公司代码：600467 公司简称：好当家 山东好当家海洋发展股份有限公司 2025 年半年度报告摘要 山东好当家海洋发展股份有限公司2025 年半年度报告摘要 第一节 重要提示 山东好当家海洋发展股份有限公司2025 年半年度报告摘要 | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | --- | --- | --- | --- | | | | | 增减(%) | | 总资产 | 7,069,540,553.64 | 7,049,881,888.49 | 0.28 | | 归属于上市公司股 东的净资产 | 3,418,457,569.28 | 3,386,017,362.71 | 0.96 | | | 本报告期 | 上年同期 | 本报告期比上年同期增 减(%) | | 营业收入 | 710,720,795.47 | 782,571,856.36 | -9.18 | | 利润总额 | 25,604,323.64 | 27,946,514.30 | -8.38 | | 归属于上市公司股 东的净利润 | 24,624,735.65 | 26,984,139.81 | -8.74 | | 归属于上市公 ...

上海汽车空调配件股份有限公司2025 年半年度报告 公司代码：603107 公司简称：上海汽配 上海汽车空调配件股份有限公司 2025 年半年度报告 1 / 170 上海汽车空调配件股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张朝晖、主管会计工作负责人陈昀及会计机构负责人（会计主管人员）陈昀声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，投 资者及相关人员均应对此保持足够的风险认识，并应当理解计划、预测与承诺之间的差异，敬请 投资者注意投资风险。 十一、 其他 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 ...

中国卫通集团股份有限公司2025 年半年度报告 公司代码：601698 公司简称：中国卫通 中国卫通集团股份有限公司 2025 年半年度报告 1 / 138 中国卫通集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙京 、主管会计工作负责人李恒杰及会计机构负责人（会计主管人员）张毅之 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 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在本报告中详细 描述可能存在的相关风险，敬请查阅第三节"管理层讨论与分析"有关内容。 十一、 其他 □适用 √不适用 本报告中所涉及的发展战略、经营 ...

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This section defines key terms and abbreviations used in the semi-annual report, covering company names, reporting periods, and specialized vocabulary related to water treatment and hydrogen fuel cell technology, ensuring clear understanding of the report content - Company, the Company, Liyuan Technology refers to Zhejiang Haiyan Liyuan Environmental Technology Co., Ltd[11](index=11&type=chunk) - Reporting Period, this Reporting Period refers to January-June 2025[11](index=11&type=chunk) - The report includes definitions of specialized technical terms such as condensate polishing, demineralized water treatment, seawater desalination, fuel cell/hydrogen fuel cell, stack, membrane electrode assembly, bipolar plate, electrolyzer diaphragm, and electrolyzer[11](index=11&type=chunk)[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, information disclosure channels, and stock overview, and details the key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in operating revenue and net profit, positive operating cash flow, and listing non-recurring gains and losses [Basic Company Information](index=6&type=section&id=Item%202.1.%20Basic%20Company%20Information) This section introduces the company's Chinese name, abbreviation, legal representative, registered and office addresses, website, and email address - Company Chinese Name: Zhejiang Haiyan Liyuan Environmental Technology Co., Ltd[14](index=14&type=chunk) - Legal Representative: Hou Junbo[14](index=14&type=chunk) - Company Registered Address: No. 585 Chang'an North Road, Wuyuan Street, Haiyan County, Jiaxing City, Zhejiang Province[14](index=14&type=chunk) [Contact Person and Contact Information](index=6&type=section&id=Item%202.2.%20Contact%20Person%20and%20Contact%20Information) This section discloses the names, contact addresses, telephone numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor contact - Board Secretary: Ye Shanshan[15](index=15&type=chunk) - Securities Affairs Representative: Zhang Xiaofen[15](index=15&type=chunk) - Contact Phone: 0573-86028565, Email: psrzqb@psr.cn[15](index=15&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=Item%202.3.%20Information%20Disclosure%20and%20Document%20Custody%20Changes) This section lists the newspapers selected by the company for information disclosure, the website address for publishing the semi-annual report, and the location where the report is kept - Newspapers selected by the company for information disclosure: Shanghai Securities News, China Securities Journal, Securities Daily, Securities Times[16](index=16&type=chunk) - Website address for publishing the semi-annual report: http://www.sse.com.cn[16](index=16&type=chunk) - Location for keeping the company's semi-annual report: Company Securities Office[16](index=16&type=chunk) [Overview of Company Shares/Depositary Receipts](index=6&type=section&id=Item%202.4.%20Overview%20of%20Company%20Shares%2FDepositary%20Receipts) This section provides the company's stock type, listing exchange, stock abbreviation, and code, confirming the company's A-shares are listed on the SSE STAR Market - Company Stock Type: A-shares[17](index=17&type=chunk) - Stock Listing Exchange and Board: SSE STAR Market[17](index=17&type=chunk) - Stock Abbreviation: Liyuan Technology, Stock Code: 688565[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Item%202.6.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the current reporting period (January-June 2025), showing significant year-on-year growth in operating revenue and net profit, and positive operating cash flow Key Accounting Data (H1 2025 vs. Prior Year) | Indicator | Current Period (Jan-Jun) | Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 134,311,158.97 Yuan | 106,246,182.11 Yuan | 26.42 | | Total Profit | 4,264,309.96 Yuan | -10,102,946.31 Yuan | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | 2,796,978.08 Yuan | -8,982,294.68 Yuan | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 2,451,344.72 Yuan | -17,162,707.49 Yuan | Not Applicable | | Net Cash Flow from Operating Activities | 20,743,894.43 Yuan | -5,739,995.50 Yuan | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 490,086,318.28 Yuan | 487,768,046.20 Yuan | 0.48 | | Total Assets (Period-End) | 903,867,541.51 Yuan | 910,667,585.80 Yuan | -0.75 | Key Financial Indicators (H1 2025 vs. Prior Year) | Indicator | Current Period (Jan-Jun) | Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.02 | -0.06 | Not Applicable | | Diluted Earnings Per Share (Yuan/share) | 0.02 | -0.06 | Not Applicable | | Basic Earnings Per Share (Excluding Non-recurring Gains/Losses) (Yuan/share) | 0.02 | -0.11 | Not Applicable | | Weighted Average Return on Net Assets (%) | 0.57 | -1.56 | Not Applicable | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 0.50 | -2.98 | Not Applicable | | R&D Investment as % of Operating Revenue (%) | 6.48 | 10.06 | Decreased by 3.58 percentage points | - Operating revenue increased by **26.42%** year-on-year, primarily due to an increase in completed projects during the reporting period[19](index=19&type=chunk) - Net profit attributable to shareholders of the listed company increased by **131.14%** year-on-year, mainly due to the increase in operating revenue and the company's optimization of operational efficiency, strengthened cost and expense control, and improved management, leading to a year-on-year increase in gross profit margin[20](index=20&type=chunk) [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=Item%202.8.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) This section lists non-recurring gains and losses and their amounts for the reporting period, totaling **345,633.36 Yuan**, and explains why the handling fee refund for withholding individual income tax is classified as recurring income Non-recurring Gains and Losses and Amounts | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 70,626.04 | | Government grants recognized in profit or loss (excluding those closely related to the company's ordinary business activities) | 284,800.00 | | Other non-operating income and expenses apart from the above | 51,201.44 | | Less: Income tax impact | 60,994.12 | | **Total** | **345,633.36** | - Handling fee refund for withholding individual income tax of **35,184.56 Yuan** is classified as recurring gains and losses[24](index=24&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section elaborates on the company's industry positioning, technological advantages, and market performance in its two core business areas: environmental water treatment and hydrogen fuel cell engine systems, showing significant improvement in operating performance with growth in operating revenue and net profit during the reporting period. It also analyzes the company's core competitiveness, including independent intellectual property rights, multi-dimensional industrial chain R&D and production capabilities, integrated service system, and high-quality customer resources. Furthermore, it identifies and discusses risk factors such as market competition, customer concentration, working capital, new business development, financial and macroeconomic environment, and analyzes changes in major financial statement items [Explanation of the Company's Industry and Main Business during the Reporting Period](index=10&type=section&id=Item%203.1.%20Industry%20and%20Main%20Business%20Overview) This section details the company's industry positioning, technological advantages, and market performance in its two core business areas: environmental water treatment and hydrogen fuel cell engine systems, emphasizing its leading position in nuclear and thermal power water treatment and innovative progress in hydrogen fuel cell technology - The company's industry is N77 ecological protection and environmental governance, and its hydrogen fuel cell engine system business belongs to the new energy vehicle industry[28](index=28&type=chunk)[29](index=29&type=chunk) - Main business involves the R&D, design, and integration of environmental water treatment system equipment and hydrogen fuel cell engine systems[30](index=30&type=chunk) - The company holds a relatively leading position in condensate polishing systems for nuclear power and large-scale thermal power projects, and actively participates in the national "Belt and Road" initiative, with water treatment systems applied in markets across South America, Southeast Asia, South Asia, the Middle East, and Europe[31](index=31&type=chunk) - The company's independently developed HYPSR-04 fuel cell system prototype (**70kW**) has passed testing by the National New Energy Vehicle Quality Supervision and Inspection Center, and **17 sets** of vehicle-mounted systems have been successfully delivered, accumulating over **1.7 million kilometers** in mileage, with average hydrogen consumption below the industry average[32](index=32&type=chunk) - The company's latest developed **235kW** stack product utilizes low-platinum, high-performance membrane electrodes, high-durability ultra-thin bipolar plate technology, and has independently developed a third-generation alkaline electrolyzer composite diaphragm produced using a new coating film-forming process[32](index=32&type=chunk)[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=Item%203.2.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved operating revenue of **134.3112 million Yuan**, a year-on-year increase of **26.42%**; net profit attributable to shareholders of the listed company was **2.7970 million Yuan**, a year-on-year increase of **131.14%**; and net cash flow from operating activities was **20.7439 million Yuan**, a year-on-year increase of **461.39%**. The company made progress in business development, technological innovation, talent building, and internal governance, and strengthened information disclosure and insider trading prevention 2025 H1 Operating Performance Overview | Indicator | Amount (Million Yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 13,431.12 | 26.42 | | Net Profit Attributable to Shareholders of Listed Company | 279.70 | 131.14 | | Net Cash Flow from Operating Activities | 2,074.39 | 461.39 | - Condensate polishing system equipment and demineralized water treatment system equipment are the company's main revenue sources, accounting for **79.62%** and **18.27%** of main business revenue, respectively[35](index=35&type=chunk) - R&D investment during the reporting period was **8.6999 million Yuan**, accounting for **6.48%** of the company's operating revenue; as of H1 2025, the company holds **75 authorized patents** (including **38 invention patents** and **37 utility model patents**) and **15 software copyrights**[37](index=37&type=chunk) - The company improved overall team quality and professional capabilities by optimizing recruitment processes, strengthening internal training, and perfecting incentive mechanisms, while continuously deepening lean management and reinforcing comprehensive budget management and cost-benefit concepts[38](index=38&type=chunk)[40](index=40&type=chunk) - The company strictly adheres to information disclosure management systems, ensuring that information disclosure is true, accurate, complete, timely, and fair, and places high importance on preventing insider trading, clearly defining the scope of inside information, and implementing a registration system for insiders[41](index=41&type=chunk) [Analysis of Core Competitiveness during the Reporting Period](index=12&type=section&id=Item%203.3.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness lies in its core technological advantages with independent intellectual property rights, multi-dimensional industrial chain R&D and production capabilities, integrated comprehensive service system, and high-quality customer resources and brand recognition. It has significant technological accumulation and market applications in both water treatment and hydrogen fuel cell fields. R&D investment during the reporting period was **8.6999 million Yuan**, with **75 authorized patents**, and **18 ongoing R&D projects** are listed [Core Competitiveness Analysis](index=12&type=section&id=Item%203.3.1.%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its core technological advantages with independent intellectual property rights, multi-dimensional industrial chain R&D and production capabilities, integrated comprehensive service system, and high-quality customer resources and brand recognition. It has significant technological accumulation and market applications in both water treatment and hydrogen fuel cell fields - The company in nuclear and thermal power water treatment has high market recognition, being one of the very few domestic suppliers capable of providing condensate polishing equipment that meets nuclear power plant production requirements[43](index=43&type=chunk) - The company successfully applied its thermal-membrane coupled seawater desalination technology, combining low-temperature multi-effect (MED) and reverse osmosis (RO) systems, to the Hebei Fengyue Energy Technology Co., Ltd. **100,000 tons/day** seawater desalination project, with overall technology at a relatively leading level[44](index=44&type=chunk) - In the hydrogen fuel cell engine system field, the company's R&D team has mastered core technologies such as low-platinum membrane electrode technology, high-efficiency membrane electrode coating process, high-performance bipolar plate coating technology, stack design and manufacturing technology, fuel cell low-temperature storage and startup technology, and fuel cell system design and integration technology[45](index=45&type=chunk) - The company is currently one of the few enterprises in the industry capable of independent R&D and production of key hydrogen fuel cell components such as membrane electrodes and bipolar plates, stacks, and hydrogen fuel cell engine systems, effectively reducing production costs at various stages and ensuring product quality through in-house production of core components and complete system integration[48](index=48&type=chunk) - The company has developed comprehensive technical service capabilities and resource integration capabilities covering design, procurement, management, and commissioning, possessing an integrated service advantage[49](index=49&type=chunk)[50](index=50&type=chunk) - In the power plant water treatment sector, the company primarily serves large state-owned power generation groups such as CNNC Group and CGN Group, having established a strong market reputation and brand recognition; in the hydrogen fuel cell engine system sector, buses and special operation engineering vehicles equipped with the company's systems have been put into use, further enhancing market influence[51](index=51&type=chunk)[52](index=52&type=chunk) [Core Technologies and R&D Progress](index=14&type=section&id=Item%203.3.3.%20Core%20Technologies%20and%20R%26D%20Progress) This section details the company's core technologies and their advanced nature in environmental water treatment and hydrogen fuel cell engine systems, including high-tower condensate polishing, thermal-membrane coupled seawater desalination, integrated wastewater treatment, as well as metal bipolar plates, membrane electrodes, automated stacking, and system integration technologies. R&D investment during the reporting period was **8.6999 million Yuan**, with **75 authorized patents**, and **18 ongoing R&D projects** are listed - In the environmental water treatment system equipment field, the company has mastered high-tower condensate polishing technology, thermal-membrane coupled seawater desalination technology, and integrated wastewater treatment technology, with high-tower condensate polishing technology becoming the mainstream technical route for condensate polishing system equipment in large domestic thermal power plants and nuclear power plants[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - In the hydrogen fuel cell engine system field, the company has mastered metal bipolar plate preparation and coating technology, membrane electrode preparation technology, automated stacking technology, and system integration technology, with membrane electrode power density reaching **2.25W/cm²@0.6V**, placing its performance at a leading domestic level[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) R&D Investment Table | Indicator | Current Period Amount (Yuan) | Prior Year Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 8,699,938.28 | 10,690,801.33 | -18.62 | | Total R&D Investment | 8,699,938.28 | 10,690,801.33 | -18.62 | | Total R&D Investment as % of Operating Revenue (%) | 6.48 | 10.06 | Decreased by 3.58 percentage points | - As of June 30, 2025, the company has **43 R&D personnel**, accounting for **22.87%** of total employees; it holds **75 authorized patents** (including **38 invention patents** and **37 utility model patents**) and **15 software copyrights**[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - The company has **18 ongoing R&D projects**, including research on large-flux pleated filter cartridges, development of IoT wireless network environment detection and sensing recorders, research on charging/discharging systems for advanced nuclear energy system liquid lead-bismuth spallation target R&D platforms, research on hardness and silicon removal reactors, research on ModBus communication for water treatment control systems, integration and control technology for passenger vehicle fuel cell systems, fuel cell system controller development, fuel cell system ejector development, iterative R&D of intelligent vision resin separation monitoring and control systems, research and demonstration application of key technologies for green manufacturing and safety detection of high-performance hydrogen fuel cells, development of intelligent IoT conference table card systems, development of IoT-based industrial manual valve status monitoring systems, AI model engine-based engineering project management smart platform, design and preparation of high-performance flow field plates with raised baffles for fuel cells, development of high-performance fuel cell stacks for passenger vehicles, research on PBI-type ion solvent membrane water electrolysis hydrogen production technology, and development of 1KW air-cooled fuel cell system multi-integrated controller, with a total estimated investment of **44.6 million Yuan**[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Risk Factors](index=21&type=section&id=Item%203.4.%20Risk%20Factors) The company faces operational risks such as intensified market competition, relatively concentrated customer base, insufficient working capital, and new business development falling short of expectations, as well as financial risks including increased accounts receivable and contract assets, low net cash flow from operating activities, and changes in tax preferential policies. Additionally, there are industry and macroeconomic environment risks stemming from downstream industry policy impacts and macroeconomic and industrial policy adjustments - The company faces market competition risks, especially intense competition in conventional demineralized water and wastewater treatment sectors[82](index=82&type=chunk) - Customer base is relatively concentrated, with a high proportion of revenue from the top five customers; significant changes in the credit risk or operating conditions of major customers would adversely affect the company's performance[84](index=84&type=chunk) - Risk of insufficient working capital, as project collection cycles are long, and business expansion requires substantial working capital support[85](index=85&type=chunk) - Risks in new business (hydrogen fuel cell engine system) development, which may fall short of expectations if R&D products have low market acceptance, capital investment exceeds expectations, or policies change[86](index=86&type=chunk) - Risk of increasing accounts receivable and contract assets, which may tie up working capital and increase bad debt risk[87](index=87&type=chunk) - Risk of low net cash flow from operating activities, which may lead to tight liquidity[88](index=88&type=chunk) - Risk of changes in tax preferential policies; changes in high-tech enterprise income tax incentives and VAT immediate refund policies for software products may adversely affect performance[89](index=89&type=chunk) - Industry risks and macroeconomic environment risks, as environmental water treatment business is highly affected by downstream industry policies, and the hydrogen fuel cell industry is influenced by macroeconomic and industrial policy uncertainties[90](index=90&type=chunk)[91](index=91&type=chunk) [Key Operating Performance during the Reporting Period](index=23&type=section&id=Item%203.5.%20Key%20Operating%20Performance) This section analyzes the company's key operating performance during the reporting period, focusing on changes in financial statement items and their causes, showing a **26.42%** year-on-year increase in operating revenue and a **10.75%** year-on-year increase in operating costs. Taxes and surcharges, financial expenses, other income, asset impairment losses, and non-operating income all showed significant changes [Analysis of Main Business](index=23&type=section&id=Item%203.5.1.%20Analysis%20of%20Main%20Business) Operating revenue increased by **26.42%** year-on-year, and operating costs increased by **10.75%** year-on-year. Taxes and surcharges, financial expenses, other income, asset impairment losses, and non-operating income all showed significant changes, with the increase in taxes and surcharges mainly due to property tax, the decrease in financial expenses due to reduced bill discounting, the decrease in other income due to reduced government subsidies, the increase in net cash flow from operating activities due to increased sales collections, the reversal of asset impairment losses due to contract asset impairment reversal, and the decrease in non-operating income due to insurance claims in the prior year Financial Statement Item Variation Analysis (Current Period vs. Prior Year) | Item | Current Period Amount (Yuan) | Prior Year Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 134,311,158.97 | 106,246,182.11 | 26.42 | | Operating Costs | 109,154,578.01 | 98,558,871.50 | 10.75 | | R&D Expenses | 8,699,938.28 | 10,690,801.33 | -18.62 | | Taxes and Surcharges | 304,203.39 | 202,044.95 | 50.56 | | Financial Expenses | 1,450,337.48 | 2,388,719.33 | -39.28 | | Other Income | 319,984.56 | 5,099,577.67 | -93.73 | | Asset Impairment Losses | 557,051.02 | -3,388,316.44 | Not Applicable | | Non-operating Income | 1,200.46 | 4,526,149.67 | -99.97 | | Net Cash Flow from Operating Activities | 20,743,894.43 | -5,739,995.50 | Not Applicable | - Changes in taxes and surcharges were mainly due to an increase in property tax for leased factory buildings[94](index=94&type=chunk) - Changes in financial expenses were mainly due to a decrease in bill discounting[95](index=95&type=chunk) - Changes in other income were mainly due to a decrease in government subsidies received[95](index=95&type=chunk) - Changes in net cash flow from operating activities were mainly due to an increase in cash received from sales of goods and provision of services[95](index=95&type=chunk) - Changes in asset impairment losses were mainly due to the reversal of contract asset impairment in the current reporting period[96](index=96&type=chunk) - Changes in non-operating income were mainly due to insurance claims received in the prior year[96](index=96&type=chunk) [Analysis of Assets and Liabilities](index=24&type=section&id=Item%203.5.3.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets slightly decreased, while net assets slightly increased. Accounts receivable financing, taxes payable, and other payables significantly decreased, while investment properties substantially increased. Additionally, the restricted status of major assets at period-end, including monetary funds, investment properties, fixed assets, and intangible assets, was disclosed Asset and Liability Status Changes (Current Period-End vs. Prior Year-End) | Item Name | Current Period-End Amount (Yuan) | Prior Year-End Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 3,288,589.69 | 5,369,778.83 | -38.76 | Decrease in unmatured bills | | Investment Properties | 28,407,103.86 | 4,081,502.84 | 596.00 | Own properties leased out | | Taxes Payable | 725,903.04 | 1,820,230.57 | -60.12 | Payment of taxes accrued at prior year-end | | Other Payables | 459,086.37 | 13,038,811.06 | -96.48 | Repurchase of treasury shares for equity incentives | Restricted Status of Major Assets at Period-End | Item | Period-End Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 25,692,178.48 | Bank acceptance bill deposits, letter of guarantee deposits, and restricted bank deposits | | Investment Properties | 28,407,103.86 | Pledged as collateral for bank borrowings and letters of guarantee | | Fixed Assets | 31,335,517.14 | Pledged as collateral for bank borrowings and letters of guarantee | | Intangible Assets | 11,823,375.58 | Pledged as collateral for bank borrowings and letters of guarantee | | **Total** | **97,258,175.06** | | [Corporate Governance, Environment, and Society](index=26&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses changes in the company's directors, supervisors, senior management, and core technical personnel, with former chairman Shen Wanzhong resigning and Ms. Shen Jiawen being elected as chairman. The company clarified the criteria for identifying core technical personnel. Additionally, the company has no profit distribution or capital reserve capitalization plan for this semi-annual period, and repurchased and cancelled some restricted shares due to not meeting 2024 performance targets [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=26&type=section&id=Item%204.1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, Mr. Shen Wanzhong resigned as chairman and director of the fourth board of directors due to personal reasons, and Ms. Shen Jiawen was elected as chairman and director of the fourth board of directors. The company clarified the criteria for identifying core technical personnel - Mr. Shen Wanzhong applied to resign from his positions as chairman and director of the company's fourth board of directors due to personal reasons[101](index=101&type=chunk) - Ms. Shen Jiawen was elected as chairman and director of the fourth board of directors[101](index=101&type=chunk) - The company's criteria for identifying core technical personnel are: holding important positions in the company's R&D and design departments, mastering the company's core technologies; possessing deep professional backgrounds and industry experience, with rich experience in technological innovation and product R&D; and being the inventor or primary drafter of the company's core patents and software copyrights[102](index=102&type=chunk) [Profit Distribution or Capital Reserve Capitalization Plan](index=26&type=section&id=Item%204.2.%20Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) The company has no profit distribution plan or capital reserve capitalization plan for this semi-annual period - The profit distribution plan or capital reserve capitalization plan approved by the board of directors for this reporting period is "None"[6](index=6&type=chunk)[103](index=103&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=Item%204.3.%20Equity%20Incentive%20Plans%20and%20Impact) Due to not meeting 2024 performance targets, the company repurchased and cancelled **2,202,900** restricted shares granted under the 2022 Restricted Stock Incentive Plan that had not yet been unlocked - The company's 2024 performance level did not meet the third unlocking period's company-level performance targets stipulated in the "2022 Restricted Stock Incentive Plan"[104](index=104&type=chunk) - The company repurchased and cancelled **2,202,900** restricted shares that had been granted but not yet unlocked[104](index=104&type=chunk) [Significant Matters](index=28&type=section&id=Item%205.%20Significant%20Matters) This section details significant matters during and continuing into the reporting period, including the fulfillment of commitments, progress on major litigation and arbitration, actual controller's alleged violations and company rectification, and the use of raised funds. All commitments were strictly fulfilled, but the company is involved in multiple major contract dispute lawsuits, and the actual controller has received a judgment. Raised investment projects were delayed due to macroeconomic conditions and company strategic adjustments, and some idle raised funds were used to supplement working capital [Fulfillment of Commitments](index=28&type=section&id=Item%205.1.%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments made by the company's controlling shareholder, actual controller, directors, supervisors, senior management, and the company itself during the initial public offering, including share lock-up, avoidance of horizontal competition, standardization of related-party transactions, measures to offset dilution of immediate returns, and legal liability for compensation. All commitments were strictly fulfilled - Controlling shareholder and actual controller Shen Wanzhong committed to a **36-month** share lock-up, transferring no more than **25%** annually during his tenure, and no transfers within six months after leaving office[108](index=108&type=chunk) - Director and senior management Huang Jin, supervisor Wei Bo, and core technical personnel Zhang Bin all committed to share lock-ups and adhered to transfer ratio restrictions during their tenure[109](index=109&type=chunk)[110](index=110&type=chunk) - The company and its controlling shareholder, actual controller, directors, and senior management all committed to measures to offset the dilution of immediate returns, including strengthening the management of raised funds, accelerating the investment progress of raised investment projects, improving operational efficiency, and strengthening the investment return mechanism[113](index=113&type=chunk)[114](index=114&type=chunk) - Controlling shareholder and actual controller Shen Wanzhong committed to avoiding horizontal competition and standardizing and reducing related-party transactions[115](index=115&type=chunk)[116](index=116&type=chunk) - All parties involved in the commitments strictly fulfilled their respective commitments[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) [Major Litigation and Arbitration Matters](index=39&type=section&id=Item%205.7.%20Major%20Litigation%20and%20Arbitration%20Matters) The company is involved in two major contract dispute lawsuits. One is a contract dispute filed by the company and its subsidiary against Hebei Fengyue Energy Technology Co., Ltd. and five other companies, where the first-instance judgment ordered defendant Hebei Fengyue to pay project fees of **19,694,484.69 Yuan**, with other defendants bearing joint and several liability. The other is a contract dispute over differential water fees filed by the company and its subsidiary against Hebei Fengyue Energy Technology Co., Ltd. and five other companies, with the defendants filing a counterclaim against the company, which is currently being processed - The contract dispute case filed by the company and its subsidiary against Hebei Fengyue Energy Technology Co., Ltd. and five other companies, with litigation claims including payment of outstanding amounts of **30,594,604.22 Yuan** and overdue interest, and priority right to compensation for construction project payments[120](index=120&type=chunk) - The first-instance judgment in this case ordered defendant Hebei Fengyue Energy Technology Co., Ltd. to pay the plaintiff project fees of **19,694,484.69 Yuan**, with defendants Hebei Zongheng Group Fengnan Steel Co., Ltd. and Tianjin Binhai Aoyuan International Trade Co., Ltd. bearing joint and several guarantee liability[147](index=147&type=chunk) - The differential water fee contract dispute case filed by the company and its subsidiary against Hebei Fengyue Energy Technology Co., Ltd. and five other companies, with litigation claims including payment of differential water fees of **134,196,091.11 Yuan** and overdue interest from June 2019 to January 25, 2025[147](index=147&type=chunk) - Defendants Hebei Fengyue Energy Technology Co., Ltd. and Hebei Zongheng Group Fengnan Steel Co., Ltd. filed a counterclaim against the company and Liquan Company, with counterclaim claims including payment of construction period delay liquidated damages of **111,600,000.00 Yuan** and water fee compensation of **18,629,820.00 Yuan**[147](index=147&type=chunk)[148](index=148&type=chunk) - The second case is currently being processed[148](index=148&type=chunk) [Alleged Violations, Penalties, and Rectification by the Listed Company and its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller](index=39&type=section&id=Item%205.8.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification) The company's actual controller and chairman, Mr. Shen Wanzhong, was released on bail by the Shanghai Public Security Bureau in March 2024 and received a judgment in July 2025. The company has actively carried out self-inspection and rectification, revised and improved internal control measures, and strengthened compliance awareness and information disclosure management - The company's actual controller and chairman, Mr. Shen Wanzhong, received a "Decision on Release on Bail" from the Shanghai Public Security Bureau on March 27, 2024[121](index=121&type=chunk) - Mr. Shen Wanzhong received a judgment on July 28, 2025[121](index=121&type=chunk) - The company has actively carried out self-inspection and rectification, implementing rectification at both institutional and practical levels, further revising and improving the company's internal control measures, and continuously urging the company's directors, supervisors, senior management, and various business departments to enhance compliance awareness and strengthen the inspection and supervision of internal control system execution[121](index=121&type=chunk)[122](index=122&type=chunk) [Explanation of Progress in Use of Raised Funds](index=42&type=section&id=Item%205.12.%20Progress%20in%20Use%20of%20Raised%20Funds) The company's initial public offering raised a total of **251,182,500.00 Yuan**, with cumulative investment of **129,554,403.71 Yuan** as of the end of the reporting period, representing an investment progress of **65.30%**. The raised investment projects 'Water Treatment System Integration Production Center and PTFE Membrane Production Project' and 'R&D Center Construction Project' have been delayed until February 2027 to reach their intended usable state due to lagging macroeconomic recovery and the company's focus on boosting operating performance. The company used **70 million Yuan** of idle raised funds to temporarily supplement working capital during this period Overall Use of Raised Funds | Indicator | Amount (Yuan) | | :--- | :--- | | Total Raised Funds | 251,182,500.00 | | Total Committed Investment | 198,405,234.01 | | Cumulative Raised Funds Invested as of Period-End | 129,554,403.71 | | Investment Progress (%) | 65.30 | - The completion date for the raised investment projects "Water Treatment System Integration Production Center and PTFE Membrane Production Project" and "R&D Center Construction Project" has been extended to February 2027[131](index=131&type=chunk)[133](index=133&type=chunk) - The delay in raised investment projects is mainly due to: lagging macroeconomic recovery, longer cycles for existing project resumption and new project commencement, and the company allocating limited resources and primary efforts to acquiring new projects and executing ongoing projects, focusing on expanding business scale, increasing project reserves, optimizing costs and expenses, improving accounts collection, and enhancing profitability[131](index=131&type=chunk)[133](index=133&type=chunk) - As of June 30, 2025, the company used idle raised funds not exceeding **70,000,000.00 Yuan** to temporarily supplement the company's working capital, with a usage period not exceeding twelve months from the date of board approval[135](index=135&type=chunk) [Share Changes and Shareholder Information](index=46&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes and shareholder structure during the reporting period. Due to the repurchase and cancellation of restricted shares under the equity incentive plan, the total number of shares decreased by **2,207,100 shares**, all becoming unrestricted tradable shares, with a slight positive impact on earnings per share and net assets per share. As of the end of the reporting period, the total number of common shareholders was **4,890**, with Shen Wanzhong as the largest shareholder, holding **32.10%**. Additionally, changes in shareholdings of directors, supervisors, senior management, and core technical personnel were disclosed, mainly due to the repurchase and cancellation of restricted shares [Share Capital Changes](index=46&type=section&id=Item%206.1.%20Share%20Capital%20Changes) During the reporting period, due to the repurchase and cancellation of restricted shares under the equity incentive plan, restricted shares decreased by **2,207,100 shares**, leading to a total share count change from **151,937,100 shares** to **149,730,000 shares**, all becoming unrestricted tradable shares. This change had a slight positive impact on earnings per share and net assets per share Share Capital Changes (Before vs. After This Change) | Item | Quantity Before Change (shares) | Proportion Before Change (%) | Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,207,100 | 1.45 | -2,207,100 | 0 | 0.00 | | Shares held by domestic natural persons | 2,207,100 | 1.45 | -2,207,100 | 0 | 0.00 | | II. Unrestricted Tradable Shares | 149,730,000 | 98.55 | 0 | 149,730,000 | 100.00 | | RMB Ordinary Shares | 149,730,000 | 98.55 | 0 | 149,730,000 | 100.00 | | III. Total Shares | 151,937,100 | 100.00 | -2,207,100 | 149,730,000 | 100.00 | - The reason for the share capital change was the repurchase and cancellation of restricted shares held by **1** departed incentive recipient and original incentive recipients who did not meet the unlocking conditions due to the company's 2024 performance level not meeting targets, totaling **2,207,100 shares**[140](index=140&type=chunk) - During the reporting period, the company's share capital decreased by a total of **2,207,100 shares** due to the repurchase and cancellation of restricted shares under the equity incentive plan, resulting in a slight increase in earnings per share and net assets per share financial indicators[141](index=141&type=chunk) [Shareholder Information](index=47&type=section&id=Item%206.2.%20Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was **4,890**. The shareholdings of the top ten shareholders were disclosed, with Shen Wanzhong holding the highest proportion at **32.10%**. None of the shares held by the top ten shareholders were pledged, marked, or frozen - Total number of common shareholders as of the end of the reporting period: **4,890**[144](index=144&type=chunk) Top Ten Shareholders' Shareholdings (Period-End Share Count) | Shareholder Name | Period-End Share Count (shares) | Proportion (%) | Restricted Shares Held (shares) | Pledged, Marked, or Frozen Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Shen Wanzhong | 48,062,000 | 32.10 | 0 | None | Domestic Natural Person | | Shenzhen CGN Huilian No. 2 New Energy Equity Investment Partnership (Limited Partnership) | 5,920,183 | 3.95 | 0 | None | Domestic Non-State-Owned Legal Person | | Shen Xueen | 3,920,000 | 2.62 | 0 | None | Domestic Natural Person | | Jin Shanhang | 2,084,634 | 1.39 | 0 | None | Domestic Natural Person | | Chen Xiaohui | 2,001,192 | 1.34 | 0 | None | Domestic Natural Person | | Cai Jinxing | 1,853,419 | 1.24 | 0 | None | Domestic Natural Person | | Wu Jilin | 1,699,435 | 1.13 | 0 | None | Domestic Natural Person | | Sun Jianying | 1,537,576 | 1.03 | 0 | None | Domestic Natural Person | | Chen Yuefang | 1,472,329 | 0.98 | 0 | None | Domestic Natural Person | | Meng Qingliang | 1,409,023 | 0.94 | 0 | None | Domestic Natural Person | - Jin Shanhang, Chen Xiaohui, and Cai Jinxing hold shares through ordinary securities accounts and securities company client credit trading guarantee securities accounts[145](index=145&type=chunk) [Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=49&type=section&id=Item%206.3.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section discloses changes in shareholdings of directors, senior management, and core technical personnel during the reporting period, mainly due to the repurchase and cancellation of restricted shares leading to a decrease in shareholding quantity Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Beginning of Period Share Count (shares) | End of Period Share Count (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Miao Junjie | Director | 66,152 | 15,752 | -50,400 | Repurchase and cancellation of restricted shares | | Wang Jiechuan | Director | 8,400 | 0 | -8,400 | Repurchase and cancellation of restricted shares | | Li Yan | Deputy General Manager | 8,400 | 0 | -8,400 | Repurchase and cancellation of restricted shares | | Zhang Shijian | CFO | 91,400 | 70,400 | -21,000 | Repurchase and cancellation of restricted shares | | Shen Wanzhong | Chairman (Resigned) | 48,482,000 | 48,062,000 | -420,000 | Repurchase and cancellation of restricted shares | [Bond-Related Information](index=51&type=section&id=Item%207.%20Bond-Related%20Information) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor convertible corporate bonds, during this reporting period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during this reporting period[153](index=153&type=chunk) - The company had no convertible corporate bonds during this reporting period[153](index=153&type=chunk) [Financial Report](index=52&type=section&id=Item%208.%20Financial%20Report) This section is the core of the report, providing the company's unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity. It details the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, taxation, notes to consolidated financial statement items, R&D expenses, changes in consolidation scope, equity in other entities, government grants, risks related to financial instruments, fair value disclosures, related parties and related-party transactions, share-based payments, commitments and contingencies, post-balance sheet events, other significant matters, notes to parent company financial statement major items, and supplementary information. During the reporting period, the company's operating performance significantly improved, but it still faces multiple risks and lawsuits [Audit Report](index=52&type=section&id=Item%208.1.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [Financial Statements](index=52&type=section&id=Item%208.2.%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, comprehensively presenting the company's financial position, operating results, and cash flow situation - Includes Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, Parent Company Statement of Changes in Owners' Equity[155](index=155&type=chunk)[159](index=159&type=chunk)[163](index=163&type=chunk)[167](index=167&type=chunk)[170](index=170&type=chunk)[173](index=173&type=chunk)[176](index=176&type=chunk)[181](index=181&type=chunk) [Basic Company Information](index=70&type=section&id=Item%208.3.%20Basic%20Company%20Information) This section details the company's registered address, organizational form, headquarters address, registered capital, total share capital, stock listing status, and actual main operating activities, including environmental water treatment and hydrogen fuel cell engine system businesses - Company Registered Address: No. 585 Chang'an North Road, Wuyuan Street, Haiyan County, Jiaxing City, Zhejiang Province[187](index=187&type=chunk) - The company's current registered capital is **149.73 million Yuan**, total share capital is **149.73 million shares**, and its shares were listed on the Shanghai Stock Exchange on May 13, 2021[187](index=187&type=chunk) - The company is primarily engaged in the R&D, design, and integration of environmental water treatment system equipment and hydrogen fuel cell engine systems[187](index=187&type=chunk) - These financial statements were approved for issuance by the company's board of directors on August 26, 2025[188](index=188&type=chunk) [Basis of Financial Statement Preparation](index=70&type=section&id=Item%208.4.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, with accounting based on the accrual basis, and measured at historical cost except for specific financial instruments and investment properties - The company's financial statements are prepared on a going concern basis, based on actual transactions and events, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure and Reporting Rules for Companies Issuing Securities No. 15 – General Provisions for Financial Reports" (Revised 2023) of the China Securities Regulatory Commission[189](index=189&type=chunk) - The company's accounting is based on the accrual basis, and except for certain financial instruments and investment properties, these financial statements are measured at historical cost[189](index=189&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[190](index=190&type=chunk) [Significant Accounting Policies and Estimates](index=70&type=section&id=Item%208.5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering key areas such as financial instruments, accounts receivable, inventories, contract assets, fixed assets, intangible assets, employee compensation, provisions, share-based payments, revenue recognition, government grants, deferred income tax, and leases, and discloses the impact of 2024 accounting policy changes on operating costs and selling expenses - The company classifies financial assets into financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[209](index=209&type=chunk) - Bad debt provisions for accounts receivable and contract assets are calculated using the expected credit loss model, with provision ratios determined based on aging portfolios[222](index=222&type=chunk)[233](index=233&type=chunk) - Fixed asset depreciation is calculated using the straight-line method, with buildings and structures depreciated over **30 years** and a residual value rate of **5%**[247](index=247&type=chunk) - Revenue recognition principle: Revenue is recognized when the customer obtains control of the related goods, using the input method or recognizing at a specific point in time depending on the nature of the performance obligation[271](index=271&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk) - The company changed its accounting policy in accordance with "Interpretation No. 18 of Enterprise Accounting Standards" issued by the Ministry of Finance, classifying provisions for guarantee-type quality assurance that do not constitute a single performance obligation into "main business costs" and "other business costs", no longer into "selling expenses"[284](index=284&type=chunk) Impact of Accounting Policy Changes on H1 2024 Financial Statements | Item | Amount Before Accounting Policy Change (Yuan) | Impact Amount (Yuan) | Amount After Accounting Policy Change (Yuan) | | :--- | :--- | :--- | :--- | | Operating Costs (Consolidated Statement) | 96,805,597.72 | 1,753,273.78 | 98,558,871.50 | | Selling Expenses (Consolidated Statement) | 6,694,133.75 | -1,753,273.78 | 4,940,859.97 | | Operating Costs (Parent Company) | 85,227,751.59 | 1,753,273.78 | 86,981,025.37 | | Selling Expenses (Parent Company) | 6,694,133.75 | -1,753,273.78 | 4,940,859.97 | [Taxation](index=91&type=section&id=Item%208.6.%20Taxation) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax. The company enjoys a **15%** corporate income tax preferential rate as a high-tech enterprise, and its subsidiary Liquan Environmental enjoys a **50%** reduction in corporate income tax - The company's main tax categories include VAT (**6%**, **9%**, **13%**), urban maintenance and construction tax (**5%**), and corporate income tax[286](index=286&type=chunk) - Zhejiang Haiyan Liyuan Environmental Technology Co., Ltd., as a high-tech enterprise, is subject to a **15%** corporate income tax rate for the 2023-2025 period[288](index=288&type=chunk) - Subsidiary Tangshan Liquan Environmental Technology Co., Ltd. is in its reduced tax period in 2025, subject to a **12.5%** corporate income tax rate[288](index=288&type=chunk) - The company's sales of condensate polishing system equipment equipped with independently developed operating system software are eligible for VAT immediate refund policy[288](index=288&type=chunk) [Notes to Consolidated Financial Statement Items](index=92&type=section&id=Item%208.7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, contract assets, accounts receivable financing, prepayments, other receivables, inventories, other current assets, investment properties, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets restricted by ownership or use rights, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within 1 year, other current liabilities, lease liabilities, provisions, share capital, capital reserves, treasury stock, surplus reserves, undistributed profits, operating revenue and operating costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, asset disposal income, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and supplementary information for cash flow statement - Monetary funds at period-end were **115,868,940.65 Yuan**, of which **25,692,178.48 Yuan** were bank acceptance bill deposits, letter of guarantee deposits, and restricted bank deposits[290](index=290&type=chunk) - Accounts receivable at period-end had a book value of **113,032,737.30 Yuan**, with bad debt provision of **78,551,394.84 Yuan**, including **35,243,464.58 Yuan** from Hebei Fengyue Energy Technology Co., Ltd. which has been fully provided for bad debts[300](index=300&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk) - Contract assets at period-end had a book value of **66,678,387.58 Yuan**, with bad debt provision of **9,969,681.22 Yuan**[309](index=309&type=chunk) - Inventories at period-end had a book value of **259,482,587.75 Yuan**, with inventory impairment provision of **10,475,287.71 Yuan**[343](index=343&type=chunk)[345](index=345&type=chunk) - Investment properties at period-end had a book value of **28,407,103.86 Yuan**, with an increase of **28,435,371.48 Yuan** in the current period mainly due to transfers from fixed assets and land use rights[352](index=352&type=chunk) - Fixed assets at period-end had a book value of **93,958,768.28 Yuan**, with a decrease of **26,772,091.05 Yuan** in the current period mainly due to transfers to investment properties and disposals/scrapping[356](index=356&type=chunk) - Short-term borrowings at period-end were **102,809,511.11 Yuan**, including secured borrowings of **63,500,000.00 Yuan**, guaranteed borrowings of **30,000,000.00 Yuan**, and unsecured borrowings of **9,200,000.00 Yuan**[375](index=375&type=chunk) - Contract liabilities at period-end were **217,147,563.98 Yuan**[380](index=380&type=chunk) - Share capital decreased by **2,207,100 shares** due to the repurchase and cancellation of restricted shares, with a period-end balance of **149,730,000.00 Yuan**[402](index=402&type=chunk) - Undistributed profits at period-end were **43,417,117.84 Yuan**[409](index=409&type=chunk) - Operating revenue for the current period was **134,311,158.97 Yuan**, and operating costs were **109,154,578.01 Yuan**[413](index=413&type=chunk) - Net cash flow from operating activities for the current period was **20,743,894.43 Yuan**, compared to **-5,739,995.50 Yuan** in the prior period, achieving a significant turnaround to positive[438](index=438&type=chunk) [R&D Expenses](index=138&type=section&id=Item%208.8.%20R%26D%20Expenses) Total R&D expenses for the current period were **8,699,938.28 Yuan**, all expensed, mainly comprising employee compensation, direct material input, depreciation and amortization, and technical services and others. R&D investment decreased compared to the prior year R&D Expense Composition (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Employee Compensation | 4,492,215.68 | | Direct Material Input | 2,929,220.58 | | Depreciation and Amortization | 1,136,697.49 | | Technical Services and Others | 141,804.53 | | **Total** | **8,699,938.28** | - All R&D expenses for the current period were expensed[448](index=448&type=chunk) - Total R&D investment decreased by **18.62%** compared to the prior year[74](index=74&type=chunk) [Changes in Consolidation Scope](index=138&type=section&id=Item%208.9.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons - There were no non-same-control business combinations, same-control business combinations, reverse acquisitions, or loss of control over subsidiaries in the current period[449](index=449&type=chunk) - There were no other reasons for changes in consolidation scope in the current period[450](index=450&type=chunk) [Equity in Other Entities](index=139&type=section&id=Item%208.10.%20Equity%20in%20Other%20Entities) This section discloses the company's equity in subsidiaries, with Tangshan Liquan Environmental Technology Co., Ltd. being the main subsidiary, held **100%** through establishment. There were no significant non-wholly-owned subsidiaries, joint ventures, or associates, nor significant restrictions on the use of group assets or settlement of group debts during the reporting period - The company's subsidiary is Tangshan Liquan Environmental Technology Co., Ltd., registered in Hebei Province, engaged in environmental protection, with a direct shareholding of **100%**, acquired through establishment[451](index=451&type=chunk) - There were no significant non-wholly-owned subsidiaries, joint ventures, or associates in the current period[451](index=451&type=chunk)[452](index=452&type=chunk) - There were no significant restrictions on the use of group assets or settlement of group debts in the current period[452](index=452&type=chunk) [Government Grants](index=140&type=section&id=Item%208.11.%20Government%20Grants) During the reporting period, the total government grants recognized in profit or loss were **284,800.00 Yuan**, mainly including stable production and increased output subsidies and other minor subsidies, all being income-related government grants Government Grants Recognized in Profit or Loss (Current Period) | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Income-related | 284,800.00 | 5,072,508.01 | | **Total** | **284,800.00** | **5,072,508.01** | - Current period government grants mainly include **250,000.00 Yuan** for 2025 stable production and increased output subsidies and **34,800.00 Yuan** for other minor subsidies[454](index=454&type=chunk) [Risks Related to Financial Instruments](index=141&type=section&id=Item%208.12.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (foreign exchange risk, interest rate risk, other price risks), credit risk, and liquidity risk. The company manages and controls these risks through management monitoring, maintaining floating-rate borrowings, depositing liquid funds in banks with high credit ratings, and monitoring cash balances and forecasting cash flows - The market risks faced by the company include foreign exchange risk (not significant), interest rate risk (related to floating-rate bank borrowings), and other price risks (not present)[456](index=456&type=chunk) - Credit risk primarily arises from the failure of the counterparty to fulfill its obligations, leading to losses on the company's financial assets, and financial guarantees undertaken by the company; liquidity funds are deposited in banks with high credit ratings, resulting in low credit risk[456](index=456&type=chunk) - Liquidity risk is centrally controlled by the finance department and managed by monitoring cash balances and rolling forecasts of cash flows for the next 12 months[457](index=457&type=chunk) [Disclosure of Fair Value](index=142&type=section&id=Item%208.13.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, with accounts receivable financing measured at Level 2 fair value, having a period-end fair value of **3,288,589.69 Yuan** Total Assets Continuously Measured at Fair Value | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | | 3,288,589.69 | | 3,288,589.69 | | **Total Assets Continuously Measured at Fair Value** | | **3,288,589.69** | | **3,288,589.69** | [Related Parties and Related-Party Transactions](index=144&type=section&id=Item%208.14.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses the company's parent company, subsidiaries, other related parties, and related-party transactions during the reporting period. The company's ultimate controlling party is Shen Wanzhong, and its subsidiary is Tangshan Liquan Environmental Technology Co., Ltd. During the reporting period, the company purchased raw materials of **8,320,354.02 Yuan** from related party Zhejiang Jiacheng Dongneng Equipment Co., Ltd. and received multiple guarantees from Shen Wanzhong and his spouse Xu Haizhen. Accounts payable to related party Jiacheng Dongneng at period-end were **13,893,765.96 Yuan** - The ultimate controlling party of the enterprise is Shen Wanzhong[463](index=463&type=chunk) - Other related parties include Zhejiang Jiacheng Dongneng Equipment Co., Ltd. (a company controlled by the same actual controller) and Xu Haizhen (spouse of the actual controller)[463](index=463&type=chunk) Purchase of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (Yuan) | Approved Transaction Limit (Yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Jiacheng Dongneng Equipment Co., Ltd. | Purchase of raw materials | 8,320,354.02 | 25,000,000.00 | No | Related-Party Guarantees where the Company is the Guaranteed Party | Guarantor | Guaranteed Amount (Yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shen Wanzhong, Xu Haizhen | 20,000,000.00 | 2024/10/14 | 2034/12/31 | No | | Shen Wanzhong | 447,300.00 | 2024/11/12 | 2027/11/8 | No | | Shen Wanzhong | 223,650.00 | 2024/11/12 | 2026/3/31 | No | | Shen Wanzhong | 739,620.00 | 2024/11/11 | 2026/12/31 | No | | Shen Wanzhong | 720,300.00 | 2024/11/19 | 2026/11/23 | No | - Key management personnel compensation for the current period was **3.1072 million Yuan**[468](index=468&type=chunk) - Accounts payable to related party Zhejiang Jiacheng Dongneng Equipment Co., Ltd. at period-end were **13,893,765.96 Yuan**[470](index=470&type=chunk) [Share-based Payments](index=146&type=section&id=Item%208.15.%20Share-based%20Payments) During the reporting period, the company had no details of equity instruments, outstanding share options or other equity instruments at period-end, equity-settled share-based payments, cash-settled share-based payments, share-based payment expenses for the current period, or modifications/terminations of share-based payments - No share-based payment related information disclosed for the current period[471](index=471&type=chunk)[472](index=472&type=chunk) [Commitments an

北京建工环境修复股份有限公司 2025 年半年度报告全文 北京建工环境修复股份有限公司 2025 年半年度报告 2025-045 2025 年 8 月 1 北京建工环境修复股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人路刚、主管会计工作负责人庞文辉及会计机构负责人(会计主 管人员)李为声明：保证本半年度报告中财务报告的真实、准确、完整。 一、载有公司负责人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表； 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析——公司面临的风险和应对措 施"部分，详细描述了公司经营中可能存在的风险与应对措施，敬请投资者关 注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 ...

北方导航控制技术股份有限公司2025 年半年度报告 公司代码：600435 公司简称：北方导航 北方导航控制技术股份有限公司 2025 年半年度报告 1 / 144 北方导航控制技术股份有限公司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。 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划等前瞻性陈述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 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 四、 公司负责人李海涛、主管会计工作负责人周静及会计机构负责人（会计主管人员）赵洋声 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 否 否 十、 重大风险提示 公司 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the truthfulness and completeness of the semi-annual report, which remains unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3](index=3&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - Company负责人 Shen Wen, chief accountant Qin Zhengyu, and head of accounting department Wang Yan declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - Forward-looking statements regarding future plans in this report do not constitute actual commitments to investors; investors should be aware of investment risks[6](index=6&type=chunk) - There are no instances of non-operating funds being occupied by controlling shareholders or other related parties, nor are there cases of providing external guarantees in violation of prescribed decision-making procedures[7](index=7&type=chunk)[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common and industry-specific terms to ensure clear understanding of the report content - This section defines common terms such as "Company" and "Zijiang Group," along with industry-specific terms like "PET bottles," "hot-fill bottles," and "lithium battery aluminum-plastic film," ensuring clear understanding of the report content[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company, listed on the Shanghai Stock Exchange, reports significant growth in revenue, net profit, and operating cash flow for H1 2025 - The company's stock abbreviation is "**Zijiang Enterprise**," stock code is "**600210**," listed on the Shanghai Stock Exchange[18](index=18&type=chunk) Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,248,078,818.86 | 4,667,962,058.00 | 12.43 | | Total Profit | 582,503,925.94 | 444,650,145.77 | 31.00 | | Net Profit Attributable to Shareholders of Listed Company | 472,785,812.45 | 354,442,038.69 | 33.39 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 468,966,403.75 | 352,006,294.81 | 33.23 | | Net Cash Flow from Operating Activities | 374,978,106.03 | 179,910,543.48 | 108.42 | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 6,176,845,677.22 | 6,161,918,911.97 | 0.24 | | Total Assets (Period-End) | 13,825,523,099.33 | 13,188,777,950.03 | 4.83 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.312 | 0.234 | 33.33% | | Diluted Earnings Per Share (CNY/share) | 0.312 | 0.234 | 33.33% | | Basic EPS After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.309 | 0.232 | 33.19% | | Weighted Average Return on Net Assets (%) | 7.48 | 6.02 | Increased by 1.46 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 7.42 | 5.98 | Increased by 1.44 percentage points | Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 1,983,661.44 | | Government grants recognized in current profit or loss | 8,003,144.59 | | Fund occupation fees collected from non-financial enterprises recognized in current profit or loss | 107,486.43 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 2,441,714.05 | | Other non-operating income and expenses apart from the above | 2,426,549.76 | | Other profit and loss items meeting the definition of non-recurring gains and losses | -9,563,833.71 | | Less: Income tax impact | 1,267,672.53 | | Impact on minority interests (after tax) | 311,641.34 | | Total | 3,819,408.70 | [Section III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company achieved significant growth in H1 2025, driven by its core packaging business, strategic client cooperation, and ongoing digital transformation, while actively managing various operational risks - China's packaging industry is in a critical transformation and upgrading phase, being a large producer but with per capita consumption significantly lower than developed countries, indicating an overall "large but not strong" status[23](index=23&type=chunk) - PET packaging, due to its low cost, good performance, recyclability, and wide applications, shows continuous and steady capacity growth with promising development prospects[24](index=24&type=chunk) - The company has established an industrial layout centered on packaging business, supplemented by commercial, real estate, and venture capital operations[24](index=24&type=chunk) - Key packaging products include PET bottles and preforms, crown caps, plastic tamper-evident caps, labels, metallized paper and paperboard, color paper packaging printing, films, and beverage OEM services[24](index=24&type=chunk) - The company's procurement is primarily centralized by business units or subsidiaries; production is "make-to-order," including general production and processing with supplied materials; sales are mainly direct, supplemented by some consignment[24](index=24&type=chunk)[25](index=25&type=chunk) - In H1 2025, the company's total operating revenue was **CNY 5.248 billion**, a **12.43% YoY increase**; net profit attributable to shareholders was **CNY 473 million**, a **33.39% YoY increase**; net cash flow from operating activities was **CNY 375 million**, a **108.42% YoY increase**[26](index=26&type=chunk) - Beverage packaging business continuously strengthens strategic cooperation with major clients, actively develops new customers, achieving stable growth in sales revenue and profit; the container packaging division has multiple projects on schedule for production or under construction, and completed R&D projects such as the industrialization of 35g lightweight bottle preforms[27](index=27&type=chunk)[28](index=28&type=chunk) - The flexible packaging business segment's products include color paper packaging printing, lithium battery aluminum-plastic film, metallized paper and paperboard, and BOPA film, widely used in food, medicine, daily chemicals, electronics, and telecommunications[29](index=29&type=chunk) - Zijiang New Material consolidates its market share advantage in mid-to-low-end digital aluminum-plastic film, while focusing on differentiated product strategies to increase market share in high-end consumer electronics and new energy vehicle power batteries, and continuously advances preliminary product verification and technology reserves in cutting-edge applications like semi-solid and solid-state batteries[30](index=30&type=chunk) - Zijiang Metallized Paper deeply promotes full-time OEE management, optimizing operating costs and product quality, achieving significant year-on-year growth in sales revenue and profit[30](index=30&type=chunk) - Zijiang International Trade actively promotes business model transformation from service agency to trade value enhancement, deepening synergistic cooperation with strategic clients[31](index=31&type=chunk) - In real estate, the last 14 villas in Phase III North of Zidu Shanghai Jingyuan were successfully delivered and revenue recognized; Phase IV Sheshan Ziyue Taoyuan project commenced in May 2025[31](index=31&type=chunk) - The company's core competencies include: a win-win mindset, service experience, and management expertise accumulated through long-term cooperation with renowned domestic and international companies; cost advantages and technological upgrade and innovation advantages from refined management; an efficient, proactive, and execution-driven management team, and innovative, dedicated professional technical personnel; and values of focus, simplicity, persistence, and dedication[32](index=32&type=chunk) - Net cash flow from operating activities increased by **108.42%**, primarily due to a reduction in taxes and fees paid[35](index=35&type=chunk) - Net cash flow from investing activities decreased by **50.25%**, mainly due to a decrease in cash received from other investment-related activities and an increase in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets[36](index=36&type=chunk) - Receivables financing increased by **59.45%**, due to a higher volume of bank acceptance bills received from major banks at the end of the reporting period[37](index=37&type=chunk) - Other receivables increased by **57.01%**, due to the company's outstanding equity and debt transfer payments from the disposal of commercial subsidiaries Quzhou Haoli and Hangzhou Huashang at the end of the reporting period[38](index=38&type=chunk) - Other non-current assets increased by **83.17%**, due to a higher amount of prepaid engineering and equipment costs at the end of the reporting period[38](index=38&type=chunk) - Notes payable increased by **33.11%**, due to an increase in the amount of raw material and inventory purchases paid by notes at the end of the reporting period[38](index=38&type=chunk) - Advance receipts decreased by **76.12%**, contract liabilities decreased by **82.90%**, and other current liabilities decreased by **31.13%**, due to the recognition of advance payments for properties as revenue by the real estate company[38](index=38&type=chunk) - Employee compensation payable decreased by **35.16%**, due to the payment of salaries and bonuses accrued at the end of the previous year during the current period[38](index=38&type=chunk) - Other payables increased by **183.40%**, due to the company having dividends approved by the general meeting of shareholders but not yet distributed at the end of the reporting period, which was not the case at the beginning of the year[38](index=38&type=chunk) - Non-current liabilities due within one year increased by **67.36%**, due to an increase in long-term borrowings maturing within one year at the end of the reporting period[38](index=38&type=chunk) - Overseas assets amounted to **CNY 37.36 million**, accounting for **0.27% of total assets**[40](index=40&type=chunk) Major Asset Restrictions as of the End of the Reporting Period | Item | Period-End Book Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 34,691,209.03 | Bank acceptance bills, letters of credit, and guarantee deposits | | Fixed Assets | 137,711,775.40 | Mortgage for long-term borrowings | | Intangible Assets | 29,940,168.75 | Mortgage for long-term borrowings | | Total | 202,343,153.18 | / | Key Subsidiaries and Investees with Over 10% Impact on Company's Net Profit (Unit: CNY 10,000) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Ziquan Packaging Co., Ltd. | Packaging | 19,747.88 | 107,795.96 | 46,109.80 | 77,626.27 | 5,430.71 | 4,690.86 | | Shanghai Ziri Packaging Co., Ltd. | Packaging | 16,937.87 | 53,733.59 | 32,430.98 | 35,388.24 | 6,744.94 | 5,919.75 | | Shanghai Zijiang New Material Technology Co., Ltd. | Packaging | 5,938.30 | 105,448.93 | 52,255.46 | 32,756.60 | 2,951.03 | 2,736.48 | | Shanghai Zijiang Venture Capital Co., Ltd. | Consulting Services | 45,940.00 | 165,876.31 | 119,646.22 | 2,172.17 | 4,103.66 | 3,892.70 | | Shanghai Zidu Sheshan Real Estate Co., Ltd. | Real Estate | 20,000.00 | 93,189.27 | 45,734.56 | 35,997.05 | 6,788.35 | 6,788.35 | - During the reporting period, key investees such as Shanghai Sunshine Hotel Co., Ltd. and Wuhan Zijiang Uni-President Enterprise Co., Ltd. contributed **CNY 8.06 million** in investment income to the company[44](index=44&type=chunk) - During the reporting period, the company disposed of Hangzhou Huashang Trading Co., Ltd., Quzhou Haoli Food Co., Ltd., and Quzhou Haomidao Commercial Co., Ltd. through equity transfer, and established six new subsidiaries including Yingkou Zijiang Packaging Material Co., Ltd., while deregistering Shaoxing Dingye Food Co., Ltd. and Jiaxing Youbo Trading Co., Ltd., none of which had a significant impact[45](index=45&type=chunk) - The company faces risks from economic fluctuations, raw material price changes, seasonal impacts in the food and beverage industry, and new product and market development[46](index=46&type=chunk)[47](index=47&type=chunk) - The company will transform its marketing concepts and strategies, continuously innovate, strengthen sales, improve production efficiency, control production costs, and enhance risk resistance; closely monitor international crude oil price changes, adjust inventory strategies, and adopt measures such as public inquiry and centralized procurement to mitigate raw material price risks; increase product variety, arrange production and sales structures by alternating peak and off-peak seasons, develop a diversified product structure; conduct thorough market research and feasibility studies for new products, optimize layout and allocation, and enhance new product competitiveness through technological innovation[46](index=46&type=chunk)[47](index=47&type=chunk) - The company continues to advance its "Quality Improvement, Efficiency Enhancement, and Returns Focus" initiative, concentrating on its main business, improving operational quality, achieving total operating revenue of **CNY 5.248 billion**, a **12.43% YoY increase**, and net profit attributable to shareholders of **CNY 473 million**, a **33.39% YoY increase**[48](index=48&type=chunk) - During the reporting period, the company invested **CNY 167 million** in R&D expenses, applied for **153 patents** (21 invention patents, 130 utility model patents, 1 design patent, 1 software copyright); and obtained **71 authorized patents** (6 invention patents, 64 utility model patents, 1 software copyright)[49](index=49&type=chunk) - The company positions digital transformation as a core driver for high-quality development, significantly enhancing management efficiency by fully integrating the information platforms of its subsidiaries; a total of **2 subsidiaries** have been recognized as smart factories, including **1 national-level** and **1 Shanghai municipal-level** smart factory[49](index=49&type=chunk) - The company improved corporate governance by formulating "Market Value Management System" and "Public Opinion Management System," and plans to abolish the supervisory board in H2 2025, with its functions to be taken over by the board's audit committee[49](index=49&type=chunk)[50](index=50&type=chunk) - The company strengthens the responsibility of "key minorities," enhances supervision over critical areas such as fund transactions, external guarantees, and related-party transactions, and promotes long-term stable development by improving performance-linked management compensation and incentive mechanisms[50](index=50&type=chunk) - The company maintains continuous dividends, with a proposed **cash dividend of CNY 0.30 per share (tax inclusive)** for FY2024, a **20% increase** from FY2023; over 20 years since listing, the company has completed **CNY 5.508 billion** in cash dividends, **2.45 times** the total funds raised since listing, and an average of **62.51%** of net profit attributable to shareholders[51](index=51&type=chunk) - The company actively responds to investor calls and conducts multi-channel, multi-dimensional investor relations work through the SSE E-Interactive platform, company email, and earnings briefings, enhancing investor understanding of the company's main business and operations[51](index=51&type=chunk) [Section IV Corporate Governance, Environment and Society](index=12&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) The company reports stable corporate governance with no changes in key personnel or incentive plans, and discloses environmental information for several subsidiaries - There were no changes in the company's directors, supervisors, or senior management during the reporting period[54](index=54&type=chunk) - There are no proposed profit distribution plans or capital reserve to share capital increase plans for this semi-annual period[54](index=54&type=chunk) - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[55](index=55&type=chunk) Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | | :--- | :--- | | 1 | Shanghai Zijiang Color Printing & Packaging Co., Ltd. | | 2 | Shanghai Ziquan Label Co., Ltd. | | 3 | Shanghai Zidan Printing Co., Ltd. | | 4 | Shanghai Ziyan Alloy Application Technology Co., Ltd. | | 5 | Guangdong Ziquan Label Co., Ltd. | | 6 | Guangdong Ziquan Packaging Co., Ltd. | - The company did not disclose specific details regarding its efforts to consolidate and expand poverty alleviation achievements or rural revitalization[56](index=56&type=chunk) [Section V Significant Matters](index=13&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company's controlling shareholder and actual controller have made commitments regarding related-party transactions and competition, while the company plans to exit the real estate sector and has a significant equity transfer pending approval - Controlling shareholder Shanghai Zijiang (Group) Co., Ltd. pledges to minimize related-party transactions with the issuer, ensuring such transactions, if necessary, adhere to market principles and fair prices, and comply with relevant laws and regulations for transaction procedures and information disclosure; it also commits not to engage in or add any business or operating activities that constitute horizontal competition with the issuer, directly or indirectly, in any manner[57](index=57&type=chunk)[58](index=58&type=chunk) - Actual controller Shen Wen pledges not to engage in or add any business or operating activities that constitute horizontal competition with Zijiang Enterprise, directly or indirectly, in any manner, except for already disclosed matters[58](index=58&type=chunk) - The company pledges that its real estate business is solely due to the scarce and high-quality villa land for the Zidu Sheshan project, real estate is not the company's main business development direction, the company has no future development plans in the real estate sector, and intends to exit the real estate industry upon completion of the "Shanghai Jingyuan" project[58](index=58&type=chunk) - The company pledges that the net proceeds from the non-public offering, after deducting issuance expenses, will be used to supplement working capital, strictly adhering to the stated use of funds; it will not be used for holding trading financial assets or available-for-sale financial assets, lending to others, wealth management, or other financial investments; it will not directly or indirectly invest in companies primarily engaged in securities trading, real estate-related businesses, or industries identified as heavily polluting by the Ministry of Environmental Protection, nor will it be used for venture capital activities[58](index=58&type=chunk)[59](index=59&type=chunk) - The company's venture capital business will continue to operate under a "fund of funds" model, acting as a guiding fund to invest in equity investment funds managed by professional investment management institutions; the company will not directly invest in venture capital projects through Zijiang Venture Capital in the future, nor will it establish new venture capital holding subsidiaries; the company will focus on the packaging and new materials industries, ensuring venture capital business does not occupy excessive listed company resources[59](index=59&type=chunk) - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or significant overdue debts, maintaining good credit standing[60](index=60&type=chunk) - In H1 2025, the company's ordinary related-party transactions amounted to **CNY 9.7979 million**, representing **0.16%** of the company's audited net assets attributable to parent company owners for FY2024[62](index=62&type=chunk) - The company intends to sign a conditional "Share Transfer Agreement" with Shanghai Welltech Industrial Automation Co., Ltd. to transfer **16,562,301 shares** of Shanghai Zijiang New Material Technology Co., Ltd., representing **27.89%** of Zijiang New Material's total shares[64](index=64&type=chunk) - Upon completion of this transaction, the company will still hold **18,437,970 shares** of Zijiang New Material, representing **31.05%** of its total shares, and Zijiang New Material will no longer be included in the company's consolidated financial statements; Welltech will control **51.00%** of Zijiang New Material's shares[64](index=64&type=chunk) - This related-party transaction amounts to **CNY 298.5159 million**, representing **4.84%** of the company's audited net assets for FY2024, and does not require approval by the company's general meeting of shareholders; the transaction is subject to approval by Welltech's general meeting of shareholders and other necessary approvals[64](index=64&type=chunk)[65](index=65&type=chunk) Total Guarantee Amount (Including Guarantees to Subsidiaries) | Indicator | Amount (CNY) | | :--- | :--- | | Total guarantee amount to subsidiaries during the reporting period | 571,000,000.00 | | Total guarantee balance to subsidiaries at period-end (B) | 771,500,000.00 | | Total Guarantee Amount (A+B) | 771,500,000.00 | | Ratio of total guarantee amount to company's net assets (%) | 12.52 | [Section VI Share Changes and Shareholder Information](index=18&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The company's share capital and structure remained unchanged during the reporting period, with a total of 96,273 common shareholders - During the reporting period, there were no changes in the company's total share capital or share structure[72](index=72&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **96,273**[73](index=73&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Zijiang (Group) Co., Ltd. | 395,207,773 | 26.06 | Domestic Non-State-Owned Legal Person | | Huang Yungge | 41,684,971 | 2.75 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 38,572,196 | 2.54 | Overseas Legal Person | | Zhang Pingying | 21,383,172 | 1.41 | Domestic Natural Person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 11,199,700 | 0.74 | Other | | Shanghai Pudong Development Bank Co., Ltd. - E Fund Yuxiang Return Bond Fund | 10,669,500 | 0.70 | Other | | Shen Wen | 10,000,003 | 0.66 | Domestic Natural Person | | Ke Weirong | 10,000,000 | 0.66 | Domestic Natural Person | | China Merchants Bank Co., Ltd. - ChinaAMC CSI 1000 ETF | 6,603,000 | 0.44 | Other | | Lin Hongqin | 6,500,001 | 0.43 | Domestic Natural Person | - Mr. Shen Wen is the actual controller of Shanghai Zijiang (Group) Co., Ltd.; the company is unaware of any related-party relationships or concerted action among the other aforementioned shareholders[74](index=74&type=chunk) [Section VII Bond-Related Information](index=20&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[76](index=76&type=chunk) - During the reporting period, the company had no convertible corporate bonds[76](index=76&type=chunk) [Section VIII Financial Report](index=20&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This unaudited financial report is prepared on a going concern basis, adhering to the Accounting Standards for Business Enterprises and relevant CSRC regulations - This financial report has not been audited[77](index=77&type=chunk) - The financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a business cycle of 12 months, and the functional currency is Renminbi[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [Company Overview](index=33&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This chapter introduces the company's historical evolution, share capital structure, registered capital, business scope, and headquarters location, noting that as of June 30, 2025, its total share capital was CNY 1,516,736,158.00, with 100% unrestricted shares - The company's predecessor was Shanghai Zijiang Enterprise Co., Ltd., which was transformed into a Sino-foreign joint stock limited company in March 1999 and listed on the Shanghai Stock Exchange in August 1999[102](index=102&type=chunk) - As of June 30, 2025, the company's total share capital was **CNY 1,516,736,158.00**, with a total of **1,516,736,158 shares**, of which **1,516,736,158 shares** are unrestricted, accounting for **100%** of the total share capital[103](index=103&type=chunk) - The company's business scope includes: production of container packaging such as PET bottles and preforms, various caps, labels, coating materials, and other new packaging materials; sales of self-produced products; import and export of goods and technologies; packaging printing; and warehousing services (excluding hazardous goods)[103](index=103&type=chunk) [Basis of Financial Statement Preparation](index=33&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This chapter states that the company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant CSRC regulations, on a going concern basis - These financial statements are prepared in accordance with the "Basic Standards for Enterprise Accounting Standards" and specific accounting standards, application guidelines, interpretations of enterprise accounting standards, and other relevant regulations issued by the Ministry of Finance, as well as the "General Provisions for Financial Reporting in Information Disclosure Rules for Companies Issuing Securities to the Public No. 15" by the China Securities Regulatory Commission[106](index=106&type=chunk)[107](index=107&type=chunk) - These financial statements are prepared on a going concern basis[108](index=108&type=chunk) [Significant Accounting Policies and Estimates](index=34&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This chapter details the company's accounting policies and estimates for financial instruments, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term asset impairment, long-term prepaid expenses, contract liabilities, employee compensation, share-based payments, revenue, contract costs, government grants, deferred tax assets/liabilities, and leases, including materiality standards and key judgments - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[110](index=110&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar; its operating cycle is 12 months; and its functional currency is Renminbi[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) Materiality Standards Determination Methods | Item | Materiality Standard | | :--- | :--- | | Significant individually impaired accounts receivable/other receivables | CNY 1 million | | Significant write-offs, recoveries, or reversals of notes receivable/accounts receivable/receivables financing/interest receivable/dividends receivable/other receivables/debt investments due within one year/other debt investments due within one year/debt investments/other debt investments/long-term receivables | CNY 1 million | | Significant construction in progress projects | CNY 10 million | | Significant other payables with an aging over 1 year or overdue | CNY 5 million | | Significant cash received from investing activities | Single investing cash flow exceeding 5% of the most recently audited net assets (or board-approved amount if separately approved by the board) | | Significant cash paid for investing activities | Single investing cash flow exceeding 5% of the most recently audited net assets (or board-approved amount if separately approved by the board) | | Significant non-wholly owned subsidiaries | Subsidiary net assets/total assets exceeding 5% of the most recently audited group parent net assets/total assets | | Significant joint ventures or associates | Long-term equity investment balance of CNY 20 million | | Significant commitments/contingencies/subsequent events | CNY 10 million | - Detailed explanation of accounting treatments for business combinations under common control and non-common control, control determination criteria, and consolidated financial statement preparation methods[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - Clarification of criteria for cash and cash equivalents, and methods for foreign currency transactions and foreign currency financial statement translation[123](index=123&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk) - Detailed explanation of financial instrument classification, recognition criteria, and measurement methods, including financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) - Elaboration on recognition criteria and measurement methods for derecognition of financial assets and transfer of financial assets, and conditions for derecognition of financial liabilities[131](index=131&type=chunk)[132](index=132&type=chunk) - Detailed explanation of financial instrument impairment testing and accounting treatments, including the application of the expected credit loss model, criteria for significant increase in credit risk, and portfolio categories and determination basis for notes receivable, accounts receivable, other receivables, and long-term receivables[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) - Inventories are classified as goods in transit, raw materials, revolving materials, merchandise inventory, work in progress, goods on consignment, consigned processing materials, development costs, development products, etc.; inventories issued are valued using the weighted average method or specific identification method, and the perpetual inventory system is adopted[137](index=137&type=chunk) - Inventory impairment provisions are measured at the lower of cost and net realizable value, with net realizable value determined by the estimated selling price less estimated costs to complete, estimated selling expenses, and related taxes[138](index=138&type=chunk) - Recognition methods and standards for contract assets, and methods for provision for doubtful accounts[139](index=139&type=chunk)[140](index=140&type=chunk) - Criteria for joint control and significant influence in long-term equity investments, determination of initial investment cost, and subsequent measurement and profit/loss recognition methods under the cost method and equity method[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - Investment properties are measured using the cost model; buildings held for lease apply fixed asset depreciation policies, and land use rights held for lease apply intangible asset amortization policies[147](index=147&type=chunk) - Fixed assets refer to tangible assets held for the production of goods, provision of services, rental, or operational management, with a useful life exceeding one accounting year, initially measured at cost and depreciated using the straight-line method[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) - Construction in progress is measured at actual cost incurred and transferred to fixed assets when it reaches its intended usable condition[152](index=152&type=chunk) - Principles of borrowing cost capitalization, capitalization period, suspension of capitalization period, and calculation method for capitalization rate[153](index=153&type=chunk)[154](index=154&type=chunk) - Valuation methods for intangible assets, amortization methods and useful life estimates for intangible assets with finite useful lives, and criteria for distinguishing research and development phases of R&D expenditures and capitalization conditions[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - Long-term assets such as long-term equity investments, investment properties measured under the cost model, fixed assets, construction in progress, right-of-use assets, intangible assets with finite useful lives, and oil and gas assets are tested for impairment if there are indications of impairment at the balance sheet date[158](index=158&type=chunk)[159](index=159&type=chunk) - Long-term prepaid expenses are expenses already incurred but to be amortized over more than one year, including fixed asset improvement expenditures, decoration fees, and other projects[160](index=160&type=chunk)[161](index=161&type=chunk) - Contract liabilities refer to the company's obligation to transfer goods or provide services to customers for which consideration has been received or is receivable[161](index=161&type=chunk) - Employee compensation includes accounting treatments for short-term compensation, post-employment benefits (defined contribution plans and defined benefit plans), and termination benefits[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - Share-based payments are classified into equity-settled share-based payments and cash-settled share-based payments, with detailed explanations of their accounting treatments[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods or services, and determines the transaction price according to contract terms[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) - Revenue recognition accounting policies for various businesses (beverage packaging, paper-plastic packaging, real estate development, fast-moving consumer goods wholesale, import and export trade)[173](index=173&type=chunk)[174](index=174&type=chunk) - Contract costs include costs to fulfill a contract and costs to obtain a contract, recognized as assets when specific conditions are met, and amortized on the same basis as the revenue recognized from the goods or services to which the asset relates[175](index=175&type=chunk) - Government grants are classified as asset-related government grants and income-related government grants, recognized when the conditions attached to them are met and they are received[176](index=176&type=chunk)[177](index=177&type=chunk) - Deferred tax assets and liabilities are recognized based on the difference between the tax base of assets and liabilities and their carrying amounts (temporary differences), with principles for non-recognition in special circumstances[178](index=178&type=chunk)[179](index=179&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than short-term leases and leases of low-value assets, depreciates right-of-use assets, and calculates interest expense on lease liabilities[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) - As a lessor, lease payments from operating leases are recognized as rental income on a straight-line basis over the lease term[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - Key judgments in applying accounting policies include the analysis of business models and contractual cash flow characteristics involved in the classification of financial assets[186](index=186&type=chunk)[187](index=187&type=chunk) - Significant accounting estimates and key assumptions include impairment of financial instruments and contract assets, deferred income tax, useful lives of fixed assets and intangible assets, and estimation of net realizable value of inventories[187](index=187&type=chunk)[188](index=188&type=chunk) [Taxation](index=51&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This chapter outlines the company's major tax categories and rates, including VAT, Urban Maintenance and Construction Tax, EIT, and Land Appreciation Tax, highlighting preferential EIT rates for high-tech subsidiaries and those in Western Development regions Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as stipulated by tax law, with output VAT calculated and input VAT deductible, the difference being VAT payable | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 1%-7% | | Enterprise Income Tax (EIT) | Calculated based on taxable income | 15% (Note), 25% | | Land Appreciation Tax | Calculated based on the appreciation amount from real estate transfer and prescribed tax rates | Prepaid at 5% of sales amount | - Several of the company's subsidiaries are recognized as high-tech enterprises, enjoying a **15% preferential Enterprise Income Tax rate** for a period of three years[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) - Chengdu Zijiang Packaging Co., Ltd. and Guilin Ziquan Beverage Industry Co., Ltd. benefit from the Western Development Tax Incentive Policy, applying a **15% tax rate** in 2025[198](index=198&type=chunk)[199](index=199&type=chunk) [Notes to Consolidated Financial Statement Items](index=54&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed notes for all consolidated financial statement items, including cash, receivables, inventories, investments, fixed assets, intangible assets, payables, equity, revenue, costs, and cash flows Period-End Balance of Cash and Bank Balances | Item | Period-End Balance (CNY) | | :--- | :--- | | Cash on Hand | 582,524.36 | | Bank Deposits | 2,183,771,884.31 | | Other Cash and Bank Balances | 34,777,807.17 | | Total | 2,219,132,215.84 | Categorized Presentation of Notes Receivable | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Acceptance Bills | 99,740,598.42 | 99,931,898.41 | | Commercial Acceptance Bills | 4,802,218.96 | 79,664.00 | | Less: Provision for Bad Debts | 579,444.03 | 497,122.40 | | Total | 103,963,373.35 | 99,514,440.01 | Accounts Receivable by Aging (Period-End Book Balance) | Aging | Amount (CNY) | | :--- | :--- | | 0-6 Months | 1,987,337,653.81 | | 6 Months-1 Year | 71,196,643.05 | | 1 to 2 Years | 13,540,342.70 | | 2 to 3 Years | 10,455,879.70 | | Over 3 Years | 38,303,336.71 | | Total | 2,120,833,906.17 | Inventory Classification (Period-End Book Value) | Item | Book Value (CNY) | | :--- | :--- | | Raw Materials | 495,641,543.62 | | Goods in Transit | 5,680,727.55 | | Revolving Materials | 52,621,610.87 | | Work in Progress | 108,145,464.92 | | Merchandise Inventory | 527,895,857.91 | | Goods on Consignment | 169,272,575.10 | | Development Costs | 290,104,751.85 | | Total | 1,649,362,531.82 | Operating Revenue and Operating Cost (Current Period) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 5,073,500,361.43 | 3,940,298,486.71 | | Other Businesses | 174,578,457.43 | 80,456,055.15 | | Total | 5,248,078,818.86 | 4,020,754,541.86 | Breakdown of Operating Revenue and Operating Cost (By Product Type) | Product Type | Operating Revenue (CNY) | Operating Cost (CNY) | | :--- | :--- | :--- | | Beverage Packaging | 2,514,161,675.71 | 1,903,184,356.05 | | Paper-Plastic Packaging | 1,486,325,676.76 | 1,223,688,023.59 | | Aluminum-Plastic Film | 324,076,916.58 | 251,016,744.71 | | Real Estate Development | 359,872,908.27 | 224,882,517.09 | | Other | 389,063,184.11 | 337,526,845.27 | Investment Income (Current Period) | Item | Amount (CNY) | | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | 8,060,684.33 | | Gains from disposal of subsidiaries | -9,563,833.71 | | Interest income from debt investments held during the period | 1,844,583.64 | | Investment income from other non-current financial assets held during the period | 1,004,472.35 | | Total | 1,345,906.61 | Reconciliation of Net Cash Flow from Operating Activities | Supplementary Information | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Profit | 492,693,474.96 | 370,921,702.73 | | Add: Asset impairment provisions | 150,193.74 | 3,491,273.15 | | Credit impairment losses | 893,358.92 | 70,954.38 | | Depreciation of fixed assets, depletion of oil and gas assets, depreciation of productive biological assets | 217,482,148.46 | 188,245,111.25 | | Depreciation of right-of-use assets | 4,659,656.72 | 6,291,269.78 | | Amortization of intangible assets | 7,070,441.96 | 6,734,631.83 | | Amortization of long-term prepaid expenses | 27,741,343.90 | 22,195,241.24 | | Losses (gains indicated by "-") on disposal of fixed assets, intangible assets, and other long-term assets | -2,032,514.22 | 52,683.61 | | Losses (gains indicated by "-") on fixed asset scrap | 48,852.78 | 1,149,102.28 | | Fair value change losses (gains indicated by "-") | -1,218,280.00 | 4,742,755.07 | | Financial expenses (gains indicated by "-") | 47,780,597.90 | 51,378,718.63 | | Investment losses (gains indicated by "-") | -1,345,906.61 | -13,927,539.02 | | Decrease in deferred tax assets (increase indicated by "-") | 2,292,449.59 | -357,180.22 | | Increase in deferred tax liabilities (decrease indicated by "-") | -694,651.19 | -2,319,794.36 | | Decrease in inventories (increase indicated by "-") | 242,305,227.48 | -149,241,013.05 | | Decrease in operating receivables (increase indicated by "-") | -447,180,078.12 | -607,720,369.27 | | Increase in operating payables (decrease indicated by "-") | -210,781,955.37 | 295,074,926.68 | | Other | -4,886,254.87 | 3,128,068.77 | | Net cash flow from operating activities | 374,978,106.03 | 179,910,543.48 | [R&D Expenses](index=82&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This chapter details the company's R&D expenditures by nature of expense, confirming that all R&D costs for the period were expensed R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 75,229,604.93 | 70,522,579.09 | | Depreciation Expense | 10,583,729.71 | 14,230,439.93 | | Amortization of Intangible Assets | 81,857.00 | 74,850.08 | | Amortization of Long-Term Prepaid Expenses | 33,256.62 | 564,295.25 | | Material Costs | 65,711,171.00 | 70,349,011.61 | | Other | 15,281,687.51 | 13,231,836.41 | | Total | 166,921,306.77 | 168,973,012.37 | | Of which: Expensed R&D expenditures | 166,921,306.77 | 168,973,012.37 | - All R&D expenditures for the current period have been expensed, with no capitalized R&D expenditures[371](index=371&type=chunk) [Changes in Consolidation Scope](index=82&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) This chapter outlines changes in the company's consolidation scope, including the disposal of subsidiaries, establishment of new entities, and deregistration of others during the reporting period - During the reporting period, the company disposed of Hangzhou Huashang Trading Co., Ltd., Quzhou Haoli Food Co., Ltd., and Quzhou Haomidao Commercial Co., Ltd., losing control[373](index=373&type=chunk) - On January 16, 2025, the company established six new wholly-owned subsidiaries, including Yingkou Zijiang Packaging Material Co., Ltd., and on January 3, 2025, its grandchild company Hangzhou Zitai Food Co., Ltd. was spun off; these companies have been included in the consolidation scope from their respective dates of establishment[374](index=374&type=chunk) - On June 9, 2025, the company deregistered subsidiaries Shaoxing Dingye Food Co., Ltd. and Jiaxing Youbo Trading Co., Ltd., which are no longer included in the consolidation scope from their respective dates of deregistration[374](index=374&type=chunk) [Interests in Other Entities](index=84&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This chapter details the company's equity interests in subsidiaries, joint ventures, and associates, including their composition and key financial information - The company owns multiple wholly-owned or controlled subsidiaries, with business natures covering industry, services, transportation, and commerce[376](index=376&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk) Information on Minority Interests in Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Profit or Loss Attributable to Minority Shareholders for the Current Period (CNY) | Dividends Declared and Distributed to Minority Shareholders for the Current Period (CNY) | Period-End Balance of Minority Interests (CNY) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Zijiang Venture Capital Co., Ltd. | 1.09 | 276,382.54 | | 10,358,973.84 | | Shanghai Zijiang New Material Technology Co., Ltd. | 41.06 | 11,236,027.55 | 12,191,364.50 | 214,561,441.16 | Key Financial Information of Significant Joint Ventures (Wuhan Zijiang Uni-President Enterprise Co., Ltd.) | Item | Period-End Balance/Current Period Amount (CNY) | Period-Beginning Balance/Prior Period Amount (CNY) | | :--- | :--- | :--- | | Current Assets | 312,444,674.26 | 306,018,364.97 | | Non-Current Assets | 38,138,297.17 | 32,215,718.30 | | Total Assets | 350,582,971.43 | 338,234,083.27 | | Current Liabilities | 62,438,182.26 | 42,718,058.04 | | Non-Current Liabilities | 5,986,193.31 | | | Total Liabilities | 68,424,375.57 | 42,718,058.04 | | Equity Attributable to Parent Company Shareholders | 282,274,178.53 | 295,516,025.23 | | Share of Net Assets Calculated by Shareholding Ratio | 141,137,089.27 | 147,758,012.62 | | Carrying Amount of Equity Investment in Joint Venture | 143,377,483.3 | 148,204,572.16 | | Operating Revenue | 150,738,043.53 | 169,279,565.77 | | Net Profit | 15,401,822.34 | 16,621,440.71 | | Total Comprehensive Income | 15,401,822.34 | 16,621,440.71 | | Dividends Received from Joint Venture in Current Year | 12,528,000.00 | 12,528,000.00 | Key Financial Information of Significant Associates (Shanghai Sunshine Hotel Co., Ltd.) | Item | Period-End Balance/Current Period Amount (CNY) | Period-Beginning Balance/Prior Period Amount (CNY) | | :--- | :--- | :--- | | Current Assets | 89,374,432.79 | 90,834,558.45 | | Non-Current Assets | 1,720,416.58 | 1,741,151.80 | | Total Assets | 91,094,849.37 | 92,575,710.25 | | Current Liabilities | 1,681,307.36 | 1,550,331.76 | | Non-Current Liabilities | 10,000,000.00 | 10,000,000.00 | | Total Liabilities | 11,681,307.36 | 11,550,331.76 | | Equity Attributable to Parent Company Shareholders | 79,413,542.01 | 81,025,378.49 | | Share of Net Assets Calculated by Shareholding Ratio | 38,912,635.58 | 39,702,435.46 | | Carrying Amount of Equity Investment in Associate | 39,035,132.47 | 39,708,847.62 | | Operating Revenue | 249,626.36 | 343,496.36 | | Net Profit | -1,611,836.48 | -2,249,362.64 | | Total Comprehensive Income | -1,611,836.48 | -2,249,362.64 | [Government Grants](index=89&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This chapter discloses the company's government grant-related liabilities (deferred income), including period-end balances and current period changes, categorized by asset-related or income-related grants recognized in profit or loss Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Period-Beginning Balance (CNY) | New Grant Amount for Current Period (CNY) | Recognized in Other Income for Current Period (CNY) | Period-End Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 134,931,372.66 | 14,709,000.00 | 7,704,166.38 | 141,936,206.28 | Asset-related | | Deferred Income | 205,525.41 | | 155,525.41 | 50,000.00 | Income-related | | Total | 135,136,898.07 | 14,709,000.00 | 7,859,691.79 | 141,986,206.28 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-related | 7,704,166.38 | 4,834,765.94 | | Income-related | 9,954,459.60 | 3,724,799.54 | | Total | 17,658,625.98 | 8,559,565.48 | [Risks Related to Financial Instruments](index=90&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This chapter details the company's exposure to credit, liquidity, and market risks (including foreign exchange, interest rate, and other price risks), and outlines its strategies for managing these financial exposures - The company faces various financial risks in its operations: credit risk, liquidity risk, and market risk (including foreign exchange risk, interest rate risk, and other price risks)[390](index=390&type=chunk)[396](index=396&type=chunk) - The company manages credit risk by transacting with creditworthy counterparties, assessing customer creditworthiness and setting appropriate credit terms, continuously monitoring notes receivable and accounts receivable balances and recovery, and using aging analysis to assess impairment losses for accounts receivable and other receivables[392](index=392&type=chunk)[393](index=393&type=chunk) Book Balance and Bad Debt Provision for Credit Risk Assets as of June 30, 2025 | Item | Book Balance (CNY) | Bad Debt Provision (CNY) | | :--- | :--- | :--- | | Notes Receivable | 104,542,817.38 | 579,444.03 | | Accounts Receivable | 2,120,833,906.17 | 62,001,658.19 | | Other Receivables | 71,704,339.29 | 8,691,543.99 | | Total | 2,297,081,062.84 | 71,272,646.21 | - The company manages liquidity risk by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next 12 months, ensuring sufficient funds to repay debts under all reasonable projections[394](index=394&type=chunk) - Interest rate risk primarily arises from bank borrowings; floating-rate financial liabilities expose the company to cash flow interest rate risk; as of June 30, 2025, the company's total interest-bearing debt was **CNY 3.9638 billion**, with floating-rate debt totaling **CNY 1.5647 billion**; a **50 basis point increase or decrease** in floating interest rates would decrease or increase the company's net profit by **CNY 3.5817 million**[397](index=397&type=chunk) - Foreign exchange risk primarily stems from USD-denominated financial assets and liabilities; the company's finance department monitors the scale of foreign currency transactions and foreign currency assets and liabilities to minimize exposure to exchange rate risk[398](index=398&type=chunk) - Other price risks primarily arise from various equity instrument investments, entailing the risk of changes in equity instrument prices[399](index=399&type=chunk) [Disclosure of Fair Value](index=92&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This chapter discloses the period-end fair value of the company's assets and liabilities measured at fair value, detailing the determination basis for Level 1 measurements and the valuation techniques and key parameters for Level 3 measurements Period-End Fair Value of Assets Measured at Fair Value | Item | Level 1 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | | 1,331,900,000.00 | 1,331,900,000.00 | | Other Non-Current Financial Assets | 887,296.80 | 17,980,203.08 | 18,867,499.88 | | Total Assets Continuously Measured at Fair Value | 887,296.80 | 1,349,880,203.08 | 1,350,767,499.88 | - The company's Level 1 fair value equity instrument investments are listed company equities, with fair value determined by the closing price of the investee on June 30, 2025[403](index=403&type=chunk) Valuation Techniques and Key Parameters for Recurring and Non-Recurring Level 3 Fair Value Measurements | Item | Valuation Technique | Unobservable Input | Range (Weighted Average) | | :--- | :--- | :--- | :--- | | Unlisted Equity Investments (Other Equity Instrument Investments) | Market Approach | Price-to-Book Ratio Multiple | 0.81-1.91 | | | | Liquidity Discount Rate | 22.00%-22.40% | | Unlisted Equity Investments (Other Non-Current Financial Assets) | Net Asset Value | Not Applicable | Not Applicable | [Related Parties and Related Party Transactions](index=93&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This chapter identifies the company's related parties and details various related-party transactions, including purchases, sales, leases, guarantees, and fund transfers, along with an update on a significant equity transfer - Shanghai Zijiang (Group) Co., Ltd. is the company's parent company, holding **26.06%** of shares; legal representative Shen Wen is the actual controller, with a combined shareholding of **26.7158%**[407](index=407&type=chunk) - Information on the company's subsidiaries is detailed in Note "X. Interests in Other Entities"[408](index=408&type=chunk) - Significant joint ventures or associates include Hangzhou Zitai Packaging Co., Ltd., Zhengzhou Zitai Packaging Co., Ltd., Wuhan Zijiang Uni-President Enterprise Co., Ltd., and Suzhou Zixin Packaging Material Co., Ltd[408](index=408&type=chunk) - Other related parties include Shanghai Zizhu High-Tech Zone (Group) Co., Ltd., Shanghai Zihua Packaging Co., Ltd., Shanghai Zitai Property Management Co., Ltd., Shanghai Ziyan Mold Industrial Co., Ltd., Shanghai Zizhu Hotel Co., Ltd., and Shanghai Welltech Industrial Automation Co., Ltd[409](index=409&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services (Current Period) | Related Party | Related Party Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Shanghai Zihua Packaging Co., Ltd. | Purchase of raw materials, goods | 78,981.60 | | Wuhan Zijiang Uni-President Enterprise Co., Ltd. | Purchase of raw materials | 45,902,588.49 | | Shanghai Welltech Industrial Automation Co., Ltd. | Purchase of raw materials | 190,634.51 | | Hangzhou Zitai Packaging Co., Ltd. | Purchase of raw materials | 16,286.60 | | Shanghai Zitai Property Management Co., Ltd. | Acceptance of services | 797,946.30 | | Shanghai Zizhu Hotel Co., Ltd. | Acceptance of services | 97,664.15 | Related Party Transactions for Sale of Goods/Provision of Services (Current Period) | Related Party | Related Party Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Hangzhou Zitai Packaging Co., Ltd. | Processing fees, sales of material products | 955,519.59 | | Shanghai Zihua Packaging Co., Ltd. | Sales of raw materials, finished products | 7,867,918.79 | | Suzhou Zixin Packaging Material Co., Ltd. | Sales of raw materials | 3,213,384.95 | | Wuhan Zijiang Uni-President Enterprise Co., Ltd. | Sales of raw materials, finished products | 3,852,799.07 | | Zhengzhou Zitai Packaging Co., Ltd. | Sales of spare parts | 25,543.14 | | Shanghai Ziyan Mold Industrial Co., Ltd. | Provision of services | 24,082.57 | | Shanghai Zizhu Hotel Co., Ltd. | Sales of finished products | 2,867.26 | Related Party Leases as Lessor (Lease Income Recognized in Current Period) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (CNY) | | :--- | :--- | :--- | | Shanghai Zizhu High-Tech Zone (Group) Co., Ltd. | Property Lease Fee | 819,673.60 | | Hangzhou Zitai Packaging Co., Ltd. | Property Lease Fee | 285,163.20 | - The company provided guarantees for multiple subsidiaries as guarantor, with a total guarantee amount (A+B) of **CNY 771.5 million**, representing **12.52%** of the company's net assets[414](index=414&type=chunk)[70](index=70&type=chunk) Related Party Fund Borrowing/Lending (Lent Out) | Related Party | Borrowing/Lending Amount (CNY) | Start Date | Maturity Date | | :--- | :--- | :--- | :--- | | Hangzhou Zitai Packaging Co., Ltd. | 5,000,000.00 | 2024/12/10 | 2025/10/31 | | Hangzhou Zitai Packaging Co., Ltd. | 4,500,000.00 | 2025/4/1 | 2025/10/31 | - The company collected **CNY 107,486.43** in fund occupation fees from Hangzhou Zitai Packaging Co., Ltd. during the current period[418](index=418&type=chunk) - In July 2025, the company's board of directors approved the proposed transfer of **27.89%** of Shanghai Zijiang New Material Technology Co., Ltd. shares held by the company to Shanghai Welltech Industrial Automation Co., Ltd. for **CNY 298.5159 million**; upon completion, Zijiang New Material will no longer be included in the company's consolidated financial statements[419](index=419&type=chunk) Receivables from Related Parties (Period-End Book Balance) | Item Name | Related Party | Book Balance (CNY) | | :--- | :--- | :--- | | Accounts Receivable | Hangzhou Zitai Packaging Co., Ltd. | 1,291,075.10 | | Accounts Receivable | Shanghai Zihua Packaging Co., Ltd. | 12,037,119.45 | | Accounts Receivable | Suzhou Zixin Packaging Material Co., Ltd. | 1,437,480.00 | | Accounts Receivable | Wuhan Zijiang Uni-President Enterprise Co., Ltd. | 3,058,416.78 | | Other Receivables | Hangzhou Zitai Packaging Co., Ltd. | 9,500,000.00 | Payables to Related Parties (Period-End Book Balance) | Item Name | Related Party | Period-End Book Balance (CNY) | | :--- | :--- | :--- | | Accounts Payable | Shanghai Welltech Industrial Automation Co., Ltd. | 1,572,814.00 | | Accounts Payable | Wuhan Zijiang Uni-President Enterprise Co., Ltd. | 8,083,405.40 | | Contract Liabilities | Suzhou Zixin Packaging Material Co., Ltd. | 590,259.88 | | Contract Liabilities | Shanghai Zizhu Hotel Co., Ltd. | 1,320.00 | [Share-Based Payments](index=97&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) This chapter discloses the total value of equity instruments exercised by the company in the current period, along with the cumulative amounts of equity-settled share-based payments recognized in capital reserve and minority interests - The total amount of equity instruments exercised by the company in the current period was **CNY 615,736.08**[425](index=425&type=chunk) - The company transferred **30.83%** equity of Shanghai Zijiang International Trade Co., Ltd.; the difference between the disposal price and the share of subsidiary assets corresponding to the disposed long-term equity investment, without losing control, was recognized as share-based payment, amortized over 5 years, with a remaining term of 3 years and 5 months[425](index=425&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserve was **CNY 425,885.56**, and the amount recognized in minority interests was **CNY 189,850.52**[427](index=427&type=chunk) [Commitments and Contingencies](index=97&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) This chapter discloses the company's significant commitments at the balance sheet date, primarily involving collateralized borrowings using subsidiary assets, and refers to related-party guarantees for contingencies - The company provided guarantees for borrowings using the factory building at 1280 Lanxiang South Road (original book value **CNY 154.44 million**, book value **CNY 137.71 million**) and land use rights (original book value **CNY 38.84 million**, book value **CNY 29.94 million**) of Shanghai Zijiang New Material Application Technology Co., Ltd., a wholly-owned subsidiary of its controlled subsidiary Shanghai Zijiang New Material Technology Co., Ltd., as collateral; as of June 30, 2025, the loan balance was **CNY 76.9237 million**[427](index=427&type=chunk)[428](index=428&type=chunk) - Contingencies are detailed in Note XIV, 5, (4) Related Party Guarantees[429](index=429&type=chunk) [Events After the Balance Sheet Date](index=98&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) This chapter details the company's 2024 annual profit distribution, implemented post-balance sheet date, and provides an update on the proposed transfer of 27.89% equity in Zijiang New Material based on a recent valuation Profit Distribution | Item | Amount (CNY) | | :--- | :--- | | Proposed Profit or Dividend Distribution | 455,020,847.40 | | Profit or Dividend Declared and Distributed After Approval | 455,020,847.40 | - The company's 2024 annual profit distribution plan was implemented on July 18, 2025, distributing a **cash dividend of CNY 3.00 per 10 shares (tax inclusive)** to all shareholders, based on the total share capital of **1,516,736,158 shares** at the end of 2024, totaling **CNY 455,020,847.40 (tax inclusive)**[430](index=430&type=chunk) - On July 15, 2025, the company's board of directors approved the proposed transfer of **27.89%** of shares in its controlled subsidiary, Shanghai Zijiang New Material Technology Co., Ltd., to Shanghai Welltech Industrial Automation Co., Ltd. for **CNY 298.5159 million**[431](index=431&type=chunk) - The transaction price is based on the valuation, with a valuation date of March 31, 2025; the appraised value of Zijiang New Material's total shareholder equity is **CNY 1.1 billion**, representing an appreciation of **CNY 564.9961 million** compared to net assets, with an appreciation rate of **105.61%**[432](index=432&type=chunk) [Other Significant Matters](index=98&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This chapter confirms that there were no prior period accounting error corrections during the reporting period - There were no prio

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