中国软件与技术服务股份有限公司 2025 年半年度报告 公司代码：600536 公司简称：中国软件 中国软件与技术服务股份有限公司 2025 年半年度报告 1 / 184 中国软件与技术服务股份有限公司 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、 公司负责人谌志华、主管会计工作负责人黄刚及会计机构负责人（会计主管人员）王洋声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十 ...

南通国盛智能科技集团股份有限公司2025 年半年度报告 公司代码：688558 公司简称：国盛智科 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，有关内容敬请查阅本报 告第三节"管理层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 南通国盛智能科技集团股份有限公司 2025 年半年度报告 1 / 188 南通国盛智能科技集团股份有限公司2025 年半年度报告 五、 公司负责人潘卫国、主管会计工作负责人卫红燕及会计机构负责人（会计主管人员）王胜 娟声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来规划、发展战略、经营计划等前瞻性描述，不构成公司对投资者的实 际承 ...

Section I: Definitions [Common Term Definitions](index=4&type=section&id=Common%20Term%20Definitions) This chapter defines common terms used in the report, including company names, business segments (equipment and craft brewing), and key activities, to ensure clear understanding of the content | Common Term | Meaning | | :--- | :--- | | Company, The Company, Lehui International | Ningbo Lehui International Engineering Equipment Co., Ltd | | Nanjing Lehui | Nanjing Lehui Fennerch Packaging Machinery Co., Ltd | | Equipment Segment | The company's main business, primarily including beer brewing and filling equipment, beverage pre-treatment and filling machinery, and dairy filling machinery | | Craft Brewing Segment | The company's main business, primarily including fresh beer production and sales | | CSRC | China Securities Regulatory Commission | Section II: Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the company's basic identification details, including its Chinese name, abbreviation, legal representative, and contact information for key personnel | Indicator | Content | | :--- | :--- | | Company Chinese Name | Ningbo Lehui International Engineering Equipment Co., Ltd | | Company Chinese Abbreviation | Lehui International | | Company Legal Representative | Huang Yuening | | Board Secretary | Xu Litao | | Securities Affairs Representative | Hu Haiyun | [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details the company's registered and office addresses, including historical changes to the registered address, ensuring transparency of geographical information | Indicator | Content | | :--- | :--- | | Company Registered Address | No. 1 Chaohui Road, Xizhou Town, Xiangshan County, Ningbo City, Zhejiang Province | | Historical Changes to Company Registered Address | Xiangxi Electromechanical Industrial Park, Xizhou Town, Xiangshan County, Ningbo City, Zhejiang Province | | Company Office Address | No. 1 Chaohui Road, Xizhou Town, Xiangshan County, Ningbo City | | Company Website | www.lehui.com | | Email Address | international@lehui.com | [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the official newspaper, designated website, and storage location for the semi-annual report, ensuring timely access to public company information for investors | Indicator | Content | | :--- | :--- | | Name of Newspaper Selected by the Company for Information Disclosure | Securities Times | | Website Address for Semi-Annual Report Publication | Shanghai Stock Exchange (www.sse.com.cn) | | Storage Location for Company's Semi-Annual Report | Legal and Securities Department, No. 1 Chaohui Road, Xizhou Town, Xiangshan County, Ningbo City, Zhejiang Province | [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides essential information about the company's stock, including its type, listing exchange, stock abbreviation, and code, for investor identification and trading | Stock Type | Stock Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Lehui International | 603076 | [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, comparing them with the prior year and explaining significant changes in net profit, total profit, and cash flows Key Accounting Data (Consolidated Statements) | Indicator | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 615,508,438.22 | 670,598,646.85 | -8.22 | | Total Profit | 29,315,002.51 | 36,364,572.06 | -19.39 | | Net Profit Attributable to Shareholders of the Listed Company | 25,636,403.65 | 22,219,069.20 | 15.38 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 18,366,561.90 | 13,831,206.16 | 32.79 | | Net Cash Flow from Operating Activities | 107,603,102.73 | 167,272,279.42 | -35.67 | | Net Cash Flow from Investing Activities | -58,839,141.65 | -151,521,705.19 | 61.17 | | Net Cash Flow from Financing Activities | -186,399,740.51 | -55,504,372.76 | -235.83 | Key Financial Indicators | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.21 | 0.18 | 16.67 | | Diluted Earnings Per Share (RMB/share) | 0.21 | 0.18 | 16.67 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | 0.15 | 0.11 | 36.36 | | Weighted Average Return on Net Assets (%) | 1.98 | 1.68 | Increased by 0.30 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 1.42 | 1.05 | Increased by 0.37 percentage points | - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by **32.79%** year-on-year, primarily due to the gradual turnaround of the craft fresh beer segment[21](index=21&type=chunk) - Total profit decreased by **19.39%** year-on-year, and net cash flow from operating activities decreased by **35.67%**, mainly due to fluctuations in acceptance milestones for equipment segment projects during the reporting period[21](index=21&type=chunk) - Net cash flow from investing activities increased by **61.17%** year-on-year, primarily due to the recovery of principal and returns from bank wealth management products; net cash flow from financing activities decreased by **235.83%** year-on-year, mainly due to proactive repayment of bank loans and shareholder cash dividends during the reporting period[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **RMB 7.2698 million**, primarily including government grants, fair value changes of financial assets, and disposal gains/losses of non-current assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-off portion of asset impairment provisions | 119,299.63 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 8,481,021.84 | | Gains or losses from changes in fair value of financial assets and financial liabilities, and investment income from disposal of financial assets and financial liabilities, excluding effective hedging activities related to the company's normal business operations | 2,710,658.67 | | Other non-operating income and expenses apart from the above | -1,980,809.07 | | Less: Income tax impact | 1,144,160.74 | | Minority interest impact (after tax) | 916,168.58 | | Total | 7,269,841.75 | Section III: Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's main business involves R&D, production, and manufacturing of liquid food equipment, covering beer, beverage, and dairy packaging, with craft beer as a secondary focus aiming for a national distributed supply chain - The company's main business falls under the specialized equipment manufacturing industry for food, alcohol, beverages, and tea production (C3531) and the specialized packaging equipment manufacturing industry (C3467), with main products including beer equipment, beverage machinery, and dairy packaging equipment[27](index=27&type=chunk) - The company has established its craft beer business ("Fresh Beer 30KM") as a secondary core business, building urban craft fresh beer breweries to create a national distributed supply chain, with this business belonging to the beer manufacturing industry (C1513)[27](index=27&type=chunk)[28](index=28&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's operating revenue decreased by **8.22%** year-on-year, but net profit attributable to listed company shareholders increased by **15.38%**, with the craft beer segment significantly reducing losses Overall Company Operating Performance | Indicator | Current Reporting Period (Jan-Jun) (RMB 10,000) | Prior Year Period (RMB 10,000) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 61,550.84 | 67,059.86 | -8.22 | | Net Profit Attributable to Listed Company | 2,563.64 | 2,221.91 | 15.38 | | Equipment Segment Net Profit | 3,544.95 | 5,557.00 | -36.22 | | Fresh Beer 30KM Craft Brewing Segment Revenue | 8,279.33 | 7,616.68 | 8.70 | | Fresh Beer 30KM Craft Brewing Segment Net Loss | 1,134.36 | 3,240.14 | -64.99 (Loss Reduction) | - The Fresh Beer 30KM craft brewing segment achieved an EBITDA of **RMB 7.1973 million**, reaching the strategic goal of cash flow breakeven[30](index=30&type=chunk) [2. Equipment Segment](index=8&type=section&id=2.%20Equipment%20Segment) The equipment segment grew steadily with **RMB 774 million** in new orders, a **36.51%** increase, and **RMB 2.444 billion** in outstanding orders, while advancing beer equipment technology and expanding packaging machinery - The equipment segment secured **RMB 774 million** in new orders in the first half of 2025, a **36.51%** year-on-year increase[29](index=29&type=chunk) - As of the end of the reporting period, the equipment segment's cumulative outstanding orders reached **RMB 2.444 billion**, an increase of **9.74%** compared to December 31, 2024[29](index=29&type=chunk) - The beer equipment segment continues to commercialize patented technologies, such as soil-free filtration and super-large filter presses, and implements 2.0 technology upgrades for core products like full-beer fermentation tanks, wet crushers, and filter tanks[29](index=29&type=chunk) - The baijiu and spirits segment received **RMB 40.3105 million** in orders during the first half, with orders declining due to the overall industry environment[29](index=29&type=chunk) - The packaging machinery segment experienced rapid growth, with the company being China's first aseptic line manufacturer and a drafter of aseptic packaging line industry standards[29](index=29&type=chunk) [3. Fresh Beer 30KM Craft Brewing Segment](index=8&type=section&id=3.%20Fresh%20Beer%2030KM%20Craft%20Brewing%20Segment) The Fresh Beer 30KM segment achieved **RMB 82.7933 million** in revenue, an **8.7%** increase, and significantly reduced net loss by **64.99%** to **RMB 11.3436 million**, reaching cash flow breakeven through channel expansion and operational efficiency Fresh Beer 30KM Craft Brewing Segment Operating Performance | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Revenue (RMB 10,000) | 8,279.33 | 7,616.68 | 8.70 | | Net Loss (RMB 10,000) | 1,134.36 | 3,240.14 | -64.99 (Loss Reduction) | | Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) (RMB 10,000) | 719.73 | -1,386.05 | Turned Loss into Profit | - Fresh Beer 30KM maintains partnerships with chain supermarkets like Metro and RT-Mart, and has deep cooperation with FamilyMart convenience stores, now available in **1,749** FamilyMart stores nationwide[30](index=30&type=chunk) - As of June 30, 2025, over **200** new franchised pubs were recruited, with over **60** new stores opened, totaling over **180** Fresh Beer 30KM pubs, successfully transitioning from asset-heavy to asset-light operation models[30](index=30&type=chunk) - The "Fresh Beer 30KM" brand received market recognition as the pioneer of Chinese craft fresh beer, attracting C-end consumers and potential partners through new media campaigns[31](index=31&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its equipment segment's talent, global presence, innovation, and brand, and the craft brewing segment's high-quality products, multi-channel sales, national supply chain, and innovative technologies - The equipment segment boasts an excellent team with over **30 years** of experience, where **46%** of frontline employees are veteran craftsmen with over **10 years** of service, and **62%** of senior technicians are aged **30-50**[32](index=32&type=chunk) - The equipment segment has established an overseas sales and service system covering emerging markets in Asia, Africa, and Latin America, with subsidiaries or factories in Nigeria, Ethiopia, India, and Mexico[32](index=32&type=chunk) - The company has accumulated years of brand and technological advantages in beer, beverage, and dairy liquid food equipment, with beer brewing equipment and filtration equipment twice recognized as national single-champion products[32](index=32&type=chunk) - Fresh Beer 30KM products comply with the GB4927-2008 definition of fresh beer, ensuring fresh quality through high-level automated factories and short-distance transportation and sales[33](index=33&type=chunk) - Fresh Beer 30KM has established **5** fresh beer factories in Shanghai, Ningbo, Changsha, Wuhan, and Shenyang, with **2** more under construction in Kunming and Changchun, forming a national supply chain system[36](index=36&type=chunk) - The company successfully developed patented air-cooled draft beer machines, aseptic filling technology for fresh beer (extending shelf life to **90 days**), and high-barrier PET material technology for mass production of disposable draft beer kegs[36](index=36&type=chunk)[38](index=38&type=chunk) [1. Lehui International Equipment Segment Competitiveness](index=9&type=section&id=1.Lehui%20International%20Equipment%20Segment%20Competitiveness) Lehui International's equipment segment boasts core competitiveness through its experienced talent, extensive international presence, continuous technological innovation (two national single-champion products), strong brand reputation, and high-standard manufacturing facilities - The equipment segment possesses an excellent team with over **30 years** of accumulated experience, where **46%** of veteran craftsmen have worked for the company for over **10 years**, and **62%** of senior technicians are aged **30-50**[32](index=32&type=chunk) - The company has established an overseas sales and service system covering emerging markets in Asia, Africa, and Latin America, with subsidiaries or factories in Nigeria, Ethiopia, India, and Mexico[32](index=32&type=chunk) - The company has twice been awarded national single-champion product status in the fields of beer brewing equipment and filtration equipment[32](index=32&type=chunk) - The company maintains a **100%** successful delivery record for all customer orders, accumulating service experience with over **150** beer clients and over **500** clients across various industries[33](index=33&type=chunk) - Lehui International's equipment factories meet EU CE certification standards, offering customized services and building a global sales and service system[33](index=33&type=chunk) [2. Fresh Beer 30KM Segment Competitiveness](index=9&type=section&id=2.%20Fresh%20Beer%2030KM%20Segment%20Competitiveness) The Fresh Beer 30KM segment's competitiveness stems from its high-quality fresh beer, city-focused multi-channel marketing, national network of five operational and two under-construction breweries, and innovations in air-cooled draft beer machines and aseptic filling technology - Fresh Beer 30KM's products comply with the GB4927-2008 definition of fresh beer, ensuring freshness and taste through high-level automated factories and short-distance transportation and sales[33](index=33&type=chunk) - The company focuses on brewery cities and their vicinities, building a four-in-one sales channel system encompassing key accounts, distributors, small pubs, and e-commerce[36](index=36&type=chunk) - The company has established **5** fresh beer factories in Shanghai, Ningbo, Changsha, Wuhan, and Shenyang, with **2** more under construction in Kunming and Changchun, forming a rational national supply chain system[36](index=36&type=chunk) - The company successfully developed a patented air-cooled draft beer machine, addressing issues such as long pouring times, excessive foaming, high beer loss, and frequent cleaning associated with traditional draft beer[36](index=36&type=chunk) - The company's developed aseptic filling technology for fresh beer extends its shelf life to **90 days**, and high-barrier PET material technology enables mass production of disposable draft beer kegs[38](index=38&type=chunk) [IV. Main Operating Performance During the Reporting Period](index=10&type=section&id=IV.%20Main%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's main operating performance, including changes in financial statement items, asset-liability status, and investment activities, highlighting significant shifts in expenses, cash flows, and asset structure Main Financial Statement Item Change Analysis | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 615,508,438.22 | 670,598,646.85 | -8.22 | | Operating Cost | 457,762,917.05 | 481,521,704.66 | -4.93 | | Selling Expenses | 40,372,009.92 | 51,335,942.77 | -21.36 | | Administrative Expenses | 60,690,991.24 | 62,171,252.02 | -2.38 | | Financial Expenses | 1,746,696.54 | 8,607,285.33 | -79.71 | | R&D Expenses | 25,508,032.94 | 24,595,821.09 | 3.71 | | Net Cash Flow from Operating Activities | 107,603,102.73 | 167,272,279.42 | -35.67 | | Net Cash Flow from Investing Activities | -58,839,141.65 | -151,521,705.19 | 61.17 | | Net Cash Flow from Financing Activities | -186,399,740.51 | -55,504,372.76 | -235.83 | - The decrease in selling expenses is primarily due to the craft brewing segment's optimized organizational structure, improved human efficiency, and reduced depreciation and amortization of directly operated and small pubs[42](index=42&type=chunk) - Financial expenses significantly decreased by **79.71%**, mainly due to the company's proactive optimization of its capital structure, reduction of external loans, and improved capital utilization efficiency[43](index=43&type=chunk) - Cash and bank balances at the end of the period decreased by **24.18%** compared to the end of the previous year, primarily due to proactive debt structure optimization, repayment of bank loans, and a significant reduction in financial leverage[45](index=45&type=chunk) - Accounts receivable at the end of the period decreased by **25.82%** compared to the end of the previous year, primarily due to good collection of receivables by the parent company and significantly improved cash recovery efficiency[45](index=45&type=chunk)[46](index=46&type=chunk) - Overseas assets amounted to **RMB 123.4166 million**, accounting for **3.68%** of total assets[47](index=47&type=chunk) [(I) Analysis of Main Business](index=10&type=section&id=(I)%20Analysis%20of%20Main%20Business) Operating revenue decreased by **8.22%** and operating costs by **4.93%**; selling expenses significantly dropped by **21.36%**, financial expenses by **79.71%**, while R&D expenses slightly increased Analysis Table of Changes in Financial Statement Items | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 615,508,438.22 | 670,598,646.85 | -8.22 | | Operating Cost | 457,762,917.05 | 481,521,704.66 | -4.93 | | Selling Expenses | 40,372,009.92 | 51,335,942.77 | -21.36 | | Administrative Expenses | 60,690,991.24 | 62,171,252.02 | -2.38 | | Financial Expenses | 1,746,696.54 | 8,607,285.33 | -79.71 | | R&D Expenses | 25,508,032.94 | 24,595,821.09 | 3.71 | | Net Cash Flow from Operating Activities | 107,603,102.73 | 167,272,279.42 | -35.67 | | Net Cash Flow from Investing Activities | -58,839,141.65 | -151,521,705.19 | 61.17 | | Net Cash Flow from Financing Activities | -186,399,740.51 | -55,504,372.76 | -235.83 | - Changes in selling expenses are primarily due to the craft brewing segment optimizing its organizational structure, improving human efficiency, and reducing depreciation and amortization of directly operated and small pubs[42](index=42&type=chunk) - Changes in financial expenses are primarily due to the company's proactive optimization of its capital structure, orderly reduction of external loans, and a consequent decrease in financial expenses[43](index=43&type=chunk) - Changes in net cash flow from operating activities are primarily due to the equipment segment recovering a larger amount of deposits in the previous reporting period compared to the current period[43](index=43&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, cash and accounts receivable significantly decreased, while prepayments, other payables, and other current liabilities increased. Overseas assets constituted **3.68%** of total assets, with certain assets restricted for guarantees and collateral Changes in Assets and Liabilities | Item Name | Current Period End (RMB) | Current Period End as % of Total Assets | Prior Year End (RMB) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 335,285,684.74 | 9.98 | 442,185,956.20 | 12.72 | -24.18 | | Accounts Receivable | 378,322,087.73 | 11.27 | 510,035,370.49 | 14.68 | -25.82 | | Prepayments | 130,411,408.95 | 3.88 | 95,797,305.65 | 2.76 | 36.13 | | Contract Assets | 177,032,022.05 | 5.27 | 208,872,688.38 | 6.01 | -15.24 | | Right-of-Use Assets | 27,827,423.04 | 0.83 | 35,263,808.33 | 1.01 | -21.09 | | Employee Benefits Payable | 27,022,549.16 | 0.80 | 39,891,642.20 | 1.15 | -32.26 | | Taxes Payable | 10,518,446.43 | 0.31 | 27,089,729.04 | 0.78 | -61.17 | | Other Payables | 18,469,720.70 | 0.55 | 13,064,767.51 | 0.38 | 41.37 | | Other Current Liabilities | 35,963,593.67 | 1.07 | 13,558,905.34 | 0.39 | 165.24 | - Overseas assets amounted to **RMB 123.4166 million**, accounting for **3.68%** of total assets[47](index=47&type=chunk) Major Asset Restrictions | Item | Period-End Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 24,215,984.91 | Guarantee deposits, etc | | Fixed Assets | 31,332,542.80 | Collateral | | Intangible Assets | 19,840,612.71 | Collateral | | Total | 75,389,140.42 | | [(IV) Analysis of Investment Status](index=13&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company's financial assets measured at fair value increased to **RMB 169,239,780.90** at period-end, with subsidiaries participating in private equity funds, reflecting active investment in this area Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss for Current Period (RMB) | Amount Purchased for Current Period (RMB) | Amount Sold/Redeemed for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 158,927,782.71 | 821,380.27 | 157,000,000.00 | 146,460,877.04 | 169,239,780.90 | | Total | 158,927,782.71 | 821,380.27 | 157,000,000.00 | 146,460,877.04 | 169,239,780.90 | - The company's subsidiary, Ningbo 30KM Investment Co., Ltd., participated in establishing Ningbo Jiuhai Enterprise Management Partnership (Limited Partnership), with a subscribed capital of **RMB 5 million**, accounting for **25%**, and a paid-in capital of **RMB 0.625 million** as of the end of the reporting period[52](index=52&type=chunk) - The company, through its subsidiary Ningbo 30KM Investment Co., Ltd., participated in establishing Suzhou Hongzhuo Venture Capital Partnership (Limited Partnership), with a subscribed capital of **RMB 10 million**, accounting for **1.89%** of the fund's initial total subscribed capital, and a paid-in capital of **RMB 10 million** as of the end of the reporting period[53](index=53&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=15&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section details the operating performance of major subsidiaries, including their financials. Ningbo Fresh Beer 30KM and Ningbo Trading were profitable, while other craft brewing subsidiaries like Wuhan Fresh Beer remained in deficit. Ningbo Lehui Brazil Erely Co., Ltd. was deregistered without significant impact - During the reporting period, Ningbo Lehui Brazil Erely Co., Ltd. was deregistered; its total assets, net assets, and net profit were all small, so the deregistration had no impact on the company[56](index=56&type=chunk) Operating Performance of Major Holding Subsidiaries (Unit: RMB 10,000) | Company Name | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Fresh Beer 30KM | Fresh beer production | 22,784.00 | 25,790.17 | 23,127.41 | 2,898.68 | 122.74 | 122.54 | | Nanjing Baolilong | High-end beverage packaging equipment | 3,000.00 | 38,291.86 | 13,217.01 | 802.16 | -16.64 | -36.59 | | Shanghai Crab Craft Beer | Fresh beer production | 9,910.00 | 5,701.60 | 2,076.20 | 705.51 | -203.38 | -202.45 | | Luzhou Lehui | Specialized equipment manufacturing | 3,000.00 | 22,743.27 | 3,510.58 | 5,601.09 | -279.86 | 27.75 | | Nanjing Lehui | Beer, beverage packaging equipment | 30,000.00 | 46,040.93 | 20,496.15 | 7,334.47 | -24.40 | -26.16 | | Lehui Import & Export | Specialized equipment export | 1,000.00 | 23,545.01 | 224.40 | 272.62 | 368.34 | 368.57 | | Ningbo Trading | Fresh beer sales | 1,310.00 | 5,839.27 | 485.59 | 5,987.86 | 406.44 | 413.28 | | Wuhan Fresh Beer | Fresh beer production | 17,700.00 | 17,125.87 | 15,737.36 | 322.87 | -519.36 | -520.08 | [V. Other Disclosure Matters](index=16&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces various risks, including market uncertainty in the craft brewing industry, management challenges from global operations, raw material price volatility, industry cyclicality, customer concentration, tax policy changes, exchange rate fluctuations, and production safety - The craft brewing industry is still in its nascent stage, possessing high growth potential but also facing market uncertainties and investment risks[57](index=57&type=chunk) - Global business expansion introduces management risks, particularly due to discriminatory and unequal political and economic policies from Western countries towards China, which may lead to an inability to adapt management levels[57](index=57&type=chunk) - Uncertainty in raw material prices, influenced by insufficient supply and global economic uncertainties, may adversely affect the company's cost control[57](index=57&type=chunk) - Operating risks include changes in the prosperity of the beer and beverage industry and the risk of relatively high customer concentration due to the high concentration of the global beer industry[57](index=57&type=chunk) - Financial risks primarily involve changes in tax incentives; if the company no longer meets the criteria for high-tech enterprise certification, it will not be able to enjoy the **15%** corporate income tax preferential rate[58](index=58&type=chunk) - Exchange rate risk exists; although the company employs methods like forward exchange rate locking, significant future exchange rate fluctuations could still impact the company's profitability[58](index=58&type=chunk) - Safety production risks increase with more factories and expanded production scale, along with the risk of urban brewery projects falling behind schedule in implementation[58](index=58&type=chunk) Section IV: Corporate Governance, Environment, and Society [I. Changes in Company Directors and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) In accordance with the new Company Law, the company dissolved its supervisory board, with former supervisors being relieved of their duties, and the board's audit committee assuming the supervisory board's functions Changes in Directors and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Lin Changfu | Chairman of the Supervisory Board | Relieved | | Zhang Yongji | Supervisor | Relieved | | Cai Liangliang | Employee Supervisor | Relieved | - In accordance with the new Company Law and other regulations, the company abolished its supervisory board, with the board's audit committee now exercising the functions of the supervisory board[61](index=61&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none," indicating no profit distribution or capital reserve conversion for the reporting period Semi-Annual Profit Distribution or Capital Reserve Conversion Plan | Item | Quantity | | :--- | :--- | | Is there a distribution or conversion | No | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (RMB) (tax included) | 0 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=18&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) The company and its key subsidiaries, Ningbo Lehui International Engineering Equipment Co., Ltd. and Changsha Fresh Beer 30KM Technology Co., Ltd., are on the list of enterprises required to disclose environmental information, with provided links to their reports List of Enterprises Required to Disclose Environmental Information | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Ningbo Lehui International Engineering Equipment Co., Ltd | https://mlzi.sthit.zi.gov.cneps/index/enterprise-search | | 2 | Changsha Fresh Beer 30KM Technology Co., Ltd | http://222.244.103.251:8181/hnyfpl/frontal/index.html/home/index | | 3 | Changsha Fresh Beer 30KM Technology Co., Ltd | http://219.140.164.18:8007/hbyfpl/frontal/index.html/home/index | Section V: Significant Matters [I. Fulfillment of Commitments](index=20&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its directors, and senior management strictly fulfilled commitments during the reporting period, including cash dividend policy, measures to mitigate diluted immediate returns, and the actual controller's pledge regarding stock transaction gains - The company commits to a primary cash dividend policy: when profitable with distributable profits, cumulative cash dividends over three years will be no less than **30%** of the average annual distributable profits (barring significant investment plans or major cash expenditures)[66](index=66&type=chunk) - The company, its directors, and senior management made irrevocable commitments regarding measures to mitigate diluted immediate returns, including not transferring benefits without compensation, restricting job-related consumption, and not using company assets for unrelated investments or consumption[66](index=66&type=chunk)[67](index=67&type=chunk) - Mr. Huang Yuening pledged that if the **10,000 shares** of company stock he purchased on September 30, 2019, generate any profit upon sale after twelve months, all such profits will belong to the listed company[67](index=67&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=23&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) The company faces significant litigation, including a lawsuit against its German subsidiary for **EUR 6,580,141.14** based on a comfort letter, and patent infringement and contract disputes involving other subsidiaries, with one case having a first-instance judgment not yet effective - The insolvency administrator of the company's subsidiary, Fennerch Germany, filed a lawsuit based on a comfort letter issued by the company, requesting the company to bear payment liability of **EUR 6,580,141.14** plus interest; the case has not yet been heard[69](index=69&type=chunk) Litigation and Arbitration Cases Not Disclosed or with Subsequent Progress | Plaintiff (Applicant) | Defendant (Respondent) | Type of Litigation/Arbitration | Amount Involved in Litigation/Arbitration (RMB 10,000) | Provision for Contingent Liability Formed | Progress of Litigation/Arbitration | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Fresh Beer 30KM Technology Co., Ltd | Harbin Jike Beer Brewing Co., Ltd., Jike Fresh Beer Brewing Technology Development Co., Ltd., Jike (Changchun) Beer Brewing Co., Ltd., Fujian Wuyi Xinghua Industrial Co., Ltd | Dispute over infringement of design patent rights | 1,016.86 | No | Not yet judged | | Jin Xin | Ningbo 30KM Investment Co., Ltd | Contract dispute | 3,392.77 | No | First-instance judgment, not yet effective | [X. Significant Related-Party Transactions](index=24&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses significant related-party transactions not previously announced, primarily involving the company's purchase of office property from its controlling shareholder, Ningbo Lehui Investment Holding Co., Ltd., for **RMB 1.3228 million** Asset Acquisition Related-Party Transactions | Transacting Party | Related-Party Relationship | Transaction Type | Transaction Content | Transaction Price (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Ningbo Lehui Investment Holding Co., Ltd | Controlling Shareholder | Asset Purchase | Purchase of office property | 132.28 | [XII. Explanation of Progress in Use of Raised Funds](index=28&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's raised funds have a cumulative investment of **RMB 237.4113 million**, reaching **58.74%** of the total, with the "Fresh Beer 30KM Changsha Ten-Thousand-Ton Urban Factory Project" completed and operational, and **RMB 157 million** in idle funds managed as cash Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Committed Investment (RMB 10,000) | Cumulative Investment as of Period End (RMB 10,000) | Cumulative Investment Progress as of Period End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 41,799.99 | 40,419.08 | 40,419.08 | 23,741.13 | 58.74 | - The "Fresh Beer 30KM Changsha Ten-Thousand-Ton Urban Factory Project" committed **RMB 80 million** in raised funds, with a cumulative investment of **RMB 80.2020 million**, and has commenced operation and closed its special fund account[81](index=81&type=chunk) Detailed Use of Raised Investment Projects (Partial) | Project Name | Committed Investment Amount from Raised Funds (RMB 10,000) | Cumulative Investment Amount as of Period End (RMB 10,000) | Investment Progress (%) | Benefits Achieved This Year (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Fresh Beer 30KM Changsha Ten-Thousand-Ton Urban Factory Project | 8,000.00 | 8,020.20 | 100.25 | -2,067.12 | | Fresh Beer 30KM Wuhan Urban Factory Project | 16,313.56 | 12,587.86 | 77.16 | -1,470.78 | - During the reporting period, the company managed idle raised funds as cash, with an end-of-period cash management balance of **RMB 157 million**[88](index=88&type=chunk) Section VI: Share Changes and Shareholder Information [I. Changes in Share Capital](index=32&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[90](index=90&type=chunk) [II. Shareholder Information](index=33&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **13,506** common shareholders. The top ten shareholders include Ningbo Lehui Investment Holding Co., Ltd. as the largest, with Lai Yunlai and Huang Yuening acting in concert, holding over **20%** combined Total Number of Shareholders | Indicator | Quantity | | :--- | :--- | | Total number of common shareholders at the end of the reporting period (households) | 13,506 | Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Ningbo Lehui Investment Holding Co., Ltd | 21,830,000 | 18.09 | Domestic Non-State-Owned Legal Person | | Lai Yunlai | 12,661,181 | 10.49 | Domestic Natural Person | | Huang Yuening | 12,646,242 | 10.48 | Domestic Natural Person | | Ningbo Leying Investment Management Center (Limited Partnership) | 6,534,080 | 5.41 | Other | | Ningbo Leli Investment Management Center (Limited Partnership) | 6,426,840 | 5.32 | Other | - Shareholders Lai Yunlai and Huang Yuening are concerted parties; Lai Yunlai serves as the Executive Director and General Manager of Ningbo Lehui Investment Holding Co., Ltd., and the Executive Partner of Ningbo Leli Investment Management Center (Limited Partnership); Huang Yuening serves as the Executive Partner of Ningbo Leying Investment Management Center (Limited Partnership)[95](index=95&type=chunk) Section VII: Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=36&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 [II. Convertible Corporate Bonds](index=36&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds Section VIII: Financial Report [I. Audit Report](index=37&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [II. Financial Statements](index=37&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 the first half of 2025, reflecting its financial position, operating results, and cash flows Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Assets | 3,358,014,849.93 | 3,475,072,132.20 | | Total Liabilities | 2,035,167,139.88 | 2,132,518,018.66 | | Total Owners' Equity Attributable to Parent Company | 1,288,027,258.74 | 1,307,718,142.58 | Key Data from Consolidated Income Statement | Item | First Half 2025 (RMB) | First Half 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 615,508,438.22 | 670,598,646.85 | | Total Profit | 29,315,002.51 | 36,364,572.06 | | Net Profit | 24,105,884.00 | 23,658,540.71 | | Net Profit Attributable to Parent Company Shareholders | 25,636,403.65 | 22,219,069.20 | | Basic Earnings Per Share (RMB/share) | 0.21 | 0.18 | Key Data from Consolidated Cash Flow Statement | Item | First Half 2025 (RMB) | First Half 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 107,603,102.73 | 167,272,279.42 | | Net Cash Flow from Investing Activities | -58,839,141.65 | -151,521,705.19 | | Net Cash Flow from Financing Activities | -186,399,740.51 | -55,504,372.76 | | Net Increase in Cash and Cash Equivalents | -127,909,783.91 | -43,007,001.03 | [III. Company Basic Information](index=55&type=section&id=III.%20Company%20Basic%20Information) This section details the company's overview, including its establishment date, registered capital, historical evolution, changes in equity structure, and current business scope, covering engineering equipment, food and beer brewing equipment manufacturing, and import/export - The company was established on September 15, 1998, originally named Ningbo Lehui Food Equipment Manufacturing Co., Ltd., with Huang Yuening as its legal representative[129](index=129&type=chunk) - The company's registered capital has undergone multiple changes, increasing from an initial **RMB 1.5 million** to the current **RMB 120,701,344.00**, with its equity structure also experiencing several adjustments[130](index=130&type=chunk)[138](index=138&type=chunk) - The company's business scope is extensive, including engineering equipment, food and beer brewing and related equipment, stainless steel containers, new pulp and paper complete sets of equipment, amino acids, enzyme preparations, food additive equipment, high-speed aseptic filling key equipment manufacturing, installation, commissioning, as well as computer software, industrial automation product R&D, design, installation, and import/export businesses[139](index=139&type=chunk) [IV. Basis of Financial Statement Preparation](index=56&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with an assessment confirming sound going concern ability and no significant doubts within 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis[140](index=140&type=chunk) - Based on the company's assessment, its going concern ability is sound within **12 months** from the end of the reporting period, with no factors raising significant doubt about its ability to continue as a going concern[142](index=142&type=chunk) [V. Significant Accounting Policies and Estimates](index=57&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, covering accounting periods, functional currency, materiality, business combinations, consolidated financial statements, financial instruments, revenue recognition, contract costs, government grants, deferred income tax, and leases, including adjustments for accounting policy changes - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting financial position, operating results, and other information[144](index=144&type=chunk) - The company has fully disclosed the recognition, classification, measurement, and impairment of financial instruments, particularly the expected credit loss measurement methods for notes receivable, accounts receivable, and contract assets[165](index=165&type=chunk)[177](index=177&type=chunk)[183](index=183&type=chunk) - The company's revenue recognition principles are based on identifying distinct performance obligations, distinguishing between performance over time and at a point in time, and measuring revenue according to the transaction price allocated to each distinct performance obligation[222](index=222&type=chunk)[224](index=224&type=chunk) - In accordance with Interpretation No. 18 of the Accounting Standards for Business Enterprises issued by the Ministry of Finance, the company adjusted the operating costs and selling expenses in the consolidated and parent company income statements for the year 2024[268](index=268&type=chunk)[269](index=269&type=chunk) [VI. Taxation](index=81&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, including VAT, consumption tax, and corporate income tax. The company and some subsidiaries, as high-tech enterprises, enjoy a **15%** corporate income tax preferential rate, with additional tax incentives for small and micro-enterprises and software product sales Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 1%, 3%, 6%, 7.5%, 13%, 15%, 16%, 18%, 19% | | Consumption Tax | Taxable sales of consumer goods | RMB 250 per ton | | Corporate Income Tax | Taxable income | 15%, 25% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Ningbo Lehui International Engineering Equipment Co., Ltd | 15.00 | | Nanjing Lehui Fennerch Packaging Machinery Co., Ltd | 15.00 | | Nanjing Baolilong Packaging Machinery Co., Ltd | 15.00 | | Shanghai 30KM Catering Management Co., Ltd | 25.00 | | LEHUI WEST AFRICA ENGINEERING | 30.00 | - The company and its subsidiaries, Nanjing Lehui Fennerch Packaging Machinery Co., Ltd. and Nanjing Baolilong Packaging Machinery Co., Ltd., as high-tech enterprises, are subject to a **15%** corporate income tax rate for three years from their certification[271](index=271&type=chunk)[272](index=272&type=chunk) - General VAT taxpayers selling self-developed software products are subject to a **13%** VAT rate, with a refund policy for the portion of actual VAT burden exceeding **3%**[271](index=271&type=chunk)[272](index=272&type=chunk) - For small and micro-profit enterprises, the portion of annual taxable income not exceeding **RMB 3 million** is reduced by **25%** and taxed at a **20%** corporate income tax rate[272](index=272&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=82&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for consolidated financial statement items, including cash, financial assets, receivables, inventory, fixed assets, intangible assets, goodwill, deferred taxes, borrowings, contract liabilities, employee compensation, taxes payable, and equity, explaining period-end balances, changes, and reasons Composition of Cash and Bank Balances | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 113,691.15 | 112,178.99 | | Bank Deposits | 308,880,071.55 | 436,555,820.10 | | Other Cash and Bank Balances | 26,291,922.04 | 5,517,957.11 | | Total | 335,285,684.74 | 442,185,956.20 | | Of which: Total Amount of Funds Deposited Overseas | 46,486,952.92 | 40,161,163.52 | | Total Amount of Funds Restricted in Use Due to Pledge, Mortgage, or Freezing | 24,215,984.91 | 3,206,472.46 | Aging Analysis of Accounts Receivable | Aging | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 288,549,960.95 | 260,716,875.92 | | 1 to 2 years | 28,677,138.61 | 167,378,327.54 | | 2 to 3 years | 39,015,010.20 | 150,706,763.51 | | Over 3 years | 112,242,271.60 | 19,567,388.79 | | Total | 468,484,389.36 | 598,369,347.11 | Inventory Classification and Impairment Provisions | Item | Period-End Book Balance (RMB) | Period-End Inventory Impairment Provision/Contract Performance Cost Impairment Provision (RMB) | Period-End Book Value (RMB) | | :--- | :--- | :--- | :--- | | Raw Materials | 160,022,830.73 | 0 | 160,022,830.73 | | Work in Progress | 1,092,424,404.71 | 8,699,123.59 | 1,083,725,281.12 | | Finished Goods | 3,375,918.84 | 0 | 3,375,918.84 | | Goods in Transit | 41,283,774.89 | 6,316,960.98 | 34,966,813.91 | | Total | 1,297,106,929.17 | 15,016,084.57 | 1,282,090,844.60 | Book Value of Fixed Assets | Item | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Buildings and Structures | 197,391,608.94 | 204,462,714.12 | | Machinery and Equipment | 251,327,915.53 | 248,171,759.93 | | Transportation Equipment | 10,650,514.63 | 10,711,035.58 | | Office Equipment | 9,072,317.38 | 8,131,586.64 | | Structures | 36,235,999.30 | 37,079,787.10 | | Total | 504,678,355.78 | 508,556,883.37 | Classification of Short-Term Borrowings | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Mortgaged Loans | 81,000,000.00 | 72,000,000.00 | | Guaranteed Loans | 367,000,000.00 | 438,948,000.00 | | Credit Loans | 63,579,935.96 | 45,191,276.49 | | Interest Payable | 90,672.41 | 162,905.15 | | Total | 511,670,608.37 | 556,302,181.64 | Aging Analysis of Contract Liabilities | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Within 1 year | 574,269,671.31 | 525,125,097.20 | | 1 to 2 years | 165,236,858.27 | 192,925,520.79 | | 2 to 3 years | 66,033,925.81 | 89,354,458.46 | | Over 3 years | 105,383,388.11 | 65,336,838.71 | | Total | 910,923,843.50 | 872,741,915.16 | [VIII. Research and Development Expenses](index=136&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section outlines the company's R&D expenses for the reporting period, totaling **RMB 25,508,032.94**, primarily comprising employee compensation, raw materials, depreciation, and other costs, all of which were expensed R&D Expenses by Nature of Expense | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 16,197,854.01 | 14,411,485.62 | | Depreciation | 1,142,677.31 | 729,601.20 | | Raw Materials | 7,653,829.74 | 7,768,177.42 | | Other | 513,671.88 | 1,686,556.85 | | Total | 25,508,032.94 | 24,595,821.09 | | Of which: Expensed R&D Expenses | 25,508,032.94 | 24,595,821.09 | [IX. Changes in Consolidation Scope](index=136&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed due to the deregistration of Ningbo Lehui Brazil Erely Co., Ltd., which had no significant impact on the company's overall operations or performance due to its small scale Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Ningbo Lehui Brazil Erely Co., Ltd | Deregistration | The Brazilian subsidiary's total assets, net assets, and net profit were all small, so the deregistration had no impact on the company | [X. Interests in Other Entities](index=139&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's equity interests in subsidiaries, including their main operating locations, registered capital, business nature, and shareholding percentages, covering various domestic and international entities in beer production, equipment manufacturing, and trade - The company owns multiple domestic and international subsidiaries, including Ningbo Fresh Beer 30KM Technology Co., Ltd., Nanjing Lehui Fennerch Packaging Machinery Co., Ltd., Lehui Fennerch Mechanical Engineering (Mexico) Co., Ltd., Crab Craft Beer (Shanghai) Co., Ltd., etc., with business natures covering beer production and sales, equipment manufacturing, import and export trade, and catering management[463](index=463&type=chunk)[464](index=464&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk) [XI. Government Grants](index=144&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grants for the reporting period. Asset-related grants are recognized as deferred income, with **RMB 193,064.76** transferred to other income this period. Income-related grants totaled **RMB 8,287,957.08** for the period Liability Items Involving Government Grants | Financial Statement Item | Period-Beginning Balance (RMB) | Amount Recognized as Non-Operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-End Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 4,470,733.35 | 0 | 193,064.76 | 4,277,668.59 | Related to Assets | Government Grants Recognized in Current Profit or Loss | Type | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Related to Income | 8,287,957.08 | 10,591,941.80 | | Total | 8,287,957.08 | 10,591,941.80 | [XII. Risks Related to Financial Instruments](index=145&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company's financial instruments face credit, liquidity, and market (primarily exchange rate) risks. Credit risk is managed by using large banks and good customer credit. Liquidity risk is addressed by maintaining sufficient cash and bank lines. Exchange rate risk, mainly from USD and EUR, is managed by matching foreign currency receipts/payments and forward contracts, with a **5%** RMB fluctuation potentially impacting net profit by approximately **RMB 11.36 million** - The company primarily faces credit risks from bank deposits and receivables; bank deposits are mainly held in state-owned and other large and medium-sized listed banks, with no significant credit risk expected[472](index=472&type=chunk) - The company's major clients include AB InBev, China Resources Group, Heineken Group, etc., all with good credit records. The top five accounts receivable and contract assets account for **48.94%**, with no significant credit risk expected for accounts receivable[472](index=472&type=chunk) - The company manages liquidity risk by maintaining sufficient cash and cash equivalents and monitoring bank borrowings, and has secured standby funding commitments from major financial institutions[475](index=475&type=chunk) - The company is primarily exposed to exchange rate risk, mainly arising from financial assets and liabilities denominated in USD and EUR. The company endeavors to match foreign currency income with expenditures and may enter into forward foreign exchange contracts to hedge risks[479](index=479&type=chunk) Impact of RMB Exchange Rate Fluctuations Against USD and EUR on Net Profit | Exchange Rate Change | Impact on Profit (Period-End Balance, RMB) | | :--- | :--- | | Increase by 5% | 11,359,237.19 | | Decrease by 5% | -11,359,237.19 | [XIII. Disclosure of Fair Value](index=147&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, categorized by fair value hierarchy. Total assets measured at fair value on a recurring basis amounted to **RMB 234,541,105.50**, and total liabilities to **RMB 26,479.64** Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | | | | | | (I) Trading Financial Assets | 433,414.32 | 222,411,452.13 | 0 | 222,844,866.45 | | (1) Debt Instrument Investments | 0 | 212,411,452.13 | 0 | 212,411,452.13 | | (2) Equity Instrument Investments | 0 | 10,000,000.00 | 0 | 10,000,000.00 | | (3) Derivative Financial Assets | 433,414.32 | 0 | 0 | 433,414.32 | | (III) Other Equity Instrument Investments | 0 | 9,125,000.00 | 0 | 9,125,000.00 | | (VI) Receivables Financing | 0 | 2,571,239.05 | 0 | 2,571,239.05 | | Total Assets Measured at Fair Value on a Recurring Basis | 433,414.32 | 234,107,691.18 | 0 | 234,541,105.50 | | (VII) Trading Financial Liabilities | | | | | | Derivative Financial Liabilities | 26,479.64 | 0 | 0 | 26,479.64 | | Total Liabilities Measured at Fair Value on a Recurring Basis | 26,479.64 | 0 | 0 | 26,479.64 | - Derivative financial assets and liabilities represent forward foreign exchange contracts, with their fair values determined based on active market quotes provided by banks at period-end[485](index=485&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=149&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses information on the company's parent company, ultimate controlling parties, subsidiaries, and other related parties, along with detailed related-party transactions for the reporting period, including goods purchases/sales, leases, guarantees, and key management personnel compensation Information on the Company's Parent Company | Parent Company Name | Registered Address | Business Nature | Registered Capital (RMB 10,000) | Parent Company's Shareholding Percentage in the Company (%) | Parent Company's Voting Rights Percentage in the Company (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Lehui Investment Holding Co., Ltd | No. 2 Zhenying Road, Xizhou Town, Xiangshan County, Zhejiang Province | External investment; real estate development; leasing of houses, machinery, and equipment; self-operated and agency import and export of various goods and technologies | 6,800 | 18.09 | 18.09 | - The ultimate controlling parties of the company are Huang Yuening and Lai Yunlai[488](index=488&type=chunk) Related-Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related-Party Transaction Content | Amount Incurred in Current Period (RMB) | | :--- | :--- | :--- | | Nanjing Leying Technology Co., Ltd | Direct purchase | 300,884.96 | | Nanjing Leying Technology Co., Ltd | Direct sales | 75,357.6 | | Nanjing Rixin Fluid Technology Co., Ltd | Direct sales | 4,941.6 | Related-Party Lease Situations (as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (RMB) | | :--- | :--- | :--- | | Nanjing Rixin | Factory building lease income | 184,337.62 | - The company, as the guaranteed party, received multiple maximum amount guarantees from Lai Yunlai, Huang Yuening, and Ningbo Lehui Investment Holding Co., Ltd., with total guaranteed amounts exceeding **RMB 1.5 billion** and guarantee periods varying until **2026-2028**[494](index=494&type=chunk)[495](index=495&type=chunk)[496](index=496&type=chunk)[497](index=497&type=chunk) Key Management Personnel Compensation | Item | Amount Incurred in Current Period (RMB 10,000) | | :--- | :--- | | Key Management Personnel Compensation | 486.82 | [XVI. Commitments and Contingencies](index=154&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had no significant commitments or material contingencies requiring disclosure that would affect the reading and understanding of its financial statements - As of June 30, 2025, the company had no significant commitments affecting the reading and understanding of its financial statements[503](index=503&type=chunk) - The company has no material contingencies requiring disclosure[503](index=503&type=chunk) [XVIII. Other Significant Matters](index=155&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses the company's segment information, categorizing its business into beer production equipment and beer sales. The beer production equipment segment dominates in assets, liabilities, revenue, and net profit, while the beer sales segment remains in deficit - Based on its business model and actual operating conditions, the company is divided into a beer production equipment segment and a beer sales business segment[504](index=504&type=chunk) Financial Information by Reporting Segment | Item | Segment 1_Beer Production Equipment (RMB) | Segment 2_Beer Sales Business (RMB) | Inter-Segment Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 3,490,162,466.45 | 648,509,147.29 | -780,656,763.81 | 3,358,014,849.93 | | Total Liabilities | 1,972,639,559.36 | 126,392,039.27 | -63,864,458.75 | 2,035,167,139.88 | | Operating Revenue | 535,882,700.47 | 82,793,264.27 | -3,167,526.52 | 615,508,438.22 | | Operating Cost | 407,953,863.00 | 53,594,003.67 | -3,784,949.62 | 457,762,917.05 | | Net Profit | 35,206,144.55 | -11,343,639.32 | 243,378.77 | 24,105,884.00 | [XIX. Notes to Major Items in Parent Company Financial Statements](index=156&type=section&id=XIX.%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This section provides detailed notes for the parent company's financial statement items, including accounts receivable, other receivables, long-term equity investments, and operating revenue and costs. Parent company accounts receivable totaled **RMB 475,023,497.93**, with related-party combinations accounting for **45.23%** Parent Company Accounts Receivable by Aging | Aging | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 391,567,767.99 | 313,501,373.29 | | 1 to 2 years | 16,657,210.82 | 155,205,167.15 | | 2 to 3 years | 37,173,030.35 | 139,016,994.33 | | Over 3 years | 104,465,394.68 | 13,978,983.60 | | Total | 549,863,403.84 | 621,702,618.47 | Parent Company Accounts Receivable Classified by Bad Debt Provision Method | Category | Period-End Book Balance (RMB) | Period-End Bad Debt Provision (RMB) | Period-End Book Value (RMB) | | :--- | :--- | :--- | :--- | | Bad debt provision calculated by portfolio | 549,863,403.84 | 74,839,905.91 | 475,023,497.93 | | Of which: Aging portfolio | 301,175,296.27 | 74,839,905.91 | 226,335,390.36 | | Related-party portfolio | 248,688,107.57 | 0 | 248,688,107.57 | Parent Company Long-Term Equity Investments | Item | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Investments in Subsidiaries | 1,043,142,193.69 | 1,043,142,193.69 | | Total | 1,043,142,193.69 | 1,043,142,193.69 | Parent Company Operating Revenue and Operating Costs | Item | Amount Incurred in Current Period - Revenue (RMB) | Amount Incurred in Current Period - Cost (RMB) | Amount Incurred in Prior Period - Revenue (RMB) | Amount Incurred in Prior Period - Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 421,621,063.60 | 318,225,312.50 | 391,867,258.89 | 277,591,083.99 | | Other Business | 827,021.49 | 0 | 567,715.35 | 902,370.83 | | Total | 422,448,085.09 | 318,225,312.50 | 392,434,974.24 | 278,493,454.82 | [XX. Supplementary Information](index=166&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses totaling **RMB 7.2698 million**, and key metrics such as weighted average return on net assets of **1.98%** and basic earnings per share of **RMB 0.21/share** Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-off portion of asset impairment provisions | 119,299.63 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 8,481,021.84 | | Gains or losses from changes in fair value of financial assets and financial liabilities, and investment income from disposal of financial assets and financial liabilities, excluding effective hedging activities related to the company's normal business operations | 2,710,658.67 | | Other non-operating income and expenses apart from the above | -1,980,809.07 | | Less: Income tax impact | 1,144,160.74 | | Minority interest impact (after tax) | 916,168.58 | | Total | 7,269,841.75 | Return on Net Assets and E

[Section I Definitions](index=5&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used throughout the report to ensure reader clarity [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines frequently used terms, including company name, regulatory bodies, stock types, currency units, and the reporting period, for clear understanding - Company short name is **"Zhongyan Shares"**, stock code **688716**, listed on the Shanghai Stock Exchange STAR Market[12](index=12&type=chunk) - The reporting period is from **January 1, 2025, to June 30, 2025**[12](index=12&type=chunk) - The company's main product is Polyetheretherketone (**PEEK**), a special engineering plastic[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance during the reporting period [I. Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section introduces Jilin Zhongyan High-Performance Polymer Materials Co., Ltd.'s basic details, including its name, legal representative, and addresses - Full company name is Jilin Zhongyan High-Performance Polymer Materials Co., Ltd., abbreviated as **Zhongyan Shares**, with **Xie Huaijie** as legal representative[14](index=14&type=chunk) - Both registered and office addresses are located at Zhongyan Road 1177, Advanced Manufacturing Park, Luyuan Economic Development Zone, Changchun City, Luyuan District[14](index=14&type=chunk) [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact details for Gao Fang, the company's Board Secretary and domestic representative for information disclosure - Board Secretary (domestic representative for information disclosure) is **Gao Fang**, contact number **0431-89625599**, email **jlzypeek@126.com**[15](index=15&type=chunk) [III. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's designated information disclosure channels and report custody location, confirming no changes during the reporting period - Company's information disclosure newspapers include Shanghai Securities News, China Securities Journal, Securities Daily, Securities Times, with reports published on the **official website of Shanghai Stock Exchange**[16](index=16&type=chunk) - The company's semi-annual report is available at the **company's Board Secretary Office**, with no changes during the reporting period[16](index=16&type=chunk) [IV. Brief Introduction to Company Shares/Depositary Receipts](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Company%20Shares%2FDepositary%20Receipts) This section provides a brief overview of the company's shares, including stock type, listing exchange, board, abbreviation, and code - Company's stock type is **RMB ordinary shares (A-shares)**, listed on the **STAR Market of Shanghai Stock Exchange**, with stock abbreviation **"Zhongyan Shares"** and stock code **688716**[17](index=17&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators, showing a slight revenue decrease but significant profit decline due to increased R&D and expenses Key Accounting Data (Jan-Jun 2025 vs Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 131,282,422.94 | 134,099,232.36 | -2.10 | | Total Profit | 8,102,852.44 | 18,988,848.98 | -57.33 | | Net Profit Attributable to Shareholders of Listed Company | 7,026,933.48 | 17,518,770.28 | -59.89 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 3,203,125.20 | 16,465,726.08 | -80.55 | | Net Cash Flow from Operating Activities | -16,487,617.28 | 4,030,174.59 | -509.10 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,179,180,910.34 | 1,172,153,976.86 | 0.60 | | Total Assets (Period-end) | 1,335,881,411.80 | 1,354,484,847.76 | -1.37 | Key Financial Indicators (Jan-Jun 2025 vs Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.06 | 0.14 | -57.14 | | Diluted Earnings Per Share (RMB/share) | 0.06 | 0.14 | -57.14 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (RMB/share) | 0.03 | 0.14 | -78.57 | | Weighted Average Return on Net Assets (%) | 0.60 | 1.50 | Decrease of 0.90 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 0.27 | 1.41 | Decrease of 1.14 percentage points | | R&D Investment as % of Operating Revenue (%) | 14.38 | 10.19 | Increase of 4.19 percentage points | - Net profit declined primarily due to increased **R&D investment**, active promotion of fundraising projects, and regional industrial layout, leading to higher period expenses[20](index=20&type=chunk) - Company's operating revenue decreased by **2.10%** year-on-year, mainly due to slight changes in product category structure and sales volume[19](index=19&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **3.82 million yuan** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -17,911.41 | | Government grants recognized in current profit or loss | 469,354.83 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 4,246,773.54 | | Other non-operating income and expenses | -199,618.98 | | Less: Income tax impact | 674,789.70 | | Total | 3,823,808.28 | [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the company's operations, financial condition, and future outlook [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section elaborates on the company's PEEK special engineering plastics industry, including its strategic importance, product characteristics, business model, and future trends [(I) Company's Industry](index=9&type=section&id=(I)%20Company%27s%20Industry) The company operates in the chemical raw materials and chemical products manufacturing industry, with PEEK products holding significant strategic importance as a high-end new material - Company's product Polyetheretherketone (**PEEK**) belongs to special engineering plastics, classified under chemical raw materials and chemical products manufacturing (C26), specifically primary plastics and synthetic resin manufacturing (C2651)[26](index=26&type=chunk) - PEEK is one of the strategic emerging industries vigorously developed by the state, holding significant strategic importance for promoting technological innovation, supporting industrial upgrading, and building a manufacturing powerhouse[28](index=28&type=chunk) - PEEK possesses excellent properties such as good mechanical characteristics, high heat resistance, corrosion resistance, flame retardancy, wear resistance, hydrolysis resistance, peel resistance, and biocompatibility, widely used in transportation, aerospace, electronic information, energy and industry, and medical health fields[30](index=30&type=chunk) [(II) Main Business, Products, or Services](index=10&type=section&id=(II)%20Main%20Business%2C%20Products%2C%20or%20Services) The company's main business involves R&D, production, and sales of PEEK resin products, offering a diverse system of 89 specifications across two categories and seven series - Company's main products are PEEK in resin form, divided into two categories: pure resin and composite reinforced resin, and three grades based on melt flowability: **770, 550, 330**[31](index=31&type=chunk) - The product system includes pure resin coarse powder (P series), pure resin fine powder (PF series), pure resin pellets (G series), glass fiber reinforced pellets (GL series), carbon fiber reinforced pellets (CA series), wear-resistant reinforced pellets (FC series), and application-specific customization, totaling **seven series**[31](index=31&type=chunk) - Application-specific customized products include ceramic modified, consumer electronics specific, wafer carrier specific, antistatic profile specific, colored PEEK, and medical implant grade PEEK[33](index=33&type=chunk) [(III) Main Business Model](index=12&type=section&id=(III)%20Main%20Business%20Model) The company generates revenue and profit by providing customers with various series and grades of PEEK pure resin and composite reinforced resin products - The company generates revenue and profit by providing PEEK pure resin (coarse powder, fine powder, pellets) and composite reinforced resins (carbon fiber series, glass fiber series, etc.)[34](index=34&type=chunk) [(IV) Industry Overview](index=12&type=section&id=(IV)%20Industry%20Overview) This section analyzes the PEEK industry's development, technical barriers, and the company's leading position, forecasting broad application prospects and trends in high-end sectors - PEEK, developed by ICI in 1978, was once a strategic material subject to embargo, with China achieving independent R&D through national key scientific and technological projects and the "863" program[39](index=39&type=chunk) - PEEK resin synthesis has high technical barriers, requiring long-term and substantial capital investment, involving full-process capabilities such as synthesis and purification theory, preparation technology, production processes, and equipment design[43](index=43&type=chunk) - The company is the **4th globally and 1st in China** to achieve a PEEK annual production capacity of thousands of tons, and the **2nd globally** to use 5000L reactors for PEEK polymerization[44](index=44&type=chunk) - Company products have wide applications and domestic substitution potential in high-end fields such as new energy vehicles, semiconductors (CMP retaining rings, mobile phone diaphragms), wind power, photovoltaics, nuclear energy, medical implants (craniofacial repair systems, cranial bone plates), and aerospace (CF/PEEK)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [II. Discussion and Analysis of Operations](index=18&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) This section reviews the company's operational performance, highlighting its continuous deep cultivation in the PEEK industry, market consolidation through innovation, and active response to challenges despite declining revenue and profit - The company is a national high-tech enterprise and a national "little giant" enterprise specializing in niche sectors, possessing a Jilin Provincial Engineering Research Center, with PEEK industrial production technology at a **leading domestic level**[58](index=58&type=chunk) Key Operating Data for H1 2025 | Indicator | Amount (RMB in thousands) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 13,128.24 | Decrease of 2.10% | | Net Profit Attributable to Shareholders of Listed Company | 702.69 | Decrease of 59.89% | - Company's key initiatives include deepening PEEK business development and actively expanding into application areas such as antistatic PEEK, high-temperature insulating PEEK, and medical-grade PEEK[61](index=61&type=chunk) - The company is deepening its domestic and international market presence, actively participating in exhibitions, utilizing overseas self-media platforms, and establishing a warehousing center in Europe for localized inventory management and rapid delivery[61](index=61&type=chunk) - The company is advancing workshop upgrades and renovations, deepening refined specialized management, optimizing SOPs, and implementing minor improvements and digital management upgrades to enhance product quality[62](index=62&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=20&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) This section details the company's core competencies, including its long-term R&D, leading production technology, diverse product system, quality, professional R&D team, and strong brand reputation [(I) Analysis of Core Competencies](index=20&type=section&id=(I)%20Analysis%20of%20Core%20Competencies) The company's core competitiveness stems from over a decade of independent R&D in PEEK, mastering kiloton-scale industrial production, achieving internationally advanced product performance, and leading the Chinese market - The company has mastered PEEK resin kiloton-scale industrial production key technologies, with all core technologies derived from independent R&D, and main product performance indicators reaching **internationally advanced levels**, filling domestic gaps[64](index=64&type=chunk)[65](index=65&type=chunk) - The company is the **4th globally and 1st in China** to achieve a PEEK annual production capacity of thousands of tons, and has surpassed Victrex (UK) to become the **largest seller in the Chinese market**[65](index=65&type=chunk) - The company possesses a "two categories, three grades, seven series" product system with **89 specifications**, meeting diverse downstream application needs, with multiple products breaking foreign monopolies[68](index=68&type=chunk) - Company products exhibit quality advantages such as excellent melt stability, balanced melt flow index and viscosity, high batch-to-batch stability, rapid crystallization rate, and high crystallinity[69](index=69&type=chunk) - The company has **106 R&D personnel**, including **10 PhDs and 16 Masters**, covering all aspects of PEEK production, forming a professional technical team[72](index=72&type=chunk) - The company is a national high-tech enterprise and a specialized "little giant" enterprise, participated in drafting the **first national standard for PEEK**, and obtained multiple international quality management system certifications[66](index=66&type=chunk)[74](index=74&type=chunk) [(III) Core Technologies and R&D Progress](index=23&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) This section details the company's core technological innovations in PEEK preparation, purification, modification, and ultra-fine powder production, highlighting achievements in domestic production and continuous R&D investment - Company's core technologies revolve around the entire PEEK preparation process, including innovative polymerization reactions (using sodium salt alone, two-step synthesis), large reactor synthesis technology, end-capping technology, innovative detection and evaluation systems, and raw material control technology[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Purification technology innovations include low-temperature vacuum flash distillation and strong acid slow-release technology, effectively reducing costs, minimizing pollution, and improving product purity[78](index=78&type=chunk)[79](index=79&type=chunk) - High-purity PEEK production technology innovations include pure resin gel filtration technology, effectively removing gel substances to provide high-purity PEEK pellets for high-end applications[78](index=78&type=chunk) - Composite modification technology innovations include antistatic PEEK modification technology and high-specific torque extrusion granulation technology, solving challenges of uneven dispersion of nano-materials and blending high-viscosity systems[79](index=79&type=chunk)[80](index=80&type=chunk) - Ultra-fine powder production technology innovations include low-temperature grinding ultra-fine powder technology and ultra-fine powder microstructure grinding technology, capable of grinding powders finer than **1000 mesh**, expanding applications such as 3D printing[80](index=80&type=chunk) - During the reporting period, the company added **1 new patent** (1 invention patent), accumulating a total of **35 patents** (26 invention patents)[82](index=82&type=chunk) R&D Investment (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Employee Compensation | 10,146,923.36 | 5,530,589.97 | 83.47 | | Materials | 4,563,275.84 | 3,641,494.19 | 25.31 | | Depreciation and Amortization | 3,079,413.04 | 2,399,844.03 | 28.32 | | Technical Service Fees | 201,732.82 | 1,457,640.40 | -86.17 | | Other | 885,041.40 | 640,287.25 | 38.23 | | Total | 18,876,386.46 | 13,669,855.84 | 38.09 | | Of which: Expensed R&D Investment | 16,796,915.20 | 13,669,855.84 | 22.88 | | Capitalized R&D Investment | 2,079,471.26 | - | 100.00 | - Total R&D investment increased by **38.09%**, mainly due to increased R&D material consumption, and an increase in R&D personnel and their compensation[87](index=87&type=chunk) - The medical-grade PEEK product project has transitioned from research to development phase, with **2.0795 million yuan** in capitalized R&D investment this period[88](index=88&type=chunk) R&D Project Status (Partial) | No. | Project Name | Estimated Total Investment (RMB in thousands) | Current Period Investment (RMB in thousands) | Cumulative Investment (RMB in thousands) | Progress or Stage Results | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Medical-grade PEEK Product | 4,000.00 | 207.95 | 1,380.16 | Development Stage | | 3 | Preparation of Fully Domestic Carbon Fiber Reinforced PEEK Composite Materials | 1,500.00 | 251.68 | 767.57 | Development Stage | | 5 | PEEK Modified Materials in Automotive and Semiconductor Fields Key Technology Development Project | 1,989.40 | 242.40 | 296.02 | Development Stage | | 7 | Pilot Project for Domestic and Autonomous Production of Polyaryletherketone Raw Materials | 3,000.00 | 544.27 | 685.03 | Development Stage | R&D Personnel (H1 2025) | Indicator | Current Period Number | Prior Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 106 | 58 | | R&D Personnel as % of Total Company Personnel (%) | 22.84 | 17 | | Total R&D Personnel Compensation (RMB) | 11,091,270.56 | 5,530,589.97 | | Average R&D Personnel Compensation (RMB) | 104,634.63 | 95,355.00 | | PhD Candidates (persons) | 10 | - | | Master's Candidates (persons) | 16 | - | | Bachelor's Degree (persons) | 59 | - | | Associate Degree and Below (persons) | 21 | - | [IV. Risk Factors](index=31&type=section&id=IV.%20Risk%20Factors) This section details various operational risks, including talent loss, technology leakage, gross margin fluctuations, inventory, receivables, project implementation, policy changes, raw material supply, and macroeconomic factors - The company faces the risk of **technical talent loss**, as the stability of core technical personnel is crucial for the company[94](index=94&type=chunk) - High risk of **core technology leakage**, as large-scale industrial production of PEEK relies on extensive accumulation of process parameters, and technology loss could weaken the company's competitiveness[95](index=95&type=chunk) - The company's gross margin remained high during the reporting period (**44.42%**), but there is a risk of gross margin fluctuations due to intensified market competition, declining product prices, or rising raw material prices[97](index=97&type=chunk) - Ending inventory book value is **157.6038 million yuan**, accounting for **17.54%** of current assets, posing risks of large inventory amounts and impairment[99](index=99&type=chunk) - Implementation of fundraising projects may face adverse changes in industry policies, market environment, technological innovation, customer demand, and the risk that new costs and expenses cannot be absorbed, leading to a decline in profitability[101](index=101&type=chunk)[102](index=102&type=chunk) - The company's core raw material fluoroketone has relatively few suppliers, leading to concentrated procurement and **raw material supply risks**[104](index=104&type=chunk) - Changes in the international political and economic environment and escalating trade frictions may hinder the company's overseas sales, adversely affecting operating revenue growth[105](index=105&type=chunk) [V. Key Operating Performance During the Reporting Period](index=35&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes changes in major financial statement items, asset-liability structure, investment activities, and subsidiary operations, reflecting the company's efforts amidst declining revenue and profit [(I) Main Business Analysis](index=35&type=section&id=(I)%20Main%20Business%20Analysis) This section analyzes changes in main business financial items, showing declines in revenue and cost but significant increases in selling, administrative, and R&D expenses, leading to a substantial profit drop Financial Statement Item Change Analysis (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 131,282,422.94 | 134,099,232.36 | -2.10 | | Operating Cost | 72,968,623.44 | 80,239,344.92 | -9.06 | | Taxes and Surcharges | 1,065,137.10 | 747,399.98 | 42.51 | | Selling Expenses | 7,975,163.52 | 5,368,996.85 | 48.54 | | Administrative Expenses | 29,095,893.14 | 23,608,895.82 | 23.24 | | Financial Expenses | -146,637.55 | -4,997,415.23 | 97.07 | | R&D Expenses | 16,796,915.20 | 13,669,855.84 | 22.88 | | Other Income | 787,196.11 | 2,658,706.38 | -70.39 | | Investment Income | 3,990,526.96 | 1,297,820.55 | 207.48 | | Net Cash Flow from Operating Activities | -16,487,617.28 | 4,030,174.59 | -509.10 | | Net Cash Flow from Investing Activities | -85,475,969.03 | -17,646,946.49 | -384.37 | | Net Cash Flow from Financing Activities | -12,550,138.35 | 26,560,376.98 | -147.25 | - Operating revenue decreased by **2.10%**, mainly due to slight changes in product category structure and sales volume[108](index=108&type=chunk) - Operating cost decreased by **9.06%**, mainly due to the company's deepened PEEK main business development, driving cost reduction, efficiency improvement, and lower raw material prices[108](index=108&type=chunk) - Selling expenses, administrative expenses, and R&D expenses increased by **48.54%**, **23.24%**, and **22.88%** respectively, primarily due to increased personnel compensation, office expenses, and R&D investment[108](index=108&type=chunk) - Net cash flow from operating activities decreased by **509.10%** year-on-year, mainly due to increased purchases of goods and payments to employees[108](index=108&type=chunk) [(III) Analysis of Assets and Liabilities](index=36&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes changes in the company's assets and liabilities, showing decreases in some items and significant increases in others, reflecting R&D and construction investments Asset and Liability Status Changes (Period-end vs Prior Year-end) | Item Name | Current Period-end Amount (RMB) | Current Period-end as % of Total Assets | Prior Year-end Amount (RMB) | Prior Year-end as % of Total Assets | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 437,581,754.08 | 32.76 | 552,095,478.74 | 40.76 | -20.74 | | Prepayments | 13,012,700.48 | 0.97 | 8,503,103.20 | 0.63 | 53.03 | | Fixed Assets | 217,495,857.24 | 16.28 | 121,980,201.89 | 9.01 | 78.30 | | Construction in Progress | 99,661,012.86 | 7.46 | 138,735,044.76 | 10.24 | -28.16 | | Development Expenditures | 4,594,530.65 | 0.34 | 2,515,059.39 | 0.19 | 82.68 | | Other Non-Current Assets | 34,666,503.16 | 2.60 | 18,325,948.68 | 1.35 | 49.77 | | Short-Term Borrowings | 5,890,956.14 | 0.44 | 15,970,508.99 | 1.18 | -63.11 | | Other Payables | 3,318,947.98 | 0.25 | 25,520,139.43 | 1.88 | -86.99 | - Prepayments increased by **53.03%** year-on-year, mainly due to increased prepaid electricity and material costs[110](index=110&type=chunk) - Fixed assets increased by **78.30%** year-on-year, mainly due to the completion and transfer of the Shanghai R&D Center office building from construction in progress[110](index=110&type=chunk) - Development expenditures increased by **82.68%** year-on-year, mainly due to increased R&D investment in medical-grade PEEK products[110](index=110&type=chunk) - Short-term borrowings decreased by **63.11%** year-on-year, mainly due to a reduction in discounted but unexpired non-6+9 acceptance bills[110](index=110&type=chunk) - Other payables decreased by **86.99%** year-on-year, mainly due to the completion of dividend payments[110](index=110&type=chunk) [(IV) Analysis of Investment Status](index=38&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) This section discloses the company's financial assets measured at fair value, with trading financial assets increasing to **160.26 million yuan** at period-end Financial Assets Measured at Fair Value (Period-end vs Period-beginning) | Asset Category | Period-beginning Amount (RMB) | Current Period Purchases (RMB) | Current Period Sales/Redemptions (RMB) | Period-end Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | | Other (Trading Financial Assets) | 138,249,282.20 | 2,331,009,849.31 | 2,309,002,884.93 | 160,256,246.58 | [(VI) Analysis of Major Holding and Participating Companies](index=39&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists financial information for major subsidiaries, detailing their establishment, personnel changes, and planned capital increases Financial Information of Major Subsidiaries (H1 2025) | Company Name | Company Type | Registered Capital (RMB in thousands) | Total Assets (RMB in thousands) | Net Assets (RMB in thousands) | Operating Revenue (RMB in thousands) | Operating Profit (RMB in thousands) | Net Profit (RMB in thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Shangkun | Subsidiary | 100.00 | 1,155.34 | 510.62 | 1,262.09 | 276.07 | 273.61 | | Dingyan Chemical | Subsidiary | 500.00 | 5,615.52 | 61.19 | 0 | -243.18 | -243.18 | | Houhe Medical | Subsidiary | 500.00 | 107.21 | 107.21 | 0 | -7.70 | -7.70 | | Zhongyan Shanghai | Subsidiary | 3,000.00 | 11,363.36 | 1,940.26 | 2.50 | -827.76 | -827.76 | | Zhongyan Shenzhen | Subsidiary | 1,000.00 | 2,753.55 | 491.27 | 2.46 | -366.44 | -366.44 | | Zhongyan New Materials | Subsidiary | 3,000.00 | 0 | 0 | 0 | 0 | 0 | - The company's wholly-owned subsidiary, Zhongyan Composite Materials (Shanghai) Technology Development Co., Ltd., established a second-tier subsidiary, Zhongyan Composite Materials (Shanghai) Aerospace Technology Development Co., Ltd., on January 16, 2025, with a registered capital of **10 million yuan**[116](index=116&type=chunk) - The company plans to increase capital by **45 million yuan** for Dingyan Chemical, **70 million yuan** for Zhongyan Shanghai (including **43.204 million yuan** from raised funds), and **20 million yuan** for Zhongyan Shenzhen[117](index=117&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=42&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's governance structure, environmental responsibilities, and social contributions [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=42&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) There were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period [II. Profit Distribution or Capital Reserve Conversion Plan](index=42&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that no profit distribution or capital reserve conversion will occur for this reporting period - No profit distribution or capital reserve conversion will be carried out for this reporting period[120](index=120&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=42&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=42&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company is included in the list of enterprises required to disclose environmental information by law and provides an index for querying its report - Jilin Zhongyan High-Performance Polymer Materials Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[121](index=121&type=chunk) - The environmental information disclosure report can be queried through the **Enterprise Environmental Information Disclosure System**[122](index=122&type=chunk) [Section V Significant Matters](index=44&type=section&id=Section%20V%20Significant%20Matters) This section details significant events and commitments affecting the company during the reporting period [I. Fulfillment of Commitments](index=44&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments by the company's actual controllers, shareholders, and related parties, all strictly adhered to on schedule - The company's controlling shareholder and actual controller Xie Huaijie, co-actual controller Xie Yuning, and Bi Xin committed not to transfer or entrust others to manage company shares held before this issuance for **42 months** from the listing date[124](index=124&type=chunk) - Actual controllers and their concerted parties, shareholders holding **5% or more** of shares, and directors, supervisors, and senior management committed that the reduction price would not be lower than the issue price or the audited net asset value per share at the end of the previous fiscal year for **two years** after the lock-up period expires[128](index=128&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk)[144](index=144&type=chunk) - The company and its directors, supervisors, and senior management committed that the prospectus and other information disclosure materials contain no false records, misleading statements, or major omissions, and will bear legal responsibility[149](index=149&type=chunk)[150](index=150&type=chunk)[152](index=152&type=chunk) - The actual controller committed to avoid horizontal competition and not engage in businesses or activities identical, similar, or close to those of the company or its subsidiaries[164](index=164&type=chunk) - Related parties committed to minimize and reduce related party transactions with the company and its subsidiaries, and strictly adhere to related party transaction management systems[165](index=165&type=chunk) - All commitments were strictly fulfilled during the reporting period, with no instances of failure to perform on time[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) [III. Irregular Guarantees](index=64&type=section&id=III.%20Irregular%20Guarantees) There were no irregular guarantees by the company during the reporting period [X. Significant Related Party Transactions](index=65&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions concerning daily operations, asset/equity changes, joint investments, or financial dealings [XI. Significant Contracts and Their Fulfillment](index=66&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses significant guarantees, primarily involving the company and its subsidiaries for subsidiaries, and joint liability guarantees provided by the actual controller couple Guarantees by the Company and its Subsidiaries for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (RMB in thousands) | Guarantee Start Date | Guarantee End Date | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Company Headquarters | Zhongyan Composite Materials (Shanghai) Technology Development Co., Ltd. | 3,700.00 | 2024-11-18 | 2029-11-18 | No | - At the end of the reporting period, the company's total guarantee amount was **37 million yuan**, accounting for **3.14%** of its net assets[173](index=173&type=chunk) - The company's actual controllers, Xie Huaijie and Zhang Yunping, provided joint liability guarantees for the company's loans from Industrial Bank, with one **70 million yuan** guarantee valid until July 5, 2026, and another **120 million yuan** guarantee fulfilled on May 19, 2025[176](index=176&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=69&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section details the overall use of raised funds, specifics of fundraising projects, cash management of idle funds, and proposals for adjusting investment structures and using self-owned funds for R&D Overall Use of Raised Funds (As of Report End) | Source of Raised Funds | Net Raised Funds (RMB in thousands) | Total Investment Pledged in Prospectus (RMB in thousands) | Total Over-Raised Funds (RMB in thousands) | Cumulative Raised Funds Invested as of Report End (RMB in thousands) | Cumulative Raised Funds Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 79,971.34 | 45,510.26 | 34,461.08 | 42,857.89 | 53.59 | Detailed Use of Fundraising Projects (As of Report End) | Project Name | Planned Total Investment in Prospectus (RMB in thousands) | Cumulative Investment as of Report End (RMB in thousands) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | Annual Production of 5,000 Tons of PEEK Deep Processing Series Products Comprehensive Plant (Phase II) Project | 22,364.57 | 10,453.16 | 46.74 | | Innovation and Technology R&D Center Project | 5,825.29 | 423.20 | 7.26 | | Shanghai Carbon Fiber PEEK Composite Material R&D Center Project | 7,320.40 | 5,246.54 | 71.67 | | Supplementary Working Capital Project | 10,000.00 | 10,301.90 | 103.02 | | Over-Raised Funds Project (Supplementary Working Capital) | 34,461.08 | 16,433.09 | 47.69 | - The company and its subsidiaries used idle raised funds not exceeding **550 million yuan** for cash management, with a balance of **334.97 million yuan** at the end of the reporting period[180](index=180&type=chunk)[182](index=182&type=chunk) - The company agreed to adjust the internal investment structure of the "Shanghai Carbon Fiber PEEK Composite Material R&D Center Project" and use its own funds to pay R&D personnel expenses for this project, with subsequent equivalent replacement from raised funds[181](index=181&type=chunk) [Section VI Share Changes and Shareholder Information](index=74&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides details on changes in the company's share capital and shareholder structure [I. Share Capital Changes](index=74&type=section&id=I.%20Share%20Capital%20Changes) This section discloses the company's share capital changes, primarily due to the listing and circulation of some restricted IPO shares on March 20, 2025 Share Change Status (As of Report End) | Category | Number Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 54,079,233 | 44.44 | -977,786 | 53,101,447 | 43.64 | | Of which: Domestic Natural Persons | 49,531,316 | 40.71 | -977,786 | 48,553,530 | 39.90 | | II. Unrestricted Tradable Shares | 67,600,767 | 55.56 | 977,786 | 68,578,553 | 56.36 | | III. Total Shares | 121,680,000 | 100 | 0 | 121,680,000 | 100 | - During the reporting period, **977,786 restricted shares** from the company's initial public offering became tradable on **March 20, 2025**[187](index=187&type=chunk) Restricted Share Change Status (H1 2025) | Shareholder Name | Restricted Shares at Period-beginning (shares) | Restricted Shares Released This Period (shares) | Restricted Shares at Period-end (shares) | Reason for Restriction | Date of Release | | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Liping | 760,700 | 760,700 | 0 | Pre-IPO Shares | 2025-3-20 | | Gao Fang | 184,736 | 184,736 | 0 | Pre-IPO Shares | 2025-3-20 | | Li Zhenfang | 32,350 | 32,350 | 0 | Pre-IPO Shares | 2025-3-20 | | Total | 977,786 | 977,786 | 0 | / | / | [II. Shareholder Information](index=75&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of shareholders, top ten shareholders' holdings, and restricted share details, including their relationships, as of the reporting period end - As of the end of the reporting period, the total number of ordinary shareholders was **13,005**[190](index=190&type=chunk) Top Ten Shareholders' Shareholding (As of Report End) | Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Xie Huaijie | 36,928,382 | 30.35 | 36,928,382 | Domestic Natural Person | | Pang Jinxiang | 9,965,019 | 8.19 | 9,965,019 | Domestic Natural Person | | Wang Xiuyun | 3,824,100 | 3.14 | 0 | Domestic Natural Person | | Jilin Jinzheng New Energy Technology Co., Ltd. | 3,199,300 | 2.63 | 3,199,300 | Domestic Non-State-Owned Legal Person | | Liu Guoliang | 2,805,050 | 2.31 | 0 | Domestic Natural Person | | Xie Yuning | 1,649,579 | 1.36 | 1,629,579 | Domestic Natural Person | | Wang Yanlong | 1,463,542 | 1.20 | 0 | Domestic Natural Person | | Haitong Innovation Securities Investment Co., Ltd. | 1,348,617 | 1.11 | 1,348,617 | State-Owned Legal Person | | Lv Zhenyue | 1,215,000 | 1.00 | 0 | Domestic Natural Person | | Changchun Science and Technology Big Market Venture Capital Co., Ltd. | 1,113,821 | 0.92 | 0 | Domestic Non-State-Owned Legal Person | - Xie Huaijie, Pang Jinxiang, and Jinzheng New Energy are concerted parties; Xie Huaijie and Xie Yuning are father and daughter; Wang Xiuyun and Liu Guoliang are husband and wife[195](index=195&type=chunk) Top Ten Restricted Shareholders' Shareholding and Restricted Conditions (As of Report End) | No. | Restricted Shareholder Name | Restricted Shares Held (shares) | Tradable Date | Restriction Condition | | :--- | :--- | :--- | :--- | :--- | | 1 | Xie Huaijie | 36,928,382 | 2027-3-20 | Initial Public Offering Restriction | | 2 | Pang Jinxiang | 9,965,019 | 2027-3-20 | Initial Public Offering Restriction | | 3 | Jilin Jinzheng New Energy Technology Co., Ltd. | 3,199,300 | 2027-3-20 | Initial Public Offering Restriction | | 4 | Xie Yuning | 1,629,579 | 2027-3-20 | Initial Public Offering Restriction | | 5 | Haitong Innovation Securities Investment Co., Ltd. | 1,348,617 | 2025-9-20 | Initial Public Offering Restriction | | 6 | Bi Xin | 30,550 | 2027-3-20 | Initial Public Offering Restriction | [III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=78&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section discloses shareholding changes for current and former directors, supervisors, senior management, and core technical personnel, noting a decrease for Director and CFO Yang Liping due to market transactions Shareholding Changes of Director and CFO Yang Liping | Name | Position | Shares Held at Period-beginning (shares) | Shares Held at Period-end (shares) | Change in Shares During Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Liping | Director, CFO | 760,700 | 735,700 | -25,000 | Secondary Market Transactions | [Section VII Bond-Related Information](index=80&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides information regarding the company's bonds and debt financing instruments [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=80&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 [II. Convertible Corporate Bonds](index=80&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds [Section VIII Financial Report](index=81&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's financial statements and related notes for the reporting period [I. Audit Report](index=81&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [II. Financial Statements](index=81&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements, reflecting its financial position, operating results, and cash flows - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **1.336 billion yuan**, total liabilities were **156.70 million yuan**, and total owners' equity was **1.179 billion yuan**[206](index=206&type=chunk)[208](index=208&type=chunk) - The consolidated income statement shows that for the first half of 2025, operating revenue was **131.28 million yuan**, and net profit attributable to shareholders of the listed company was **7.03 million yuan**[214](index=214&type=chunk)[215](index=215&type=chunk) - The consolidated cash flow statement shows that for the first half of 2025, net cash flow from operating activities was **-16.49 million yuan**, net cash flow from investing activities was **-85.48 million yuan**, and net cash flow from financing activities was **-12.55 million yuan**[221](index=221&type=chunk) [III. Company Basic Information](index=99&type=section&id=III.%20Company%20Basic%20Information) This section outlines the company's registration, business nature, main activities, and the scope of its consolidated financial statements - The company was initiated and established on **January 31, 2015**, and listed on the Shanghai Stock Exchange on **September 20, 2023**[234](index=234&type=chunk) - The company's registered capital is **121.68 million RMB**, with **Xie Huaijie** as the legal representative[234](index=234&type=chunk) - The company belongs to the chemical raw materials and chemical products manufacturing industry, primarily engaged in the R&D, production, and sales of special engineering plastic Polyetheretherketone (**PEEK**) series products[234](index=234&type=chunk) - A total of **6 subsidiaries** were included in the scope of consolidation for this period[234](index=234&type=chunk) [IV. Basis of Financial Statement Preparation](index=99&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared in accordance with enterprise accounting standards and CSRC regulations, based on the going concern assumption - Financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)" by the China Securities Regulatory Commission[235](index=235&type=chunk) - The company evaluated its ability to continue as a going concern for **12 months** from the end of the reporting period and found no significant doubts about its going concern ability, thus the financial statements are prepared on a going concern basis[237](index=237&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=100&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the significant accounting policies and estimates adopted by the company in preparing its financial statements, covering various financial and operational aspects - The company formulated specific accounting policies and estimates based on its actual production and operation characteristics, primarily reflected in the provision for bad debts of receivables, inventory valuation methods, revenue recognition and measurement, depreciation of fixed assets, and amortization of intangible assets[238](index=238&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[266](index=266&type=chunk) - The company measures loss provisions for all contract assets, notes receivable, and accounts receivable arising from transactions regulated by revenue standards at an amount equal to the expected credit losses over the entire lifetime[280](index=280&type=chunk) - The company's PEEK product sales business is a performance obligation satisfied at a point in time; domestic sales revenue is recognized upon product delivery and receipt of customer acknowledgment, while export sales revenue is recognized upon completion of customs declaration, shipment, and receipt of the bill of lading[346](index=346&type=chunk)[348](index=348&type=chunk) - The company applies simplified treatment for short-term leases and leases of low-value assets, not recognizing right-of-use assets and lease liabilities[356](index=356&type=chunk) [VI. Taxation](index=144&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, along with tax preferential policies enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales revenue of goods, service revenue | 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax actually paid | 5% | | Education Surcharge | Amount of turnover tax actually paid | 3% | | Local Education Surcharge | Amount of turnover tax actually paid | 2% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | - The company obtained its high-tech enterprise certificate on November 29, 2022, and is subject to a corporate income tax rate of **15%** during the reporting period[363](index=363&type=chunk) - Shanghai Shangkun New Material Technology Co., Ltd., Jilin Houhe Medical Technology Co., Ltd., and Zhongyan Composite Materials (Shenzhen) Technology Co., Ltd. meet the conditions for small and micro-enterprises and are subject to a corporate income tax rate of **20%**[363](index=363&type=chunk) - The company's exported PEEK and other products are eligible for a **13%** export tax rebate rate[363](index=363&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=145&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, covering assets, liabilities, equity, income, expenses, and cash flows - As of June 30, 2025, the monetary funds balance was **437.58 million yuan**, a **20.74%** decrease from the beginning of the period, with no pledged, frozen, or potentially unrecoverable funds[366](index=366&type=chunk) - The ending balance of trading financial assets was **160.26 million yuan**, an increase of **15.92%** from the beginning of the period[110](index=110&type=chunk)[368](index=368&type=chunk) - The ending balance of notes receivable was **71.07 million yuan**, a **20.30%** decrease from the beginning of the period, with bank acceptance bills accounting for **96.31%**[110](index=110&type=chunk)[369](index=369&type=chunk)[374](index=374&type=chunk) - The ending balance of accounts receivable was **43.88 million yuan**, with a bad debt provision of **3.06 million yuan**, and accounts aged within **1 year** accounting for the highest proportion[110](index=110&type=chunk)[382](index=382&type=chunk)[385](index=385&type=chunk) - The ending balance of inventory was **157.60 million yuan**, mainly composed of raw materials, work-in-progress, and finished goods[110](index=110&type=chunk)[416](index=416&type=chunk) - The ending book value of fixed assets was **217.50 million yuan**, a **78.30%** year-on-year increase, mainly due to the completion and transfer of the Shanghai R&D Center office building[110](index=110&type=chunk)[431](index=431&type=chunk) - The ending balance of construction in progress was **99.66 million yuan**, a **28.16%** year-on-year decrease, with major projects including the 5000-ton PEEK (Phase II) project and the Shanghai Carbon Fiber PEEK Composite Material project[110](index=110&type=chunk)[435](index=435&type=chunk) - The ending balance of short-term borrowings was **5.89 million yuan**, a **63.11%** year-on-year decrease, mainly due to a reduction in discounted but unexpired non-6+9 acceptance bills[110](index=110&type=chunk)[462](index=462&type=chunk) - The ending balance of employee compensation payable was **7.97 million yuan**, with an increase of **43.99 million yuan** this period, primarily for salaries, bonuses, allowances, and subsidies[473](index=473&type=chunk) - The ending balance of retained earnings was **143.45 million yuan**, with net profit attributable to parent company owners for this period being **7.03 million yuan**[496](index=496&type=chunk) - Investment income for this period was **3.99 million yuan**, mainly from matured structured deposit wealth management products[512](index=512&type=chunk) - Net cash flow from operating activities was **-16.49 million yuan**, primarily affected by increased purchases of goods and payments to employees[108](index=108&type=chunk)[539](index=539&type=chunk) [VIII. R&D Expenditures](index=191&type=section&id=VIII.%20R%26D%20Expenditures) This section discloses the company's R&D expenditures, including expensed and capitalized investments, and lists ongoing projects eligible for capitalization R&D Expenditures (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 10,146,923.36 | 5,530,589.97 | | Materials | 4,563,275.84 | 3,641,494.19 | | Depreciation and Amortization | 3,079,413.04 | 2,399,844.03 | | Technical Service Fees | 201,732.82 | 1,457,640.40 | | Other | 885,041.40 | 640,287.25 | | Total | 18,876,386.46 | 13,669,855.84 | | Of which: Expensed R&D Expenditures | 16,796,915.20 | 13,669,855.84 | | Capitalized R&D Expenditures | 2,079,471.26 | - | - The medical-grade PEEK product project increased capitalized R&D investment by **2.079 million yuan** this period, with an ending balance of **4.595 million yuan**[553](index=553&type=chunk) [IX. Changes in Consolidation Scope](index=192&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section explains changes in the company's consolidation scope, primarily due to the establishment of a new wholly-owned grandchild company - A new wholly-owned grandchild company, Zhongyan Composite Materials (Shanghai) Aerospace Technology Development Co., Ltd., was established this period and included in the consolidated financial statements[553](index=553&type=chunk) [X. Interests in Other Entities](index=193&type=section&id=X.%20Interests%20in%20Other%20Entities) This section lists the composition of the company's enterprise group, including the main operating locations, registered capital, business nature, and shareholding percentages of each subsidiary Subsidiary Composition (Partial) | Subsidiary Name | Main Operating Location | Registered Capital (RMB) | Business Nature | Shareholding Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Shangkun New Material Technology Co., Ltd. | Shanghai | 100.00 | Sales of PEEK products | 100.00 | | Jilin Houhe Medical Technology Co., Ltd. | Changchun, Jilin | 500.00 | Medical research and experimental development; new material technology R&D | 100.00 | | Jilin Dingyan Chemical Co., Ltd. | Siping, Jilin | 500.00 | Chemical product production and sales | 100.00 | | Zhongyan Composite Materials (Shanghai) Technology Development Co., Ltd. | Shanghai | 3,000.00 | New material technology R&D; sales of engineering plastics and synthetic resins | 100.00 | | Zhongyan Composite Materials (Shenzhen) Technology Co., Ltd. | Shenzhen, Guangdong | 1,000.00 | Manufacturing of engineering plastics and synthetic resins; sales of engineering plastics and synthetic resins | 100.00 | | Zhongyan (Changchun) New Material Technology Co., Ltd. | Changchun, Jilin | 3,000.00 | New material R&D, production, and sales | 100.00 | [XI. Government Grants](index=194&type=section&id=XI.%20Government%20Grants) This section discloses the company's liability items related to government grants, primarily deferred income related to assets, with an ending balance of **3.81 million yuan** Liability Items Related to Government Grants (Period-end) | Financial Statement Item | Period-beginning Balance (RMB) | Current Period Decrease (RMB) | Period-end Balance (RMB) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 4,034,371.66 | 229,080.68 | 3,805,290.98 | Asset-related | [XII. Risks Related to Financial Instruments](index=195&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section details the company's financial instrument risks, including credit, liquidity, and market risks, and outlines the management policies and measures adopted - The company faces **credit risk, liquidity risk, and market risk** (exchange rate risk, interest rate risk, price risk)[561](index=561&type=chunk) - The company manages credit risk by formulating credit policies, continuously monitoring accounts receivable collection, and evaluating customer creditworthiness[562](index=562&type=chunk) - The company manages liquidity risk through cash flow forecasting, monitoring funding needs, obtaining standby funding commitments, and entering into credit line agreements with banks[564](index=564&type=chunk) - The company's main business is settled in RMB, but foreign currency assets and future foreign currency transactions (primarily USD) pose **exchange rate risk**[566](index=566&type=chunk) - The company's interest rate risk primarily arises from bank borrowings, managed by monitoring interest rate levels and adjusting borrowing scales[566](index=566&type=chunk) - The company sells PEEK and other chemical products, facing **price risk** from commodity price fluctuations[566](index=566&type=chunk) [XIII. Disclosure of Fair Value](index=198&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the reporting period, primarily trading financial assets Fair Value of Assets and Liabilities Measured at Fair Value (Period-end) | Item | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | 160,256,246.58 | 3,289,047.03 | 163,545,293.61 | | (I) Trading Financial Assets | - | - | - | | 1. Financial assets measured at fair value through profit or loss | 160,256,246.58 | 3,289,047.03 | 163,545,293.61 | | (1) Debt instrument investments | 160,256,246.58 | 3,289,047.03 | 163,545,293.61 | | Total assets measured at recurring fair value | 160,256,246.58 | 3,289,047.03 | 163,545,293.61 | [XIV. Related Parties and Related Party Transactions](index=199&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's related parties, including the actual controller and spouse, and details related party guarantees accepted by the company - The company's actual controller **Xie Huaijie** directly holds **30.35%** of the company's shares, and indirectly holds **2.60%** through Jilin Jinzheng New Energy Technology Co., Ltd., controlling a total of **32.95%** of voting shares[572](index=572&type=chunk) - Xie Huaijie's spouse, **Zhang Yunping**, is another related party of the company[572](index=572&type=chunk) Related Party Guarantees (Company as Guaranteed Party) | Guarantor | Guarantee Amount (RMB) | Guarantee Start Date | Guarantee End Date | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Xie Huaijie, Zhang Yunping | 70,000,000.00 | 2021-07-06 | 2026-07-05 | No | | Xie Huaijie, Zhang Yunping | 120,000,000.00 | 2022-05-20 | 2025-05-19 | Yes | - Key management personnel compensation amounted to **2.6068 million yuan** this period[579](index=579&type=chunk) [XVI. Commitments and Contingencies](index=203&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section states that the company had no significant commitments or contingencies requiring disclosure at the end of the reporting period [XVII. Events After the Balance Sheet Date](index=203&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) This section discloses the board's approval of proposals to extend and change the implementation methods of fundraising projects after the balance sheet date, pending shareholder approval - The company's board of directors approved proposals to extend the "Annual Production of 5,000 Tons of PEEK Deep Processing Series Products Comprehensive Plant (Phase II) Project" and the "Innovation and Technology R&D Center Project"[582](index=582&type=chunk) - The company agreed to change the implementation method of the "Shanghai Carbon Fiber PEEK Composite Material R&D Center Project" from providing loans to increasing capital in Zhongyan Shanghai[582](index=582&type=chunk) - The aforementioned matters still require approval by the company's general meeting of shareholders[582](index=582&type=chunk) [XVIII. Other Significant Matters](index=204&type=section&id=XVIII.%20Other%20Significant%20Matters) This section explains that due to its singular business, the company manages PEEK product R&D, production, and sales as a whole, thus no segment information is presented - The company's business is singular, primarily R&D, production, and sales of PEEK products, which management treats as a whole, therefore no segment information is presented[584](index=584&type=chunk) [XIX. Notes to Parent Company Financial Statement Major Items](index=205&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section provides detailed notes for major items in the parent company's financial statements, reflecting its financial position and operating results - Parent company's accounts receivable balance at period-end was **45.79 million yuan**, with a bad debt provision of **3.05 million yuan**[588](index=588&type=chunk) - Parent company's other receivables balance at period-end was **115.35 million yuan**, mainly temporary borrowings to subsidiaries[596](index=596&type=chunk)[601](index=601&type=chunk) - Parent company's long-term equity investment in subsidiaries at period-end was **45.86 million yuan**, an increase of **4 million yuan** this period, primarily for additional investment in Zhongyan Composite Materials (Shenzhen) Technology Co., Ltd[606](index=606&type=chunk) - Parent company's operating revenue for the first half of 2025 was **128.61 million yuan**, and operating cost was **72.94 million yuan**[611](index=611&type=chunk) - Parent company's investment income for the first half of 2025 was **3.89 million yuan**, mainly from matured structured deposit wealth management products[612](index=612&type=chunk) [XX. Supplementary Information](index=214&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses and key financial indicators Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -17,911.41 | | Government grants recognized in current profit or loss | 469,354.83 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 4,246,773.54 | | Other non-operating income and expenses | -199,618.98 | | Less: Income tax impact | 674,789.70 | | Total | 3,823,808.28 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB/share) | | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 0.60 | 0.06 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 0.27 | 0.03 |

中国航发动力股份有限公司2025 年半年度报告 公司代码：600893 公司简称：航发动力 中国航发动力股份有限公司 2025 年半年度报告 1 / 160 中国航发动力股份有限公司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、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 独立董事 | 刘志猛 | 工作原因 | 李金林 | 三、 本半年度报告未经审计。 四、 公司负责人牟欣、主管会计工作负责人任立新及会计机构负责人（会计主管人员）吴东莹 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性承诺，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 ...

航天信息股份有限公司2025 年半年度报告 公司代码：600271 公司简称：航天信息 航天信息股份有限公司 2025 年半年度报告 1 / 170 航天信息股份有限公司2025 年半年度报告 四、 公司负责人陈荣兴、主管会计工作负责人高宇明及会计机构负责人（会计主管人员）李君 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、发展战略等前瞻性陈述因存在不确定性，不构成本公司对投资 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 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。 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 ...

广州方邦电子股份有限公司2025 年半年度报告 公司代码：688020 公司简称：方邦股份 广州方邦电子股份有限公司 2025 年半年度报告 1 / 178 广州方邦电子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告第三 节"经营情况讨论与分析"。 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、 公司负责人苏陟、主管会计工作负责人汪友涛及会计机构负责人（会计主管人员）冯冰花 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 九、 是否存在被控股股东 ...

苏州易德龙科技股份有限公司2025 年半年度报告 公司代码：603380 公司简称：易德龙 苏州易德龙科技股份有限公司 2025 年半年度报告 1 / 190 苏州易德龙科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 公司负责人钱新栋、主管会计工作负责人蒋艳及会计机构负责人（会计主管人员）蒋艳声 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 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意 投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描 ...

北京国际人力资本集团股份有限公司2025 年半年度报告 公司代码：600861 公司简称：北京人力 北京国际人力资本集团股份有限公司 2025 年半年度报告 1 / 180 北京国际人力资本集团股份有限公司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。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及未来计划、发展战略及经营计划等前瞻性陈述，不构成公司对投资者的实质承 诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王一谔、主管会计工作负责人丁峰及会计机构负责人（会计主管人员）丁峰声 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。 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 ...

上海天永智能装备股份有限公司2025 年半年度报告 公司代码：603895 公司简称：天永智能 上海天永智能装备股份有限公司 2025 年半年度报告 1 / 187 上海天永智能装备股份有限公司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、 公司负责人荣俊林、主管会计工作负责人黄微微及会计机构负责人（会计主管人员）仲香 香声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公 ...