[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section provides critical declarations, profit distribution plans, forward-looking statements, and risk warnings [Management Statement](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E5%A3%B0%E6%98%8E) The Board, Supervisory Board, and senior management declare the semi-annual report's truthfulness, accuracy, and completeness, assuming legal responsibility - Management guarantees the report's truthfulness, accuracy, and completeness, assuming legal responsibility[3](index=3&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) No profit distribution or capital reserve capitalization plan is applicable for this reporting period - The profit distribution plan or capital reserve capitalization plan is not applicable for this reporting period[6](index=6&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=%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 in this report, including future plans, do not constitute substantive commitments, and investors should be aware of investment risks - Forward-looking statements in the report do not constitute substantive commitments, and investors should be aware of investment risks[6](index=6&type=chunk) [Non-Operating Fund Occupation and External Guarantees](index=2&type=section&id=%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E8%B5%84%E9%87%91%E5%8D%A0%E7%94%A8%E4%B8%8E%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D) The company has no non-operating fund occupation by controlling shareholders or related parties, nor any external guarantees violating regulatory procedures - There is no non-operating fund occupation by controlling shareholders or other related parties[7](index=7&type=chunk) - There are no external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) [Significant Risk Warning](index=2&type=section&id=%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 this report, specifically referring to "Section III Management Discussion and Analysis" for related content - The company has detailed potential risks in "Section III Management Discussion and Analysis"[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for commonly used terms within the report [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, reporting period, and controlling parties - Reporting Period: January 1, 2025, to June 30, 2025[15](index=15&type=chunk) - Controlling Shareholder: Mr. Huang Yehua, directly holding **18.62%** of the company's equity[15](index=15&type=chunk) - Actual Controllers: Huang Yehua, Huang Chao, Ma Xiping[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information and key financial performance indicators [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section discloses the company's basic information, including its Chinese name and legal representative - Company Chinese Name: Xuancheng Hualing Precision Engineering Technology Co., Ltd[13](index=13&type=chunk) - Company Chinese Abbreviation: Hualing Precision Engineering[13](index=13&type=chunk) - Legal Representative: Huang Chao[13](index=13&type=chunk) [Contact Person and Information](index=4&type=section&id=%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary - Board Secretary: Yan Kaidan[14](index=14&type=chunk) - Contact Number: 0563-7798808[14](index=14&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section discloses the company's addresses and website, with no changes during the reporting period - Company Registered Address: Langmei Road, Meizhu Town, Langxi County, Xuancheng City, Anhui Province[17](index=17&type=chunk) - Company Website: www.xchualing.com[17](index=17&type=chunk) - There were no historical changes to the company's registered address during the reporting period[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section details information disclosure channels and report storage, with no changes - Information Disclosure Newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily[18](index=18&type=chunk) - Website for Semi-Annual Report Publication: http://www.sse.com.cn[18](index=18&type=chunk) - Company Semi-Annual Report Storage Location: Board of Directors Office[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides information on the company's stock type, listing exchange, and code - Stock Type: A-shares[19](index=19&type=chunk) - Stock Exchange: Shanghai Stock Exchange[19](index=19&type=chunk) - Stock Abbreviation: Hualing Precision Engineering[19](index=19&type=chunk) - Stock Code: 603356[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue decreased by **20.48%**, net profit was negative, and assets declined 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 444,619,698.29 | 559,121,993.79 | -20.48 | | Total Profit | -57,182,761.46 | -48,802,907.26 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -46,107,474.34 | -39,277,219.86 | Not Applicable | | Net Cash Flow from Operating Activities | -48,375,828.98 | -76,196,436.28 | Not Applicable | | | End of Current Period (RMB) | End of Prior Year (RMB) | Change from End of Prior Year (%) | | Net Assets Attributable to Shareholders of Listed Company | 407,168,774.77 | 450,197,016.63 | -9.56 | | Total Assets | 1,377,619,320.58 | 1,433,143,569.57 | -3.87 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.35 | -0.30 | Not Applicable | | Diluted Earnings Per Share (RMB/share) | -0.35 | -0.30 | Not Applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | -0.35 | -0.29 | Not Applicable | | Weighted Average Return on Net Assets (%) | -10.79 | -6.07 | Decrease of 4.72 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -10.84 | -5.95 | Decrease of 4.89 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring gains and losses amounted to **RMB 181,146.31**, primarily from asset disposal and government grants 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 79,835.84 | | Government grants recognized in current profit or loss | 521,994.84 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | -43,259.45 | | Other non-operating income and expenses apart from the above | -535,740.18 | | Less: Income tax impact | 100,326.47 | | Minority interest impact (after tax) | -258,641.73 | | **Total** | **181,146.31** | [Section III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section discusses the company's industry, main business operations, and financial performance during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=6&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company primarily researches, develops, produces, and sells elevator components, sheet metal parts, and new energy accessories, while also expanding into elevator energy storage, facing a slowing and competitive elevator market with new growth in old elevator upgrades and maintenance - Company's main business: Research, development, production, and sales of elevator components, sheet metal processing, and new energy accessories[26](index=26&type=chunk) - New business: Investment in and establishment of Hangzhou Juzhun Cloud Energy Storage Technology Co., Ltd., a controlled subsidiary, to expand into elevator energy storage business[27](index=27&type=chunk) - Elevator industry status: China is the world's largest elevator producer and consumer, but demand for new elevators is slowing, while old elevator upgrades and maintenance services are continuously increasing[33](index=33&type=chunk) - Market data: As of the end of 2024, China's elevator stock exceeded **11 million units**, with approximately **900,000 old elevators** over 15 years old[34](index=34&type=chunk) - Policy support: **RMB 18 billion** in ultra-long-term special government bonds are allocated in 2025 to support the renovation of **120,000 old elevators**[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Facing a slowing and competitive elevator industry, the company actively optimizes management, develops new products, and expands new energy businesses to seek growth - Operational pressure: The elevator industry faces slowing demand and intense competition[34](index=34&type=chunk) - Strategic direction: Stabilize the core elevator business through cost reduction and efficiency improvement, and deeply expand into new energy fields such as wind power accessories, photovoltaic brackets, new energy sheet metal, and elevator energy storage[34](index=34&type=chunk) - R&D focus: Industrial steel wire ropes, high-speed elevator ropes, flexible roof brackets, distributed trackers, overseas balcony photovoltaic systems, and new energy battery sheet metal components[35](index=35&type=chunk) - Market expansion: Hualing New Energy Co. is developing differentiated strategies for emerging photovoltaic markets in Southeast Asia and the Middle East[35](index=35&type=chunk) - Resource optimization: Ceased investment in Anhui Hualing New Energy Technology Co., Ltd., and deregistered Jiangsu Huaxin and Jiangsu Huaxin Energy Storage to reduce management costs[37](index=37&type=chunk) - Cost control: Implemented cost reduction and control measures through supply chain management, process optimization, strict expense budget control, and waste material recycling[38](index=38&type=chunk) - New business synergy: Jointly invested with Juzhun Holdings and Tiedian Company to establish Hangzhou Juzhun Cloud Energy Storage Technology Co., Ltd., to promote market expansion of elevator energy storage products[39](index=39&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core competitiveness remains stable, driven by technology, customer resources, and quality - Core competitiveness remains largely unchanged, encompassing technological development, customer resources, scaled production, market layout, management talent, and product quality[41](index=41&type=chunk) - Technological development advantage: High-tech enterprise with **233 intellectual property rights** (**52 invention patents**), demonstrating continuous innovation[42](index=42&type=chunk) - High-quality customer advantage: Established long-term partnerships with globally renowned elevator companies, major domestic intelligent stereo garage, wind power, and photovoltaic bracket enterprises[43](index=43&type=chunk) - Scaled customized production advantage: Possesses rapid response capabilities for "customization," "multi-variety," and "small-batch" orders[44](index=44&type=chunk) - Localized production and distribution advantage: Production bases in Anhui, Guangzhou, Chongqing, Tianjin, Changzhou, and Wuxi enable rapid response and reduced logistics costs[45](index=45&type=chunk) - Product quality advantage: Certified with ISO 9001:2015 and ISO 14001:2015, ensuring stable product quality[47](index=47&type=chunk) [Main Operating Conditions During the Reporting Period](index=11&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) Operating revenue decreased by **20.48%**, expenses declined, and financing cash flow turned positive [Analysis of Main Business](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue and costs decreased, expenses were reduced, and cash flows improved 2025 Semi-Annual Financial Statement Related Account Changes Analysis | Account | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 444,619,698.29 | 559,121,993.79 | -20.48 | Overall market downturn, reduced sales orders, lower selling prices | | Operating Cost | 439,518,934.39 | 531,029,863.57 | -17.23 | Reduced sales orders, corresponding decrease in sales costs | | Selling Expenses | 4,077,492.50 | 8,128,684.16 | -49.84 | Implemented cost-saving measures, reduced travel expenses and business entertainment | | Administrative Expenses | 36,067,313.55 | 41,155,855.56 | -12.36 | Decreased management consulting fees and depreciation of assets used for management | | Financial Expenses | 11,235,208.99 | 12,053,411.40 | -6.79 | Reduced bank loans, decreased bank loan interest | | Research and Development Expenses | 9,739,018.58 | 11,848,493.41 | -17.80 | Reduced R&D projects, decreased R&D investment | | Net Cash Flow from Operating Activities | -48,375,828.98 | -76,196,436.28 | Not Applicable | Optimized production, sales, and collection strategies, improved collection efficiency, reduced period expenses | | Net Cash Flow from Financing Activities | 22,419,216.16 | -67,794,361.15 | Not Applicable | Share repurchase in prior year period, no such expenditure in current period | [Analysis of Assets and Liabilities](index=11&type=section&id=%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, cash and notes receivable decreased, while short-term borrowings and notes payable significantly increased 2025 Semi-Annual Asset and Liability Status Changes | Item Name | End of Current Period (RMB) | % of Total Assets at Period End | End of Prior Year (RMB) | % of Total Assets at Prior Year End | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 73,299,030.78 | 5.32 | 112,231,110.63 | 7.83 | -34.69 | Reduced cash collection from sales, repayment of working capital loans | | Notes Receivable | 27,352,992.36 | 1.99 | 48,332,941.52 | 3.37 | -43.41 | Reduced collection of matured notes | | Construction in Progress | 3,846,330.97 | 0.28 | 933,739.33 | 0.07 | 311.93 | Increased payments for equipment purchases | | Deferred Income Tax Assets | 12,944,054.98 | 0.94 | 6,996,777.77 | 0.49 | 85.00 | Recognition of deferred income tax assets corresponding to deductible losses | | Short-Term Borrowings | 275,112,222.22 | 19.97 | 165,252,296.45 | 11.53 | 66.48 | Increase in 1-year working capital loans | | Notes Payable | 65,000,000.00 | 4.72 | 11,000,000.00 | 0.77 | 490.91 | Increase in notes payable for letters of credit | | Other Payables | 62,604,866.71 | 4.54 | 28,824,352.60 | 2.01 | 117.19 | Increase in supply chain payables | | Contract Liabilities | 2,495,780.94 | 0.18 | 16,034,869.17 | 1.12 | -84.44 | Decrease due to recognition of pre-received goods payments as revenue | | Non-Current Liabilities Due Within One Year | 111,398,051.13 | 8.09 | 262,573,564.87 | 18.32 | -57.57 | Repayment of matured bank loans | | Long-Term Borrowings | 89,250,000.00 | 6.48 | 109,250,000.00 | 7.62 | -18.31 | Repayment of matured long-term borrowings | - Total restricted assets at period-end amounted to **RMB 73,163,785.71**, primarily comprising cash and bank balances, fixed assets, and intangible assets, with **RMB 1,100,000** of cash and bank balances serving as letter of credit margin[53](index=53&type=chunk) [Analysis of Investment Status](index=13&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company established a new subsidiary to expand its elevator energy storage business - Newly established controlled subsidiary, Hangzhou Juzhun Cloud Energy Storage Technology Co., Ltd., with main business involving elevator energy storage product development, sales, and technical consulting[54](index=54&type=chunk) [Analysis of Major Holding and Participating Companies](index=14&type=section&id=%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) Most subsidiaries reported negative net profits, reflecting industry pressure, while one achieved profitability Major Holding and Participating Companies Financial Status (2025 Semi-Annual) | Company Name | Registered Capital (RMB 10,000) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xuancheng Anhua Electromechanical Equipment Co., Ltd. | 800 | 378,119,474.52 | 132,380,317.87 | 118,041,750.15 | -15,186,060.40 | -11,340,415.81 | | Chongqing Hualing Elevator Accessories Co., Ltd. | 10,000 | 85,491,383.22 | 44,904,659.31 | 30,081,568.04 | -2,943,296.41 | -3,221,865.73 | | Guangzhou Hualing Elevator Accessories Co., Ltd. | 1,000 | 55,802,221.15 | 13,258,495.40 | 33,857,193.64 | -1,015,660.62 | -1,048,004.97 | | Wuxi General Steel Rope Co., Ltd. | 10,000 | 336,983,248.70 | 253,250,889.97 | 107,856,563.34 | -3,721,588.03 | -4,092,266.46 | | Liyang Hualing Precision Engineering Technology Co., Ltd. | 5,000 | 118,928,230.00 | -24,756,623.76 | 36,220,466.42 | -6,217,055.77 | -6,652,735.91 | | Anhui Hualing New Energy Co., Ltd. | 5,000 | 22,179,521.79 | 5,673,315.73 | 32,240,811.21 | -137,591.47 | -124,273.16 | | Tianjin Hualing Electromechanical Equipment Co., Ltd. | 1,500 | 25,665,246.14 | -31,653.74 | 16,202,126.07 | -2,167,045.78 | -2,167,045.68 | | Jiangsu Sans Wind Power Technology Co., Ltd. | 2,500 | 76,100,286.22 | 28,947,570.76 | 21,275,096.85 | 949,913.21 | 698,994.37 | | Liyang Anhua Precision Engineering Technology Co., Ltd. | 13,340.54 | 222,728,761.47 | 110,582,250.94 | 4,087,544.04 | -2,581,315.54 | -2,581,469.40 | | Xuancheng Huawei Wind Power Intelligent Co., Ltd. | 1,500 | 2,127,513.27 | 120,141.77 | 117,577.43 | -894,117.21 | -894,217.21 | | Anhui Hualing New Energy Technology Co., Ltd. | 1,000 | 2,595,429.21 | -12,343,380.13 | 0 | -579,837.39 | -579,837.39 | | Langxi Huazhan Machinery Manufacturing Co., Ltd. | 1,500 | 4,973,399.88 | 4,806,951.84 | 43,486.73 | -384,654.06 | -656,420.43 | [Other Disclosure Matters](index=19&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks including customer concentration, new business development, and tight liquidity - Risk of customer concentration: A significant portion of sales is to core customers, which could adversely affect the company if these customers face operational difficulties or if the company fails to meet their evolving demands in a timely manner[61](index=61&type=chunk) - Risk of new business development falling short of expectations: The new energy industry chain business layout is subject to uncertainties from policy, market, capital, and technology factors[62](index=62&type=chunk) - Risk of rising raw material prices: Fluctuations in prices of major raw materials like steel and cast iron impact gross profit margin and profitability[63](index=63&type=chunk) - Risk of intensified market competition and lower-than-expected prosperity: The elevator industry is linked to real estate, experiencing slowing growth and fierce competition[65](index=65&type=chunk) - Risk of accounts receivable collection: Accounts receivable remain high, and ineffective collection or customer changes could lead to unrecoverable amounts[68](index=68&type=chunk) - Risk of tight liquidity: Potential for strained cash flow due to delayed accounts receivable collection or failure to renew loans in a timely manner[69](index=69&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=21&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers governance, profit distribution, employee incentives, and environmental information [Changes in Company Directors, Supervisors, and Senior Management](index=21&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes in directors, supervisors, or senior management during the reporting period - No changes in the company's directors, supervisors, or senior management during the reporting period[72](index=72&type=chunk) [Profit Distribution or Capital Reserve Capitalization Plan](index=21&type=section&id=%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 proposed semi-annual profit distribution and capitalization plan is "No" - The proposed semi-annual profit distribution plan and capital reserve capitalization plan is "No"[72](index=72&type=chunk) - The number of bonus shares, cash dividends, and capitalization shares per 10 shares is **0**[72](index=72&type=chunk) [Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=21&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD) No equity incentive or employee incentive measures were applicable during the reporting period - No equity incentive, employee stock ownership plan, or other employee incentive measures were applicable to the company during the reporting period[73](index=73&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) A subsidiary was fined **RMB 384,000** for environmental violations and is actively rectifying the issue - Liyang Hualing Precision Engineering Technology Co., Ltd. was included in the list of enterprises required to disclose environmental information by law[73](index=73&type=chunk) - On June 5, 2025, Liyang Hualing Precision Engineering Technology Co., Ltd. was fined **RMB 384,000** for "significant changes in the production process of its elevator steel wire rope project without re-applying for environmental protection facility acceptance procedures"[74](index=74&type=chunk) - The company is actively rectifying the issues as required by the penalty[74](index=74&type=chunk) [Section V Significant Matters](index=23&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details commitments, fund occupation, guarantees, litigation, penalties, integrity, and related party transactions [Fulfillment of Commitments](index=23&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Actual controllers and management have strictly fulfilled commitments regarding competition, related party transactions, and returns - The actual controllers committed to resolving horizontal competition, ensuring they do not engage in businesses that compete with the company, and this commitment remains continuously effective[77](index=77&type=chunk)[78](index=78&type=chunk) - The actual controllers committed to resolving related party transactions, avoiding and reducing them, and conducting them on fair terms with proper approval procedures when unavoidable[78](index=78&type=chunk)[79](index=79&type=chunk) - Shangrao Juzhun and Zheng Jianbo committed not to overstep their authority in interfering with company operations, not to infringe upon company interests, and to implement measures to compensate for returns[79](index=79&type=chunk) - All company directors and senior management committed not to transfer benefits without compensation, to restrain job-related consumption, to comply with codes of conduct, and to support measures to compensate for returns[80](index=80&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=26&type=section&id=%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) No non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties[81](index=81&type=chunk) [Illegal Guarantees](index=26&type=section&id=%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) No illegal guarantees were provided by the company during the reporting period - During the reporting period, there were no illegal guarantees provided by the company[81](index=81&type=chunk) [Significant Litigation and Arbitration Matters](index=27&type=section&id=%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 had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during this reporting period[82](index=82&type=chunk) [Listed Company and Related Personnel Suspected of Violations, Penalties, and Rectification](index=27&type=section&id=%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E7%9B%B8%E5%85%B3%E4%BA%BA%E5%91%98%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company and related persons received a regulatory warning from the SSE for various violations and disclosed a rectification report - On January 14, 2025, the company received a regulatory warning from the Shanghai Stock Exchange[82](index=82&type=chunk) - Violations included: non-operating fund occupation of **RMB 9.45 million**, undisclosed related party transactions, irregular management and use of raised funds, non-compliant annual report information disclosure, and irregular corporate governance[82](index=82&type=chunk) - Responsible persons: Luo Xu (former Chairman, General Manager, and Board Secretary), He Deyong (former CFO), Huang Yehua (former Chairman)[83](index=83&type=chunk) - The company disclosed the "Rectification Report on the Administrative Regulatory Measures Decision by Anhui Securities Regulatory Bureau" on January 23, 2025[83](index=83&type=chunk) [Integrity Status of the Company, Controlling Shareholders, and Actual Controllers](index=28&type=section&id=%E5%85%AC%E5%8F%B8%E5%8F%8A%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company and its controlling parties operated with integrity, with no unfulfilled judgments or overdue debts - During the reporting period, the company, its controlling shareholders, and actual controllers operated with integrity and compliance[84](index=84&type=chunk) - There were no unfulfilled effective court judgments or overdue significant debts[84](index=84&type=chunk) [Significant Related Party Transactions](index=28&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company approved related party transaction quotas and plans to issue A-shares to raise funds for working capital and debt repayment - The "Proposal on Estimating the 2025 Annual Ordinary Related Party Transaction Quota" was approved at the General Meeting on June 27, 2025[85](index=85&type=chunk) - The company plans to issue no more than **40,000,000 A-shares** to specific investors, raising a total of no more than **RMB 453.20 million**[88](index=88&type=chunk) - The raised funds are intended entirely for supplementing working capital and repaying interest-bearing debts, aiming to enhance the company's financial strength, solidify business development foundations, and strengthen core competitiveness and profitability[88](index=88&type=chunk) [Significant Contracts and Their Fulfillment](index=30&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Total guarantee balance for subsidiaries was **RMB 161,000,000.00**, representing **35.76%** of net assets Company Total Guarantee Status (2025 Semi-Annual) | Indicator | Amount (RMB) | Percentage (%) | | :--- | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 71,000,000.00 | - | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 161,000,000.00 | - | | Total Guarantees (A+B) | 161,000,000.00 | - | | Percentage of total guarantees to company's net assets | - | 35.76 | | Debt guarantees provided directly or indirectly to guaranteed entities with an asset-liability ratio exceeding 70% (D) | 35,000,000.00 | - | - All guarantees were provided by the company for its wholly-owned and controlled subsidiaries[91](index=91&type=chunk) [Section VI Share Changes and Shareholder Information](index=32&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and information regarding its shareholders [Changes in Share Capital](index=32&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) 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[93](index=93&type=chunk) [Shareholder Information](index=32&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The company had **10,483** shareholders; the largest shareholder's shares were mostly frozen - Total number of common shareholders at the end of the reporting period: **10,483** households[94](index=94&type=chunk) Top Ten Shareholders' Shareholding Status at the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Yehua | 24,823,542 | 18.62 | Frozen | 17,856,232 | Domestic Natural Person | | Jiedeng Zero Carbon (Jiangsu) New Energy Technology Co., Ltd. | 12,667,300 | 9.50 | Marked/Frozen | 7,000,000/5,667,300 | Domestic Non-State-Owned Legal Person | | Yuan Fumin | 4,968,000 | 3.73 | Unrestricted | - | Domestic Natural Person | | Huang Chao | 3,864,475 | 2.90 | Unrestricted | - | Domestic Natural Person | | Zheng Jianbo | 3,398,000 | 2.55 | Unrestricted | - | Domestic Natural Person | | Hu Muhua | 3,000,000 | 2.25 | Unrestricted | - | Domestic Natural Person | | Hangzhou Xuanwu Investment Management Co., Ltd. - Xuanwu Stable No. 3 Private Securities Investment Fund | 2,264,200 | 1.70 | Unrestricted | - | Other | | He Kankan | 2,231,500 | 1.67 | Unrestricted | - | Domestic Natural Person | | Shannan Yuntu Culture Media Co., Ltd. | 2,100,000 | 1.57 | Unrestricted | - | Domestic Non-State-Owned Legal Person | | Tibet Xingrui Enterprise Management Service Co., Ltd. | 1,363,100 | 1.02 | Unrestricted | - | Domestic Non-State-Owned Legal Person | - The company's share repurchase special account held **6,373,000 shares**, accounting for **4.78%** of the total share capital[97](index=97&type=chunk) - Huang Yehua and Huang Chao are father and son, and Huang Yehua and Hu Muhua constitute a concerted action relationship[97](index=97&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=34&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) No changes in shareholdings or equity incentives for directors, supervisors, and senior management - During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management[98](index=98&type=chunk) - During the reporting period, the company's directors, supervisors, and senior management were not granted any equity incentives[98](index=98&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) No changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[98](index=98&type=chunk) [Section VII Bond-Related Information](index=35&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of company bonds and convertible corporate bonds [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=35&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) No corporate 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[100](index=100&type=chunk) [Convertible Corporate Bonds](index=35&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E6%83%85%E5%86%B5) No convertible corporate bonds during the reporting period - During the reporting period, the company had no convertible corporate bonds[100](index=100&type=chunk) [Section VIII Financial Report](index=36&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents unaudited financial statements, accounting policies, taxes, and detailed financial item notes [Audit Report](index=36&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[102](index=102&type=chunk) [Financial Statements](index=36&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides consolidated and parent company financial statements reflecting period-end financial position and operating results - The consolidated balance sheet shows total assets of **RMB 1,377,619,320.58** and net assets attributable to shareholders of the listed company of **RMB 407,168,774.77**[103](index=103&type=chunk)[105](index=105&type=chunk) - The consolidated income statement shows total operating revenue of **RMB 444,619,698.29** and net profit attributable to parent company shareholders of **RMB -46,107,474.34**[110](index=110&type=chunk)[112](index=112&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **RMB -48,375,828.98** and net cash flow from financing activities of **RMB 22,419,216.16**[118](index=118&type=chunk)[119](index=119&type=chunk) [Company Basic Information](index=57&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, established in 2005 and listed in 2018, primarily produces elevator accessories - The company was established on September 7, 2005[137](index=137&type=chunk) - Listed on the Shanghai Stock Exchange on January 24, 2018, with a total share capital of **133,340,000 shares**[137](index=137&type=chunk) - Main business: Production and sales of elevator accessory products (sheet metal parts, counterweights, elevator ropes, elevator compensation cables, and other steel structure products), as well as elevator repair and maintenance accessory products[138](index=138&type=chunk) - Legal Representative: Huang Chao[139](index=139&type=chunk) [Basis for Preparation of Financial Statements](index=57&type=section&id=%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) Financial statements are prepared on a going concern basis, adhering to accounting standards and CSRC regulations - Financial statements are prepared on a going concern basis[141](index=141&type=chunk)[142](index=142&type=chunk) - Prepared in accordance with Enterprise Accounting Standards and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" (Revised 2023)[141](index=141&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=57&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details accounting policies and estimates for receivables, inventory, fixed assets, and revenue recognition - Statement of compliance with Enterprise Accounting Standards: Financial statements comply with Enterprise Accounting Standards requirements, truly and completely reflecting the financial position[144](index=144&type=chunk) - Accounting period: From January 1 to December 31 of the Gregorian calendar year[145](index=145&type=chunk) - Materiality standards: Accounts receivable for which bad debt provisions are individually recognized are above **RMB 2 million**, significant construction in progress is above **RMB 5 million**, and significant cash flows from investment activities are above **RMB 10 million**[148](index=148&type=chunk) - Financial asset classification: Measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[161](index=161&type=chunk) - Provision for bad debts on accounts receivable: Classified by aging, **5.00%** for within 1 year, **20.00%** for 1-2 years, **50.00%** for 2-3 years, and **100.00%** for over 3 years[177](index=177&type=chunk) - Fixed asset depreciation: Buildings and structures **20 years**, machinery and equipment **5-10 years**, tools and fixtures **5 years**, transportation equipment **5 years**, office equipment **5 years**, with a residual value rate of **5%** for all[225](index=225&type=chunk) - Revenue recognition: Revenue is recognized when the customer obtains control of the related goods or services, generally upon receipt of the customer's signed delivery confirmation[240](index=240&type=chunk)[245](index=245&type=chunk) [Taxation](index=82&type=section&id=%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT and corporate income tax, with various tax incentives applied - Main tax types and rates: Value-added tax **13%**, **9%**, **6%**; Urban Maintenance and Construction Tax **7%**, **5%**; Corporate Income Tax **25%**, **20%**, **15%**[257](index=257&type=chunk) - Xuancheng Hualing Precision Engineering Technology Co., Ltd., Jiangsu Sans Wind Power Technology Co., Ltd., and Wuxi General Steel Rope Co., Ltd. are subject to a **15%** corporate income tax preferential rate[258](index=258&type=chunk) - Some subsidiaries enjoy preferential corporate income tax policies for small and micro enterprises, where the portion of annual taxable income not exceeding **RMB 1 million** is reduced by **25%** and taxed at a **20%** rate[259](index=259&type=chunk) - Corporate R&D expense super deduction policy: For expenses not forming intangible assets, **100%** is super deducted before tax; for expenses forming intangible assets, **200%** of the cost is amortized before tax[259](index=259&type=chunk) - Advanced manufacturing enterprises VAT super deduction policy: From January 1, 2023, to December 31, 2027, a **5%** super deduction is allowed against payable VAT[260](index=260&type=chunk) [Notes to Consolidated Financial Statement Items](index=83&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details period-end balances and changes for assets, liabilities, equity, and profit/loss items - Cash and bank balances at period-end amounted to **RMB 73,299,030.78**, of which **RMB 1,100,000** was for letter of credit margin[264](index=264&type=chunk) - Accounts receivable at period-end amounted to **RMB 334,511,698.27**, with a bad debt provision of **RMB 30,247,008.97**[276](index=276&type=chunk)[277](index=277&type=chunk) - Inventory book value at period-end was **RMB 122,409,924.82**, with an inventory depreciation provision of **RMB 7,620,760.81**[313](index=313&type=chunk) - Fixed assets book value at period-end was **RMB 469,991,844.58**[330](index=330&type=chunk) - Short-term borrowings at period-end amounted to **RMB 275,112,222.22**, an increase of **66.48%** from the beginning of the period[361](index=361&type=chunk) - Operating revenue was **RMB 444,619,698.29**, and operating cost was **RMB 439,518,934.39**[396](index=396&type=chunk) - Net profit attributable to parent company owners was **RMB -46,107,474.34**[112](index=112&type=chunk) [Research and Development Expenses](index=132&type=section&id=%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was **RMB 9,739,018.58**, all expensed, primarily for materials and compensation 2025 Semi-Annual R&D Expenses by Nature | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Material Costs | 5,407,198.24 | 6,109,544.07 | | Employee Compensation | 2,937,528.74 | 3,676,015.43 | | Depreciation and Amortization | 1,245,637.54 | 1,895,498.42 | | Testing and Inspection Fees | 17,264.15 | 32,243.95 | | Outsourced R&D Design Fees | 0.00 | 12,621.36 | | Other | 131,389.91 | 122,570.18 | | **Total** | **9,739,018.58** | **11,848,493.41** | | Of which: Expensed R&D Expenditure | 9,739,018.58 | 11,848,493.41 | [Changes in Consolidation Scope](index=133&type=section&id=%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) A new subsidiary was established in April 2025 to engage in energy storage technology services - In April 2025, Hangzhou Juzhun Cloud Energy Storage Technology Co., Ltd. was newly established, primarily engaged in energy storage technology services[434](index=434&type=chunk) [Equity in Other Entities](index=134&type=section&id=%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 outlines the enterprise group structure and details a significant non-wholly-owned subsidiary Composition of Major Subsidiaries in the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (RMB 10,000) | Business Nature | Shareholding Percentage (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Xuancheng Anhua Electromechanical Equipment Co., Ltd. | Xuancheng City | 800 | Elevator Accessories | 100.00 | Purchase | | Chongqing Hualing Elevator Accessories Co., Ltd. | Chongqing City | 10000 | Elevator Accessories | 100.00 | Establishment | | Wuxi General Steel Rope Co., Ltd. | Wuxi City | 10,000 | Steel Wire Ropes | 74.0019 | Purchase | | Hangzhou Juzhun Cloud Energy Storage Technology Co., Ltd. | Hangzhou City | 500 | Energy Storage Technology Services | 51 | Establishment | - Wuxi General Steel Rope Co., Ltd. is a significant non-wholly-owned subsidiary, with minority shareholders holding **25.9981%**[439](index=439&type=chunk) - The current period's profit/loss attributable to minority shareholders of Wuxi General Steel Rope Co., Ltd. was **RMB -1,355,726.68**[439](index=439&type=chunk) [Government Grants](index=138&type=section&id=%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Government grants in deferred income had a period-end balance of **RMB 4,288,232.66**, with **RMB 524,999.03** recognized in other income - Period-end balance of government grants in deferred income: **RMB 4,288,232.66**[443](index=443&type=chunk) - Government grants recognized in other income for the current period: **RMB 524,999.03**, which are asset-related[444](index=444&type=chunk)[445](index=445&type=chunk) [Risks Related to Financial Instruments](index=139&type=section&id=%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section does not detail financial instrument risk management or hedging activities - The company did not engage in hedging activities for risk management[445](index=445&type=chunk) - The company did not engage in eligible hedging activities and apply hedge accounting[445](index=445&type=chunk) [Disclosure of Fair Value](index=140&type=section&id=%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section does not disclose fair value of assets/liabilities or related valuation techniques - The fair value of assets and liabilities measured at fair value at period-end is not disclosed[446](index=446&type=chunk) - The basis for determining market prices, valuation techniques, and significant parameters for Level 1, 2, and 3 fair value measurement items (both recurring and non-recurring) are not disclosed[446](index=446&type=chunk) [Related Parties and Related Party Transactions](index=140&type=section&id=%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 engaged in various transactions with multiple related parties, with key management compensation totaling **RMB 1.7988 million** - Other related parties include Anhui Langxi Xinhua Rural Commercial Bank Co., Ltd., Beijing Xinling Weiye Electromechanical Equipment Co., Ltd., Jiangsu Zhuowei Intelligent Technology Co., Ltd., and others[447](index=447&type=chunk) - Procured goods of **RMB 772.00** from related party Xuancheng Shenling Electromechanical Co., Ltd. in the current period[449](index=449&type=chunk) - Sold goods of **RMB 2,606,373.57** to related party Langxi Huaxin New Energy Technology Co., Ltd. in the current period[449](index=449&type=chunk) - The company, as a guaranteed party, received multiple guarantees from related parties such as Huang Yehua, Huang Chao, Ma Xiping, and subsidiary Xuancheng Anhua Electromechanical Equipment Co., Ltd., with a significant total guarantee amount[451](index=451&type=chunk)[452](index=452&type=chunk) - The company borrowed multiple working capital loans from Anhui Langxi Xinhua Rural Commercial Bank Co., Ltd.[452](index=452&type=chunk)[453](index=453&type=chunk) - Key management personnel compensation for the current period amounted to **RMB 1.7988 million**[454](index=454&type=chunk) - Accounts receivable from related party Langxi Huaxin New Energy Technology Co., Ltd. at period-end amounted to **RMB 1,372,881.24**[456](index=456&type=chunk) - Accounts payable to related party Xuancheng Shenling Electromechanical Co., Ltd. at period-end amounted to **RMB 540,383.35**[459](index=459&type=chunk) [Share-Based Payment](index=144&type=section&id=%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) No share-based payment arrangements during the reporting period - During the reporting period, the company had no share-based payment arrangements[460](index=460&type=chunk) [Commitments and Contingencies](index=145&type=section&id=%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) No significant commitments or important contingencies requiring disclosure - During the reporting period, the company had no significant commitments[461](index=461&type=chunk) - The company had no important contingencies requiring disclosure[461](index=461&type=chunk) [Events After the Balance Sheet Date](index=145&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) No important non-adjusting events, profit distribution, or sales returns - During the reporting period, the company had no important non-adjusting events[461](index=461&type=chunk) - During the reporting period, the company had no profit distribution[461](index=461&type=chunk) - During the reporting period, the company had no sales returns[461](index=461&type=chunk) [Other Significant Matters](index=145&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) No prior period accounting error corrections, debt restructurings, or other significant transactions - During the reporting period, the company had no prior period accounting error corrections[461](index=461&type=chunk) - During the reporting period, the company had no significant debt restructurings[462](index=462&type=chunk) - During the reporting period, the company had no asset exchanges[462](index=462&type=chunk) - During the reporting period, the company had no discontinued operations[462](index=462&type=chunk) - During the reporting period, the company had no segment information[462](index=462&type=chunk) [Notes to Major Items in Parent Company Financial Statements](index=146&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details period-end balances and changes for major items in the parent company's financial statements - Parent company's accounts receivable book value at period-end was **RMB 96,068,293.80**, with a bad debt provision of **RMB 9,185,003.07**[465](index=465&type=chunk)[466](index=466&type=chunk) - Parent company's other receivables at period-end amounted to **RMB 214,631,031.45**, including **RMB 53,425,000.00** in dividends receivable from subsidiaries[470](index=470&type=chunk)[472](index=472&type=chunk) - Parent company's long-term equity investments book value at period-end was **RMB 611,637,501.59**, including **RMB 601,965,741.79** in investments in subsidiaries[486](index=486&type=chunk) - Parent company's operating revenue was **RMB 138,953,770.23**, and operating cost was **RMB 130,982,190.66**[489](index=489&type=chunk) - Parent company's investment income was **RMB 82,000,512.36**, primarily from subsidiary profit distribution[494](index=494&type=chunk) [Supplementary Information](index=157&type=section&id=%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides non-recurring gains/losses, net asset return, and earnings per share 2025 Semi-Annual Non-Recurring Gains and Losses Detailed Statement | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 79,835.84 | | Government grants recognized in current profit or loss | 521,994.84 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | -43,259.45 | | Other non-operating income and expenses apart from the above | -535,740.18 | | Less: Income tax impact | 100,326.47 | | Minority interest impact (after tax) | -258,641.73 | | **Total** | **181,146.31** | 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 (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | -10.79 | -0.35 | -0.35 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | -10.84 | -0.35 | -0.35 |

深圳传音控股股份有限公司2025 年半年度报告 公司代码：688036 公司简称：传音控股 深圳传音控股股份有限公司 2025 年半年度报告 1 / 188 深圳传音控股股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告第三节 "管理层讨论与分析"。 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、 公司负责人竺兆江 、主管会计工作负责人肖永辉及会计机构负责人（会计主管人员）方玉 意声明：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 公司 2025 年半年度实现归属于上市公司普通股股东的净利润为人民币 121,280.64 万元。截至 2025 年 6 月 30 日，母公司的可供分配利润为人民币 729,260.57 万元。 公司 2025 年半年度利润分配方案如下：公司拟 ...

凌源钢铁股份有限公司2025 年半年度报告 公司代码：600231 公司简称：凌钢股份 转债代码：110070 转债简称：凌钢转债 凌源钢铁股份有限公司 2025 年半年度报告 1 / 173 凌源钢铁股份有限公司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、 公司负责人张鹏、主管会计工作负责人由宇及会计机构负责人（会计主管人员）张磊声明： 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 本半年度报告中有涉及公司经营和发展战略等未来计划的前瞻性陈述，该计划不构成公司对 投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。 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、 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key terms, including the reporting period, company names, subsidiary names, and business model abbreviations like ODM, OEM, and OBM, to ensure clarity for readers - The reporting period is defined as **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) - Company, the Company, and Perfect Group all refer to **Perfect Group Corp.,Ltd**[13](index=13&type=chunk) - **ODM** refers to Original Design Manufacturer, **OEM** to Original Equipment Manufacturer, and **OBM** to Original Brand Manufacturer[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the company's basic registration details, including its official Chinese and English names, abbreviations, and legal representative - The company's Chinese name is **倍加洁集团股份有限公司**, abbreviated as **倍加洁**[15](index=15&type=chunk) - The company's English name is **Perfect Group Corp.,Ltd**, abbreviated as **Perfect**[15](index=15&type=chunk) - The company's legal representative is **Zhang Wensheng**[15](index=15&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative for stakeholder communication - The Board Secretary is **Xue Yunpu**, and the Securities Affairs Representative is **Wei Wei**[16](index=16&type=chunk) - The contact address is **Hangji Industrial Park, Yangzhou City, Jiangsu Province**, and the telephone number is **0514-87497666**[16](index=16&type=chunk) [III. Overview of Basic Information Changes](index=5&type=section&id=III.%20Overview%20of%20Basic%20Information%20Changes) This section briefly outlines historical changes to the company's registered address and provides its current office address and postal code - The company's registered address changed from Hangji Town to **Hangji Industrial Park, Yangzhou City** in **June 2016**[17](index=17&type=chunk) - The company's office address is **Hangji Industrial Park, Yangzhou City, Jiangsu Province**, with postal code **225111**[17](index=17&type=chunk) [IV. Overview of Information Disclosure and Document Custody Location Changes](index=5&type=section&id=IV.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report custody - The company's selected newspapers for information disclosure are **Shanghai Securities News** and **Securities Times**[18](index=18&type=chunk) - The semi-annual report is published on **www.sse.com.cn**[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing information, including stock type, exchange, ticker symbol, and code - The company's stock is **A-shares**, listed on the **Shanghai Stock Exchange**[19](index=19&type=chunk) - The stock ticker symbol is **倍加洁**, and the stock code is **603059**[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for H1 2025, showing significant growth in revenue and net profit attributable to parent, alongside improved profitability and asset efficiency H1 2025 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 717,135,913.92 | 620,160,522.82 | 15.64 | | Net Profit Attributable to Shareholders of Listed Company | 43,520,285.26 | 33,142,878.09 | 31.31 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 39,874,083.27 | 31,482,910.36 | 26.65 | | Net Cash Flow from Operating Activities | 79,702,338.49 | 65,410,112.97 | 21.85 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 1,039,177,655.26 | 994,947,499.08 | 4.45 | | Total Assets (End of Period) | 2,210,083,165.68 | 2,143,200,598.80 | 3.12 | H1 2025 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.43 | 0.33 | 30.30 | | Diluted Earnings Per Share (Yuan/share) | 0.43 | 0.33 | 30.30 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (Yuan/share) | 0.40 | 0.31 | 29.03 | | Weighted Average Return on Net Assets (%) | 4.19 | 2.65 | Increase by 1.54 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 3.84 | 2.52 | Increase by 1.32 percentage points | H1 2025 Non-Recurring Gains and Losses | Non-Recurring Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -500,713.40 | | Government grants recognized in current profit or loss | 3,534,317.96 | | Gains and losses from fair value changes and disposal of financial assets | 2,189,293.47 | | Gains and losses from entrusted investment or asset management | 15,365.92 | | Other non-operating income and expenses | -454,708.71 | | Less: Income tax impact | 1,134,418.61 | | Impact on minority interests (after tax) | 2,934.64 | | Total | 3,646,201.99 | Section III Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business in the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20in%20the%20Reporting%20Period) This section details the market conditions and development trends of the oral care, wet wipes, and probiotics industries, along with the company's main businesses, product lines, and operating models in these sectors [ (I) Industry Overview](index=7&type=section&id=(I)%20Industry%20Overview) The oral care market continues to grow, with toothpaste and toothbrushes remaining dominant, while electric toothbrushes and mouth sprays are rapidly developing new categories. The wet wipes industry shows steady global and Chinese market growth, with general, baby, and flushable wipes as key segments. The probiotics market is expanding, but domestic strain research needs to adapt to the characteristics of the Chinese gut - China's oral care market is projected to reach **55.16 billion Yuan by 2029**, with a **CAGR of 2.2% from 2025-2029**[29](index=29&type=chunk) - Toothpaste and toothbrushes collectively account for **82.0% of the oral care market**, with electric toothbrushes holding a **19.6% market share**[29](index=29&type=chunk)[30](index=30&type=chunk) - The global wet wipes market is projected to reach **22.99 billion USD by 2029**, and China's wet wipes market is projected to reach **16.45 billion Yuan by 2029**[31](index=31&type=chunk) - China's probiotic end-market reached **134.89 billion Yuan in 2024**, with a **CAGR of approximately 13% from 2018-2024**[32](index=32&type=chunk) [ (II) Company's Main Businesses](index=9&type=section&id=(II)%20Company's%20Main%20Businesses) The company primarily engages in R&D, production, and sales of oral care products (toothbrushes, toothpaste, dental floss), disposable hygiene products (wet wipes), and probiotic products (raw bacterial powder, consumer products), offering a rich product line covering multiple efficacies and segmented populations - The company's main businesses include **oral care products, disposable hygiene products, and probiotic products**[33](index=33&type=chunk) - Oral care products cover manual toothbrushes, electric toothbrushes, children's/adult toothpaste, dental floss picks, interdental brushes, denture cleaning tablets, mouth sprays, and mouthwashes[34](index=34&type=chunk)[35](index=35&type=chunk) - Disposable hygiene products include patient wipes, baby wipes, sterilizing hygiene wipes, flushable wipes, pet cleaning wipes, household cleaning wipes, and makeup remover wipes[36](index=36&type=chunk)[37](index=37&type=chunk) - Probiotic products include probiotic raw bacterial powder (traditional probiotics, postbiotics, Akkermansia muciniphila), probiotic OEM/ODM contract manufacturing, and probiotic CDMO services[37](index=37&type=chunk) [ (III) Company's Operating Model](index=12&type=section&id=(III)%20Company's%20Operating%20Model) The company's oral care and wet wipes businesses primarily operate on an ODM model, supplemented by proprietary brands ("Perfect Group", "HEY PERFECT"), utilizing a "production-to-order" approach and multi-channel sales. The probiotic products business focuses on R&D innovation, with its own production base, offering raw bacterial powder, OEM/ODM, and CDMO services - Oral care products and wet wipes businesses primarily adopt **ODM and proprietary brand ("Perfect Group", "HEY PERFECT")** operating models[37](index=37&type=chunk)[38](index=38&type=chunk) - The production model is **"production-to-order"**, with contract manufacturing used to address capacity shortages[38](index=38&type=chunk) - Sales channels include domestic private label sales, proprietary brand distribution, consignment, e-commerce direct sales, and international market sales[39](index=39&type=chunk) - The probiotic products business centers on R&D innovation, with a probiotic production base in Suzhou, Anhui, providing raw bacterial powder, OEM/ODM, and CDMO services[39](index=39&type=chunk)[40](index=40&type=chunk) [I. Discussion and Analysis of Operating Performance](index=13&type=section&id=I.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the company achieved growth in both operating revenue and net profit attributable to parent, overcoming industry competition and international uncertainties. Both ODM and proprietary brands in oral care and wet wipes performed well, with continuous R&D innovation, effective quality management, enhanced production efficiency through smart manufacturing, and optimized talent structure. The probiotic products business also made breakthroughs in R&D, production, and market promotion H1 2025 Operating Performance | Indicator | Amount (Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 717,135,913.92 | 15.64 | | Net Profit Attributable to Parent | 43,520,285.26 | 31.31 | - In oral care products and wet wipes, **ODM business revenue grew steadily**, with toothpaste products exceeding budget; proprietary brand revenue increased by **35.89% YoY**[41](index=41&type=chunk) - The company holds **350 invention, utility model, and design patents**, and launched a PLM information project to support new product development management[42](index=42&type=chunk) - The probiotic products business added **over 500 core strains**, including Bifidobacterium and AKK, obtained **16 Chinese invention patents**, and completed **US GRAS certification for AKK PROBIO live bacteria**[44](index=44&type=chunk) [II. Analysis of Core Competitiveness in the Reporting Period](index=14&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness%20in%20the%20Reporting%20Period) The company's core competitiveness lies in its strong R&D, industry position, extensive product lines, and quality control advantages in oral care and wet wipes, as well as its R&D technology, accumulated technical achievements, product features, food safety management, experienced management team, and advanced production equipment in probiotic products [ (I) Oral Care Products and Wet Wipes Business](index=14&type=section&id=(I)%20Oral%20Care%20Products%20and%20Wet%20Wipes%20Business) The company possesses strong R&D capabilities in oral care and wet wipes, including over 200 R&D personnel and 350 patents, along with a CNAS-certified R&D and testing center. The company holds a significant industry position, offers a comprehensive product line covering all oral care and various wet wipes products, and has established a strict, full-process quality control system and stable, high-quality customer resources - The company owns the **Jiangsu Provincial Engineering Technology Center for Oral Care Products** and a **CNAS-certified R&D and testing center**, with **over 200 R&D and technical personnel** and **350 various patents**[47](index=47&type=chunk)[48](index=48&type=chunk) - The company has a production capacity of **672 million toothbrushes and 18 billion wet wipes annually**, with product lines covering a full range of oral care products (toothpaste, toothbrushes, dental floss, mouthwash, mouth spray, electric toothbrushes) and various wet wipes (baby, makeup remover, sterilizing)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - The company's quality control system covers new product development, supplier management, process inspection, and customer feedback, holding **ISO9001, ISO13485, BRC, FDA820** and other system certifications[53](index=53&type=chunk) - The company has established long-term partnerships with high-quality clients including **Chongqing Denkang, Weimeizi, Yunnan Baiyao, Medline, and CARDINAL HEALTH**[54](index=54&type=chunk) [ (II) Probiotic Products Business](index=16&type=section&id=(II)%20Probiotic%20Products%20Business) Shanenkang demonstrates significant R&D and technological advantages in probiotic products, with two R&D centers, over 40 professional R&D personnel, and a strain library of over 12,000 strains, mastering core preparation technologies and participating in multiple industry standard formulations. Its products feature "three new" characteristics and "three good" advantages, supported by a stringent food safety and quality management system, an experienced management team, and advanced production equipment - Shanenkang has **two R&D centers**, **over 40 R&D personnel**, a strain library containing **over 12,000 strains**, and masters core probiotic fermentation and freeze-drying preparation technologies[54](index=54&type=chunk) - Shanenkang participated in formulating multiple industry standards and successfully passed **US GRAS safety certification for Akkermansia muciniphila AKK PROBIO live probiotics** on **February 14, 2025**[55](index=55&type=chunk)[56](index=56&type=chunk) - Shanenkang products feature "three new" characteristics (new generation probiotic preparation core technology, new generation probiotic star products, new CDMO business model) and "three good" advantages (good safety, good scientific basis, good activity)[58](index=58&type=chunk) - Shanenkang has obtained international system certifications including **NSF cGMP, FSSC 22000, ISO 22000, HACCP, HALAL, and KOSHER**[58](index=58&type=chunk) [III. Major Operating Performance in the Reporting Period](index=17&type=section&id=III.%20Major%20Operating%20Performance%20in%20the%20Reporting%20Period) This section analyzes the company's financial statement changes, asset and liability status, investment situation, and the operating performance of major controlled and investee companies during the reporting period, revealing specific details of revenue growth, cash flow improvement, asset structure optimization, and subsidiary synergistic development [ (I) Main Business Analysis](index=17&type=section&id=(I)%20Main%20Business%20Analysis) The company's operating revenue increased by 15.64% in H1 2025, primarily due to increased oral care product sales; operating costs grew by 13.70%. Selling expenses rose by 31.22% due to increased operational investment, financial expenses surged by 1024.55% due to exchange rate fluctuations, and R&D expenses increased by 18.18% due to external commissioned research and development. Net cash flow from operating activities increased by 21.85% H1 2025 Financial Statement Related Account Changes | Account | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 717,135,913.92 | 620,160,522.82 | 15.64 | | Operating Cost | 526,925,840.97 | 463,448,932.88 | 13.70 | | Selling Expenses | 57,875,709.88 | 44,104,877.71 | 31.22 | | Administrative Expenses | 27,171,684.43 | 25,906,967.51 | 4.88 | | Financial Expenses | 7,334,096.85 | 652,177.84 | 1,024.55 | | R&D Expenses | 24,497,800.12 | 20,729,096.00 | 18.18 | | Net Cash Flow from Operating Activities | 79,702,338.49 | 65,410,112.97 | 21.85 | | Net Cash Flow from Investing Activities | -28,051,716.86 | -145,864,105.72 | Not applicable | | Net Cash Flow from Financing Activities | 2,997,548.04 | 77,336,329.21 | -96.12 | - Operating revenue growth is primarily due to **increased sales of oral care products**[61](index=61&type=chunk) - The significant increase in financial expenses is mainly due to **exchange gains and losses from exchange rate fluctuations**[61](index=61&type=chunk) - Net cash flow from financing activities significantly decreased by **96.12%**, primarily due to **increased cash payments for debt repayment**[62](index=62&type=chunk) [ (III) Analysis of Assets and Liabilities](index=18&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds increased by 74.65% to 126.71 million Yuan, mainly due to increased foreign currency deposits. Other current assets decreased by 72.85% due to a reduction in deductible VAT. Prepayments increased by 61.34% due to increased prepayments for materials. Non-current liabilities due within one year decreased by 52.21% due to a reduction in long-term borrowings. Total assets and net assets attributable to parent increased by 3.12% and 4.45%, respectively H1 2025 Asset and Liability Status Changes | Item Name | Current Period End (Yuan) | Current Period End as % of Total Assets | Prior Year End (Yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 126,711,263.43 | 5.73 | 72,553,561.49 | 3.39 | 74.65 | Mainly due to increased holdings of foreign currency deposits | | Other Current Assets | 4,372,457.58 | 0.20 | 16,103,951.70 | 0.75 | -72.85 | Mainly due to decreased deductible VAT at period end | | Non-current Liabilities Due Within One Year | 41,068,227.33 | 1.86 | 85,935,883.23 | 4.01 | -52.21 | Mainly due to decreased long-term borrowings due within one year | | Prepayments | 24,204,388.61 | 1.10 | 15,032,924.35 | 0.70 | 61.34 | Mainly due to increased prepayments for materials | | Other Non-current Assets | 15,033,370.41 | 0.68 | 5,019,026.90 | 0.23 | 199.53 | Mainly due to increased payments for fixed asset purchases | | Taxes Payable | 11,927,641.18 | 0.54 | 7,838,706.49 | 0.37 | 52.16 | Mainly due to increased corporate income tax payable | H1 2025 End of Period Restricted Assets | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 18,398,700.90 | 18,398,700.90 | Frozen | Used for bank acceptance bill deposits, forward foreign exchange deposits, and letter of credit deposits | | Fixed Assets | 132,077,592.56 | 132,077,592.56 | Mortgage | Mortgaged for borrowings and issuance of bank acceptance bills | | Intangible Assets | 23,588,227.07 | 23,588,227.07 | Mortgage | Mortgaged for borrowings and issuance of bank acceptance bills | | Net Assets Attributable to Parent Company | 96,144,223.18 | 96,144,223.18 | Pledge | Pledged for borrowings | | Total | 270,208,743.71 | 270,208,743.71 | / | / | [ (IV) Investment Status Analysis](index=19&type=section&id=(IV)%20Investment%20Status%20Analysis) The company holds 52.0006% equity in Shanenkang and 33.8590% equity in Weimeizi, with no new or reduced equity investments during the reporting period. The Vietnam production base project is still under construction. The company's financial assets measured at fair value totaled 113 million Yuan at period-end, primarily comprising private equity funds, derivative instruments, and public funds - The company holds **52.0006% equity in Shanenkang** and **33.8590% equity in Weimeizi**, with **no new or reduced external equity investments** during the reporting period[67](index=67&type=chunk) - The company's Vietnam production base project is still in the preparatory stage, with the establishment of a **wholly-owned Singapore subsidiary completed in October 2024**[68](index=68&type=chunk) H1 2025 End of Period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Private Equity Funds | 53,694,401.43 | -1,226,114.65 | 52,468,286.77 | | Derivative Instruments | 51,916,236.29 | 85,242.50 | 52,001,478.79 | | Public Funds | 8,477,952.38 | 450,571.25 | 8,928,523.64 | | Total | 114,088,590.10 | -690,300.90 | 113,398,289.20 | [ (VI) Analysis of Major Controlled and Investee Companies](index=22&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) This section lists the individual operating data for the company's major controlled subsidiaries and investee companies with a net profit impact exceeding 10%, including total assets, net assets, operating revenue, operating profit, and net profit, demonstrating each subsidiary's operating contribution H1 2025 Major Controlled and Investee Companies Operating Data | Company Name | Company Type | Main Business | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yangzhou Perfect Daily Chemical Co., Ltd. | Subsidiary | Wet wipes production, sales | 506,897,544.54 | 222,277,449.14 | 276,228,010.97 | 26,726,332.20 | | Yangzhou Meixing Oral Care Products Co., Ltd. | Subsidiary | Oral care products production, sales | 318,274,886.80 | 152,742,042.93 | 153,873,482.78 | 22,516,389.06 | | Jiangsu Yangzhou Rural Commercial Bank Co., Ltd. | Investee Company | Banking business | 70,504,780,709.14 | 4,083,657,139.87 | 1,215,225,051.61 | 207,254,682.35 | | Weimeizi Industrial (Guangdong) Co., Ltd. | Investee Company | Daily chemical products manufacturing, sales | 1,296,800,670 | 683,994,958 | 974,875,384 | -31,099,216 | | Shanenkang Biotechnology (Suzhou) Co., Ltd. | Subsidiary | Probiotic products R&D, production, and sales | 151,812,558.95 | 115,152,797.08 | 49,760,570.12 | 8,380,732.17 | [IV. Other Disclosure Matters](index=25&type=section&id=IV.%20Other%20Disclosure%20Matters) This section discloses various risks the company may face, including raw material price fluctuations, market competition, downstream market volatility, overseas market risks, exchange rate fluctuations, core technology leakage, unfulfilled performance commitments, and long-term equity investment impairment risks. Concurrently, the company actively responds to the "Quality Improvement, Efficiency Enhancement, and Return" action plan by pursuing organic and inorganic growth, implementing interim dividends, strengthening information disclosure, and improving corporate governance to protect investor interests [ (I) Potential Risks](index=25&type=section&id=(I)%20Potential%20Risks) The company faces risks from fluctuations in major raw material prices, intense competition in the oral care and probiotic markets, volatility in downstream customer demand, overseas market risks (especially US tariff policies), and exchange rate fluctuations. Additionally, core technology leakage, unfulfilled performance commitments by Shanenkang, and impairment of long-term equity investment in Weimeizi (due to losses and equity disputes) are significant potential risks - Fluctuations in prices of major raw materials (brush filaments, non-woven fabrics, plastic particles, etc.) may **reduce the company's profitability**[76](index=76&type=chunk) - The oral care industry has low entry barriers, with high-end markets dominated by foreign enterprises; the probiotic raw material market is foreign-led, with prominent domestic homogeneous competition[76](index=76&type=chunk)[77](index=77&type=chunk) - In H1 2025, the company's overseas market revenue was **382 million Yuan**, accounting for **53.26% of total revenue**, with the US market contributing **19.92%**, facing uncertainties from US tariff policies and exchange rate fluctuations[78](index=78&type=chunk)[79](index=79&type=chunk) - Shanenkang's net profit (excluding non-recurring items) in 2024 was **-902,600 Yuan**, failing to meet the **12 million Yuan commitment**, resulting in a **39.62 million Yuan goodwill impairment**, with continued risk of unfulfilled performance commitments in 2025[80](index=80&type=chunk) - Weimeizi's net profit in H1 2025 was **-31.10 million Yuan**, and there are equity disputes between founding shareholders and other shareholders, posing a **long-term equity investment impairment risk** for the company[81](index=81&type=chunk) [ (II) Other Disclosure Matters](index=26&type=section&id=(II)%20Other%20Disclosure%20Matters) The company actively implements the "Quality Improvement, Efficiency Enhancement, and Return" action plan, enhancing operational quality through "organic growth + inorganic growth" strategies, achieving revenue and net profit attributable to parent growth in H1 2025. The company prioritizes investor returns, plans to implement interim cash dividends, strengthens information disclosure and investor relations management, improves corporate governance, and reinforces the responsibilities of "key minorities" to promote healthy capital market development - The company adheres to a **"organic growth + inorganic growth" strategy**, with H1 2025 revenue increasing by **15.64%** and net profit attributable to parent increasing by **31.31%**[82](index=82&type=chunk) - The company plans to implement an interim dividend, distributing a cash dividend of **0.08 Yuan per share (tax inclusive)** to all shareholders, totaling **8,035,896.00 Yuan**[83](index=83&type=chunk) - The company strengthens communication with investors through diverse channels including **information disclosure, performance briefings, SSE e-interaction platform, and investor conferences**[84](index=84&type=chunk) - The company revised its **"Subsidiary Management System"** and other regulations, and formulated the **"Independent Director Special Meeting System"** to advance corporate governance system reform[85](index=85&type=chunk) Section IV Corporate Governance, Environment and Social [II. Profit Distribution or Capital Reserve Conversion Plan](index=28&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors approved the H1 2025 profit distribution plan, proposing a cash dividend of 0.08 Yuan per share (tax inclusive) to all shareholders, totaling 8,035,896.00 Yuan, with no capital reserve conversion to share capital or bonus shares - The company plans to distribute a cash dividend of **0.08 Yuan per share (tax inclusive)** to all shareholders based on the total share capital registered on the equity distribution record date[88](index=88&type=chunk) - As of June 30, 2025, the company's total share capital is **100,448,700 shares**, with a total proposed cash dividend of **8,035,896.00 Yuan (tax inclusive)**[88](index=88&type=chunk) - This profit distribution plan does not involve **capital reserve conversion to share capital or bonus shares**[88](index=88&type=chunk) [III. Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=28&type=section&id=III.%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company has disclosed adjustments to its 2021 stock option incentive plan in temporary announcements, including exercise price adjustments and cancellation of some stock options, with no subsequent progress or changes during the reporting period - The company has adjusted the **exercise price** of its **2021 stock option incentive plan** and **cancelled some stock options**[90](index=90&type=chunk) - Related matters were announced on **April 30, 2025**, with **no subsequent progress or changes** during the reporting period[90](index=90&type=chunk) Section V Important Matters [I. Fulfillment of Commitments](index=30&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, and directors, supervisors, and senior management have strictly fulfilled their commitments related to the initial public offering, including resolving horizontal competition, standardizing related-party transactions, and share lock-ups, ensuring compliance and protecting investor interests - Actual controller **Zhang Wensheng** committed not to engage in products or businesses that compete with the company and to avoid horizontal competition[94](index=94&type=chunk) - Nanjing Xiaobei No. 1 and Nanjing Xiaobei No. 2 committed not to participate in any business or activities that compete with the company while holding **over 5% of the company's shares**[94](index=94&type=chunk)[95](index=95&type=chunk) - All company directors, supervisors, and senior management committed not to engage in activities that compete with the company's main business or products and to prioritize commercial opportunities for the company[95](index=95&type=chunk) - **Zhang Wensheng** and other directors, supervisors, and senior management committed not to transfer more than **25% of their total shares annually** during their tenure, and not to transfer shares within **six months after resignation**[95](index=95&type=chunk)[96](index=96&type=chunk) [VII. Major Litigation and Arbitration Matters](index=33&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had two major litigation/arbitration matters during the reporting period, both involving equity repurchase disputes related to Weimeizi. Oceanview Express Company Limited (Lansheng Asia) initiated arbitration against Weimeizi's founding shareholders and Weimeizi for equity repurchase, which the Shenzhen International Arbitration Court rejected, but Lansheng Asia has applied for enforcement. Suzhou Zhongding and Ningbo Zhongding also initiated arbitration against Weimeizi's founding shareholders for equity repurchase, adding Weimeizi and Lansheng Asia as respondents; this case has been heard but no ruling has been issued yet - Oceanview Express Company Limited (Lansheng Asia) issued a **"Repurchase Notice"** to Weimeizi's founding shareholders and Weimeizi on **November 8, 2024**, demanding the repurchase of its **14.2761% stake in Weimeizi**, with the repurchase consideration provisionally calculated at **88,310,137.2 USD** as of December 20, 2023[100](index=100&type=chunk)[101](index=101&type=chunk) - The Shenzhen International Arbitration Court issued an award on **March 28, 2025**, rejecting Lansheng Asia's arbitration request, but Lansheng Asia has applied for enforcement with the **Guangzhou Intermediate People's Court**[100](index=100&type=chunk) - Suzhou Zhongding and Ningbo Zhongding submitted an **"Arbitration Application"** to the Shenzhen International Arbitration Court on **March 18, 2024**, demanding Weimeizi's founding shareholders pay equity repurchase consideration, provisionally totaling approximately **103 million Yuan**[102](index=102&type=chunk)[103](index=103&type=chunk) - Suzhou Zhongding and Ningbo Zhongding subsequently added Weimeizi and Lansheng Asia as respondents, requesting a ruling that Weimeizi bears **joint and several liability** for the equity repurchase claim[103](index=103&type=chunk)[104](index=104&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller in the Reporting Period](index=39&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20in%20the%20Reporting%20Period) The company declares that during the reporting period, neither the company nor its controlling shareholder or actual controller had any unfulfilled effective court judgments or large overdue debts, maintaining a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had **no unfulfilled effective court judgments**[105](index=105&type=chunk) - During the reporting period, the company, its controlling shareholder, and actual controller had **no large overdue debts**[105](index=105&type=chunk) [X. Major Related-Party Transactions](index=39&type=section&id=X.%20Major%20Related-Party%20Transactions) The company's board of directors and shareholders' meeting have approved the resolutions for the confirmation of 2024 daily related-party transactions and the estimation of 2025 daily related-party transactions, with relevant matters disclosed on the Shanghai Stock Exchange website - The company's **Third Board of Directors' Twentieth Meeting** and **Third Supervisory Board's Thirteenth Meeting** approved the "Resolution on the Confirmation of 2024 Daily Related-Party Transactions and the Estimation of 2025 Daily Related-Party Transactions"[106](index=106&type=chunk) - The company's **2024 Annual Shareholders' Meeting** approved the aforementioned resolution[106](index=106&type=chunk) [XI. Major Contracts and Their Fulfillment](index=40&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) [ (II) Major Guarantees Performed and Unfulfilled During the Reporting Period](index=41&type=section&id=(II)%20Major%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) During the reporting period, the company provided guarantees totaling 40 million Yuan to its subsidiaries, with the total outstanding guarantee balance for subsidiaries at period-end being 306 million Yuan, representing 29.44% of the company's net assets. As a guaranteed party, the company's guarantees are primarily provided by actual controller Zhang Wensheng and subsidiaries, totaling 545 million Yuan H1 2025 Company Guarantee Total | Indicator | Amount (Yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 40,000,000.00 | | Total outstanding guarantees to subsidiaries at period-end (B) | 305,985,734.12 | | Total guarantees (A+B) | 305,985,734.12 | | Total guarantees as % of company's net assets | 29.44 | - As a guarantor, the company primarily provides guarantees for **Yangzhou Meixing Oral Care Products Co., Ltd.** and **Yangzhou Perfect Daily Chemical Co., Ltd.**[161](index=161&type=chunk)[162](index=162&type=chunk) - As a guaranteed party, the company is primarily guaranteed by **Zhang Wensheng** and **Yangzhou Perfect Daily Chemical Co., Ltd.**[162](index=162&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=42&type=section&id=I.%20Share%20Capital%20Changes) 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[113](index=113&type=chunk) [II. Shareholder Information](index=42&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 4,787 common shareholders. Among the top ten shareholders, Zhang Wensheng held the largest stake at 62.72%, with Nanjing Xiaobei No. 1 and Nanjing Xiaobei No. 2 also ranking prominently. The top ten unrestricted shareholders were largely consistent with the top ten shareholders - As of the end of the reporting period, the company had a total of **4,787 common shareholders**[114](index=114&type=chunk) H1 2025 End of Period Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhang Wensheng | 63,000,000 | 62.72 | Domestic Natural Person | | Nanjing Xiaobei No. 1 Enterprise Management Consulting Partnership (Limited Partnership) | 6,875,000 | 6.84 | Domestic Non-State-Owned Legal Person | | Nanjing Xiaobei No. 2 Enterprise Management Consulting Partnership (Limited Partnership) | 4,125,000 | 4.11 | Domestic Non-State-Owned Legal Person | | Shi Heping | 769,575 | 0.77 | Domestic Natural Person | | National Social Security Fund 604 Portfolio | 490,000 | 0.49 | Other | | CITIC Securities - Industrial and Commercial Bank of China - CITIC Securities Zhenxuan Return Two-Year Holding Period Mixed Collective Asset Management Plan | 428,400 | 0.43 | Other | | China Life Reinsurance Co., Ltd. - China Life Reinsurance Co., Ltd. Entrusted CITIC Securities Co., Ltd. Allocation-Type Bond Investment Portfolio Directed Asset Management Plan | 413,200 | 0.41 | Other | | Zhang Bing | 410,900 | 0.41 | Domestic Natural Person | | Guo Shuhua | 371,700 | 0.37 | Domestic Natural Person | | Hu Xucang | 369,800 | 0.37 | Domestic Natural Person | - **Zhang Wensheng** serves as the executive partner for Nanjing Xiaobei No. 1 and Nanjing Xiaobei No. 2, indicating a **related-party relationship**[118](index=118&type=chunk) [III. Directors, Supervisors, and Senior Management Information](index=44&type=section&id=III.%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20Information) During the reporting period, the shareholdings of some directors and senior management changed, with Ji Yufang, Xue Yunpu, and Jiang Qiang reducing their holdings through centralized bidding H1 2025 Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Yufang | Non-Independent Director, CFO | 16,000 | 12,000 | -4,000 | Centralized bidding reduction | | Xue Yunpu | Non-Independent Director, Board Secretary | 16,000 | 12,000 | -4,000 | Centralized bidding reduction | | Jiang Qiang | Deputy General Manager | 31,800 | 23,900 | -7,900 | Centralized bidding reduction | Section VII Bond Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=46&type=section&id=I.%20Corporate%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**[123](index=123&type=chunk) [II. Convertible Corporate Bonds](index=46&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company has **no convertible corporate bonds**[123](index=123&type=chunk) Section VIII Financial Report [II. Financial Statements](index=47&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively presenting the financial position, operating results, and cash flow of both the company and its parent [Consolidated Balance Sheet](index=47&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 2.21 billion Yuan, total liabilities were 1.10 billion Yuan, and total owners' equity attributable to the parent company was 1.04 billion Yuan June 30, 2025 Consolidated Balance Sheet Summary | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 2,210,083,165.68 | 2,143,200,598.80 | | Total Liabilities | 1,098,798,190.81 | 1,079,291,600.20 | | Total Owners' Equity Attributable to Parent Company | 1,039,177,655.26 | 994,947,499.08 | [Parent Company Balance Sheet](index=49&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 1.85 billion Yuan, total liabilities were 830 million Yuan, and total owners' equity was 1.02 billion Yuan June 30, 2025 Parent Company Balance Sheet Summary | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,854,829,996.96 | 1,826,951,605.15 | | Total Liabilities | 829,971,370.90 | 806,674,645.63 | | Total Owners' Equity | 1,024,858,626.06 | 1,020,276,959.52 | [Consolidated Income Statement](index=51&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the company achieved consolidated total operating revenue of 717.14 million Yuan, a 15.64% YoY increase; net profit attributable to parent company shareholders was 43.52 million Yuan, a 31.31% YoY increase; basic earnings per share were 0.43 Yuan Jan-Jun 2025 Consolidated Income Statement Summary | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 717,135,913.92 | 620,160,522.82 | | Total Operating Costs | 649,944,998.50 | 561,282,304.80 | | Operating Profit | 57,598,663.41 | 44,402,367.49 | | Total Profit | 57,203,954.70 | 44,315,795.90 | | Net Profit | 46,666,105.35 | 31,933,112.90 | | Net Profit Attributable to Parent Company Shareholders | 43,520,285.26 | 33,142,878.09 | | Basic Earnings Per Share (Yuan/share) | 0.43 | 0.33 | [Parent Company Income Statement](index=54&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, the parent company achieved operating revenue of 338.49 million Yuan, net profit of 3.87 million Yuan, and basic earnings per share of 0.04 Yuan Jan-Jun 2025 Parent Company Income Statement Summary | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 338,494,326.10 | 328,087,084.21 | | Operating Profit | 4,114,227.26 | 12,819,229.34 | | Total Profit | 4,122,874.87 | 12,713,886.05 | | Net Profit | 3,871,795.62 | 10,351,403.15 | | Basic Earnings Per Share (Yuan/share) | 0.04 | 0.10 | [Consolidated Cash Flow Statement](index=55&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, the company's net cash flow from operating activities was 79.70 million Yuan, a 21.85% YoY increase; net cash outflow from investing activities was 28.05 million Yuan, a significant decrease from the prior year; net cash inflow from financing activities was 2.99 million Yuan, a substantial 96.12% YoY decrease Jan-Jun 2025 Consolidated Cash Flow Statement Summary | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 79,702,338.49 | 65,410,112.97 | | Net Cash Flow from Investing Activities | -28,051,716.86 | -145,864,105.72 | | Net Cash Flow from Financing Activities | 2,997,548.04 | 77,336,329.21 | | Net Increase in Cash and Cash Equivalents | 54,648,169.67 | -3,117,663.54 | [Parent Company Cash Flow Statement](index=57&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, the parent company's net cash flow from operating activities was 53.92 million Yuan; net cash outflow from investing activities was 41.06 million Yuan; net cash inflow from financing activities was 3.18 million Yuan Jan-Jun 2025 Parent Company Cash Flow Statement Summary | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 53,921,886.45 | 61,643,539.02 | | Net Cash Flow from Investing Activities | -41,059,132.31 | -142,852,606.51 | | Net Cash Flow from Financing Activities | 3,180,463.47 | 85,848,703.21 | | Net Increase in Cash and Cash Equivalents | 16,043,217.61 | 4,639,635.72 | [Consolidated Statement of Changes in Owners' Equity](index=59&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In H1 2025, the company's consolidated total owners' equity increased by 47.38 million Yuan, primarily due to an increase in total comprehensive income, with owners' equity attributable to the parent company increasing by 44.23 million Yuan Jan-Jun 2025 Consolidated Statement of Changes in Owners' Equity Summary | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity | 1,111,284,974.87 | 1,063,908,998.60 | | Total Owners' Equity Attributable to Parent Company | 1,039,177,655.26 | 994,947,499.08 | | Amount of Change for Current Period (decrease indicated by "-") | 47,375,976.27 | -70,675,724.01 | | Of which: Total Comprehensive Income | 47,375,976.27 | 32,844,256.20 | [Parent Company Statement of Changes in Owners' Equity](index=62&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In H1 2025, the parent company's total owners' equity increased by 4.58 million Yuan, primarily due to an increase in total comprehensive income Jan-Jun 2025 Parent Company Statement of Changes in Owners' Equity Summary | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity | 1,024,858,626.06 | 1,020,276,959.52 | | Amount of Change for Current Period (decrease indicated by "-") | 4,581,666.54 | -162,816,790.75 | | Of which: Total Comprehensive Income | 4,581,666.54 | 11,262,546.45 | [III. Company Basic Information](index=65&type=section&id=III.%20Company%20Basic%20Information) This section introduces Perfect Group Corp.,Ltd's establishment history, share capital changes, registered address, main business scope, and actual controller information, providing foundational context for understanding the company's operations and financial reports - The company was established on **June 6, 2016**, and listed on the **Shanghai Stock Exchange in March 2018**[153](index=153&type=chunk) - The company's total share capital increased from **80 million shares to 100 million shares in June 2019**, and further to **100.4487 million shares in 2023** due to stock option exercise[153](index=153&type=chunk) - The company's main business scope includes R&D, production, and sales of **toothbrushes, wet wipes, toothpaste, probiotic products**, and more[154](index=154&type=chunk) - The company's actual controller is **Mr. Zhang Wensheng**[154](index=154&type=chunk) [IV. Basis of Financial Statement Preparation](index=65&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section explains that the company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - Financial statements are prepared in accordance with the **"Accounting Standards for Business Enterprises"** issued by the Ministry of Finance and **"No. 15 - General Provisions for Financial Reports"** of the China Securities Regulatory Commission's Information Disclosure Rules for Companies Issuing Securities to the Public[155](index=155&type=chunk) - The company's financial statements are prepared on a **going concern basis**[156](index=156&type=chunk) [V. Significant Accounting Policies and Estimates](index=66&type=section&id=V.%20Significant%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, financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, borrowing costs, employee benefits, revenue recognition, government grants, deferred income tax, and leases, ensuring the accuracy and comparability of financial information - The company classifies financial assets into three categories: **measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss**[172](index=172&type=chunk) - The company's revenue recognition principle is to recognize revenue when **performance obligations in the contract are satisfied**, i.e., when the customer obtains control of the related goods or services[228](index=228&type=chunk) - The company uses the **straight-line method for fixed asset depreciation**, with buildings depreciated over **20 years** and machinery over **10 years**[205](index=205&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[188](index=188&type=chunk) [VI. Taxation](index=90&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including VAT and corporate income tax. It also lists subsidiaries enjoying a 15% high-tech enterprise preferential tax rate and Yangzhou Shuoyang New Energy Co., Ltd.'s "three-year exemption, three-year half reduction" policy - The company's main tax categories are **VAT (13% rate)** and **Corporate Income Tax (25% rate)**[244](index=244&type=chunk) - **Yangzhou Hengsheng Precision Mold Co., Ltd., Yangzhou Perfect Daily Chemical Co., Ltd., Yangzhou Meixing Oral Care Products Co., Ltd., and Shanenkang Biotechnology (Suzhou) Co., Ltd.** all enjoy a **15% high-tech enterprise preferential tax rate**[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk) - **Yangzhou Shuoyang New Energy Co., Ltd.**, engaged in public infrastructure projects, enjoys a **"three-year exemption, three-year half reduction" corporate income tax policy** and is classified as a small and micro-profit enterprise[246](index=246&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=91&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, trading financial assets, accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, short-term borrowings, accounts payable, employee benefits payable, taxes payable, long-term borrowings, long-term payables, deferred income, and assets restricted in ownership or use, explaining their composition, reasons for changes, and related accounting treatments June 30, 2025 Monetary Funds Composition | Item | Ending Balance (Yuan) | | :--- | :--- | | Cash on hand | 5,674.69 | | Bank deposits | 100,758,365.14 | | Other monetary funds | 25,947,223.60 | | Total | 126,711,263.43 | - The ending balance of accounts receivable was **289 million Yuan**, with **99.28%** due within 1 year[255](index=255&type=chunk)[256](index=256&type=chunk) - The ending book value of inventory was **179 million Yuan**, including **57.11 million Yuan in raw materials** and **82.42 million Yuan in finished goods**[282](index=282&type=chunk) - The ending book value of long-term equity investments was **814 million Yuan**, primarily including investments in **Jiangsu Yangzhou Rural Commercial Bank Co., Ltd.** and **Weimeizi Industrial (Guangdong) Co., Ltd.**[292](index=292&type=chunk) - The ending original book value of goodwill was **91.01 million Yuan**, with **39.62 million Yuan** already provided for impairment[311](index=311&type=chunk)[312](index=312&type=chunk) [VIII. Research and Development Expenses](index=143&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section lists the company's R&D expenditures during the reporting period, totaling 24.50 million Yuan, primarily composed of salaries and direct inputs, all recognized as expensed R&D expenditures H1 2025 R&D Expenditure Composition | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Direct Input | 4,928,346.59 | 5,295,701.54 | | Salaries | 14,579,846.20 | 11,550,504.69 | | Depreciation and Long-term Deferred Expenses | 1,343,106.85 | 999,739.78 | | Amortization of Intangible Assets | 141,664.05 | 507,301.19 | | Other Related Expenses | 3,504,836.43 | 2,205,897.50 | | External Commissioned Research and Development Expenses | 1,928,608.05 | 0 | | Total | 24,497,800.12 | 20,729,096.00 | | Of which: Expensed R&D Expenditures | 24,497,800.12 | 20,729,096.00 | | Capitalized R&D Expenditures | 0 | 0 | [IX. Changes in Consolidation Scope](index=144&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section explains the changes in the company's consolidation scope, primarily the establishment of Akkermansia Biotechnology (Hong Kong) Co., Ltd., a wholly-owned subsidiary, by its controlled subsidiary Shanenkang Biotechnology (Suzhou) Co., Ltd. during the reporting period - The company's controlled subsidiary **Shanenkang Biotechnology (Suzhou) Co., Ltd.** established a wholly-owned subsidiary, **Akkermansia Biotechnology (Hong Kong) Co., Ltd.**, in **May 2025**[394](index=394&type=chunk) [X. Interests in Other Entities](index=145&type=section&id=X.%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 non-wholly-owned subsidiaries and their main financial information, and key associates and their main financial information, particularly investments in Shanenkang and Weimeizi - The company owns **17 subsidiaries**, including Yangzhou Perfect Daily Chemical Co., Ltd., Yangzhou Meixing Oral Care Products Co., Ltd., and Shanenkang Biotechnology (Suzhou) Co., Ltd.[397](index=397&type=chunk)[398](index=398&type=chunk) - **Shanenkang Biotechnology (Suzhou) Co., Ltd.** is a significant non-wholly-owned subsidiary, with minority shareholders holding **42.8569%**, and profit attributable to minority shareholders for the current period was **3.15 million Yuan**[401](index=401&type=chunk) H1 2025 Shanenkang Biotechnology (Suzhou) Co., Ltd. Key Financial Information | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 49,760,570.12 | 15,180,508.97 | | Net Profit | 7,340,296.12 | -2,975,554.43 | | Total Comprehensive Income | 7,340,296.12 | -2,975,554.43 | | Cash Flow from Operating Activities | 12,773,840.21 | 3,210,176.12 | - The company's significant associates include **Jiangsu Yangzhou Rural Commercial Bank Co., Ltd. (2.98% stake)** and **Weimeizi Industrial (Guangdong) Co., Ltd. (33.859% stake)**[407](index=407&type=chunk) H1 2025 Weimeizi Industrial (Guangdong) Co., Ltd. Key Financial Information | Item | Ending Balance/Amount for Current Period (Yuan) | | :--- | :--- | | Total Assets | 1,742,734,003.79 | | Total Liabilities | 724,289,045.56 | | Operating Revenue | 974,875,384.34 | | Net Profit | -53,816,715.57 | | Total Comprehensive Income | -53,816,715.57 | [XI. Government Grants](index=153&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant liability items and the amount of government grants recognized in current profit or loss during the reporting period. The deferred income balance for government grants at period-end was 8.90 million Yuan, and the total government grants recognized in current profit or loss for the current period was 3.38 million Yuan H1 2025 Government Grant Liability Items | Financial Statement Item | Beginning Balance (Yuan) | New Grants for Current Period (Yuan) | Transferred to Other Income for Current Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,076,496.11 | 2,570,900.00 | 745,872.16 | 8,901,523.95 | Asset-related | H1 2025 Government Grants Recognized in Current Profit or Loss | Type | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Asset-related | 745,872.16 | 274,195.48 | | Income-related | 2,630,241.82 | 2,226,548.18 | | Total | 3,376,113.98 | 2,500,743.66 | [XII. Risks Related to Financial Instruments](index=154&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section details the credit risk, liquidity risk, and market risk (including interest rate risk, exchange rate risk, and other price risks) faced by the company, and describes the policies and measures taken to identify, assess, and manage these risks, including customer credit management, cash flow monitoring, and foreign currency financial asset and liability exchange rate exposure - The company faces **credit risk, liquidity risk, and market risk** (exchange rate risk, interest rate risk, and other price risks)[416](index=416&type=chunk) - Credit risk is managed by establishing **customer files, credit evaluations, and regular review of accounts receivable aging**[417](index=417&type=chunk) - Liquidity risk is managed by monitoring **cash balances, marketable securities, and future 12-month cash flow forecasts**[417](index=417&type=chunk) June 30, 2025 Analysis of Undiscounted Contractual Cash Flows of Financial Liabilities by Maturity | Item | Immediately Repayable (Yuan) | Within 1 Year (Yuan) | 1-2 Years (Yuan) | 2-5 Years (Yuan) | Over 5 Years (Yuan) | Total Undiscounted Contractual Amount (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | | 449,721,676.39 | | | | 449,721,676.39 | 449,721,676.39 | | Notes Payable | | 71,671,727.94 | | | | 71,671,727.94 | 71,671,727.94 | | Accounts Payable | | 186,606,502.56 | | | | 186,606,502.56 | 186,606,502.56 | | Other Payables | | 19,466,092.57 | | | | 19,466,092.57 | 19,466,092.57 | | Non-current Liabilities Due Within One Year | | 41,068,227.33 | | | | 41,068,227.33 | 41,068,227.33 | | Long-term Borrowings | | | 21,952,780.00 | 38,858,340.00 | 12,952,782.80 | 73,763,902.80 | 73,763,902.80 | | Long-term Payables | | | | 173,094,992.26 | | 173,094,992.26 | 155,687,557.29 | | Total | | 768,534,226.79 | 21,952,780.00 | 211,953,332.26 | 12,952,782.80 | 1,015,393,121.85 | 997,985,686.88 | - The company faces exchange rate risk from financial assets and liabilities denominated in **USD and EUR**[421](index=421&type=chunk) [XIII. Fair Value Disclosure](index=157&type=section&id=XIII.%20Fair%20Value%20Disclosure) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the period, classified by fair value measurement hierarchy (Level 1, Level 2, Level 3), and explains the basis for determining fair value and valuation techniques for each level June 30, 2025 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) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | | | (I) Trading Financial Assets | 10,222,823.64 | | 52,047,218.00 | 62,270,041.64 | | (II) Receivables Financing | | 2,698,419.67 | | 2,698,419.67 | | (IV) Other Non-current Financial Assets | | | 51,173,986.77 | 51,173,986.77 | | Total Recurring Fair Value Measured Assets | 10,222,823.64 | 2,698,419.67 | 103,221,204.77 | 116,142,448.08 | | (VI) Trading Financial Liabilities | 45,739.21 | | | 45,739.21 | | Total Recurring Fair Value Measured Liabilities | 45,739.21 | | | 45,739.21 | - Level 1 fair value measurement items are primarily determined based on **market quotes or net asset value quotes**[431](index=431&type=chunk) - Level 2 fair value measurement items (receivables financing) are valued using **market prices acceptable to suppliers**[432](index=432&type=chunk) - Level 3 fair value measurement items (closed-end private equity funds, equity investment derivative financial instruments with special power clauses) are determined using **net asset value or valuation techniques** such as the BS model and scenario analysis[433](index=433&type=chunk)[434](index=434&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=160&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses the company's related parties, including entities controlled by close relatives of the actual controller, entities controlled by associates, and related-party transactions during the reporting period such as goods purchases and sales, provision of services, related-party guarantees, and fund borrowings, and lists the balances of accounts receivable and payable with related parties at period-end - The company's related parties include **Yangzhou Rongmaoji Packaging Materials Co., Ltd., Yangzhou Xinchangcheng Plastics Co., Ltd., Yangzhou Dingliu Packaging Products Co., Ltd.** (controlled or managed by close relatives of the actual controller), and **Guangzhou Shuker Technology Co., Ltd., Guangzhou Shuker Industrial Co., Ltd.** (controlled by associates)[437](index=437&type=chunk) H1 2025 Related-Party Transactions for Goods Purchase/Sale and Services Received | Related Party | Related Transaction Content | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | :--- | | Yangzhou Dingliu Packaging Products Co., Ltd. | Purchase of goods | 4,155,823.23 | 870,324.77 | | Yangzhou Rongmaoji Packaging Materials Co., Ltd. | Purchase of goods | 6,351,394.09 | 6,761,852.50 | | Yangzhou Xinchangcheng Plastics Co., Ltd. | Purchase of goods | 10,207,421.90 | 292,329.16 | | Tianchang Shuker Technology Co., Ltd. | Sale of goods | 33,521,138.62 | 29,777,220.51 | | Guangzhou Shuker Industrial Co., Ltd. | Sale of goods | 9,317,292.89 | 1,277,501.40 | - As a guarantor, the company provides multiple guarantees for **Yangzhou Meixing Oral Care Products Co., Ltd.** and **Yangzhou Perfect Daily Chemical Co., Ltd.**[440](index=440&type=chunk)[441](index=441&type=chunk) - As a guaranteed party, the company is primarily guaranteed by **Zhang Wensheng** and **Yangzhou Perfect Daily Chemical Co., Ltd.**[442](index=442&type=chunk) June 30, 2025 Accounts Receivable/Payable with Related Parties | Item Name | Related Party | Ending Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Receivable | Tianchang Shuker Technology Co., Ltd. | 25,920,664.44 | | Accounts Receivable | Guangzhou Shuker Industrial Co., Ltd. | 7,188,623.37 | | Receivables Financing | Tianchang Shuker Technology Co., Ltd. | 1,338,419.67 | | Accounts Payable | Yangzhou Xinchangcheng Plastics Co., Ltd. | 6,126,148.03 | | Accounts Payable | Yangzhou Rongmaoji Packaging Materials Co., Ltd. | 4,179,518.06 | | Accounts Payable | Yangzhou Dingliu Packaging Products Co., Ltd. | 2,826,507.26 | [XV. Share-Based Payment](index=163&type=section&id=XV.%20Share-Based%20Payment) This section discloses the company's equity-settled share-based payment arrangements, including the method for determining the fair value of equity instruments at grant date (Black-Scholes option pricing model), key parameters, and the basis for determining the number of exercisable equity instruments. As of the end of the reporting period, the cumulative amount of equity-settled share-based payments recognized in capital reserve was 1.75 million Yuan - Equity-settled share-based payments are granted to employees, with the fair value of equity instruments at grant date determined by the **Black-Scholes option pricing model**[451](index=451&type=chunk) - The number of exercisable equity instruments is estimated based on changes in the number of exercisable employees and expected performance achievement[451](index=451&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserve is **1,748,560.66 Yuan**[451](index=451&type=chunk) [XVI. Commitments and Contingencies](index=164&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section states that the company had no significant commitments or contingencies requiring disclosure at the balance sheet date - The company has **no significant commitments** requiring disclosure[452](index=452&type=chunk) - The company has **no significant contingencies** requiring disclosure[452](index=452&type=chunk) [XVII. Post-Balance Sheet Events](index=164&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) This section discloses profit distribution events occurring after the balance sheet date, with the company planning to distribute profits or dividends totaling 8.04 million Yuan Post-Balance Sheet Profit Distri

江苏汇鸿国际集团股份有限公司 2025 年半年度报告 公司代码：600981 公司简称：汇鸿集团 江苏汇鸿国际集团股份有限公司 2025 年半年度报告 1 / 229 江苏汇鸿国际集团股份有限公司 2025 年半年度报告 重要提示 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年上半年度不进行利润分配，不进行公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告内容涉及的未来计划等前瞻性陈述因存在不确定性，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 报告期内，公司不存在重大风险事项。公司已在本报告中详细描述可能面对的风险，详见本 半年报第三节"管理层讨论与分析"之"五、其他披露事项（一）可能面对的风险"中相关陈述。 十一、 其他 □适用 √不适用 2 / 229 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 ...

彩虹显示器件股份有限公司2025 年半年度报告 公司代码：600707 公司简称：彩虹股份 彩虹显示器件股份有限公司 2025 年半年度报告 1 / 120 彩虹显示器件股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李淼、主管会计工作负责人王晓春及会计机构负责人（会计主管人员）王晓春 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 ...

平顶山天安煤业股份有限公司2025 年半年度报告 公司代码：601666 公司简称：平煤股份 平顶山天安煤业股份有限公司 2025 年半年度报告 1 / 241 平顶山天安煤业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人焦振营 、主管会计工作负责人张后军 及会计机构负责人（会计主管人员） 向长军声明：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 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 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，除此之外，本公司在"第三节管理层讨论与分析"中提示公 司可能面对的风险，请投资者予以关注。 十一、 其他 □适用 ...

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上海永冠众诚新材料科技（集团）股份有限公司2025 年半年度报告 公司代码：603681 公司简称：永冠新材 转债代码：113653 转债简称：永 22 转债 上海永冠众诚新材料科技（集团）股份有限公司 2025 年半年度报告 1 / 256 上海永冠众诚新材料科技（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、 公司负责人吕新民、主管会计工作负责人石理善及会计机构负责人（会计主管 人员）黄文娟声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度不派发现金红利，不送红股，不以公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中涉及的未来计划、发展战略等前瞻性描述存在不确定性，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 ...

中曼石油天然气集团股份有限公司2025 年半年度报告 公司代码：603619 公司简称：中曼石油 中曼石油天然气集团股份有限公司 2025 年半年度报告 1 / 218 中曼石油天然气集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李春第、主管会计工作负责人李世光及会计机构负责人（会计主管人员）罗 建玉声明：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 根据公司2025年半年度财务报表，公司合并报表2025年上半年归属于母公司股东的净利润为 300,209,682.27元人民币。截至2025年6月30日，母公司累计可供分配利润为184,238,683.93元人 民币（以上数据未经审计）。经公司第四届董事会第十二次会议审议通过的2025年半年度利润 分配方案为：公司拟向全体股东每10股派发现金红利2.00元（含税），公 ...