上海联明机械股份有限公司 2025 年半年度报告 公司代码：603006 公司简称：联明股份 上海联明机械股份有限公司 2025 年半年度报告 1 / 140 上海联明机械股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人徐涛明、主管会计工作负责人姜羽琼及会计机构负责人（会计主管人员）姜莉 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以实施权益分派股权登记日登记的总股本为基数，向公司全体股东每10股派发现金红 利3.80元（含税）。截至2025年6月30日，公司总股本254,254,250股，以此计算合计拟派发现金红 利96,616,615.00元（含税）。 如在实施权益分派股权登记日前公司总股本发生变动的，公司拟维持分配总额不变，相应调 整每股分配比例。 本次利润分配方案尚需提交2025年 ...

江苏中信博新能源科技股份有限公司2025 年半年度报告 公司代码：688408 公司简称：中信博 江苏中信博新能源科技股份有限公司 2025 年半年度报告 1 / 209 江苏中信博新能源科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告第三节"管理层讨论与分析"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人蔡浩、主管会计工作负责人荆锁龙及会计机构负责人（会计主管人员）荆锁龙 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 是否存在 ...

合肥常青机械股份有限公司2025 年半年度报告 公司代码：603768 公司简称：常青股份 合肥常青机械股份有限公司 2025 年半年度报告 1 / 158 合肥常青机械股份有限公司2025 年半年度报告 重要提示 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 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、 公司负责人吴应宏、主管会计工作负责人王斌及会计机构负责人（会计主管人员）王斌声 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 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公 ...

东风电子科技股份有限公司2025 年半年度报告 公司代码：600081 公司简称：东风科技 东风电子科技股份有限公司 2025 年半年度报告 1 / 186 东风电子科技股份有限公司2025 年半年度报告 本报告期，公司无利润分配及资本公积金转增股本预案 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 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、 公司负责人蔡士龙、主管会计工作负责人秦俊华及会计机构负责人（会计主管人员）陈军 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真 ...

江西悦安新材料股份有限公司2025 年半年度报告 公司代码：688786 公司简称：悦安新材 江西悦安新材料股份有限公司 2025 年半年度报告 1 / 234 江西悦安新材料股份有限公司2025 年半年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、重大风险提示 本公司已在本报告中详细地阐述了在经营过程中可能面临的各种风险及应对措施，敬请查阅 本报告"第三节 管理层讨论与分析"中"四、风险因素"部分内容。 三、公司全体董事出席董事会会议。 四、本半年度报告未经审计。 五、公司负责人李上奎、主管会计工作负责人王兵及会计机构负责人（会计主管人员）张阳声明： 保证半年度报告中财务报告的真实、准确、完整。 六、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、前瞻性陈述的风险声明 √适用 □不适用 本报告涉及公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，敬 请投资者注意投资风险。 九、是否存在被控股 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示%E3%80%81目录和释义) This section provides important notes, a clear table of contents, and definitions of key terms used throughout the report for clarity [Important Notes](index=2&type=section&id=重要提示) The board and senior management ensure report accuracy, with the company planning no cash dividends or bonus shares, while an independent director was absent - The company's board of directors and senior management guarantee the **truthfulness** of the report and assume legal responsibility[5](index=5&type=chunk) - Independent director Zhao Ming did not personally attend the board meeting due to work reasons, delegating attendance to Zhong Guangfa[5](index=5&type=chunk) - The company plans not to distribute **cash dividends**, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=目录) This report's clear table of contents outlines nine main chapters, covering important notes, company profile, management discussion, governance, significant matters, share changes, bonds, financial reports, and other data for easy reference - The report is clearly structured into **nine main chapters**[9](index=9&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms, including company names, key affiliates, industry giants, subsidiaries, exchanges, regulations, financial units, and the reporting period, ensuring accurate report understanding - The reporting period is defined as **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) - Full names and abbreviations of the company, its main subsidiaries, and related parties are listed, such as Shanghai Shenkai Petroleum Chemical Equipment Co Ltd (Shenkai Co) and China National Petroleum Corporation (CNPC)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information and key financial performance indicators for the reporting period [Company Profile](index=6&type=section&id=一、公司简介) The company, listed on the Shenzhen Stock Exchange with stock code 002278, is represented by its legal representative Li Fangying - Company stock abbreviation: **Shenkai Co**, stock code: **002278**[16](index=16&type=chunk) - Company legal representative: **Li Fangying**[16](index=16&type=chunk) [Contact Person and Information](index=6&type=section&id=二、联系人和联系方式) The company's board secretary and securities affairs representative's contact details, including address, phone, fax, and email, are fully disclosed - Board Secretary: **Wang Zhenfei**, Securities Affairs Representative: **Li Nan**[17](index=17&type=chunk) - Contact address: **No 1769, Puxing Road, Minhang District, Shanghai**[17](index=17&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) During the reporting period, there were no changes to the company's contact information, disclosure channels, or other relevant details, as referenced in the 2024 annual report - The company's registered address, office address, website, and email contact information remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=四、主要会计数据和财务指标) In H1 2025, revenue grew by 22.62%, net profit attributable to shareholders surged by 234.03%, and operating cash flow turned positive H1 2025 Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 406,070,646.24 | 331,171,343.73 | 22.62 | | Net Profit Attributable to Listed Company Shareholders | 35,375,692.19 | 10,590,610.75 | 234.03 | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Items | 31,079,673.50 | 6,781,522.47 | 358.30 | | Net Cash Flow from Operating Activities | 18,568,072.90 | -26,512,760.81 | 170.03 | | Basic EPS (RMB/share) | 0.0985 | 0.0297 | 231.65 | | Diluted EPS (RMB/share) | 0.0985 | 0.0297 | 231.65 | | Weighted Average ROE | 3.10% | 0.96% | Up 2.14 percentage points | | **Period-End Indicator** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End YoY Change (%)** | | Total Assets | 1,868,232,541.95 | 1,893,648,187.11 | -1.34 | | Net Assets Attributable to Listed Company Shareholders | 1,173,265,472.31 | 1,124,521,672.47 | 4.33 | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, the company reported no differences in net profit or net assets between domestic and overseas accounting standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) Non-recurring gains and losses totaled RMB 4,296,018.69, primarily from government grants, wealth management income, and asset disposals H1 2025 Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | 3,770.20 | Mainly gains from disposal of fixed assets and losses from scrapping | | Government grants recognized in current profit or loss | 4,411,586.33 | Mainly various government grants received and recognized in profit or loss during the reporting period | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 526,955.29 | Wealth management income during the reporting period | | Reversal of impairment provisions for individually impaired receivables | 380,400.00 | Recovered some individually impaired receivables during the reporting period | | Other non-operating income and expenses apart from the above | 37,936.60 | Mainly received liquidated damages and compensation | | Less: Income tax impact | 338,507.32 | | | Impact on minority interests (after tax) | 726,122.41 | | | **Total** | **4,296,018.69** | | - The company does not classify non-recurring gains and losses as recurring gains and losses[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides management's perspective on the company's operations, financial condition, and future outlook during the reporting period [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company specializes in R&D, manufacturing, and sales of high-end equipment for oil exploration, drilling, and refining, covering the entire oil and gas industry chain [Overview of Company's Main Business Activities During the Reporting Period](index=9&type=section&id=1、报告期内公司从事的主要业务情况) The company's core business involves high-end equipment for oil exploration, drilling, and refining, expanding into AI digital smart well sites and hydrogen energy through acquisitions and investments - The company's business covers the entire upstream and downstream oil and gas industry chain, with core product lines including **oil and gas drilling equipment, oil and gas exploration instruments, and petroleum product specification analysis instruments**[28](index=28&type=chunk) - The company enhanced its AI technology capabilities through the acquisition of Blue Ocean Smart, advancing its **AI digital smart well site strategy**[28](index=28&type=chunk) - The company invested in Hanqing Power to expand into **hydrogen energy products and technologies**, entering the new energy sector[28](index=28&type=chunk) [Industry Overview](index=9&type=section&id=2、公司所属行业情况说明) The company operates in the oil and gas equipment and services sector, influenced by fluctuating oil prices and China's energy security and digital transformation initiatives [International Oil Prices Fluctuated Widely, Central Price Under Short-Term Pressure](index=9&type=section&id=(1)%20国际油价宽幅波动，中枢价格短期承压) International crude oil prices experienced high volatility in H1 2025, with Brent crude fluctuating by 38.4%, and are expected to stabilize at USD 60-70/barrel in H2 - In H1 2025, the international crude oil market experienced high volatility, with Brent crude price fluctuations reaching **38.4%**[30](index=30&type=chunk) - Brent crude oil prices are expected to fluctuate within the **USD 60-70/barrel** range in H2[30](index=30&type=chunk) [Diversified Energy Security, Green and Smart Dual-Track Development](index=9&type=section&id=(2)%20能源安全多元保障，绿色智能双轨并行) In H1 2025, China's crude oil and natural gas production increased, with the industry focusing on energy security, green transition, and digital transformation - In H1 2025, crude oil output from industrial enterprises above designated size was **108 million tons**, a **1.3%** year-on-year increase; natural gas output was **130.8 billion cubic meters**, a **5.8%** year-on-year increase[31](index=31&type=chunk) - Three major development directions for the oil industry: strengthening **energy security** (deep, ultra-deep, shale oil and gas, deep-sea exploration), accelerating **green and low-carbon processes** (integrated wind, solar, storage, hydrogen), and deepening **full-chain digital transformation** (smart oil and gas fields, smart pipelines)[32](index=32&type=chunk) [International Majors Focus on Core Business, Capital Expenditure Remains Stable](index=10&type=section&id=(3)%20国际巨头聚焦主业，资本开支保持平稳) Global oil and gas investment is projected to remain stable in 2025, with international energy companies adopting a 'gradual synergy' strategy, balancing traditional and new energy investments - Global oil and gas investment in 2025 is expected to remain stable, with upstream total investment maintained at around **USD 570 billion**[33](index=33&type=chunk) - International major energy companies adopt a 'gradual synergy' strategy, strengthening upstream investment to ensure financial resilience and efficiently deploying new energy[33](index=33&type=chunk) - Natural gas's strategic position is strengthening, with IEA forecasting the global LNG market to experience its **largest-ever capacity expansion** from 2026-2028[34](index=34&type=chunk) - The company's sub-industry is 'Oil and Gas Equipment and Services', influenced by the prosperity of the oil and gas extraction industry and new energy development[29](index=29&type=chunk) - In H1 2025, the international crude oil market experienced high volatility, with Brent crude price fluctuations reaching **38.4%**, and are expected to stabilize at **USD 60-70/barrel** in H2[30](index=30&type=chunk) - Three major development directions for the oil industry: strengthening energy security, accelerating green and low-carbon processes, and deepening full-chain digital transformation[32](index=32&type=chunk) [Company's Industry Position](index=10&type=section&id=3、公司行业地位) As a key player in China's petrochemical equipment industry, the company offers full-chain oil and gas equipment and integrated engineering services, actively expanding into new energy and AI well site sectors - The company is a backbone enterprise in China's petrochemical equipment industry, specializing in **R&D, manufacturing, sales, and engineering technical services** for petroleum equipment[35](index=35&type=chunk) - The company is one of the few domestic providers with **full-chain oil and gas equipment supply capabilities** for exploration, drilling, and refining, offering integrated logging, well logging, and directional drilling engineering services[35](index=35&type=chunk) - The company actively expands into **new energy and data AI well site sectors**, achieving diversified business development[35](index=35&type=chunk) [Key Operating Performance in H1 2025](index=10&type=section&id=4、2025%20年上半年的主要经营情况) In H1 2025, the company achieved technological advancements in drilling equipment, expanded international markets for logging and MWD services, broke through extreme environment logging technology, and upgraded oil analysis instruments - Petroleum drilling and production equipment: Continuously increased R&D investment, driving technological breakthroughs and intelligent upgrades for core products like **large-bore BOP stacks, high-pressure BOP stacks, electronically controlled digital high-capacity shear BOP control systems, and ultra-high-pressure wellheads**, securing bulk orders in Africa, the Middle East, and offshore platforms[36](index=36&type=chunk) - Logging and MWD equipment and services: Focused on AI technology, applied for an 'AI-based oil and gas exploration service platform' and launched the **AI smart oil and gas well site central system project**, expanding into international markets such as Kuwait, Turkmenistan, and Iraq[37](index=37&type=chunk)[38](index=38&type=chunk) - Well logging instruments and services: Successfully broke through technical bottlenecks in extreme environments, independently developed a **'multi-functional oil and gas detection well logging system adaptable to extreme ultra-high temperature and pressure environments'**, and opened up the marine oil and gas sector[39](index=39&type=chunk) - Petroleum product specification analysis instruments: Accelerated deployment in high-value-added fields such as **aviation fuel and high-end lubricants**, completed iterative upgrades of full-chain automated oil product testing instruments, and independently developed products passed Sinopec and CNPC audits[40](index=40&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=二、核心竞争力分析) The company's core competencies remained unchanged during the reporting period, with details available in the 2024 annual report - During the reporting period, the company's core competencies did not undergo significant changes; details can be found in the **2024 Annual Report**[41](index=41&type=chunk) [Analysis of Main Business](index=11&type=section&id=三、主营业务分析) In H1 2025, operating revenue increased by 22.62%, driven by manufacturing and overseas sales, while financial expenses surged due to exchange losses H1 2025 Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 406,070,646.24 | 331,171,343.73 | 22.62 | | | Operating Cost | 256,455,830.82 | 216,209,905.31 | 18.61 | | | Selling Expenses | 25,433,891.78 | 26,065,483.77 | -2.42 | | | Administrative Expenses | 38,401,940.55 | 35,821,061.78 | 7.20 | | | Financial Expenses | 1,640,124.32 | 412,760.06 | 297.36 | Mainly due to higher exchange losses in the current period compared to the prior year | | Income Tax Expense | 3,781,310.53 | 4,804,645.27 | -21.30 | | | R&D Investment | 34,418,203.89 | 30,531,334.46 | 12.73 | | | Net Cash Flow from Operating Activities | 18,568,072.90 | -26,512,760.81 | 170.03 | Mainly due to increased recovery of deposits and cash received from sales in the current period compared to the prior year | | Net Cash Flow from Investing Activities | -25,298,600.97 | -2,110,123.01 | -1,098.92 | Mainly due to increased wealth management investments in the current period compared to the prior year | | Net Cash Flow from Financing Activities | 2,086,591.21 | 15,608,875.86 | -86.63 | Mainly due to increased repayment of bank loans in the current period compared to the prior year | H1 2025 Operating Revenue Composition | Category | Current Period Amount (RMB) | Share of Operating Revenue (%) | Prior Period Amount (RMB) | Share of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **406,070,646.24** | **100** | **331,171,343.73** | **100** | **22.62** | | **By Industry** | | | | | | | Manufacturing | 321,610,197.16 | 79.20 | 258,118,804.59 | 77.94 | 24.60 | | Other | 84,460,449.08 | 20.80 | 73,052,539.14 | 22.06 | 15.62 | | **By Product** | | | | | | | Oil Drilling and Production Equipment | 205,969,759.31 | 50.72 | 125,964,601.83 | 38.04 | 63.51 | | Logging and MWD Equipment and Services | 107,364,395.26 | 26.44 | 116,240,258.09 | 35.10 | -7.64 | | Well Logging Instruments and Services | 73,374,231.81 | 18.07 | 67,913,439.38 | 20.51 | 8.04 | | Petroleum Analysis Instruments | 16,908,428.15 | 4.16 | 17,918,778.46 | 5.41 | -5.64 | | Property Leasing and Management | 2,453,831.71 | 0.60 | 3,134,265.97 | 0.95 | -21.71 | | **By Region** | | | | | | | Domestic | 269,718,013.64 | 66.42 | 265,364,459.01 | 80.13 | 1.64 | | Overseas | 136,352,632.60 | 33.58 | 65,806,884.72 | 19.87 | 107.20 | H1 2025 Gross Profit Margin Changes for Products/Regions Accounting for Over 10% of Revenue or Profit | Category | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | | **By Industry** | | | | | Manufacturing | 24.61 | 18.37 | 3.01 | | Other | 1.78 | 7.73 | -4.99 | | **By Product** | | | | | Oil Drilling and Production Equipment | 55.80 | 39.18 | 7.93 | | Logging and MWD Equipment and Services | -7.67 | -5.40 | -1.70 | | Well Logging Instruments and Services | 6.02 | 3.39 | 1.14 | | Petroleum Analysis Instruments | 0.14 | -0.96 | 0.57 | | **By Region** | | | | | Domestic | -2.53 | -1.33 | -0.84 | | Overseas | 109.71 | 101.21 | 2.17 | [Analysis of Non-Core Business](index=13&type=section&id=四、非主营业务分析) Non-core operations impacted total profit, with investment income and government grants being sustainable, while asset impairment from credit loss provisions was non-recurring H1 2025 Non-Core Business Analysis | Item | Amount (RMB) | Share of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 391,790.52 | 0.84 | Wealth management income | Yes | | Asset Impairment | -4,150,427.26 | -8.93 | Credit impairment provisions made in the current period | No | | Non-Operating Income | 677,936.60 | 1.46 | Government grants recognized as non-operating income | Yes | | Other Income | 3,771,586.33 | 8.11 | Government grants recognized as other income | Yes | [Analysis of Assets and Liabilities](index=13&type=section&id=五、资产及负债状况分析) Total assets slightly decreased, while net assets attributable to shareholders increased, with changes in receivables, cash, inventory, and contract liabilities H1 2025 Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Share of Total Assets (%) | Prior Year-End Amount (RMB) | Share of Total Assets (%) | Weight Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 282,921,894.46 | 15.14 | 310,237,277.95 | 16.38 | -1.24 | | Accounts Receivable | 516,794,988.78 | 27.66 | 492,661,419.45 | 26.02 | 1.64 | | Inventory | 448,143,309.53 | 23.99 | 455,014,445.92 | 24.03 | -0.04 | | Trading Financial Assets | 36,787,986.57 | 1.97 | 18,084,348.57 | 0.96 | 1.01 | | Contract Liabilities | 33,790,198.04 | 1.81 | 63,847,348.85 | 3.37 | -1.56 | H1 2025 Asset Rights Restriction Status | Item | Period-End Amount (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 35,515,027.05 | 35,515,027.05 | Restricted use | Bills, guarantees, bid bonds | | Fixed Assets | 27,333,172.12 | 18,251,667.03 | Restricted use | Mortgage | | Intangible Assets | 10,305,000.00 | 8,948,175.00 | Restricted use | Mortgage | | Investment Properties | 37,698,744.81 | 33,166,989.66 | Restricted use | Mortgage | | Total | 110,851,943.98 | 95,881,858.74 | | | [Analysis of Investment Status](index=14&type=section&id=六、投资状况分析) Total investment increased by 110.81% due to higher wealth management investments, with no significant equity, non-equity, securities, or derivative investments H1 2025 Investment Amount Changes | Indicator | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 7,800,000.00 | 3,700,000.00 | 110.81 | - The company reported no securities investment, derivative investment, or use of raised funds during the reporting period[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Significant Asset and Equity Disposals](index=15&type=section&id=七、重大资产和股权出售) During the reporting period, the company did not engage in any significant asset or equity disposals - The company reported no significant asset disposals during the reporting period[62](index=62&type=chunk) - The company reported no significant equity disposals during the reporting period[63](index=63&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=八、主要控股参股公司分析) The company's key subsidiaries, including Shanghai Shenkai Petroleum Equipment and Hangzhou Fenghe Petroleum, significantly contribute to net profit through R&D, manufacturing, and services in oilfield equipment and instruments H1 2025 Financial Data of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Shenkai Petroleum Equipment Co Ltd | Subsidiary | R&D, production, and sales of oilfield measurement and control equipment, oil drilling well control equipment, oil production wellhead equipment, etc. Main products include integrated logging units, drilling instruments, MWD instruments, BOPs and BOP control devices, Christmas trees, kill and choke manifolds, etc. | 337,390,000.00 | 720,191,719.11 | 431,548,784.79 | 204,401,784.12 | 29,840,381.34 | 30,315,773.73 | | Shanghai Shenkai Petroleum Technology Co Ltd | Subsidiary | R&D, production, and sales of petroleum exploration instruments and accessories. Main products include integrated logging units, drilling instruments, and provision of engineering technical services such as integrated logging and directional drilling. | 113,000,000.00 | 392,825,746.87 | 195,475,198.32 | 114,689,262.07 | 13,629,547.52 | 12,478,288.73 | | Hangzhou Fenghe Petroleum Technology Co Ltd | Subsidiary | Manufacturing, processing: petroleum logging instruments (excluding metering). Services: technical development, technical services, technical consulting, technology transfer for petroleum logging technology, instrument and equipment leasing (excluding disassembly and assembly): wholesale, retail: petroleum logging instruments and accessories: import and export of goods, import and export of technology | 60,000,000.00 | 365,633,620.30 | 201,531,036.29 | 75,695,337.30 | 12,148,544.43 | 11,563,268.54 | - During the reporting period, the company did not acquire or dispose of any subsidiaries[66](index=66&type=chunk) [Information on Structured Entities Controlled by the Company](index=17&type=section&id=九、公司控制的结构化主体情况) During the reporting period, the company did not control any structured entities - The company reported no controlled structured entities during the reporting period[66](index=66&type=chunk) [Company Risks and Countermeasures](index=17&type=section&id=十、公司面临的风险和应对措施) The company faces industry cyclicality, exchange rate, and force majeure risks, which it manages through market monitoring, hedging tools, and risk awareness - The company's oil equipment manufacturing and oilfield services industry is highly dependent on oil and gas exploration and development expenditures, facing **cyclical industry risks** due to oil and gas price fluctuations and economic cycles[66](index=66&type=chunk) - As the proportion of overseas business revenue increases, the company faces **exchange rate risks** from RMB fluctuations, actively managing them by regularly tracking market and policies and utilizing exchange rate management tools[67](index=67&type=chunk) - With a wide customer base, the company may face **force majeure risks** such as geopolitical events, natural disasters, military conflicts, and trade frictions; it will strengthen risk awareness and use hedging tools like Sinosure and bank guarantees[68](index=68&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has implemented a market value management system to protect investor interests but has not disclosed a valuation enhancement plan - The company has formulated and disclosed its **'Market Value Management System'** on **April 26, 2025**[69](index=69&type=chunk) - The company has not disclosed a valuation enhancement plan[69](index=69&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=17&type=section&id=十二、“质量回报双提升”行动方案贯彻落实情况) The company actively implemented its 'Quality and Return Dual Enhancement' plan, achieving revenue and profit growth, increasing R&D, strategically acquiring Blue Ocean Smart, and distributing cash dividends - The company disclosed its **'Quality and Return Dual Enhancement' action plan**, with key measures including strengthening core businesses, driving technological innovation, implementing strategic investment plans, prioritizing investors, conducting share buybacks, ensuring compliant operations, and improving information disclosure[71](index=71&type=chunk) - During the reporting period, the company actively implemented the action plan, achieving **dual growth in main business revenue and profit**, and continuously advancing in 'deep earth engineering', 'marine equipment', 'smart well sites', and 'scientific instruments'[72](index=72&type=chunk) - The company strategically acquired Blue Ocean Smart, building a **smart well site solution centered on 'logging, testing, MWD, drilling + AI hub'**, and implemented a **cash dividend of RMB 18.1245 million** for 2024[72](index=72&type=chunk) [Corporate Governance, Environment, and Society](index=18&type=section&id=

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, while also cautioning investors about risks such as macroeconomic fluctuations, market competition, customer concentration, and gross margin volatility, with no plans for cash dividends, bonus shares, or capital reserve conversions for this half-year period - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the report content[5](index=5&type=chunk) - Forward-looking statements regarding future plans in the report do not constitute substantive commitments, and investors are advised to be aware of investment risks[5](index=5&type=chunk) - The company faces risks from macroeconomic fluctuations and cyclical downstream industries, market competition, customer concentration, and gross margin volatility[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Directory of Reference Documents](index=4&type=section&id=Directory%20of%20Reference%20Documents) Reference documents for this reporting period include financial statements signed and sealed by the company's负责人, chief accountant, and head of accounting department, original copies of all company documents and announcements publicly disclosed on the CSRC-designated website and newspapers during the reporting period, and the original semi-annual report text signed by the legal representative - Reference documents include signed and sealed financial statements, original copies of publicly disclosed company documents and announcements, and the original report text signed by the legal representative[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, covering major subsidiaries, investment company names, the reporting period, and detailed explanations of core products like tinplate, printed tin, three-piece cans, two-piece cans, easy-open ends, aseptic paper packaging, and BC cans, as well as business areas such as soft drinks - The reporting period refers to January 1, 2025, to June 30, 2025, and the prior year's corresponding period refers to January 1, 2024, to June 30, 2024[13](index=13&type=chunk) - Key products include tinplate, printed tin, three-piece cans, two-piece cans, easy-open ends, easy-open cans, aseptic paper packaging, and various new metal cans such as BC cans, ABC cans, TBC cans, and SBC cans[13](index=13&type=chunk) - Soft drinks are defined as naturally or artificially prepared beverages with an alcohol content below **0.5%** (by mass)[13](index=13&type=chunk) Part II Company Profile and Key Financial Indicators [Company Basic Information](index=6&type=section&id=Company%20Basic%20Information) Jiamei Food Packaging (Chuzhou) Co., Ltd., trading as Jiamei Packaging with stock code 002969, is listed on the Shenzhen Stock Exchange, with Chen Min as legal representative and Chen Qiang as board secretary, maintaining unchanged contact and disclosure information at its registered and office address in Chuzhou, Anhui Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jiamei Packaging | | Stock Code | 002969 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Jiamei Food Packaging (Chuzhou) Co., Ltd. | | Legal Representative | Chen Min | | Board Secretary | Chen Qiang | | Securities Affairs Representative | Xu Yanling | | Contact Address | No. 189 Wuhu East Road, Chuzhou, Anhui Province | - The company's registered address, office address, website, email, information disclosure, and archiving locations remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by **8.73%** to **CNY 1.257 billion**, net profit attributable to shareholders plummeted by **65.59%** to **CNY 19.74 million**, and non-recurring net profit fell by **71.81%**, while net cash flow from operating activities decreased by **43.01%**, with total assets and net assets attributable to shareholders slightly declining 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,256,603,455.81 | 1,376,829,613.82 | -8.73% | | Net Profit Attributable to Shareholders | 19,741,563.74 | 57,369,095.05 | -65.59% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | 16,257,294.52 | 57,674,735.19 | -71.81% | | Net Cash Flow from Operating Activities | 206,154,902.47 | 361,709,070.98 | -43.01% | | Basic Earnings Per Share | 0.0207 | 0.0598 | -65.38% | | Diluted Earnings Per Share | 0.0207 | 0.0598 | -65.38% | | Weighted Average Return on Net Assets | 0.81% | 2.43% | -1.62% | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 4,359,033,979.55 | 4,489,680,655.19 | -2.91% | | Net Assets Attributable to Shareholders | 2,421,938,942.01 | 2,436,509,032.31 | -0.60% | - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[23](index=23&type=chunk)[24](index=24&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 3.4843 million**, primarily comprising government grants of **CNY 6.0436 million** recognized in current profit or loss, non-current asset disposal losses of **CNY 0.743 million**, and other non-operating income and expenses of **CNY 0.6549 million**, after deducting an income tax impact of **CNY 1.1614 million** 2025 Semi-Annual Non-recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -742,992.53 | | Government Grants Recognized in Current Profit or Loss | 6,043,586.93 | | Other Non-operating Income and Expenses Apart from the Above | -654,916.04 | | Less: Income Tax Impact | 1,161,409.14 | | Total | 3,484,269.22 | - The company does not classify non-recurring gains and losses as recurring gains and losses[27](index=27&type=chunk) Part III Management Discussion and Analysis [Principal Business and Industry Position](index=9&type=section&id=Principal%20Business%20and%20Industry%20Position) The company specializes in R&D, design, production, and sales of food and beverage packaging containers, including three-piece cans, two-piece cans, and aseptic paper packaging, along with beverage filling services, holding a leading market share in the metal packaging industry, particularly in three-piece cans, aiming to build a "full-产业链的中国饮料服务平台" (full-产业链的中国饮料服务平台) - China's metal packaging industry is fragmented, with market concentration expected to increase, as domestic leading enterprises become major suppliers due to scale and cost advantages[29](index=29&type=chunk) - The soft drink and beer industries have entered a mature phase, leading to slow growth in the metal beverage packaging industry, with three-piece cans primarily used for dairy-based and plant-protein soft drinks[30](index=30&type=chunk) - The company holds a leading market share in food and beverage metal cans, with a prominent share in three-piece cans, aiming to become a "full-产业链的中国饮料服务平台" (full-产业链的中国饮料服务 platform)[31](index=31&type=chunk) - The company's main products include three-piece cans, two-piece cans, and aseptic paper packaging, offering various beverage filling services to key clients such as Yangyuan Drinks, Wanglaoji, and Yinlu Group[34](index=34&type=chunk) - The company operates with a "hierarchical control, centralized procurement, decentralized execution" purchasing model, a "customer-centric" market layout, a "production-to-order" manufacturing model, and a "direct sales" model primarily targeting end customers[36](index=36&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=Core%20Competitiveness%20Analysis) The company's core strengths lie in its leading filling service capabilities, industry-leading scale, stable customer base, comprehensive business layout, robust quality control, and strong integrated service offerings, providing one-stop packaging and filling solutions while maintaining long-term partnerships with renowned clients and optimizing costs through a "co-location" production model - The company possesses large-scale, multi-regional, and multi-variety beverage filling service capabilities, offering integrated services from formula R&D to packaging materials and filling[38](index=38&type=chunk) - The company is one of the largest metal easy-open can manufacturers in China, with production scale and market share ranking among the top in the food and beverage can industry[39](index=39&type=chunk) - The company has established stable cooperative relationships with renowned domestic food and beverage brands such as Yangyuan Drinks, Wanglaoji, Yinlu Group, and Dali Group[40](index=40&type=chunk) - The company has established production bases in over ten locations including Anhui, Henan, Sichuan, and Fujian, forming a nationwide networked supply structure and adopting a "co-location model" to be closer to customers[41](index=41&type=chunk) - The company possesses robust quality control capabilities, covering production process control and product quality testing, strictly adhering to food supply chain safety management principles[42](index=42&type=chunk)[43](index=43&type=chunk) - The company provides one-stop food and beverage packaging container and filling solutions with a comprehensive product line, being one of the few enterprises simultaneously possessing production capabilities for three-piece cans, two-piece cans, aseptic paper packaging, and filling solutions[44](index=44&type=chunk)[45](index=45&type=chunk) [Analysis of Principal Business](index=12&type=section&id=Analysis%20of%20Principal%20Business) During the reporting period, the company's principal business revenue decreased by **8.73%**, with metal packaging revenue down **11.00%** and filling revenue down **1.38%**, specifically, three-piece can revenue decreased by **19.10%** while two-piece can revenue increased by **24.00%**, and although revenue in the South China region grew by **68.92%**, the Central, North, and Southwest China regions experienced declines, with no significant changes in the company's profit composition or sources Major Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,256,603,455.81 | 1,376,829,613.82 | -8.73% | | | Net Profit Attributable to Shareholders | 19,741,563.74 | 57,369,095.05 | -65.59% | | | Net Cash Flow from Operating Activities | 206,154,902.47 | 361,709,070.98 | -43.01% | Increase in cash paid for goods and services | | Income Tax Expense | 8,063,434.65 | 17,956,080.61 | -55.09% | Due to decrease in total profit | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (CNY) | Proportion of Operating Revenue | Prior Year Period Amount (CNY) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Metal Packaging | 957,543,183.65 | 76.20% | 1,075,888,032.15 | 78.14% | -11.00% | | | Filling | 168,159,278.23 | 13.38% | 170,508,955.80 | 12.38% | -1.38% | | **By Product** | Three-piece Cans | 706,688,523.25 | 56.24% | 873,582,264.47 | 63.45% | -19.10% | | | Two-piece Cans | 250,854,660.40 | 19.96% | 202,305,767.68 | 14.69% | 24.00% | | **By Region** | Central China | 284,101,878.71 | 22.61% | 371,796,917.45 | 27.00% | -23.59% | | | East China | 537,141,909.78 | 42.75% | 528,120,954.58 | 38.36% | 1.71% | | | South China | 167,774,007.22 | 13.35% | 99,320,228.45 | 7.21% | 68.92% | - The company's profit composition or sources did not undergo significant changes during the reporting period[48](index=48&type=chunk) [Analysis of Non-Principal Business](index=14&type=section&id=Analysis%20of%20Non-Principal%20Business) During the reporting period, non-principal business activities impacted total profit, with credit impairment losses contributing **22.53%** and other income (primarily government grants and awards) contributing **29.23%**, while asset impairment and non-operating expenses had negative impacts of **-8.08%** and **7.35%** respectively, noting that these non-principal business items are mostly unsustainable Impact of Non-Principal Business on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Asset Impairment | -2,247,947.08 | -8.08% | Mainly inventory depreciation provision | No | | Non-operating Income | 216,512.59 | 0.78% | Mainly compensation income and others | No | | Non-operating Expenses | 2,043,581.68 | 7.35% | Mainly losses from disposal of non-current assets | No | | Credit Impairment Losses | 6,263,968.08 | 22.53% | Mainly bad debt provision for receivables | No | | Gains on Asset Disposal | 429,160.52 | 1.54% | Mainly gains on disposal of non-current assets | No | | Other Income | 8,127,803.07 | 29.23% | Mainly government grants and awards | No | [Analysis of Assets and Liabilities](index=14&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased, with a lower proportion of monetary funds and accounts receivable but an increased share of inventory and construction in progress, while on the liability side, short-term borrowings significantly decreased and contract liabilities increased, with no major changes in asset measurement attributes or significant overseas assets, and **CNY 733 million** in restricted assets primarily for bank acceptance bill deposits and mortgage guarantees Significant Changes in Asset Composition | Item | Amount at End of Current Period (CNY) | Proportion of Total Assets | Amount at Prior Year-End (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 454,025,298.98 | 10.42% | 513,134,336.76 | 11.43% | -1.01% | | Accounts Receivable | 366,497,360.29 | 8.41% | 516,360,273.54 | 11.50% | -3.09% | | Inventories | 448,950,196.06 | 10.30% | 418,219,066.47 | 9.32% | 0.98% | | Fixed Assets | 2,097,149,978.48 | 48.11% | 2,162,384,571.23 | 48.16% | -0.05% | | Construction in Progress | 186,920,669.24 | 4.29% | 136,705,743.55 | 3.04% | 1.25% | | Short-term Borrowings | 72,164,372.37 | 1.66% | 221,385,793.42 | 4.93% | -3.27% | | Contract Liabilities | 21,370,414.54 | 0.49% | 17,063,981.78 | 0.38% | 0.11% | - The company had no major overseas assets during the reporting period, and the measurement attributes of its principal assets did not undergo significant changes[57](index=57&type=chunk)[59](index=59&type=chunk) Restricted Asset Rights as of the End of the Reporting Period | Item | Amount at Period-End (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 253,936,535.82 | Bank acceptance bill deposits, letter of credit deposits, etc. | | Fixed Assets | 379,758,910.51 | Mortgage guarantee | | Intangible Assets | 99,107,261.74 | Mortgage guarantee | | Total | 732,802,708.07 | | [Analysis of Investment Status](index=15&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to **CNY 25 million**, an **84.66%** increase year-on-year, with no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds Investment Amount Changes | Indicator | Investment Amount in Current Period (CNY) | Investment Amount in Prior Year Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 25,000,000.00 | 3,835,420.76 | 84.66% | - During the reporting period, the company had no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries, including Jianyang Jiamei Printed Iron Can Co., Ltd., Linying Jiamei Printed Iron Can Co., Ltd., and Guangxi Beihai Jinmeng Can Manufacturing Co., Ltd., significantly contributed to net profit through their can manufacturing businesses, with no acquisitions or disposals of subsidiaries during the reporting period Major Subsidiary Financial Data | Company Name | Company Type | Principal Business | Registered Capital | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jianyang Jiamei Printed Iron Can Co., Ltd. | Subsidiary | Can Manufacturing | CNY 180 million | 304,307,593.94 | 183,447,593.98 | 173,201,371.79 | 27,202,895.32 | 20,331,540.08 | | Linying Jiamei Printed Iron Can Co., Ltd. | Subsidiary | Can Manufacturing | CNY 62.58 million | 276,046,285.50 | 217,981,555.39 | 111,925,551.13 | 13,924,256.80 | 10,375,519.82 | | Guangxi Beihai Jinmeng Can Manufacturing Co., Ltd. | Subsidiary | Can Manufacturing | CNY 180 million | 359,422,076.34 | 200,143,990.87 | 168,614,425.86 | 8,988,734.09 | 6,684,090.56 | - During the reporting period, the company neither acquired nor disposed of any subsidiaries[67](index=67&type=chunk) [Risks and Countermeasures](index=17&type=section&id=Risks%20and%20Countermeasures) The company faces risks from macroeconomic fluctuations, intensifying market competition, high customer concentration, and gross margin volatility, which it addresses by consolidating existing clients, developing potential ones, strengthening R&D and innovation, improving talent and compensation systems, and expanding capital market financing channels, having significantly reduced reliance on its largest customer and actively pursuing new markets and business models to achieve its "full-产业链的中国饮料服务平台" (full-产业链的中国饮料服务 platform) strategic goal - The company faces risks from macroeconomic fluctuations and cyclical downstream industries, market competition, customer concentration, and gross margin volatility[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - The company employs marketing strategies of "deep engagement with corporate clients and providing professional services" to consolidate existing customer bases, develop potential ones, and closely follow the regional expansion plans of existing major brand clients[73](index=73&type=chunk) - The company actively expands into new markets, such as exporting three-piece tinplate beer cans and two-piece aluminum cans to Vietnam, and promotes OEM, ODM, OBM, and OCM collaborations to build a "full-产业链的中国饮料服务平台" (full-产业链的中国饮料服务 platform)[74](index=74&type=chunk) - In the first half of 2025, despite a decline in performance, the company's business and customer structure adjustments yielded significant results, with a notable reduction in the proportion of its largest customer and the risk of over-reliance on a single major client[74](index=74&type=chunk)[75](index=75&type=chunk) - The company will increase R&D investment and talent acquisition, optimize process conditions, accelerate industrial production R&D for new packaging container applicability, and continuously improve its talent development and compensation assessment system[76](index=76&type=chunk)[77](index=77&type=chunk) - The company will, based on business development plans and project construction, timely utilize direct and indirect financing methods to raise funds and supplement its development capital[78](index=78&type=chunk) Part IV Corporate Governance, Environment, and Social Responsibility [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[81](index=81&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital](index=20&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[82](index=82&type=chunk) [Implementation of Equity Incentive Plan](index=20&type=section&id=Implementation%20of%20Equity%20Incentive%20Plan) The company continued to implement its 2020 Restricted Stock Incentive Plan, completing the repurchase and cancellation of **3.59 million** restricted shares held by **199** incentive recipients due to unmet company performance targets and the departure of some recipients, with no employee stock ownership plans or other employee incentive measures implemented during the reporting period - On February 13, 2025, the company completed the repurchase and cancellation of **3,590,000** restricted shares held by **199** incentive recipients that had been granted but not yet unlocked[86](index=86&type=chunk) - The repurchase and cancellation were due to the incentive plan not meeting the company-level performance targets for the third unlocking period of both the initial and reserved grants, and some incentive recipients no longer qualifying due to resignation[86](index=86&type=chunk) - The company did not implement any employee stock ownership plans or other employee incentive measures during the reporting period[87](index=87&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=Environmental%20Information%20Disclosure) The company and its five major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with corresponding environmental information disclosure report query indexes provided - The listed company and its **5** major subsidiaries are included in the list of enterprises required to disclose environmental information by law[87](index=87&type=chunk) Enterprises Included in the List of Legally Required Environmental Information Disclosure | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Jiamei Food Packaging (Chuzhou) Co., Ltd. | https://39.145.37.16:8081/zhhb/yfplpub_html//companyList | | 2 | Linying Jiamei Printed Iron Can Co., Ltd. | http://222.143.24.250:8247/enpList/enpNameList | | 3 | Henan Huaguan Yangyuan Beverage Co., Ltd. | http://222.143.24.250:8247/enpList/enpNameList | | 4 | Chuzhou Huaguan Beverage Co., Ltd. | https://39.145.37.16:8081/zhhb/yfplpub_html//companyList | | 5 | Jianyang Jiamei Printed Iron Can Co., Ltd. | https://103.203.219.138:8082/eps/list | [Social Responsibility](index=22&type=section&id=Social%20Responsibility) During the reporting period, the company had no other social responsibility matters requiring disclosure - The company had no social responsibility matters requiring disclosure during the reporting period[88](index=88&type=chunk) Part V Significant Matters [Fulfillment of Commitments](index=23&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, there were no commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue and unfulfilled as of the end of the reporting period - During the reporting period, there were no commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue and unfulfilled as of the end of the reporting period[90](index=90&type=chunk) [Related Party Fund Occupation](index=23&type=section&id=Related%20Party%20Fund%20Occupation) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[91](index=91&type=chunk) [Irregular External Guarantees](index=23&type=section&id=Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[92](index=92&type=chunk) [Appointment of Accounting Firm](index=23&type=section&id=Appointment%20of%20Accounting%20Firm) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[93](index=93&type=chunk) [Litigation Matters](index=23&type=section&id=Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters, with other lawsuits as plaintiff totaling **CNY 9.6783 million** (some ongoing, some concluded with no major impact) and as defendant totaling **CNY 1.1533 million** (some ongoing, some fulfilled with no major impact) - The company had no significant litigation or arbitration matters during this reporting period[95](index=95&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Other lawsuits where the company and its subsidiaries are plaintiffs, not meeting the disclosure threshold for significant litigation (arbitration) | 967.83 | No | Partially under trial; partially judgment effective | No significant impact | Partially not judged, partially executed, some defendants in bankruptcy proceedings | | Other lawsuits where the company and its subsidiaries are defendants, not meeting the disclosure threshold for significant litigation (arbitration) | 115.33 | No | Partially under trial; partially judgment effective | No significant impact | Partially not judged, partially fulfilled | [Penalties and Rectifications](index=24&type=section&id=Penalties%20and%20Rectifications) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[97](index=97&type=chunk) [Significant Related Party Transactions](index=24&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, nor did it conduct deposit, loan, credit, or other financial business with affiliated financial companies - During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - There were no deposit, loan, credit, or other financial business transactions between the company and affiliated financial companies or related parties[102](index=102&type=chunk)[103](index=103&type=chunk) - The company had no other significant related party transactions during the reporting period[104](index=104&type=chunk) [Significant Contracts and Their Performance](index=25&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, leasing, entrusted wealth management, or other significant contracts, but it did have significant guarantees for subsidiaries, with approved guarantee quotas totaling **CNY 365 million** and actual guarantees totaling **CNY 360 million** at period-end, representing **17.61%** of net assets - The company had no entrustment, contracting, or leasing matters during the reporting period[105](index=105&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Disclosure Date of Guarantee Quota Announcement | Guarantee Quota (CNY 10,000) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Whether Fulfilled | Whether Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Guanguai Metal Packaging Co., Ltd. | February 18, 2025 | 3,000 | March 11, 2025 | 3,000 | Joint and several liability guarantee for principal debt | No | No | | Guangxi Beihai Jinmeng Can Manufacturing Co., Ltd. | April 26, 2025 | 10,000 | February 17, 2025 | 10,000 | Joint and several liability guarantee for principal debt | No | No | | Total approved guarantee quota for subsidiaries during the reporting period (B1) | | 36,500 | | | | | | | Total actual guarantee amount for subsidiaries during the reporting period (B2) | | 36,000 | | | | | | | Total approved guarantee quota for subsidiaries at the end of the reporting period (B3) | | 36,500 | | | | | | | Total actual guarantee balance for subsidiaries at the end of the reporting period (B4) | | 36,000 | | | | | | - The company's total guarantee amount (i.e., A4+B4+C4) accounts for **17.61%** of its net assets[110](index=110&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[111](index=111&type=chunk)[112](index=112&type=chunk) Part VI Share Changes and Shareholder Information [Share Changes](index=29&type=section&id=Share%20Changes) During the reporting period, the company's total share capital decreased from **959,041,290** shares to **955,451,290** shares, primarily due to the repurchase and cancellation of **3.59 million** restricted shares because the equity incentive plan did not meet performance targets and some incentive recipients resigned, while the company also cumulatively repurchased **7.081 million** shares through centralized bidding for convertible bond conversion Share Changes | Type of Change | Number of Shares Before Change | Proportion Before Change | Increase/Decrease in This Change (+, -) | Number of Shares After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 9,265,466 | 0.96% | -3,590,000 | 5,675,466 | 0.59% | | II. Unrestricted Shares | 949,775,824 | 99.03% | 0 | 949,775,824 | 99.41% | | III. Total Shares | 959,041,290 | 100.00% | -3,590,000 | 955,451,290 | 100.00% | - The main reason for the share change was the company's repurchase and cancellation of **3,590,000** restricted shares due to the equity incentive plan not meeting performance targets and the departure of some incentive recipients[118](index=118&type=chunk) - The company completed the repurchase and cancellation procedures for **3,590,000** restricted shares on February 13, 2025[120](index=120&type=chunk) - As of the end of the reporting period, the company had cumulatively repurchased **7,081,000** shares through centralized bidding, accounting for **0.74%** of the total share capital, with a transaction amount of **CNY 23,604,349**, intended for convertible bond conversion[121](index=121&type=chunk)[123](index=123&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period-Beginning (shares) | Restricted Shares Unlocked in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at Period-End (shares) | Reason for Restriction | Unlock Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 Restricted Stock Incentive Recipients | 3,590,000 | -3,590,000 | 0 | 0 | Equity incentive restricted shares | Repurchase and cancellation completed on February 13, 2025 | [Shareholder Numbers and Shareholding](index=31&type=section&id=Shareholder%20Numbers%20and%20Shareholding) At the end of the reporting period, the company had **30,287** common shareholders, with China Food Packaging Co., Ltd. as the largest shareholder holding **44.75%**, and Fuxin Investment Co., Ltd. holding **10.71%**, both belonging to China Orient Asset Management Co., Ltd., while the company's dedicated share repurchase account held **7.081 million** shares, representing **0.74%** of the total share capital - The total number of common shareholders at the end of the reporting period was **30,287**[127](index=127&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Change in Shares During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Food Packaging Co., Ltd. | Overseas Legal Person | 44.75% | 427,547,807 | 0 | 427,547,807 | | Fuxin Investment Co., Ltd. | Overseas Legal Person | 10.71% | 102,323,593 | -6,603,000 | 102,323,593 | | Zhongkai Investment Development Co., Ltd. | Overseas Legal Person | 2.44% | 23,279,120 | -2,880,239 | 23,279,120 | | Jiamei Food Packaging (Chuzhou) Co., Ltd. Repurchase Special Securities Account | Other | 0.74% | 7,081,000 | 7,081,000 | 7,081,000 | - Fuxin Investment Co., Ltd. and Zhongkai Investment Development Co., Ltd. both belong to China Orient Asset Management Co., Ltd.[128](index=128&type=chunk) - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[129](index=129&type=chunk) [Changes in Holdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=Changes%20in%20Holdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[130](index=130&type=chunk) [Changes in Controlling Shareholder and Actual Controller](index=33&type=section&id=Changes%20in%20Controlling%20Shareholder%20and%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[131](index=131&type=chunk) - The company's actual controller did not change during the reporting period[131](index=131&type=chunk) Part VII Bond-Related Information [Convertible Corporate Bonds](index=34&type=section&id=Convertible%20Corporate%20Bonds) On August 9, 2021, the company publicly issued **CNY 750 million** in convertible corporate bonds (Jiamei Convertible Bonds) with a 6-year term, and as of the end of the reporting period, there were **9,834** bondholders with no guarantors, with the convertible bonds decreasing by **CNY 2,000** due to put options during the period, and a cumulative conversion of **44,055** shares at a price of **CNY 4.57** per share after multiple adjustments, while the company's main credit rating is AA with a negative outlook - On August 9, 2021, the company publicly issued **CNY 750 million** in convertible corporate bonds, abbreviated as "Jiamei Convertible Bonds," with a 6-year term[137](index=137&type=chunk) Convertible Bond Basic Information | Indicator | Content | | :--- | :--- | | Name of Convertible Corporate Bonds | Jiamei Food Packaging (Chuzhou) Co., Ltd. 2021 Publicly Issued Convertible Corporate Bonds | | Number of Convertible Bondholders at Period-End | 9,834 | | Guarantor of the Company's Convertible Bonds | None | | Significant Changes in Guarantor's Profitability, Asset Status, and Credit Status | Not Applicable | Convertible Bond Changes During Reporting Period | Name of Convertible Corporate Bonds | Before This Change (CNY) | Increase/Decrease in This Change (CNY) | After This Change (CNY) | | :--- | :--- | :--- | :--- | | Jiamei Food Packaging (Chuzhou) Co., Ltd. 2021 Publicly Issued Convertible Corporate Bonds | 749,778,900.00 | -2,000.00 (Put Option) | 749,776,900.00 | - As of June 30, 2025, convertible corporate bonds cumulatively converted into **44,055** shares, with **0** shares converted in the current period; a total of **91** convertible bonds were put back, with **20** put back in the current period[143](index=143&type=chunk)[146](index=146&type=chunk) - Jiamei Packaging's corporate credit rating is **AA**, Jiamei Convertible Bonds' credit rating is **AA**, and the rating outlook is negative[148](index=148&type=chunk) [Key Accounting Data and Financial Indicators for the Past Two Years](index=36&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years) At the end of the reporting period, the company's current ratio and asset-liability ratio improved, while the quick ratio slightly decreased, with net profit excluding non-recurring items plummeting by **71.81%** year-on-year, and significant declines in EBITDA to total debt ratio, interest coverage ratio, and cash interest coverage ratio, though loan repayment rate and interest payment rate remained at **100%** Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Period | End of Prior Year | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 1.50 | 1.42 | 5.63% | | Asset-Liability Ratio | 44.44% | 45.73% | -1.29% | | Quick Ratio | 1.07 | 1.08 | -0.93% | | Item | Current Period | Prior Year Period | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Net Profit Excluding Non-recurring Items | CNY 16.2573 million | CNY 57.6747 million | -71.81% | | EBITDA to Total Debt Ratio | 11.84% | 16.58% | -4.74% | | Interest Coverage Ratio | 2.04 | 3.85 | -47.01% | | Cash Interest Coverage Ratio | 84.76 | 142.30 | -40.44% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Part VIII Financial Report [Audit Report](index=37&type=section&id=Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[152](index=152&type=chunk) [Financial Statements](index=37&type=section&id=Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows at the end of the reporting period, with all unaudited data presented in Chinese Yuan - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[153](index=153&type=chunk)[157](index=157&type=chunk)[161](index=161&type=chunk)[165](index=165&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk)[174](index=174&type=chunk)[180](index=180&type=chunk) - The financial statements are unaudited, and the unit for statements in the financial notes is yuan[152](index=152&type=chunk)[153](index=153&type=chunk) [Company Profile](index=54&type=section&id=Company%20Profile) Jiamei Food Packaging (Chuzhou) Co., Ltd., listed on the Shenzhen Stock Exchange on December 2, 2019, with its headquarters in Chuzhou, Anhui, primarily engages in the R&D, design, production, and sales of food and beverage packaging containers and provides beverage filling services, operating within the metal products industry, with these financial statements approved by the board of directors on August 27, 2025 - Jiamei Food Packaging (Chuzhou) Co., Ltd. was listed on the Shenzhen Stock Exchange on December 2, 2019[186](index=186&type=chunk) - The company's principal business is the R&D, design, production, and sales of food and beverage packaging containers, and providing beverage filling services, belonging to the metal products industry[187](index=187&type=chunk) - These financial statements were approved for issuance by the company's board of directors on August 27, 2025[187](index=187&type=chunk) [Basis of Financial Statement Preparation](index=54&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with the accounting standards issued by the Ministry of Finance, with the board of directors confident in the company's sufficient operating funds to continue operations for at least 12 months from the approval date of these financial statements - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the "Basic Standards for Business Accounting Standards" and specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[188](index=188&type=chunk) - The board of directors believes the company has sufficient working capital and will be able to continue operations for a foreseeable period of not less than **12 months** from the approval date of these financial statements[189](index=189&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering areas such as financial instruments, receivables, inventory, fixed assets, revenue recognition, and government grants, with accounting policy changes made in accordance with Interpretations No. 17 and No. 18 of the Enterprise Accounting Standards, which did not materially impact financial position or operating results - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[191](index=191&type=chunk) - The company made accounting policy changes in accordance with Interpretations No. 17 and No. 18 of the Enterprise Accounting Standards, but these did not have a significant impact on the company's financial position and operating results[309](index=309&type=chunk)[310](index=310&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk) - The company has established specific accounting policies and estimates for transactions and matters such as revenue recognition, financial instruments, and bad debt provisions for receivables[190](index=190&type=chunk) [Financial Instruments](index=59&type=section&id=Financial%20Instruments) The company classifies financial assets into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, with detailed initial and subsequent measurement methods, while financial liabilities are classified as at fair value through profit or loss or other financial liabilities, and the company defines recognition criteria for financial asset transfers, offsetting principles for financial assets and liabilities, and impairment provision methods for financial instruments primarily based on the expected credit loss model - The company classifies financial assets into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[211](index=211&type=chunk) - Financial liabilities are classified at initial recognition as financial liabilities measured at fair value through profit or loss or other financial liabilities[219](index=219&type=chunk) - The company recognizes impairment provisions for financial assets measured at amortized cost and debt instrument investments measured at fair value through other comprehensive income, based on expected credit losses[226](index=226&type=chunk) [Notes Receivable and Other Receivables](index=61&type=section&id=Notes%20Receivable%20and%20Other%20Receivables) The company's receivables primarily include notes receivable, accounts receivable, financing for receivables, other receivables, contract assets, debt investments, other debt investments, and long-term receivables, with loss provisions for sales-related receivables measured at the amount of expected credit losses over their entire lifetime, while other receivables are categorized into three stages based on significant increases in credit risk and assessed in different portfolios based on common risk characteristics - The company's receivables primarily include notes receivable, accounts receivable, financing for receivables, other receivables, contract assets, debt investments, other debt investments, and long-term receivables[228](index=228&type=chunk) - For receivables arising from the sale of products or provision of services, the company measures loss provisions at the amount of expected credit losses over their entire lifetime[229](index=229&type=chunk) Provision Rate for Receivables (by Aging) | Aging | Provision Rate for Accounts Receivable (%) | Provision Rate for Other Receivables (%) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 5 | 5 | | 1-2 years | 30 | 30 | | 2-3 years | 50 | 50 | | Over 3 years | 100 | 100 | [Revenue Recognition and Measurement](index=72&type=section&id=Revenue%20Recognition%20and%20Measurement) The company recognizes revenue when it satisfies a performance obligation, meaning the customer obtains control of the related goods or services, with domestic sales recognized upon customer receipt and foreign sales upon product customs clearance and departure, while processing (filling) revenue is recognized based on the quantity of finished goods confirmed by the customer upon warehousing, and the company adjusts transaction prices based on variable consideration and consideration payable to customers, also determining whether it is a principal or an agent - 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, at the transaction price allocated to that performance obligation[288](index=288&type=chunk) - Sales revenue: domestic sales are recognized upon customer receipt, while export sales are recognized when the product completes customs clearance and departs offshore[290](index=290&type=chunk) - Processing (filling) revenue: after processing is complete, revenue is recognized based on the quantity of finished goods confirmed by the customer upon warehousing for settlement[291](index=291&type=chunk) [Significant Accounting Policy and Estimate Changes](index=76&type=section&id=Significant%20Accounting%20Policy%20and%20Estimate%20Changes) The company changed its accounting policies in accordance with Interpretations No. 17 and No. 18 of the Enterprise Accounting Standards, with Interpretation No. 17 addressing the classification of current and non-current liabilities, disclosure of supplier financing arrangements, and accounting for sale-and-leaseback transactions, and Interpretation No. 18 addressing the accounting for provisions arising from guarantee-type quality assurances, with these changes having no significant impact on the company's financial position or operating results, and no significant accounting estimate changes or adjustments for first-time adoption of new accounting standards during the reporting period - The company changed its accounting policies in accordance with Interpretations No. 17 and No. 18 of the Enterprise Accounting Standards[309](index=309&type=chunk)[311](index=311&type=chunk) - Interpretation No. 17 specifies the classification of current and non-current liabilities, disclosure of supplier financing arrangements, and accounting treatment for sale-and-leaseback transactions[309](index=309&type=chunk) - Interpretation No. 18 stipulates that provisions arising from guarantee-type quality assurances not constituting a single performance obligation should be recognized in "cost of principal business" and "cost of other businesses"[311](index=311&type=chunk) - The aforementioned accounting policy changes did not have a significant impact on the company's financial position and operating results[310](index=310&type=chunk)[312](index=312&type=chunk) [Taxation](index=77&type=section&id=Taxation) The company's main taxes include Value-Added Tax (rates of **13%**, **9%**, **6%**, collection rate of **5%**), Urban Maintenance and Construction Tax (rates of **5%**, **7%**), Enterprise Income Tax (parent company **25%**, subsidiaries **25%** or small and micro enterprise rates), and Education Surcharge (rate of **5%**), with some subsidiaries qualifying for preferential tax treatment for small and micro enterprises and a **10%** tax credit for investment in special equipment Major Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sale of goods or provision of taxable services; rental service income | 13%, 9%, 6%, Collection Rate: 5% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5%, 7% | | Enterprise Income Tax | Taxable income | Parent company applies 25%; subsidiaries apply 25% or small and micro enterprise tax rate | | Education Surcharge | Amount of turnover tax payable | 5% | - Subsidiaries Jiamei (Chuzhou) E-commerce Co., Ltd. and Linying Jiayin Food Co., Ltd. qualify for preferential tax treatment for small and micro enterprises[315](index=315&type=chunk) - Enterprises that purchase and actually use special equipment meeting environmental protection, energy and water saving, and safety production requirements can offset **10%** of the investment amount against their taxable income[315](index=315&type=chunk) [Notes to Consolidated Financial Statement Items](index=77&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various consolidated financial statement items, including monetary funds, receivables, inventories, fixed assets, short-term borrowings, and convertible bonds, offering insights into their balances, changes, and underlying reasons, as well as revenue, costs, and profit components - The period-end balance of monetary funds was **CNY 454 million**, of which **CNY 254 million** was restricted, primarily for bank acceptance bill deposits and letter of credit deposits[316](index=316&type=chunk)[318](index=318&type=chunk) - The period-end balance of accounts receivable was **CNY 366 million**, a **29.03%** decrease from the beginning of the period, with major customers including Uni-President Enterprises, Wanglaoji, and T.C. Pharmaceutical (Red Bull)[321](index=321&type=chunk)[329](index=329&type=chunk) - The period-end balance of receivables financing was **CNY 257 million**, primarily bank acceptance bills, with **CNY 72.5939 million** endorsed or discounted and not yet due in the current period[331](index=331&type=chunk)[338](index=338&type=chunk) - The period-end book value of inventories was **CNY 449 million**, including an inventory depreciation provision of **CNY 5.8258 million** for semi-finished and finished goods[361](index=361&type=chunk)[363](index=363&type=chunk) - The period-end book value of fixed assets was **CNY 2.097 billion**, a slight decrease from the beginning of the period, with **CNY 114 million** in property ownership certificates for buildings currently being processed[385](index=385&type=chunk)[390](index=390&type=chunk)[394](index=394&type=chunk) - The period-end balance of construction in progress was **CNY 187 million**, primarily for equipment installation and building projects[397](index=397&type=chunk)[399](index=399&type=chunk) - The company's total restricted assets at period-end amounted to **CNY 733 million**, mainly comprising pledged or mortgaged monetary funds, fixed assets, and intangible assets[426](index=426&type=chunk)[428](index=428&type=chunk) - The period-end balance of short-term borrowings was **CNY 72.1644 million**, a significant **67.49%** decrease from the beginning of the period, primarily consisting of credit loans and guaranteed loans[436](index=436&type=chunk) - The period-end balance of bonds payable was **CNY 756 million**, mainly Jiamei Convertible Bonds, which decreased by **CNY 2,000** in the current period due to put options[472](index=472&type=chunk)[474](index=474&type=chunk) - During the reporting period, operating revenue was **CNY 1.257 billion**, operating cost was **CNY 1.111 billion**, net profit was **CNY 19.7416 million**, and income tax expense was **CNY 8.0634 million**[499](index=499&type=chunk)[530](index=530&type=chunk) [R&D Expenses](index=114&type=section&id=R%26D%20Expenses) During the reporting period, the company's total R&D expenses amounted to **CNY 4.1122 million**, all expensed, primarily comprising employee compensation, depreciation and amortization, material consumption, and other inputs, with no R&D projects meeting capitalization criteria or significant externally acquired R&D projects R&D Expenditure Details | Item | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 2,379,832.23 | 2,179,294.93 | | Depreciation and Amortization | 1,290,973.70 | 1,765,590.74 | | Material Consumption | 122,402.14 | 162,803.19 | | Other | 318,944.07 | 338,900.04 | | Total | 4,112,152.14 | 4,446,588.90 | | Of which: Expensed R&D Expenditure | 4,112,152.14 | 4,446,588.90 | - The company has no R&D projects meeting capitalization criteria or significant externally acquired R&D projects[560](index=560&type=chunk)[561](index=561&type=chunk) [Changes in Consolidation Scope](index=114&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, there were no business combinations under non-common control, business combinations under common control, disposal of subsidiaries, or loss of control, nor any other changes in the scope of consolidation - No business combinations under non-common control, business combinations under common control, transactions or events involving loss of control over subsidiaries, or other changes in the scope of consolidation occurred in the current period[562](index=562&type=chunk)[563](index=563&type=chunk)[564](index=564&type=chunk) [Interests in Other Entities](index=115&type=section&id=Interests%20in%20Other%20Entities) The company owns multiple wholly-owned subsidiaries primarily engaged in the production and sales of metal containers and packaging materials, as well as beverage filling services, with registered capital ranging from **CNY 0.5 million** to **CNY 615 million**, and during the reporting period, there were no transactions involving changes in ownership interests in subsidiaries while still retaining control, nor any interests in joint ventures, associates, or unconsolidated structured entities - The company owns multiple wholly-owned subsidiaries, including Fujian Mingguan Packaging Materials Co., Ltd., Hengshui Jiamei Printed Iron Can Co., Ltd., and Jianyang Jiamei Printed Iron Can Co., Ltd.[566](index=566&type=chunk)[567](index=567&type=chunk) - The principal businesses of the subsidiaries include the production and sales of metal containers, easy-open cans and related products, packaging materials, and beverage filling services[566](index=566&type=chunk)[567](index=567&type=chunk) - The company has no significant non-wholly-owned subsidiaries, nor did any transactions occur where ownership interests in subsidiaries changed while still retaining control[568](index=568&type=chunk)[569](index=569&type=chunk) - The company has no interests in joint ventures, associates, or unconsolidated structured entities[570](index=570&type=chunk)[571](index=571&type=chunk) [Government Grants](index=116&type=section&id=Government%20Grants) During the reporting period, the company's government grant-related liability item was deferred income, with an opening balance of **CNY 41.2183 million**, new grants of **CNY 9.072 million**, **CNY 2.0728 million** transferred to other income, and a closing balance of **CNY 48.2174 million**, primarily asset-related, while total government grants recognized in current profit or loss amounted to **CNY 8.1757 million**, comprising **CNY 2.0728 million** asset-related and **CNY 6.1029 million** income-related Liability Items Involving Government Grants | Account Title | Opening Balance (CNY) | New Grants in Current Period (CNY) | Amount Recognized in Non-operating Income in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Other Changes in Current Period (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 41,218,266.22 | 9,072,000.00 | | 2,072,834.88 | | 48,217,431.34 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account Title | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Asset-related | 2,072,834.88 | 1,756,172.63 | | Income-related | 6,102,850.19 | 3,314,713.25 | | Total | 8,175,685.07 | 5,070,885.88 | [Financial Instrument Related Risks](index=117&type=section&id=Financial%20Instrument%20Related%20Risks) The company faces market risks (foreign exchange risk, interest rate risk), credit risk, and liquidity risk, with foreign exchange risk from USD-denominated financial instruments deemed not significant by management, and interest rate risk from fixed-rate and floating-rate short-term borrowings having a limited impact on net profit, while credit risk is mitigated through credit limits, approvals, and bad debt provisions, and management considers liquidity risk low, maintaining sufficient cash and cash equivalents, having derecognized **CNY 185 million** in receivables financing due to endorsement and discounting during the reporting period - The company's foreign exchange risk primarily relates to its USD-denominated financial instruments, but management considers the foreign exchange risk not significant[577](index=577&type=chunk) - Interest rate risk primarily arises from fixed-rate short-term or long-term borrowings and floating-rate short-term borrowings, and management considers the fair interest rate risk not significant[579](index=579&type=chunk)[580](index=580&type=chunk) - A **50** basis point increase/decrease in interest rates would decrease/increase the company's net profit by **CNY 0.0465 million** for January-June 2025[581](index=581&type=chunk) - The company mitigates credit risk by controlling credit limits, credit approvals, and making adequate bad debt provisions[583](index=583&type=chunk)[584](index=584&type=chunk) - Management believes the company's liquidity risk is low and maintains sufficient cash and cash equivalents[587](index=587&type=chunk) - During the reporting period, the company derecognized **CNY 184,981,604.75** in receivables financing due to endorsement and discounting[591](index=591&type=chunk)[592](index=592&type=chunk) [Fair Value Disclosure](index=120&type=section&id=Fair%20Value%20Disclosure) At the end of the reporting period, the company's total assets measured at fair value on a recurring basis amounted to **CNY 326 million**, primarily comprising **CNY 257 million** in receivables financing (Level 2 measurement) and **CNY 69.8741 million** in other non-current financial assets (Level 3 measurement), with receivables financing valued at face amount due to short remaining maturity, and other non-current financial assets (wealth management products and unlisted equity) estimated at expected yield or investment cost, with no transfers between fair value hierarchy levels or changes in valuation techniques during the period Fair Value of Assets and Liabilities Measured at Period-End | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | | 256,559,851.00 | | 256,559,851.00 | | Other Non-current Financial Assets | | | 69,874,100.00 | 69,874,100.00 | | Total Assets Measured at Fair Value on a Recurring Basis | | 256,559,851.00 | 69,874,100.00 | 326,433,951.00 | - Receivables financing is valued at its face amount as fair value due to its short remaining maturity, making its book value approximate its fair value[597](index=597&type=chunk) - Level 3 fair value measured financial assets include wealth management products and unlisted equity held by the company, with fair value estimated based on expected yield or

广东华特气体股份有限公司2025 年半年度报告 公司代码：688268 公司简称：华特气体 广东华特气体股份有限公司 2025 年半年度报告 广东华特气体股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述存在的风险，敬请查阅"第三节管理层讨论与分析"的相关内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人石思慧、主管会计工作负责人郭湛泉及会计机构负责人（会计主管人员）郭湛 泉声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司报告期内不进行利润分配或公积金转增股本。 1 / 199 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，请投资者注 意投资风险。 九、 是否存在被 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key terms, company entities, and core products and processes for accurate report interpretation - "The Company" and "Lidao New Material" refer to Jiangsu Lidao New Material Co., Ltd., including subsidiaries Zhaoqing Lidao and Anhui Lidao[12](index=12&type=chunk) - Core products and processes, such as roll coating, color-coated aluminum, battery current collector materials, and functional aluminum materials, are precisely explained[12](index=12&type=chunk) - "Reporting Period" specifically denotes January-June 2025, and "End of Reporting Period" is June 30, 2025[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines Jiangsu Lidao New Material Co., Ltd.'s fundamental details, including its legal representative and investor contact information, ensuring transparency - The company's full name is Jiangsu Lidao New Material Co., Ltd., abbreviated as Lidao New Material, with Cai Zheng-guo as the legal representative[14](index=14&type=chunk) - Contact details for Board Secretary Chen Bo and Securities Affairs Representative Xing Xiao-qin, including address, phone, fax, and email, are provided[15](index=15&type=chunk) - Company information is disclosed in "China Securities Journal," "Securities Times," and on www.sse.com.cn[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue increased by **24.66%**, but net profit and total profit incurred losses due to subsidiary performance and reduced processing fees, while operating cash flow turned positive 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 871,993,275.87 yuan | 699,513,241.02 yuan | 24.66 | | Total Profit | -20,143,147.85 yuan | 8,603,352.60 yuan | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -23,794,363.75 yuan | 9,938,986.24 yuan | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -28,070,977.48 yuan | 7,767,244.95 yuan | Not Applicable | | Net Cash Flow from Operating Activities | 3,480,927.69 yuan | -103,822,113.58 yuan | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 1,563,756,533.43 yuan | 1,587,549,070.53 yuan | -1.50 | | Total Assets (Period-End) | 2,606,472,890.12 yuan | 2,526,921,472.83 yuan | 3.15 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.11 | 0.05 | Not Applicable | | Diluted Earnings Per Share (yuan/share) | -0.08 | 0.07 | Not Applicable | | Basic Earnings Per Share (Excluding Non-Recurring Items) (yuan/share) | -0.13 | 0.04 | Not Applicable | | Weighted Average Return on Net Assets (%) | -1.51 | 0.61 | Not Applicable | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -1.78 | 0.47 | Not Applicable | - Net profit loss is primarily due to subsidiary Anhui Lidao's continued losses despite business expansion, and reduced processing fees for existing businesses affected by industry demand fluctuations[20](index=20&type=chunk) - Net cash flow from operating activities turned positive from negative in the prior year, mainly due to increased use of bank acceptance bills for aluminum ingot purchases, reducing cash payments[21](index=21&type=chunk) 2025 Semi-Annual Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1,170.62 | | Government Grants Recognized in Current Profit or Loss | 4,645,824.20 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 268,917.98 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 105,828.21 | | Other Non-Operating Income and Expenses | 25,582.43 | | Less: Income Tax Impact | 768,368.47 | | **Total** | **4,276,613.73** | Section III Management Discussion and Analysis [Industry and Main Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company specializes in aluminum processing, facing industry competition but benefiting from policy support and growing demand in new energy and traditional sectors, operating with market-driven strategies - The company operates in the aluminum processing sub-industry, focusing on functional aluminum materials, while subsidiary Anhui Lidao specializes in aluminum plate, strip, and foil materials[25](index=25&type=chunk) - The industry faces challenges from product homogenization and intensified competition, but policies like the "High-Quality Development Implementation Plan for the Aluminum Industry (2025-2027)" support high-end and green development[25](index=25&type=chunk)[26](index=26&type=chunk) - Demand for aluminum materials continues to grow in new energy vehicles, energy storage batteries (especially sodium-ion batteries), and traditional sectors like food packaging, construction, and transportation[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The company's main business involves R&D, production, and sales of aluminum products, widely used in construction, food packaging, transportation, electronics, and new energy[37](index=37&type=chunk) - The company adopts market-driven R&D, customized procurement, build-to-order production, direct sales, and an "aluminum ingot price + processing fee" pricing strategy[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [Analysis of Operating Performance](index=12&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Operating revenue increased by **24.66%**, but net profit incurred a loss due to subsidiary performance and reduced processing fees, while the company actively expanded markets and optimized product structure 2025 Semi-Annual Operating Performance | Indicator | Amount (million yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 871.99 | Increased by 24.66% | | Net Profit | -23.79 | Turned from profit to loss | | Prior Year Period Net Profit | 9.94 | - | - Net profit loss is primarily due to subsidiary Anhui Lidao's continued losses despite business expansion, and reduced processing fees for existing color-coated aluminum business[42](index=42&type=chunk) - The company actively responded to "new infrastructure" and "green circular economy" policies, adjusting product structure, expanding into anodized aluminum and full-liquid floating roof markets, and accelerating high-end application expansion[42](index=42&type=chunk)[43](index=43&type=chunk) - The company invested in a "New Energy Battery Current Collector Material Project," obtaining multiple invention patents and IATF16949 certification, aiming to diversify products and create new profit growth points[44](index=44&type=chunk) - The company enhanced operational efficiency and market competitiveness by implementing information management systems to optimize internal processes and strengthen risk management[45](index=45&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies encompass scale, customer resources, technology, quality, management, diverse production, new profit area expansion, and continuous management improvement - The company possesses scale advantages typical of capital-intensive industries, meeting customer needs with standing inventory and flexible payment terms to build stable partnerships[46](index=46&type=chunk)[47](index=47&type=chunk) - It boasts high-quality customer resources, including renowned companies like Hoco Building and Hunter Douglas Architecture, with products adopted by famous food packaging and industrial enterprises[47](index=47&type=chunk) - Technological advantages include production line adaptability modifications, enhanced automated color-coated aluminum production processes, food packaging color-coated aluminum production lines, and coating performance improvement technologies[47](index=47&type=chunk)[48](index=48&type=chunk) - Achieved ISO 9001:2015 quality management system certification and collaborates with leading aluminum producers, ensuring product quality and brand strength[48](index=48&type=chunk) - The management team and core personnel possess extensive industry experience and technical expertise, enabling keen insight into technological directions and scaled production of new products[49](index=49&type=chunk)[50](index=50&type=chunk) - Offers a comprehensive range of substrate varieties, maintaining strong relationships with upstream aluminum plate and strip enterprises to meet customized and diversified customer demands[50](index=50&type=chunk) - Diversified and scaled production advantages allow meeting customized, multi-batch, small-volume, and varied color-coated aluminum product demands while effectively reducing costs[50](index=50&type=chunk)[51](index=51&type=chunk) - Actively expanding into new energy battery current collector material projects, adding battery foil production lines, extending the industrial chain upstream, and creating new profit growth points[51](index=51&type=chunk)[52](index=52&type=chunk) - Continuously improving management for efficiency and cost reduction through diversified procurement channels, strengthened inventory management, R&D innovation, process improvements, and informatization/digitalization[53](index=53&type=chunk) [Key Operating Performance](index=16&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) Operating revenue increased by **24.66%** due to subsidiary sales, while financial expenses surged by **447.35%** and R&D expenses grew by **77.82%**, with operating cash flow turning positive Analysis of Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 871,993,275.87 | 699,513,241.02 | 24.66 | Increased sales volume from subsidiaries | | Operating Cost | 835,346,403.60 | 650,236,858.95 | 28.47 | Increased sales volume from subsidiaries | | Financial Expenses | 5,529,276.54 | 1,010,189.56 | 447.35 | Reduced deposit interest income and exchange gains | | R&D Expenses | 27,512,217.51 | 15,471,669.71 | 77.82 | Increased R&D investment by subsidiaries | | Net Cash Flow from Operating Activities | 3,480,927.69 | -103,822,113.58 | Not Applicable | Change in payment methods for aluminum ingot purchases | | Net Cash Flow from Investing Activities | -7,982,784.11 | 114,672,713.91 | Not Applicable | Reduced redemption amount of wealth management products | | Net Cash Flow from Financing Activities | -20,761,367.44 | Not Applicable | Not Applicable | Prior period paid dividends, no dividends this period | Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Current Period-End % of Total Assets | Prior Year-End Amount (yuan) | Prior Year-End % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 270,809,435.73 | 10.39 | 206,995,599.16 | 8.19 | 30.83 | Increased sales of goods | | Construction in Progress | 7,510,980.51 | 0.29 | 16,910,690.31 | 0.67 | -55.58 | Due to partial construction in progress transferred to fixed assets | | Other Non-Current Assets | 9,981,286.73 | 0.38 | 4,228,685.14 | 0.17 | 136.04 | Increased prepayments for long-term asset purchases | | Notes Payable | 386,216,410.15 | 14.82 | 229,706,726.68 | 9.09 | 68.13 | Increased issuance of bank acceptance bills | | Taxes Payable | 3,476,616.63 | 0.13 | 7,628,575.78 | 0.30 | -54.43 | Decreased corporate income tax payable | [Overall Analysis of External Equity Investments](index=18&type=section&id=%E5%AF%B9%E5%A4%96%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%80%BB%E4%BD%93%E5%88%86%E6%9E%90) The company maintains a stable equity investment structure, holding two wholly-owned subsidiaries and two associate companies as of the reporting period end - The company owns Zhaoqing Lidao New Material Technology Co., Ltd. and Lidao New Energy (Anhui) Co., Ltd. as wholly-owned subsidiaries[60](index=60&type=chunk) - The company also holds equity in Harbin Dongqing Special Material Co., Ltd. and Beijing Green Building Excellent Material Technology Service Co., Ltd.[60](index=60&type=chunk) [Analysis of Major Holding and Associate Companies](index=19&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Wholly-owned subsidiary Zhaoqing Lidao achieved **244.88 million yuan** in revenue and **16.27 million yuan** in net profit, while Anhui Lidao's **42.01 million yuan** net loss was the primary cause of the company's overall loss Financial Performance of Major Subsidiaries (2025 Semi-Annual) | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhaoqing Lidao | Subsidiary | Color-coated aluminum | 25.00 | 318.78 | 256.87 | 244.88 | 19.45 | 16.27 | | Anhui Lidao | Subsidiary | Aluminum plate, strip, foil | 180.00 | 1,214.75 | 71.39 | 343.32 | -40.72 | -42.01 | - Anhui Lidao's loss was the main factor contributing to the company's negative net profit during the reporting period[61](index=61&type=chunk) [Other Disclosures](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces various risks but actively implements "quality improvement, efficiency enhancement, and return focus" initiatives, emphasizing core competencies, investor returns, and standardized operations - The company faces risks from macroeconomic fluctuations, slower-than-expected new product (battery foil, aluminum strip) expansion, raw material (aluminum) price volatility, intensified industry competition, international trade frictions, and changes in export tax rebate policies[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - The company actively responds to the "Quality Improvement, Efficiency Enhancement, and Return Focus" initiative by deepening main business development, launching new products, prioritizing investor returns (annual cash dividends since listing, suspended this period due to loss, committed to resuming upon performance recovery), strengthening investor communication, and maintaining standardized operations to enhance company value[65](index=65&type=chunk)[66](index=66&type=chunk) - The company strengthens "key minority" responsibilities, with directors and senior management actively participating in training to improve performance and compliance awareness[67](index=67&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors and Senior Management](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, independent director Wei Jia-mei resigned and Huang Yang was elected, while financial controller Jin Na-yan resigned and Ruan Zheng-li was appointed Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Wei Jia-mei | Independent Director (Departed) | Departure | | Huang Yang | Independent Director | Election | | Jin Na-yan | Financial Controller (Departed) | Departure | | Ruan Zheng-li | Financial Controller | Appointment | - Independent director Wei Jia-mei resigned due to personal reasons, succeeded by Huang Yang elected by shareholders[69](index=69&type=chunk) - Financial controller Jin Na-yan resigned due to personal reasons, succeeded by Ruan Zheng-li appointed by the board[69](index=69&type=chunk) [Profit Distribution Plan](index=23&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's profit distribution or capital reserve capitalization plan is not applicable for this semi-annual period, with no cash dividends, bonus shares, or capital reserve capitalization - The company's profit distribution or capital reserve capitalization plan is not applicable for this semi-annual period[70](index=70&type=chunk) - No bonus shares, cash dividends, or capital reserve capitalization per 10 shares were conducted[70](index=70&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company is included in the list of enterprises required to disclose environmental information by law and has published its environmental information on the Jiangsu Provincial Department of Ecology and Environment's public platform - Jiangsu Lidao New Material Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[72](index=72&type=chunk) - Environmental information disclosure reports are available on the Jiangsu Provincial Department of Ecology and Environment's "Environmental Face" public information platform[72](index=72&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=25&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company and its key personnel have strictly fulfilled all IPO and refinancing commitments, including share lock-up, information disclosure, and avoiding horizontal competition, with no unfulfilled instances during the reporting period - All directors, supervisors, and senior management strictly adhered to share lock-up commitments during their tenure, transferring no more than **25%** of their total holdings annually[74](index=74&type=chunk) - The company, controlling shareholders, actual controllers, and directors, supervisors, and senior management all committed that information disclosure contains no false records, misleading statements, or major omissions, and pledged to compensate investors for losses in accordance with the law[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - Controlling shareholders and actual controllers issued commitments to avoid horizontal competition and pledged to effectively fulfill them during the period of their associated relationship[85](index=85&type=chunk)[86](index=86&type=chunk) - The company's directors, senior management, controlling shareholders, and actual controllers all committed to the effective implementation of measures to mitigate dilution of immediate returns[81](index=81&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - All commitments were strictly and timely fulfilled during the reporting period, with no specific reasons for unfulfilled commitments[74](index=74&type=chunk) [Statement on Integrity Status](index=32&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%88%B6%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers maintained a good integrity status, with no unfulfilled court judgments or overdue large debts - During the reporting period, the company, its controlling shareholders, and actual controllers had no unfulfilled court judgments[91](index=91&type=chunk) - The company, its controlling shareholders, and actual controllers had no large overdue debts[91](index=91&type=chunk) [Significant Guarantees](index=33&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided **248 million yuan** in guarantees to subsidiaries, representing **15.86%** of net assets, including **200 million yuan** for high asset-liability ratio subsidiaries, all within approved limits and with low risk of joint liability Company Guarantee Summary | Indicator | Amount (million yuan) | | :--- | :--- | | Total Guarantees to Subsidiaries During Reporting Period | 248.00 | | Total Outstanding Guarantees to Subsidiaries at Period-End (B) | 248.00 | | Total Guarantees (A+B) | 248.00 | | Total Guarantees as % of Company Net Assets | 15.86 | | Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 200.00 | - All outstanding guarantees are for wholly-owned subsidiaries Zhaoqing Lidao and Anhui Lidao, which are operating normally, making the company's likelihood of bearing joint and several liability small[95](index=95&type=chunk) - The company's 2025 annual plan allows for a total guarantee limit of no more than **1 billion yuan** for wholly-owned subsidiaries within the consolidated scope, and the guarantee amount during the reporting period did not exceed this approved limit[95](index=95&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Changes](index=35&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital slightly increased due to the conversion of **2,000 yuan** of "Lidao Convertible Bonds" into **154 A-shares**, changing the total from **208,880,771** to **208,880,925** shares Share Capital Change Table | Category | Quantity Before Change (shares) | Change (+, -) (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | Unlimited Saleable Shares | 208,880,771 | +154 | 208,880,925 | | Total Shares | 208,880,771 | +154 | 208,880,925 | - The conversion period for the company's publicly issued "Lidao Convertible Bonds" is from May 21, 2024, to November 14, 2029[99](index=99&type=chunk) - During the reporting period, a total of **2,000 yuan** of "Lidao Convertible Bonds" were converted into **154 A-shares** of the company[99](index=99&type=chunk) [Shareholder Information](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **14,819** common shareholders, with controlling shareholders Cai Zheng-guo and Cai Hong holding over **63%** of shares, indicating high equity concentration - As of the end of the reporting period, the total number of common shareholders was **14,819**[100](index=100&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Period-End Holdings (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Cai Zheng-guo | 118,732,618 | 56.84 | Domestic Natural Person | | Cai Hong | 13,002,780 | 6.22 | Domestic Natural Person | | Feng Jin-xian | 2,601,700 | 1.25 | Domestic Natural Person | | Shen Pei-xing | 1,254,400 | 0.60 | Domestic Natural Person | | China Construction Bank Corporation - Noah Multi-Strategy Stock Fund | 1,058,100 | 0.51 | Other | | Hu Yan-jie | 620,000 | 0.30 | Domestic Natural Person | | UBS AG | 604,562 | 0.29 | Foreign Legal Person | | Yuan Xi-bao | 560,000 | 0.27 | Domestic Natural Person | | Goldman Sachs Co., Ltd. | 529,961 | 0.25 | Foreign Legal Person | | BARCLAYS BANK PLC | 498,734 | 0.24 | Foreign Legal Person | - Cai Zheng-guo and Cai Hong are a married couple, serving as the company's controlling shareholders and actual controllers[103](index=103&type=chunk) Section VII Bond-Related Information [Convertible Corporate Bonds](index=39&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company issued **300 million yuan** of "Lidao Convertible Bonds" with **6,071** holders, a conversion price of **12.91 yuan/share**, and **2,000 yuan** converted to **154 A-shares**; debt is controllable with an A+ rating - The company publicly issued **3 million** "Lidao Convertible Bonds" with a total value of **300 million yuan** and a 6-year term on November 15, 2023[106](index=106&type=chunk) - "Lidao Convertible Bonds" became convertible from May 21, 2024, with an initial conversion price of **13.01 yuan/share**, later adjusted to **12.91 yuan/share** due to equity distribution[106](index=106&type=chunk)[112](index=112&type=chunk) Convertible Bond Holders and Conversion Status During the Reporting Period | Indicator | Value | | :--- | :--- | | Period-End Convertible Bond Holders | 6,071 | | Conversion Amount During Reporting Period (yuan) | 2,000 | | Conversion Shares During Reporting Period (shares) | 154 | | Cumulative Conversion Shares (shares) | 925 | | Unconverted Amount (yuan) | 299,988,000 | | Percentage of Unconverted Bonds to Total Issued Bonds (%) | 99.996 | - As of June 30, 2025, the company's total liabilities were **1.043 billion yuan**, with an asset-liability ratio of **40%**, indicating controllable risk[113](index=113&type=chunk) - The company's long-term credit rating and "Lidao Convertible Bonds" credit rating are both "A+", with a "stable" outlook, and funds for repaying convertible bond principal and interest primarily come from net cash flow generated by operating activities[113](index=113&type=chunk) Section VIII Financial Report [Financial Statements](index=41&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for H1 2025, reflecting a **2.606 billion yuan** total asset base, a **23.7944 million yuan** net loss, and positive operating cash flow Key Consolidated Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,356,832,081.88 | 1,241,082,789.99 | | Total Non-Current Assets | 1,249,640,808.24 | 1,285,838,682.84 | | Total Assets | 2,606,472,890.12 | 2,526,921,472.83 | | Total Current Liabilities | 658,727,324.82 | 554,789,844.37 | | Total Non-Current Liabilities | 383,989,031.87 | 384,582,557.93 | | Total Liabilities | 1,042,716,356.69 | 939,372,402.30 | | Total Equity Attributable to Parent Company Owners | 1,563,756,533.43 | 1,587,549,070.53 | Key Consolidated Income Statement Data (January-June 2025) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 871,993,275.87 | 699,513,241.02 | | Total Operating Cost | 895,520,396.44 | 692,711,032.38 | | Total Profit | -20,143,147.85 | 8,603,352.60 | | Net Profit | -23,794,363.75 | 9,938,986.24 | | Net Profit Attributable to Parent Company Shareholders | -23,794,363.75 | 9,938,986.24 | | Basic Earnings Per Share (yuan/share) | -0.11 | 0.05 | | Diluted Earnings Per Share (yuan/share) | -0.08 | 0.07 | Key Consolidated Cash Flow Statement Data (January-June 2025) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 553,731,924.91 | 591,113,920.88 | | Subtotal of Cash Outflows from Operating Activities | 550,250,997.22 | 694,936,034.46 | | Net Cash Flow from Operating Activities | 3,480,927.69 | -103,822,113.58 | | Net Cash Flow from Investing Activities | -7,982,784.11 | 114,672,713.91 | | Net Cash Flow from Financing Activities | -20,761,367.44 | Not Applicable | | Net Increase in Cash and Cash Equivalents | -4,604,748.27 | -8,372,561.58 | [Company Overview](index=66&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) Jiangsu Lidao New Material Co., Ltd., established in 2012 and listed in 2017, specializes in processing new building decoration and metal materials, with a registered capital of **208,880,925 yuan** - The company was established on February 1, 2012, and listed on the Shanghai Stock Exchange on November 2, 2017[154](index=154&type=chunk) - The company's registered capital is **208,880,925 yuan**, with a total of **208,880,925 shares**[154](index=154&type=chunk) - Main business involves processing and manufacturing new building decoration materials and metal materials, including industrial color-coated aluminum, food packaging color-coated aluminum, and precision-cut aluminum[154](index=154&type=chunk) [Significant Accounting Policies and Estimates](index=66&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) The company's financial statements adhere to enterprise accounting standards on a going concern basis, with specific policies for financial instruments, inventories, fixed assets, revenue recognition, and other key accounting treatments - The company's financial statements are prepared on a going concern basis, complying with enterprise accounting standards, with specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, intangible asset amortization, and revenue recognition[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) - Financial assets are classified into three categories (amortized cost, fair value through OCI, fair value through P&L), with detailed explanations of their recognition, measurement, and impairment methods[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk) - Revenue recognition principles are based on identifying distinct performance obligations, determining fulfillment over time or at a point in time, and measuring revenue according to the transaction price allocated to each performance obligation[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk) - Government grants are classified as asset-related or income-related based on their purpose, and different accounting treatments are applied accordingly[224](index=224&type=chunk)[225](index=225&type=chunk) - Deferred income tax assets and liabilities are recognized based on differences between the carrying amounts and tax bases of assets and liabilities, limited to the extent that taxable income is probable[226](index=226&type=chunk)[227](index=227&type=chunk) - As a lessee, the company applies simplified treatment for short-term leases and leases of low-value assets, while other leases recognize right-of-use assets and lease liabilities[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk) [Taxation](index=87&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (**13%**), Urban Maintenance and Construction Tax (**7%, 5%**), Enterprise Income Tax (**25%, 15%**), and Property Tax (**1.2%**), with subsidiaries enjoying high-tech enterprise and advanced manufacturing VAT incentives Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13% | | Urban Maintenance and Construction Tax | 7%, 5% | | Enterprise Income Tax | 25%, 15% | | Property Tax | 1.2% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - Subsidiary Zhaoqing Lidao New Material Technology Co., Ltd. provisionally pays enterprise income tax at a **15%** rate, as its high-tech enterprise application is under review[234](index=234&type=chunk) - Subsidiary Lidao New Energy (Anhui) Co., Ltd. was recognized as a high-tech enterprise in 2024, and its enterprise income tax for January-June 2025 is calculated at a reduced rate of **15%**[234](index=234&type=chunk) - Both subsidiaries enjoy the advanced manufacturing enterprise VAT additional deduction policy, allowing an additional **5%** deduction of current deductible input VAT from payable VAT[234](index=234&type=chunk) [Notes to Consolidated Financial Statement Items](index=88&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details significant changes in consolidated financial statement items, including increases in accounts receivable and notes payable due to sales and procurement, and the classification of assets held for sale due to expropriation Key Asset and Liability Items at Period-End | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 127,245,825.10 | 136,912,819.13 | | Financial Assets Held for Trading | 38,096,730.05 | 36,160,357.91 | | Notes Receivable | 22,397,279.01 | 26,612,691.04 | | Accounts Receivable | 270,809,435.73 | 206,995,599.16 | | Inventories | 576,725,792.60 | 478,174,323.64 | | Assets Held for Sale | 55,812,936.83 | 55,812,936.83 | | Notes Payable | 386,216,410.15 | 229,706,726.68 | | Bonds Payable | 269,191,940.77 | 263,228,979.95 | - Accounts receivable at period-end increased by **30.83%** compared to the beginning of the period, mainly due to increased sales[57](index=57&type=chunk) - Notes payable at period-end increased by **68.13%** compared to the beginning of the period, mainly due to increased issuance of bank acceptance bills[57](index=57&type=chunk) - Assets held for sale represent the company's buildings and ground attachments at 1959 Longcheng Avenue, frozen due to demolition and expropriation, with a fair value of **396,661,515.00 yuan**[289](index=289&type=chunk)[110](index=110&type=chunk) - During the reporting period, operating revenue increased by **24.66%** year-on-year, and operating costs increased by **28.47%** year-on-year, primarily due to increased sales volume from subsidiaries[55](index=55&type=chunk) - Financial expenses significantly increased by **447.35%** year-on-year, mainly due to reduced deposit interest income and exchange gains[55](index=55&type=chunk) - R&D expenses increased by **77.82%** year-on-year, mainly due to increased R&D investment by subsidiaries[55](index=55&type=chunk) - Net cash flow from operating activities turned positive from negative in the prior year, mainly due to increased use of bank acceptance bills for aluminum ingot purchases, reducing cash payments[21](index=21&type=chunk) [R&D Expenses](index=148&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, total R&D expenses amounted to **27,512,217.51 yuan**, a **77.82%** year-on-year increase, entirely expensed and primarily allocated to direct input, personnel, and depreciation costs R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Direct Input Costs | 17,405,490.88 | 8,742,666.88 | | Personnel Costs | 6,469,067.78 | 5,738,573.52 | | Depreciation and Long-Term Deferred Expenses | 3,544,421.02 | 895,481.98 | | Other Expenses | 93,237.83 | 94,947.33 | | **Total** | **27,512,217.51** | **15,471,669.71** | | Of which: Expensed R&D Expenditure | 27,512,217.51 | 15,471,669.71 | - All R&D expenses for the current period were expensed, with no capitalization[416](index=416&type=chunk) [Interests in Other Entities](index=150&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) The company holds **100%** equity in two wholly-owned subsidiaries, Zhaoqing Lidao New Material Technology Co., Ltd. and Lidao New Energy (Anhui) Co., Ltd., both established through direct setup Composition of Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (million yuan) | Registered Location | Business Nature | Shareholding Ratio (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhaoqing Lidao | Zhaoqing City, Guangdong Province | 25.00 | Zhaoqing City, Guangdong Province | Manufacturing | 100.00 | Establishment | | Anhui Lidao | Bengbu City, Anhui Province | 180.00 | Bengbu City, Anhui Province | Manufacturing | 100.00 | Establishment | [Government Grants](index=151&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Deferred income from asset-related government grants totaled **107,098,076.29 yuan** at period-end, with **5,096,374.20 yuan** recognized in other income during the current period Liability Items Involving Government Grants | Financial Statement Item | Period-Beginning Balance (yuan) | New Grants During Period (yuan) | Amount Recognized in Non-Operating Income During Period (yuan) | Amount Transferred to Other Income During Period (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 112,163,322.97 | - | - | 5,065,246.68 | 107,098,076.29 | Asset-Related | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-Related | 5,096,374.20 | 397,447.47 | | **Total** | **5,096,374.20** | **397,447.47** | [Risks Related to Financial Instruments](index=152&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through credit assessment, diversified financing, and foreign currency monitoring, though credit risk concentration remains high with **34.39%** of receivables from top five customers - The company's risk management objective is to balance risk and return, minimizing negative impacts on operating performance, primarily facing credit risk, liquidity risk, and market risk[422](index=422&type=chunk) - Credit risk mainly arises from cash and bank balances and receivables; the company controls risk through credit assessment and transacting with creditworthy customers, with **34.39%** of accounts receivable and contract assets from the top five customers as of June 30, 2025, indicating some credit concentration risk[424](index=424&type=chunk)[425](index=425&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank loans, and maintaining an appropriate mix of long-term and short-term financing[425](index=425&type=chunk) - Market risk primarily includes interest rate risk and foreign exchange risk, managed by determining the proportion of fixed and floating rate financial instruments and buying/selling foreign currencies when necessary[426](index=426&type=chunk)[427](index=427&type=chunk) Financial Liabilities Classified by Remaining Maturity (Period-End) | Item | Carrying Amount (yuan) | Undiscounted Contract Amount (yuan) | Within 1 Year (yuan) | 1-3 Years (yuan) | Over 3 Years (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Payable | 386,216,410.15 | 386,216,410.15 | 386,216,410.15 | - | - | | Accounts Payable | 124,914,836.24 | 124,914,836.24 | 124,914,836.24 | - | - | | Other Payables | 119,873,181.96 | 119,873,181.96 | 119,873,181.96 | - | - | | Other Current Liabilities (Supply Chain Finance) | 2,316,530.40 | 2,316,530.40 | 2,316,530.40 | - | - | | Bonds Payable | 269,191,940.77 | 326,086,956.00 | 1,199,952.00 | 8,399,664.00 | 316,487,340.00 | | **Subtotal** | **902,512,899.52** | **959,407,914.75** | **634,520,910.75** | **8,399,664.00** | **316,487,340.00** | [Disclosure of Fair Value](index=156&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) The company's assets measured at fair value, including bank wealth management products, notes receivable financing, and other equity investments, are primarily valued using Level 3 techniques based on net asset value, face value, or market/discounted cash flow methods Fair Value of Assets Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Financial Assets Held for Trading (Wealth Management Products) | 38,096,730.05 | 38,096,730.05 | | Notes Receivable Financing | 126,756,986.26 | 126,756,986.26 | | Other Equity Instrument Investments | 2,700,000.00 | 2,700,000.00 | | **Total Assets Continuously Measured at Fair Value** | **167,553,716.31** | **167,553,716.31** | - Fair value of financial assets held for trading (bank wealth management products) is determined by the product's latest net asset value[436](index=436&type=chunk) - Fair value of notes receivable financing (bank acceptance bills) is determined by their face value[436](index=436&type=chunk) - Fair value of other equity instrument investments (non-listed company equity) is determined by comprehensively considering market approach and discounted future cash flows, or by using investment cost as a reasonable estimate[436](index=436&type=chunk) - The difference between the carrying amount and fair value of financial assets and liabilities not measured at fair value (e.g., cash and bank balances, notes receivable, accounts receivable, notes payable, accounts payable, bonds payable) is small[438](index=438&type=chunk) [Related Parties and Related Party Transactions](index=158&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 section details the company's related party transactions, including **1.137 million yuan** in key management personnel compensation during the reporting period, with subsidiary information provided in Note X - Details of the company's subsidiaries are provided in Note X to these financial statements[439](index=439&type=chunk) Key Management Personnel Compensation | Item | Current Period Amount (million yuan) | Prior Period Amount (million yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1.137 | 1.151 | [Other Significant Matters](index=161&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) The company's main business is managed as a whole, thus segment information is not required; additionally, buildings at 1959 Longcheng Avenue are classified as assets held for sale due to expropriation, with partial compensation received and relocation ongoing - The company's main business (production and sales of industrial color-coated aluminum, precision-cut aluminum, food packaging aluminum, toll processing, etc.) is managed as a whole, thus segment information disclosure is not required[446](index=446&type=chunk) - The company's buildings and ground attachments at 1959 Longcheng Avenue, Changzhou City, have been included in the expropriation scope and a compensation agreement signed, for which the company will receive **396,661,515.00 yuan** in compensation[447](index=447&type=chunk) - The company has received **119,000,000.00 yuan** in demolition funds, but as of June 30, 2025, relocation work has not been completed due to the compensation funds not being fully in place[447](index=447&type=chunk) [Notes to Parent Company Financial Statement Items](index=162&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details parent company financial statement items, showing stable accounts receivable and operating revenue, with other receivables primarily comprising intercompany balances with subsidiaries, indicating financial support Parent Company Accounts Receivable by Age (Period-End) | Age | Period-End Carrying Amount (yuan) | | :--- | :--- | | Within 1 Year (including 1 year) | 151,365,947.63 | | 1 to 2 Years | 5,080,397.05 | | 2 to 3 Years | 865,992.48 | | Over 3 Years | 39,588,944.59 | | **Total** | **196,901,281.75** | Parent Company Operating Revenue and Cost (January-June 2025) | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | | :--- | :--- | :--- | | Main Business | 398,290,257.71 | 371,938,994.43 | | Other Business | 11,082,149.53 | 11,482,612.69 | | **Total** | **409,372,407.24** | **383,421,607.12** | - Parent company's other receivables at period-end amounted to **880,492,508.45 yuan**, of which intercompany balances with subsidiaries accounted for **878,780,427.48 yuan**, representing **98.26%** of the total other receivables[458](index=458&type=chunk)[463](index=463&type=chunk)[470](index=470&type=chunk) - Parent company's long-term equity investments at period-end amounted to **232,230,000.00 yuan**, all of which are investments in subsidiaries[473](index=473&type=chunk)[475](index=475&type=chunk) [Supplementary Information](index=175&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring gains and losses, totaling **4,276,613.73 yuan** and positively impacting net profit, alongside net asset return and earnings per share data Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1,170.62 | | Government Grants Recognized in Current Profit or Loss | 4,645,824.20 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 268,917.98 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 105,828.21 | | Other Non-Operating Income and Expenses | 25,582.43 | | Less: Income Tax Impact | 768,368.47 | | **Total** | **4,276,613.73** | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | -1.51 | -0.11 | -0.08 | | Net Profit Attributable to Common Shareholders of the Company (Excluding Non-Recurring Items) | -1.78 | -0.13 | -0.10 |

微 纱内 NanoMicro 688690.SH 苏州纳微科技股份有限公司 2025年半年度报告 以创新,赢尊重,得未来 苏州纳微科技股份有限公司2025 年半年度报告 公司代码：688690 公司简称：纳微科技 苏州纳微科技股份有限公司 2025 年半年度报告 2/ 233 苏州纳微科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述了可能存在的相关风险，敬请查阅本报告"第三节管理层讨论与 分析"中关于公司可能面临的各种风险及应对措施部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人江必旺、主管会计工作负责人赵顺及会计机构负责人（会计主管人员）张艳丽 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 ...