional Chinese medicine product approved by the National Medical Products Administration for "chronic pelvic pain after pelvic inflammatory disease sequelae," with Phase III clinical trials reaching primary endpoints, and is actively pursuing marketing authorization[40](index=40&type=chunk)[41](index=41&type=chunk) - KC1086 is a completely self-developed, potent, highly selective lysine acetyltransferase 6 (KAT6) small molecule inhibitor with a novel structure, intended for the treatment of advanced recurrent or metastatic solid tumors, and has received clinical trial approval[41](index=41&type=chunk)[42](index=42&type=chunk) - The registration application for canine Batroxobin for Injection was accepted in 2023, supplementary research was completed and submitted in Q1 2025, and it is currently in the re-examination and testing phase, aiming to expand into the pet medical market[43](index=43&type=chunk) [Discussion and Analysis of Operations](index=11&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) In the first half of 2025, the company achieved **13.79%** year-on-year growth in operating revenue, **14.95%** in net profit attributable to the parent, and **29.21%** in non-recurring net profit attributable to the parent, indicating continuous improvement in operational quality, driven by strong marketing, R&D advancements, and strategic organizational development 2025 H1 Operating Performance | Indicator | Amount (10,000 Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 46,086.93 | 13.79 | | Net Profit Attributable to Parent Company Owners | 9,104.61 | 14.95 | | Net Profit Attributable to Parent Company Owners (Excluding Non-Recurring Gains/Losses) | 9,625.74 | 29.21 | - Marketing transformation covered **19 provinces**, with self-operated regions maintaining high growth, and the sales expense ratio decreased to **44.35%**, a year-on-year reduction of **3.49%**, continuously improving marketing profitability and efficiency[44](index=44&type=chunk) - In R&D, the KC1086 project received clinical tacit approval, and the ZY5301 project advanced to the Pre-NDA critical stage, with cumulative R&D investment of **50.3574 million yuan**, accounting for **10.93%** of operating revenue[44](index=44&type=chunk) - The company deepened agile organizational construction, strengthened incentive mechanisms, and actively promoted R&D and manufacturing to benchmark international standards, exploring overseas cooperation[45](index=45&type=chunk) - The company adheres to the "pipeline-first innovation" strategy, through organic innovation and external acquisition, continuously enriching its differentiated product pipeline, with over **12 self-developed projects** and over **6 projects** under negotiation[46](index=46&type=chunk) - The company continues to advance its "digital-driven" strategy, resolving digital bottlenecks and introducing an AI-driven UMU learning platform to enhance the professional capabilities of medical specialists[47](index=47&type=chunk)[48](index=48&type=chunk) [Analysis of Core Competencies](index=13&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 competencies are rooted in its integrated R&D platform, "self-operated dominant + alliance collaborative" marketing model, stringent quality control, and an agile, digitally-driven, innovation-focused organizational culture - The company has established a comprehensive, integrated innovation drug R&D core technology platform covering early drug discovery, pharmaceutical process development, pharmacology and toxicology evaluation, clinical research, and product commercialization[49](index=49&type=chunk) - The company adheres to innovation-driven and differentiated R&D strategies, focusing on unmet clinical needs in niche areas to avoid homogeneous competition and actively exploring "light blue ocean" markets[50](index=50&type=chunk) - Through self-development and external acquisition, the company continuously expands its product pipeline, forming a tiered product pipeline structure including marketed, pre-market, clinical, pre-clinical, and early research projects[52](index=52&type=chunk) - The company highly values intellectual property protection, holding **33 effective core invention patents** (**19 domestic, 14 overseas**), with another **14 invention patent applications** in substantive examination[53](index=53&type=chunk) - The R&D team comprises **98 individuals**, accounting for **18.28%** of the parent company's headcount, with **96.9%** holding bachelor's degrees or higher, including **37 masters** and **11 doctors**, forming a "four pillars and eight beams" talent echelon[54](index=54&type=chunk) - The company has built a self-operated marketing team of over **400 people**, transitioning its marketing model from a single alliance to a "self-operated dominant + alliance collaborative" dual-driven approach, and introducing a digital promotion platform to enhance precise marketing capabilities[57](index=57&type=chunk) - The company maintains a "quality first" approach in production, and its pharmacovigilance work received commendation from the National Medical Products Administration's Drug Evaluation Center[59](index=59&type=chunk) - The company builds an agile organization through flat management, rapid response, efficient collaboration, resource optimization, and employee empowerment to enhance organizational adaptability[60](index=60&type=chunk) - The company operates under the philosophy of "digital-driven, pipeline-first innovation, striving for achievement," guided by the "three-high" profile of strivers, integrating a culture of striving with its systems, structures, and mechanisms[61](index=61&type=chunk) [Main Operating Performance](index=16&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) In the first half of 2025, the company achieved operating revenue of **460.8693 million yuan**, a **13.79%** year-on-year increase; net profit attributable to the parent company owners of **91.0461 million yuan**, up **14.95%**; and net profit attributable to the parent company owners after deducting non-recurring gains and losses of **96.2574 million yuan**, up **29.21%** 2025 H1 Main Operating Data | Indicator | Amount (10,000 Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 46,086.93 | 13.79 | | Net Profit Attributable to Parent Company Owners | 9,104.61 | 14.95 | | Net Profit Attributable to Parent Company Owners (Excluding Non-Recurring Gains/Losses) | 9,625.74 | 29.21 | [(一) Analysis of Main Business](index=16&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This period saw a **13.79%** increase in operating revenue and a **6.75%** increase in operating costs, with sales and administrative expenses rising, R&D expenses decreasing by **12.01%**, a significant **114.22%** drop in net cash flow from operating activities, a positive shift in net cash flow from investing activities, and a substantial reduction in net cash flow from financing activities Financial Statement Item Fluctuation Analysis | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 460,869,253.77 | 405,024,853.01 | 13.79 | | Operating Cost | 45,249,089.13 | 42,387,416.16 | 6.75 | | Sales Expenses | 204,384,553.16 | 193,746,682.98 | 5.49 | | Administrative Expenses | 66,697,905.34 | 56,522,302.28 | 18.00 | | Financial Expenses | -450,710.38 | -2,260,888.85 | N/A | | R&D Expenses | 20,498,356.48 | 23,294,981.62 | -12.01 | | Net Cash Flow from Operating Activities | -11,677,133.72 | 82,117,401.24 | -114.22 | | Net Cash Flow from Investing Activities | 243,991,021.27 | -28,379,428.92 | N/A | | Net Cash Flow from Financing Activities | -55,984,605.75 | -1,670,433.70 | N/A | - The change in financial expenses was primarily due to an increase in interest expenses and a decrease in interest income during the reporting period[63](index=63&type=chunk) - The change in net cash flow from operating activities was mainly due to increased cash paid to and on behalf of employees and increased taxes paid compared to the prior year period[63](index=63&type=chunk) - The change in net cash flow from investing activities was primarily due to an increase in the amount of wealth management products redeemed by the company compared to the prior year period, driven by the wealth management cycle[63](index=63&type=chunk) - The change in net cash flow from financing activities was mainly due to dividend payments in the reporting period, which were not paid in the prior year period[63](index=63&type=chunk) [(三) Analysis of Assets and Liabilities](index=17&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets and net assets attributable to shareholders slightly decreased; significant increases in monetary funds, receivables, prepayments, and other current assets were driven by wealth management redemptions, increased accounts receivable, and prepaid expenses, while other non-current assets significantly decreased due to reduced long-term wealth management products Asset and Liability Status Changes | Item Name | Current Period End Amount (Yuan) | Current Period End % of Total Assets | Prior Year End Amount (Yuan) | Prior Year End % of Total Assets | YoY Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 366,314,713.38 | 9.46 | 189,977,701.84 | 4.85 | 92.82 | Primarily due to redemption of wealth management products during the reporting period | | Receivables | 345,252,441.13 | 8.92 | 251,013,321.48 | 6.40 | 37.54 | Primarily due to increased accounts receivable of subsidiaries during the reporting period | | Prepayments | 11,889,335.14 | 0.31 | 4,712,451.02 | 0.12 | 152.30 | Primarily due to increased prepaid expenses of the company during the reporting period | | Other Current Assets | 156,443,276.99 | 4.04 | 77,586,421.58 | 1.98 | 101.64 | Primarily due to increased large-denomination certificates of deposit maturing within one year at the end of the reporting period | | Other Non-Current Assets | 116,745,575.43 | 3.02 | 415,399,038.20 | 10.60 | -71.90 | Primarily due to a decrease in wealth management products maturing in over one year at the end of the reporting period | | Contract Liabilities | 2,354,059.34 | 0.06 | 6,426,596.76 | 0.16 | -63.37 | Primarily due to a decrease in accrued sales discounts during the reporting period | | Employee Remuneration Payable | 27,962,295.98 | 0.72 | 43,685,764.10 | 1.11 | -35.99 | Primarily due to payment of bonuses accrued at the end of the prior year during the reporting period | | Other Payables | 48,075,538.80 | 1.24 | 71,082,843.44 | 1.81 | -32.37 | Primarily due to a decrease in restricted stock repurchase obligations during the reporting period | | Taxes Payable | 11,977,452.28 | 0.31 | 8,880,929.21 | 0.23 | 34.87 | Primarily due to an increase in VAT payable during the reporting period | - Overseas assets amounted to **1,326,974,719.89 yuan**, accounting for **34.27%** of total assets, primarily contributed by Fangheng Pharmaceutical International Co., Ltd., which generated **134,325,545.30 yuan** in operating revenue and **14,304,370.79 yuan** in net profit during this reporting period[66](index=66&type=chunk)[68](index=68&type=chunk) [(四) Analysis of Investment Status](index=18&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investment status is primarily reflected in financial assets measured at fair value and private equity fund investments, with total fair value financial assets of **1,180,182,702.56 yuan** at period-end, and a cumulative paid-in capital of **112.7778 million yuan** in various private equity funds to strengthen its pharmaceutical industry presence Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change in Current Period (Yuan) | Cumulative Fair Value Change in Equity (Yuan) | Current Period Purchases (Yuan) | Current Period Sales/Redemptions (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 350,282,387.58 | 0 | -51,795,116.34 | 0 | 0 | 298,487,271.24 | | Others | 943,946,917.39 | -163,353.04 | 0 | 530,000,000.00 | 590,000,000.00 | 881,695,431.32 | | Total | 1,294,229,304.97 | -163,353.04 | -51,795,116.34 | 530,000,000.00 | 590,000,000.00 | 1,180,182,702.56 | - The company strengthens its pharmaceutical industry presence and industrial cooperation by participating in multiple private equity funds, including Weifang High-tech Zone Kangsheng Venture Capital Partnership, Nantong Yuanqing Bencao Equity Investment Center, Beijing Jinlun Management Consulting Partnership, and Beijing Jinsheng Management Consulting Partnership, with a total paid-in capital of **112.7778 million yuan**[73](index=73&type=chunk)[74](index=74&type=chunk) [(六) Analysis of Major Holding and Participating Companies](index=20&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section details the operating performance of the company's major holding and participating companies, including registered capital, total assets, net assets, operating revenue, and net profit, highlighting Fangheng Pharmaceutical International Co., Ltd.'s contribution of **134.3255 million yuan** in operating revenue and **14.3044 million yuan** in net profit Major Holding and Participating Companies' Operating Performance | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Jingxiangyuan Snake Breeding Co., Ltd. | Subsidiary | Breeding | 430.00 | 4,214.67 | 4,063.18 | 310.72 | 203.09 | 199.00 | | Hebei Konruns Pharmaceutical Co., Ltd. | Subsidiary | Under Construction | 10,130.00 | 9,758.06 | 9,468.24 | 0 | -134.79 | -134.79 | | Beijing Konruns Medical Technology Co., Ltd. | Subsidiary | Technology Development, Services | 4,000.00 | 1,407.87 | 1,297.99 | 0 | -60.80 | -60.80 | | Shandong Puhua Pharmaceutical Co., Ltd. | Subsidiary | Under Construction | 4,000.00 | 624.67 | 584.14 | 0 | -30.09 | -30.77 | | Beijing Konruns Biotechnology Co., Ltd. | Subsidiary | Technical Services, Promotion Services | 10,000.00 | 93,300.21 | 87,285.42 | 3,773.58 | 597.90 | 618.03 | | Konruns Pharmaceutical (Hong Kong) Co., Ltd. | Subsidiary | Investment | 3,196.55 | 16,342.74 | 81.19 | 0 | -1.28 | -1.28 | | Konruns Biomedical (Shanghai) Co., Ltd. | Subsidiary | Technical Services, Investment | 90,000.00 | 90,328.31 | 90,328.31 | 0 | -0.48 | -2.93 | | Fangheng Pharmaceutical International Co., Ltd. | Subsidiary | Sales | 0.00 | 116,354.73 | 110,786.74 | 13,432.55 | 1,988.28 | 1,430.44 | | Beijing Aixiwan Medical Technology Co., Ltd. | Subsidiary | Technology Development, Promotion & Product Sales | 500.00 | 499.33 | 246.86 | 0 | 0.06 | 0.06 | | Beijing Konruns Pharmaceutical Enterprise Management Co., Ltd. | Subsidiary | Research and Experimental Development, Technology Development, Promotion | 500.00 | 58.42 | 58.42 | 0 | -3.21 | -3.21 | - Tailing Pharmaceutical International Co., Ltd was renamed Fangheng Pharmaceutical International Co., Ltd on May 16, 2025[76](index=76&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 details nine potential risks, including R&D innovation, market competition, industry policy, talent retention, raw material supply, quality control, environmental protection, safety production, and force majeure, along with corresponding mitigation strategies - The company faces R&D innovation and core competency risks, with countermeasures including attracting international talent, optimizing talent development mechanisms, and activating the R&D team's innovation capabilities[77](index=77&type=chunk)[78](index=78&type=chunk) - The company's main product "Suling" faces market competition risks, with countermeasures including strengthening marketing team execution, intensifying policy research, clarifying unique product application scenarios, and promoting its inclusion in the national essential drug list[79](index=79&type=chunk) - "Miacalcic" faces challenges from generic drug evaluations, with countermeasures including accelerating marketing transformation, expanding self-operated regions, strengthening medical project promotion, exploring international markets, and forming product portfolios[80](index=80&type=chunk) - The pharmaceutical industry is highly susceptible to national policies; the company will closely monitor policy changes, improve its innovation system, adjust product structure, and strategically enter the essential drug market[81](index=81&type=chunk) - To address the risk of core technical (business) personnel loss, the company will focus on organizational capability and talent pipeline development, establish a robust compensation and incentive mechanism, deepen corporate culture, and improve confidentiality systems[82](index=82&type=chunk) - To mitigate raw material supply risks, the company will standardize *Deinagkistrodon acutus* breeding, establish a second breeding base, and increase raw material suppliers[83](index=83&type=chunk) - To manage quality control risks, the company will enhance company-wide GMP learning and strengthen quality audits of overseas manufacturers[84](index=84&type=chunk) - To address environmental protection risks, the company will adhere to the principle of combining cleaner production with end-of-pipe treatment to build a green pharmaceutical enterprise[85](index=85&type=chunk) - To manage safety production risks, the company will integrate GMP into all-round management and improve its quality, safety, environment, energy, and occupational health management systems[87](index=87&type=chunk) - To mitigate force majeure risks, the company will establish a sound emergency management system and formulate corresponding measures to minimize impacts[88](index=88&type=chunk) Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, including director and senior management appointments, profit distribution plans, and the status of equity incentive and employee stock ownership plans [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were changes in the company's directors, supervisors, and senior management, with independent director Li Hongyi resigning and Liu Junyan being elected as an independent director, and Huang Xiaodong appointed as Board Secretary Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Li Hongyi | Independent Director | Resignation | | Liu Junyan | Independent Director | Election | | Huang Xiaodong | Board Secretary | Appointment | - Mr Li Hongyi resigned from his positions as independent director of the fourth Board of Directors and related committees due to personal reasons, and will no longer hold any positions in the company after his resignation[91](index=91&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=25&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) The company's proposed semi-annual profit distribution or capital reserve to share capital increase plan is "none," meaning no distribution or transfer will occur - The company's proposed semi-annual profit distribution or capital reserve to share capital increase plan is "none"[92](index=92&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=25&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, the company approved the repurchase and cancellation of restricted shares granted but not yet unblocked to some incentive recipients, adjusted the repurchase price, and fulfilled the unblocking conditions for the second unblocking period of the 2023 restricted stock incentive plan's initial grant and the first unblocking period of the reserved grant - The company approved the "Proposal on Repurchasing and Cancelling Part of Restricted Shares Granted but Not Yet Unblocked to Certain Incentive Recipients and Adjusting the Repurchase Price"[93](index=93&type=chunk) - The unblocking conditions for the second unblocking period of the 2023 restricted stock incentive plan's initial grant and the first unblocking period of the reserved grant have been met[93](index=93&type=chunk) - The company's first phase employee stock ownership plan has completed the disposal of all company shares held, and has been fully implemented and terminated[94](index=94&type=chunk) Significant Matters This section details the company's fulfillment of commitments, significant related-party transactions, and the progress of its raised capital utilization, including project changes and cash management [Fulfillment of Commitments](index=27&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) The company's actual controllers, controlling shareholders, and other related parties strictly fulfilled all commitments during the reporting period, including avoiding horizontal competition, standardizing and reducing related-party transactions, and commitments regarding shareholding and reduction intentions - Company's actual controllers Liu Jianhua and Wang Xijuan committed to avoiding horizontal competition and ensuring that they and their controlled enterprises do not participate in any business or activities that compete with the company's operations[98](index=98&type=chunk)[99](index=99&type=chunk) - Liu Jianhua, Wang Xijuan, their close relatives, and their controlled enterprises committed to standardizing and minimizing related-party transactions with the company, ensuring their fairness[100](index=100&type=chunk) - Controlling shareholder and actual controller Liu Jianhua and his controlled Puhua Jiyue, as well as Wang Xijuan and her controlled Muren Investment, committed to announcing share reductions three trading days in advance, provided no public commitments have been violated and full compensation liabilities have been borne[103](index=103&type=chunk) [Significant Related-Party Transactions](index=30&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company renewed its office building lease contract with related party Xinhua Jiyue (Beijing) Technology Co., Ltd., and signed a supplementary agreement on March 31, 2025, adjusting the annual rent to **5,129,738.00 yuan** - The company renewed a house lease contract with related party Xinhua Jiyue (Beijing) Technology Co., Ltd, leasing floors 2-5 of Building 4, No 7 Courtyard, Science Park Road, Life Science Park, Changping District, Beijing, for a three-year term[105](index=105&type=chunk) - Effective April 1, 2025, the rent price was adjusted to **3.50 yuan/square meter/day**, with a total annual rent of **5,129,738.00 yuan**[105](index=105&type=chunk) [Progress of Raised Funds Utilization](index=33&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's initial public offering raised a total of **973.60 million yuan**, with a net amount of **891.425937 million yuan**; as of the end of the reporting period, **677.7135 million yuan** had been invested, representing a **76.03%** progress, with some projects changed or delayed, and idle funds managed as cash Overall Utilization of Raised Funds | Source of Raised Funds | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Committed Investment (10,000 Yuan) | Cumulative Investment at Period End (10,000 Yuan) | Cumulative Investment Progress at Period End (%) | Amount Invested This Year (10,000 Yuan) | Amount Invested This Year as % of Total Raised Funds | Total Raised Funds with Changed Use (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 97,360.00 | 89,142.5937 | 89,142.5937 | 67,771.35 | 76.03 | 1,225.64 | 1.37 | 39,192.00 | - The "Lorlatinib Hydrochloride API Production Capacity Project" was changed to the "Annual Production of **500kg** Anti-tumor API Production Base Project" and delayed until December 2026[112](index=112&type=chunk) - Part of the investment plan for the "Innovative Drug R&D and Targeted Anti-tumor Drug Innovation Platform Project" was changed, reducing **311.92 million yuan** to fund the R&D of the new raised investment project KC1036[113](index=113&type=chunk) - The company managed idle raised funds as cash, with an authorized limit not exceeding **220 million yuan**, and the cash management balance at the end of the reporting period was **220 million yuan**[117](index=117&type=chunk) Share Changes and Shareholder Information This section details the company's share capital stability during the reporting period and provides an overview of its shareholder structure, including major shareholders and their restricted shareholdings [Share Capital Changes](index=38&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) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[120](index=120&type=chunk) [Shareholder Information](index=38&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **9,970** common shareholders; Liu Jianhua, the largest shareholder with **31.87%** of shares, has pledged some of his holdings, while Beijing Muren Investment Management Co., Ltd and Beijing Puhua Jiyue Investment Consulting Center (Limited Partnership) are the second and third largest shareholders, with Liu Jianhua and Wang Xijuan being the actual controllers and acting in concert with their controlled entities - As of the end of the reporting period, the total number of common shareholders was **9,970**[120](index=120&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Pledged, Marked, or Frozen Status (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Liu Jianhua | 50,786,760 | 31.87 | 8,846,840 (Pledged) | Domestic Natural Person | | Beijing Muren Investment Management Co., Ltd. | 16,245,600 | 10.19 | 0 (None) | Domestic Non-State-Owned Legal Person | | Beijing Puhua Jiyue Investment Consulting Center (Limited Partnership) | 9,600,000 | 6.02 | 0 (None) | Other | | Zhang Mingjie | 4,172,200 | 2.62 | 0 (None) | Domestic Natural Person | | Yang Yongkang | 2,017,401 | 1.27 | 0 (None) | Domestic Natural Person | | Xue Xiaohong | 1,466,280 | 0.92 | 0 (None) | Domestic Natural Person | | Agricultural Bank of China Co., Ltd. - Penghua Pharmaceutical Technology Stock Fund | 1,394,400 | 0.88 | 0 (None) | Other | | Bank of China Co., Ltd. - E Fund Medical and Healthcare Industry Mixed Fund | 1,335,601 | 0.84 | 0 (None) | Other | | Bohai Bank Co., Ltd. - CITIC Securities Investment Medical Reform Flexible Allocation Mixed Fund | 1,250,000 | 0.78 | 0 (None) | Other | | Tan Jinqing | 1,054,400 | 0.66 | 0 (None) | Domestic Natural Person | - Liu Jianhua and Wang Xijuan are the actual controllers of the company; Puhua Jiyue is an enterprise controlled by Liu Jianhua, and Muren Investment is an enterprise controlled by Wang Xijuan; Liu Jianhua, Wang Xijuan, Muren Investment, and Puhua Jiyue are parties acting in concert[124](index=124&type=chunk) Top Ten Shareholders with Restricted Shares and Restriction Conditions | No. | Name of Shareholder with Restricted Shares | Number of Restricted Shares Held (shares) | Restriction Conditions | | :--- | :--- | :--- | :--- | | 1 | Initial Grant Incentive Recipients of the Company's 2023 Restricted Stock Incentive Plan | 1,589,000 | Equity Incentive Restriction | | 2 | Reserved Grant Incentive Recipients of the Company's 2023 Restricted Stock Incentive Plan | 530,000 | Equity Incentive Restriction | - The initial grant unblocking periods are divided into three phases, with unblocking ratios of **30%**, **40%**, and **30%** respectively; the reserved grant unblocking periods are divided into two phases, with unblocking ratios of **50%** each[125](index=125&type=chunk) Bond-Related Information This section confirms that the company had no company bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=42&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) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[129](index=129&type=chunk) [Convertible Corporate Bonds](index=42&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) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[129](index=129&type=chunk) Financial Report This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial instrument risks [Financial Statements](index=43&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 balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow - Financial statements include the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[131](index=131&type=chunk)[134](index=134&type=chunk)[138](index=138&type=chunk)[142](index=142&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk)[151](index=151&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[161](index=161&type=chunk) [Company's Basic Information](index=63&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 outlines the company's overview, including registered capital, address, headquarters, business scope, and nature of business, and specifies the approval date of the financial statements - Company's registered capital is **159,356,477.00 yuan**[162](index=162&type=chunk) - Company's business scope includes production of lyophilized powder injections, biochemical APIs, tablets (including anti-tumor drugs); biomedical development and research; technology promotion services; technology transfer, and consulting services[162](index=162&type=chunk) - Company's business nature is pharmaceutical manufacturing, engaged in the manufacture of chemical pharmaceutical preparations[162](index=162&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 27, 2025[162](index=162&type=chunk) [Basis of Financial Statement Preparation](index=63&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to "Enterprise Accounting Standards" and relevant CSRC regulations, and demonstrate at least 12 months of continuous operating capability - The company prepares its financial statements on a going concern basis, in accordance with "Enterprise Accounting Standards" and 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)[163](index=163&type=chunk) - The company possesses the ability to continue as a going concern for at least **12 months** from the end of this reporting period, with no significant matters affecting its going concern ability[164](index=164&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=63&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates for inventory valuation, fixed asset depreciation, biological asset depreciation, intangible asset amortization, long-term deferred expense amortization, revenue recognition, financial instruments, share-based payments, government grants, and deferred income tax, ensuring accuracy and comparability of financial reporting - The company has formulated specific accounting policies and estimates for inventory valuation methods, fixed asset depreciation, biological asset depreciation, intangible asset amortization, long-term deferred expense amortization, revenue recognition methods, and other transactions or events, based on its actual production and operation characteristics[165](index=165&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[189](index=189&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, and classifies revenue recognition based on whether performance obligations are satisfied over time or at a point in time[267](index=267&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk) - For self-developed intangible assets, expenditures in the research phase are expensed in the current period, while expenditures in the development phase are capitalized as intangible assets if specific conditions are met simultaneously[248](index=248&type=chunk) - For innovative drug and biosimilar R&D projects, R&D expenditures incurred before Phase III clinical trials are expensed, while development phase expenditures after Phase II clinical trials are capitalized under specific circumstances[249](index=249&type=chunk) [Taxation](index=97&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax, noting the company's **15%** corporate income tax preferential rate as a high-tech enterprise Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services calculated according to tax laws, after deducting deductible input VAT | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7%, 5% | | Education Surcharge | Payable turnover tax | 3% | | Local Education Surcharge | Payable turnover tax | 2% | | Corporate Income Tax | Taxable income | 25%/16.5%/15%/8.25% | - Beijing Konruns Pharmaceutical Co., Ltd, as a high-tech enterprise, enjoys a **15%** preferential corporate income tax rate[291](index=291&type=chunk) [Notes to Consolidated Financial Statement Items](index=98&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 various consolidated financial statement items, including assets, liabilities, owners' equity, and profit/loss, such as monetary funds, trading financial assets, accounts receivable, inventory, long-term equity investments, fixed assets, construction in progress, intangible assets, accounts payable, employee remuneration payable, deferred income tax, operating revenue and costs, sales expenses, administrative expenses, R&D expenses, financial expenses, and investment income, explaining the reasons for changes Ending Balance of Monetary Funds | Item | Ending Balance (Yuan) | | :--- | :--- | | Bank Deposits | 357,652,840.82 | | Other Monetary Funds | 8,661,872.56 | | Total | 366,314,713.38 | Ending Balance of Trading Financial Assets | Item | Ending Balance (Yuan) | | :--- | :--- | | Wealth Management Products | 391,050,361.08 | | Total | 391,050,361.08 | - The ending book balance of accounts receivable is **375,920,806.15 yuan**, of which **20,912,581.55 yuan** is provided for bad debts on an individual basis, and **355,008,224.60 yuan** is provided for bad debts on a portfolio basis[297](index=297&type=chunk)[299](index=299&type=chunk) - The ending book value of inventory is **69,521,027.12 yuan**, primarily comprising raw materials, work-in-progress, finished goods, and goods in transit[330](index=330&type=chunk) - The ending book value of long-term equity investments is **48,610,808.32 yuan**, mainly investments in associates[338](index=338&type=chunk) - The ending book value of fixed assets is **191,098,987.00 yuan**, with buildings and structures accounting for **166,125,015.00 yuan**[347](index=347&type=chunk) - The ending book value of construction in progress is **216,114,155.24 yuan**, primarily including the annual production of **500kg** anti-tumor API production base project and the innovative oral solid dosage form project[351](index=351&type=chunk)[354](index=354&type=chunk) - The ending book value of intangible assets is **838,008,635.73 yuan**, with patent rights accounting for **779,875,874.17 yuan**[359](index=359&type=chunk) - Operating revenue for the current period was **460,869,253.77 yuan**, and operating cost was **45,249,089.13 yuan**, with main business revenue primarily from "Suling" and "Miacalcic"[412](index=412&type=chunk)[414](index=414&type=chunk) - Sales expenses for the current period were **204,384,553.16 yuan**, administrative expenses were **66,697,905.34 yuan**, and R&D expenses were **20,498,356.48 yuan**[420](index=420&type=chunk)[421](index=421&type=chunk)[422](index=422&type=chunk) - Investment income for the current period was **10,015,947.42 yuan**, mainly from wealth management product income and dividend income[425](index=425&type=chunk) [R&D Expenses](index=154&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the company's R&D expenditures for the first half of 2025, totaling **50,357,405.82 yuan**, comprising **20,498,356.48 yuan** in expensed R&D and **29,859,049.34 yuan** in capitalized R&D, with key capitalized projects ZY5301 and KC1036 in clinical trial phases R&D Expenses by Nature of Expense | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | R&D Personnel Salaries | 27,097,672.34 | 21,861,746.81 | | Direct Input | 8,515,647.64 | 6,662,605.46 | | Depreciation of Fixed Assets | 5,432,794.46 | 6,005,779.89 | | Amortization of Intangible Assets | 221,454.17 | 253,917.30 | | Clinical Trial Fees | 7,225,111.17 | 15,073,857.66 | | Other Expenses | 1,864,726.04 | 1,897,317.21 | | Total | 50,357,405.82 | 51,755,224.33 | | Of which: Expensed R&D | 20,498,356.48 | 23,294,981.62 | | Capitalized R&D | 29,859,049.34 | 28,460,242.71 | Development Expenditures for Capitalized R&D Projects | Project | Beginning Balance (Yuan) | Amount Increased in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | SLYF | 8,205,299.93 | 2,549,421.52 | 10,754,721.45 | | AH1001 | 10,902,136.90 | 256,284.96 | 11,158,421.86 | | KC1036 | 60,857,430.50 | 19,077,665.13 | 79,935,095.63 | | KC-B173 | 11,920,676.76 | 0 | 11,920,676.76 | | ZY5301 | 141,884,591.20 | 7,975,677.73 | 149,860,268.93 | | Total | 233,770,135.29 | 29,859,049.34 | 263,629,184.63 | - Important capitalized R&D projects such as ZY5301 and KC1036 are both in Phase III clinical research, expected to be completed in **2026** and **2027** respectively[455](index=455&type=chunk) [Changes in Consolidation Scope](index=155&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) During the reporting period, the company had no business combinations involving entities not under common control, business combinations involving entities under common control, reverse acquisitions, or disposals of subsidiaries leading to loss of control - During the reporting period, the company had no business combinations involving entities not under common control, business combinations involving entities under common control, reverse acquisitions, or disposals of subsidiaries leading to loss of control[456](index=456&type=chunk)[457](index=457&type=chunk) [Interests in Other Entities](index=156&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in subsidiaries and associates, including several wholly-owned or controlled subsidiaries, with Beijing Konruns Biotechnology Co., Ltd being a significant non-wholly-owned subsidiary, and total investments in associates amounting to **48,610,808.32 yuan** Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Jingxiangyuan Snake Breeding Co., Ltd. | Hunan | 430.00 10,000 RMB | Breeding | 100.00 | Establishment | | Hebei Konruns Pharmaceutical Co., Ltd. | Hebei | 10,130.00 10,000 RMB | Under Construction | 100.00 | Establishment | | Beijing Konruns Medical Technology Co., Ltd. | Beijing | 4,000.00 10,000 RMB | Technology Development, Services | 85.00 | Establishment | | Shandong Puhua Pharmaceutical Co., Ltd. | Shandong | 4,000.00 10,000 RMB | Under Construction | 100.00 | Establishment | | Beijing Konruns Biotechnology Co., Ltd. | Beijing | 10,000.00 10,000 RMB | Technical Services, Promotion Services | 73.70 | Acquisition | | Konruns Pharmaceutical (Hong Kong) Co., Ltd. | Hong Kong | 3,500.00 10,000 HKD | Investment | 100.00 | Establishment | | Konruns Biomedical (Shanghai) Co., Ltd. | Shanghai | 90,000.00 10,000 RMB | Technical Services, Investment | 73.70 | Establishment | | Fangheng Pharmaceutical International Co., Ltd. | Hong Kong | 1.00 HKD | Sales | 73.70 (Indirect) | Acquisition | | Beijing Aixiwan Medical Technology Co., Ltd. | Beijing | 500.00 10,000 RMB | Technology Development, Promotion & Product Sales | 100.00 | Establishment | | Beijing Konruns Pharmaceutical Enterprise Management Co., Ltd. | Beijing | 500.00 10,000 RMB | Research and Experimental Development, Technology Development, Promotion | 100.00 | Establishment | Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Beijing Konruns Biotechnology Co., Ltd.) | Indicator | Ending Balance (Yuan) | Beginning Balance (Yuan) | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Minority Shareholding Ratio (%) | 26.30 | 26.30 | N/A | N/A | | Net Profit Attributable to Minority Shareholders | 5,379,755.46 | N/A | 5,379,755.46 | N/A | | Ending Balance of Minority Interests | 285,093,237.02 | N/A | N/A | N/A | | Operating Revenue | N/A | N/A | 134,325,545.30 | 129,945,385.35 | | Net Profit | N/A | N/A | 20,455,343.97 | 31,197,642.78 | - Total book value of investments in associates is **48,610,808.32 yuan**, with a net loss attributable to the company based on its shareholding ratio of **-711,455.97 yuan** for the current period[463](index=463&type=chunk) [Government Grants](index=160&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 the company's government grants for the reporting period, including liability items and grants recognized in current profit or loss, totaling **1,908,885.78 yuan**, comprising **1,852,417.24 yuan** related to assets and **56,468.54 yuan** related to income Liability Items Related to Government Grants | Financial Statement Item | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 40,475,455.14 | 0 | 1,852,417.24 | 38,623,037.90 | Asset-related | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related | 1,852,417.24 | 1,852,417.24 | | Income-related | 56,468.54 | 81,380.00 | | Total | 1,908,885.78 | 1,933,797.24 | [Risks Related to Financial Instruments](index=161&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company aims to balance risk and return, minimizing negative impacts on operating performance, and manages credit, liquidity, and market risks (including interest rate and foreign exchange risks) through prudent banking, customer credit assessment, ensuring working capital, and primarily RMB-denominated activities - The company's risk management objective is to achieve a balance between risk and return, minimizing negative impacts on operating performance and maximizing the interests of shareholders and other equity investors[468](index=468&type=chunk) - The company faces credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk)[468](index=468&type=chunk) - Credit risk primarily arises from bank deposits and receivables, controlled by depositing with highly-rated financial institutions and regularly assessing customer credit[468](index=468&type=chunk) - Liquidity risk is not significant, as the company's current financial assets can meet working capital needs and capital expenditures[469](index=469&type=chunk) - Interest rate risk and foreign exchange risk within market risk are not significant, as major activities are denominated in RMB[469](index=469&type=chunk)[470](index=470&type=chunk) [Fair Value Disclosure](index=162&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 the company's assets and liabilities measured at fair value at period-end, totaling **1,180,182,702.56 yuan**, with trading financial assets and receivables financing measured at Level 3, other equity instrument investments at Level 1 (stocks) and Lev

黑龙江天有为电子股份有限公司2025 年半年度报告 公司代码：603202 公司简称：天有为 黑龙江天有为电子股份有限公司 2025 年半年度报告 1 / 237 黑龙江天有为电子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 公司负责人王文博、主管会计工作负责人于洪波及会计机构负责人（会计主管 人员）于洪波声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年8月27日，公司第二届董事会第四次会议审议通过了《关于2025年半年度 利润分配方案的议案》，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 股东每股派发现金红利1元（含税），不送红股，不实施以资本公积金转增股本。以 公司截至2025年6月30日总股本160,000,000股测算，合计拟派发现金股利160,000,000 元（含税）。如利润分 ...

[Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of common terms used in the report, including regulatory bodies, exchanges, company entities, currency units, and reporting periods, ensuring clear understanding of the report content [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 common terms used in the report, such as regulatory bodies, exchanges, company entities, currency units, and reporting periods, to ensure clarity Definitions of Common Terms | Term | Meaning | | :--- | :--- | | CSRC | China Securities Regulatory Commission | | SSE | Shanghai Stock Exchange | | NAFMII | National Association of Financial Market Institutional Investors | | Company Law | Company Law of the People's Republic of China | | Securities Law | Securities Law of the People's Republic of China | | Listing Rules | Shanghai Stock Exchange Stock Listing Rules | | Tande/Company/This Company/Listed Company | Tande Co., Ltd. | | Articles of Association | Articles of Association of Tande Co., Ltd. | | Yuan/Ten Thousand Yuan/Hundred Million Yuan | RMB Yuan/RMB Ten Thousand Yuan/RMB Hundred Million Yuan | | Gaoxin Real Estate/Controlling Shareholder | Xi'an Gaoxin High-tech Industrial Development Zone Real Estate Development Co., Ltd. | | Gaoke Group/Actual Controller | Xi'an Gaoke Group Co., Ltd. | | Gaoxin District Management Committee | Xi'an High-tech Industrial Development Zone Management Committee | | Reporting Period | January 1, 2025 to June 30, 2025 | [Section II 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 presents the company's basic information, contact details, changes in registration, information disclosure, stock overview, and key financial performance metrics for the reporting period [I. 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 outlines the basic information of Tande Co., Ltd., including its Chinese name, abbreviation, English name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 天地源股份有限公司 | | Chinese Abbreviation | 天地源 | | English Name | TANDE CO.,LTD. | | English Name Abbreviation | TANDE | | Legal Representative | Zhao Ji | [II. Contact Persons and Information](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 provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and stakeholders Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yuan Xuegong | 34th Floor, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone | 029-88326035 | 029-88326003 | yuanxuegong@tande.cn | | Securities Affairs Representative | Chang Yongchao | 34th Floor, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone | 029-88326035 | 029-88326003 | changyongchao@tande.cn | [III. Brief Introduction to 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) The company's registered address changed from Shanghai Free Trade Zone to Xi'an High-tech Zone on November 27, 2018, with its office located at 34th Floor, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone - The company's registered address changed from Unit K, 26th Floor, No. 500 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone to Room 12701, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Zhangba Street Office, Xi'an High-tech Zone on **November 27, 2018**[18](index=18&type=chunk) - The company's office address is 34th Floor, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone, with postal code **710075**[18](index=18&type=chunk)[19](index=19&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](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) The company designates Shanghai Securities News and Securities Times for information disclosure, publishes its semi-annual report on www.sse.com.cn, and keeps documents at the Board Secretary's Office on the 34th floor of Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone - The company's selected information disclosure newspapers are **Shanghai Securities News** and **Securities Times**[20](index=20&type=chunk) - The website address for publishing the semi-annual report is **www.sse.com.cn**[20](index=20&type=chunk) - The company's semi-annual report is kept at the Board Secretary's Office on the 34th Floor, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone[20](index=20&type=chunk) [V. Company Stock Overview](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) The company's A-shares are listed and traded on the Shanghai Stock Exchange, with stock abbreviation Tande and stock code 600665 Company Stock Overview | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 天地源 | 600665 | G天地源 | [VII. 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) During the reporting period, the company's operating revenue increased by 20.69% year-on-year, but total profit and net profit attributable to shareholders saw expanded losses, while net cash flow from operating activities significantly grew by 2224.93%. Net assets and total assets both decreased, and earnings per share were negative Key Accounting Data (January-June 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,461,094,423.99 yuan | 2,039,175,480.69 yuan | 20.69 | | Total Profit | -57,626,457.09 yuan | -30,844,427.86 yuan | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -124,342,579.62 yuan | -28,670,687.87 yuan | Not applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -139,632,182.49 yuan | -63,006,107.48 yuan | Not applicable | | Net Cash Flow from Operating Activities | 507,440,181.06 yuan | 21,826,005.66 yuan | 2,224.93 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,751,150,278.46 yuan | 2,875,503,227.95 yuan | -4.32 | | Total Assets (Period-end) | 26,026,127,610.19 yuan | 28,335,517,502.42 yuan | -8.15 | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.1439 | -0.0332 | Not applicable | | Diluted Earnings Per Share (yuan/share) | -0.1439 | -0.0332 | Not applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.1616 | -0.0729 | Not applicable | | Weighted Average Return on Net Assets (%) | -4.42 | -0.74 | Decreased by 3.68 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -4.96 | -1.63 | Decreased by 3.33 percentage points | - The year-on-year decrease in net profit attributable to shareholders of the listed company is primarily due to: 1. Increased expensed interest, as the number of projects eligible for interest capitalization decreased. 2. Significant tax provisions for some revenue recognition projects, and increased selling expenses. 3. Impairment provisions for some inventories to promote sales destocking[25](index=25&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&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) During the reporting period, the company's total non-recurring gains and losses amounted to 15.29 million yuan, primarily from disposal gains of non-current assets, government subsidies, and debt restructuring gains. The company classifies interest income from funds provided to non-financial entities as recurring gains, as it is directly related to daily operations under the real estate industry's cooperative business model Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Disposal gains and losses of non-current assets | 16,835,584.41 | The company completed the disposal of two properties in Yadou International Garden, Xuhui District, Shanghai in April 2025, with a net disposal gain of 16.8356 million yuan | | Government subsidies included in current profit and loss | 616,992.18 | | | Debt restructuring gains and losses | 3,219,996.33 | | | Other non-operating income and expenses | 754,478.14 | | | Other non-recurring gains and losses as defined | 190,599.51 | | | Less: Income tax impact | 5,258,031.74 | | | Minority interest impact (after tax) | 1,070,015.96 | | | **Total** | **15,289,602.87** | | - The company classifies interest income from development funds provided to joint ventures and associates, as well as interest income from surplus funds allocated to partners by consolidated cooperative project companies, as recurring gains and losses, as they are part of the daily operating activities under the real estate industry's cooperative business model[27](index=27&type=chunk)[519](index=519&type=chunk) [Section III 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 provides an in-depth analysis of the company's industry, business operations, core competitiveness, and financial performance during the reporting period, along with future outlook and risk management strategies [I. Industry and Main Business Overview During the Reporting Period](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) During the reporting period, the real estate industry saw a rebound in some core cities supported by central policies, but most second and third-tier cities still faced pressure. As a national first-class real estate development enterprise, the company adheres to a "deep cultivation in regions, expansion nationwide" strategy, positioning itself in five major economic circles, and building a dual-driven model of real estate development and asset operation - The real estate market shows significant differentiation, with some core cities rebounding, but most second and third-tier cities still face pressure from high inventory and insufficient demand[30](index=30&type=chunk) - The company primarily engages in real estate development and operation, holding a **national first-class qualification** for real estate development issued by the Ministry of Housing and Urban-Rural Development[30](index=30&type=chunk) - The company's strategic layout covers five major economic circles: the Western Economic Circle (headquartered in Xi'an), the Yangtze River Delta Economic Circle, the Guangdong-Hong Kong-Macao Greater Bay Area Economic Circle, the Beijing-Tianjin-Hebei Economic Circle, and the Chengdu-Chongqing Twin City Economic Circle, forming a national coordinated development strategy[30](index=30&type=chunk) - The company's strategic positioning is "cultural real estate leader, beautiful life operator," with core strategies focusing on product excellence, open cooperation, efficient operation, and financial support, actively building a dual-driven business model of real estate development and asset operation[30](index=30&type=chunk) [II. Discussion and Analysis of Operations](index=7&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) In the first half of 2025, the company stabilized its core business amidst a challenging market by optimizing industrial structure, improving project performance, and ensuring timely deliveries. It also actively pursued innovative development by revitalizing apartment assets, upgrading product standardization, expanding industrial transformation partnerships, and enhancing brand influence. Furthermore, the company improved refined management and mitigated operational risks through efficient capital management, standardized corporate governance, and strengthened safety production - The company formulated the "Industrial Structure, Product Structure, and Regional Structure Adjustment and Optimization Plan," and its Gaoxin Chenyue and Heyue Xigu projects performed well in their respective regions, with Tangsongfang and Banshan Xigu projects delivered on schedule and smoothly[31](index=31&type=chunk) - The company successfully opened Shangtangfu and Shuimojiangshan Building 2 apartments on schedule, operating over **800 long-term rental apartments** with an occupancy rate maintained above **95%**[31](index=31&type=chunk)[32](index=32&type=chunk) - The company reached a strategic cooperation with Xi'an Gaoxin Financial Holdings Group Co., Ltd., integrating industrial and financial resources around new quality productive forces[32](index=32&type=chunk) - In the first half of the year, the company released approximately **2.334 billion yuan** in restricted funds, secured **1.891 billion yuan** in financing, and revitalized **97.45 million yuan** in receivables, effectively ensuring capital security[32](index=32&type=chunk) - The company prepared and released its 2025 valuation enhancement plan, revised the "Investment Business Management Measures," strengthened internal audit control, and achieved the safety management goal of "zero accidents, zero casualties"[32](index=32&type=chunk) [(I) Stabilizing Core Business Operations in a Challenging Market Environment](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%9C%A8%E4%B8%A5%E5%B3%BB%E7%9A%84%E5%B8%82%E5%9C%BA%E7%8E%AF%E5%A2%83%E4%B8%AD%EF%BC%8C%E5%85%A8%E5%8A%9B%E7%A8%B3%E4%BD%8F%E4%B8%BB%E4%B8%9A%E7%BB%8F%E8%90%A5%E5%9F%BA%E6%9C%AC%E7%9B%98) The company effectively stabilized its core business by formulating an industrial structure optimization plan, enhancing sales performance of key projects (e.g., Gaoxin Chenyue ranked 10th in Xi'an residential sales, Heyue Xigu ranked 5th in Xianyang residential sales), and ensuring timely project deliveries, earning honors such as "China's Top 100 Real Estate Enterprises" - The company formulated the "Industrial Structure, Product Structure, and Regional Structure Adjustment and Optimization Plan," providing a key handle for healthy development[31](index=31&type=chunk) - From January to June, Gaoxin Chenyue's performance ranked **10th** among residential projects in Xi'an, and Heyue Xigu's performance ranked **5th** among residential projects in Xianyang[31](index=31&type=chunk) - Tangsongfang and Banshan Xigu projects were delivered on schedule and smoothly, demonstrating the company's commitment as a state-owned enterprise[31](index=31&type=chunk) - The company was awarded "China's Top 100 Real Estate Enterprises (62nd place)," "China's Top 100 Real Estate Enterprises - Stability TOP10," and other honors[31](index=31&type=chunk) [(II) Actively Promoting Innovative Development Amidst Rapid Industry Differentiation](index=7&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%9C%A8%E8%A1%8C%E4%B8%9A%E5%BF%AB%E9%80%9F%E5%88%86%E5%8C%96%E7%9A%84%E8%B6%8B%E5%8A%BF%E4%B8%AD%EF%BC%8C%E7%A7%AF%E6%9E%81%E6%8E%A8%E8%BF%9B%E5%88%9B%E6%96%B0%E5%8F%91%E5%B1%95) The company achieved new breakthroughs in asset revitalization by successfully operating over 800 long-term rental apartments with an occupancy rate exceeding 95%. It also upgraded product standardization with a focus on "good houses," expanded industrial transformation through strategic cooperation with Xi'an Gaoxin Financial Holdings Group, and enhanced brand influence using short videos and live streaming - Shangtangfu and Shuimojiangshan Building 2 were successfully opened on schedule, launching over **600 quality housing units**, with an occupancy rate exceeding **80%** in the opening month[31](index=31&type=chunk) - As of now, the company operates over **800 long-term rental apartments**, with occupancy rates for both projects maintained above **95%**, reaching an excellent industry level[32](index=32&type=chunk) - The company focuses on the core elements of "good houses," "green, low-carbon, smart, and safe" to improve design, cost, and quality control levels[32](index=32&type=chunk) - A strategic cooperation was established with Xi'an Gaoxin Financial Holdings Group Co., Ltd., integrating industrial and financial resources around new quality productive forces[32](index=32&type=chunk) - A professional live streaming team was formed to achieve professional and regular live streaming operations on the Douyin platform, building a comprehensive and multi-level brand communication ecosystem[32](index=32&type=chunk) [(III) Focusing on Improving Refined Management and Preventing Operational Risks Amidst Intensifying Market Competition](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%9C%A8%E5%B8%82%E5%9C%BA%E7%AB%9E%E4%BA%89%E6%97%A5%E8%B6%8B%E6%BF%80%E7%83%88%E7%9A%84%E6%A0%BC%E5%B1%80%E4%B8%8B%EF%BC%8C%E7%9D%80%E5%8A%9B%E6%8F%90%E9%AB%98%E7%B2%BE%E7%BB%86%E5%8C%96%E7%AE%A1%E7%90%86%E6%B0%B4%E5%B9%B3%EF%BC%8C%E9%98%B2%E8%8C%83%E7%BB%8F%E8%90%A5%E9%A3%8E%E9%99%A9) The company ensured capital chain security through efficient fund management, releasing 2.334 billion yuan in restricted funds, securing 1.891 billion yuan in financing, and revitalizing 97.45 million yuan in receivables. It also standardized corporate governance by publishing a valuation enhancement plan, refining investment management, strengthening internal audit, and implementing a three-year action plan for safety production to achieve "zero accidents, zero casualties" - In the first half of the year, the company released approximately **2.334 billion yuan** in restricted funds, secured **1.891 billion yuan** in financing, and revitalized **97.45 million yuan** in receivables, effectively ensuring capital security[32](index=32&type=chunk) - The company strictly benchmarked against the China Securities Regulatory Commission's guidance on market value management, systematically compiling and releasing its **2025 valuation enhancement plan**[32](index=32&type=chunk) - Investment closed-loop management was improved by revising the "Investment Business Management Measures" and its implementation rules; internal audit control efficiency was strengthened, continuously enhancing compliance management levels[32](index=32&type=chunk) - The company thoroughly implemented the "Three-Year Action Plan for Fundamental Safety Production Improvement," achieving the safety management goal of "zero accidents, zero casualties" overall[32](index=32&type=chunk) [Outlook for the Second Half of the Year](index=8&type=section&id=%E4%B8%8B%E5%8D%8A%E5%B9%B4%E5%B7%A5%E4%BD%9C%E5%B1%95%E6%9C%9B) In the second half, the company will focus on accelerating sales, revitalizing resources, acquiring new projects, deepening cost reduction and control, and improving human efficiency management, while pursuing a dual-track approach to accelerate and leapfrog in both traditional and new business segments to achieve its "leap year" operational and development goals - The primary task for the second half of the year is to **accelerate destocking**, aiming to increase sales velocity and adjust marketing strategies promptly[33](index=33&type=chunk) - Accelerate resource revitalization to maintain a dynamic balance between capital and profit; expedite the acquisition of new projects to expand new profit growth points; deepen cost reduction and control to enhance operational efficiency; and deepen human efficiency management to activate internal motivation[33](index=33&type=chunk) - Adhere to a dual-track approach, accelerating efficiency in traditional segments and pursuing breakthroughs in new segments, to achieve the "leap year" operational and development goals[33](index=33&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=8&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 underpinned by a stable and clear strategic plan, sound and standardized corporate governance, a quality-first craftsmanship spirit, diversified and innovative financing capabilities, and a cohesive talent team, collectively supporting its sustained and steady development - The company has developed a clear, scientific, and comprehensive strategic plan, with feasible development strategies and implementation paths for business portfolio and regional layout[34](index=34&type=chunk) - The company strictly adheres to relevant laws and regulations, continuously improves its corporate governance mechanism, standardizes daily operations, prevents operational risks, and protects investor interests[35](index=35&type=chunk) - The company adheres to its strategic positioning as "cultural real estate leader, beautiful life operator," committed to creating "boutique residences," enhancing living experience, and delivering high-quality products and services[35](index=35&type=chunk) - Leveraging its stable operations and good credit, the company has established long-term cooperative relationships with financial institutions, gaining advantages in financing scale and interest rates, and actively pursuing direct financing in the capital market[35](index=35&type=chunk) - The company has established a human resource development and management system encompassing "selection, cultivation, utilization, and retention," building a professional talent team adapted to industry development[35](index=35&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=9&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) During the reporting period, the company's operating revenue increased by 20.69% year-on-year, but total profit and net profit significantly declined, primarily due to increased capitalized interest expenses, higher tax provisions, and inventory impairment. Net cash flow from operating activities grew substantially by 2224.93%. The asset-liability structure was optimized, and investment properties significantly increased. The company actively engaged in external equity investments and asset disposals, and detailed the financial status and performance changes of its major controlled and investee companies [(I) Main Business Analysis](index=9&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 20.69% year-on-year, mainly due to a higher average unit price of revenue-recognized projects. However, operating costs, selling expenses, administrative expenses, and financial expenses all increased, with financial expenses surging by 128.91% primarily due to higher capitalized interest expenses and reduced interest income. Net cash flow from operating activities significantly grew by 2224.93%, mainly due to reduced payments for land and construction Financial Statement Related Item Fluctuation Analysis (January-June 2025) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,461,094,423.99 | 2,039,175,480.69 | 20.69 | | Operating Cost | 2,029,488,048.69 | 1,850,556,605.26 | 9.67 | | Selling Expenses | 107,068,069.91 | 72,235,299.25 | 48.22 | | Administrative Expenses | 53,406,680.05 | 47,540,756.98 | 12.34 | | Financial Expenses | 192,310,192.35 | 84,011,456.91 | 128.91 | | Net Cash Flow from Operating Activities | 507,440,181.06 | 21,826,005.66 | 2,224.93 | | Net Cash Flow from Investing Activities | 19,822,246.40 | 183,320,154.24 | -89.19 | | Net Cash Flow from Financing Activities | -1,229,607,731.41 | 28,143,194.81 | -4,469.11 | - The change in operating revenue is mainly due to the increase in the average unit price of projects recognized for revenue in the current period compared to the prior year period[36](index=36&type=chunk) - The change in financial expenses is mainly due to the increase in expensed interest expenses and decrease in interest income in the current period compared to the prior year period[37](index=37&type=chunk) - The change in net cash flow from operating activities is mainly due to the decrease in land payments and construction payments in the current period compared to the prior year period[37](index=37&type=chunk) [(III) Analysis of Assets and Liabilities](index=10&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased. Accounts receivable and debt investments decreased, while investment properties significantly increased by 558.61% due to some apartment products being leased out. Short-term borrowings increased by 421.43 million yuan, and long-term deferred expenses and lease liabilities also rose significantly. The company had 4.216 billion yuan in restricted assets at period-end, mainly comprising monetary funds, inventories, fixed assets, and investment properties Asset and Liability Status Changes (Period-end) | Item Name | Current Period-end Amount (yuan) | Current Period-end % of Total Assets | Prior Year-end Amount (yuan) | Prior Year-end % of Total Assets | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 17,981,452.36 | 0.07 | 27,649,656.00 | 0.10 | -34.97 | Mainly due to collection of installment sales payments | | Debt Investments | 4,458,180.00 | 0.02 | 8,659,100.00 | 0.03 | -48.51 | Mainly due to recovery of trust guarantee funds in current period | | Investment Properties | 559,816,550.95 | 2.15 | 84,999,498.82 | 0.30 | 558.61 | Mainly due to some apartment products being leased out and reclassified as investment properties in current period | | Right-of-Use Assets | 2,774,322.22 | 0.01 | 2,042,444.48 | 0.01 | 35.83 | Mainly due to lease renewals in current period | | Long-term Deferred Expenses | 52,855,163.19 | 0.20 | 12,635,199.04 | 0.04 | 318.32 | Mainly due to increased renovation expenses for leased apartments in current period | | Short-term Borrowings | 421,427,280.26 | 1.62 | - | - | Not applicable | Mainly due to new 1-year trust borrowings in current period | | Lease Liabilities | 1,351,942.51 | 0.01 | 308,762.33 | 0.00 | 337.86 | Mainly due to lease renewals in current period | | Deferred Income | - | - | 4,400,000.00 | 0.02 | -100.00 | Mainly due to government subsidies for affordable rental housing offsetting asset costs | Period-end Major Restricted Assets | Item | Period-end Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 115,659,324.81 | Funds frozen due to litigation, guarantees, and bank-supervised account funds with withdrawal restrictions | | Inventories | 3,518,157,371.28 | Mortgage loans | | Fixed Assets | 21,903,882.62 | Mortgage loans | | Investment Properties | 559,816,550.95 | Mortgage loans | | **Total** | **4,215,537,129.66** | | [(IV) Analysis of Investment Status](index=11&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's new investment income from joint ventures and associates was -12.1465 million yuan. The company, through its subsidiaries, participated in several joint ventures for real estate development, operation, and consulting, and appointed a director to Xi'an Silk Road International Financial Innovation Center Co., Ltd., an associate, to participate in its operational decisions - New investment income from joint ventures and associates in the current period was **-12.1465 million yuan**[43](index=43&type=chunk) - The company, through its subsidiaries, participates in the operation and management of joint ventures such as Suzhou Lianxin Real Estate, Taicang Zhuorun Real Estate, and Zhenjiang Yangqi Real Estate[43](index=43&type=chunk) - Xi'an Silk Road International Financial Innovation Center Co., Ltd. is an associate of the company's subsidiary, and the company has appointed a director to it, having the right to participate in its operational and financial decisions[44](index=44&type=chunk) [(V) Significant Asset and Equity Disposals](index=12&type=section&id=%28%E4%BA%94%29%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) In April 2025, the company completed the disposal of two properties in Yadou International Garden, Xuhui District, Shanghai, generating a net disposal gain of 16.8356 million yuan - In April 2025, the company completed the disposal of two properties, Room 2303, Building 8 and Room 1802, Building 3, in Yadou International Garden, Xuhui District, Shanghai[46](index=46&type=chunk) - This disposal generated a net gain of **16.8356 million yuan**[46](index=46&type=chunk) [(VI) Analysis of Major Controlled and Investee Companies](index=12&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major controlled and investee companies cover real estate development, investment management, and hydropower generation. Several real estate subsidiaries experienced significant fluctuations in net profit during the reporting period, mainly due to differences in project delivery and revenue recognition, capitalization of borrowing interest, inventory impairment provisions, and increased selling expenses. The company also holds subsidiaries with less direct relevance to its core business, aiming for diversified layout and sustainable development Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit (Unit: Ten Thousand Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xi'an Tande Real Estate Development Co., Ltd. | Subsidiary | Real Estate | 30,000.00 | 768,244.10 | 107,615.95 | 73,243.93 | -4,964.31 | -3,671.01 | | Xi'an Tande Qujiang Real Estate Development Co., Ltd. | Subsidiary | Real Estate | 80,000.00 | 259,442.13 | 179,505.75 | 341.75 | 3,558.56 | 2,586.85 | | Suzhou Tande Real Estate Development Co., Ltd. | Subsidiary | Real Estate | 55,000.00 | 323,606.40 | 40,159.25 | 7.33 | -2,385.37 | -2,366.43 | | Shaanxi Dongfang Jiade Construction Development Co., Ltd. | Subsidiary | Real Estate | 50,000.00 | 244,195.41 | 67,291.74 | 1,113.33 | 2,058.56 | 1,576.22 | | Xianyang Tiantou Real Estate Development Co., Ltd. | Subsidiary | Real Estate | 10,000.00 | 101,305.64 | 61,887.84 | 37,682.25 | 11,023.71 | 8,250.75 | | Xi'an Yuehang Real Estate Co., Ltd. | Subsidiary | Real Estate | 500.00 | 151,605.88 | 83,273.16 | 6,532.85 | 8,346.32 | 6,237.07 | Subsidiaries with Over 30% Change in Net Profit Compared to Prior Year Period and Significant Impact on Consolidated Operating Performance (Unit: Ten Thousand Yuan) | Company Name | Net Profit | Prior Period Net Profit | Change Ratio (%) | Analysis of Change Reason | | :--- | :--- | :--- | :--- | :--- | | Xi'an Tande Real Estate Development Co., Ltd. | -3,671.01 | 731.00 | -602.19 | Mainly due to differences in project delivery and revenue recognition, capitalization of borrowing interest, etc. | | Xi'an Tande Qujiang Real Estate Development Co., Ltd. | 2,586.85 | 508.61 | 408.61 | Mainly due to differences in project delivery and revenue recognition, etc. | | Shaanxi Dongfang Jiade Construction Development Co., Ltd. | 1,576.22 | 730.31 | 115.83 | Mainly due to differences in project delivery and revenue recognition, etc. | | Xianyang Tiantou Real Estate Development Co., Ltd. | 8,250.75 | 112.50 | 7,234.00 | Mainly due to differences in project delivery and revenue recognition, etc. | | Xi'an Yuehang Real Estate Co., Ltd. | 6,237.07 | -77.74 | Not applicable | Mainly due to differences in project delivery and revenue recognition, etc. | | Guangzhou Tande Real Estate Co., Ltd. | -2,888.80 | -185.79 | Not applicable | Mainly due to differences in project delivery and revenue recognition, capitalization of borrowing interest, etc. | - The company holds a **51% equity stake** in Shaanxi Shenbao Hydropower Development Co., Ltd., primarily engaged in hydropower generation, and a **70% equity stake** in Xi'an Chuangdian Zhiku Business Consulting Management Co., Ltd., primarily engaged in media and newspaper businesses, aiming to promote the company's strategic implementation guided by national clean energy and cultural industry development policies[51](index=51&type=chunk) [V. Other Disclosure Matters](index=15&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) The company identified major risks including macroeconomic impacts, market risks, and financial risks. To address these, the company plans to strengthen research on macroeconomic and industry policies, prudently acquire land, accelerate product sales and destocking, innovate marketing strategies, broaden financing channels, and optimize financing structure to reduce capital costs - The company faces macroeconomic impacts, with insufficient domestic demand and numerous potential risks[53](index=53&type=chunk) - The real estate industry continues to undergo deep adjustments, market competition is intensifying, and market risks exist[53](index=53&type=chunk) - As a capital-intensive industry, real estate places higher demands on operational efficiency, capital liquidity, sales collection speed, and financing effectiveness, posing financial risks[53](index=53&type=chunk) - Countermeasures include strengthening research on macroeconomic and industry policies, prudently acquiring land, accelerating product sales and destocking, innovating marketing strategies, broadening financing channels, optimizing financing structure, and reducing capital costs[53](index=53&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=15&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 details changes in the company's directors, supervisors, and senior management, outlining the evolution of its governance structure and key personnel adjustments during the reporting period [I. Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, changes occurred in the company's Board Secretary Liu Yu, Supervisor Sun Jie, and CFO Yu Ling. Sun Jie resigned as supervisor and was appointed CFO, while Yuan Xuegong temporarily assumed the duties of Board Secretary. Subsequently, the company completed the re-election of the eleventh Board of Directors and Board of Supervisors, electing Zhao Ji as Chairman and appointing Wang Tao as President, along with new senior management, and abolished the Board of Supervisors, with its functions now exercised by the Board's Audit Committee Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Liu Yu | Board Secretary | Resignation | | Sun Jie | Supervisor | Resignation | | Sun Jie | Chief Financial Officer | Appointment | | Yu Ling | Chief Financial Officer | Resignation | - In July 2025, Sun Jie resigned from her position as employee supervisor due to work adjustments, and Yu Ling no longer served as Chief Financial Officer due to age; Sun Jie was appointed Chief Financial Officer, and Yuan Xuegong temporarily assumed the duties of Board Secretary[56](index=56&type=chunk) - On **August 26, 2025**, the company completed the re-election of the eleventh Board of Directors and Board of Supervisors, electing Zhao Ji as Chairman and appointing Wang Tao as President, along with new senior management[57](index=57&type=chunk) - The company abolished the Board of Supervisors, and its corresponding functions are now exercised by the company's Board Audit Committee[57](index=57&type=chunk) [Section V Significant Matters](index=17&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 covers major litigation and arbitration, significant related party transactions, and material contracts and their performance, providing insights into the company's legal, operational, and financial commitments [VII. Significant Litigation and Arbitration Matters](index=17&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) During the reporting period, the company was involved in several significant litigation and arbitration cases. The dispute over cooperation funds between Tianjin Tande and Tianjin Bintou is in enforcement, while the relocation compensation agreement dispute involving Tande Zhongfang Haojie and Shenzhen Tande has been settled, with all payments received. Additionally, Zhengzhou Tande Real Estate Co., Ltd. and Chongqing Tiantou Real Estate Development Co., Ltd., both subsidiaries, are involved in construction payment disputes, currently undergoing first-instance proceedings - Tianjin Tande sued Tianjin Bintou for the return of **45 million yuan** in cooperation funds; both parties have reached a settlement agreement, and Tianjin Tande is actively pursuing enforcement, having recovered **800,000 yuan**[60](index=60&type=chunk)[61](index=61&type=chunk) - Tande Zhongfang Haojie and Shenzhen Tande sued Haojie Plastic (Shenzhen) Co., Ltd. for **58.4974 million yuan** in breach of contract damages; a settlement has been reached, and as of April 18, 2025, Shenzhen Tande has received a total of **55.5439 million yuan** in payments from the defendant[61](index=61&type=chunk) - Zhengzhou Tande Real Estate Co., Ltd. is being sued for **77.8644 million yuan** in construction payments, with the case currently in first-instance proceedings[61](index=61&type=chunk) - Chongqing Tiantou Real Estate Development Co., Ltd. is being sued for **139.8889 million yuan** in construction payments and overdue interest, and has filed a counterclaim seeking **291.4276 million yuan** in total liquidated damages for project delays from Hongsheng Company, with both cases currently in first-instance proceedings[61](index=61&type=chunk) [X. Significant Related Party Transactions](index=19&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company's total ordinary related party transactions amounted to 32.8712 million yuan, remaining within the annual estimated total. These primarily involved purchasing property management, construction, material procurement, and surveying services from group affiliates, as well as selling advertising planning services. Some construction transactions, formed through public bidding, were exempt from related party transaction review and disclosure. Additionally, Zhenjiang Tande Real Estate Co., Ltd., a subsidiary, applied for a 150 million yuan entrusted loan from related party Xi'an Gaoxin Thermal Power Co., Ltd Ordinary Related Party Transactions (Unit: Yuan) | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount | Percentage of Similar Transactions (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xi'an Tande Property Services Management Co., Ltd. | Group Affiliate | Purchase of Goods, Acceptance of Services | Property Management | 11,871,410.71 | 60.86 | | Shaanxi Tande Tiantou Property Services Co., Ltd. | Group Affiliate | Purchase of Goods, Acceptance of Services | Property Management | 6,406,628.27 | 32.84 | | Xi'an Gaoxin Thermal Power Co., Ltd. | Group Affiliate | Purchase of Goods, Acceptance of Services | Engineering Construction | 11,699,714.91 | 3.85 | | Xi'an Tande Property Services Management Co., Ltd. | Group Affiliate | Sale of Goods, Provision of Services | Leasing | 626,628.35 | 6.80 | | Xi'an Gaoke Group Co., Ltd. | Group Affiliate | Sale of Goods, Provision of Services | Advertising Planning | 115,958.49 | 3.85 | | **Total** | | | | **32,871,160.86** | | - The company's actual total ordinary related party transactions in the first half of 2025 amounted to **32.8712 million yuan**, which did not exceed the annual estimated total of **120.901 million yuan**[64](index=64&type=chunk) - Engineering construction transactions between the company's subsidiaries and Gaoke Xinjian Company, Gaoxin Tianxiang Company, Gaoke Construction Company, and Lantian Muqiang Company were formed through public bidding by a third-party bidding agency, and are exempt from related party transaction review and disclosure according to the "Shanghai Stock Exchange Stock Listing Rules"[64](index=64&type=chunk) - Zhenjiang Tande Real Estate Co., Ltd., a subsidiary, applied for an entrusted loan from related party Xi'an Gaoxin Thermal Power Co., Ltd., with a loan balance of **150 million yuan** and an annual interest rate of **8.6%**[67](index=67&type=chunk) [XI. Significant Contracts and Their Performance](index=21&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) During the reporting period, the company and its subsidiaries provided external guarantees totaling 3,855.3217 million yuan, representing 140.13% of the company's net assets, with 3,729.3217 million yuan guaranteed for subsidiaries. New guarantees for subsidiaries amounted to 260 million yuan, within the annual estimated total. The portion of total guarantees exceeding 50% of net assets was 2,479.7466 million yuan, which overlapped with debt guarantees provided for entities with an asset-liability ratio exceeding 70% Company Guarantee Total (Unit: Ten Thousand Yuan) | Indicator | Amount | | :--- | :--- | | Total Guarantee Balance at Period-end (A) (excluding guarantees for subsidiaries) | 12,600.00 | | Total Guarantees for Subsidiaries Incurred During Reporting Period | 26,016.22 | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 372,932.17 | | **Total Guarantees (A+B)** | **385,532.17** | | Percentage of Total Guarantees to Company's Net Assets (%) | 140.13 | | Of which: Amount of Guarantees Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | - | | Amount of Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 346,023.10 | | Amount of Total Guarantees Exceeding 50% of Net Assets (E) | 247,974.66 | | Total of the Above Three Guarantee Amounts (C+D+E) | 593,997.76 | - The company's actual new guarantees in the first half of 2025 amounted to **260 million yuan**, of which new guarantees for subsidiaries were **260 million yuan**, not exceeding the annual estimated total of **15 billion yuan**[70](index=70&type=chunk) - The amount of total guarantees exceeding 50% of net assets (E) is **2,479.7466 million yuan**, which overlaps with the amount of debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding 70% (D)[70](index=70&type=chunk) [Section VI Share Changes and Shareholder Information](index=22&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 details the company's share capital changes and shareholder structure, including the total number of ordinary shareholders and the holdings of the top ten shareholders at the end of the reporting period [I. Share Capital Changes](index=22&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) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[72](index=72&type=chunk) [II. Shareholder Information](index=23&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 29,920 ordinary shareholders. Among the top ten shareholders, controlling shareholder Xi'an Gaoxin High-tech Industrial Development Zone Real Estate Development Co., Ltd. held 57.52% of shares, with half of these pledged. Other top ten shareholders were primarily natural persons or institutional investors with relatively small holdings - As of the end of the reporting period, the total number of ordinary shareholders was **29,920**[74](index=74&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period-end (shares) | Percentage (%) | Pledged, Marked, or Frozen Status (Share Status/Quantity) | | :--- | :--- | :--- | :--- | | Xi'an Gaoxin High-tech Industrial Development Zone Real Estate Development Co., Ltd. | 497,000,938 | 57.52 | Pledged/248,500,469 | | Zhou Shuang | 25,862,501 | 2.99 | Unknown/0 | | Zhou Yuguang | 13,866,476 | 1.60 | Unknown/0 | | Xinyu Jinjiu (Wuhu) Investment Center (Limited Partnership) | 13,305,300 | 1.54 | Unknown/0 | | Lin Shuyue | 6,688,400 | 0.77 | Unknown/0 | | Wang Dehua | 5,823,700 | 0.67 | Unknown/0 | | Wang Youli | 5,599,800 | 0.65 | Unknown/0 | | Industrial and Commercial Bank of China Co., Ltd. - Southern CSI All-Share Real Estate ETF | 5,502,312 | 0.64 | Unknown/0 | | Gu Yongliang | 4,015,371 | 0.46 | Unknown/0 | | Tang Jumei | 3,831,500 | 0.44 | Unknown/0 | - The controlling shareholder, Xi'an Gaoxin High-tech Industrial Development Zone Real Estate Development Co., Ltd., is the company's largest shareholder and has no associated relationship with the other nine shareholders[76](index=76&type=chunk) [Section VII Bond-Related Information](index=25&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 comprehensive details on the company's corporate bonds and non-financial enterprise debt financing instruments, including issuance, use of proceeds, and key financial indicators related to debt [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=25&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) During the reporting period, the company issued multiple tranches of corporate bonds and medium-term notes, totaling billions of yuan, primarily for repaying maturing debt. These bonds were guaranteed by Xi'an Gaoke Group Co., Ltd. or Shaanxi Credit Enhancement Investment Co., Ltd., with guarantee conditions and repayment plans executed normally. The company's consolidated interest-bearing debt balance was 12.563 billion yuan, a year-on-year decrease of 6.55%, with corporate credit bonds accounting for 46.27% [(I) Corporate Bonds (Including Enterprise Bonds)](index=25&type=section&id=%28%E4%B8%80%29%20%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) The company issued multiple tranches of corporate bonds, including "24 Tande 1", "25 Tande 1", "25 Tande 2", and "25 Tande 3", with coupon rates ranging from 2.9% to 7.5% and all with a 3-year term. These bonds were fully and unconditionally guaranteed by Xi'an Gaoke Group Co., Ltd. or Shaanxi Credit Enhancement Investment Co., Ltd. with joint and several liability, and the guarantee conditions and repayment plans were executed normally during the reporting period without change Corporate Bond Basic Information (Unit: Hundred Million Yuan) | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance | Interest Rate (%) | Guarantee Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tande Co., Ltd. 2022 Publicly Issued Corporate Bonds (Tranche 1) to Professional Investors | 22 Tande 1 | 185536 | March 14, 2022 | March 14, 2022 | March 14, 2025 | 0 | 7.5 | Xi'an Gaoke Group Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | | Tande Co., Ltd. 2022 Publicly Issued Corporate Bonds (Tranche 2) to Professional Investors | 22 Tande 2 | 137566 | August 18, 2022 | August 18, 2022 | August 18, 2025 | 0 | 7.5 | Xi'an Gaoke Group Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | | Tande Co., Ltd. 2024 Publicly Issued Corporate Bonds (Tranche 1) to Professional Investors | 24 Tande 1 | 242114 | December 10, 2024 | December 10, 2024 | December 10, 2027 | 9 | 4.93 | Xi'an Gaoke Group Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | | Tande Co., Ltd. 2025 Publicly Issued Corporate Bonds (Tranche 1) to Professional Investors | 25 Tande 1 | 242304 | January 17, 2025 | January 17, 2025 | January 17, 2028 | 5 | 4.93 | Xi'an Gaoke Group Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | | Tande Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 1) to Professional Investors | 25 Tande 2 | 259269 | July 10, 2025 | July 10, 2025 | July 10, 2028 | 4.13 | 2.9 | Shaanxi Credit Enhancement Investment Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | | Tande Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 2) to Professional Investors | 25 Tande 3 | 259414 | August 1, 2025 | August 1, 2025 | August 1, 2028 | 5 | 4.18 | Xi'an Gaoke Group Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | - The guarantee status, repayment plans, and other debt servicing measures for all corporate bonds were executed normally during the reporting period and remained unchanged[81](index=81&type=chunk)[82](index=82&type=chunk) [(II) Use of Corporate Bond Proceeds](index=27&type=section&id=%28%E4%BA%8C%29%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company's "25 Tande 1", "25 Tande 2", and "25 Tande 3" corporate bonds raised a total of 500 million yuan, 413 million yuan, and 500 million yuan respectively, all of which were fully utilized by the end of the reporting period or before the disclosure date, primarily for repaying maturing corporate bonds, with the use of proceeds consistent with the agreed purposes - "25 Tande 2" and "25 Tande 3" were both issued after June 30, 2025, and the proceeds were fully utilized by the disclosure date of the semi-annual report[83](index=83&type=chunk) Use of Proceeds (Unit: Hundred Million Yuan) | Bond Code | Bond Abbreviation | Total Proceeds Raised | Proceeds Balance at Period-end | Special Account Balance for Proceeds at Period-end | | :--- | :--- | :--- | :--- | :--- | | 242304 | 25 Tande 1 | 5 | 0 | 0 | | 259269 | 25 Tande 2 | 4.13 | 0 | 0 | | 259414 | 25 Tande 3 | 5 | 0 | 0 | Specific Use of Proceeds for Corporate Bond Repayment | Bond Code | Bond Abbreviation | Specific Use for Corporate Bond Repayment | | :--- | :--- | :--- | | 242304 | 25 Tande 1 | Repaid "22 Tande 1" corporate bonds matured on March 14, 2025 | | 259269 | 25 Tande 2 | Repaid "22 Tande 2" corporate bonds matured on August 18, 2025 | | 259414 | 25 Tande 3 | Repaid "22 Tande 2" corporate bonds matured on August 18, 2025 | - The actual use of proceeds is consistent with the agreed purposes, and the management of the special proceeds account is compliant, adhering to local government debt management regulations[88](index=88&type=chunk) [(IV) Significant Matters Related to Corporate Bonds During the Reporting Period](index=28&type=section&id=%28%E5%9B%9B%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) At the beginning and end of the reporting period, the company's consolidated non-operating receivables and intercompany borrowings balances were both 0 yuan. The consolidated interest-bearing debt balance was 12.563 billion yuan, a year-on-year decrease of 6.55%, with corporate credit bonds accounting for 46.27%, bank loans for 27.47%, and non-bank financial institution loans for 26.26% - At the beginning and end of the reporting period, the company's consolidated non-operating receivables and intercompany borrowings balances were both **0 yuan**[90](index=90&type=chunk) - At the beginning and end of the reporting period, the company's consolidated interest-bearing debt balances were **13.444 billion yuan** and **12.563 billion yuan**, respectively, representing a year-on-year change of **-6.55%** in interest-bearing debt balance during the reporting period[92](index=92&type=chunk) Company Consolidated Interest-Bearing Debt Structure (Period-end, Unit: Hundred Million Yuan) | Interest-Bearing Debt Category | Maturity: Within 1 Year (inclusive) | Maturity: Over 1 Year (exclusive) | Total Amount | Percentage of Total Interest-Bearing Debt (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Credit Bonds | 16.13 | 42.00 | 58.13 | 46.27 | | Bank Loans | 13.32 | 21.19 | 34.51 | 27.47 | | Non-Bank Financial Institution Loans | 23.52 | 9.47 | 32.99 | 26.26 | | **Total** | **52.97** | **72.66** | **125.63** | **—** | - At the end of the reporting period, among the company's consolidated outstanding corporate credit bonds, the balance of corporate bonds was **2.313 billion yuan**, enterprise bonds was **0 yuan**, and non-financial enterprise debt financing instruments was **3.5 billion yuan**[95](index=95&type=chunk) [(V) Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=30&type=section&id=%28%E4%BA%94%29%20%E9%93%B6%E8%A1%8C%E9%97%B4%E5%80%BA%E5%88%B8%E5%B8%82%E5%9C%BA%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) The company issued multiple tranches of medium-term notes in the interbank bond market, including "22 Tande MTN001", "22 Tande MTN002", "24 Tande MTN001", "24 Tande MTN002", "24 Tande MTN003", and "25 Tande MTN001", with coupon rates ranging from 2.99% to 7.5% and all with a 3-year term. These medium-term notes were guaranteed by Xi'an Gaoke Group Co., Ltd. or Xi'an Investment and Financing Guarantee Co., Ltd. with joint and several liability, and the guarantee conditions and repayment plans were executed normally during the reporting period without change Non-Financial Enterprise Debt Financing Instruments Basic Information (Unit: Hundred Million Yuan) | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance | Interest Rate (%) | Guarantee Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tande Co., Ltd. 2022 First Tranche Medium-Term Notes | 22 Tande MTN001 | 102281683 | August 2, 2022 | August 2, 2022 | August 2, 2025 | 0 | 7.5 | Xi'an Gaoke Group Co., Ltd. provides joint and several liability guarantee | | Tande Co., Ltd. 2022 Second Tranche Medium-Term Notes | 22 Tande MTN002 | 102282429 | November 1, 2022 | November 1, 2022 | November 1, 2025 | 0 | 7.5 | Xi'an Gaoke Group Co., Ltd. provides joint and several liability guarantee | | Tande Co., Ltd. 2024 First Tranche Medium-Term Notes | 24 Tande MTN001 | 102480502 | February 6, 2024 | February 7, 2024 | February 7, 2027 | 10 | 6 | Xi'an Gaoke Group Co., Ltd. provides joint and several liability guarantee | | Tande Co., Ltd. 2024 Second Tranche Medium-Term Notes | 24 Tande MTN002 | 102482814 | July 27, 2024 | July 1, 2024 | July 1, 2027 | 5 | 3.53 | Xi'an Gaoke Group Co., Ltd. provides joint and several liability guarantee | | Tande Co., Ltd. 2024 Third Tranche Medium-Term Notes | 24 Tande MTN003 | 102484724 | October 29, 2024 | October 31, 2024 | October 31, 2027 | 13 | 5 | Xi'an Gaoke Group Co., Ltd. provides joint and several liability guarantee | | Tande Co., Ltd. 2025 First Tranche Medium-Term Notes | 25 Tande MTN001 | 102583088 | July 24, 2025 | July 25, 2025 | July 25, 2028 | 5 | 2.99 | Xi'an Investment and Financing Guarantee Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | - The guarantee status, repayment plans, and other debt servicing measures for all non-financial enterprise debt financing instruments were executed normally during the reporting period and remained unchanged[100](index=100&type=chunk)[101](index=101&type=chunk) [(VII) Key Accounting Data and Financial Indicators](index=32&type=section&id=%28%E4%B8%83%29%20%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) At the end of the reporting period, the company's current ratio and quick ratio slightly increased, while the asset-liability ratio decreased by 1.02 percentage points to 85.81%. Net profit after deducting non-recurring gains and losses was negative, mainly due to increased capitalized interest expenses and inventory impairment. Interest coverage ratio and cash interest coverage ratio both significantly increased, primarily due to higher EBIT, overall reduced borrowing interest, and decreased cash payments for goods and services Key Accounting Data and Financial Indicators (Unit: Yuan) | Key Indicator | Current Period-end/Current Period (Jan-Jun) | Prior Year-end/Prior Year Period | Change from Prior Year-end/Prior Year Period (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 1.62 | 1.56 | 3.85 | | | Quick Ratio | 0.35 | 0.34 | 2.94 | | | Asset-Liability Ratio (%) | 85.81 | 86.69 | -1.02 | | | Net Profit After Deducting Non-Recurring Gains and Losses | -139,632,182.49 | -63,006,107.48 | Not applicable | Mainly due to increased expensed interest and inventory impairment provisions | | Interest Coverage Ratio | 0.34 | 0.16 | 112.50 | Mainly due to increased EBIT and overall reduced borrowing interest in current period | | Cash Interest Coverage Ratio | 2.75 | 1.41 | 95.04 | Mainly due to decreased cash payments for goods and services in current period compared to prior year period | | EBITDA Interest Coverage Ratio | 0.38 | 0.18 | 111.11 | Mainly due to increased EBIT and overall reduced borrowing interest in current period | | Loan Repayment Rate (%) | 100.00 | 100.00 | | | | Interest Payment Rate (%) | 100.00 | 100.00 | | | [Section VIII 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 comprehensive financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and significant financial statement items [II. 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 balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation [Consolidated Balance Sheet](index=33&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were 26.026 billion yuan, a decrease of 8.15% from the end of the previous year; total liabilities were 22.334 billion yuan, and total owners' equity was 3.692 billion yuan. Total current assets were 24.432 billion yuan, and total current liabilities were 15.059 billion yuan. Monetary funds, inventories, accounts payable, and non-current liabilities due within one year all decreased Consolidated Balance Sheet Key Data (Unit: Yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Monetary Funds | 3,070,345,978.77 | 3,766,058,041.00 | | Accounts Receivable | 17,981,452.36 | 27,649,656.00 | | Inventories | 18,478,888,233.61 | 20,695,094,959.11 | | Total Current Assets | 24,431,992,344.50 | 27,302,127,441.25 | | Investment Properties | 559,816,550.95 | 84,999,498.82 | | Total Assets | 26,026,127,610.19 | 28,335,517,502.42 | | Short-term Borrowings | 421,427,280.26 | - | | Accounts Payable | 3,391,639,112.58 | 4,224,079,652.90 | | Contract Liabilities | 3,707,610,349.81 | 4,187,002,697.44 | | Non-current Liabilities Due Within One Year | 5,103,839,078.35 | 6,547,852,516.00 | | Total Current Liabilities | 15,059,251,421.61 | 17,488,173,338.35 | | Long-term Borrowings | 3,064,958,139.94 | 3,361,953,634.91 | | Bonds Payable | 4,192,341,402.30 | 3,691,447,480.54 | | Total Liabilities | 22,333,861,893.64 | 24,563,689,305.18 | | Total Owners' Equity Attributable to Parent Company | 2,751,150,278.46 | 2,875,503,227.95 | | Minority Interests | 941,115,438.09 | 896,324,969.29 | | Total Owners' Equity | 3,692,265,716.55 | 3,771,828,197.24 | [Consolidated Income Statement](index=37&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For January-June 2025, the company's consolidated total operating revenue was 2.461 billion yuan, a year-on-year increase of 20.69%. However, total profit and net profit were both negative, with losses expanding year-on-year, primarily due to increased taxes and surcharges, selling expenses, administrative expenses, and financial expenses, as well as asset impairment losses and credit impairment losses. Net profit attributable to parent company shareholders was -124.34 million yuan Consolidated Income Statement Key Data (Unit: Yuan) | Item | 2025 Half-Year | 2024 Half-Year | | :--- | :--- | :--- | | Total Operating Revenue | 2,461,094,423.99 | 2,039,175,480.69 | | Total Operating Costs | 2,472,399,094.40 | 2,087,690,498.57 | | Taxes and Surcharges | 90,126,103.40 | 33,346,380.17 | | Selling Expenses | 107,068,069.91 | 72,235,299.25 | | Administrative Expenses | 53,406,680.05 | 47,540,756.98 | | Financial Expenses | 192,310,192.35 | 84,011,456.91 | | Investment Income (Losses indicated by "-") | -12,003,023.55 | 10,749,418.48 | | Credit Impairment Losses (Losses indicated by "-") | -6,413,471.24 | 5,928,706.18 | | Asset Impairment Losses (Losses indicated by "-") | -48,985,164.68 | - | | Total Profit (Total losses indicated by "-") | -57,626,457.09 | -30,844,427.86 | | Net Profit (Net losses indicated by "-") | -69,542,147.62 | -8,153,384.63 | | Net Profit Attributable to Parent Company Shareholders | -124,342,579.62 | -28,670,687.87 | | Basic Earnings Per Share (yuan/share) | -0.1439 | -0.0332 | [Consolidated Cash Flow Statement](index=40&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For January-June 2025, the company's net cash flow from operating activities was 507.44 million yuan, a significant year-on-year increase of 2224.93%. Net cash flow from investing activities was 20 million yuan, a year-on-year decrease of 89.19%. Net cash flow from financing activities was -1.230 billion yuan, a substantial year-on-year decrease, mainly due to reduced cash received from financing and increased cash paid for debt repayment. The period-end cash and cash equivalents balance was 2.955 billion yuan Consolidated Cash Flow Statement Key Data (Unit: Yuan) | Item | 2025 Half-Year | 20

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides crucial declarations regarding the report's authenticity, audit status, financial report responsibility, forward-looking statements, and significant risk factors [Statement on Report Authenticity](index=2&type=section&id=Statement%20on%20Report%20Authenticity) The Board of Directors, Supervisory Board, and all senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal liabilities - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[3](index=3&type=chunk) [Audit Status](index=2&type=section&id=Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Statement by Financial Report Responsible Persons](index=2&type=section&id=Statement%20by%20Financial%20Report%20Responsible%20Persons) The company's head, chief accountant, and head of accounting department declare the truthfulness, accuracy, and completeness of the financial report within the semi-annual report - Company head Shen Hua, chief accountant Zhang Zhe, and head of accounting department Cen Shu declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking descriptions regarding future plans and development strategies in this report do not constitute substantial commitments, urging investors to be aware of investment risks - Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute substantial commitments to investors, who are advised to be aware of investment risks[6](index=6&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) The company has detailed potential risk factors and countermeasures in the Board of Directors' report for investors' review - The company has detailed potential risk factors in this report; please refer to the section on risk factors and countermeasures in the Board of Directors' report concerning the company's future development discussion and analysis[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for common terms used throughout the report, ensuring clarity and accurate understanding for readers [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms, including company names, subsidiaries, investment institutions, government departments, and semiconductor industry specific terms like Fabless, IDM, IGBT, MOSFET, BJT, IPM, Tier1, FRD, GaN HEMT, and MCU, to ensure accurate understanding of the report content - The report defines several semiconductor industry terms, such as Fabless (fabless manufacturing), IDM (integrated device manufacturer), IGBT (insulated gate bipolar transistor), MOSFET (metal-oxide-semiconductor field-effect transistor), BJT (bipolar junction transistor), IPM (intelligent power module), Tier1 (direct supplier to vehicle manufacturers), FRD (fast recovery diode), GaN HEMT (gallium nitride high electron mobility transistor), and MCU (microcontroller unit)[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock summary, and key financial performance metrics for the reporting period [Company Information](index=5&type=section&id=Company%20Information) This section lists the company's basic information, including its Chinese name "斯达半导体股份有限公司", abbreviation "斯达半导", English name "StarPower Semiconductor Ltd.", abbreviation "StarPower", and legal representative "沈华" - The company's Chinese name is StarPower Semiconductor Co., Ltd., abbreviated as StarPower, with Shen Hua as the legal representative[15](index=15&type=chunk) [Contact Persons and Information](index=5&type=section&id=Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary Zhang Zhe and Securities Affairs Representative Li Junyue, including address, phone, fax, and email, for investor communication - The company's Board Secretary is Zhang Zhe, and the Securities Affairs Representative is Li Junyue, both located at No. 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province, with the email investor-relation@powersemi.com[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office address is No. 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province, postal code 314006, website www.powersemi.com, and email investor-relation@powersemi.com, with no changes during the reporting period - The company's registered and office address is No. 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province, with no changes during the reporting period[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily" for information disclosure, with the semi-annual report published on www.sse.com.cn and available at the Board Secretary's office, with no changes during the reporting period - The company's information disclosure newspapers include "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily", with reports published on www.sse.com.cn, and no changes during the reporting period[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=Brief%20Introduction%20to%20Company%20Shares) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "斯达半导" and stock code 603290 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation: StarPower, stock code: 603290[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **26.25%** to **CNY 1.936 billion**, net profit attributable to shareholders slightly increased by **0.26%** to **CNY 275 million**, but non-recurring net profit decreased by **2.72%**; net cash flow from operating activities decreased by **30.06%**, while total assets and net assets attributable to shareholders both grew Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,935,610,435.81 | 1,533,108,670.90 | 26.25 | | Total Profit | 311,057,346.57 | 318,007,799.47 | -2.19 | | Net Profit Attributable to Shareholders | 275,449,577.27 | 274,740,249.40 | 0.26 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 260,655,325.01 | 267,947,241.48 | -2.72 | | Net Cash Flow from Operating Activities | 364,353,112.55 | 520,962,279.20 | -30.06 | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders | 6,808,872,842.89 | 6,681,947,061.23 | 1.90 | | Total Assets | 10,391,162,878.80 | 9,645,676,460.22 | 7.73 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (CNY/share) | 1.15 | 1.15 | 0.00 | | Diluted EPS (CNY/share) | 1.15 | 1.15 | 0.00 | | Basic EPS (Excluding Non-Recurring Items) (CNY/share) | 1.09 | 1.12 | -2.68 | | Weighted Average ROE (%) | 4.05 | 4.24 | Decrease of 0.19 percentage points | | Weighted Average ROE (Excluding Non-Recurring Items) (%) | 3.84 | 4.13 | Decrease of 0.29 percentage points | - In the first half of 2025, the company's operating revenue was **CNY 1.936 billion**, a **26.25%** year-on-year increase; net profit attributable to shareholders was **CNY 275 million**, a **0.26%** year-on-year increase; net profit excluding non-recurring items was **CNY 261 million**, a **2.72%** year-on-year decrease[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In the first half of 2025, the company's total non-recurring gains and losses amounted to **CNY 14.7943 million**, primarily from government subsidies, fair value changes in financial assets, and other non-operating income and expenses, positively impacting net profit after tax and minority interests Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets | -102,681.22 | | Government subsidies recognized in current profit or loss | 12,016,458.19 | | Gains or losses from changes in fair value of financial assets and liabilities, and investment income from disposal of financial assets and liabilities (excluding effective hedging activities related to the company's normal business operations) | 4,537,441.21 | | Other non-operating income and expenses apart from the above | 59,001.10 | | Other profit and loss items that meet the definition of non-recurring gains and losses | 459,891.21 | | Less: Income tax impact | 1,909,301.32 | | Minority interest impact (after tax) | 266,556.91 | | Total | 14,794,252.26 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's industry, main business operations, financial performance, core competencies, and risk factors during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's main business involves the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC, serving high-growth sectors like new energy vehicles, industrial control, and AI servers, operating under a "Fabless+IDM dual-driven" hybrid model - The company's main business is the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC, operating in the semiconductor discrete device manufacturing industry[27](index=27&type=chunk) - The company's product portfolio covers power semiconductor devices such as IGBT, SiC MOSFET, GaN HEMT, and fast recovery diodes, as well as automotive and industrial grade MCUs and gate driver IC chips, widely applied in new energy, new energy vehicles, industrial control and power, white goods, AI server power supplies, data centers, robotics, and low/high-altitude aircraft[28](index=28&type=chunk) - The company's operating model consists of three stages: chip and module design, chip manufacturing (primarily outsourced, with self-built SiC and high-voltage power chip production lines completed), and module production, with sales primarily conducted through direct channels[30](index=30&type=chunk)[31](index=31&type=chunk) [Main Business and Industry](index=8&type=section&id=Main%20Business%20and%20Industry) The company specializes in the design, R&D, production, and sales of power semiconductor chips and modules, including IGBT and SiC, expanding into MCU and gate driver IC products to form a "brain-heart-nerve" collaborative architecture, serving high-growth sectors like new energy vehicles, industrial control, and AI servers - The company's main business is the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC[27](index=27&type=chunk) - The company's product portfolio covers IGBT, SiC MOSFET, GaN HEMT, fast recovery diodes, and other power semiconductor devices, as well as automotive and industrial grade MCUs and gate driver IC chips[28](index=28&type=chunk) - The synergy of MCU, power semiconductors, and gate driver ICs forms a crucial "brain-heart-nerve" collaborative architecture in intelligent systems, enhancing the company's ability to provide system-level solutions to customers[29](index=29&type=chunk) [Operating Model](index=8&type=section&id=Operating%20Model) The company's operating model encompasses chip and module design, chip manufacturing (primarily outsourced, with self-built SiC and high-voltage power chip production lines operational), and module production, utilizing a direct sales approach for rapid customer response, achieving an annual production capacity of **60,000 6-inch automotive-grade SiC MOSFET chips** and **300,000 6-inch 3300V+ high-voltage power chips** - The company's product manufacturing process is mainly divided into three stages: chip and module design, chip manufacturing, and module production[30](index=30&type=chunk) - The company's chip manufacturing primarily relies on third-party foundries, while its fundraising projects have been completed, forming a production capacity of **60,000 6-inch automotive-grade SiC MOSFET chips** and **300,000 6-inch 3300V+ high-voltage specialty power chips** annually[30](index=30&type=chunk) - The company's sales primarily adopt a direct sales approach, with sales liaison offices and subsidiaries in China and Europe responsible for international market operations[31](index=31&type=chunk) [Industry Status](index=8&type=section&id=Industry%20Status) The global power semiconductor market is projected to reach **$59.6 billion** by 2027, with China's market growing significantly faster than the global average; demand from new energy vehicles is driving rapid growth in IGBT and SiC wide-bandgap semiconductor devices, with the SiC power device market expected to exceed **$10 billion** by 2027, at a CAGR of nearly **40%** - Power semiconductors are core devices for electrical energy processing, widely used in new energy, new energy vehicles, industrial control, and other fields[33](index=33&type=chunk) Power Semiconductor Market Size Forecast | Indicator | 2023 | 2024 | 2026 | 2027 | | :--- | :--- | :--- | :--- | :--- | | Global Power Semiconductor Market Size | 50.3 billion USD | - | 59.6 billion USD (forecast) | 59.6 billion USD (forecast) | | China Power Semiconductor Market Size | - | 175.255 billion CNY (15.3% YoY growth) | - | - | | Global IGBT Market Size | 9 billion USD | - | 12.1 billion USD (forecast) | - | | China IGBT Market Size | 3.2 billion USD | - | 4.2 billion USD (forecast) | - | | SiC Power Device Market Size | - | - | - | Over 10 billion USD (forecast) | - The SiC power device market is driven by demand from industries such as new energy vehicles, with a projected CAGR of nearly **40%** from 2018-2027[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company achieved **CNY 1.936 billion** in operating revenue, a **26.25%** year-on-year increase, and **CNY 275 million** in net profit attributable to shareholders, a **0.26%** year-on-year increase, driven by strong growth in the new energy sector and strategic expansion into AI servers and robotics, despite a decline in industrial control - In the first half of 2025, the company achieved operating revenue of **CNY 1.936 billion**, a **26.25%** year-on-year increase; net profit attributable to shareholders was **CNY 275 million**, a **0.26%** year-on-year increase[35](index=35&type=chunk) Main Business Revenue by Segment for H1 2025 | Segment | Operating Revenue (CNY 10k) | YoY Change (%) | | :--- | :--- | :--- | | New Energy Sector | 121,322.75 | 52.82 | | Industrial Control and Power Sector | 50,616.26 | -16.52 | | Variable Frequency White Goods and Other Sectors | 21,500.74 | 63.31 | - The company's new energy vehicle sector continued rapid growth, with operating revenue increasing by **25.80%** year-on-year; the new energy power generation sector saw demand recovery, with operating revenue increasing by over **200%** year-on-year[36](index=36&type=chunk) - The company completed the equity transfer of Meiken Semiconductor, gaining control of **80%** of its shares, which will accelerate market expansion in variable frequency white goods[43](index=43&type=chunk) - The company achieved breakthrough progress in emerging sectors such as AI server power supplies, data centers, robotics, and low/high-altitude aircraft, with multiple projects secured and mass production commencing[44](index=44&type=chunk) [Overview of Operations](index=9&type=section&id=Overview%20of%20Operations) In the first half of 2025, the company achieved **CNY 1.936 billion** in operating revenue, a **26.25%** year-on-year increase, and **CNY 275 million** in net profit attributable to shareholders, a **0.26%** year-on-year increase, driven by strong demand in new energy vehicles and power generation, while consolidating technological advantages and expanding into home appliance and emerging industries - In the first half of 2025, the company's operating revenue was **CNY 1.9356104 billion**, a **26.25%** increase compared to the same period in 2024; net profit attributable to shareholders was **CNY 275.4496 million**, a **0.26%** increase compared to the previous year[35](index=35&type=chunk) - The company continued to consolidate its technological and brand advantages, steadily increasing market share in key industries such as new energy vehicles, new energy power generation (wind, solar, storage), and industrial control and power[34](index=34&type=chunk) - The company actively expanded into the home appliance industry, entering the IPM market for white goods, and continuously explored emerging industries such as AI server power supplies, data centers, robotics, and low/high-altitude aircraft[34](index=34&type=chunk) [Analysis of Operations by Segment](index=9&type=section&id=Analysis%20of%20Operations%20by%20Segment) The new energy sector's revenue grew by **52.82%**, with new energy vehicles up **25.80%** and new energy power generation over **200%**, driven by increased shipments of automotive-grade IGBT and SiC MOSFET modules and overseas market expansion; industrial control and power revenue declined by **16.52%** due to macroeconomic factors; variable frequency white goods and other sectors saw a **63.31%** increase, boosted by the acquisition of Meiken Semiconductor; breakthroughs were also made in emerging sectors like AI servers and robotics - Operating revenue from the new energy sector was **CNY 1.213 billion**, a **52.82%** year-on-year increase; specifically, the new energy vehicle sector grew by **25.80%**, and the new energy power generation sector grew by over **200%** year-on-year[35](index=35&type=chunk)[36](index=36&type=chunk) - The company's automotive-grade IGBT modules continued to increase in volume, with Plus version chips mass-installed in vehicles and continuous large-volume deliveries to European Tier1 brands, securing multiple new IGBT and SiC MOSFET main motor controller project platforms[37](index=37&type=chunk) - Operating revenue from the industrial control and power sector was **CNY 506.16 million**, a **16.52%** year-on-year decrease, primarily due to macroeconomic influences[35](index=35&type=chunk)[41](index=41&type=chunk) - Operating revenue from variable frequency white goods and other sectors was **CNY 215.01 million**, a **63.31%** year-on-year increase, as the company completed the equity transfer of Meiken Semiconductor, accelerating market expansion[35](index=35&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - The company's automotive-grade IGBT and SiC MOSFET modules secured multiple low-altitude aircraft projects and began mass installation, with SiC MOSFET modules entering the commercial aviation sector for the first time[44](index=44&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include strong technological advantages, rapid response to customized customer needs, leading position in niche markets, first-mover advantage, talent pool, a balanced "Fabless+IDM dual-driven" business model, and robust market development capabilities, collectively forming a competitive barrier in power semiconductors - The company possesses a high-caliber international R&D team, having achieved mass production of proprietary IGBT chips, fast recovery diode chips, SiC MOSFET chips, and large-scale production and sales of IGBT and SiC modules[45](index=45&type=chunk) - The company adopts a direct sales model, with design and application experts for IGBT, SiC MOSFET, and other chips and modules, enabling rapid and accurate understanding and conversion of customized customer needs into hundreds of personalized products[46](index=46&type=chunk) - The company holds significant competitive advantages in niche markets such as new energy vehicles, new energy power generation, and industrial control, serving as a major domestic supplier of automotive-grade IGBT/SiC modules and establishing strategic partnerships with leading enterprises[47](index=47&type=chunk)[48](index=48&type=chunk) - The company's chip production adopts a "Fabless+IDM dual-driven" hybrid business model, balancing rapid response and control over key processes through collaboration with leading foundries and self-built production lines[51](index=51&type=chunk) [Key Operating Performance During the Reporting Period](index=12&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's financial statement item changes, asset-liability status, investment activities, and the operating performance of major subsidiaries; operating revenue and costs significantly increased, as did management and R&D expenses; fixed assets surged due to construction in progress being capitalized, and goodwill increased from the acquisition of Meiken Semiconductor - Operating revenue increased by **26.25%** year-on-year, operating costs increased by **29.53%** year-on-year, management expenses and R&D expenses grew by **51.56%** and **51.89%** respectively, while financial expenses significantly decreased by **277.87%** due to increased exchange gains[54](index=54&type=chunk)[55](index=55&type=chunk) - Fixed assets at period-end increased by **59.82%** (an increase of **CNY 1.496 billion**) compared to the end of the previous year, primarily due to the capitalization of construction in progress; construction in progress decreased by **38.39%** (a decrease of **CNY 1.175 billion**) at period-end, mainly due to continuous capitalization[57](index=57&type=chunk)[58](index=58&type=chunk) - Goodwill at period-end increased by **100%** (an increase of **CNY 51.597 million**) primarily due to the company's acquisition of **80%** equity in Meiken Semiconductor Technology Co., Ltd. during the current period[58](index=58&type=chunk) - Shanghai Daozhi Technology Co., Ltd. reported operating revenue of **CNY 1.171 billion** and net profit of **CNY 246 million** during the reporting period; Jiaxing StarPower Microelectronics Co., Ltd. reported operating revenue of **CNY 214 million** and net loss of **CNY 67.4795 million**, being in the implementation phase of its fundraising projects[64](index=64&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk) [Analysis of Main Business](index=12&type=section&id=Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue increased by **26.25%**, and operating costs increased by **29.53%**; both management and R&D expenses surged by over **50%** due to business expansion, increased personnel, and continuous R&D investment; financial expenses significantly decreased due to higher exchange gains Analysis of Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,935,610,435.81 | 1,533,108,670.90 | 26.25 | | Operating Cost | 1,359,980,480.73 | 1,049,933,179.95 | 29.53 | | Selling Expenses | 15,580,507.84 | 13,308,485.43 | 17.07 | | Administrative Expenses | 62,492,060.32 | 41,231,300.51 | 51.56 | | Financial Expenses | -24,149,150.70 | -6,390,905.25 | -277.87 | | R&D Expenses | 229,679,094.42 | 151,210,038.94 | 51.89 | | Taxes and Surcharges | 10,860,669.65 | 6,297,394.65 | 72.46 | | Credit Impairment Losses | 195,032.02 | -565,416.67 | 134.49 | | Asset Impairment Losses | -5,079,146.67 | -444,149.00 | -1,043.57 | | Net Cash Flow from Operating Activities | 364,353,112.55 | 520,962,279.20 | -30.06 | | Net Cash Flow from Investing Activities | -473,620,861.35 | -1,396,236,672.49 | 66.08 | | Net Cash Flow from Financing Activities | 111,358,918.53 | 171,936,288.47 | -35.23 | - The change in administrative expenses was mainly due to company expansion, increased personnel, and higher administrative operating costs; the change in financial expenses was primarily due to increased exchange gains; the change in R&D expenses was mainly due to the company's continuous increase in R&D investment[55](index=55&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets reached **CNY 10.391 billion**, a **7.73%** year-on-year increase; fixed assets significantly grew by **59.82%** due to the capitalization of construction in progress, which consequently decreased by **38.39%**; goodwill increased by **CNY 51.597 million** due to the acquisition of Meiken Semiconductor; overseas assets accounted for **1.40%** of total assets; certain assets, including monetary funds and notes receivable, were restricted at period-end Changes in Assets and Liabilities | Item | Current Period-End (CNY) | Share of Total Assets at Period-End (%) | Prior Year-End (CNY) | Share of Total Assets at Prior Year-End (%) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Prepayments | 29,348,861.29 | 0.28 | 8,276,021.65 | 0.09 | 254.63 | | Other Current Assets | 82,655,338.19 | 0.80 | 32,250,954.65 | 0.33 | 156.29 | | Fixed Assets | 3,997,813,133.91 | 38.47 | 2,501,475,980.08 | 25.93 | 59.82 | | Construction in Progress | 1,884,940,837.75 | 18.14 | 3,059,489,709.76 | 31.72 | -38.39 | | Goodwill | 51,596,953.76 | 0.50 | - | 0.00 | 100.00 | | Other Non-Current Assets | 182,272,102.70 | 1.75 | 112,531,176.56 | 1.17 | 61.79 | | Payroll Payable | 38,557,521.50 | 0.37 | 57,119,313.96 | 0.59 | -32.50 | | Other Payables | 86,205,735.23 | 0.83 | 15,165,444.50 | 0.16 | 468.44 | | Deferred Income | 336,492,398.99 | 3.24 | 230,494,844.14 | 2.39 | 45.99 | - Fixed assets at period-end increased by **59.82%** (an absolute increase of **CNY 1.496 billion**) compared to the end of the previous year, primarily due to the capitalization of construction in progress during the current period; construction in progress at period-end decreased by **38.39%** (an absolute decrease of **CNY 1.175 billion**), mainly due to continuous capitalization of construction in progress during the current period[57](index=57&type=chunk)[58](index=58&type=chunk) - Goodwill at period-end increased by **100%** (an absolute increase of **CNY 51.597 million**) primarily due to the company's acquisition of **80%** equity in Meiken Semiconductor Technology Co., Ltd. during the current period[58](index=58&type=chunk) Major Restricted Assets at Period-End | Item | Book Value at Period-End (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 20,384,723.21 | Margin deposits, frozen funds | | Notes Receivable | 5,971,824.40 | Asset pledge | | Total | 26,356,547.61 | | [Analysis of Investment Status](index=14&type=section&id=Analysis%20of%20Investment%20Status) At period-end, the company held other equity instrument investments of **CNY 572,000**, notes receivable financing of **CNY 308 million**, and trading financial assets of **CNY 2.825 billion**; during the current period, both purchases and sales of trading financial assets amounted to **CNY 2.825 billion**, while notes receivable financing decreased by **CNY 99.8095 million** Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Purchases in Current Period (CNY) | Sales/Redemptions in Current Period (CNY) | Other Changes (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 571,988.55 | - | - | - | 571,988.55 | | Notes Receivable Financing | 408,027,953.03 | - | - | -99,809,513.34 | 308,218,439.69 | | Trading Financial Assets | - | 2,825,000,000.00 | 2,825,000,000.00 | - | - | | Total | 408,599,941.58 | 2,825,000,000.00 | 2,825,000,000.00 | -99,809,513.34 | 308,790,428.24 | [Analysis of Major Holding and Associate Companies](index=17&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) Shanghai Daozhi Technology Co., Ltd. is a significant profitable subsidiary with total assets of **CNY 1.937 billion** and net profit of **CNY 246 million**; Jiaxing StarPower Microelectronics Co., Ltd., with total assets of **CNY 5.041 billion** and a net loss of **CNY 67.4795 million**, is the implementing entity for fundraising projects; during the reporting period, the company acquired **80%** equity in Meiken Semiconductor Technology Co., Ltd. and established new subsidiaries, StarPower Semiconductor (Chongqing) Co., Ltd. and StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A Financial Data of Major Subsidiaries | Company Name | Company Type | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Daozhi Technology Co., Ltd. | Subsidiary | 210,300,000.00 | 1,936,655,549.70 | 1,622,214,465.28 | 1,171,253,758.08 | 245,864,186.01 | | Jiaxing StarPower Microelectronics Co., Ltd. | Subsidiary | 2,109,331,600.00 | 5,041,062,917.13 | 1,943,215,954.59 | 213,967,776.75 | -67,479,455.74 | - Jiaxing StarPower Microelectronics Co., Ltd is the implementing entity for the company's fundraising projects, "R&D and Industrialization of High-Voltage Specialty Power Chips" and "R&D and Industrialization of SiC Chips"[65](index=65&type=chunk) - During the reporting period, the company acquired **80%** equity in Meiken Semiconductor Technology Co., Ltd. through a non-common control business combination, and established new subsidiaries, StarPower Semiconductor (Chongqing) Co., Ltd. and StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A[67](index=67&type=chunk) [Other Disclosures](index=20&type=section&id=Other%20Disclosures) The company faces risks from macroeconomic fluctuations, new energy vehicle market volatility, and exchange rate changes; to address these, the company is implementing a "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, emphasizing core business, R&D investment, shareholder returns, investor communication, governance improvement, and ESG management for high-quality sustainable development - The company faces risks from macroeconomic fluctuations, new energy vehicle market volatility, and exchange rate fluctuations[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - The company continuously increased R&D investment, with R&D expenses of **CNY 230 million** in the first half of 2025, accounting for **11.87%** of sales revenue, and established three domestic and two overseas R&D centers[76](index=76&type=chunk) - The company highly values investor returns, with cumulative cash dividends of **CNY 670 million** over the past three years (2022-2024), representing **30%** of net profit attributable to parent company shareholders[77](index=77&type=chunk) - The company actively promotes ESG management, committed to sustainable development, and strengthens the fulfillment of responsibilities and risk prevention for controlling shareholders, actual controllers, directors, supervisors, and senior management[82](index=82&type=chunk)[83](index=83&type=chunk) [Potential Risks](index=20&type=section&id=Potential%20Risks) The company faces risks from macroeconomic fluctuations impacting downstream industries, potential slowdown in new energy vehicle market penetration, and adverse effects from foreign currency exchange rate fluctuations (Euro, Swiss Franc, US Dollar) on asset values and operating performance in overseas business - Macroeconomic fluctuations may negatively impact the overall profitability of the company's main application industries (new energy vehicles, new energy, industrial control and power, variable frequency white goods, etc.)[69](index=69&type=chunk) - The new energy vehicle market may face risks of slowing penetration, and factors such as changes in industrial policies, supply chain support, infrastructure construction, and customer acceptance may adversely affect the company's profitability[70](index=70&type=chunk) - The company's overseas procurement and sales are priced and settled in foreign currencies, and exchange rate fluctuations in the foreign exchange market may affect the value of the company's monetary funds and operating performance[71](index=71&type=chunk) ["Quality Improvement, Efficiency Enhancement, and Return Focus" Action Plan Progress](index=20&type=section&id=Progress%20of%20%22Quality%20Improvement%2C%20Efficiency%20Enhancement%2C%20and%20Return%20Focus%22%20Action%20Plan) The company actively implements its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan by focusing on its core power semiconductor business, continuously increasing R&D investment (R&D expenses accounted for **11.87%** of revenue in H1), prioritizing shareholder returns (cumulative cash dividends of **30%** of net profit over the past three years), enhancing investor communication, improving corporate governance, and promoting ESG management to achieve high-quality development - The company focuses on the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC, with products widely applied in new energy vehicles, new energy, industrial control and power, and other fields[73](index=73&type=chunk) - In the first half of 2025, the company's R&D expenses amounted to **CNY 230 million**, accounting for **11.87%** of sales revenue, continuously launching market-demanded products and solutions through sustained R&D investment[76](index=76&type=chunk) - Over the past three years (2022-2024), the company's cumulative cash dividends distributed to shareholders amounted to **CNY 670 million**, representing **30%** of the net profit attributable to listed company shareholders from 2022-2024[77](index=77&type=chunk) - The company actively fulfills its social responsibilities, establishing a complete ESG management system, and strengthening the performance of duties and risk prevention for controlling shareholders, actual controllers, directors, supervisors, and senior management[82](index=82&type=chunk)[83](index=83&type=chunk) [Section IV Corporate Governance, Environment and Society](index=23&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, and the status and impact of equity incentive plans and employee stock ownership plans [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period - During the reporting period, there were no changes in the company's directors, supervisors, and senior management, indicated as "not applicable"[85](index=85&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=23&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "No", meaning no profit distribution or capital reserve conversion will occur for this reporting period - The proposed semi-annual profit distribution plan and capital reserve conversion plan are "No", with zero bonus shares, dividends, or conversion shares per share[85](index=85&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The third exercise period of the company's 2021 stock option incentive plan saw **100,570 shares** exercised and registered by March 31, 2025, representing **30.05%** of the exercisable total; on April 25, 2025, the Board of Directors resolved to cancel the remaining **234,086** unexercised stock options - The third exercise period of the company's 2021 stock option incentive plan was from April 23, 2024, to April 22, 2025; as of March 31, 2025, a cumulative total of **100,570 shares** were exercised and registered, accounting for **30.05%** of the total exercisable stock options[86](index=86&type=chunk) - The company held a Board of Directors meeting on April 25, 2025, and approved the cancellation of **234,086** unexercised stock options from the third exercise period that had expired[86](index=86&type=chunk) [Section V Significant Matters](index=25&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, absence of non-operating fund occupation by controlling shareholders, lack of irregular guarantees, and information on significant contracts, particularly guarantees for subsidiaries [Fulfillment of Commitments](index=25&type=section&id=Fulfillment%20of%20Commitments) The company's actual controllers, Shen Hua and Hu Wei, and shareholders Dai Zhizhan and Tang Yi, strictly fulfilled their IPO share lock-up commitments, including transferring no more than **25%** of their total shares annually during their tenure and not transferring shares within six months after resignation, with no violations reported - The company's actual controllers, Shen Hua and Hu Wei, committed that after the lock-up period expires, they would not transfer more than **25%** of the total shares directly or indirectly held by them annually during their tenure, and would not transfer shares within six months after resignation, which they have strictly fulfilled[90](index=90&type=chunk) - Shareholders Dai Zhizhan and Tang Yi also made similar share lock-up commitments, including that the reduction price would not be lower than the issue price within two years after the lock-up period expires, and that they would not transfer more than **25%** of their shares annually during their tenure, which they have strictly fulfilled[90](index=90&type=chunk)[91](index=91&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=26&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the company[92](index=92&type=chunk) [Irregular Guarantees](index=26&type=section&id=Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[92](index=92&type=chunk) [Significant Litigation and Arbitration Matters](index=27&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) There were no significant litigation or arbitration matters for the company during this reporting period - There were no significant litigation or arbitration matters for the company during this reporting period[93](index=93&type=chunk) [Significant Contracts and Their Fulfillment](index=28&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company primarily involved guarantees for its subsidiaries; as of the end of the reporting period, the total guarantee balance for subsidiaries was **CNY 2.27 billion**, accounting for **33%** of the company's net assets Company's Guarantees for Subsidiaries | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries During Reporting Period | 231,354,176.71 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 2,270,000,000.00 | | Total Guarantee Amount (A+B) | 2,270,000,000.00 | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | 33 | [Section VI Share Changes and Shareholder Information](index=31&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital due to equity incentive plan exercises and provides an overview of shareholder structure, including the total number of shareholders and the top ten shareholders [Changes in Share Capital](index=31&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, the company's share capital increased by **4,452 shares** due to the exercise of the 2021 stock option incentive plan, raising the total share capital from **239,469,014 shares** to **239,473,466 shares**, all of which are unrestricted tradable shares Table of Share Changes | | Quantity Before Change (shares) | Increase/Decrease in Current Change (subtotal) (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 0 | | II. Unrestricted Tradable Shares | 239,469,014.00 | 4,452.00 | 239,473,466.00 | | III. Total Shares | 239,469,014.00 | 4,452.00 | 239,473,466.00 | - From January 1, 2025, to June 30, 2025, the company's 2021 stock option incentive plan saw a cumulative exercise of **4,452 options**, resulting in an actual increase of **4,452** RMB A-shares[102](index=102&type=chunk) [Shareholder Information](index=32&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **53,935** common shareholders; among the top ten shareholders, StarPower Holdings (Hong Kong) Co., Ltd. held **41.66%**, Zhejiang Xingdeli Textile Co., Ltd. held **12.32%**, and Jiaxing Furide Investment Partnership (Limited Partnership) held **3.12%**; all top ten shareholders held unrestricted tradable shares - As of the end of the reporting period, the total number of common shareholders was **53,935** households[103](index=103&type=chunk) Top Ten Shareholders' Holdings at Period-End | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | StarPower Holdings (Hong Kong) Co., Ltd. | 99,773,520 | 41.66 | Overseas Legal Person | | Zhejiang Xingdeli Textile Co., Ltd. | 29,493,471 | 12.32 | Domestic Non-State-Owned Legal Person | | Jiaxing Furide Investment Partnership (Limited Partnership) | 7,481,230 | 3.12 | Domestic Non-State-Owned Legal Person | | Hong Kong Securities Clearing Company Limited | 4,279,448 | 1.79 | Other | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 1,814,940 | 0.76 | Domestic Non-State-Owned Legal Person | | SDIC Chuanghe Investment Management Co., Ltd. - Advanced Manufacturing Industry Investment Fund Phase II (Limited Partnership) | 1,272,726 | 0.53 | Domestic Non-State-Owned Legal Person | | Guotai Junan Securities Co., Ltd. - Guolian An CSI All-Index Semiconductor Products and Equipment ETF | 1,271,070 | 0.53 | Domestic Non-State-Owned Legal Person | | Li Xiaochun | 915,216 | 0.38 | Domestic Natural Person | | Fujian Tianbao Mining Investment Group Co., Ltd. | 899,900 | 0.38 | Domestic Non-State-Owned Legal Person | | Dai Zhizhan | 807,986 | 0.34 | Overseas Natural Person | [Information on Directors, Supervisors, and Senior Management](index=33&type=section&id=Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the shareholdings of the company's Deputy General Managers Dai Zhizhan and Tang Yi remained unchanged, at **807,986 shares** and **496,500 shares** respectively Changes in Shareholdings of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Dai Zhizhan | Deputy General Manager | 807,986 | 807,986 | 0 | / | | Tang Yi | Deputy General Manager | 496,500 | 496,500 | 0 | / | [Section VII Bond-Related Information](index=35&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of company bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [Company Bonds and Non-Financial Enterprise Debt Financing Instruments](index=35&type=section&id=Company%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no information regarding company bonds (including corporate bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no information regarding company bonds (including corporate bonds) or non-financial enterprise debt financing instruments[111](index=111&type=chunk) [Convertible Corporate Bonds](index=35&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[111](index=111&type=chunk) [Section VIII Financial Report](index=36&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and specific financial items [Audit Report](index=36&type=section&id=Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[113](index=113&type=chunk) [Financial Statements](index=36&type=section&id=Financial%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 as of June 30, 2025; the consolidated statements show total assets of **CNY 10.391 billion**, net assets attributable to parent company shareholders of **CNY 6.809 billion**; operating revenue of **CNY 1.936 billion** and net profit attributable to parent company shareholders of **CNY 275 million** for the first half; and net cash flow from operating activities of **CNY 364 million** Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 10,391,162,878.80 | 9,645,676,460.22 | | Total Liabilities | 3,491,684,040.86 | 2,901,998,166.17 | | Total Owners' Equity Attributable to Parent Company | 6,808,872,842.89 | 6,681,947,061.23 | | Minority Interests | 90,605,995.05 | 61,731,232.82 | | Total Owners' Equity | 6,899,478,837.94 | 6,743,678,294.05 | Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,935,610,435.81 | 1,533,108,670.90 | | Total Operating Costs | 1,654,443,662.26 | 1,255,589,494.23 | | Total Profit | 311,057,346.57 | 318,007,799.47 | | Net Profit | 279,110,671.29 | 278,957,271.85 | | Net Profit Attributable to Parent Company Shareholders | 275,449,577.27 | 274,740,249.40 | | Minority Interest Income/Loss | 3,661,094.02 | 4,217,022.45 | | Total Comprehensive Income | 283,915,887.66 | 277,012,928.97 | | Basic EPS (CNY/share) | 1.15 | 1.15 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 364,353,112.55 | 520,962,279.20 | | Net Cash Flow from Investing Activities | -473,620,861.35 | -1,396,236,672.49 | | Net Cash Flow from Financing Activities | 111,358,918.53 | 171,936,288.47 | | Net Increase in Cash and Cash Equivalents | 23,009,686.37 | -706,513,061.87 | [Company's Basic Information](index=57&type=section&id=Company%27s%20Basic%20Information) StarPower Semiconductor Co., Ltd., formerly Jiaxing StarPower Semiconductor Co., Ltd., was listed on the Shanghai Stock Exchange in February 2020; as of June 30, 2025, its registered capital was **CNY 239,473,466.00**, primarily engaged in semiconductor discrete device manufacturing and sales, with StarPower Holdings (Hong Kong) Co., Ltd. as its parent company and Shen Hua and Hu Wei as actual controllers - StarPower Semiconductor Co., Ltd. was listed on the Shanghai Stock Exchange in February 2020[145](index=145&type=chunk) - As of June 30, 2025, the company's total issued share capital was **239,473,466.00 shares**, with a registered capital of **CNY 239,473,466.00**[147](index=147&type=chunk) - The company's main business includes semiconductor discrete device manufacturing, sales, integrated circuit chip design and services, with StarPower Holdings (Hong Kong) Co., Ltd. as its parent company and Shen Hua and Hu Wei as the actual controllers[147](index=147&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with management assessing that the company can continue as a going concern for 12 months from the end of the reporting period, in compliance with enterprise accounting standards - The company's financial statements are prepared on a going concern basis[148](index=148&type=chunk) - The company's management assesses that the company can continue as a going concern for 12 months from the end of the reporting period[149](index=149&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions and translation, financial instruments, notes receivable, accounts receivable, notes receivable financing, other receivables, inventories, contract assets, non-current assets held for sale or disposal groups, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred tax assets/liabilities, and leases - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[151](index=151&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with an operating cycle of 12 months, and the functional currency is RMB[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - The company's financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[164](index=164&type=chunk)[166](index=166&type=chunk) - The company recognizes revenue when performance obligations in a contract are satisfied, i.e., when the customer obtains control of the related goods or services, primarily from the sale of IGBT modules[219](index=219&type=chunk)[222](index=222&type=chunk) [Taxation](index=77&type=section&id=Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax; the company and several subsidiaries enjoy a **15%** corporate income tax rate as high-tech enterprises, with some also benefiting from small and micro-enterprise income tax concessions (**20%** rate) and VAT input tax deduction policies Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 6%, 9%, 10%, 13%, 7.7%, 19% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 8%, 8.5%, 15%, 16.5%, 17%, 20%, 24%, 25% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | StarPower Semiconductor Co., Ltd. | 15% | | Shanghai Daozhi Technology Co., Ltd. | 15% | | StarPower Europe AG | 8%, 8.5%, 15% | | Jiaxing StarPower Electronics Technology Co., Ltd. | 20% | | Zhejiang Gulan Electronics Technology Co., Ltd. | 15% | | Jiaxing StarPower Microelectronics Co., Ltd. | 15% | | Jiaxing StarPower Integrated Circuit Co., Ltd. | 25% | | Chongqing Anda Semiconductor Co., Ltd. | 25% | | StarPower Semiconductor (Shanghai) Co., Ltd. | 25% | | StarPower Semiconductor (Hong Kong) Co., Ltd. | 16.5% | | Meiken Semiconductor Technology Co., Ltd. | 15% | | StarPower Semiconductor (Chongqing) Co., Ltd. | 25% | | StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A | 17% | | StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A | 24% | - The company and several subsidiaries (e.g., Shanghai Daozhi, Zhejiang Gulan, Jiaxing StarPower Microelectronics, Meiken Semiconductor) enjoy a preferential corporate income tax rate of **15%** as high-tech enterprises[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[242](index=242&type=chunk) - The company and Jiaxing StarPower Microelectronics Co., Ltd. benefit from a preferential policy allowing R&D expenses for integrated circuit enterprises to be additionally deducted at **120%** (if no intangible assets are formed) or **220%** (if intangible assets are formed)[238](index=238&type=chunk)[241](index=241&type=chunk) [Notes to Consolidated Financial Statement Items](index=79&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, owners' equity, income, costs, and expenses; period-end monetary funds were **CNY 1.189 billion**, accounts receivable **CNY 926 million**, and inventories **CNY 1.574 billion**; fixed assets totaled **CNY 3.998 billion**, and construction in progress **CNY 1.885 billion**; short-term borrowings were **CNY 11.15 million**, and long-term borrowings **CNY 1.838 billion**; operating revenue was **CNY 1.936 billion**, operating costs **CNY 1.360 billion**; R&D expenses were **CNY 230 million**, and financial expenses were negative **CNY 24.1492 million**; total non-recurring gains and losses amounted to **CNY 14.7943 million** Period-End Balances of Major Asset Items | Item | Period-End Balance (CNY) | | :--- | :--- | | Monetary Funds | 1,189,453,072.75 | | Accounts Receivable | 926,253,707.44 | | Notes Receivable Financing | 308,218,439.69 | | Inventories | 1,574,232,978.75 | | Fixed Assets | 3,997,813,133.91 | | Construction in Progress | 1,884,940,837.75 | | Goodwill | 51,596,953.76 | Period-End Balances of Major Liability Items | Item | Period-End Balance (CNY) | | :--- | :--- | | Short-Term Borrowings | 11,151,672.47 | | Accounts Payable | 1,017,874,262.44 | | Contract Liabilities | 43,757,452.95 | | Payroll Payable | 38,557,521.50 | | Taxes Payable | 31,651,408.14 | | Other Payables | 86,205,735.23 | | Long-Term Borrowings | 1,838,048,253.91 | | Provisions | 11,203,600.00 | | Deferred Income | 336,492,398.99 | Current Period Amounts of Major Profit/Loss and Expense Items | Item | Current Period Amount (CNY) | | :--- | :--- | | Operating Revenue | 1,935,610,435.81 | | Operating Cost | 1,359,980,480.73 | | Selling Expenses | 15,580,507.84 | | Administrative Expenses | 62,492,060.32 | | R&D Expenses | 229,679,094.42 | | Financial Expenses | -24,149,150.70 | | Other Income | 32,784,844.33 | | Investment Income | 2,033,523.46 | | Credit Impairment Losses | 195,032.02 | | Asset Impairment Losses | -5,079,146.67 | | Total Profit | 311,057,346.57 | | Income Tax Expense | 31,946,675.28 | | Net Profit | 279,110,671.29 | | Total Non-Recurring Gains and Losses | 14,794,252.26 | [R&D Expenses](index=136&type=section&id=R%26D%20Expenses) In the first half of 2025, the company's total R&D expenditure was **CNY 230 million**, all expensed; the main components included employee compensation, material consumption, depreciation and amortization, and other expenses, with employee compensation and material consumption being the largest portions R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 95,600,392.40 | 50,619,027.43 | | Material Consumption | 85,503,996.01 | 69,184,763.08 | | Depreciation and Amortization | 26,543,631.25 | 16,391,789.24 | | Other Expenses | 22,031,074.76 | 15,014,459.19 | | Total | 229,679,094.42 | 151,210,038.94 | | Of which: Expensed R&D Expenditure | 229,679,094.42 | 151,210,038.94 | | Capitalized R&D Expenditure | - | - | [Changes in Consolidation Scope](index=137&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company acquired **80%** equity in Meiken Semiconductor Technology Co., Ltd. for a cash consideration of **CNY 162.4 million** through a non-common control business combination, resulting in goodwill of **CNY 51.597 million**; additionally, the company established new subsidiaries: StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A, StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A, and StarPower Semiconductor (Chongqing) Co., Ltd., further expanding its consolidation scope - On January 15, 2025, the company acquired **80%** equity in Meiken Semiconductor Technology Co., Ltd. for **CNY 162.4 million** in cash, gaining control and forming goodwill of **CNY 51.597 million**[392](index=392&type=chunk)[393](index=393&type=chunk) - Meiken Semiconductor Technology Co., Ltd. generated revenue of **CNY 68.3934 million** and net profit of **CNY 3.4925 million** from the acquisition date to period-end[392](index=392&type=chunk) - The company established StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A in January 2025, StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A in February, and StarPower Semiconductor (Chongqing) Co., Ltd. in June, all with **100%** shareholding[397](index=397&type=chunk) [Interests in Other Entities](index=141&type=section&id=Interests%20in%20Other%20Entities) The company holds interests in multiple wholly-owned and controlled subsidiaries operating in manufacturing, wholesale, trade R&D, and investment holding across Jiaxing, Shanghai, Switzerland, Chongqing, Hong Kong, Singapore, and Malaysia; Shanghai Daozhi Technology Co., Ltd. is a significant non-wholly-owned subsidiary with a **0.50%** minority interest, contributing **CNY 1.2293 million** to minority shareholders' profit for the current period Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | :--- | | Jiaxing StarPower Electronics Technology Co., Ltd. | Zhejiang Jiaxing | 10,000,000.00 CNY | Wholesale | 100.00 | | Zhejiang Gulan Electronics Technology Co., Ltd. | Zhejiang Haining | 12,500,000.00 CNY | Manufacturing | 100.00 | | Shanghai Daozhi Technology Co., Ltd. | Shanghai | 210,300,000.00 CNY | Manufacturing | 99.50 | | StarPower Europe AG | Switzerland | 600,000.00 CHF | Trade R&D | 70.00 | | Jiaxing StarPower Microelectronics Co., Ltd. | Zhejiang Jiaxing | 2,109,331,600.00 CNY | Manufacturing | 100.00 | | Jiaxing StarPower Integrated Circuit Co., Ltd. | Zhejiang Jiaxing | 50,000,000.00 CNY | Manufacturing | 100.00 | | Chongqing Anda Semiconductor Co., Ltd. | Chongqing | 150,000,000.00 CNY | Manufacturing | 70.00 | | StarPower Semiconductor (Shanghai) Co., Ltd. | Shanghai | 50,000,000.00 CNY | Wholesale | 100.00 | | StarPower Semiconductor (Hong Kong) Co., Ltd. | Hong Kong | 100,000.00 USD | Trade R&D and Investment Holding | 100.00 | | StarPower Semiconductor (Chongqing) Co., Ltd. | Chongqing | 50,000,000.00 CNY | Manufacturing | 100.00 | | Meiken Semiconductor Technology Co., Ltd. | Chongqing | 200,000,000.00 CNY | Manufacturing | 80.00 | | StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A | Singapore | 3,000.00 SGD | Trade R&D and Investment Holding | 100.00 (Indirect) | | StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A | Malaysia | 2,500,000.00 MYR | Manufacturing | 100.00 (Indirect) | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Profit/Loss Attributable to Minority Shareholders in Current Period (CNY) | Minority Interests Balance at Period-End (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Daozhi Technology Co., Ltd. | 0.50% | 1,229,320.93 | 8,111,098.34 | [Government Grants](index=144&type=section&id=Government%20Grants) At the end of the reporting period, the balance of government grants in deferred income was **CNY 336 million**, with **CNY 118 million** in new grants received and **CNY 11.6076 million** transferred to other income during the current period; total government grants recognized in current profit or loss amounted to **CNY 53.6802 million**, comprising **CNY 11.6076 million** related to assets and **CNY 42.0726 million** related to income Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (CNY) | New Grants Received in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Ending Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 230,494,844.14 | 117,605,110.00 | 11,607,555.15 | 336,492,398.99 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-Related | 11,607,555.15 | 7,972,914.32 | | Income-Related | 42,072,646.47 | 27,012,326.66 | | Total | 53,680,201.62 | 34,985,240.98 | [Fair Value Disclosures](index=147&type=section&id=Fair%20Value%20Disclosures) The company's total assets measured at fair value on a recurring basis amounted to **CNY 309 million**, primarily comprising other equity instrument investments of **CNY 572,000** and notes receivable financing of **CNY 308 million**, both measured using Level 3 fair value; other equity instrument investments are valued using the discounted future cash flow method, while notes receivable financing's fair value is similar to its book value due to its short maturity Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 571,988.55 | 571,988.55 | | Notes Receivable

苏美达股份有限公司 2025 年半年度报告 苏美达股份有限公司2025 年半年度报告 苏美达股份有限公司2025 年半年度报告 公司代码：600710 公司简称：苏美达 苏美达股份有限公司 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、 公司负责人杨永清、主管会计工作负责人张信及会计机构负责人（会计主管人员）张信声 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，敬请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提 ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisors, and senior management guarantee report accuracy and completeness, with financial reports declared true and accurate; no semi-annual cash dividends or share conversions are planned - Company's board, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4](index=4&type=chunk) - Company head Chen Shigang, chief accountant Li Andong, and head of accounting department Zhao Peng declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - Company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's nine main chapters, covering key disclosures from company profile to financial data - The report contains nine main chapters, from important notices to other submitted data, comprehensively covering company operations and financial status[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and company entities, including the company, its shareholders, subsidiaries, and industry technical terms, for clear understanding - Company/This Company/SED refers to Shenzhen SED Industry Co., Ltd[11](index=11&type=chunk) - CEC/Group Company refers to China Electronics Corporation[11](index=11&type=chunk) - IaaS refers to Infrastructure-as-a-Service, providing IT infrastructure as a service over the network, billed based on actual resource usage[11](index=11&type=chunk)[12](index=12&type=chunk) - AI refers to Artificial Intelligence, a new technical science researching and developing theories, methods, technologies, and application systems to simulate, extend, and expand human intelligence[12](index=12&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=Company%20Profile) The company, Shenzhen SED Industry Co., Ltd. (SED A, 000032), is listed on the Shenzhen Stock Exchange Basic Company Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | SED A | | Stock Code | 000032 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 深圳市桑达实业股份有限公司 | | Foreign Name | SHENZHEN SED INDUSTRY CO., LTD. | [Contact Persons and Information](index=7&type=section&id=Contact%20Persons%20and%20Information) The company's Board Secretary is Li Andong, and Securities Affairs Representative is Zhu Chenxing, both located at 15-17F, SED Technology Building, No. 1 Keji Road, Nanshan District, Shenzhen, with shared phone, fax, and email Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Li Andong | 15-17F, SED Technology Building, No. 1 Keji Road, Nanshan District, Shenzhen | 0755-86316073 | 0755-86316006 | sed@sedind.com | | Securities Affairs Representative | Zhu Chenxing | 15-17F, SED Technology Building, No. 1 Keji Road, Nanshan District, Shenzhen | 0755-86316073 | 0755-86316006 | sed@sedind.com | [Other Information](index=7&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, postal code, website, email, or information disclosure and placement locations, with details available in the 2024 annual report - Company contact information unchanged during the reporting period, refer to 2024 annual report[16](index=16&type=chunk) - Information disclosure and placement locations unchanged during the reporting period, refer to 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by **29.52%**, net profit attributable to shareholders by **157.29%**, and cash outflow increased, primarily due to accounting policy changes Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year Adjusted (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 23,434,208,172.61 | 33,250,166,315.01 | -29.52% | | Net Profit Attributable to Listed Company Shareholders | -97,489,074.55 | -37,891,360.83 | -157.29% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -113,242,367.84 | -89,448,599.83 | -26.60% | | Net Cash Flow from Operating Activities | -4,458,353,212.89 | -2,841,337,600.80 | Net cash outflow increased by 1,617.0156 million yuan | | Basic Earnings Per Share (yuan/share) | -0.0857 | -0.0333 | -157.36% | | Diluted Earnings Per Share (yuan/share) | -0.0857 | -0.0333 | -157.36% | | Weighted Average Return on Net Assets | -1.52% | -0.59% | Decreased by 0.93 percentage points | | Total Assets (Period-End) | 67,907,205,916.92 | 70,306,974,766.69 | -3.41% | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 6,253,887,925.10 | 6,494,762,605.59 | -3.71% | - Company implemented "Interpretation No. 18 of Accounting Standards for Business Enterprises" regarding guarantee-type quality assurance not constituting a single performance obligation, retrospectively adjusting accounting policies[20](index=20&type=chunk) [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards, overseas accounting standards, and Chinese Accounting Standards - Company reported no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[21](index=21&type=chunk) - Company reported no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses for the current period amounted to 15,753,293.29 yuan, primarily including government subsidies, reversal of impairment provisions for individually assessed receivables, and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets (including reversal of impairment provisions) | -731,034.45 | | Government grants recognized in current profit or loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on company profit/loss) | 25,763,219.46 | | Reversal of impairment provisions for individually assessed receivables | 4,949,496.45 | | Other non-operating income and expenses apart from the above | -5,760,756.03 | | Less: Income tax impact | 2,342,082.84 | | Minority interest impact (after tax) | 6,125,549.30 | | Total | 15,753,293.29 | Part III Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company actively implements China Electronics' strategy, focusing on core businesses and R&D in digital and industrial services - Company actively implements China Electronics' strategic mission, focusing on core businesses, continuously advancing technological innovation and product R&D, meeting user needs with self-developed products and services, and promoting industrial innovation and digital transformation[26](index=26&type=chunk) - During the reporting period, the company's cleanroom business achieved operating revenue exceeding **20 billion yuan**, and overseas business new contract value increased by approximately **300%** to **3.3 billion yuan**[39](index=39&type=chunk)[42](index=42&type=chunk) [Digital and Information Services](index=10&type=section&id=Digital%20and%20Information%20Services) The company aims to be a leading exclusive cloud and AI solution provider under the "China Electronics Cloud" brand, offering cloud computing, data, and AI products and services, alongside digital terminal products - "China Electronics Cloud" is the sole cloud product and brand of China Electronics, aiming to be a leading exclusive cloud and AI solution provider[27](index=27&type=chunk) - During the reporting period, CECSTACK exclusive cloud platform released V5.3, supporting classified and national defense clouds, and supporting key projects like Hebei Provincial Government Cloud and Beijing Financial Asset Exchange's new-generation cloud platform[28](index=28&type=chunk) - According to IDC, China Electronics Cloud ranks among Top vendors in the intelligent computing market and Top 5 in the government exclusive cloud PaaS market, also selected as a best practice vendor in China's data space market[29](index=29&type=chunk) - Data intelligence platform iterated to V6.1, integrating large model technology into the entire data storage, processing, and circulation chain, and has obtained public data authorization from **20 provinces and cities**[31](index=31&type=chunk)[32](index=32&type=chunk) - In AI, the company built a "3+3+N" product service system, forming a full-link AI solution from data, models, applications to services, and reached cooperation intentions with multiple national laboratories and central enterprises for high-quality dataset construction[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - SED Wireless's self-developed GSM-R communication terminal products maintain a leading market share in China and secured an order for Tanzania railways, continuously expanding overseas markets[36](index=36&type=chunk)[37](index=37&type=chunk) [Industrial Services](index=12&type=section&id=Industrial%20Services) As a leader in high-tech industrial services, the company provides cleanroom solutions, intelligent operation and maintenance, data center solutions, digital heating and new energy services, precision logistics, and property leasing - Company's cleanroom overall solutions consolidated its leading position in advantageous industries like semiconductors and new displays, achieving operating revenue exceeding **20 billion yuan** during the reporting period[39](index=39&type=chunk) - Company's overseas business new contract value was approximately **3.3 billion yuan**, a year-on-year increase of approximately **300%**, actively expanding into "Belt and Road" countries[42](index=42&type=chunk) - Intelligent operation and maintenance solutions fully support domestic solutions, with China Electronics Second Construction Co., Ltd. independently developing smart hardware for industrial environment monitoring[43](index=43&type=chunk) - Data center overall solution business actively explores collaborative models of joint investment, construction, and operation, and landed a project in a large intelligent computing center for an operator[44](index=44&type=chunk) - Digital heating and new energy business heating area reached **118 million square meters**, and biomass cogeneration demonstration project cumulatively supplied **253 million kWh** of green electricity and **29,000 tons** of green industrial steam[45](index=45&type=chunk)[46](index=46&type=chunk) - China Electronics Xingtang Company obtained **5 national invention patents** and completed the application for a provincial-level technology innovation center in Hebei Province[46](index=46&type=chunk) - Other businesses include precision logistics services featuring "temperature control + shock absorption" and property leasing in Shenzhen's Huaqiangbei and Science Park areas[47](index=47&type=chunk)[48](index=48&type=chunk) [Technological Innovation](index=14&type=section&id=Technological%20Innovation) During the reporting period, the company achieved positive results in technological innovation, releasing over ten new products and solutions, including a DeepSeek-based visual reasoning large model and a smart factory operation and maintenance platform - Company released over ten products, including a DeepSeek-based visual reasoning large model, event reasoning all-in-one machine, smart factory operation and maintenance platform, low-altitude management service platform, and solutions like cloud-data integrated trusted data space and new-generation smart photovoltaic operation and maintenance[49](index=49&type=chunk) - **23 national and provincial-level R&D projects** in progress met their planned milestones, and **1 new special project** for computing power strengthening was approved by the Ministry of Industry and Information Technology[49](index=49&type=chunk) - Company received **1 Beijing Science and Technology Progress First Prize**, **1 Hebei Provincial Technology Invention First Prize**, and **3 Social Science and Technology Awards**; newly applied for **105 invention patents**, obtained **69 authorized invention patents**; added **67 software copyrights**; and led or participated in the release of **4 national standards** and over **30 group standards**[49](index=49&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=Core%20Competitiveness%20Analysis) Core competitiveness stems from aligning with China Electronics' strategy, fulfilling central enterprise mission, supply chain advantages, and market-oriented mechanisms - As a key secondary enterprise of China Electronics, the company aligns with the Group's strategic layout in cloud computing and data businesses, assisting governments and state-owned enterprises in digital transformation with a secure digital foundation, possessing supply chain advantages[50](index=50&type=chunk) - All high-tech industrial service subsidiaries have completed mixed-ownership reform and employee stock ownership; China Electronics Cloud Company in the information service sector also completed mixed-ownership reform and introduced core employee stock ownership, establishing market-oriented mechanisms[51](index=51&type=chunk) - The company's digital and information services sector has **1,330 technology talents**, accounting for **78.8%**, with **95%** being young technology professionals, and deep cooperation with universities like the University of Electronic Science and Technology of China and Harbin Institute of Technology[52](index=52&type=chunk) - The company is a professional provider and leading enterprise in cleanroom overall solutions, holding a domestic technology-leading position in cleanroom engineering for electronics, life sciences, and new energy industries, and has repeatedly won awards like the "Luban Prize"[53](index=53&type=chunk) - China Electronics Cloud CECSTACK is a large-scale, highly secure, reliable, and high-performance exclusive cloud product developed based on "cloud-native + AI-native" concepts, providing full-stack cloud services to empower various industries with "AI+"[54](index=54&type=chunk) - The company accelerates its layout in high-quality dataset construction, having reached cooperation intentions with multiple national key laboratories and central enterprise groups for dataset construction, striving for a first-mover advantage[55](index=55&type=chunk) [Main Business Analysis](index=15&type=section&id=Main%20Business%20Analysis) Main business revenue decreased by **29.52%** and net profit by **157.29%**, driven by reduced high-tech engineering services and increased cash outflow, despite **39.04%** overseas revenue growth Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 23,434,208,172.61 | 33,250,166,315.01 | -29.52% | Mainly due to intense market competition, the company's high-tech industrial engineering services operating revenue decreased compared to the prior year | | Operating Cost | 21,275,048,822.91 | 30,077,676,444.56 | -29.27% | Mainly due to intense market competition, the company's high-tech industrial engineering services operating revenue decreased compared to the prior year, leading to a corresponding decrease in operating costs | | Administrative Expenses | 600,678,594.34 | 901,621,964.96 | -33.38% | Mainly due to decreased operating revenue, the company actively adjusted its operating strategy, strengthened cost reduction and efficiency improvement measures, leading to a year-on-year decrease in period expenses | | Net Profit | 23,329,148.30 | 147,897,138.89 | -84.23% | Mainly due to decreased operating revenue and gross profit margin in the company's high-tech industrial engineering services compared to the prior year, leading to a year-on-year decrease in net profit | | Net Profit Attributable to Parent Company Owners | -97,489,074.55 | -37,891,360.83 | -157.29% | Mainly due to decreased operating revenue and gross profit margin in the company's high-tech industrial engineering services compared to the prior year, leading to a year-on-year decrease in net profit attributable to parent company | | Net Cash Flow from Operating Activities | -4,458,353,212.89 | -2,841,337,600.80 | Net cash outflow increased by 1,617.0156 million yuan | Mainly due to decreased cash received from sales of goods and provision of services as business scale declined in the current period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Digital and Information Services | 529,196,303.58 | 2.26% | 682,382,977.68 | 2.05% | -22.45% | | | Industrial Services | 22,905,011,869.03 | 97.74% | 32,567,783,337.33 | 97.95% | -29.67% | | **By Product** | Digital and Information Services | 529,196,303.58 | 2.26% | 682,382,977.68 | 2.05% | -22.45% | | | High-Tech Industrial Engineering Services | 21,660,732,089.84 | 92.43% | 31,316,256,464.70 | 94.18% | -30.83% | | | Digital Heating and New Energy Services | 1,102,037,029.69 | 4.70% | 1,112,012,753.73 | 3.34% | -0.90% | | | Other Industrial Services | 142,242,749.50 | 0.61% | 139,514,118.90 | 0.42% | 1.96% | | **By Region** | Domestic | 22,505,477,845.43 | 96.04% | 32,582,218,340.65 | 97.99% | -30.93% | | | Overseas | 928,730,327.18 | 3.96% | 667,947,974.36 | 2.01% | 39.04% | Main Business Cost Composition | Item | Current Period Amount (yuan) | Proportion of Operating Cost | Prior Year Amount (yuan) | Proportion of Operating Cost | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Equipment and Raw Materials | 9,720,561,031.73 | 45.69% | 12,687,206,428.82 | 42.18% | -23.38% | | Subcontracting Costs | 9,093,080,634.14 | 42.74% | 13,647,876,705.15 | 45.38% | -33.37% | | Labor Costs | 1,251,560,411.98 | 5.88% | 1,655,298,704.81 | 5.50% | -24.39% | | Freight Forwarding Costs | 115,400,073.28 | 0.54% | 87,053,442.10 | 0.29% | 32.56% | | Project Management Costs and Others | 1,094,446,671.78 | 5.15% | 2,000,241,163.68 | 6.65% | -45.28% | | Total | 21,275,048,822.91 | 100.00% | 30,077,676,444.56 | 100.00% | -29.27% | - Company's operating revenue decreased by **29.52%** year-on-year, with high-tech industrial engineering services revenue decreasing by **30.83%** and digital and information services revenue decreasing by **22.45%**, mainly due to reduced overall engineering business scale and slower project settlement[63](index=63&type=chunk) - Company's operating cost decreased by **29.27%** year-on-year, mainly due to reduced operating revenue, leading to a corresponding decrease in equipment and raw material costs, and subcontracting costs[64](index=64&type=chunk) [Non-Core Business Analysis](index=18&type=section&id=Non-Core%20Business%20Analysis) The company's non-core businesses negatively impacted total profit, with investment income at -43,589,188.88 yuan, accounting for -18.67% of total profit, primarily from equity method long-term equity investments and disposal of subsidiaries, which are not sustainable Impact of Non-Core Businesses on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -43,589,188.88 | -18.67% | Mainly investment income from long-term equity investments accounted for by the equity method and disposal of subsidiaries | Not sustainable | | Asset Impairment | -10,563,483.23 | -4.53% | Mainly impairment provisions for receivables, contract assets, and long-term equity investments | Not sustainable | | Non-Operating Income | 4,635,443.41 | 1.99% | Mainly gains from disposal of non-current assets, compensation for breach of contract, and income from unpayable payables | Not sustainable | | Non-Operating Expenses | 10,003,327.98 | 4.29% | Mainly losses from disposal of non-current assets, external donations, and late payment fees/penalties | Not sustainable | [Analysis of Assets and Liabilities](index=18&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets were **67.907 billion yuan**, a **3.41%** decrease; monetary funds decreased by **34.41%**, while inventory increased by **44.04%**; right-of-use assets and lease liabilities significantly increased due to finance leases; the company is actively managing its high asset-liability ratio Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Adjusted Amount (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,871,355,750.82 | 11.59% | 12,000,998,339.23 | 17.07% | -5.48% | Monetary funds decreased by **34.41%** from the beginning of the period, mainly due to increased cash payments for goods and services in the current period | | Inventory | 1,551,443,052.83 | 2.28% | 1,077,124,945.62 | 1.53% | 0.75% | Inventory increased by **44.04%** from the beginning of the period, mainly due to increased cost aggregation for digital and information services and high-tech industrial engineering projects under construction in the current period | | Right-of-Use Assets | 450,046,071.49 | 0.66% | 161,900,234.48 | 0.23% | 0.43% | Right-of-use assets increased by **177.98%** from the beginning of the period, mainly due to increased finance lease assets for high-tech industrial engineering projects in the current period | | Lease Liabilities | 376,149,511.17 | 0.55% | 119,712,502.88 | 0.17% | 0.38% | Lease liabilities increased by **214.21%** from the beginning of the period, mainly due to increased finance lease-related liabilities for high-tech industrial engineering projects in the current period | - Company's asset-liability ratio is relatively high; it will continuously reduce it through setting warning lines, cost reduction and efficiency improvement, strengthening liquidity management, and expanding capital replenishment mechanisms[95](index=95&type=chunk) Asset Restrictions as of the End of the Reporting Period | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 2,003,842,303.73 | Bank acceptance bill deposits, letter of guarantee deposits, time deposits held to maturity, etc | | Notes Receivable | 83,667,804.20 | Endorsed or discounted and not yet due at the balance sheet date | | Accounts Receivable | 1,030,982,329.71 | Pledged for loans | | Fixed Assets | 211,452,568.59 | Mortgaged for loans | | Intangible Assets | 53,188,998.45 | Mortgaged for loans | | Total | 3,383,134,004.68 | | [Investment Analysis](index=20&type=section&id=Investment%20Analysis) The company's investment amounted to **194.73 million yuan**, a **23.02%** year-on-year decrease, primarily in R&D bases and infrastructure, with raised funds mainly for digital city R&D and loan repayment Investment Amount During the Reporting Period | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount in Current Period | 194,729,672.82 | | Investment Amount in Prior Year | 252,957,048.75 | | Change Percentage | -23.02% | Significant Non-Equity Investments in Progress | Project Name | Investment Method | Fixed Asset Investment | Industry Involved | Current Period Investment Amount (yuan) | Cumulative Actual Investment Amount as of Period-End (yuan) | Funding Source | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Electronics Cloud R&D Base Phase I Project | Self-built | Yes | Digital and Information Services | 65,593,352.72 | 200,654,875.62 | Self-raised | 50.00% | | Acquisition of Self-Use R&D Office Space for China Electronics North China Headquarters (Phase I) | Acquisition | Yes | Digital and Information Services | 0.00 | 47,500,000.00 | Self-raised | 50.00% | | China Electronics Intercontinental East-to-West Heating Pipeline Project | Self-built | Yes | Smart Heating | 3,059,976.69 | 201,842,244.44 | Self-raised | 69.62% | Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (1) (million yuan) | Total Raised Funds Used Cumulatively (2) (million yuan) | Utilization Ratio (3)=(2)/(1) | | :--- | :--- | :--- | :--- | :--- | | 2021 | Issuance of Shares to Acquire Assets and配套募集资金 | 99,983.24 | 86,744.88 | 86.76% | - The Modern Digital City Technology R&D Project aims to build an exclusive R&D and testing environment, improve product systems, and strengthen R&D capabilities based on China System's development plan. Products will be sold through China System and China Electronics Cloud Company's digital and information service projects, not typically sold or serviced separately, thus no separate economic benefit assessment[83](index=83&type=chunk) [Significant Asset and Equity Sales](index=25&type=section&id=Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell any significant assets; its subsidiary China System transferred 80% equity in China Electronics (Zibo) Energy Technology Development Co., Ltd. for **130.1283 million yuan**, benefiting core business focus and profit - Company did not sell significant assets during the reporting period[86](index=86&type=chunk) Significant Equity Sales | Equity Sold | Transaction Price (million yuan) | Impact on Company | Pricing Principle for Equity Sale | Related Party Transaction | Has all involved equity been transferred | | :--- | :--- | :--- | :--- | :--- | :--- | | China System's 80% equity in China Electronics Zibo | 13,012.83 | Its business has minor overall impact on the company, beneficial for increasing listed company profit | Appraisal value | No | No | - As of June 30, 2025, Zibo Yuesheng Energy Co., Ltd. became the intended transferee of **80%** equity in China Electronics Zibo through a property rights exchange listing. This transaction has been completed[87](index=87&type=chunk) [Analysis of Major Holding and Participating Companies](index=25&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries like China System and its sub-subsidiaries saw revenue and profit declines due to reduced engineering services, while China Electronics Cloud Company narrowed losses; Digital Guangdong's losses increased, and the company disposed of some subsidiary equity with no significant impact Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China System | Subsidiary | Industrial Services and Digital & Information Services | 100,000.00 | 6,314,575.98 | 1,249,462.23 | 2,308,148.03 | 76,155.12 | 55,348.61 | | China Electronics Second Construction Co., Ltd. | China System's Subsidiary | High-Tech Industrial Engineering Services | 10,000.00 | 2,414,388.59 | 431,004.94 | 999,560.80 | 37,175.81 | 30,381.66 | | China Electronics Fourth Construction Co., Ltd. | China System's Subsidiary | High-Tech Industrial Engineering Services | 10,125.00 | 1,822,443.84 | 429,643.57 | 940,131.73 | 37,951.09 | 28,495.01 | | China Electronics Cloud Company | Subsidiary | Digital and Information Services | 333,333.33 | 301,971.91 | 56,474.24 | 31,214.61 | -47,098.08 | -47,046.24 | | SED Wireless | Subsidiary | Digital and Information Services | 6,660.00 | 29,966.61 | 27,664.39 | 8,065.83 | 4,134.84 | 3,589.84 | | Digital Guangdong | Associate | Digital and Information Services | 58,554.22 | 384,423.97 | 61,496.81 | 72,554.91 | -8,874.47 | -8,872.47 | - China System achieved operating revenue of **2.30814803 billion yuan** and net profit of **553.4861 million yuan** in the current period, a year-on-year decrease of **29.90%** and **28.92%** respectively, mainly due to reduced revenue and profit from high-tech industrial engineering services[90](index=90&type=chunk) - China Electronics Cloud Company achieved operating revenue of **312.1461 million yuan** in the current period, a year-on-year decrease of **29.97%**; net profit was **-470.4624 million yuan**, with losses narrowing by **13.08%** year-on-year, indicating improved operational efficiency[90](index=90&type=chunk) - Digital Guangdong achieved operating revenue of **725.5491 million yuan** in the current period, a year-on-year decrease of **40.12%**; net profit was **-88.7247 million yuan**, with losses increasing by **213.71%** year-on-year, mainly due to lower successful bid amounts in 2025 and slower project settlement[91](index=91&type=chunk) Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production and Operations and Performance | | :--- | :--- | :--- | | Dingzhi China Electronics (Shaoyang) Smart City Technology Co., Ltd. | Partial equity disposal, loss of control | No significant impact | | Lincang Big Data Co., Ltd. | Partial equity disposal, loss of control | No significant impact | [Structured Entities Controlled by the Company](index=26&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - Company did not control any structured entities during the reporting period[92](index=92&type=chunk) [Risks Faced by the Company and Countermeasures](index=27&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces macroeconomic, R&D investment, and financial risks, which it addresses by adjusting business focus, enhancing R&D efficiency, and optimizing financial management - Macroeconomic policy risks: Adjustments in national policies, government investment, or economic slowdown may affect company performance. Countermeasures include strengthening development environment analysis, adjusting business priorities, and actively exploring new business areas[93](index=93&type=chunk) - R&D investment impact on overall performance risk: Intense competition and rapid technological updates in cloud computing, data, and AI businesses mean continuous high R&D investment may affect performance. Countermeasures include improving profit margins in digital and information services, increasing business scale and market share, and saving R&D expenses through collaborative innovation[94](index=94&type=chunk) - Financial risks: Failure to collect receivables on time may lead to cash flow tightness and bad debt losses; high asset-liability ratio due to the nature of high-tech industrial engineering services. Countermeasures include establishing a special team for receivable collection, linking collection to performance appraisal, setting asset-liability ratio warning lines, cost reduction and efficiency improvement, reasonable control of interest-bearing debt, and expanding multi-channel capital replenishment mechanisms[95](index=95&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=27&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - Company did not formulate a market value management system during the reporting period[96](index=96&type=chunk) - Company did not disclose a valuation enhancement plan during the reporting period[96](index=96&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=27&type=section&id=Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - Company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[96](index=96&type=chunk) Part IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, several directors, supervisors, and senior management personnel changed due to retirement or job transfers Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Si Yuncong | Chairman | Resignation | May 29, 2025 | Retirement | | Chen Shigang | Director | Resignation | June 23, 2025 | Job Transfer | | Chen Shigang | Senior Vice President | Dismissal | June 23, 2025 | Job Transfer | | Xie Qinghua | Director | Resignation | May 29, 2025 | Job Transfer | | Zhang Xianghong | Director | Resignation | May 29, 2025 | Retirement | [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=28&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - Company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[99](index=99&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - Company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[100](index=100&type=chunk) [Environmental Information Disclosure](index=28&type=section&id=Environmental%20Information%20Disclosure) The company and its six major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with provided query indexes for each subsidiary's environmental information disclosure report - Listed company and its major subsidiaries included in the list of enterprises required to disclose environmental information by law: Yes[101](index=101&type=chunk) - Number of enterprises included in the list of enterprises required to disclose environmental information by law: **6** companies[101](index=101&type=chunk) - Query indexes provided for environmental information disclosure reports of 6 subsidiaries, including China Electronics Wuqiang Heating Co., Ltd., Hebei Yutai Thermal Energy Technology Co., Ltd., Hebei China Electronics Jing'an Energy Saving and Environmental Protection Technology Co., Ltd., China Electronics Xingtang Biomass Energy Cogeneration Co., Ltd., Weifang China Electronics Wanwei Thermal Power Co., Ltd., and China Electronics Intercontinental Environmental Protection Technology Development Co., Ltd. Qiuxian Branch[101](index=101&type=chunk) [Social Responsibility](index=29&type=section&id=Social%20Responsibility) The company actively fulfills its central enterprise social responsibility, focusing on four key areas: low-carbon environmental protection, rural revitalization, volunteer services, and digital intelligence empowerment - Company actively practices central enterprise responsibility, focusing on four key areas: low-carbon environmental protection, rural revitalization, volunteer services, and digital intelligence empowerment, promoting sustainable development[102](index=102&type=chunk) - Deepening low-carbon environmental protection practices: Achieving energy saving, consumption reduction, and carbon reduction through smart heating platforms, zero-carbon agriculture applications, sanitation data mid-end, industrial energy efficiency, and biomass energy substitution[103](index=103&type=chunk) - Supporting rural and industrial revitalization: Increasing farmers' income, paying fuel costs, creating new jobs, and contributing to taxes through purchasing Xinjiang Hotan workwear and promoting cogeneration projects[104](index=104&type=chunk) - Conducting volunteer services and public welfare activities: Including assisting the elderly and children, supporting education, participating in "Warm Winter Action" during Spring Festival travel, and Shijiazhuang Marathon volunteer services, and commending employees for courageous acts[105](index=105&type=chunk) - Digital intelligence empowerment for high-quality development: Building provincial-level water conservancy digital twin platforms, Weixian Museum digitalization projects, agricultural trusted data spaces, national-level pharmaceutical trusted data spaces, and additional donations to support openEuler community development[106](index=106&type=chunk) Part V Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=30&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the company's performance commitments and share lock-up commitments made during the asset restructuring were fulfilled on time; China System achieved its cumulative performance commitment for 2021-2024, and the total equity value of shareholders did not decrease as of December 31, 2024 Commitment Fulfillment Status | Commitment Event | Commitment Type | Commitment Content | Commitment Date | Commitment Period | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments made during asset restructuring | Performance Commitment and Compensation Arrangement | Commitment regarding profit forecast compensation | January 28, 2021 | December 31, 2024 | Achieved cumulative performance commitment for 2021-2024. This commitment has been fulfilled | | Commitments made during asset restructuring | Share Lock-up Commitment | Commitment regarding share lock-up | May 17, 2021 | Within (i) 36 months from the end of the non-public issuance of SED shares acquired by assets in this transaction and (ii) before China Electronics System Technology Co., Ltd. achieves the committed net profit under the "Profit Forecast Compensation Agreement" and its supplementary agreements or before this enterprise fulfills its profit compensation and period-end impairment compensation obligations (whichever is later) | Achieved cumulative performance commitment for 2021-2024; according to asset appraisal results, China System's total equity value as of December 31, 2024, did not decrease. This commitment has been fulfilled | [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=30&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties from the listed company - Company reported no non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period[109](index=109&type=chunk) [Illegal External Guarantees](index=30&type=section&id=Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - Company had no illegal external guarantees during the reporting period[110](index=110&type=chunk) [Appointment and Dismissal of Accounting Firms](index=31&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - Company's semi-annual financial report was not audited[187](index=187&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period](index=31&type=section&id=Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no non-standard audit report during the reporting period, thus this explanation is not applicable - Not applicable[111](index=111&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=31&type=section&id=Board%20of%20Directors%27%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company had no non-standard audit report during the reporting period, thus this explanation is not applicable - Not applicable[111](index=111&type=chunk) [Bankruptcy Reorganization Matters](index=31&type=section&id=Bankruptcy%20Reorganization%20Matters) The company had no bankruptcy reorganization matters during the reporting period - Company had no bankruptcy reorganization matters during the reporting period[111](index=111&type=chunk) [Litigation Matters](index=31&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters during the current reporting period; however, it is involved in multiple previously disclosed cases with a large total amount, which may impact its financial position - Company had no significant litigation or arbitration matters in the current reporting period[112](index=112&type=chunk) - Company is involved in multiple previously disclosed litigation and arbitration cases, with a large total amount involved; some cases have reached settlement or entered the enforcement stage, but many cases are still under trial, which may impact the company's financial position[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - China Electronics System Engineering Fourth Construction Co., Ltd. vs. Wuhai Haibowan District Urban Construction Investment and Financing Co., Ltd. and Wuhai Jingyuntong New Material Technology Co., Ltd. construction project contract dispute case: The Supreme People's Court issued a civil mediation statement, where Wuhai Urban Investment will pay the principal of **210 million yuan** in installments to China Electronics Fourth Construction Co., Ltd[112](index=112&type=chunk)[113](index=113&type=chunk) - Other litigations total **534 cases**, with a target amount of **642,031,209.17 yuan**; **240 cases** concluded, **294 cases** pending[143](index=143&type=chunk) [Penalties and Rectifications](index=61&type=section&id=Penalties%20and%20Rectifications) The company had no penalties or rectifications during the reporting period - Company had no penalties or rectifications during the reporting period[144](index=144&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=61&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller - No issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[145](index=145&type=chunk) [Significant Related Party Transactions](index=61&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in daily operating related party transactions within estimated limits and had financial dealings with China Electronics Finance Co., Ltd., with no asset/equity acquisition/disposal or non-operating related party debt transactions Related Party Transactions Related to Daily Operations (Significant Items) | Related Party | Related Party Transaction Type | Related Party Transaction Content | Pricing Principle | Current Period Transaction Amount (million yuan) | Proportion of Similar Transaction Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | China Great Wall Technology Group Co., Ltd. | Procurement from related party | Procurement of raw materials, goods | Market price | 1,006.28 | 2.81% | | China Electronics International Information Service Co., Ltd. | Procurement from related party | Procurement of raw materials, goods | Market price | 671.77 | 0.03% | | China Electronics International Information Service Co., Ltd. | Acceptance of services from related party | Acceptance of labor, property services | Market price | 306.08 | 2.50% | | China Electronics International Information Service Co., Ltd. | Sales to related party | Sales of products, goods | Market price | 2,750.49 | 5.20% | | China Electronics Industrial Engineering Co., Ltd. | Provision of services to related party | Provision of labor, international freight forwarding services | Market price | 441.78 | 3.11% | | Digital Guangdong Network Construction Co., Ltd. | Provision of services to related party | Provision of cloud platform products and services | Market price | 70.62 | 0.13% | | China Electronics International Information Service Co., Ltd. | Lease of property from related party | Lease of property | Market price | 442.65 | 0.49% | - Company has financial business dealings with China Electronics Finance Co., Ltd., with a period-end deposit balance of **1,662.9075 million yuan**, loan balance of **1,585.08 million yuan**, total credit line of **7,828.5647 million yuan**, and actual amount incurred of **2,059.4686 million yuan**[152](index=152&type=chunk)[153](index=153&type=chunk) - Company had no related party transactions involving asset or equity acquisition/disposal, joint external investments, or non-operating related party creditor-debtor relationships during the reporting period[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) [Significant Contracts and Their Fulfillment](index=65&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) The company had no trusteeship or contracting situations but leased out some properties; it provided multiple guarantees for subsidiaries, totaling **453.7168 million yuan** (7.25% of net assets), and had no entrusted wealth management or other significant contracts - Company had no trusteeship or contracting situations during the reporting period[156](index=156&type=chunk)[157](index=157&type=chunk) - Company leased out some properties, collecting rent based on market prices[158](index=158&type=chunk) Company's Total Guarantee Situation | Indicator | Amount (million yuan) | | :--- | :--- | | Total Approved Guarantee Amount in Current Period (A1+B1+C1) | - | | Total Actual Guarantee Amount Incurred in Current Period (A2+B2+C2) | 6,076.89 | | Total Approved Guarantee Amount at Period-End (A3+B3+C3) | 186,500.00 | | Total Actual Guarantee Balance at Period-End (A4+B4+C4) | 45,371.68 | | Proportion of Total Actual Guarantee to Company's Net Assets | 7.25% | | Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (E) | 21,280.00 | | Amount of Guarantees Exceeding 50% of Net Assets (F) | 21,240.89 | | Total of the Above Three Guarantee Amounts (D+E+F) | 42,520.89 | - Company had no entrusted wealth management or other significant contracts during the reporting period[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) [Explanation of Other Significant Matters](index=68&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company received CSRC approval to issue up to **2.5 billion yuan** in A-shares for cloud and R&D projects, which is ongoing; additionally, **40.14%** of shares from a major asset restructuring were unrestricted and listed for circulation - Company plans to issue shares to specific targets to raise no more than **2.5 billion yuan** for investment in operational cloud projects, distributed storage R&D, China Electronics Cloud R&D Base, etc. Approval from CSRC was received on May 12, 2025, but the process is not yet completed[166](index=166&type=chunk) - In the major asset restructuring where the company issued shares to acquire **96.7186%** equity in China System, **493,195,423 shares** issued to 10 transaction counterparts were unrestricted and listed for circulation on June 13, 2025 (after deducting executive lock-up shares, the actual number of shares listed for circulation was **456,748,821 shares**, accounting for **40.14%** of the company's total share capital)[167](index=167&type=chunk) [Significant Matters of Company Subsidiaries](index=68&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) A subsidiary's bankruptcy liquidation concluded, another acquired R&D office space, the company transferred 100% equity in China Electronics Digital Innovation Co., Ltd. for **147.0696 million yuan**, and China System transferred 80% equity in China Electronics (Zibo) Energy Technology Development Co., Ltd. for **130.1283 million yuan** - Bankruptcy liquidation case of holding subsidiary Shenzhen SED International Power Technology Co., Ltd. has concluded, and the administrator is proceeding with industrial and commercial deregistration[168](index=168&type=chunk) - Holding subsidiary China Electronics System Technology Co., Ltd. acquired property in Shijiazhuang China Electronics Smart Plaza for self-use R&D office space, with an area of approximately **7,269 square meters** and an investment of up to **100 million yuan**, currently awaiting completion and delivery[168](index=168&type=chunk) - Company transferred **100%** equity in China Electronics Digital Innovation Co., Ltd. and related intangible assets (data vault, data safe, data element processing and trading system based on data component concept) to China Electronics Data Industry Group Co., Ltd. for a total of **147.0696 million yuan**, with equity and intangible asset transfer and relevant industrial and commercial change registration completed[169](index=169&type=chunk) - Company's subsidiary China System publicly listed and transferred **80%** equity in China Electronics (Zibo) Energy Technology Development Co., Ltd. for **130.1283 million yuan**, with equity transfer and relevant industrial and commercial change registration completed[170](index=170&type=chunk) Part VI Share Changes and Shareholder Information [Share Change Situation](index=69&type=section&id=Share%20Change%20Situation) During the reporting period, restricted shares decreased by **444,599,953 shares** and unrestricted shares increased by the same amount, while total shares remained unchanged, mainly due to lifting of restrictions on asset acquisition shares and conversion to executive lock-up shares Share Change Situation | Item | Quantity Before Change (shares) | Proportion Before Change | Subtotal of Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 493,195,423 | 43.34% | -444,599,953 | 48,595,470 | 4.27% | | II. Unrestricted Shares | 644,763,811 | 56.66% | 444,599,953 | 1,089,363,764 | 95.73% | | III. Total Shares | 1,137,959,234 | 100.00% | 0 | 1,137,959,234 | 100.00% | - Restricted shares related to asset acquisition were unrestricted, with **456,748,821 shares** actually available for circulation, accounting for **40.14%** of the company's total shares[174](index=174&type=chunk) - Due to the resignation of company director and senior management Mr. Chen Shigang, **48,595,470 shares** held by him became executive lock-up shares, restricted from transfer for six months from his resignation date, leading to a corresponding increase in executive lock-up shares and restricted shares[175](index=175&type=chunk) Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares | Shares Unrestricted in Current Period | Shares Increased in Current Period | Period-End Restricted Shares | Reason for Restriction | Unrestriction Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Shigang | 48,595,470 | 0 | 0 | 48,595,470 | Executive Lock-up Shares | 2025/12/23 | | China Electronics | 199,241,427 | 199,241,427 | 0 | 0 | Post-IPO Restricted Shares | 2025/6/13 | | China Electronics Capital Investment | 77,752,752 | 77,752,752 | 0 | 0 | Post-IPO Restricted Shares | 2025/6/13 | | Hongda Jiaye | 30,697,758 | 30,697,758 | 0 | 0 | Post-IPO Restricted Shares | 2025/6/13 | | Honghuan Jiaye | 7,240,725 | 7,240,725 | 0 | 0 | Post-IPO Restricted Shares | 2025/6/13 | | Hongjing Jiaye | 11,162,379 | 11,162,379 | 0 | 0 | Post-IPO Restricted Shares | 2025/6/13 | | Hongwei Jiaye | 27,903,518 | 27,903,518 | 0 | 0 | Post-IPO Restricted Shares | 2025/6/13 | | Hongtu Jiaye | 35,581,603 | 35,581,603 | 0 | 0 | Post-IPO Restricted Shares | 2025/6/13 | | Hongde Jiaye | 35,581,603 | 35,581,603 | 0 | 0 | Post-IPO Restricted Shares | 2025/6/13 | | Ruida Group | 19,438,188 | 19,438,188 | 0 | 0 | Post-IPO Restricted Shares | 2025/6/13 | | Total | 493,195,423 | 444,599,953 | 0.00 | 48,595,470 | -- | -- | [Securities Issuance and Listing](index=71&type=section&id=Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing during the reporting period - Not applicable[177](index=177&type=chunk) [Number of Shareholders and Shareholding](index=71&type=section&id=Number%20of%20Shareholders%20and%20Shareholding) As of period-end, the company had **66,763** common shareholders; major shareholders include China Electronics Information Service, China Electronics, and China Electronics Capital Investment, with Chen Shigang holding **4.27%** restricted shares; certain shareholders had related party relationships, with one concerted action relationship terminated - Total number of common shareholders at the end of the reporting period: **66,763**[178](index=178&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Period-End Shareholding (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Electronics Information Service Co., Ltd. | State-owned Legal Person | 17.81% | 202,650,154 | 0 | 202,650,154 | | China Electronics Corporation | State-owned Legal Person | 17.51% | 199,241,427 | 0 | 199,241,427 | | China Electronics Capital Investment Co., Ltd. | State-owned Legal Person | 6.83% | 77,752,752 | 0 | 77,752,752 | | Chen Shigang | Domestic Natural Person | 4.27% | 48,595,470 | 48,595,470 | 0 | | China Electronics Import & Export Co., Ltd. | State-owned Legal Person | 3.37% | 38,391,238 | 0 | 38,391,238 | | Hongtu Jiaye | Other | 3.13% | 35,581,603 | 0 | 35,581,603 | | Hongde Jiaye | Other | 3.13% | 35,581,603 | 0 | 35,581,603 | | Hongda Jiaye | Other | 2.70% | 30,697,758 | 0 | 30,697,758 | | Hongwei Jiaye | Other | 2.45% | 27,903,518 | 0 | 27,903,518 | | Ruida Group | State-owned Legal Person | 1.71% | 19,438,188 | 0 | 19,438,188 | - China Electronics, China Electronics Information Service, China Electronics Capital Investment, China Electronics Import & Export, and Ruida Group have related party relationships; Chen Shigang, Hongtu Jiaye, and Hongde Jiaye were parties acting in concert, but their concerted action relationship was terminated on August 14, 2025[178](index=178&type=chunk)[179](index=179&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=72&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - No changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, refer to 2024 annual report[181](index=181&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=72&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - Company's controlling shareholder remained unchanged during the reporting period[182](index=182&type=chunk) - Company's actual controller remained unchanged during the reporting period[182](index=182&type=chunk) [Preferred Share Information](index=72&type=section&id=Preferred%20Share%20Information) The company had no preferred shares during the reporting period - Company had no preferred shares during the reporting period[183](index=183&type=chunk) Part VII Bond-Related Information [Bond-Related Information](index=73&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - Not applicable[185](index=185&type=chunk) Part VIII Financial Report [Audit Report](index=74&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - Company's semi-annual financial report was not audited[187](index=187&type=chunk) [Financial Statements](index=74&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in shareholders' equity for the first half of 2025, presenting the company's financial position at period-end, operating results, and cash flow changes during the reporting period - This section includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in shareholders' equity, and parent company statement of changes in shareholders' equity[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) [Company Basic Information](index=87&type=section&id=Company%20Basic%20Information) Shenzhen SED Industry Co., Ltd. (registered capital **RMB 1,137,959,234**) was established on December 4, 1993, with **1,137,959,234 shares** as of June 30, 2025, engaged in communication, IT, and big data services, controlled by China Electronics Corporation, with financial statements approved on August 26, 2025 - Shenzhen SED Industry Co., Ltd. was established on December 4, 1993, and after multiple capital changes and asset restructurings, its total share capital was **1,137,959,234 shares** as of June 30, 2025[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) - Company's registered capital is **RMB 1,137,959,234**, registered address and office address: 15-17F, SED Technology Building, No. 1 Keji Road, Nanshan District, Shenzhen[224](index=224&type=chunk) - Company's business scope primarily includes R&D, production, and sales of communication equipment, computers and software, electronic information system engineering, building intelligent engineering, electromechanical equipment installation engineering, big data services, software development, and information technology consulting services[225](index=225&type=chunk) - The controlling shareholder of the company is China Electronics Information Service Co., Ltd., and the ultimate controlling party is China Electronics Corporation[226](index=226&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 26, 2025[227](index=227&type=chunk) [Basis of Financial Statement Preparation](index=90&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to accounting standards and regulations, using accrual basis accounting and historical cost measurement - Company's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises and related regulations issued by the Ministry of Finance[229](index=229&type=chunk) - Company's accounting is based on the accrual method. Except for certain investment properties and financial instruments, these financial statements are measured at historical cost[229](index=229&type=chunk) - These financial statements are presented on a going concern basis, and the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[230](index=230&type=chunk) [Significant Accounting Policies and Estimates](index=90&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The company's financial statements comply with accounting standards, detailing policies for business combinations, financial instruments, assets, revenue, and government grants, with a retrospective adjustment for guarantee-type quality assurance impacting 2024 income statement but not balance sheets - These financial statements comply with the requirements of the Accounting Standards for Business Enterprises issued by the Ministry of Finance, truly and completely reflecting the company's consolidated and parent company financial position as of June 30, 2025, and consolidated and parent company operating results and cash flows for January-June 2025[231](index=231&type=chunk)[232](index=232&type=chunk) - Company's accounting period adopts the calendar year, with 12 months as an operating cycle. The functional currency is RMB, with some

安徽金种子酒业股份有限公司2025 年半年度报告 公司代码：600199 公司简称：金种子酒 安徽金种子酒业股份有限公司 2025 年半年度报告 1 / 155 安徽金种子酒业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 公司负责人何秀侠、主管会计工作负责人金昊及会计机构负责人（会计主管人员）付晓亮 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 报告期内不进行利润分配、不转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、 ...

上海飞乐音响股份有限公司2025 年半年度报告 公司代码：600651 公司简称：飞乐音响 上海飞乐音响股份有限公司 2025 年半年度报告 1 / 165 上海飞乐音响股份有限公司2025 年半年度报告 重要提示 十、重大风险提示 公司已在本报告中详细描述了存在的行业风险、市场风险等，敬请查阅管理层讨论与分析中关于可 能面对的风险的内容。 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的公司未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质性承诺，敬请 广大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 十一、其他 □适用 √不适用 2 / 165 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、公司负责人张丽虹、主管会计工作负责人金凡及会计机构负 ...

江苏同力日升机械股份有限公司2025 年半年度报告 公司代码：605286 公司简称：同力日升 江苏同力日升机械股份有限公司 2025 年半年度报告 1 / 186 江苏同力日升机械股份有限公司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、 公司负责人李国平、主管会计工作负责人芮文贤及会计机构负责人（会计主管人员）芮文 贤声明：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 公司拟以实施权益分派股权登记日登记的总股本为基数，按每10股派发现金红利0.60元（含 税）比例向全体股东派发现金股利，不进行资本公积金转增股本及送红股。截至本公告披露之日 ，公司总股本为168,000,000股，以此计算共计拟派发现金红利10,080,000.00元（含税），占2025年 半年度合并报表中归属于上市公司股东的净利润的8.70%。 如在实施权 ...