杭州鸿泉物联网技术股份有限公司 2025 年半年度报告 1 / 180 杭州鸿泉物联网技术股份有限公司2025 年半年度报告 杭州鸿泉物联网技术股份有限公司2025 年半年度报告 公司代码：688288 公司简称：鸿泉物联 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在本报告中详细 描述可能存在的相关风险，敬请查阅"第三节 管理层讨论与分析"之"四、风险因素"的内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人何军强、主管会计工作负责人刘江镇及会计机构负责人（会计主管人员）陈许 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 十一、 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 □适用 √不适用 八、 前瞻性陈述的风险声明 √ ...

上海大智慧股份有限公司2025 年半年度报告 公司代码：601519 公司简称：大智慧 上海大智慧股份有限公司 2025 年半年度报告 1 / 164 上海大智慧股份有限公司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、 公司负责人张志宏、主管会计工作负责人陈志及会计机构负责人（会计主管人员）陈志声 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 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬 请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已 ...

日出东方控股股份有限公司 2024 年年度报告 公司代码：603366 公司简称：日出东方 日出东方控股股份有限公司 2024 年年度报告 1/242 日出东方控股股份有限公司 2024 年年度报告 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。 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、发展战略等前瞻性陈述，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 是 2024年度，公司全资子公司西藏日出东方阿康清洁能源有限公司向公司控股股东同一控制下 企业西藏隆晟能源管理有限公司提供借款，累计发生额27,586,265.53 元，2024年12月31日借款 余额551,606.15元；截至2025年1月27日，上述借款余额为0，期后未再发生资金占用情况。 八、是否存在违反规定决策程序对外提供担保的情况 三、容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的 ...

日出东方控股股份有限公司2025 年半年度报告 公司代码：603366 公司简称：日出东方 日出东方控股股份有限公司 2025 年半年度报告 1/169 日出东方控股股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人徐新建、主管会计工作负责人徐忠及会计机构负责人（会计主管人员）黄业刚 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度，公司不进行半年度利润分配或公积金转增股本。 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、发展战略等前瞻性陈述，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 ...

Part I [Definitions](index=4&type=section&id=Item%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key terms, company names, regulatory standards, drug types, biotechnology concepts, and subsidiary names to enhance report comprehension - Clarifies that 'the Company', 'Company', and 'Lukang Pharmaceutical' all refer to 'Shandong Lukang Pharmaceutical Co., Ltd'[14](index=14&type=chunk) - Explains industry standards such as **GMP (Good Manufacturing Practice)** and **GSP (Good Supply Practice)** for pharmaceuticals[14](index=14&type=chunk) - Defines core pharmaceutical concepts like **Active Pharmaceutical Ingredient (API)** and **Finished Dosage Forms (FDFs)**[14](index=14&type=chunk) - Introduces cutting-edge biotechnology concepts such as **biomanufacturing** and **biosynthesis**[14](index=14&type=chunk) - Lists names and abbreviations of major subsidiaries, including Sherile Company and Saite Company[14](index=14&type=chunk) Part II [Company Profile and Key Financial Indicators](index=4&type=section&id=Item%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=4&type=section&id=Company%20Information) This section outlines the company's basic registration details, including its Chinese name, abbreviation, English name, legal representative, and stock listing information on the Shanghai Stock Exchange - The company's full Chinese name is "Shandong Lukang Pharmaceutical Co., Ltd.", abbreviated as "Lukang Pharmaceutical"[13](index=13&type=chunk) - The company's legal representative is Peng Xin[15](index=15&type=chunk) - The company's A-shares are listed on the Shanghai Stock Exchange, with stock code **600789**[19](index=19&type=chunk) [Contact Person and Information](index=5&type=section&id=Contact%20Person%20and%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - The Board Secretary is Jing Baokun, and the Securities Affairs Representative is Yang Hua[16](index=16&type=chunk) - The company's contact address is No. 88 Deyuan Road, Jining High-tech Zone, Shandong Province[16](index=16&type=chunk) [Summary of Basic Information Changes](index=5&type=section&id=Summary%20of%20Basic%20Information%20Changes) This section lists the company's registered address, office address, postal code, website, and email address, noting no significant changes during the reporting period - The company's registered and office address is No. 88 Deyuan Road, Jining High-tech Zone, Shandong Province[17](index=17&type=chunk) - The company's website is http://www.lkpc.com, and its email address is lukang@lkpc.com[17](index=17&type=chunk) [Summary of Information Disclosure and Document Custody Location Changes](index=5&type=section&id=Summary%20of%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section specifies the company's designated information disclosure newspapers as "China Securities Journal" and "Shanghai Securities News", along with the website and location for the semi-annual report - The company's information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News"[18](index=18&type=chunk) - The semi-annual report is published on www.sse.com.cn and kept at the company's Securities Affairs Department[18](index=18&type=chunk) [Company Stock Overview](index=5&type=section&id=Company%20Stock%20Overview) This section provides information on the company's A-share listing on the Shanghai Stock Exchange, including its stock abbreviation and code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation "Lukang Pharmaceutical" and stock code "600789"[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year declines in operating revenue and net profit, but a substantial increase in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,153,993,569.88 | 3,279,482,998.21 | -3.83 | | Total Profit | 142,932,282.72 | 320,915,470.53 | -55.46 | | Net Profit Attributable to Shareholders of Listed Company | 106,834,976.68 | 299,962,355.17 | -64.38 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 100,079,235.02 | 91,678,953.51 | 9.16 | | Net Cash Flow from Operating Activities | 312,337,278.58 | 183,727,474.77 | 70.00 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 3,944,150,813.15 | 3,918,185,214.35 | 0.66 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.12 | 0.33 | -63.64 | | Diluted Earnings Per Share (CNY/share) | 0.12 | 0.33 | -63.64 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (CNY/share) | 0.11 | 0.10 | 10.00 | | Weighted Average Return on Net Assets (%) | 2.70 | 7.99 | Decreased by 5.29 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | 2.53 | 2.44 | Increased by 0.09 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **CNY 6,755,741.66**, primarily comprising government grants and disposal gains/losses of non-current assets 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 54,358.85 | | Government grants recognized in current profit or loss | 10,586,633.68 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 8,893.63 | | Debt restructuring gains or losses | 10,956.05 | | Other non-operating income and expenses | -3,991,125.84 | | Less: Income tax impact | 222,047.15 | | Minority interest impact (after tax) | -308,072.44 | | **Total** | **6,755,741.66** | Part III [Management Discussion and Analysis](index=7&type=section&id=Item%20III%20Management%20Discussion%20and%20Analysis) [Description of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the complex development of the pharmaceutical industry in the first half of 2025, where national policies encourage innovation but medical insurance cost controls lead to price pressure, while the company optimizes its product structure, increases the proportion of non-antibiotic drugs, and actively promotes the application of biomanufacturing and synthetic biology technologies - In the first half of 2025, pharmaceutical manufacturing operating revenue decreased by **1.02%** year-on-year, and profit decreased by **2.57%** year-on-year[25](index=25&type=chunk) - National policies support technological advancement and innovation, but medical insurance policies like centralized procurement and online price management continue to exert significant downward pressure on drug prices[25](index=25&type=chunk) - The company primarily engages in the research, development, production, and sale of pharmaceutical products, covering over **500 specifications** across antibiotics, hypoglycemic, and cardiovascular categories[26](index=26&type=chunk) - The company continuously adjusts its product structure, gradually increasing the proportion of non-antibiotic drugs, and promotes the transition from traditional microbial fermentation to synthetic biology applications[26](index=26&type=chunk) - The company has **56 varieties (dosage forms)** included in the 2024 National Medical Insurance Catalog, with **18 Class A** and **38 Class B** drugs[27](index=27&type=chunk) [Industry Development of the Company](index=7&type=section&id=Industry%20Development%20of%20the%20Company) In the first half of 2025, the pharmaceutical industry faced a complex environment of innovation support and medical insurance cost control, leading to significant drug price pressure and increased industry standardization - The pharmaceutical industry is accelerating innovative drug research and development, but centralized procurement and online price management policies are creating downward pressure on drug prices[25](index=25&type=chunk) - From January to June 2025, the pharmaceutical manufacturing industry's operating revenue was **CNY 1,443.56 billion**, a year-on-year decrease of **1.02%**, with profits reaching **CNY 206.9 billion**, a year-on-year decrease of **2.57%**[25](index=25&type=chunk) [Company's Main Business](index=7&type=section&id=Company%27s%20Main%20Business) The company's main business involves the research, development, production, and sale of a wide range of pharmaceutical products, including antibiotics, hypoglycemic, and cardiovascular drugs, while optimizing its product structure and transitioning towards biomanufacturing and synthetic biology technologies - The company's products include antibiotics, hypoglycemic agents, cardiovascular drugs, and more than **500 specifications** such as capsules and tablets[26](index=26&type=chunk) - The company's product structure is continuously adjusted, with the proportion of non-antibiotic drugs gradually increasing, and the revenue share of traditional Chinese and Tibetan medicine products rising year by year[26](index=26&type=chunk) - The company is advancing the transition from "traditional microbial fermentation production to synthetic biology technology applications," with biomanufacturing and biosynthesis products gradually becoming serialized and industrialized[26](index=26&type=chunk) [Main Products and Their Uses](index=7&type=section&id=Main%20Products%20and%20Their%20Uses) The company has **56 varieties (dosage forms)** included in the 2024 medical insurance catalog, encompassing various chemical and traditional Chinese medicines like Acarbose Tablets, Rosuvastatin Calcium Tablets, and Gefitinib Tablets, primarily for treating diabetes, hypercholesterolemia, lung cancer, erectile dysfunction, rheumatoid arthritis, coronary heart disease, and various infections - The company has **56 varieties (dosage forms)** included in the 2024 National Medical Insurance Catalog, with **18 Class A** and **38 Class B** drugs[27](index=27&type=chunk) - Key products include Acarbose Tablets (for type 2 diabetes), Rosuvastatin Calcium Tablets (for hypercholesterolemia), and Gefitinib Tablets (for non-small cell lung cancer)[28](index=28&type=chunk) - Products also include Tadalafil Tablets (for erectile dysfunction), Ketoprofen Sustained-Release Capsules (for rheumatoid arthritis), Runfei Zhike Capsules (for lung-heat dry cough), and various anti-infective injections and capsules[28](index=28&type=chunk)[29](index=29&type=chunk) [Business Model](index=8&type=section&id=Business%20Model) The company's business model integrates procurement, production, sales, and R&D, featuring transparent bidding and digital management in procurement, market-oriented GMP-compliant production, diversified sales channels with strong terminal coverage, and R&D focused on innovation and industry-academia collaboration - The procurement model implements a transparent bidding system, utilizing digital technology to optimize procurement processes, enhance efficiency, and reduce costs[30](index=30&type=chunk) - The production model is market-oriented, strictly adheres to GMP requirements, and continuously improves production automation, informatization, and intelligence levels[31](index=31&type=chunk) - The sales model is diversified, including "channel distribution + terminal delivery + investment promotion agency + academic promotion + entrusted processing + drug centralized procurement delivery + terminal development," while strengthening brand drugs and terminal control[32](index=32&type=chunk) - The R&D model centers on the Pharmaceutical Research Institute, driving breakthroughs in innovative drugs and high-end preparations through independent R&D and industry-academia-research collaboration, focusing on "two advantages, six characteristics" product pipelines[33](index=33&type=chunk) [Company's Market Position](index=9&type=section&id=Company%27s%20Market%20Position) Lukang Pharmaceutical, committed to "developing ecological medicine and serving human health," ranked **51st** in China's pharmaceutical industry by main business revenue in 2024 and **5th** in Shandong Province, earning multiple technology and quality awards, with its subsidiary Sherile Company recognized as a national "Green Factory" - The company ranked **51st** among the top 100 enterprises in China's pharmaceutical industry by main business revenue in 2024, and **5th** among pharmaceutical industrial enterprises in Shandong Province[34](index=34&type=chunk) - The company received one **first prize** in the 2024 Shandong Provincial Science and Technology Invention Award and was recognized as a Shandong Provincial Quality Benchmark Enterprise and a Provincial Smart Factory[34](index=34&type=chunk) - Subsidiary Sherile Company was selected as a national "Green Factory" and listed among Shandong Province's 2024 National Manufacturing Single Champion Enterprises[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company achieved results in increasing volume, reducing costs, adjusting structure, controlling risks, and strict assessment, with plans for the second half to deepen market development, focus on cost reduction and efficiency improvement, comprehensively prevent risks, strengthen pressure transmission, and enhance Party building for high-quality development - In the first half, the company strengthened refined marketing management, accelerated industrialization of new products, and achieved continuous growth in formulation export business[36](index=36&type=chunk) - The company effectively reduced production costs through measures such as enhancing equipment intelligence, lean production, product technology iteration, and digital transformation[37](index=37&type=chunk) - Strategic layout optimization focused on "two advantages, six characteristics" product pipelines, accelerating industrialization of biosynthesized products, and commissioning a thousand-ton green biomanufacturing project for trans-aconitic acid[38](index=38&type=chunk) - The company strengthened compliance management, environmental management (100% compliance rate), safety management, and quality management (QMS fully online, Quality Supervision Center certified by CNAS)[39](index=39&type=chunk) - The second half operating plan includes deepening market development, focusing on cost reduction and efficiency improvement, comprehensively preventing risks, strengthening pressure transmission, and enhancing Party building[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&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 lie in its innovation capabilities, integrated industrial chain, adaptability to policy environments, and technological advancement with intelligent manufacturing, laying a solid foundation for high-quality development through continuous R&D investment, product line expansion, proactive policy response, and digital transformation - Innovation Capability: Continuously increasing R&D investment, implementing "R&D Excellence Projects," and achieving breakthroughs in innovative drugs, biomanufacturing, and high-end formulations[46](index=46&type=chunk) - Industrial Chain Integration Capability: Possessing a complete product chain from fermented raw materials to semi-synthetic APIs and formulations, and enriching product pipelines across multiple therapeutic areas[47](index=47&type=chunk) - Adaptability to Policy Environment: Closely monitoring national pharmaceutical policies, responding to policy adjustments through business innovation, and actively complying with environmental and "Healthy China" policies[48](index=48&type=chunk) - Technological Advancement and Intelligent Manufacturing: Leveraging nearly **60 years** of biopharmaceutical technology accumulation, continuously promoting digital and intelligent construction, and improving production efficiency through equipment upgrades and technological iteration[49](index=49&type=chunk)[50](index=50&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 key operating performance for the first half of 2025, including changes in financial statement items, significant impacts of non-core business on profit, asset and liability status, and investment activities, noting year-on-year declines in operating revenue and total profit primarily due to land disposal gains in the prior year, but a substantial increase in net cash flow from operating activities and increased investment in construction in progress - Total operating revenue decreased by **3.83%** to **CNY 3.15 billion**, and total profit decreased by **55.46%** to **CNY 142.93 million**[56](index=56&type=chunk) - Total profit and net profit attributable to the parent company significantly decreased year-on-year, mainly due to a large gain from the disposal of land in the South Plant area in the prior period, which was a non-recurring gain[53](index=53&type=chunk) - Net cash flow from operating activities increased by **70.00%** year-on-year, primarily due to increased cash received from sales of goods and provision of services[52](index=52&type=chunk)[56](index=56&type=chunk) - Construction in progress at period-end increased by **98.85%** compared to the end of the prior year, mainly due to increased investment in construction projects[57](index=57&type=chunk) - Long-term borrowings at period-end decreased by **19.10%** compared to the end of the prior year, mainly due to optimized loan structure and repayment of prior loans[57](index=57&type=chunk) [Analysis Table of Changes in Financial Statement Items](index=12&type=section&id=Analysis%20Table%20of%20Changes%20in%20Financial%20Statement%20Items) Operating revenue, operating costs, selling expenses, financial expenses, and R&D expenses decreased year-on-year, while administrative expenses increased; net cash flow from operating activities significantly increased by **70%**, net cash flow from investing activities saw a narrower decrease, and net cash flow from financing activities saw a wider decrease 2025 Semi-Annual Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,153,993,569.88 | 3,279,482,998.21 | -3.83 | | Operating Costs | 2,444,815,224.77 | 2,543,349,663.59 | -3.87 | | Selling Expenses | 216,345,390.21 | 307,817,727.36 | -29.72 | | Administrative Expenses | 124,080,869.76 | 113,318,615.75 | 9.50 | | Financial Expenses | 21,958,079.13 | 24,023,456.06 | -8.60 | | R&D Expenses | 138,184,253.75 | 158,893,369.08 | -13.03 | | Net Cash Flow from Operating Activities | 312,337,278.58 | 183,727,474.77 | 70.00 | | Net Cash Flow from Investing Activities | -105,329,326.59 | -133,436,846.82 | 21.06 | | Net Cash Flow from Financing Activities | -122,783,327.22 | -72,324,730.57 | -69.77 | - Selling expenses decreased by **29.72%**, primarily due to a reduction in promotional and advertising expenses[52](index=52&type=chunk)[56](index=56&type=chunk) - Net cash flow from operating activities increased by **70.00%**, mainly due to increased cash received from sales of goods and provision of services[52](index=52&type=chunk)[56](index=56&type=chunk) - Net cash flow from financing activities decreased by **69.77%**, primarily due to optimized loan structure and repayment of prior loans[52](index=52&type=chunk)[56](index=56&type=chunk) [Explanation of Significant Profit Changes Due to Non-Core Business](index=12&type=section&id=Explanation%20of%20Significant%20Profit%20Changes%20Due%20to%20Non-Core%20Business) The significant year-on-year decrease in total profit and net profit attributable to the parent company is primarily due to a large gain from the disposal of land in the company's South Plant area in the prior period, which was a non-recurring gain, causing a substantial change in current period performance - A large gain from the disposal of land in the company's South Plant area in the prior period led to a significant change in current period performance compared to the prior period[53](index=53&type=chunk) [Analysis of Assets and Liabilities](index=12&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds and inventories decreased, while accounts receivable and construction in progress significantly increased; on the liability side, contract liabilities and long-term borrowings decreased, but non-current liabilities due within one year substantially increased 2025 Semi-Annual Changes in Assets and Liabilities | Item Name | Period-end Balance (CNY) | Period-end % of Total Assets | Prior Year-end Balance (CNY) | Prior Year-end % of Total Assets | Period-end Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 716,996,053.00 | 8.07 | 772,536,945.22 | 8.49 | -7.19 | Mainly due to decrease in bank acceptance bill deposits | | Accounts Receivable | 1,103,764,942.54 | 12.42 | 940,440,122.12 | 10.34 | 17.37 | Mainly due to new accounts receivable for goods | | Inventories | 1,258,666,581.05 | 14.16 | 1,484,208,209.11 | 16.31 | -15.20 | Mainly due to decrease in inventory goods | | Construction in Progress | 242,311,975.29 | 2.73 | 121,858,867.39 | 1.34 | 98.85 | Mainly due to increased investment in construction projects | | Contract Liabilities | 61,075,946.20 | 0.69 | 104,655,572.38 | 1.15 | -41.64 | Mainly due to decrease in advance receipts for sales | | Long-term Borrowings | 1,363,960,000.00 | 15.35 | 1,685,900,000.00 | 18.53 | -19.10 | Mainly due to optimized loan structure and repayment of prior loans | - As of the end of the reporting period, the company's monetary funds, accounts receivable financing, and intangible assets were restricted, with a total restricted amount of **CNY 273,125,878.63**[59](index=59&type=chunk) [Analysis of Investment Status](index=13&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company increased investment in construction in progress projects GZ-09 and SY-25, with their combined period-end balance reaching **CNY 127 million**; financial assets measured at fair value (stocks) were fully sold, resulting in a fair value change loss of **CNY -71,340.00** 2025 Semi-Annual Major Non-Equity Investment Projects | Project Name | Beginning Balance (CNY) | Current Period Increase (Internal Development Expenses) (CNY) | Period-end Balance (CNY) | Project Progress | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | | GZ-09 Project | 53,844,156.44 | 16,318,159.69 | 70,162,316.13 | In progress | Own funds | | SY-25 Project | 7,758,095.26 | 49,259,448.66 | 57,017,543.92 | In progress | Own funds | | **Total** | **61,602,251.70** | **65,577,608.35** | **127,179,860.05** | / | / | - Financial assets measured at fair value (stocks) had a beginning balance of **CNY 1,220,160.00**, were fully sold in the current period, and generated a fair value change loss of **CNY -71,340.00**[64](index=64&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the company's major holding subsidiaries, including Shandong Lukang Pharmaceutical Group Saite Co., Ltd., Qinghai Lukang Dadi Pharmaceutical Co., Ltd., Shandong Lukang Sherile Pharmaceutical Co., Ltd., and Shandong Lukang Zhonghe Environmental Protection Technology Co., Ltd., disclosing their registered capital, total assets, net assets, operating revenue, operating profit, and net profit Major Holding Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Lukang Pharmaceutical Group Saite Co., Ltd. | Subsidiary | Chemical pharmaceutical preparations manufacturing | 49,548,000.00 | 550,254,820.01 | 368,351,938.96 | 252,991,613.69 | 23,059,928.24 | 9,375,847.60 | | Qinghai Lukang Dadi Pharmaceutical Co., Ltd. | Subsidiary | Traditional Chinese medicine, chemical pharmaceutical preparations manufacturing | 40,000,000.00 | 136,665,626.74 | 82,735,787.40 | 45,436,649.89 | 5,344,444.86 | 4,980,077.04 | | Shandong Lukang Sherile Pharmaceutical Co., Ltd. | Subsidiary | Veterinary drug manufacturing | 255,880,000.00 | 2,649,810,600.08 | 1,406,148,420.30 | 1,324,111,925.38 | 94,703,616.69 | 75,699,025.94 | | Shandong Lukang Zhonghe Environmental Protection Technology Co., Ltd. | Subsidiary | Hazardous waste treatment, environmental engineering construction | 50,000,000.00 | 225,160,997.59 | 127,537,977.49 | 124,301,890.53 | 17,654,633.17 | 14,809,182.69 | [Other Disclosures](index=16&type=section&id=Other%20Disclosures) This section discloses potential policy, market, R&D, and raw material price fluctuation risks, and updates on the recovery of land acquisition compensation for the South Plant area, with the company planning to address these risks through policy research, market monitoring, careful R&D evaluation, and strengthened supplier management - The company faces risks from changes in pharmaceutical industry policies, such as drug approval, quality regulation, and centralized procurement[66](index=66&type=chunk) - Intense market competition and drug homogeneity create pressure on pricing, technological innovation, and market share for the company[66](index=66&type=chunk) - New drug R&D is capital-intensive, involving long cycles, high costs, and uncertain success rates[66](index=66&type=chunk) - Fluctuations in raw material prices directly impact the company's profitability, prompting the company to strengthen supplier management and optimize procurement strategies[67](index=67&type=chunk) - The remaining **CNY 308.119 million** of land acquisition compensation for the South Plant area has not yet been received, and the company will closely monitor its recovery[67](index=67&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=17&type=section&id=Item%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's profit distribution or capital reserve conversion plan is not applicable for this reporting period - The company's proposed semi-annual profit distribution plan and capital reserve conversion plan are "No," meaning no distribution or conversion[70](index=70&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=17&type=section&id=Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) The company and **seven** major subsidiaries are included in the list of enterprises required to disclose environmental information, with query indexes provided for their environmental information disclosure reports, demonstrating the company's compliance in environmental governance - The company and **seven** subsidiaries are included in the list of enterprises required to disclose environmental information[70](index=70&type=chunk) - Query indexes for the environmental information disclosure reports of the company and its subsidiaries are provided[70](index=70&type=chunk) Part V [Significant Matters](index=19&type=section&id=Item%20V%20Significant%20Matters) [Fulfillment of Commitments](index=19&type=section&id=Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments by the company's actual controller and shareholder, Hualu Group, regarding avoiding horizontal competition, including their commitment to no horizontal competition, measures to prevent new competing businesses, and solutions for overlapping drug approvals for Rosuvastatin Calcium Tablets and Tadalafil Tablets, with all commitments strictly fulfilled on schedule - Hualu Group commits that there is no horizontal competition with Lukang Pharmaceutical and will take necessary measures to avoid new competing businesses[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk) - Hualu Group commits to resolving the issue of overlapping drug approvals with Xinhua Pharmaceutical for Rosuvastatin Calcium Tablets and Tadalafil Tablets by August 2025, including one party ceasing production and resolving the issue through asset transfer or business adjustment within **three years**[76](index=76&type=chunk) - During the reporting period, all commitments made by Hualu Group were strictly fulfilled[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [Material Litigation and Arbitration Matters](index=24&type=section&id=Material%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no material litigation or arbitration matters - The company had no material litigation or arbitration matters during this reporting period[77](index=77&type=chunk) [Material Related Party Transactions](index=24&type=section&id=Material%20Related%20Party%20Transactions) This section discloses the company's related party transactions involving the purchase and sale of goods and provision/acceptance of services; from January to June 2025, actual purchases from and services accepted from related parties totaled **CNY 21.9244 million**, while sales to and services provided to related parties totaled **CNY 3.2386 million** 2025 Jan-Jun Related Party Transactions Related to Daily Operations | Related Party Transaction Category | Related Party | 2025 Estimated Amount (CNY 10,000) | 2025 Jan-Jun Actual Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | | Purchase of goods and acceptance of services from related parties | Shandong Xinhua Pharmaceutical Co., Ltd. | 4,100.00 | 1,697.64 | | | Shandong Hualu Hengsheng Chemical Co., Ltd. | 450.00 | 47.99 | | | Shandong Hualu Group Co., Ltd. | 50.00 | 23.58 | | | Shandong Provincial Environmental Protection Science Research and Design Institute Co., Ltd. | 700.00 | 0.00 | | | Beijing Yujing Health Technology Co., Ltd. | 650.00 | 423.23 | | **Subtotal** | | **5,950.00** | **2,192.44** | | Sale of goods and provision of services to related parties | Shandong Xinhua Pharmaceutical Co., Ltd. | 1,200.00 | 210.00 | | | Shandong Lukang Haoliyou Biotechnology Development Co., Ltd. | 265.00 | 113.86 | | **Subtotal** | | **1,465.00** | **323.86** | | **Total** | | **7,415.00** | **2,516.30** | [Material Contracts and Their Performance](index=26&type=section&id=Material%20Contracts%20and%20Their%20Performance) This section discloses the company's guarantees for its subsidiaries; during the reporting period, the total amount of guarantees provided to subsidiaries was **CNY 1,021,000,000.00**, with a period-end guarantee balance of **CNY 357,800,758.24**, and the company has no external guarantees 2025 Semi-Annual Company Guarantee Total | Indicator | Amount (CNY) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 1,021,000,000.00 | | Total guarantee balance for subsidiaries at period-end (B) | 357,800,758.24 | | Total guarantees (A+B) | 357,800,758.24 | - The company has no guarantees provided to its controlling shareholder, actual controller, or their related parties[82](index=82&type=chunk) Part VI [Share Changes and Shareholder Information](index=27&type=section&id=Item%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=27&type=section&id=Share%20Capital%20Changes) 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[85](index=85&type=chunk) [Shareholder Information](index=27&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **124,134** common shareholders; Hualu Holding Group Co., Ltd. is the largest shareholder, holding **20.69%** of shares, and Hualu Investment Development Co., Ltd. among the top ten shareholders is a wholly-owned subsidiary of Hualu Holding Group Co., Ltd - As of the end of the reporting period, the total number of common shareholders was **124,134**[86](index=86&type=chunk) Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Hualu Holding Group Co., Ltd. | 185,896,620 | 20.69 | State-owned legal person | | Hualu Investment Development Co., Ltd. | 28,108,107 | 3.13 | State-owned legal person | | Fucheng Haifu Asset Management - Shandong Development Investment Holding Group Co., Ltd. - Fucheng Haifutong Xinyi No. 2 Single Asset Management Plan | 8,800,000 | 0.98 | Domestic non-state-owned legal person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 6,662,630 | 0.74 | Domestic non-state-owned legal person | | Lu Shanqing | 6,180,700 | 0.69 | Domestic natural person | | Hong Kong Securities Clearing Company Limited | 4,849,464 | 0.54 | Overseas legal person | | Jiang Zhidan | 4,675,189 | 0.52 | Domestic natural person | | Chen Yuan | 4,353,990 | 0.48 | Domestic natural person | | Chen Xun | 4,332,400 | 0.48 | Domestic natural person | | Zhou Jiang | 4,000,000 | 0.45 | Domestic natural person | - Hualu Investment Development Co., Ltd. is a wholly-owned subsidiary of Hualu Holding Group Co., Ltd., the company's controlling shareholder[90](index=90&type=chunk) Part VII [Bond-Related Information](index=30&type=section&id=Item%20VII%20Bond-Related%20Information) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=30&type=section&id=Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[93](index=93&type=chunk) [Convertible Corporate Bonds](index=30&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[93](index=93&type=chunk) Part VIII [Financial Report](index=31&type=section&id=Item%20VIII%20Financial%20Report) [Financial Statements](index=31&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 for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation - Provides consolidated balance sheets, consolidated income statements, consolidated cash flow statements, and consolidated statements of changes in owners' equity[95](index=95&type=chunk)[102](index=102&type=chunk)[108](index=108&type=chunk)[114](index=114&type=chunk) - Provides parent company balance sheets, parent company income statements, parent company cash flow statements, and parent company statements of changes in owners' equity[98](index=98&type=chunk)[106](index=106&type=chunk)[111](index=111&type=chunk)[124](index=124&type=chunk) [Company's Basic Information](index=55&type=section&id=Company%27s%20Basic%20Information) This section introduces Shandong Lukang Pharmaceutical Co., Ltd.'s establishment date, unified social credit code, legal representative, registered capital, registered address, and main business scope, including chemical APIs and preparations, veterinary drug manufacturing, feed additive production and sales, and import/export trade - The company was established on February 15, 1993, with Peng Xin as the legal representative and a registered capital of **CNY 898,669,632.00**[129](index=129&type=chunk) - The company's main businesses include chemical APIs and preparations, chemical raw materials, excipients and intermediates for pharmaceutical production, veterinary drug processing and manufacturing, feed additive production and sales, and import/export trade[129](index=129&type=chunk) [Basis for Preparation of Financial Statements](index=55&type=section&id=Basis%20for%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant regulations, and the China Securities Regulatory Commission's "Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No. 15," with accounting based on the accrual basis and historical cost measurement - Financial statements are prepared on a going concern basis, in compliance with "Enterprise Accounting Standards" and relevant regulations[130](index=130&type=chunk) - Accounting is based on the accrual basis, and except for certain financial instruments, all items are measured at historical cost[130](index=130&type=chunk) - The company possesses the ability to continue as a going concern for at least **twelve months** from the end of the reporting period, with no significant adverse risks[131](index=131&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, consolidated financial statements, financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases, ensuring the truthfulness and accuracy of financial information - Financial statements comply with enterprise accounting standards, accurately and completely reflecting the company's financial position[132](index=132&type=chunk) - Detailed explanations are provided for accounting treatments of business combinations under common control and non-common control[138](index=138&type=chunk)[140](index=140&type=chunk) - The preparation methods for consolidated financial statements are elaborated, with control as the basis for determining the consolidation scope[143](index=143&type=chunk)[145](index=145&type=chunk) - Classification, recognition, measurement, and impairment provision methods for financial assets and financial liabilities are clearly defined[163](index=163&type=chunk)[166](index=166&type=chunk)[176](index=176&type=chunk) - Rules are established for inventory classification, issuance pricing methods, inventory systems, and recognition and provision methods for inventory impairment[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[199](index=199&type=chunk) - Detailed explanations are provided for the recognition criteria and depreciation methods of fixed assets, as well as the measurement and transfer criteria for construction in progress[216](index=216&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk) - The determination of useful lives for intangible assets, amortization methods, and the scope of R&D expenditure aggregation and capitalization conditions are elaborated[224](index=224&type=chunk)[227](index=227&type=chunk) - General principles for revenue recognition and specific principles for the company's sales revenue recognition are clarified[247](index=247&type=chunk)[250](index=250&type=chunk) - Types of government grants, accounting treatment methods, and criteria for distinguishing between asset-related and income-related grants are specified[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk)[258](index=258&type=chunk) - Detailed explanations are provided for the recognition, measurement, and offsetting principles of deferred income tax assets/liabilities[260](index=260&type=chunk)[261](index=261&type=chunk) - Accounting treatments for leases as a lessee and lessor are elaborated, including right-of-use assets, lease liabilities, short-term leases, and low-value asset leases[262](index=262&type=chunk)[263](index=263&type=chunk)[265](index=265&type=chunk)[267](index=267&type=chunk) [Taxation](index=86&type=section&id=Taxation) This section discloses the main tax categories and rates for the company and its major subsidiaries, and lists subsidiaries enjoying high-tech enterprise tax incentives and small-profit enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable sales revenue | 3%, 5%, 6%, 9%, 13% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - The company and several subsidiaries (e.g., Shandong Lukang Sherile Pharmaceutical Co., Ltd., Shandong Lukang Pharmaceutical Group Saite Co., Ltd.) are recognized as high-tech enterprises, enjoying a **15%** corporate income tax preferential rate[284](index=284&type=chunk)[285](index=285&type=chunk) - Some subsidiaries (e.g., Shandong Lukang International Trade Co., Ltd.) qualify as small-profit enterprises, enjoying a preferential policy of calculating taxable income at **25%** and paying corporate income tax at a **20%** rate, extended until December 31, 2027[285](index=285&type=chunk) [Notes to Consolidated Financial Statement Items](index=87&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for major items in the consolidated financial statements, including monetary funds, financial assets held for trading, accounts receivable, inventories, construction in progress, intangible assets, short-term borrowings, notes payable, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, long-term borrowings, deferred income, share capital, other comprehensive income, specific reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, and cash flow statement items, offering specific information on period-end balances, beginning balances, current period changes, and reasons for changes - Monetary funds at period-end totaled **CNY 716,996,053.00**, a **7.19%** decrease from the beginning of the period, mainly due to a reduction in bank acceptance bill deposits[287](index=287&type=chunk) - Financial assets held for trading at period-end were **CNY 0**, down from **CNY 1,220,160.00** at the beginning of the period, as they were fully sold[289](index=289&type=chunk)[290](index=290&type=chunk) - Accounts receivable at period-end had a book value of **CNY 1,103,764,942.54**, a **17.37%** increase from the beginning of the period, mainly due to new accounts receivable for goods[293](index=293&type=chunk)[299](index=299&type=chunk) - Inventories at period-end had a book value of **CNY 1,258,666,581.05**, a **15.20%** decrease from the beginning of the period, mainly due to a reduction in inventory goods[323](index=323&type=chunk) - Construction in progress at period-end had a book value of **CNY 242,311,975.29**, a **98.85%** increase from the beginning of the period, mainly due to increased investment in construction projects[348](index=348&type=chunk)[350](index=350&type=chunk) - Short-term borrowings at period-end totaled **CNY 915,130,842.18**, a **4.97%** increase from the beginning of the period[369](index=369&type=chunk) - Long-term borrowings at period-end totaled **CNY 1,363,960,000.00**, a **19.10%** decrease from the beginning of the period, mainly due to optimized loan structure and repayment of prior loans[393](index=393&type=chunk) - Operating revenue for the current period was **CNY 3,153,993,569.88**, a **3.83%** decrease from the prior period; operating costs were **CNY 2,444,815,224.77**, a **3.87%** decrease from the prior period[417](index=417&type=chunk) - Net cash flow from operating activities for the current period was **CNY 312,337,278.58**, a **70.00%** increase from the prior period[446](index=446&type=chunk) [Research and Development Expenses](index=129&type=section&id=Research%20and%20Development%20Expenses) This section discloses the company's R&D expenditures for the first half of 2025, totaling **CNY 192,503,302.94**, comprising **CNY 138,184,253.75** in expensed R&D and **CNY 54,319,049.19** in capitalized R&D, with key capitalized R&D projects including innovative drug development and generic drug development 2025 Semi-Annual R&D Expenses by Nature | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee compensation | 54,048,284.47 | 50,574,440.49 | | Material costs | 21,762,491.90 | 38,200,954.92 | | Utility costs | 12,762,050.62 | 13,159,777.76 | | Depreciation and amortization | 16,236,409.45 | 28,957,551.74 | | Other | 87,694,066.50 | 37,044,836.59 | | **Total** | **192,503,302.94** | **167,937,561.50** | | Of which: Expensed R&D | 138,184,253.75 | 158,893,369.08 | | Capitalized R&D | 54,319,049.19 | 9,044,192.42 | 2025 Semi-Annual Capitalized R&D Projects | Project | Beginning Balance (CNY) | Current Period Increase (Internal Development Expenses) (CNY) | Period-end Balance (CNY) | R&D Progress | Estimated Completion Time | | :--- | :--- | :--- | :--- | :--- | :--- | | Innovative Drug R&D | 51,521,791.52 | 0.00 | 51,521,791.52 | Phase I clinical trials | 2030 | | Generic Drug R&D | 70,377,089.47 | 54,319,049.19 | 98,197,890.82 | | | - The innovative drug R&D project CIGB-814 is in Phase I clinical trials, with an estimated completion in **2030**[456](index=456&type=chunk) [Interests in Other Entities](index=131&type=section&id=Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the main operating locations, registered capital, business nature, shareholding percentages, and acquisition methods for each subsidiary, as well as key financial information for important non-wholly-owned subsidiaries and associates - The company owns multiple wholly-owned or controlling subsidiaries, with businesses covering veterinary drug manufacturing, chemical pharmaceutical preparations manufacturing, trade, and environmental engineering[459](index=459&type=chunk) Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Period-end Balance) | Subsidiary Name | Current Assets (CNY) | Non-current Assets (CNY) | Total Assets (CNY) | Current Liabilities (CNY) | Non-current Liabilities (CNY) | Total Liabilities (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Lukang Pharmaceutical Group Saite Co., Ltd. | 267,485,589.44 | 282,769,230.57 | 550,254,820.01 | 180,352,881.05 | 1,550,000.00 | 181,902,881.05 | Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Current Period Amount) | Subsidiary Name | Operating Revenue (CNY) | Net Profit (CNY) | Total Comprehensive Income (CNY) | Net Cash Flow from Operating Activities (CNY) | | :--- | :--- | :--- | :--- | :--- | | Shandong Lukang Pharmaceutical Group Saite Co., Ltd. | 252,991,613.69 | 9,375,847.60 | 9,375,847.60 | -16,353,578.97 | Key Financial Information of Important Associates (Period-end Balance/Current Period Amount) | Item | Shandong Lukang Haoliyou Biotechnology Development Co., Ltd. | | :--- | :--- | | Total Assets (CNY) | 213,618,201.86 | | Total Liabilities (CNY) | 83,135,434.56 | | Equity Attributable to Parent Company Shareholders (CNY) | 130,482,767.30 | | Net Profit (CNY) | -4,799,800.79 | | Total Comprehensive Income (CNY) | -4,799,800.79 | - Jining Lukang Property Management Co., Ltd. incurred excess losses, with unrecognized investment losses of **CNY 15,442.01** for the current period and cumulative unrecognized losses of **CNY 1,109,383.90**[474](index=474&type=chunk) [Government Grants](index=137&type=section&id=Government%20Grants) This section discloses the company's government grant liability items and grants recognized in current profit or loss for the first half of 2025; the period-end balance of government grants in deferred income is **CNY 162,484,304.36**, and total government grants recognized in current profit or loss for the current period amounted to **CNY 18,948,233.68**, with **CNY 7,970,323.70** related to assets and **CNY 10,977,909.98** related to income 2025 Semi-Annual Government Grant Liability Items | Financial Statement Item | Beginning Balance (CNY) | Current Period New Grants (CNY) | Current Period Transferred to Other Income (CNY) | Period-end Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 165,724,728.06 | 4,729,900.00 | 7,970,323.70 | 162,484,304.36 | Asset-related | 2025 Semi-Annual Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-related | 7,970,323.70 | 7,400,054.30 | | Income-related | 10,977,909.98 | 72,879,378.50 | | **Total** | **18,948,233.68** | **80,279,432.80** | [Risks Related to Financial Instruments](index=138&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, market risk (foreign exchange risk, interest rate risk), and liquidity risk in its operations, which are managed through measures such as depositing funds with highly-rated banks, setting credit limits, and providing for bad debts for credit risk; monitoring foreign currency financial assets/liabilities and interest-bearing debt for market risk; and ensuring sufficient cash for liquidity risk - The company faces **credit risk**, **market risk** (foreign exchange risk, interest rate risk), and **liquidity risk**[480](index=480&type=chunk) - Credit risk primarily arises from bank deposits, accounts receivable, and other receivables, managed by depositing with highly-rated banks, setting credit limits, and providing for bad debts[481](index=481&type=chunk) - Foreign exchange risk mainly stems from financial assets and liabilities denominated in USD or EUR[482](index=482&type=chunk) - Interest rate risk primarily arises from floating-rate bank loans and other interest-bearing debt, with company management responsible for monitoring interest rate risk[483](index=483&type=chunk) - Liquidity risk is managed by ensuring sufficient cash to repay maturing debts[485](index=485&type=chunk) [Disclosure of Fair Value](index=139&type=section&id=Disclosure%20of%20Fair%20Value) This section discloses the company's assets and liabilities measured at fair value at period-end; the total assets continuously measured at fair value amounted to **CNY 460,651,385.07**, primarily including accounts receivable financing and other equity instrument investments Period-end Assets and Liabilities Measured at Fair Value | Item | Period-end Fair Value (CNY) | | :--- | :--- | | **I. Continuous Fair Value Measurement** | | | (I) Financial assets held for trading | 460,651,385.07 | | 1. Financial assets measured at fair value through profit or loss | 460,651,385.07 | | (4) Accounts receivable financing | 444,234,258.86 | | (5) Other equity instrument investments | 16,417,126.21 | | **Total assets continuously measured at fair value** | **460,651,385.07** | - Other equity instrument investments at period-end totaled **CNY 16,417,126.21**, with a loss of **CNY 1,387,189.78** recognized in other comprehensive income for the current period[490](index=490&type=chunk) [Related Parties and Related Party Transactions](index=141&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) This section provides detailed information on the company's related parties and related party transactions; Hualu Holding Group Co., Ltd. is the company's controlling shareholder with a **23.81%** stake, and the company engages in transactions such as purchasing/selling goods, providing services, related leases, and related guarantees with related parties under common control (e.g., Shandong Xinhua Pharmaceutical Co., Ltd.) and associates (e.g., Shandong Lukang Haoliyou Biotechnology Development Co., Ltd.) - Hualu Holding Group Co., Ltd. is the company's controlling shareholder, holding **23.81%** of shares, with the ultimate controlling party being the Shandong Provincial State-owned Assets Supervision and Administration Commission[492](index=492&type=chunk) - The company engages in purchasing/selling goods and accepting services with related parties under common control, such as Shandong Hualu Hengsheng Chemical Co., Ltd. and Shandong Xinhua Pharmaceutical Co., Ltd.[493](index=493&type=chunk)[494](index=494&type=chunk) - The company provides office facility leasing services to Shandong Lukang Haoliyou Biotechnology Development Co., Ltd., recognizing lease income of **CNY 981,579.00** for the current period[497](index=497&type=chunk) - Hualu Holding Group Co., Ltd. provides multiple guarantees for the company, totaling hundreds of millions of CNY, with some guarantees not yet fulfilled[498](index=498&type=chunk) - The company had intercompany borrowings with Hualu Holding Group Co., Ltd., with a beginning balance of **CNY 350 million**, which has been reduced to **CNY 0** by period-end[499](index=499&type=chunk) - The company pays loan interest and trademark usage fees to Hualu Holding Group Co., Ltd.[502](index=502&type=chunk) - Discloses outstanding related party items including accounts receivable, prepayments, other receivables, accounts payable, other payables, dividends payable, and long-term borrowings[504](index=504&type=chunk)[506](index=506&type=chunk)[507](index=507&type=chunk) [Commitments and Contingencies](index=146&type=section&id=Commitments%20and%20Contingencies) This section states that the company had no significant commitments or important contingencies requiring disclosure during the reporting period - The company had no significant commitments during the reporting period[509](index=509&type=chunk) - The company had no important contingencies requiring disclosure[510](index=510&type=chunk) [Notes to Major Items in Parent Company Financial Statements](index=148&type=section&id=Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This section provides detailed notes for major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, offering specific information on period-end balances, beginning balances, current period changes, and reasons for changes - The parent company's accounts receivable at period-end had a book value of **CNY 545,083,506.80**, a **1.54%** increase from the beginning of the period[515](index=515&type=chunk) - The parent company's other receivables at period-end totaled **CNY 385,819,184.12**, a **1.96%** increase from the beginning of the period, primarily including land acquisition compensation and intercompany balances[521](index=521&type=chunk)[525](index=525&type=chunk) - The parent company's dividends receivable at period-end totaled **CNY 292,542,300.00**, a **15.84%** increase from the beginning of the period, mainly from Shandong Lukang Sherile Pharmaceutical Co., Ltd.[523](index=523&type=chunk) - The parent company's investments in subsidiaries at period-end had a book value of **CNY 1,160,456,218.18**, a **1.66%** increase from the beginning of the period[535](index=535&type=chunk) - The parent company's operating revenue for the current period was **CNY 1,465,338,231.15**, a **16.09%** decrease from the prior period; operating costs were **CNY 1,124,674,503.58**, a **14.85%** decrease from the prior period[542](index=542&type=chunk) - The parent company's investment income for the current period was **CNY 47,255,381.23**, compared to **CNY -3,877,509.50** in the prior period, mainly due to increased investment income from long-term equity investments accounted for using the cost method[543](index=543&type=chunk) [Supplementary Information](index=158&type=section&id=Supplementary%20Information) This section provides supplementary information for the company's first half of 2025, including a detailed statement of non-recurring gains and losses and net asset return and earnings per share, with total non-recurring gains and losses amounting to **CNY 6,755,741.66** and basic earnings per share of **CNY 0.12/share** 2025 Semi-Annual Non-Recurring Gains and Losses Details | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 54,358.85 | | Government grants recognized in current profit or loss | 10,586,633.68 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 8,893.63 | | Debt restructuring gains or losses | 10,956.05 | | Other non-operating income and expenses | -3,991,125.84 | | Less: Income tax impact | 222,047.15 | | Minority interest impact (after tax) | -308,072.44 | | **Total** | **6,755,741.66** | 2025 Semi-Annual Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY) | Diluted Earnings Per Share (CNY) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 2.70 | 0.12 | 0.12 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 2.53 | 0.11 | 0.11 |

福莱特玻璃集团股份有限公司2025 年半年度报告 公司代码：601865 公司简称：福莱特 福莱特玻璃集团股份有限公司 2025 年半年度报告 1 / 181 福莱特玻璃集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人阮洪良、主管会计工作负责人蒋纬界及会计机构负责人（会计主管人员）金慧 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 考虑到公司的资金需求，公司不进行2025年半年度股息分配。 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 ...

苏州可川电子科技股份有限公司2025 年半年度报告 公司代码：603052 公司简称：可川科技 苏州可川电子科技股份有限公司 2025 年半年度报告 1 / 162 苏州可川电子科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 中审众环会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人朱春华、主管会计工作负责人周博及会计机构负责人（会计主管人员）周博声 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发展规划等前瞻性陈述不构成公司对投资者的实质承诺，敬请广大投资 者理性投资，注意风险。 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 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for key terms used throughout the report, ensuring clarity on company identifiers and the reporting period [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, clarifying key terms such as "Jinjiang Online," "the Company," "the Group," and the reporting period - The reporting period is defined as **January 1, 2025, to June 30, 2025**[10](index=10&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 outlines the company's basic information, contact details, historical changes, stock overview, and key financial performance metrics for the reporting period [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section introduces the basic information of Shanghai Jinjiang Online Network Services Co., Ltd., including its Chinese name, abbreviation, English name, and legal representative - The company's full Chinese name is Shanghai Jinjiang Online Network Services Co., Ltd., abbreviated as Jinjiang Online, with **Xu Ming** as the legal representative[12](index=12&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email - The Board Secretary is **Shen Yun**, and the Securities Affairs Representative is **Wu Jia**, both located at **18th Floor, 100 Yan'an East Road, Shanghai**[13](index=13&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines the historical changes in the company's registered address and notes no changes occurred during the reporting period - The company's registered address is **1 Pudong Avenue, China (Shanghai) Pilot Free Trade Zone**, changed to the current address in **2000**, with no changes during the reporting period[14](index=14&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's designated newspapers and website for information disclosure and the location for semi-annual report custody, confirming no changes during the reporting period - The company's designated newspapers for information disclosure are **"Shanghai Securities News"** and **"Hong Kong Commercial Daily,"** and the website address is **www.sse.com.cn**[15](index=15&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section lists the company's stock types, listing exchanges, stock abbreviations, codes, and previous stock abbreviations Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Jinjiang Online | 600650 | Jinjiang Investment, Xin Jinjiang | | B-share | Shanghai Stock Exchange | Jin Online B | 900914 | Jin Tou B-share, Xin Jin B-share | [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, explaining the performance decline due to reduced auto sales and operations revenue and lower fair value changes in financial assets Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 790,707,983.66 | 905,915,998.20 | -12.72 | | Total Profit | 93,319,326.68 | 125,943,655.11 | -25.90 | | Net Profit Attributable to Listed Company Shareholders | 76,401,084.73 | 102,687,972.20 | -25.60 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | 68,211,117.85 | 86,463,439.63 | -21.11 | | Net Cash Flow from Operating Activities | 10,888,870.12 | 100,131,017.30 | -89.13 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 4,274,715,572.01 | 4,232,115,955.48 | 1.01 | | Total Assets (Period-End) | 5,665,585,638.39 | 5,553,732,201.39 | 2.01 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.139 | 0.186 | -25.27 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (Yuan/Share) | 0.124 | 0.157 | -21.02 | | Weighted Average Return on Net Assets (%) | 1.78 | 2.61 | Decrease of 0.83 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 1.59 | 2.20 | Decrease of 0.61 percentage points | - Operating revenue decreased by **12.72%** year-on-year, and net profit attributable to parent company owners decreased by **25%**, primarily due to reduced auto sales and operations revenue from 4S store closures and ride-hailing impact, as well as lower fair value changes in financial assets and investment income from investee companies[19](index=19&type=chunk)[20](index=20&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **8,189,966.88 yuan** Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 812,325.21 | | Government grants recognized in profit or loss for the current period | 3,768,483.39 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 10,931,236.36 | | One-off expenses incurred by enterprises due to the discontinuation of related business activities (e.g., employee resettlement expenses) | -1,946,332.00 | | Other non-operating income and expenses apart from the above items | 2,520,155.10 | | Other gains and losses items that meet the definition of non-recurring gains and losses | -5,738,775.00 | | Less: Income tax impact | 2,122,208.62 | | Impact on minority interests (after tax) | 34,917.56 | | Total | 8,189,966.88 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry landscape, main business operations, core competencies, key operating performance, and other significant disclosures during the reporting period [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the latest policies and development trends in the company's industries (pre-cooked dishes, cold chain logistics, international freight forwarding, autonomous driving) and describes the operating models and development of its four main businesses: vehicle operations, cold chain logistics, semi-finished food, and international freight forwarding - The pre-cooked dishes industry is subject to new food safety standards, strengthening regulation and promoting standardized development[26](index=26&type=chunk) - The cold chain logistics industry shows steady growth, expanding market size and extending to townships, driven by consumption promotion policies and national cold chain logistics hub construction[27](index=27&type=chunk) - The international freight forwarding industry is supported by Ministry of Commerce policies, encouraging international logistics hub construction and smooth flow of bulk commodities, new energy vehicles, and cold chain goods[28](index=28&type=chunk) - The autonomous driving industry is accelerating from "technology verification" to "scenario implementation," with **L3** autonomous driving products gradually launching and driverless taxis starting paid operations in Shanghai[29](index=29&type=chunk) - The company's main businesses include vehicle operations, cold chain logistics, semi-finished food, and international freight forwarding, with no significant changes in operating models[30](index=30&type=chunk)[31](index=31&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company actively responded to complex market conditions, focused on its main businesses, and advanced market-oriented reforms and digital transformation, with operating revenue and net profit decreasing year-on-year, but key businesses like international freight forwarding, passenger transport, and food supply chain still making progress Completion of Key Operating Indicators | Indicator | Amount for Current Period (10,000 Yuan) | YoY Decrease (%) | | :--- | :--- | :--- | | Operating Revenue | 79,070.80 | 13 | | Net Profit Attributable to Parent Company Owners | 7,640.11 | 26 | | Net Profit Excluding Non-Recurring Gains and Losses | 6,821.11 | 21 | - International freight forwarding business: Jinjiang Jiya's air export volume grew by over **10%** year-on-year; ocean freight maintained its advantage on North American routes, actively developing non-US markets like Africa and Southeast Asia, adding dozens of new clients in automotive and other industries[33](index=33&type=chunk)[34](index=34&type=chunk) - Automotive passenger transport business: Commercial vehicle business expanded to new clients in education, finance, and new energy sectors, adding over a hundred long-term charter partnerships; Jinjiang Taxi is renewing its entire fleet and continuing smart connected driverless taxi demonstration operations[36](index=36&type=chunk)[37](index=37&type=chunk) - Food supply chain business: Maintained rapid growth in the first half; Jinjiang Low-Temperature focused on beef category for integrated warehousing and distribution, Jinjiang Yuwei completed R&D and launched over **30** new products, with online channel revenue doubling[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - The company continued to advance market-oriented reforms, optimize performance appraisal, strengthen digital construction, coordinate various business segments to promote expense control, comprehensive budget, and business-finance middle-office systems, and upgraded its air freight business system and "Jin Dashu" mini-program[40](index=40&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include its "Jinjiang" brand advantage, support from Jinjiang International's hotel network, rich business resources and operational experience, high-quality asset portfolio, efficient business chain synergy, standardized corporate governance, and stable shareholder returns - The "Jinjiang" brand enjoys high recognition and a good image domestically and internationally, with its influence further expanding as Jinjiang International pursues its "global layout, multinational operation" strategy[42](index=42&type=chunk) - Jinjiang International Group owns or manages over **14,120** hotels globally, providing support for the company's vehicle operations, cold chain logistics, and semi-finished food businesses[42](index=42&type=chunk) - Jinjiang Jiya ranks highly in the international freight forwarding industry, Jinjiang Auto holds a leading position in Shanghai's passenger transport sector, and the cold chain logistics business is known for its strong refrigeration and low-temperature distribution capabilities[42](index=42&type=chunk) - The company's asset portfolio is high-quality; its stake in Shanghai Pudong International Airport Cargo Terminal Co., Ltd. provides stable investment returns, and its financial assets yield stable dividend income[43](index=43&type=chunk) - The company adheres to a dual-driven strategy of food and cold chain, ensuring product quality and revenue stability through business chain synergy, such as Jinjiang Yuwei and Jinjiang Low-Temperature unifying refrigerant ratio standards[43](index=43&type=chunk) - The company strictly adheres to laws and regulations, continuously improving its corporate governance structure and internal control system, forming a standardized and efficient governance mechanism[43](index=43&type=chunk) - The company's articles of association stipulate that the total annual cash dividend shall not be less than **30%** of the net profit attributable to listed company shareholders, ensuring investors share in development dividends[44](index=44&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=11&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the changes in the company's main business financial statement items, asset and liability status, and investment situation, noting decreases in operating revenue and costs, a significant reduction in sales expenses, and substantial increases in right-of-use assets and lease liabilities due to new long-term lease contracts Analysis of Changes in Financial Statement Items | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 790,707,983.66 | 905,915,998.20 | -12.72 | | Operating Cost | 675,382,238.78 | 738,509,908.26 | -8.55 | | Sales Expenses | 34,683,916.22 | 63,203,784.83 | -45.12 | | Administrative Expenses | 72,349,893.23 | 73,650,239.90 | -1.77 | | Financial Expenses | -10,786,914.41 | -8,839,614.99 | -22.03 | | R&D Expenses | 205,719.85 | 198,129.76 | 3.83 | | Net Cash Flow from Operating Activities | 10,888,870.12 | 100,131,017.30 | -89.13 | | Net Cash Flow from Investing Activities | -30,167,727.01 | -100,884,560.27 | 70.10 | | Net Cash Flow from Financing Activities | -9,175,562.77 | -16,910,078.09 | 45.74 | - Sales expenses decreased by **45.12%** year-on-year, primarily due to reduced labor costs in the automotive operations business[47](index=47&type=chunk) - Net cash flow from operating activities decreased by **89.13%** year-on-year, mainly due to a decrease in cash inflows resulting from reduced operating revenue[47](index=47&type=chunk) - Net cash flow from investing activities increased by **70.10%** year-on-year, primarily due to a decrease in the acquisition of fixed assets and other long-term assets in the current period[47](index=47&type=chunk) Changes in Assets and Liabilities | Item Name | Current Period End Amount (Yuan) | Prior Year End Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Right-of-Use Assets | 63,426,293.56 | 10,371,020.24 | 511.57 | Primarily due to new long-term lease contracts for right-of-use buildings in the current period | | Long-Term Borrowings | 41,500,000.00 | 69,947,307.50 | -40.67 | Primarily due to repayment of matured debt in the current period | | Lease Liabilities | 53,282,484.36 | 3,877,312.90 | 1,274.21 | Primarily due to new long-term lease contracts and increased lease payments in the current period | Financial Assets Measured at Fair Value | Security Type | Period-End Carrying Value (Yuan) | Period-Beginning Carrying Value (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | | :--- | :--- | :--- | :--- | | Stocks (Trading Financial Assets) | 109,932,249.91 | 99,001,013.55 | 10,941,796.36 | | Stocks (Other Equity Instrument Investments) | 1,179,914,356.99 | 1,144,044,264.99 | 35,870,092.00 | | Total | 1,289,846,606.90 | 1,243,045,278.54 | 46,811,888.36 | [V. Other Disclosures](index=16&type=section&id=V.%20Other%20Disclosures) This section discloses the macroeconomic policy and market operating risks faced by the company and details the measures taken in response to the "Quality Improvement, Efficiency Enhancement, and Returns" initiative, including focusing on main businesses, non-reduction of holdings by controlling shareholders, emphasizing investor returns, and strengthening investor communication - The company faces macroeconomic policy risks, such as the impact of new ride-hailing models, rising labor costs, and stricter vehicle emission controls potentially increasing operating costs[55](index=55&type=chunk) - In terms of market operating risks, competition in the automotive operations, sales, warehousing, and logistics markets is intensifying, with both large and small enterprises entering the market[55](index=55&type=chunk) - Controlling shareholder Jinjiang Capital pledged not to reduce its holdings in the company for **12 months** from March 5, 2024, to March 4, 2025, to boost investor confidence[58](index=58&type=chunk) - The company values investor returns; the **2024** profit distribution plan, approved at the June 27, 2025, shareholders' meeting, proposed a cash dividend of **0.11 yuan (tax inclusive)** per share[59](index=59&type=chunk) - The company strengthens investor communication through various channels, including investor hotlines, email, SSE e-interaction platform, and on-site surveys, and held an earnings briefing to enhance transparency[60](index=60&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=18&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors and senior management, as well as its profit distribution plan for the reporting period [I. Changes in Company Directors and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) This section discloses the resignations of the company's Supervisory Board Chairman, supervisors, and employee supervisors during the reporting period, and the resolution to abolish the Supervisory Board Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Guan Lijuan | Chairman of the Supervisory Board | Resignation | | Zhang Jue | Supervisor | Resignation | | Liu Gan | Employee Supervisor | Resignation | - The company's **2024** Annual Shareholders' Meeting, held on June 27, 2025, reviewed and approved the "Proposal on Abolishing the Company's Supervisory Board"[63](index=63&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section states the company's proposed semi-annual profit distribution plan, explicitly indicating no distribution or conversion - The company's proposed semi-annual profit distribution plan is no distribution or conversion, with **0** shares for bonus issues, cash dividends, and capital reserve conversions per **10** shares[64](index=64&type=chunk) [Section V Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments by the actual controller and significant related party transactions during the reporting period [I. Fulfillment of Commitments](index=19&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments by Jinjiang International, the company's actual controller, regarding resolving horizontal competition, pledging to take effective measures to avoid such competition and gradually resolve it within three years - Jinjiang International committed to taking effective measures to avoid substantial horizontal competition with Jinjiang Online and plans to gradually resolve horizontal competition issues within **three years** after the equity transfer through entrusted management, asset swap, asset sale, or asset injection[66](index=66&type=chunk) - During the reporting period, Jinjiang International's commitments were strictly fulfilled, with no instances of failure to perform in a timely manner[66](index=66&type=chunk) [X. Significant Related Party Transactions](index=20&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section details the company's daily related party transactions, related party receivables and payables, and financial business activities, including deposit and loan services, with related parties during the reporting period - The company has daily related party transactions with its actual controller and its affiliated enterprises, including vehicle passenger transport services, management services, goods sales, property leasing, and financial company deposits and loans[68](index=68&type=chunk) Related Party Receivables and Payables (Not Disclosed in Temporary Announcements) | Related Party | Relationship | Period-End Funds Provided to Related Party (10,000 Yuan) | Period-End Funds Provided by Related Party to Listed Company (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Jinjiang International Group Finance Co., Ltd. | Parent company's controlled subsidiary | - | 2,000 | | Shanghai Zhendong Automobile Services Co., Ltd. | Joint venture | - | 600 | | Shanghai Jinjiang Sheshan Automobile Services Co., Ltd. | Joint venture | 300 | - | | Total | / | 300 | 2,600 | Deposit Business (with Related Financial Company) | Related Party | Relationship | Period-Beginning Balance (Yuan) | Total Deposits for Current Period (Yuan) | Total Withdrawals for Current Period (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jinjiang International Group Finance Co., Ltd. | Parent company's wholly-owned subsidiary | 100,834,983.84 | 340,748.33 | 963,444.40 | 100,212,287.77 | Loan Business (with Related Financial Company) | Related Party | Relationship | Loan Limit (10,000 Yuan) | Loan Interest Rate Range | Period-Beginning Balance (10,000 Yuan) | Period-End Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jinjiang International Group Finance Co., Ltd. | Parent company's wholly-owned subsidiary | 2,000 | 3.10% | 2,000 | 2,000 | [Section VI Share Changes and Shareholder Information](index=23&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, shareholder structure, and information on directors, supervisors, and senior management during the reporting period [I. Share Capital Changes](index=23&type=section&id=I.%20Share%20Capital%20Changes) 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[75](index=75&type=chunk) [II. Shareholder Information](index=23&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of common shareholders at the end of the reporting period, as well as the shareholdings of the top ten shareholders and top ten unrestricted common shareholders - As of the end of the reporting period, the company had a total of **69,202** common shareholders[76](index=76&type=chunk) Shareholdings of Top Ten Shareholders | Shareholder Name | Period-End Shareholding (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Jinjiang Capital Co., Ltd. | 212,586,460 | 38.54 | State-owned Legal Person | | Shanghai Jinjiang Hotel Co., Ltd. | 3,761,493 | 0.68 | State-owned Legal Person | | China Merchants Securities (Hong Kong) Co., Ltd. | 3,133,777 | 0.57 | Overseas Legal Person | | Ping An Bank Co., Ltd. - SWSS Smart Auto Stock Investment Fund | 2,129,900 | 0.39 | Other | | Shanghai Jinjiang Automobile Services Co., Ltd. (Labor Union) | 1,600,000 | 0.29 | Domestic Non-State-owned Legal Person | | Agricultural Bank of China Co., Ltd. - SWSS New Energy Auto Theme Flexible Allocation Mixed Securities Investment Fund | 1,599,300 | 0.29 | Other | | Industrial and Commercial Bank of China Co., Ltd. - CSI Shanghai State-Owned Enterprise ETF | 1,562,595 | 0.28 | Other | | VANGUARD EMERGING MARKETS STOCK INDEX FUND | 1,448,425 | 0.26 | Overseas Legal Person | | DEBORAH WANG LIN | 1,300,000 | 0.24 | Overseas Natural Person | | Shan Rudai | 1,296,600 | 0.24 | Domestic Natural Person | - Among the company's top **10** shareholders, Shanghai Jinjiang Capital Co., Ltd. is the controlling shareholder of Shanghai Jinjiang Hotel Co., Ltd., and the labor union of Shanghai Jinjiang Automobile Services Co., Ltd. is a labor union organization of a subsidiary of the company, indicating related party or concerted action relationships[79](index=79&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=25&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section describes the changes in shareholdings and equity incentives for directors, supervisors, and senior management during the reporting period, noting no significant changes or inapplicability - During the reporting period, changes in shareholdings of current and former directors and senior management are not applicable, and no equity incentives were granted[81](index=81&type=chunk) [Section VII Bond-Related Information](index=26&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of corporate bonds and non-financial enterprise debt financing instruments for the company [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=26&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company has no corporate bonds and non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[83](index=83&type=chunk) [Section VIII Financial Report](index=27&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's consolidated financial statements, including the balance sheet, income statement, cash flow statement, statement of changes in owners' equity, and detailed notes on accounting policies, taxes, and financial statement items [Consolidated Balance Sheet](index=27&type=section&id=Consolidated%20Balance%20Sheet) This statement presents the consolidated assets, liabilities, and owners' equity as of June 30, 2025, and December 31, 2024 Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 5,665,585,638.39 | 5,553,732,201.39 | | Total Liabilities | 1,142,189,273.63 | 1,082,163,072.85 | | Total Owners' Equity Attributable to Parent Company | 4,274,715,572.01 | 4,232,115,955.48 | [Consolidated Income Statement](index=31&type=section&id=Consolidated%20Income%20Statement) This statement presents the consolidated operating revenue, total profit, net profit, and earnings per share for January-June 2025 and January-June 2024 Key Data from Consolidated Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 790,707,983.66 | 905,915,998.20 | | Total Operating Costs | 778,489,644.83 | 873,124,966.05 | | Total Profit | 93,319,326.68 | 125,943,655.11 | | Net Profit | 87,475,483.09 | 113,547,743.39 | | Net Profit Attributable to Parent Company Shareholders | 76,401,084.73 | 102,687,972.20 | | Basic Earnings Per Share (Yuan/Share) | 0.139 | 0.186 | [Consolidated Cash Flow Statement](index=34&type=section&id=Consolidated%20Cash%20Flow%20Statement) This statement presents the net cash flows from operating, investing, and financing activities for January-June 2025 and January-June 2024 Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 10,888,870.12 | 100,131,017.30 | | Net Cash Flow from Investing Activities | -30,167,727.01 | -100,884,560.27 | | Net Cash Flow from Financing Activities | -9,175,562.77 | -16,910,078.09 | | Net Increase in Cash and Cash Equivalents | -28,454,419.66 | -17,663,621.06 | [Consolidated Statement of Changes in Owners' Equity](index=37&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) This statement presents the changes in consolidated owners' equity for January-June 2025 and January-June 2024, including the impact of net profit, other comprehensive income, and profit distribution Key Data from Consolidated Statement of Changes in Owners' Equity | Item | Period-End Balance H1 2025 (Yuan) | Period-End Balance H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 4,274,715,572.01 | 3,911,387,237.31 | | Minority Interests | 248,680,792.75 | 249,689,630.92 | | Total Owners' Equity | 4,523,396,364.76 | 4,161,076,868.23 | [I. Company Basic Information](index=41&type=section&id=I.%20Company%20Basic%20Information) This section provides an overview of the company, including its registered address, establishment date, listing status, equity structure, and main business operations of the company and its subsidiaries - The company was established on **February 24, 1993**, with A-shares and B-shares listed on the Shanghai Stock Exchange[110](index=110&type=chunk) - Jinjiang Capital is the company's largest shareholder, holding **38.54%** of shares, and Jinjiang International is the ultimate controlling company[110](index=110&type=chunk) - The Group primarily engages in vehicle services, logistics services, tourism services, business services, hotels, property management, office space leasing, real estate development and operation, and food operations[111](index=111&type=chunk) [II. Basis of Financial Statement Preparation](index=41&type=section&id=II.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the financial statements are prepared on a going concern basis, using the accrual basis and historical cost measurement principles, with some financial instruments measured at fair value - The financial statements are prepared on a going concern basis, with no significant doubts about the ability to continue as a going concern[113](index=113&type=chunk)[114](index=114&type=chunk) - Accounting is based on the accrual method, with historical cost as the measurement basis, and some financial instruments are measured at fair value[115](index=115&type=chunk) [III. Significant Accounting Policies and Accounting Estimates](index=42&type=section&id=III.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section elaborates on the company's statement of compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and provisions - The company's financial statements comply with the Enterprise Accounting Standards issued by the Ministry of Finance and the information disclosure rules of the China Securities Regulatory Commission[116](index=116&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar; its operating cycle is short, using **12 months** as the liquidity classification standard for assets and liabilities[117](index=117&type=chunk)[118](index=118&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[138](index=138&type=chunk) - The company applies impairment accounting for financial assets measured at amortized cost based on expected credit losses[145](index=145&type=chunk) - Fixed assets are depreciated using the straight-line method, with clear useful lives, estimated net residual values, and annual depreciation rates for various types of fixed assets[190](index=190&type=chunk) - Intangible assets include land use rights, taxi operating vehicle licenses, other vehicle licenses, and software; intangible assets with finite useful lives are amortized over their estimated useful lives, while those with indefinite useful lives are not amortized[195](index=195&type=chunk)[196](index=196&type=chunk) - The company recognizes revenue when customers obtain control of the related goods or services, at the transaction price allocated to that performance obligation; main businesses include vehicle operations, vehicle sales, vehicle repair, cold chain logistics, and goods sales[208](index=208&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk) - In applying accounting policies, the company made significant judgments and accounting estimates regarding impairment of taxi operating vehicle licenses, goodwill impairment, useful life of allocated land, estimated useful lives and net residual values of fixed assets and investment properties, long-term employee benefits, deferred income tax assets, and deferred income tax liabilities[237](index=237&type=chunk)[239](index=239&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk) [IV. Taxation](index=63&type=section&id=IV.%20Taxation) This section lists the company's main tax types and rates and explains the corporate income tax preferential policies enjoyed by subsidiaries that meet the small and micro-profit enterprise standards Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Payable VAT is the balance after output tax minus deductible input tax | 13%, 9%, 3%, 6%, 5% | | Urban Maintenance and Construction Tax | Turnover tax amount | 7% | | Corporate Income Tax | Taxable income | 25% and 20% | | Education Surcharge | Turnover tax amount | 3% | | Local Education Surcharge | Turnover tax amount | 2% | | River Management Fee | Turnover tax amount | 1% | - Shanghai Jinjiang Automobile Leasing Co., Ltd., Dalian Jinjiang Automobile Leasing Co., Ltd., Shanghai Jinzhen Internet Technology Co., Ltd., and Shanghai Huayang Nianhua Advertising Co., Ltd. qualify as small and micro-profit enterprises, enjoying a preferential policy of calculating taxable income at **25%** and paying corporate income tax at a **20%** rate, extended until **December 31, 2027**[246](index=246&type=chunk) [V. Notes to Consolidated Financial Statement Items](index=64&type=section&id=V.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, financial assets, accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, liabilities, owners' equity, and various income, expenses, and cash flows, explaining their composition, changes, and related accounting treatments - Monetary funds period-end balance was **1,736,260,391.96 yuan**, including **100,212,287.77 yuan** deposited in financial companies and other monetary funds as third-party payment platform balances[247](index=247&type=chunk)[250](index=250&type=chunk) - Trading financial assets period-end balance was **109,932,249.91 yuan**, primarily equity instrument investments, with fair value determined by closing prices on the Shanghai and Shenzhen Stock Exchanges[249](index=249&type=chunk) Accounts Receivable by Age | Age | Period-End Carrying Balance (Yuan) | Period-Beginning Carrying Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year | 246,152,122.81 | 254,725,344.45 | | 1 to 2 years | 8,450,937.42 | 1,934,670.53 | | Over 2 years | 3,203,495.19 | 2,860,552.27 | | Total | 257,806,555.42 | 259,520,567.25 | - Accounts receivable bad debt provision period-end balance was **17,699,087.79 yuan**, with **6,176,348.48 yuan** accrued in the current period[268](index=268&type=chunk) Other Receivables Items | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Dividends Receivable | 87,262,990.14 | 35,555,703.34 | | Other Receivables | 75,137,352.55 | 46,165,774.56 | | Total | 162,400,342.69 | 81,721,477.90 | - Inventories period-end balance was **79,756,668.33 yuan**, mainly including merchandise inventory and spare parts, with no inventory impairment provision accrued[289](index=289&type=chunk) Long-Term Equity Investments | Investee Unit | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Subtotal of Joint Ventures | 280,450,481.71 | 276,613,866.38 | | Subtotal of Associates | 308,081,728.80 | 312,708,561.21 | | Total | 588,532,210.51 | 589,322,427.59 | Other Equity Instrument Investments | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | Gains Recognized in Other Comprehensive Income for Current Period (Yuan) | | :--- | :--- | :--- | :--- | | Listed Company Stock Investments | 1,179,914,356.99 | 1,144,044,264.99 | 35,870,092.00 | | Total | 1,179,914,356.99 | 1,144,044,264.99 | 35,870,092.00 | - Fixed assets period-end carrying value was **891,070,906.89 yuan**, including **174,176,401.40 yuan** for buildings and structures and **691,029,446.67 yuan** for operating vehicles[308](index=308&type=chunk) - Right-of-use assets period-end carrying value was **63,426,293.56 yuan**, with a current period increase of **59,389,643.23 yuan**, primarily due to building and structure leases[317](index=317&type=chunk) - Intangible assets period-end carrying value was **420,920,569.49 yuan**, mainly including land use rights and taxi operating vehicle licenses[319](index=319&type=chunk) - Goodwill carrying amount was **37,943,975.64 yuan**, primarily from Shanghai Volkswagen Xinya Taxi Co., Ltd[321](index=321&type=chunk) - Deferred income tax assets period-end balance was **10,330,795.32 yuan**, and deferred income tax liabilities period-end balance was **293,102,478.66 yuan**[327](index=327&type=chunk) - Employee benefits payable period-end balance was **111,894,635.91 yuan**, including short-term compensation of **73,066,675.69 yuan**, post-employment benefits - defined contribution plans of **11,216,598.44 yuan**, and termination benefits of **27,611,361.78 yuan**[347](index=347&type=chunk) - Operating revenue for the current period was **790,707,983.66 yuan**, and operating cost was **675,382,238.78 yuan**, both decreasing year-on-year[383](index=383&type=chunk) - Sales expenses for the current period were **34,683,916.22 yuan**, a year-on-year decrease of **45.12%**, mainly due to reduced employee compensation[384](index=384&type=chunk) - Investment income for the current period was **61,531,436.45 yuan**, primarily from long-term equity investments accounted for using the equity method and dividend income from other equity instrument investments[390](index=390&type=chunk) - Fair value change gain for the current period was **10,931,236.36 yuan**, primarily from trading financial assets[392](index=392&type=chunk) - Credit impairment loss for the current period was **5,952,305.02 yuan**, mainly bad debt losses on accounts receivable[394](index=394&type=chunk) [VI. Research and Development Expenses](index=112&type=section&id=VI.%20Research%20and%20Development%20Expenses) This section discloses the nature of the company's R&D expenses, primarily materials and other costs, totaling **205,719.85 yuan** for the current period R&D Expenses by Nature of Expense | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Materials and Other Costs | 205,719.85 | 198,129.76 | | Total | 205,719.85 | 198,129.76 | [VII. Changes in Consolidation Scope](index=112&type=section&id=VII.%20Changes%20in%20Consolidation%20Scope) This section states that there were no changes in the company's consolidation scope during the reporting period due to non-same-control business combinations, same-control business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons - During the reporting period, there were no changes in the company's consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons[416](index=416&type=chunk) [VIII. Interests in Other Entities](index=113&type=section&id=VIII.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, key financial information of important non-wholly-owned subsidiaries, and summarized financial information of unimportant joint ventures and associates - The company has **37** subsidiaries, with Shanghai Jinjiang Automobile Services Co., Ltd., Shanghai Jinjiang International Low-Temperature Logistics Development Co., Ltd., and Shanghai Shanghai Food Co., Ltd. being key subsidiaries[417](index=417&type=chunk)[418](index=418&type=chunk) Key Financial Information of Important Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage (%) | Net Profit Attributable to Minority Shareholders for Current Period (Yuan) | Dividends Declared to Minority Shareholders for Current Period (Yuan) | Minority Interests Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Jinjiang Auto | 5.00 | -408,410.79 | 1,873,704.10 | 119,570,304.08 | | Logistics Management | 35.00 | 11,442,564.80 | - | 111,955,033.22 | - The company's important associate is Shanghai Pudong International Airport Cargo Terminal Co., Ltd. (holding **20%** equity), with total comprehensive income attributable to parent company owners of **162,434,313.87 yuan** for the current period[426](index=426&type=chunk)[427](index=427&type=chunk) Summarized Financial Information of Unimportant Joint Ventures and Associates | Item | Total Carrying Value of Joint Venture Investments (Yuan) | Total Carrying Value of Associate Investments (Yuan) | | :--- | :--- | :--- | | Total Carrying Value of Investments | 280,450,481.71 | 85,570,394.41 | | Net Profit | 5,987,112.02 | -178,542.98 | | Total Comprehensive Income | 5,987,112.02 | -178,542.98 | [IX. Government Grants](index=117&type=section&id=IX.%20Government%20Grants) This section discloses the liability items related to government grants and government grants recognized in profit or loss for the current period, primarily including relocation compensation and project grants Liability Items Related to Government Grants | Item | Period-Beginning Balance (Yuan) | Transferred to Other Income for Current Period (Yuan) | Period-End Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Relocation Compensation | 16,316,204.07 | 479,888.34 | 15,836,315.73 | Asset-related | | Project Grants | 4,906,076.63 | 101,093.10 | 4,804,983.53 | Asset-related | | Total | 21,222,280.70 | 580,981.44 | 20,641,299.26 | / | Government Grants Recognized in Profit or Loss for Current Period | Type | Financial Statement Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | :--- | | Income-related | Government grants related to daily activities | 3,768,483.39 | 187,148.50 | | Asset-related | Government grants related to daily activities | 580,981.44 | 580,981.44 | | Total | | 4,349,464.83 | 768,129.94 | [X. Risks Related to Financial Instruments](index=118&type=section&id=X.%20Risks%20Related%20to%20Financial%20Instruments) This section analyzes the market risks (foreign exchange risk, interest rate risk, other price risks), credit risk, and liquidity risk faced by the company, and describes the policies and measures taken to manage these risks - The company's main business is denominated and settled in RMB, with limited foreign currency settlement, so foreign exchange risk is not significant[435](index=435&type=chunk) - The company's monetary funds are primarily floating-rate bank deposits, and borrowings include both fixed and floating rates; there are currently no interest rate swap arrangements, so interest rate risk is not significant[436](index=436&type=chunk) - Other price risks primarily arise from trading equity instrument investments and other equity instrument investments; the company mitigates risk by holding a diversified portfolio of equity securities[437](index=437&type=chunk) - If equity instrument prices increase (decrease) by **10%**, it would lead to an increase (decrease) in the Group's net profit of **8,244,918.74 yuan** and an increase (decrease) in shareholders' equity of **96,738,495.52 yuan**[437](index=437&type=chunk) - Credit risk primarily arises from monetary funds, accounts receivable, and other receivables; the company mitigates risk through credit limit management, credit approval, and provision for bad debts[438](index=438&type=chunk) Analysis of Financial Liabilities by Undiscounted Remaining Contractual Obligations Maturity | Item | Within 1 Year (Yuan) | 1 to 5 Years (Yuan) | Over 5 Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | 20,201,500.00 | - | - | 20,201,500.00 | | Accounts Payable | 101,953,391.54 | - | - | 101,953,391.54 | | Other Payables | 194,927,688.63 | - | - | 194,927,688.63 | | Long-Term Borrowings | 40,951,002.72 | 44,357,771.53 | - | 85,308,774.25 | | Long-Term Payables | 6,552,980.10 | 7,596,686.70 | - | 14,149,666.80 | | Lease Liabilities | 12,334,159.94 | 30,400,557.86 | 32,738,532.11 | 75,473,249.91 | | Total | 376,920,722.93 | 82,355,016.09 | 32,738,532.11 | 492,014,271.13 | [XI. Disclosure of Fair Value](index=120&type=section&id=XI.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value at the end of the period, including trading financial assets, other equity instrument investments, and other non-current financial assets, and explains the basis for determining fair value and valuation techniques for each level Fair Value Measurement Items at Period-End | Item | Level 1 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 109,932,249.91 | - | 109,932,249.91 | | Other Equity Instrument Investments | 1,179,914,356.99 | - | 1,179,914,356.99 | | Other Non-Current Financial Assets - Equity Instrument Investments | - | 41,639,530.00 | 41,639,530.00 | | Total Assets Measured at Fair Value on a Recurring Basis | 1,289,846,606.90 | 41,639,530.00 | 1,331,486,136.90 | - Level 1 fair value measurement items are determined by the closing prices on the Shanghai and Shenzhen Stock Exchanges on the last trading day before the balance sheet date[444](index=444&type=chunk) - Level 3 fair value measurement items (other non-current financial assets) are valued using the comparable company method, with a liquidity discount of **20.44%**[448](index=448&type=chunk) [XII. Related Parties and Related Party Transactions](index=122&type=section&id=XII.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, subsidiaries, joint ventures, associates, and other related parties, and lists related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related party leases, related party fund borrowings, and unsettled related party receivables and payables - The company's parent company is Shanghai Jinjiang Capital Co., Ltd., and the ultimate controlling party is Jinjiang International (Group) Co., Ltd[453](index=453&type=chunk)[454](index=454&type=chunk) - The company engages in related party transactions, including purchases and sales of goods, and provision and acceptance of services, with subsidiaries of Jinjiang Capital, subsidiaries of Jinjiang International, joint ventures, and associates[459](index=459&type=chunk)[461](index=461&type=chunk) - As a lessor, the company recognized lease income of **3,480,371.90 yuan** in the current period (leasing properties to subsidiaries of Jinjiang Capital)[463](index=463&type=chunk) - As a lessee, the company leased properties from Jinjiang International and its subsidiaries in the current period, paying rent and lease liability interest[465](index=465&type=chunk)[466](index=466&type=chunk) - The company has fund borrowings from financial companies and Shanghai Zhendong Automobile Services Co., Ltd., and fund lendings to Shanghai Jinjiang Sheshan Automobile Services Co., Ltd[468](index=468&type=chunk)[469](index=469&type=chunk) - Receivables from related parties primarily include accounts receivable (from subsidiaries of Jinjiang Capital, Shanghai Shendi (Group) Co., Ltd., etc.) and other receivables (from Shanghai Jinjiang Sheshan Automobile Services Co., Ltd., Shanghai Petroleum Group Changle Gas Station Co., Ltd., etc.), as well as dividends receivable (from Shanghai Pudong International Airport Cargo Terminal Co., Ltd., Jiangsu Nanjing Long-Distance Passenger Transport Group Co., Ltd.)[473](index=473&type=chunk) - Payables to related parties primarily include accounts payable (to subsidiaries of Jinjiang Capital), other payables (to Shanghai Zhendong Automobile Services Co., Ltd., Shanghai Nissan Automobile Maintenance Center, etc.), and contract liabilities (to subsidiaries of Jinjiang Capital, Jinmao Jinjiang, etc.)[474](index=474&type=chunk) [XIII. Share-Based Payment](index=129&type=section&id=XIII.%20Share-Based%20Payment) This section states that the company has no share-based payment related information - The company has no share-based payment related information, including equity instruments, equity-settled or cash-settled share-based payments, share-based payment expenses, or modifications/terminations of share-based payments[475](index=475&type=chunk) [XIV. Commitments and Contingencies](index=130&type=section&id=XIV.%20Commitments%20and%20Contingencies) This section states that the company has no significant commitments or contingencies - The Group has no significant commitments or contingencies[475](index=475&type=chunk) [XV. Events After the Balance Sheet Date](index=131&type=section&id=XV.%20Events%20After%20the%20Balance%20Sheet%20Date) This section states that the company has no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date - The company has no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date[476](index=476&type=chunk) [XVI. Other Significant Matters](index=131&type=section&id=XVI.%20Other%20Significant%20Matters) This section discloses that the company has no prior period accounting error corrections, significant debt restructurings, asset swaps, annuity plans, or discontinued operations, and details the financial information of the company's four reportable segments based on business operations - The company has no prior period accounting error corrections, significant debt restructurings, asset swaps, annuity plans, or discontinued operations[476](index=476&type=chunk) - The company's business operations are divided into four reportable segments: vehicle operations, vehicle sales, cold chain logistics, and goods sales[477](index=477&type=chunk) Financial Information of Reportable Segments (Current Period) | Item | Vehicle Operations (Yuan) | Vehicle Sales (Yuan) | Cold Chain Logistics (Yuan) | Goods Sales and Others (Yuan) | Unallocated Items (Yuan) | Inter-Segment Eliminations (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 449,594,732.37 | 169,516,149.75 | 136,112,624.30 | 30,981,689.68 | 4,502,787.56 | - | 790,707,983.66 | | Operating Cost | 388,772,735.09 | 142,480,442.69 | 119,999,568.47 | 22,937,458.66 | 1,192,033.87 | - | 675,382,238.78 | | Operating Profit | -420,262.94 | 13,737,899.02 | -1,085,174.29 | 802,987.90 | 76,818,345.11 | -945,376.78 | 90,799,171.58 | | Net Profit | -1,069,578.41 | 12,665,442.83 | -1,209,581.90 | 804,409.47 | 75,339,414.32 | -945,376.78 | 87,475,483.09 | | Total Segment Assets | 1,843,034,618.54 | 174,737,571.70 | 499,300,479.08 | 49,045,646.71 | 1,799,511,206.62 | 607,723,767.22 | 3,757,905,755.43 | | Total Segment Liabilities | 385,361,941.64 | 154,215,217.93 | 232,676,356.80 | 20,676,963.54 | 470,074,656.81 | 494,795,925.25 | 768,209,211.47 | [XVII. Notes to Parent Company Financial Statement Items](index=136&type=section&id=XVII.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income Parent Company Other Receivables Items | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Dividends Receivable | 20,825,251.40 | 1,191,004.80 | | Other Receivables | 4,060,941.82 | 2,978,986.55 | | Total | 24,886,193.22 | 4,169,991.35 | Parent Company Long-Term Equity Investments | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 834,546,268.64 | 885,546,268.64 | | Investments in Associates and Joint Ventures | 135,236,179.97 | 128,577,480.33 | | Total | 969,782,448.61 | 1,014,123,748.97 | Parent Company Operating Revenue and Operating Costs | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 3,950,503.35 | 1,048,431.87 | 3,809,194.32 | 1,048,431.87 | | Other Businesses | 552,284.21 | 143,602.00 | 964,572.75 | 131,353.47 | | Total | 4,502,787.56 | 1,192,033.87 | 4,773,767.07 | 1,179,785.34 | Parent Company Investment Income | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Investment Income from Long-Term Equity Investments Accounted for Using Equity Method | 6,658,699.64 | 12,776,792.15 | | Investment Income from Trading Financial Assets During Holding Period | 5,151,180.64 | 1,800.00 | | Dividend Income from Other Equity Instrument Investments During Holding Period | 17,746,936.00 | 25,458,568.80 | | Total | 29,556,816.28 | 38,237,160.95 | [XVIII. Supplementary Information](index=143&type=section&id=XVIII.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses for the current period and a calculation table for return on net assets and earnings per share, explaining the basis for preparing non-recurring gains and losses Detailed Statement of Non-Recurring Gains and Losses for Current Period | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 812,325.21 | | Government grants recognized in profit or loss for the current period | 3,768,483.39 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 10,931,236.36 | | One-off expenses incurred by enterprises due to the discontinuation of related business activities | -1,946,332.00 | | Other non-operating income and expenses apart from the above items | 2,520,155.10 | | Other gains and losses items that meet the definition of non-recurring gains and losses | -5,738,775.00 | | Less: Income tax impact | 2,122,208.62 | | Minority interests impact (after tax) | 34,917.56 | | Total | 8,189,966.88 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (Yuan) | | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 1.78 | 0.139 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 1.59 | 0.124 | - The detailed statement of non-recurring gains and losses is prepared in accordance with the "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public - Non-Recurring Gains and Losses" revised in **2023**[497](index=497&type=chunk)

重要提示 信达地产股份有限公司2025 年半年度报告 公司代码：600657 公司简称：信达地产 信达地产股份有限公司 2025 年半年度报告 1 / 165 信达地产股份有限公司2025 年半年度报告 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、 公司负责人邓立新、主管会计工作负责人（财务总监）周慧芬及会计机构负责人（计划财 务部总经理）王琦声明：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承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 ...

Important Notice [Board of Directors and Management Statement](index=3&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%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%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The Board of Directors and senior management affirm the semi-annual report's truthfulness, accuracy, and completeness, bearing legal responsibility, with key executives declaring the unaudited financial report true and accurate - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal liabilities[5](index=5&type=chunk) - This semi-annual report is unaudited[7](index=7&type=chunk) - Company head Liu Dongguang, chief accountant Jie Baohai, and head of accounting department Liu Hongbo declare the financial report to be true, accurate, and complete[7](index=7&type=chunk) [Profit Distribution Plan](index=3&type=section&id=%E4%BA%94%E3%80%81%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) The Board of Directors did not approve any profit distribution or capital reserve to share capital plan for this reporting period - No profit distribution plan or capital reserve to share capital plan for this reporting period[8](index=8&type=chunk) [Forward-Looking Statement Risk Disclosure](index=3&type=section&id=%E5%85%AD%E3%80%81%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 statements regarding future plans and development strategies do not constitute a substantial commitment to investors, who are advised to be aware of investment risks - Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute a substantial commitment to investors, who are advised to be aware of investment risks[8](index=8&type=chunk) [Fund Occupation and Guarantees](index=3&type=section&id=%E4%B8%83%E3%80%81%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) There was no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures during the reporting period - No non-operating fund occupation by controlling shareholders or other related parties[9](index=9&type=chunk) - No external guarantees provided in violation of decision-making procedures[9](index=9&type=chunk) [Board Members' Assurance of Report Truthfulness](index=3&type=section&id=%E4%B9%9D%E3%80%81%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) All company directors can guarantee the truthfulness, accuracy, and completeness of the semi-annual report - No situation exists 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) [Significant Risk Warning](index=3&type=section&id=%E5%8D%81%E3%80%81%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" under "Other Disclosures" and "Potential Risks," advising investors to review them - The company has detailed potential risks in this report; please refer to the description in "Section III Management Discussion and Analysis" under "Other Disclosures" and "Potential Risks"[9](index=9&type=chunk) Section I Definitions [Definitions of Common Terms](index=5&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, including full names or abbreviations for key entities like the company, controlling shareholder, and subsidiaries, ensuring clear understanding of the report's content - "Company, the Company, Parent Company, Shandong Huapeng, Listed Company" all refer to Shandong Huapeng Glass Co., Ltd[14](index=14&type=chunk) - "Haike Holdings" refers to Shandong Haike Holdings Co., Ltd., "Green Capital" refers to Shandong Green Capital Investment Group Co., Ltd., and "Shunteng Hong" refers to Jinan Shunteng Hong Investment Partnership (Limited Partnership)[14](index=14&type=chunk) - "Subsidiaries" include Shidao Glass, Heze Huapeng, Liaoning Huapeng, Shanxi Huapeng, Gansu Shidao, Anqing Huapeng, Shanghai Chengying, and Shandong Huaying[14](index=14&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its Chinese name, abbreviation, English name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Company's Chinese Name | 山东华鹏玻璃股份有限公司 | | Company's Chinese Abbreviation | 山东华鹏 | | Company's English Name | SHANDONG HUAPENG GLASS CO.,LTD. | | Company's English Name Abbreviation | SDHP | | Company's Legal Representative | 刘东广 | [Contact Person and Information](index=6&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 lists the names, contact addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor and stakeholder communication Company Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | 介保海 | 孙冬冬 | | Contact Address | No. 468 Longyun Road, Shidao, Rongcheng City, Shandong Province | No. 468 Longyun Road, Shidao, Rongcheng City, Shandong Province | | Phone | 0631-7379496 | 0631-7379496 | | Fax | 0631-7382522 | 0631-7382522 | | Email | jbh@huapengglass.com | hp577@huapengglass.com | [Brief Introduction to Changes in Basic Information](index=6&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) The company's registered and office address is No. 468 Longyun Road, Shidao, Rongcheng City, Shandong Province, postal code 264309, with its website at www.huapengglass.com and email info@huapengglass.com, and no historical changes during the reporting period Company Registration and Office Information | Indicator | Content | | :--- | :--- | | Company Registered Address | No. 468 Longyun Road, Shidao, Rongcheng City, Shandong Province | | Company Office Address | No. 468 Longyun Road, Shidao, Rongcheng City, Shandong Province | | Company Website | www.huapengglass.com | | Email Address | info@huapengglass.com | | Index of Changes during Reporting Period | - | [Information Disclosure and Document Storage Location](index=6&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) The company designates China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times for information disclosure, with the semi-annual report published on www.sse.com.cn and stored at the company's Board of Directors Office (Securities Department), with no changes during the reporting period Information Disclosure Channels | Indicator | Content | | :--- | :--- | | Designated Information Disclosure Newspapers | China Securities Journal, Shanghai Securities News, Securities Daily, Securities Times | | Website for Semi-Annual Report Publication | www.sse.com.cn | | Location for Semi-Annual Report Storage | Company Board of Directors Office (Securities Department) | | Index of Changes during Reporting Period | - | [Brief Introduction to Company Shares](index=6&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) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation ST Huapeng and stock code 603021, previously known as Shandong Huapeng Company Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | ST Huapeng | 603021 | Shandong Huapeng | [Company's Key Accounting Data and Financial Indicators](index=6&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 presents the company's key accounting data and financial indicators for the current and prior year's corresponding periods, explaining changes in net assets attributable to listed company shareholders and weighted average return on net assets [Key Accounting Data](index=7&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) During the reporting period, the company's operating revenue decreased by 10.52% year-on-year, total profit and net profit attributable to shareholders narrowed losses, and net cash flow from operating activities decreased by 29.86% year-on-year, with net assets attributable to shareholders turning negative at period-end and total assets slightly decreasing Key Accounting Data (January-June) | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 181,317,956.57 | 202,641,882.66 | -10.52 | | Total Profit | -59,791,992.90 | -65,482,566.25 | 8.69 | | Net Profit Attributable to Shareholders of Listed Company | -59,474,039.38 | -64,960,167.16 | 8.45 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -59,673,997.60 | -64,722,856.76 | 7.80 | | Net Cash Flow from Operating Activities | 10,457,839.96 | 14,910,083.35 | -29.86 | | **Period-End Data** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders of Listed Company | -4,373,765.97 | 55,100,273.41 | -107.94 | | Total Assets | 1,589,908,385.09 | 1,633,904,584.61 | -2.69 | [Key Financial Indicators](index=7&type=section&id=(%E4%BA%8C)%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, basic and diluted earnings per share losses narrowed, but weighted average return on net assets and weighted average return on net assets after deducting non-recurring items significantly decreased, primarily due to the net assets attributable to shareholders turning negative at period-end, resulting in a small base Key Financial Indicators (January-June) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.19 | -0.20 | 5.00 | | Diluted Earnings Per Share (yuan/share) | -0.19 | -0.20 | 5.00 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (yuan/share) | -0.19 | -0.20 | 5.00 | | Weighted Average Return on Net Assets (%) | -234.49 | -38.28 | Decreased by 196.21 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -235.28 | -38.14 | Decreased by 197.14 percentage points | - Net assets attributable to shareholders of the listed company decreased by **107.94%** compared to the prior year-end, primarily due to the company's small base at the prior year-end; during the reporting period, the company was affected by macroeconomic conditions, downstream market trends, customer demand, and intensified industry competition; the company has high interest-bearing debt, resulting in high financial expenses; insufficient capacity utilization and idle assets led to high depreciation costs, limiting the company's profitability improvement and resulting in profit losses[23](index=23&type=chunk) - Weighted average return on net assets decreased by **196.21 percentage points** and weighted average return on net assets after deducting non-recurring items decreased by **197.14 percentage points** compared to the prior year, mainly because the company's net assets attributable to shareholders significantly decreased from the beginning of the period, and the base of net assets attributable to shareholders at the prior year-end was small[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%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 non-recurring gains and losses primarily included government subsidies recognized in current profit or loss and other non-operating income and expenses outside normal business operations, totaling **199,958.22 yuan** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 216,544.60 | | Other non-operating income and expenses apart from the above | -16,586.38 | | Total | 199,958.22 | Section III Management Discussion and Analysis [Industry and Main Business](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company primarily manufactures daily-use glass products, including the R&D, production, and sales of glass tableware and glass bottles, with a production capacity of approximately **250,000 tons**, selling products to domestic and international markets under well-known brands like "Shidao" and "Fuluosa" - The company operates in "C3054 Daily-use Glass Product Manufacturing" and "C3055 Glass Packaging Container Manufacturing" industries, affiliated with the China Daily-use Glass Association[29](index=29&type=chunk) - The company's main business involves the R&D, production, and sales of glass tableware and glass bottle products, with a production capacity of approximately **250,000 tons**[30](index=30&type=chunk) - Glass tableware products primarily consist of glass stemware, while glass bottle products serve liquor, food, beverage, and pharmaceutical manufacturers, featuring "Shidao" as a famous trademark and "Fuluosa" as a high-end sub-brand[30](index=30&type=chunk)[31](index=31&type=chunk) [Discussion and Analysis of Operations](index=9&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 focused on "Quality Management Improvement Year" initiatives, including deepening lean production management, expanding new markets and customers, strengthening safety management, and leveraging the Board's governance role to address macroeconomic conditions and intensified industry competition; during the reporting period, subsidiary Anqing Huapeng underwent production overhaul, the company replaced bank loans with entrusted loans, and successfully renewed some loans, but net assets attributable to listed company shareholders turned negative - The company focused on "Quality Management Improvement Year" initiatives, actively conducting production and operation activities, emphasizing deepening lean production management, expanding new markets and customers, strengthening enterprise safety management, and leveraging the Board's core governance role[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - Anqing Huapeng ceased production for major overhaul starting July 2025, which is expected to impact the company's operating revenue[36](index=36&type=chunk) - The company repaid **180 million yuan** in Yantai Bank loans through entrusted loans provided by major shareholder Haike Holdings and non-related parties, and renewed **70 million yuan** from Industrial Bank and **160 million yuan** from Weihai Bank, repaying a total of **430 million yuan** in bank loans this year, ensuring sufficient operating funds[36](index=36&type=chunk) - As of the end of the reporting period, net assets attributable to shareholders of the listed company were **-4,373,765.97 yuan**, turning negative[36](index=36&type=chunk) [Analysis of Core Competitiveness](index=10&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 lies in its leading integrated technology and equipment advantages, extensive customer and market network, renowned brands ("Shidao" and "Fuluosa"), and strong commitment to energy conservation and environmental protection - The company possesses industry-leading R&D capabilities, excelling in bottle lightweighting, kiln energy saving, stemware production, and complex bottle manufacturing, and has introduced internationally advanced production equipment[37](index=37&type=chunk) - Leveraging its nationwide production layout, scaled production capacity and advanced manufacturing, the company has established long-term stable cooperative relationships with downstream customers and actively expanded into supermarkets, liquor merchants, e-commerce, and foreign trade channels[38](index=38&type=chunk) - The company owns "Shidao" as a China Well-known Trademark and the high-end sub-brand "Fuluosa," enjoying high recognition in the domestic high-end glass tableware market[39](index=39&type=chunk) - The company prioritizes energy conservation, with dedicated energy management positions, and has increased investment in environmental protection facilities, achieving significant social benefits in desulfurization, dust removal, and denitrification[40](index=40&type=chunk) [Key Operating Performance](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section provides a detailed analysis of the company's financial statement item changes during the reporting period, including operating revenue, costs, expenses, and cash flows, along with an analysis of asset and liability conditions and disclosure of major restricted assets [Main Business Analysis](index=10&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) During the reporting period, both the company's operating revenue and costs decreased, sales and administrative expenses also reduced, financial expenses declined due to lower interest-bearing debt, and R&D expenses increased to enhance competitiveness; net cash flow from operating activities decreased, net cash flow from investing activities significantly reduced, and net cash flow from financing activities narrowed losses Financial Statement Related Item Fluctuation Analysis (January-June) | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 181,317,956.57 | 202,641,882.66 | -10.52 | | Operating Cost | 163,917,180.77 | 181,681,179.25 | -9.78 | | Selling Expenses | 3,182,109.65 | 5,745,284.15 | -44.61 | | Administrative Expenses | 23,055,465.58 | 26,043,209.08 | -11.47 | | Financial Expenses | 34,040,123.69 | 35,534,226.52 | -4.20 | | R&D Expenses | 6,875,257.19 | 6,053,509.80 | 13.57 | | Net Cash Flow from Operating Activities | 10,457,839.96 | 14,910,083.35 | -29.86 | | Net Cash Flow from Investing Activities | -1,248,035.56 | 44,974,963.69 | -102.77 | | Net Cash Flow from Financing Activities | -15,072,802.77 | -54,853,890.50 | 72.52 | - The decrease in operating revenue and cost was primarily influenced by macroeconomic conditions, downstream market trends, customer demand, and intensified industry competition[42](index=42&type=chunk) - R&D expenses increased by **13.57%**, aiming to enhance the company's competitiveness[43](index=43&type=chunk) [Analysis of Assets and Liabilities](index=11&type=section&id=(%E4%B8%89)%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 slightly decreased, monetary funds and inventories slightly increased, while accounts receivable, fixed assets, short-term borrowings, and contract liabilities slightly decreased; the company has a significant amount of restricted assets, including monetary funds, fixed assets, construction in progress, and intangible assets used for deposits, collateral, or litigation freezes Asset and Liability Status Changes (Period-End vs. Prior Year-End) | Item Name | Current Period-End (yuan) | Current Period-End % of Total Assets | Prior Year-End (yuan) | Prior Year-End % of Total Assets | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 61,418,100.04 | 3.86 | 56,251,701.91 | 3.44 | 9.18 | | Accounts Receivable | 115,993,478.76 | 7.30 | 124,827,371.10 | 7.64 | -7.08 | | Inventories | 155,157,448.60 | 9.76 | 152,749,592.79 | 9.35 | 1.58 | | Fixed Assets | 552,641,376.07 | 34.76 | 594,392,284.59 | 36.38 | -7.02 | | Construction in Progress | 468,306,035.01 | 29.45 | 468,306,035.01 | 28.66 | 0 | | Short-Term Borrowings | 410,540,555.55 | 25.82 | 430,787,416.67 | 26.37 | -4.70 | | Contract Liabilities | 9,804,778.16 | 0.62 | 10,344,621.45 | 0.63 | -5.22 | Period-End Major Restricted Assets | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 28,938,018.77 | Deposits, litigation freezes, etc | | Fixed Assets | 240,092,930.31 | Mortgage guarantee | | Construction in Progress | 225,209,028.50 | Mortgage loan | | Intangible Assets | 8,648,666.03 | Mortgage guarantee, litigation seizure | | Notes Receivable | 19,712,627.90 | Endorsed but not yet due | | Total | 522,601,271.51 | | [Analysis of Major Holding and Participating Companies](index=12&type=section&id=(%E5%85%AD)%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 main subsidiaries, Shidao Glass, Anqing Huapeng, and Gansu Shidao, are all engaged in the R&D, production, and sales of daily-use glass products; Shidao Glass has the highest total assets but negative operating and net profits, while Gansu Shidao has negative net assets and also negative operating and net profits Major Subsidiary Financial Information (Unit: yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shidao Glass | Subsidiary | R&D, production, and sales of daily-use glass products | 50,000,000 | 1,548,420,149.56 | 800,741,677.64 | 128,331,250.64 | -49,471,104.90 | -49,477,645.68 | | Anqing Huapeng | Subsidiary | R&D, production, and sales of daily-use glass products | 139,880,000 | 136,670,456.74 | 80,672,113.35 | 52,839,916.10 | -463,990.58 | -460,553.89 | | Gansu Shidao | Subsidiary | R&D, production, and sales of daily-use glass products | 10,000,000 | 118,963,761.30 | -116,705,329.24 | 160,727.06 | -6,694,341.63 | -6,694,341.63 | [Other Disclosures](index=13&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 faces multiple risks, including macroeconomic downturn, fluctuations in raw material and energy prices, intensified market competition, and environmental protection, all of which could adversely affect its operating performance and cost control [Potential Risks](index=14&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from a macroeconomic downturn leading to reduced product demand, fluctuations in raw material and energy prices (especially natural gas) squeezing gross margins, intensified competition due to the fragmented daily-use glass industry, and increased cost pressure from stricter environmental policies - A macroeconomic downturn may lead to reduced demand for daily-use glass products, impacting the company's operating performance[51](index=51&type=chunk) - Fluctuations in prices of raw materials like soda ash and quartz sand, and energy sources like natural gas and electricity, particularly natural gas, could significantly squeeze the company's gross profit margin[53](index=53&type=chunk) - The daily-use glass industry's low concentration, with numerous small and medium-sized enterprises, leads to homogeneous product competition and price wars in the low-end market, while also facing competition from substitutes like plastic, ceramics, and metal, as well as international brands in the high-end market[54](index=54&type=chunk) - Under the goals of carbon emission peak by 2030 and carbon neutrality by 2060, environmental pressure is increasing, demanding higher standards for environmental compliance and energy conservation, requiring the company to increase investment in safety and environmental protection[55](index=55&type=chunk) Section IV Corporate Governance, Environment and Society [Changes in Directors 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%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, Li Yongjian resigned as Deputy General Manager and Board Secretary, and Tao Ye resigned as independent director; Jie Baohai was appointed Board Secretary, and Zou Zhendong was elected independent director Changes in Directors and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Li Yongjian | Deputy General Manager, Board Secretary | Resigned | | Tao Ye | Independent Director | Resigned | | Jie Baohai | Board Secretary | Appointed | | Zou Zhendong | Independent Director | Elected | [Profit Distribution or Capital Reserve to Share Capital Plan](index=15&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 plan is "No," meaning no distribution or conversion Semi-Annual Profit Distribution Plan | Whether to Distribute or Convert | No | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (yuan) (tax inclusive) | 0 | | Number of Shares Converted from Capital Reserve per 10 Shares (shares) | 0 | [Environmental Information Disclosure](index=15&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and four major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with query indexes provided for their respective environmental information disclosure reports Enterprises Included in the List for Legal Environmental Information Disclosure | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Shandong Huapeng Glass Co., Ltd. | http://221.214.62.226:8090/EnvironmentDisclosure/ | | 2 | Shandong Huapeng Shidao Glass Products Co., Ltd. | http://221.214.62.226:8090/EnvironmentDisclosure/ | | 3 | Anqing Huapeng Yangtze Glass Co., Ltd. | https://39.145.37.16:8081/zhhb/yfplpub_html/ | | 4 | Gansu Shidao Glass Co., Ltd. | https://zwfw.sthj.gansu.gov.cn/revealPubVue//home | [Poverty Alleviation and Rural Revitalization](index=16&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company supported the industrial poverty alleviation - rural caring canteen project, providing **20,000 yuan** in funding - During the reporting period, the company supported the industrial poverty alleviation - rural caring canteen project with **20,000 yuan** in funding[60](index=60&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=17&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 controlling shareholder, Haike Holdings, strictly fulfilled all commitments made in the acquisition report during the reporting period, including resolving horizontal competition, regulating related-party transactions, and ensuring the listed company's independence, with a long-term commitment period - Acquirer Haike Holdings committed to resolving horizontal competition, ensuring no new businesses compete with the listed company's main operations, and will inject competitive assets/businesses into the listed company or transfer them externally at an appropriate time[62](index=62&type=chunk) - Acquirer Haike Holdings committed to standardizing related-party transactions with the listed company, minimizing new non-essential related-party transactions, conducting transactions based on market principles and fair prices, and fulfilling information disclosure obligations[62](index=62&type=chunk) - Acquirer Haike Holdings committed to ensuring the listed company's independence in assets, personnel, finance, organization, and business, refraining from illegally occupying the listed company's funds, assets, and other resources, and not providing guarantees for related parties' debts[64](index=64&type=chunk)[66](index=66&type=chunk) [Matters and Handling Related to Non-Standard Audit Opinions](index=20&type=section&id=%E4%BA%94%E3%80%81%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%B6%89%E5%8F%8A%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) The company's 2024 financial statements received an unmodified audit opinion with an emphasis-of-matter paragraph regarding significant uncertainty about going concern, primarily due to negative accumulated undistributed profits, low equity attributable to the parent, high asset-liability ratio, and large overdue related-party debts; management has formulated and actively implemented improvement measures, including strengthening production of advantageous products, accelerating accounts receivable collection, raising funds, and enhancing risk control, and has processed multiple bank loans as planned - As of December 31, 2024, the company's accumulated undistributed profits were **-900 million yuan**, equity attributable to the parent company was **55 million yuan**, asset-liability ratio was **97.47%**, and net profit attributable to the parent company for 2024 was **-147 million yuan**[67](index=67&type=chunk) - As of June 30, 2025, the company and its subsidiaries had accumulated overdue interest-bearing debts of approximately **775 million yuan** with related companies, with corresponding interest and penalties of approximately **108 million yuan**[67](index=67&type=chunk) - The company is pursuing arbitration to request Shanfa Holdings to cooperate in the industrial and commercial change of subsidiary equity, pay **1.405 billion yuan** in asset acquisition funds and interest, and repay advanced and occupied funds[69](index=69&type=chunk) - The company has implemented multiple improvement measures, including strengthening production of advantageous products, accelerating accounts receivable collection, increasing fundraising efforts (having repaid **430 million yuan** in bank loans and renewed some loans), and enhancing risk control[71](index=71&type=chunk)[72](index=72&type=chunk) [Significant Litigation and Arbitration Matters](index=21&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) The company is involved in two significant arbitration matters: a dispute with Shanfa Holdings regarding an asset sale agreement, which has undergone two rounds of hearings and awaits arbitration award; and a dispute over performance compensation with shareholders of Shandong Tianyuan Information Technology Group Co., Ltd., for which an arbitration application has been filed and an initial hearing held, with subsequent outcomes uncertain - The company and major shareholder Haike Holdings, as applicants, filed an arbitration application with the China International Economic and Trade Arbitration Commission regarding a dispute with Shanfa Holdings, involving subsidiary equity changes, asset acquisition payment, and debt assumption[74](index=74&type=chunk) - This arbitration case underwent two rounds of hearings on April 21 and May 6, 2025, where both parties completed evidence submission and cross-examination on core disputes such as responsibility for overdue debt, calculation basis for damages, and feasibility of asset divestment, and are currently awaiting the arbitration tribunal's deliberation and award[74](index=74&type=chunk) - The company filed an arbitration application with the Weihai Arbitration Commission, requesting nine respondents to pay **14.9687 million yuan** in performance compensation and **265,200 yuan** in interest; the first hearing for this case was held on April 25, 2025, and is awaiting notification for the second hearing[76](index=76&type=chunk) [Significant Related-Party Transactions](index=22&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 engaged in related-party creditor-debtor transactions with Shandong Haike Holdings Co., Ltd., where Haike Holdings provided a **90 million yuan** entrusted loan to the company through a bank, which has been completed - On March 25, 2025, the company's Board of Directors approved the "Proposal on Shandong Haike Holdings Co., Ltd. Providing Entrusted Loans to the Company and Related-Party Transactions," where Haike Holdings provided a **90 million yuan** entrusted loan to the company through a bank at an annual interest rate not exceeding **5.5%**, and this matter has been completed[78](index=78&type=chunk) [Significant Contracts and Their Fulfillment](index=23&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 had no external guarantees but provided guarantees totaling **194,981,666.68 yuan** to its subsidiaries, representing **-10,549.32%** of the company's net assets, indicating negative net assets and substantial guarantee amounts Company Guarantee Total (Including Guarantees to Subsidiaries) | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantees to Subsidiaries during Reporting Period | 194,981,666.68 | | Total Guarantees to Subsidiaries at Period-End (B) | 194,981,666.68 | | Total Guarantees (A+B) | 194,981,666.68 | | Total Guarantees as % of Company's Net Assets | -10,549.32 | - The company's total guarantee balance to subsidiaries at the end of the reporting period was **194,981,666.68 yuan**[81](index=81&type=chunk) - The total guarantee amount as a percentage of the company's net assets was **-10,549.32%**, indicating negative net assets and high guarantee risk[81](index=81&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Changes](index=26&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 capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[84](index=84&type=chunk) [Shareholder Information](index=26&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 **14,900** common shareholders; among the top ten shareholders, Shandong Haike Holdings Co., Ltd. held **24.33%** and Shandong Green Capital Investment Group Co., Ltd. held **16.48%,** both being domestic non-state-owned legal entities or other entities, with no pledges, markings, or freezes - As of the end of the reporting period, the total number of common shareholders was **14,900**[85](index=85&type=chunk) Top Ten Shareholders' Shareholding (Period-End) | Shareholder Name (Full Name) | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares Held | Pledged, Marked, or Frozen Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haike Holdings Co., Ltd. | 77,853,056 | 24.33 | 0 | None | Domestic Non-State-Owned Legal Entity | | Shandong Green Capital Investment Group Co., Ltd. | 52,727,080 | 16.48 | 0 | None | Other | | Zhang Tao | 5,707,760 | 1.78 | 0 | None | Domestic Natural Person | | Li Wenjia | 4,300,000 | 1.34 | 0 | None | Domestic Natural Person | | Fu Lei | 2,563,000 | 0.80 | 0 | None | Domestic Natural Person | | Zhao Yuting | 2,333,300 | 0.73 | 0 | None | Domestic Natural Person | | BARCLAYS BANK PLC | 2,291,331 | 0.72 | 0 | None | Foreign Legal Entity | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 2,248,810 | 0.70 | 0 | None | Foreign Legal Entity | | Shanghai Caitong - CITIC Securities - Caitong Asset - Cifeng Fuying Fixed Increase No. 1 Specific Multiple Client Special Asset Management Plan | 2,238,301 | 0.70 | 0 | None | Domestic Non-State-Owned Legal Entity | | Fu Yong | 2,020,000 | 0.63 | 0 | None | Domestic Natural Person | Section VII Bond-Related Information [Corporate Bonds and Debt Financing Instruments](index=29&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[92](index=92&type=chunk) [Convertible Corporate Bonds](index=29&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[92](index=92&type=chunk) Section VIII Financial Report [Audit Report](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[94](index=94&type=chunk) [Financial Statements](index=30&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 reflecting its financial position, operating results, and cash flow [Consolidated Balance Sheet](index=30&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 total current assets were **342 million yuan**, total non-current assets were **1.248 billion yuan**, and total assets were **1.59 billion yuan**; total current liabilities were **1.607 billion yuan**, total non-current liabilities were **1.689 million yuan**, and total liabilities were **1.608 billion yuan**; total equity attributable to parent company owners was **-4.3738 million yuan**, and total owners' equity was **-18.4829 million yuan** Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Current Assets | 341,829,453.46 | 342,836,749.11 | | Total Non-Current Assets | 1,248,078,931.63 | 1,291,067,835.50 | | Total Assets | 1,589,908,385.09 | 1,633,904,584.61 | | Total Current Liabilities | 1,606,702,259.61 | 1,590,886,466.23 | | Total Non-Current Liabilities | 1,689,000.00 | 1,709,000.00 | | Total Liabilities | 1,608,391,259.61 | 1,592,595,466.23 | | Total Equity Attributable to Parent Company Owners | -4,373,765.97 | 55,100,273.41 | | Non-Controlling Interests | -14,109,108.55 | -13,791,155.03 | | Total Owners' Equity | -18,482,874.52 | 41,309,118.38 | [Parent Company Balance Sheet](index=32&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total current assets were **406 million yuan**, total non-current assets were **1.296 billion yuan**, and total assets were **1.702 billion yuan**; total current liabilities were **1.149 billion yuan**, total liabilities were **1.149 billion yuan**; and total owners' equity was **553 million yuan** Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Current Assets | 405,991,685.53 | 395,347,004.26 | | Total Non-Current Assets | 1,296,480,527.21 | 1,296,480,527.21 | | Total Assets | 1,702,472,212.74 | 1,691,827,531.47 | | Total Current Liabilities | 1,149,089,974.51 | 1,135,927,520.56 | | Total Liabilities | 1,149,089,974.51 | 1,135,927,520.56 | | Total Owners' Equity | 553,382,238.23 | 555,900,010.91 | [Consolidated Income Statement](index=34&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the company achieved total operating revenue of **181.32 million yuan**, total operating costs of **235.25 million yuan**, total profit of **-59.792 million yuan**, and net profit of **-59.792 million yuan**; net profit attributable to parent company shareholders was **-59.474 million yuan**, narrowing losses compared to the prior year Consolidated Income Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 181,317,956.57 | 202,641,882.66 | | Total Operating Costs | 235,254,318.75 | 260,331,995.23 | | Total Profit | -59,791,992.90 | -65,482,566.25 | | Net Profit | -59,791,992.90 | -65,482,566.25 | | Net Profit Attributable to Parent Company Shareholders | -59,474,039.38 | -64,960,167.16 | | Basic Earnings Per Share (yuan/share) | -0.19 | -0.20 | | Diluted Earnings Per Share (yuan/share) | -0.19 | -0.20 | [Parent Company Income Statement](index=36&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the parent company's operating revenue was **99,004.81 yuan**, operating profit was **-2.4978 million yuan**, and total profit and net profit were both **-2.5178 million yuan**, narrowing losses compared to the prior year Parent Company Income Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 99,004.81 | 1,151,770.77 | | Operating Profit | -2,497,772.68 | -2,807,442.37 | | Total Profit | -2,517,772.68 | -2,850,936.26 | | Net Profit | -2,517,772.68 | -2,850,936.26 | [Consolidated Cash Flow Statement](index=38&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, the company's net cash flow from operating activities was **10.4578 million yuan**, net cash flow from investing activities was **-1.248 million yuan**, and net cash flow from financing activities was **-15.0728 million yuan**; the net increase in cash and cash equivalents was **-5.8222 million yuan** Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 10,457,839.96 | 14,910,083.35 | | Net Cash Flow from Investing Activities | -1,248,035.56 | 44,974,963.69 | | Net Cash Flow from Financing Activities | -15,072,802.77 | -54,853,890.50 | | Net Increase in Cash and Cash Equivalents | -5,822,173.45 | 5,057,823.46 | | Period-End Cash and Cash Equivalents Balance | 32,480,081.27 | 39,582,115.17 | [Parent Company Cash Flow Statement](index=39&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, the parent company's net cash flow from operating activities was **893,325.46 yuan**, net cash flow from investing activities was **0**, and net cash flow from financing activities was **-894,583.34 yuan**; the net increase in cash and cash equivalents was **-1,257.64 yuan** Parent Company Cash Flow Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 893,325.46 | 1,935,628.50 | | Net Cash Flow from Investing Activities | - | -2,028,484.00 | | Net Cash Flow from Financing Activities | -894,583.34 | - | | Net Increase in Cash and Cash Equivalents | -1,257.64 | -92,855.38 | | Period-End Cash and Cash Equivalents Balance | 896.63 | 242,933.66 | [Consolidated Statement of Changes in Owners' Equity](index=42&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) From January to June 2025, the company's total consolidated owners' equity decreased by **59.792 million yuan**, primarily due to the loss in net profit attributable to parent company owners, leading to a reduction in undistributed profits Consolidated Statement of Changes in Owners' Equity (H1 2025) | Item | Period-Beginning Balance (yuan) | Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Owners | 55,100,273.41 | -59,474,039.38 | -4,373,765.97 | | Non-Controlling Interests | -13,791,155.03 | -317,953.52 | -14,109,108.55 | | Total Owners' Equity | 41,309,118.38 | -59,791,992.90 | -18,482,874.52 | [Parent Company Statement of Changes in Owners' Equity](index=47&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) From January to June 2025, the parent company's total owners' equity decreased by **2.5178 million yuan**, primarily due to net profit losses leading to a reduction in undistributed profits Parent Company Statement of Changes in Owners' Equity (H1 2025) | Item | Period-Beginning Balance (yuan) | Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 319,948,070.00 | 0 | 319,948,070.00 | | Capital Reserve | 605,624,358.70 | 0 | 605,624,358.70 | | Surplus Reserve | 31,863,939.22 | 0 | 31,863,939.22 | | Undistributed Profits | -401,536,357.01 | -2,517,772.68 | -404,054,129.69 | | Total Owners' Equity | 555,900,010.91 | -2,517,772.68 | 553,382,238.23 | [Company Basic Information](index=51&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) Shandong Huapeng Glass Co., Ltd. was established on December 29, 2001, with a registered capital of **319.94807 million yuan** and Liu Dongguang as its legal representative; the company's former controlling shareholder was Shandong Haike Holdings Co., Ltd., and the ultimate controlling party was Yang Xiaohong; the company and its subsidiaries primarily engage in the production and sales of daily-use glass products - Shandong Huapeng Glass Co., Ltd. was established on December 29, 2001, with a registered capital of **319.94807 million yuan** and Liu Dongguang as its legal representative[127](index=127&type=chunk) - The company's former controlling shareholder was Shandong Haike Holdings Co., Ltd., and the ultimate controlling party was Yang Xiaohong[127](index=127&type=chunk) - The company and its subsidiaries primarily engage in the production and sales of daily-use glass products[127](index=127&type=chunk) [Basis of Financial Statement Preparation](index=51&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, despite significant uncertainties regarding its ability to continue as a going concern, primarily due to negative accumulated undistributed profits, low equity attributable to the parent, a high asset-liability ratio, and large overdue related-party debts; the company has formulated and implemented multiple improvement measures to address these uncertainties - The company's financial statements are prepared on a going concern basis[128](index=128&type=chunk) - As of December 31, 2024, the company's accumulated undistributed profits were **-900 million yuan**, equity attributable to the parent company was **55 million yuan**, asset-liability ratio was **97.47%**, and net profit attributable to the parent company for 2024 was **-147 million yuan**[129](index=129&type=chunk) - As of June 30, 2025, the company and its subsidiaries had accumulated overdue interest-bearing debts of approximately **775 million yuan** with related companies, with corresponding interest and penalties of approximately **108 million yuan**[129](index=129&type=chunk) - The company has implemented improvement measures such as strengthening production of advantageous products, accelerating accounts receivable collection, increasing fundraising efforts (having repaid **430 million yuan** in bank loans and renewed some loans), and enhancing risk control[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) [Significant Accounting Policies and Estimates](index=52&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 significant accounting policies and estimates for financial statement preparation, covering enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, various receivables, inventories, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, revenue, government grants, deferred income tax assets/liabilities, leases, and non-monetary asset exchanges - The company's financial statements comply with enterprise accounting standards and are prepared on a going concern basis, with the accounting year running from January 1 to December 31[135](index=135&type=chunk)[136](index=136&type=chunk) - The company provides detailed explanations for the impairment provision methods for financial instruments, notes receivable, accounts receivable, accounts receivable financing, other receivables, and inventories, primarily using the expected credit loss model or the lower of cost and net realizable value method[160](index=160&type=chunk)[164](index=164&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk)[172](index=172&type=chunk)[175](index=175&type=chunk) - Revenue recognition is based on the fulfillment of performance obligations, recognized when the customer obtains control of the goods, and disaggregated by product type, operating region, customer type, and contract type[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk) - Government grants are classified as asset-related or income-related, and accounted for as deferred income or directly recognized in current profit or loss, respectively[222](index=222&type=chunk)[223](index=223&type=chunk) [Taxation](index=73&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 value-added tax, urban maintenance and construction tax, enterprise income tax, education surcharge, and local education surcharge; some subsidiaries qualify as small low-profit enterprises, applying a preferential **20%** enterprise income tax rate Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Payable VAT is the balance after deducting deductible input tax from output tax | 13, 9, 6, 5 | | Urban Maintenance and Construction Tax | Payable turnover tax amount | 7, 5 | | Enterprise Income Tax | Taxable income | 25, 20 | | Education Surcharge | Payable turnover tax amount | 3 | | Local Education Surcharge | Payable turnover tax amount | 2 | Taxable Entities with Different Enterprise Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Shandong Huapeng Glass Co., Ltd., Shandong Huapeng Shidao Glass Products Co., Ltd., Gansu Shidao Glass Co., Ltd., Liaoning Huapeng Guangyuan Glass Co., Ltd., Anqing Huapeng Yangtze Glass Co., Ltd., Huapeng Glass (Heze) Co., Ltd. | 25% | | Rongcheng Huapeng Technology Development Co., Ltd., Shandong Huaying New Materials Co., Ltd., Shanxi Huapeng Shuita Glass Products Co., Ltd., Rongcheng Huapeng Trading Co., Ltd. | 20% | - The company's subsidiaries Rongcheng Huapeng Technology Development Co., Ltd., Shandong Huaying New Materials Co., Ltd., Shanxi Huapeng Shuita Glass Products Co., Ltd., and Rongcheng Huapeng Trading Co., Ltd. qualify as small low-profit enterprises, applying a **20%** enterprise income tax rate[238](index=238&type=chunk) [Notes to Consolidated Financial Statement Items](index=74&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 assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including period-end balances, period-beginning balances, changes and reasons, and specific information on restricted assets, bad debt provisions, inventory depreciation provisions, and related-party fund borrowing interest Period-End Balance of Monetary Funds | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash on Hand | 6,260.21 | | Bank Deposits | 32,759,718.57 | | Other Monetary Funds | 28,652,121.26 | | Total | 61,418,100.04 | Period-End Details of Restricted Monetary Funds | Item | Period-End Balance (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Acceptance Bill Deposit | 28,652,120.00 | | | Deposit Account | 1.13 | | | Litigation Frozen Funds | 285,897.51 | | | Total | 28,938,018.77 | | Notes Receivable Classification | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 19,929,292.66 | 22,497,793.43 | | Total | 19,929,292.66 | 22,497,793.43 | Accounts Receivable Aging Distribution (Period-End) | Aging | Period-End Book Balance (yuan) | | :--- | :--- | | Within 1 Year (inclusive) | 77,234,147.26 | | 1 to 2 Years | 16,380,256.25 | | 2 to 3 Years | 18,817,993.55 | | Over 3 Years | 109,222,087.85 | | Total | 221,654,484.91 | Inventory Classification (Period-End) | Item | Book Balance (yuan) | Inventory Depreciation Reserve (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 41,600,955.63 | 896,900.99 | 40,704,054.64 | | Finished Goods | 134,106,235.60 | 19,652,841.64 | 114,453,393.96 | | Goods in Transit | 2,305,092.25 | 0 | 2,305,092.25 | | Total | 175,707,191.23 | 20,549,742.63 | 155,157,448.60 | Short-Term Borrowings Classification (Period-End) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Credit Loans | 90,137,500.00 | 0 | | Mortgage, Guarantee Loans | 70,080,972.22 | 0 | | Mortgage, Pledge Loans | 90,068,750.00 | 0 | | Mortgage, Guarantee, Pledge Loans | 160,253,333.33 | 340,636,166.67 | | Total | 410,540,555.55 | 430,787,416.67 | Accounts Payable Listing (Period-End) | Item | Period-End Balance (yuan) | | :--- | :--- | | Materials and Services | 120,765,060.98 | | Project Payments | 26,421,591.22 | | Equipment Payments | 5,290,046.57 | | Other | 307,326.31 | | Total | 152,784,025.08 | Undistributed Profits (Period-End) | Item | Current Period (yuan) | | :--- | :--- | | Undistributed Profits at Prior Period-End (Adjusted) | -900,124,656.30 | | Add: Net Profit Attributable to Parent Company Owners for Current Period | -59,474,039.38 | | Period-End Undistributed Profits | -959,598,695.68 | Operating Revenue and Operating Cost (Current Period) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 180,254,744.66 | 163,340,513.22 | | Other Business | 1,063,211.91 | 576,667.55 | | Total | 181,317,956.57 | 163,917,180.77 | [R&D Expenses](index=121&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's total R&D expenses were **6.8753 million yuan**, primarily for technical optimization of glass tableware and bottle production processes and new product development, all expensed R&D Expenses by Nature (Current Period) | Item | Amount Incurred in Current Period (yuan) | | :--- | :--- | | Direct Labor | 1,514,917.29 | | Direct Input | 998,017.02 | | Fuel and Power Costs | 2,209,525.87 | | Depreciation and Amortization | 2,152,797.01 | | Total | 6,875,257.19 | | Of which: Expensed R&D Expenditure | 6,875,257.19 | - Current R&D expenditures primarily focused on optimizing the glass tableware press feeding funnel mechanism, developing a burst-mouth machine clamping system, researching a new press clamping connecting rod mechanism, developing one-machine multi-production process technology for glass bottles, studying high-arch bottom wine bottle production processes, and designing and developing auxiliary devices for glass bottle packaging[359](index=359&type=chunk) - All R&D expenditures during the reporting period were expensed and not capitalized[386](index=386&type=chunk) [Changes in Consolidation Scope](index=122&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 established two new subsidiaries, Rongcheng Huapeng Technology Development Co., Ltd. and Rongcheng Huapeng Trading Co., Ltd., leading to changes in the consolidation scope - During the reporting period, the company established subsidiaries Rongcheng Huapeng Technology Development Co., Ltd. and Rongcheng Huapeng Trading Co., Ltd[387](index=387&type=chunk) [Equity in Other Entities](index=122&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 equity in subsidiaries, including each subsidiary's main operating location, registered capital, business nature, shareholding percentage, and acquisition method, and lists key financial information for the significant non-wholly-owned subsidiary Liaoning Huapeng Guangyuan Glass Co., Ltd Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital (yuan) | Business Nature | Shareholding Ratio (%) Direct | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Anqing Huapeng Yangtze Co., Ltd. | Anqing City, Anhui Province | 139,880,000 | Manufacturing | 100.00 | Acquired through non-same control business combination | | Gansu Shidao Glass Co., Ltd. | Wuwei City, Gansu Province | 10,000,000 | Manufacturing | 100.00 | Acquired through establishment | | Liaoning Huapeng Guangyuan Glass Co., Ltd. | Shenyang City, Liaoning Province | 25,800,000 | Manufacturing | 57.36 | Acquired through establishment | | Huapeng Glass (Heze) Co., Ltd. | Heze City, Shandong Province | 10,000,000 | Manufacturing | 100.00 | Acquired through same control business combination | | Shandong Huaying New Materials Co., Ltd. | Heze City, Shandong Province | 50,000,000 | Manufacturing | 100.00 | Acquired through establishment | | Shanxi Huapeng Shuita Glass Products Co., Ltd. | Qingxu County, Shanxi Province | 20,000,000 | Manufacturing | 100.00 | Acquired through establishment | | Shandong Huapeng Shidao Glass Products Co., Ltd. | Rongcheng City | 50,000,000 | Manufacturing | 100.00 | Acquired through establishment | | Rongcheng Huapeng Trading Co., Ltd. | Rongcheng City | 300,000 | Manufacturing | 100.00 | Acquired through establishment | | Rongcheng Huapeng Technology Development Co., Ltd. | Rongcheng City | 1,000,000 | Manufacturing | 100.00 | Acquired through establishment | Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Liaoning Huapeng Guangyuan Glass Co., Ltd.) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Non-Controlling Interest Share (%) | 42.64 | 42.64 | | Net Profit Attributable to Non-Controlling Interests for Current Period | -317,953.52 | -1,225,138.57 | | Period-End Non-Controlling Interest Balance | -14,109,108.55 | -13,791,155.03 | | Operating Revenue | 0 | 0 | | Net Profit | -745,669.60 | -1,225,138.57 | | Total Comprehensive Income | -745,669.60 | -1,225,138.57 | | Net Cash Flow from Operating Activities | 0 | -2,711.64 | [Government Grants](index=126&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Company report period end has asset-related deferred income government grants of **1.689 million yuan**; government grants recognized in current profit or loss totaled **216,544.60 yuan** for the current period, an increase from the prior period Liability Items Involving Government Grants (Period-End) | Financial Statement Item | Period-Beginning Balance (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | | Deferred Income | 1,689,000.00 | 1,689,000.00 | Asset-related | | Total | 1,689,000.00 | 1,689,000.00 | / | Government Grants Recognized in Current Profit or Loss | Type | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Income-related | 216,544.60 | 42,827.59 | | Total | 216,544.60 | 42,827.59 | [Fair Value Disclosure](index=129&type=section&id=%E5%8D%81%E4%BA%8C%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 period-end fair value of the company's assets and liabilities measured at fair value, with accounts receivable financing measured at Level 1 fair value, totaling **918,266.20 yuan** at period-end Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 918,266.20 | 0 | 0 | 918,266.20 | | Total Assets Continuously Measured at Fair Value | 918,266.20 | 0 | 0 | 918,266.20 | [Related Parties and Related-Party Transactions](index=131&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent company is Shandong Haike Holdings Co., Ltd., and the ultimate controlling party is Yang Xiaohong; this section discloses the company's guarantees to subsidiaries, related-party fund borrowings, and key management personnel compensation; the company provided multiple guarantees to subsidiaries and has significant related-party fund borrowings Parent Company Information | Parent Company Name | Registered Address | Business Nature | Registered Capital (10,000 yuan) | Parent Company's Shareholding Ratio in This Enterprise (%) | Parent Company's Voting Rights Ratio in This Enterprise (%) | | :--- | :--- | :--- | :--- | :--- | :--- |