Maider Da 2025 迈得医疗半年度报告 LEADER IN MEDICAL PRODUCTS AUTOMATION 医用耗材自动化领先者 迈得医疗工业设备股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述经营过程中可能面临的风险及应对措施，有关内容敬请查阅第三 节"管理层讨论与分析"之"四、风险因素"。敬请投资者予以关注，审慎作出投资决定。 三、 公司全体董事出席董事会会议。 九、 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 四、 本半年度报告未经审计。 五、 公司负责人林军华、主管会计工作负责人林君辉及会计机构负责人（会计主管人员）林君 辉声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计 ...

[Section 1 Definitions](index=4&type=section&id=Section%201%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used throughout the report, including company, controlling shareholder, actual controller, and subsidiaries, ensuring clear understanding of the report's content Definitions of Common Terms | Common Term | Meaning | | :--- | :--- | | Company, This Company, Lucky Film | Lucky Film Company Limited | | Controlling Shareholder, Lucky Group, China Lucky | China Lucky Group Corporation | | Actual Controller, CASC | China Aerospace Science and Technology Corporation | | Lucky Medical | Lucky Medical Technology Co., Ltd. | | Lucky Optoelectronics | Lucky Optoelectronics Materials Co., Ltd. | | Reporting Period | January-June 2025 | | Shareholders' Meeting | Lucky Film Company Limited Shareholders' Meeting | | Board of Directors | Lucky Film Company Limited Board of Directors | | CSRC | China Securities Regulatory Commission | | Exchange, SSE | Shanghai Stock Exchange | | Yuan | Unless otherwise specified, refers to RMB Yuan | [Section 2 Company Profile and Key Financial Indicators](index=4&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines Lucky Film Company Limited's basic information, including its Chinese name, abbreviation, English name and abbreviation, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 乐凯胶片股份有限公司 | | Chinese Abbreviation | 乐凯胶片 | | English Name | Lucky Film Company Limited | | English Name Abbreviation | Lucky Film Co.,Ltd. | | Legal Representative | Wang Hongze | [II. Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating communication with investors and relevant parties Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Yongguang | No. 6 Lucky South Street, Baoding City, Hebei Province | 0312-7922692 | 0312-7922691 | stock@luckyfilm.com | | Securities Affairs Representative | Zhang Jun | No. 6 Lucky South Street, Baoding City, Hebei Province | 0312-7922692 | 0312-7922691 | stock@luckyfilm.com | [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details the historical changes in the company's registered address and confirms no changes to the registered address, office address, website, or email during the reporting period - The company's registered address changed from No. 369 Chuangye Road, Baoding City, Hebei Province to No. 6 Jianye Road, Mancheng Economic Development Zone, Mancheng District, Baoding City, Hebei Province on **March 30, 2020**[16](index=16&type=chunk) - During the reporting period, there were no changes to the company's office address, website, or email address[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section discloses the company's chosen information disclosure newspaper, the website address for the semi-annual report, and the location where the semi-annual report is kept, confirming no changes during the reporting period - The company's chosen information disclosure newspaper is Securities Daily, and the semi-annual report is published on the Shanghai Stock Exchange website (http://www.sse.com.cn)[17](index=17&type=chunk) - The company's semi-annual report is kept at the company's Board of Directors Office, with no changes during the reporting period[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 乐凯胶片 | 600135 | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **15.97%** year-on-year, with total profit, net profit attributable to listed company shareholders, and net profit after deducting non-recurring gains and losses all showing expanded losses, primarily due to declining sales volumes and reduced selling prices of some key products Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 643,586,281.25 Yuan | 765,871,458.71 Yuan | -15.97 | | Total Profit | -48,074,811.35 Yuan | -27,743,402.61 Yuan | N/A | | Net Profit Attributable to Listed Company Shareholders | -52,939,432.17 Yuan | -31,840,498.70 Yuan | N/A | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -60,791,709.03 Yuan | -42,717,717.08 Yuan | N/A | | Net Cash Flow from Operating Activities | -102,762,749.76 Yuan | -30,867,197.29 Yuan | N/A | | Net Assets Attributable to Listed Company Shareholders (Period-end vs. Prior Year-end) | 2,418,336,123.60 Yuan | 2,469,423,818.55 Yuan | -2.07 | | Total Assets (Period-end vs. Prior Year-end) | 3,232,103,349.88 Yuan | 3,276,366,326.10 Yuan | -1.35 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.0957 | -0.0575 | N/A | | Diluted Earnings Per Share (Yuan/share) | -0.0957 | -0.0575 | N/A | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | -0.1099 | -0.0772 | N/A | | Weighted Average Return on Net Assets (%) | -2.1670 | -1.2847 | Decrease 0.8823 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -2.4885 | -1.7236 | Decrease 0.7649 percentage points | - Net profit attributable to listed company shareholders and net profit after deducting non-recurring gains and losses decreased year-on-year, primarily due to declining sales volumes and reduced selling prices of some key products, leading to a decrease in operating revenue[20](index=20&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses items and their amounts for the reporting period, totaling **7,852,276.86 Yuan**, primarily including government grants and fair value changes in financial assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -204,175.45 | | Government grants recognized in current profit or loss | 4,010,070.41 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises and disposal gains and losses | 3,674,979.98 | | Other non-operating income and expenses | 84,147.94 | | Other gains and losses that meet the definition of non-recurring gains and losses | 1,342,768.52 | | Less: Income tax impact | 522,139.23 | | Minority interest impact (after tax) | 533,375.31 | | **Total** | **7,852,276.86** | [Section 3 Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) During the reporting period, the company focused on six major business segments—medical, imaging, photovoltaic, new energy, separation membranes, and cast optical films—in line with its '14th Five-Year Plan' strategic planning, building a comprehensive functional materials product system through technological innovation and product upgrades, with each industry segment experiencing varying development trends influenced by policies, market competition, and demand changes [(I) Main Business Operations](index=7&type=section&id=(I)%20Main%20Business%20Operations) The company, with 'high-quality development' as its core objective, strategically focuses on six major business segments: medical materials, imaging materials, photovoltaic materials, new energy materials, separation membrane materials, and cast optical film materials, having established a product matrix including medical dry films, industrial radiographic films, color photographic paper, lithium-ion battery separators, aluminum-plastic films, non-woven separation membranes, polyolefin separation membranes, and TAC films - The company, guided by its '14th Five-Year' strategic development plan, focuses on 'high-quality development' as its core objective, strategically laying out six major business segments: medical materials, imaging materials, photovoltaic materials, new energy materials, separation membrane materials, and cast optical film materials[23](index=23&type=chunk) - The company has established a comprehensive functional materials product system, with a product matrix including medical dry films, industrial radiographic films, color photographic paper, lithium-ion battery separators, aluminum-plastic films, non-woven separation membranes, polyolefin separation membranes, and TAC films[23](index=23&type=chunk) [(II) Industry Overview](index=7&type=section&id=(II)%20Industry%20Overview) Each business sector faced distinct challenges and opportunities during the reporting period: the medical imaging market is transitioning to digitalization due to policy impacts; the imaging market sees strong demand for online printing; the photovoltaic industry experienced significant new installations but intense price competition; the lithium battery market saw substantial growth in power and energy storage battery shipments; the cast optical film market was affected by trade policies, yet TAC film for polarized glasses grew; and the water treatment separation membrane market showed robust development with accelerating domestic substitution - Medical Materials: Influenced by national medical insurance policies, digital medical imaging is rapidly emerging, while the market capacity for physical medical imaging films has significantly declined[23](index=23&type=chunk) - Imaging Materials: Demand in the professional portrait market continues to decline, while the civilian imaging market sees strong demand, with online printing becoming a trend; the company will develop its own e-commerce platform and post-processing for imaging products[23](index=23&type=chunk) - Photovoltaic Materials: China's new photovoltaic installed capacity grew over **100%** year-on-year, but the industry incurred losses exceeding **18 billion Yuan**, with intense price competition in silicon material and wafer segments, while auxiliary materials performed steadily[24](index=24&type=chunk) - Lithium Battery Materials: In the first half, China's lithium battery shipments grew by **68%** year-on-year, with power batteries increasing by **49%**, energy storage batteries by **128%**, and 3C market consumption growing over **25%**[24](index=24&type=chunk) - Cast Optical Film Materials: Affected by international trade policies, demand for consumer products in the end market decreased, but TAC film for polarized glasses saw growth, with new production lines expected to drive sales growth in the second half of the year[24](index=24&type=chunk) - Separation Membrane Materials: The water treatment market is experiencing development opportunities, with separation membranes as a key technology, accelerating domestic substitution[25](index=25&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's business segments actively responded to market changes: medical materials experienced profit fluctuations due to cloud imaging policies, prompting product structure optimization and new product promotion; imaging materials expanded market reach through online-offline integration; photovoltaic materials exited the domestic market to develop new products; lithium battery material sales grew over **50%** year-on-year, with aluminum-plastic film production and sales achieving significant growth; cast optical film material sales increased year-on-year, with new production lines targeting high-end markets; the 'High-Performance Separation Membrane and Components Project' for separation membrane materials commenced, showing good progress in industrial reverse osmosis membrane market development; and international business revenue achieved year-on-year growth - Medical Materials Business: Sales of medical dry films were stable but profits fluctuated significantly, impacted by the National Healthcare Security Administration's cloud imaging policy. The company will optimize its industrial layout and product structure, exploring new products and cloud imaging platforms[26](index=26&type=chunk) - Imaging Materials Business: Adopting an online-offline integrated strategy to consolidate market channels, stabilize color photographic paper sales, increase e-commerce development efforts, establish an imaging processing center, and expand new business growth points[26](index=26&type=chunk) - Photovoltaic Materials Business: Lucky Backsheet temporarily exited the domestic photovoltaic market while continuously developing new products based on market demand and production line adaptability[26](index=26&type=chunk) - Lithium Battery Materials Business: Steadfastly implementing a key account strategy and exploring emerging application scenarios, sales grew over **50%** year-on-year in the first half; aluminum-plastic film production and sales achieved leapfrog growth[26](index=26&type=chunk) - Cast Optical Film Materials Business: Comprehensively optimizing product structure and strengthening cost foundations, product sales achieved year-on-year growth in the first half; the new TAC film production line is seizing critical commissioning milestones, targeting the high-end optical film market[27](index=27&type=chunk) - Separation Membrane Materials Business: The 'High-Performance Separation Membrane and Components Project' officially commenced, with independently developed industrial reverse osmosis membranes maintaining a desalination rate of over **98%**, showing good market development results[27](index=27&type=chunk) - International Business: Leveraging specialized market promotion plans to precisely develop international markets, color photographic paper and industrial films achieved breakthroughs in European and other markets, resulting in year-on-year growth in international revenue[27](index=27&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=8&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness spans seven areas: brand, marketing, technological innovation, quality control, organizational management, human resources, and development platform; as an established film manufacturer, it boasts high recognition and reputation, a comprehensive marketing and service network, strong R&D capabilities with numerous core technologies and intellectual properties, a robust quality control system ensuring stable product performance, multiple management system certifications including international photovoltaic product certifications, a strong talent pool, and a listed state-owned enterprise background providing financial security and a favorable financing platform - Brand Advantage: As one of the world's three established film manufacturers, the company enjoys high recognition and reputation, with its national brand image and product quality acknowledged by customers[28](index=28&type=chunk) - Marketing Advantage: Possesses a comprehensive domestic marketing and service system, with extensive marketing network coverage, fast after-sales service, complete technical support, and highly qualified service personnel[28](index=28&type=chunk) - Technological Innovation Advantage: A national high-tech enterprise with an independent technology R&D center, mastering three core technologies—'coating, film formation, and microstructure'—and holding multiple independent intellectual property rights and science and technology progress awards[28](index=28&type=chunk) - Quality Control Advantage: Possesses a comprehensive quality and cost control system from raw materials to finished products, enhancing product quality and performance through independent R&D to maintain an advanced level[30](index=30&type=chunk) - Organizational Management Advantage: Certified with multiple management systems including ISO9001, ISO14001, ISO45001, ISO50001, and GB/T29490; photovoltaic products are UL (US) and TUV (Germany) certified, complying with EU environmental requirements[30](index=30&type=chunk) - Human Resources Advantage: Attracts professional technical talent, boasts a high-caliber research team, and has a comprehensive human resource system that maximizes employee motivation[30](index=30&type=chunk) - Development Platform Advantage: As a listed company, it leverages its platform for financing and development; its state-owned enterprise background provides a favorable financing platform, ensuring financial support for strategic planning[30](index=30&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=9&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue and costs both decreased, financial expenses increased, and net cash flow from operating activities significantly declined; the asset and liability structure changed, with a decrease in monetary funds and an increase in accounts receivable and right-of-use assets; net cash flow from investing activities decreased, primarily due to increased net wealth management investments; net cash flow from financing activities decreased, mainly due to equity acquisition payments in the prior year; major subsidiaries, particularly Lucky Medical and Lucky Optoelectronics, maintained good operating conditions with substantial total assets and net assets [(I) Main Business Analysis](index=9&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, both operating revenue and operating costs decreased year-on-year, primarily due to intensified market competition in the photovoltaic industry and reduced sales volume and prices of backsheet products; financial expenses increased due to lower interest income, net cash flow from operating activities decreased due to lower sales revenue, net cash flow from investing activities decreased due to increased net wealth management investments, and net cash flow from financing activities decreased due to equity acquisition payments in the prior year Analysis Table of Financial Statement Item Changes (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 643,586,281.25 | 765,871,458.71 | -15.97 | | Operating Cost | 557,181,902.10 | 666,106,642.47 | -16.35 | | Selling Expenses | 25,242,072.23 | 29,097,770.79 | -13.25 | | Administrative Expenses | 61,256,691.40 | 66,901,510.13 | -8.44 | | Financial Expenses | -4,946,571.93 | -13,571,792.57 | N/A | | R&D Expenses | 50,289,155.09 | 50,605,143.45 | -0.62 | | Net Cash Flow from Operating Activities | -102,762,749.76 | -30,867,197.29 | N/A | | Net Cash Flow from Investing Activities | -359,714,560.72 | -323,594,471.09 | N/A | | Net Cash Flow from Financing Activities | -1,174,097.82 | -422,441,319.78 | N/A | - Primary reasons for changes in operating revenue and operating costs: intensified market competition in the photovoltaic industry, leading to reduced sales volume and prices of backsheet products[31](index=31&type=chunk) - Reason for change in financial expenses: decreased interest income in the current period led to increased financial expenses[31](index=31&type=chunk) - Reason for change in net cash flow from operating activities: decreased sales revenue in the current period resulted in reduced cash recovery from sales of goods and services[31](index=31&type=chunk) - Reason for change in net cash flow from investing activities: increased net wealth management investments in the current period[31](index=31&type=chunk) - Reason for change in net cash flow from financing activities: equity acquisition payments in the prior year resulted in higher cash outflows from financing activities compared to the current period[31](index=31&type=chunk) [(III) Analysis of Assets and Liabilities](index=10&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds decreased by **36.25%** due to idle funds being used for cash management, while accounts receivable increased by **127.87%** influenced by the collection patterns and cycles in the TAC film industry; right-of-use assets and lease liabilities significantly increased by **146.86%** and **958.07%** respectively, due to the renewal of existing production facility lease contracts Changes in Assets and Liabilities (Current Period End vs. Prior Year End) | Item Name | Current Period End Amount (Yuan) | Share of Total Assets (%) | Prior Year End Amount (Yuan) | Share of Total Assets (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 813,807,951.11 | 25.18 | 1,276,593,973.33 | 38.96 | -36.25 | | Accounts Receivable | 215,169,078.72 | 6.66 | 94,424,962.84 | 2.88 | 127.87 | | Inventories | 306,828,583.16 | 9.49 | 308,295,659.22 | 9.41 | -0.48 | | Investment Properties | 8,925,535.21 | 0.28 | 9,060,711.55 | 0.28 | -1.49 | | Fixed Assets | 528,129,615.61 | 16.34 | 540,188,241.74 | 16.49 | -2.23 | | Construction in Progress | 319,003,177.93 | 9.87 | 268,157,465.27 | 8.18 | 18.96 | | Right-of-Use Assets | 32,020,218.13 | 0.99 | 12,970,761.12 | 0.40 | 146.86 | | Short-term Borrowings | 25,000,000.00 | 0.77 | 25,309,184.66 | 0.77 | -1.22 | | Contract Liabilities | 25,443,410.23 | 0.79 | 23,641,810.48 | 0.72 | 7.62 | | Lease Liabilities | 18,987,652.08 | 0.59 | 1,794,555.92 | 0.05 | 958.07 | - The decrease in monetary funds is primarily due to the company's idle funds being used for cash management, which had not matured by the end of the reporting period[33](index=33&type=chunk) - The increase in accounts receivable is mainly due to the collection patterns and cyclical nature of the TAC film industry, leading to an increase in accounts receivable for the company's TAC film segment[33](index=33&type=chunk) - The significant increase in right-of-use assets and lease liabilities is primarily due to the expiration of existing production facility lease contracts during the reporting period, with the company renewing lease agreements with lessors and re-recognizing them in accordance with relevant accounting standards[33](index=33&type=chunk) [(IV) Analysis of Investment Status](index=10&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) This period, the company's ending balance of trading financial assets significantly increased to **421,629,274.55 Yuan**, a **236.55%** rise from the beginning of the period, primarily because current period purchases far exceeded sales/redemptions; other equity instrument investments and accounts receivable financing also changed Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change P/L (Yuan) | Current Period Purchases (Yuan) | Current Period Sales/Redemptions (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 125,282,875.58 | 1,666,398.97 | 621,180,000.00 | 326,500,000.00 | 421,629,274.55 | | Other Equity Instrument Investments | 212,562,596.67 | - | - | - | 212,562,596.67 | | Accounts Receivable Financing | 34,425,291.57 | - | 121,325,308.61 | 185,616,561.57 | 11,400,596.83 | | **Total** | **372,270,763.82** | **1,666,398.97** | **742,505,308.61** | **512,116,561.57** | **645,592,468.05** | [(VI) Analysis of Major Holding and Participating Companies](index=12&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major controlled subsidiaries include Lucky Medical, Shantou Lucky, Baoding Lucky Imaging, Baoding Lucky Import & Export, Beijing Lucky Sales, and Lucky Optoelectronics; among these, Lucky Medical and Lucky Optoelectronics have substantial total assets and net assets, with Lucky Medical reporting operating revenue of **208.88 million Yuan** and net profit of **3.08 million Yuan** for the period, and Lucky Optoelectronics reporting operating revenue of **116.35 million Yuan** and net profit of **6.04 million Yuan** Major Subsidiary Financial Information (Unit: 10,000 Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lucky Medical Technology Co., Ltd. | Subsidiary | R&D, production, and sales of information chemicals, fine chemical products, medical devices, etc. | 12,988.05 | 53,286.61 | 39,650.69 | 20,888.27 | 382.12 | 307.95 | | Shantou Lucky Film Co., Ltd. | Subsidiary | R&D, production, and sales of color photographic paper | 8,000.00 | 17,265.90 | 12,707.43 | 9,751.27 | -93.79 | -96.09 | | Baoding Lucky Imaging Materials Technology Co., Ltd. | Subsidiary | R&D, production, and sales of processing chemicals for information imaging materials | 3,140.00 | 3,979.36 | 3,644.28 | 1,394.66 | 67.96 | 67.96 | | Baoding Lucky Import & Export Trading Co., Ltd. | Subsidiary | Self-operated and agency import and export business | 100.00 | 687.79 | 446.52 | 1,376.90 | 22.58 | 26.16 | | Beijing Lucky Film Sales Co., Ltd. | Subsidiary | Sales of photosensitive materials, photographic equipment, magnetic recording materials, etc. | 950.00 | 4,605.49 | 1,514.80 | 13,966.14 | 94.37 | 85.71 | | Lucky Optoelectronics Materials Co., Ltd. | Subsidiary | R&D, production, and sales of new film materials | 17,718.09 | 104,998.18 | 95,047.99 | 11,635.05 | 710.32 | 604.28 | [V. Other Disclosure Matters](index=12&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces political, policy change, and industry risks; political risks primarily stem from international trade frictions and tariff adjustments, which the company addresses by closely monitoring the situation, adjusting strategies, and building strong government relations; policy change risks arise from medical insurance policies promoting cloud films, which the company counters by promoting 'cloud imaging' and intensifying international market development; industry risks mainly involve high silver prices, which the company manages by monitoring raw material markets, adjusting product structures, and sales strategies [(I) Potential Risks](index=12&type=section&id=(I)%20Potential%20Risks) The company faces political risks (international trade frictions, tariff adjustments), policy change risks (medical insurance policies promoting cloud films leading to demand decline), and industry risks (high silver prices); the company has formulated corresponding countermeasures, including closely monitoring the political situation, promoting 'cloud imaging', intensifying international market development, and flexibly adjusting procurement costs and product structure - Political Risks: The international political environment is becoming more complex, with escalating Sino-US trade frictions, EU anti-dumping investigations, and tariff adjustments potentially impacting raw material procurement, exports, and supply chains[37](index=37&type=chunk) - Countermeasures: Timely understanding of the political environment, close attention to changes in policies and regulations, formulation of response strategies, adjustment of company strategies, and establishment of good relationships with government and political stakeholders[39](index=39&type=chunk) - Policy Change Risks: The National Healthcare Security Administration's promotion of 'technical-consumable separation' and encouragement of 'cloud films' has led to a sharp decline in demand for medical dry films[39](index=39&type=chunk) - Countermeasures: Promoting Lucky 'Cloud Imaging', accelerating the sales model combining medical dry films with digital imaging services, and increasing independent development and export efforts in international markets[39](index=39&type=chunk) - Industry Risks: Sustained high prices of silver have led to a decline in product profitability[39](index=39&type=chunk) - Countermeasures: Closely monitoring raw material market supply, adopting flexible measures to reduce procurement costs, ensuring stable procurement, and adjusting product structure and sales strategies based on market demand[39](index=39&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=14&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) [I. Changes in Directors and Senior Management](index=14&type=section&id=I.%20Changes%20in%20Directors%20and%20Senior%20Management) During the reporting period, there were changes in the company's senior management, with Gu Yongjun appointed as Chief Financial Officer and Guan Chen resigning from the Chief Financial Officer position - Gu Yongjun was appointed as the company's Chief Financial Officer[42](index=42&type=chunk) - Guan Chen resigned from the position of Chief Financial Officer[42](index=42&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=14&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company and its three major subsidiaries (Lucky Medical Technology Co., Ltd., Baoding Lucky Imaging Materials Technology Co., Ltd., and Shantou Lucky Film Co., Ltd.), totaling four entities, have been included in the list of enterprises required to disclose environmental information by law and have publicly disclosed their environmental information in the respective enterprise environmental information disclosure systems - A total of **4** of the company's entities were included in the list of enterprises required to disclose environmental information by law[43](index=43&type=chunk) - Lucky Film Company Limited, Lucky Medical Technology Co., Ltd., and Baoding Lucky Imaging Materials Technology Co., Ltd. disclosed environmental information in the Enterprise Environmental Information Disclosure System (Hebei)[43](index=43&type=chunk) - Shantou Lucky Film Co., Ltd. disclosed environmental information in the Guangdong Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System[43](index=43&type=chunk)[44](index=44&type=chunk) [Section 5 Significant Matters](index=16&type=section&id=Section%205%20Significant%20Matters) [I. Fulfillment of Commitments](index=16&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, both the controlling shareholder, China Lucky Group Corporation, and the actual controller, China Aerospace Science and Technology Corporation, strictly fulfilled all commitments related to major asset restructuring and refinancing, including ensuring the company's independence, avoiding horizontal competition, regulating related party transactions, and patent and trademark usage, with all commitments strictly adhered to on schedule - Both the controlling shareholder, China Lucky Group Corporation, and the actual controller, China Aerospace Science and Technology Corporation, committed to ensuring Lucky Film's independence in personnel, assets, finance, organization, and business, and have strictly fulfilled these commitments[46](index=46&type=chunk) - All committing parties pledged to avoid horizontal competition with Lucky Film, refraining from engaging in businesses identical or similar to the company's, and have strictly fulfilled this commitment[47](index=47&type=chunk) - All committing parties pledged to minimize and regulate related party transactions with Lucky Film, conducting them at fair prices in accordance with market principles, and have strictly fulfilled this commitment[47](index=47&type=chunk) - China Lucky Group Corporation committed not to unilaterally use or implement patent rights jointly owned with Lucky Medical, and authorized Lucky Medical to use registered trademarks free of charge, which has been strictly fulfilled[47](index=47&type=chunk) - China Lucky Group Corporation committed to providing Lucky Medical with priority lease rights and the right to determine lease terms for leased land and properties, and to provide full cash compensation for any potential defects, which has been strictly fulfilled[47](index=47&type=chunk)[48](index=48&type=chunk) [X. Significant Related Party Transactions](index=19&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company engages in related party transactions such as purchasing and selling goods and providing labor in its daily operations, and conducts financial business with Aerospace Science and Technology Finance Co., Ltd. During the reporting period, the company's ending deposit balance with Aerospace Science and Technology Finance Co., Ltd. was **354.15 million Yuan**, with total deposits of **10.36 billion Yuan** and withdrawals of **10.87 billion Yuan** for the period; the company also obtained a **150 million Yuan** comprehensive credit facility from Aerospace Science and Technology Finance Co., Ltd [(I) Related Party Transactions Related to Daily Operations](index=19&type=section&id=(I)%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) The company has disclosed its 2025 annual routine related party transactions in a temporary announcement, with no subsequent progress or changes in implementation - The company has disclosed its **2025** annual routine related party transactions in a temporary announcement (Announcement No.: **2024-058**), with no subsequent progress or changes in implementation[50](index=50&type=chunk) [(V) Financial Business Between the Company and Related Financial Companies, and Between the Company's Controlled Financial Companies and Related Parties](index=20&type=section&id=(V)%20Financial%20Business%20Between%20the%20Company%20and%20Related%20Financial%20Companies,%20and%20Between%20the%20Company's%20Controlled%20Financial%20Companies%20and%20Related%20Parties) The company has deposit and credit line businesses with Aerospace Science and Technology Finance Co., Ltd. At the end of the reporting period, the company's deposit balance with the financial company was **354.15 million Yuan**, with total deposits of **10.36 billion Yuan** and withdrawals of **10.87 billion Yuan** for the period; additionally, the company obtained a **150 million Yuan** comprehensive credit facility Deposit Business Information (Unit: 10,000 Yuan) | Related Party | Related Party Relationship | Daily Max Deposit Limit | Deposit Interest Rate Range | Beginning Balance | Total Deposits This Period | Total Withdrawals This Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Aerospace Science and Technology Finance Co., Ltd. | Related financial company | Daily average transaction amount not exceeding 5,000 | 0.4%-1.37% | 86,096.17 | 1,036,320.09 | 1,087,001.35 | 35,414.91 | Credit Facility Information (Unit: 10,000 Yuan) | Related Party | Related Party Relationship | Business Type | Total Amount | Actual Amount | | :--- | :--- | :--- | :--- | :--- | | Aerospace Science and Technology Finance Co., Ltd. | Related financial company | Comprehensive credit facility (loan/acceptance) | 15,000 | 0 | [XI. Significant Contracts and Their Fulfillment](index=21&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company's total external guarantees amounted to **25 million Yuan**, all for subsidiaries, representing **0.88%** of the company's net assets; the company provided joint and several liability guarantees for its subsidiaries Shantou Lucky Film Co., Ltd. and Lucky Medical Technology Co., Ltd [(II) Significant Guarantees Performed and Not Yet Completed During the Reporting Period](index=22&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Not%20Yet%20Completed%20During%20the%20Reporting%20Period) During the reporting period, the company had no external guarantees (excluding guarantees for subsidiaries); the amount and balance of guarantees for subsidiaries were both **25 million Yuan**, accounting for **0.88%** of the company's net assets; the company provided joint and several liability guarantees for its subsidiaries Shantou Lucky Film Co., Ltd. and Lucky Medical Technology Co., Ltd. within their respective credit limits Company Total Guarantee Amount (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total guarantees incurred during the reporting period (excluding guarantees for subsidiaries) | 0 | | Total guarantee balance at the end of the reporting period (A) (excluding guarantees for subsidiaries) | 0 | | Total guarantees incurred for subsidiaries during the reporting period | 2,500 | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 2,500 | | Total Guarantees (A+B) | 2,500 | | Proportion of total guarantees to company's net assets (%) | 0.88 | - The company provides joint and several liability guarantees for debts arising from specific business contracts signed by its subsidiary Shantou Lucky Film Co., Ltd. within the credit limits of ICBC Shantou Branch and Bank of Communications Shantou Branch, and for its subsidiary Lucky Medical Technology Co., Ltd. within the credit limit of Bank of China Baoding Branch[58](index=58&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=23&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's overall use of raised funds is good, with a cumulative investment of **862.27 million Yuan**, reaching an investment progress of **92.07%**; raised fund projects such as high-performance lithium-ion battery PE separator industrialization, phase one of lithium battery separator coating production line, aluminum-plastic film composite film industrialization, and phase four expansion of solar backsheet projects are completed or near completion; during the reporting period, the company's subsidiary Lucky Optoelectronics used **150 million Yuan** of idle raised funds to temporarily supplement working capital, which was fully repaid by July 15, 2025; the company also managed idle raised funds through cash management [(I) Overall Use of Raised Funds](index=23&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) The company's total raised funds amounted to **950 million Yuan**, with net raised funds of **936.59 million Yuan**; as of the end of the reporting period, the cumulative investment of raised funds totaled **862.27 million Yuan**, with an investment progress of **92.07%** Overall Use of Raised Funds (Unit: 10,000 Yuan) | Indicator | Shares Issued to Specific Objects (Arrived Jan 17, 2020) | Shares Issued to Specific Objects (Arrived May 19, 2015) | Total | | :--- | :--- | :--- | :--- | | Total Raised Funds | 35,000.00 | 60,000.00 | 95,000 | | Net Raised Funds (1) | 33,658.65 | 60,000.00 | 93,658.65 | | Total Committed Investment in Prospectus (2) | 33,658.65 | 60,000.00 | 93,658.65 | | Cumulative Investment of Raised Funds at Period-End (4) | 29,447.46 | 56,779.54 | 86,227.00 | | Cumulative Investment Progress of Raised Funds at Period-End (%) (6)＝(4)/(1) | 87.49 | 94.63 | - | | Amount Invested This Year (8) | 0.00 | 5,159.19 | 5,159.19 | | Proportion of Amount Invested for Changed Purposes to Total Raised Funds (%) (9) | 0.00 | 8.60 | - | - The **2015** net raised funds were adjusted to **600 million Yuan**, with actual net raised funds after deducting issuance expenses being **590,673,513.36 Yuan**[61](index=61&type=chunk) [(II) Details of Raised Fund Investment Projects](index=24&type=section&id=(II)%20Details%20of%20Raised%20Fund%20Investment%20Projects) Several of the company's raised fund investment projects are completed or near completion, including high-performance lithium-ion battery PE separator industrialization, phase one of lithium battery separator coating production line, aluminum-plastic film composite film industrialization, and phase four expansion of solar backsheet projects, all reaching **100%** investment progress; the TAC film 3 production line project and the annual production of **50 million square meters** of multi-functional coated composite materials technical upgrade and expansion project are still under construction, while the high-performance separation membrane and components project has exceeded its planned investment Details of Raised Fund Investment Projects Usage (Unit: 10,000 Yuan) | Source of Raised Funds | Project Name | Project Nature | Committed Investment Project in Prospectus | Involves Change in Investment Direction | Planned Investment (1) | Amount Invested This Year | Cumulative Investment of Raised Funds at Period-End (2) | Cumulative Investment Progress (%) (3)＝(2)/(1) | Date Project Reached Intended Usable State | Is Project Closed | Is Investment Progress in Line with Plan | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shares Issued to Specific Objects | High-Performance Lithium-Ion Battery PE Separator Industrialization Project | Production and Construction | Yes | No | 20649.36 | 0 | 20,649.36 | 100.00 | July 1, 2017 | Yes | Yes | | Shares Issued to Specific Objects | Phase One of Lithium Battery Separator Coating Production Line Project | Production and Construction | Yes | No | 2997.87 | 0 | 2,997.87 | 100.00 | July 1, 2017 | Yes | Yes | | Shares Issued to Specific Objects | Lithium-Ion Battery Soft Pack Aluminum-Plastic Composite Film Industrialization Project | Production and Construction | No | Yes, this is a new project | 11426.07 | 0 | 11,426.07 | 100.00 | December 26, 2022 | Yes | Yes | | Shares Issued to Specific Objects | Phase Four Expansion of Solar Backsheet Project—No. 8 Production Line | Production and Construction | Yes | No | 2,573.87 | 0 | 2,573.87 | 100.00 | October 1, 2015 | Yes | Yes | | Shares Issued to Specific Objects | Phase Four Expansion of Solar Backsheet Project—No. 14, 15 Production Lines | - | Yes | - | 110.54 | 0 | 110.54 | 100.00 | - | Yes | No (Changed to TAC Film 3 Production Line Project) | | Shares Issued to Specific Objects | TAC Film 3 Production Line Project① | Production and Construction | No | Yes, this is a new project | 12,889.46 | 2,277.77 | 13,048.47 | 101.23 | July 31, 2025 | No | Yes | | Shares Issued to Specific Objects | Annual Production of 50 Million Square Meters of Multi-Functional Coated Composite Materials Technical Upgrade and Expansion Project | Production and Construction | No | No | 8,345 | 1,502.66 | 4,594.60 | 55.06 | October 31, 2025 | No | Yes | | Shares Issued to Specific Objects | Acquisition of 100% Equity in Lucky Optoelectronics | Other | No | Yes, this is a new project | 28,253.46 | 0 | 28,253.46 | 100.00 | January 26, 2024 | Yes | Yes | | Shares Issued to Specific Objects | TAC Film 3 Production Line Project② | Production and Construction | No | Yes, this is a new project | 5,326.56 | 0 | 1,194 | 22.42 | July 31, 2025 | No | Yes | | Shares Issued to Specific Objects | High-Performance Separation Membrane and Components Project | Production and Construction | No | Yes, this is a new project | 1,086.46 | 1,378.76 | 1,378.76 | 126.90 | January 31, 2027 | No | Yes | [(IV) Other Uses of Raised Funds During the Reporting Period](index=26&type=section&id=(IV)%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) During the reporting period, the company's subsidiary Lucky Optoelectronics used **150 million Yuan** of idle raised funds to temporarily supplement working capital, which was fully repaid by July 15, 2025; additionally, the company managed idle raised funds through cash management, with an ending balance of **120 million Yuan** - The company's subsidiary Lucky Optoelectronics used **150 million Yuan** of idle raised funds to temporarily supplement working capital, which was fully repaid to the special raised funds account by **July 15, 2025**[65](index=65&type=chunk) Cash Management of Idle Raised Funds (Unit: 10,000 Yuan) | Board of Directors Review Date | Authorized Amount | Start Date | End Date | Ending Balance of Cash Management | Is Balance Exceeding Authorized Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | March 14, 2025 | 12,000 | March 14, 2025 | March 13, 2026 | 12,000 | No | [Section 6 Share Changes and Shareholder Information](index=26&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) [I. Changes in Share Capital](index=26&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[69](index=69&type=chunk) [II. Shareholder Information](index=27&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **26,280** common shareholders; among the top ten shareholders, China Lucky Group Corporation is the controlling shareholder with a **45.68%** stake, while the remaining are individual shareholders with relatively low ownership percentages - As of the end of the reporting period, the company had **26,280** common shareholders[70](index=70&type=chunk) Top Ten Shareholders' Holdings (Excluding Shares Lent via Securities Relending) | Shareholder Name | Ending Shareholding (Shares) | Proportion (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | China Lucky Group Corporation | 252,776,443 | 45.68 | State-owned Legal Entity | | Wang Chengping | 3,000,000 | 0.54 | Unknown | | Gao Xiankang | 2,515,201 | 0.45 | Unknown | | Qin Ziyu | 2,209,000 | 0.40 | Unknown | | Lin Youming | 2,177,900 | 0.39 | Unknown | | Hu Guohao | 1,900,000 | 0.34 | Unknown | | Jin Feng | 1,565,600 | 0.28 | Unknown | | Ruan Baoqin | 1,550,000 | 0.28 | Unknown | | Zhu Yongcun | 1,399,900 | 0.25 | Unknown | | Shen Miaoqing | 1,330,600 | 0.24 | Unknown | - China Lucky Group Corporation is the company's controlling shareholder, holding **252,776,443** unrestricted tradable shares[71](index=71&type=chunk) [Section 7 Bond-Related Information](index=29&type=section&id=Section%207%20Bond-Related%20Information) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=29&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=29&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds [Section 8 Financial Report](index=30&type=section&id=Section%208%20Financial%20Report) [II. Financial Statements](index=30&type=section&id=II.%20Financial%20Statements) This section provides 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 at the end of the reporting period and its operating results, cash flows, and changes in owners' equity during the reporting period - The consolidated balance sheet shows total assets of **3,232,103,349.88 Yuan** at period-end, with total owners' equity attributable to the parent company of **2,418,336,123.60 Yuan**[79](index=79&type=chunk) - The consolidated income statement shows total operating revenue of **643,586,281.25 Yuan** for the current period, and net profit attributable to parent company shareholders of **-52,939,432.17 Yuan**[84](index=84&type=chunk)[85](index=85&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-102,762,749.76 Yuan** and net cash flow from investing activities of **-359,714,560.72 Yuan**[90](index=90&type=chunk)[91](index=91&type=chunk) [III. Company Basic Information](index=45&type=section&id=III.%20Company%20Basic%20Information) Lucky Film Company Limited was registered on January 16, 1998, and listed on the Shanghai Stock Exchange on January 22, with a unified social credit code of 911300007007101420, operating in the chemical raw materials and chemical products manufacturing industry; through multiple non-public offerings and asset acquisitions, the company has cumulatively issued **553,307,099** shares, with a registered capital of **553,307,099 Yuan**; its main business focuses on image information materials and new energy materials, with key products including solar backsheets, color photographic paper, lithium-ion battery separators, medical films, and TAC films; the company's parent company is China Lucky Group Corporation, and its ultimate controlling party is China Aerospace Science and Technology Corporation - Lucky Film Company Limited was registered on **January 16, 1998**, and listed on the Shanghai Stock Exchange on **January 22**, with stock code **600135**[103](index=103&type=chunk) - The company has cumulatively issued **553,307,099** shares, with a registered capital of **553,307,099 Yuan**[105](index=105&type=chunk) - The company's main business focuses on image information materials and new energy materials, with key products including solar backsheets, color photographic paper, inkjet printing paper, processing chemicals for information imaging materials, lithium-ion battery separators, medical films, and TAC films[105](index=105&type=chunk) - The company's parent company is China Lucky Group Corporation, and its ultimate controlling party is China Aerospace Science and Technology Corporation[105](index=105&type=chunk) [IV. Basis for Preparation of Financial Statements](index=45&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, adhering to the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows - The company's financial statements are prepared on a going concern basis[106](index=106&type=chunk)[107](index=107&type=chunk) - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the China Securities Regulatory Commission's 'No. 15 Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public - General Provisions on Financial Reports'[106](index=106&type=chunk) [V. Significant Accounting Policies and Estimates](index=46&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, fixed assets, intangible assets, revenue recognition, employee compensation, deferred income tax, and other areas, with specific explanations for fixed asset depreciation, intangible asset amortization, R&D expense capitalization conditions, and revenue recognition policies determined based on the company's operational characteristics - The company determines fixed asset depreciation, intangible asset amortization, R&D expense capitalization conditions, and revenue recognition policies based on its specific production and operational characteristics[108](index=108&type=chunk) - The company classifies financial assets as those measured at amortized cost, those measured at fair value with changes recognized in other comprehensive income, and those measured at fair value with changes recognized in current profit or loss[125](index=125&type=chunk) - The company accrues loss provisions for financial instruments based on expected credit losses and measures them in different stages according to changes in credit risk[137](index=137&type=chunk)[138](index=138&type=chunk) - The company recognizes revenue when it fulfills its performance obligations in a contract, i.e., when the customer obtains control of the relevant goods or services[190](index=190&type=chunk) [VI. Taxation](index=69&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including Value-Added Tax, Urban Maintenance and Construction Tax, Education Surcharge, and Local Education Surcharge; the company and several of its subsidiaries enjoy high-tech enterprise tax incentives, applying a **15%** corporate income tax rate; some subsidiaries, as small low-profit enterprises, benefit from a preferential policy where the portion of annual taxable income not exceeding **1 million Yuan** is reduced by **25%** and taxed at a **20%** corporate income tax rate Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable value-added amount | 13%, 6%, 5% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Lucky Film Company Limited, Baoding Lucky Imaging Materials Technology Co., Ltd., Shantou Lucky Film Co., Ltd., Lucky Medical Technology Co., Ltd., and Lucky Optoelectronics Materials Co., Ltd. are all recognized as high-tech enterprises, applying a **15%** corporate income tax rate[219](index=219&type=chunk)[220](index=220&type=chunk) - Baoding Lucky Import & Export Trading Co., Ltd. and Beijing Lucky Film Sales Co., Ltd. enjoy preferential corporate income tax policies for small low-profit enterprises, where the portion of annual taxable income not exceeding **1 million Yuan** is reduced by **25%** and taxed at a **20%** corporate income tax rate[220](index=220&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=70&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on significant items in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, deferred tax assets/liabilities, short-term borrowings, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, lease liabilities, deferred income, share capital, capital reserves, other comprehensive income, special reserves, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income and expenses, income tax expenses, and cash flow statement items, providing ending balances, beginning balances, current period changes, and related explanations for each item - The ending balance of monetary funds was **813,807,951.11 Yuan**, of which **392,105,701.01 Yuan** were restricted monetary funds[222](index=222&type=chunk)[223](index=223&type=chunk) - The ending balance of trading financial assets was **421,629,274.55 Yuan**, primarily consisting of structured deposits[228](index=228&type=chunk) - The ending book value of accounts receivable was **215,169,078.72 Yuan**, with a bad debt provision of **54,944,438.23 Yuan**[238](index=238&type=chunk) - The ending book value of inventories was **306,828,583.16 Yuan**, with inventory impairment provisions and contract performance cost impairment provisions totaling **13,927,162.41 Yuan**[274](index=274&type=chunk)[276](index=276&type=chunk) - The ending book value of fixed assets was **528,129,615.61 Yuan**, with accumulated depreciation of **1,403,547,779.97 Yuan**[290](index=290&type=chunk) - Operating revenue for the current period was **643,586,281.25 Yuan**, and operating cost was **557,181,902.10 Yuan**[353](index=353&type=chunk) - Net cash flow from operating activities was **-102,762,749.76 Yuan**[383](index=383&type=chunk) [VIII. Research and Development Expenses](index=122&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was **50,289,155.09 Yuan**, entirely expensed, primarily comprising employee compensation, testing fees, and material costs; R&D expenditure slightly decreased compared to the same period last year R&D Expenses by Nature of Expense (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | 17,169,813.30 | 16,911,293.56 | | Testing Fees | 13,193,271.70 | 12,996,555.85 | | Materials | 10,285,662.36 | 11,088,847.56 | | Energy Costs | 2,009,905.77 | 1,879,066.10 | | Fixed Asset Depreciation | 1,815,517.50 | 1,515,173.51 | | Consulting Fees | 1,450,579.44 | 693,831.75 | | Intangible Asset Amortization | 962,859.30 | 962,859.30 | | Labor Costs | 712,179.33 | 758,843.34 | | Travel Expenses | 421,500.36 | 460,463.49 | | Lease Fees | 307,285.69 | 269,794.26 | | Other | 1,960,580.34 | 3,068,414.73 | | **Total** | **50,289,155.09** | **50,605,143.45** | | Of which: Expensed R&D Expenditure | 50,289,155.09 | 50,605,143.45 | | Capitalized R&D Expenditure | - | - | [IX. Changes in Consolidation Scope](index=123&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in its consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, disposal of subsidiaries, or other reasons [X. Interests in Other Entities](index=124&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's equity interests in its subsidiaries, including the registered place, business nature, registered capital, and shareholding ratio of major subsidiaries such as Shantou Lucky Film Co., Ltd., Baoding Lucky Imaging Materials Technology Co., Ltd., Beijing Lucky Film Sales Co., Ltd., Baoding Lucky Import & Export Trading Co., Ltd., Lucky Medical Technology Co., Ltd., and Lucky Optoelectronics Materials Co., Ltd.; among these, Baoding Lucky Imaging Materials Technology Co., Ltd. and Lucky Optoelectronics Materials Co., Ltd. are significant non-wholly-owned subsidiaries, with minority shareholder stakes of **54.72%** and **43.56%** respectively Composition of Enterprise Group (Unit: 10,000 Yuan) | Subsidiary Name | Registered Place | Registered Capital | Main Operating Place | Business Nature | Direct Shareholding (%) | Indirect Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shantou Lucky Film Co., Ltd. | Shantou City, Guangdong Province | 8,000.00 | Shantou City, Guangdong Province | Production and Sales | 100.00 | - | Investment Establishment | | Baoding Lucky Imaging Materials Technology Co., Ltd. | Baoding City, Hebei Province | 3,140.00 | Baoding City, Hebei Province | Production and Sales | 45.28 | - | Investment Establishment | | Beijing Lucky Film Sales Co., Ltd. | Baoding City, Hebei Province | 950.00 | Baoding City, Hebei Province | Sales | 100.00 | - | Investment Establishment | | Baoding Lucky Import & Export Trading Co., Ltd. | Baoding City, Hebei Province | 100.00 | Baoding City, Hebei Province | Sales | 100.00 | - | Business Combination Under Common Control | | Lucky Medical Technology Co., Ltd. | Baoding City, Hebei Province | 12,988.05 | Baoding City, Hebei Province | Production and Sales | 100.00 | - | Business Combination Under Common Control | | Lucky Optoelectronics Materials Co., Ltd. | Suqian City, Jiangsu Province | 17,718.09 | Suqian City, Jiangsu Province | Production and Sales | 56.44 | - | Business Combination Under Common Control | Significant Non-Wholly-Owned Subsidiaries (Unit: Yuan) | Subsidiary Name | Minority Shareholding (%) | P/L Attributable to Minority Shareholders This Period | Dividends Declared to Minority Shareholders This Period | Ending Balance of Minority Interests | | :--- | :--- | :--- | :--- | :--- | | Baoding Lucky Imaging Materials Technology Co., Ltd. | 54.72 | 371,878.40 | - | 19,942,243.16 | | Lucky Optoelectronics Materials Co., Ltd. | 43.56 | 2,632,264.76 | - | 414,221,634.24 | [XI. Government Grants](index=127&type=section&id=XI.%20Government%20Grants) During the reporting period, the company's government grant-related liability items primarily consisted of deferred income, with an ending balance of **43,717,869.06 Yuan**, a decrease of **3,717,081.22 Yuan** for the period, mainly due to asset-related government grants recognized in other income; total government grants recognized in current profit or loss for the period amounted to **4,010,070.41 Yuan**, of which **3,617,081.22 Yuan** were asset-related and **392,989.19 Yuan** were income-related Liability Items Involving Government Grants (Unit: Yuan) | Financial Statement Item | Beginning Balance | New Grants This Period | Amount Recognized in Non-Operating Income This Period | Transferred to Other Income This Period | Other Changes This Period | Ending Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 47,434,950.28 | - | - | 3,717,081.22 | - | 43,717,869.06 | Asset-related | | **Total** | **47,434,950.28** | **-** | **-** | **3,717,081.22** | **-** | **43,717,869.06** | / | Government Grants Recognized in Current Profit or Loss (Unit: Yuan) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-related | 3,617,081.22 | 3,717,081.23 | | Income-related | 392,989.19 | 773,611.41 | | **Total** | **4,010,070.41** | **4,490,692.64** | [XII. Risks Related to Financial Instruments](index=128&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company primarily faces credit risk, liquidity risk, and market risk (including interest rate risk and exchange rate risk); the company manages and monitors these risk exposures to ensure they remain within controllable limits; credit risk is controlled mainly by assessing customer creditworthiness, regular monitoring, and purchasing credit guarantee insurance; liquidity risk is managed by maintaining sufficient cash and cash equivalents and bank credit lines; regarding market risk, the company closely monitors interest rate and exchange rate fluctuations but currently does not employ hedging policies - The company's main financial instruments include monetary funds, notes receivable, accounts receivable, accounts receivable financing, other receivables, trading financial assets, other equity instrument investments, notes payable, accounts payable, other payables, short-term borrowings, lease liabilities, and long-term payables[405](index=405&

湖北华嵘控股股份有限公司 2025 年半年度报告 .公司代码：600421 公司简称：*ST 华嵘 湖北华嵘控股股份有限公司 2025 年半年度报告 1 / 135 湖北华嵘控股股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 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、 公司负责人周梁辉、主管会计工作负责人闻彩兵及会计机构负责人（会计主管人员）闻 彩兵声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告包含若干公司对未来发展战略、业务规划、经营计划等前瞻性陈述。这些陈述乃基于 当前能够掌握的信息与数据对未来所做出的估计或预测，不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Board of Directors and Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A0%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and bear legal responsibility - The company's board of directors and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report content, and bear legal responsibility[3](index=3&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report was **not audited**[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The company's board of directors did not approve any profit distribution or capital reserve to share capital increase plan for this reporting period - There is **no profit distribution or capital reserve to share capital increase plan** for this reporting period[6](index=6&type=chunk) [Forward-Looking Statement Risk Disclosure](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) The company reminds investors that forward-looking descriptions, such as business plans and development strategies, do not constitute substantial commitments and involve investment risks - Forward-looking descriptions in the report, such as business plans and development strategies, do **not constitute substantial commitments** by the company to investors[6](index=6&type=chunk) - Investors should be aware of **investment risks**[6](index=6&type=chunk) [Fund Occupation and External Guarantees](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures - There was **no non-operating fund occupation** by controlling shareholders or other related parties[7](index=7&type=chunk) - There were **no external guarantees provided in violation of decision-making procedures**[8](index=8&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company's risks are detailed in "Section III Management Discussion and Analysis" under "V. Other Disclosures (I) Potential Risks," reminding investors to be aware of investment risks - The company's risks are detailed in “Section III Management Discussion and Analysis” under “V. Other Disclosures (I) Potential Risks”[7](index=7&type=chunk) - Investors should be aware of **investment risks**[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, major shareholders, subsidiaries, and core businesses (commercial chain, logistics supply chain, food industry), ensuring clear understanding of the report content - “Company”, “the Company”, “Liqun Shares”, and “Liqun Commercial Group” all refer to **Liqun Commercial Group Co., Ltd**[14](index=14&type=chunk) - “Commercial Chain Business” encompasses offline formats such as department stores, shopping malls, hypermarkets, convenience stores, fresh food community stores, and category-specific stores, as well as online O2O and B2B formats[14](index=14&type=chunk) - “Logistics Supply Chain Business” refers to the company's brand agency and buyout operations, relying on a smart logistics warehousing system to meet internal distribution needs and provide goods to third-party distributors[14](index=14&type=chunk) - “Food Industry” refers to the company's food technology subsidiary specializing in food R&D, production, and sales[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%90%A5%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section lists the company's Chinese name, abbreviation, foreign name, and abbreviation, and provides definitions of common terms used during the reporting period, clarifying the references to the company and its main related parties - The company's Chinese name is **Liqun Commercial Group Co., Ltd.**, abbreviated as **Liqun Shares**[13](index=13&type=chunk) - The company's foreign name is **Liqun Commercial Group Co.,Ltd.**, abbreviated as **Liqun Co.,Ltd.**[13](index=13&type=chunk) [Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the names, contact addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is **Wu Lei**, and the Securities Affairs Representative is **Cui Na**[16](index=16&type=chunk) - Contact address for both is **No. 83 Haier Road, Laoshan District, Qingdao**, phone **0532-58668898**, fax **0532-58668998**, email **lqzhengquan@iliqun.com**[16](index=16&type=chunk) [Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address is No. 78 Xiangjiang Road, Qingdao Economic and Technological Development Zone, and its office address is No. 83 Haier Road, Laoshan District, Qingdao, with no historical changes during the reporting period - The company's registered address is **No. 78 Xiangjiang Road, Qingdao Economic and Technological Development Zone**, and its office address is **No. 83 Haier Road, Laoshan District, Qingdao**[17](index=17&type=chunk) - There were **no historical changes** to the company's registered or office addresses during the reporting period[17](index=17&type=chunk) [Information Disclosure](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily as information disclosure newspapers, with the semi-annual report published on www.sse.com.cn and available at the company's securities department, with no changes during the reporting period - The company's selected information disclosure newspapers are **China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily**[18](index=18&type=chunk) - The semi-annual report is published on **www.sse.com.cn**, and the physical location for inspection is the **company's securities department**[18](index=18&type=chunk) - There were **no changes** in information disclosure or storage locations during the reporting period[18](index=18&type=chunk) [Company Stock Information](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation Liqun Shares and stock code 601366, and no previous stock abbreviation - The company's stock type is **A-shares**, listed on the **Shanghai Stock Exchange**[19](index=19&type=chunk) - The stock abbreviation is **Liqun Shares**, and the stock code is **601366**[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%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) In H1 2025, the company's operating revenue decreased by 3.08% YoY to 3.718 billion yuan, and net profit attributable to parent company significantly decreased by 65.94% to 7.40 million yuan, mainly due to macro environment and store adjustments 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,718,227,431.01 | 3,836,243,051.71 | -3.08 | | Total Profit | 20,707,787.60 | 48,303,120.39 | -57.13 | | Net Profit Attributable to Listed Company Shareholders | 7,400,759.37 | 21,728,230.86 | -65.94 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -44,784,745.01 | -43,128,312.96 | -3.84 | | Net Cash Flow from Operating Activities | 293,844,362.30 | 310,345,739.88 | -5.32 | | Net Assets Attributable to Listed Company Shareholders (Period-End/Prior Year-End) | 4,185,201,174.57 | 4,315,652,648.62 | -3.02 | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.01 | 0.03 | -66.67 | | Diluted Earnings Per Share (yuan/share) | 0.01 | 0.02 | -50.00 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (yuan/share) | -0.05 | -0.05 | 0.00 | | Weighted Average Return on Net Assets (%) | 0.17 | 0.51 | Decreased by 0.34 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | -1.04 | -1.03 | Decreased by 0.01 percentage points | - The decrease in operating revenue was primarily due to the **macroeconomic environment**, insufficient resident consumption capacity and confidence, diversion of customer traffic by e-commerce platforms and emerging retail models, and the company's closure of underperforming leased stores[23](index=23&type=chunk) - The decline in operating revenue directly led to a **decrease in total profit and net cash flow from operating activities**[24](index=24&type=chunk) [Non-Recurring Gains and Losses](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 52.1855 million yuan, primarily from disposal gains/losses of non-current assets (54.7133 million yuan), due to early termination and recognition of asset disposal gains/losses from closing some leased stores 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets, including the reversal of impairment provisions already made | 54,713,293.81 | Primarily due to the company closing some leased stores, leading to early termination and recognition of related asset disposal gains/losses | | Government grants recognized in current profit/loss, excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to established standards, and having a continuous impact on the company's profit/loss | 3,102,083.17 | | | Other non-operating income and expenses apart from the above items | -2,921,968.01 | | | Less: Income tax impact | 2,706,664.74 | | | Minority interest impact (after tax) | 1,239.85 | | | Total | 52,185,504.38 | | [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Main Business Overview](index=7&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's main business includes 'commercial chain, logistics supply chain, and food industry,' adhering to a 'full industry chain operation' strategy, with a focus on social distribution, food production, and integrated domestic and foreign trade [Company's Main Businesses](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main businesses cover three segments: logistics supply chain, food industry, and commercial chain, focusing on internal retail needs, third-party distribution, R&D, production, sales of private-label products, and online/offline omni-channel development - The company's strategic orientation is “retail as the foundation, supply chain integration as the direction”, with main business formats including **commercial chain, logistics supply chain, and food industry**[30](index=30&type=chunk) - The logistics supply chain business operates **over 600,000 square meters of smart logistics centers**, nearly 30 brand operating companies, and distributes goods to over 2,000 third-party commercial enterprises, government, military, schools, and other social channels[32](index=32&type=chunk) - The food industry segment has built **over 110,000 square meters of food production and processing workshops**, developing over 500 types of products including soy products, fresh rice and noodle products, frozen rice and noodle products, baked bread, Chinese pastries, braised cooked food, marinated processed products, bento boxes, sushi, pre-made dishes, and sea cucumbers, with multiple private brands[35](index=35&type=chunk) - The commercial chain operates various offline formats such as **department stores, shopping malls, hypermarkets, convenience stores, fresh food community stores, and category-specific stores**, as well as online O2O and B2B formats[37](index=37&type=chunk) - As of the end of the reporting period, the company had **63 large stores** and **164 convenience stores and category-specific stores**[37](index=37&type=chunk) [Industry Situation Description](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In H1 2025, the global economy faced growth challenges, while the domestic economy maintained steady development, with GDP growing by 5.3% YoY, and social consumer goods retail sales increasing by 5.0% - In H1 2025, China's GDP was **66.0536 trillion yuan**, a **5.3% YoY increase**[39](index=39&type=chunk) - Total retail sales of consumer goods in H1 were **24.5456 trillion yuan**, a **5.0% YoY increase**[40](index=40&type=chunk) - Commodity retail sales grew by **5.1%**, and catering revenue grew by **4.3%**[40](index=40&type=chunk) - National online retail sales reached **7.4295 trillion yuan**, an **8.5% YoY increase**[40](index=40&type=chunk) - The consumer goods trade-in policy continued to show effects, with retail sales of household appliances and audio-visual equipment increasing by **30.7%**[40](index=40&type=chunk) - Consumer expectations and confidence still have room for improvement, indicating **insufficient domestic effective demand**[40](index=40&type=chunk) [Analysis of Operating Performance](index=11&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) The company actively responded to market changes in H1, optimizing commercial chain operations, expanding logistics supply chain markets, and enhancing food industry R&D, achieving significant growth in external sales [Commercial Chain Segment Operating Optimization](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%95%86%E4%B8%9A%E8%BF%9E%E7%B4%A2%E6%9D%BF%E5%9D%97%E5%8A%A0%E5%A4%A7%E8%B0%83%E6%94%B9%E5%8A%9B%E5%BA%A6%EF%BC%8C%E4%BC%98%E5%8C%96%E5%8C%BA%E5%9F%9F%E5%B8%83%E5%B1%80%EF%BC%8C%E6%8F%90%E5%8D%87%E7%BB%8F%E8%90%A5%E8%B4%A8%E9%87%8F) The commercial chain segment optimized operations by intensifying store adjustments and regional layout, closing 9 hypermarkets and 27 small stores, while opening 9 new small stores, and achieving 21% YoY growth in home appliance sales and over 10% growth in e-commerce sales - The company intensified store adjustments, **closing 9 hypermarkets**, opening 8 convenience stores and fresh food community stores, 1 category-specific store, and **closing 20 convenience stores and fresh food community stores, and 7 category-specific stores**[42](index=42&type=chunk) - Nord Plaza introduced Qingdao's first **“Juchao Food Market”** project, creating a 24-hour supporting shopping center[43](index=43&type=chunk) - Zibo Shopping Plaza introduced Zibo's first **JD Outlet store**, with mall sales increasing by **4% YoY in July** after its opening[43](index=43&type=chunk) - In H1, the company's home appliance category sales increased by **21% YoY**[46](index=46&type=chunk) - In H1 2025, the company's online platforms achieved sales revenue of **252 million yuan**, an increase of **over 10% YoY**[47](index=47&type=chunk) [Logistics Supply Chain Segment Market Expansion](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%89%A9%E6%B5%81%E4%BE%9B%E5%BA%94%E9%93%BE%E6%9D%BF%E5%9D%97%E7%A7%AF%E6%9E%81%E6%8B%93%E5%B1%95%E5%A4%96%E9%83%A8%E5%B8%82%E5%9C%BA%EF%BC%8C%E6%8F%90%E9%AB%98%E4%BE%9B%E5%BA%94%E9%93%BE%E7%BB%BC%E5%90%88%E6%9C%8D%E5%8A%A1%E8%83%BD%E5%8A%9B) The logistics supply chain segment continuously optimized its system, actively expanded external markets, established partnerships with over 5,000 brands nationwide, and served over 2,000 clients, achieving sales revenue of 3.015 billion yuan in H1 - The company has established partnerships with **over 5,000 brands nationwide**, and the logistics supply chain serves **over 2,000 clients**[48](index=48&type=chunk) Logistics Supply Chain Business Sales Data | Indicator | Amount (billion yuan) | Share (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Logistics Supply Chain Business Sales Revenue | 3.015 | 52.66 (of total pre-consolidation revenue) | - | | Logistics Supply Chain External Sales Revenue | 1.118 | 37.09 (of total logistics supply chain revenue) | -4.50 | | External Sales Revenue as % of Total Company Revenue | - | 30.08 | -0.45 percentage points | [Food Industry Integrated Domestic and Foreign Trade](index=13&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E9%A3%9F%E5%93%81%E5%B7%A5%E4%B8%9A%E5%8A%A0%E5%BF%AB%E5%86%85%E5%A4%96%E8%B4%B8%E4%B8%80%E4%BD%93%E5%8C%96%E5%8F%91%E5%B1%95%EF%BC%8C%E7%94%A8%E5%93%81%E8%B4%A8%E9%93%B8%E9%80%A0%E5%93%81%E7%89%8C) The food industry segment intensified production and R&D, with cumulative outbound shipments of over 9,700 tons in H1, a nearly 80% YoY increase, of which external sales accounted for 7,816 tons, up over 110% YoY - In H1 2025, the company's food industry segment had cumulative outbound shipments of **over 9,700 tons**, a **nearly 80% YoY increase**[49](index=49&type=chunk) - External sales business outbound shipments reached **7,816 tons**, an increase of **over 110% YoY**[49](index=49&type=chunk) - In H1, Fushengjia Food's vermicelli export revenue exceeded **4 million yuan**, and Fumanxing Food's french fries export revenue exceeded **9 million yuan**, with external sales accounting for **over 40%**[49](index=49&type=chunk)[50](index=50&type=chunk) - The food industry segment has developed and produced **over 500 types of products**, with private brands accounting for **over 10%** in categories such as pastries, rice, flour, grains, oils, and soy products[45](index=45&type=chunk)[50](index=50&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its brand influence and terminal channel advantages, a mature smart logistics supply chain system, an experienced buyer team and brand operation capabilities, digital and information management, and a comprehensive talent reserve and training mechanism - The “Liqun” brand has a **90-year history**, strong influence in Shandong and nationwide, with **over 200 chain stores** across various formats, totaling **over 2 million square meters** of operating area[53](index=53&type=chunk) - The company operates **4 large smart logistics centers** with a total warehousing area exceeding **600,000 square meters**, utilizing international first-class intelligent warehousing and picking equipment for **unmanned operations**[55](index=55&type=chunk) - The company owns nearly **30 brand operating subsidiaries**, representing nearly **800 well-known domestic and international brands**, and has established partnerships with **over 5,000 brands nationwide**[56](index=56&type=chunk) - The company has built a **smart supply chain information management platform**, applying IoT, robotics, big data, and AI technologies to achieve **comprehensive digital transformation** of its main businesses[57](index=57&type=chunk) - With **over 20 years of retail operating history**, the company has cultivated a large number of professional talents and established a fair, open, and just promotion mechanism and compensation assessment system[58](index=58&type=chunk)[59](index=59&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%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue, total profit, net profit attributable to parent company, and net cash flow from operating activities all decreased YoY, primarily due to macro-economic impacts and store adjustments [Main Business Financial Analysis](index=16&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue decreased by 3.08% YoY, mainly due to macro-economic conditions and store adjustments, while financial expenses decreased due to reduced lease financing costs and convertible bond interest Financial Statement Related Item Changes Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,718,227,431.01 | 3,836,243,051.71 | -3.08 | | Operating Cost | 2,554,871,959.45 | 2,624,615,440.62 | -2.66 | | Selling Expenses | 648,347,624.21 | 679,626,956.45 | -4.60 | | Administrative Expenses | 306,295,472.90 | 328,036,666.26 | -6.63 | | Financial Expenses | 163,706,761.46 | 172,454,690.29 | -5.07 | | Net Cash Flow from Operating Activities | 293,844,362.30 | 310,345,739.88 | -5.32 | | Net Cash Flow from Investing Activities | -123,899,712.85 | -139,964,117.55 | 11.48 | | Net Cash Flow from Financing Activities | -243,201,305.28 | -90,032,432.92 | -170.13 | - The decrease in operating revenue was primarily due to the **macroeconomic environment** and the company's closure of some leased stores[60](index=60&type=chunk) - The decrease in financial expenses was mainly due to **reduced lease financing expenses** from closing some leased stores, and **reduced interest** due to a decrease in the balance of convertible corporate bonds[61](index=61&type=chunk) - The change in net cash flow from financing activities was primarily due to an **increase in cash payments for share repurchases** in the current period compared to the same period last year[61](index=61&type=chunk) [Asset and Liability Situation Analysis](index=17&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets were 15.153 billion yuan, total liabilities were 10.947 billion yuan, and the asset-liability ratio was 72.24%, with significant changes in various asset and liability items Asset and Liability Status Changes | 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 | | :--- | :--- | :--- | :--- | :--- | :--- | | Prepayments | 550,037,467.94 | 3.63 | 750,855,687.96 | 4.63 | -26.75 | | Other Receivables | 237,082,438.90 | 1.56 | 181,329,030.04 | 1.12 | 30.75 | | Notes Payable | 304,242,361.58 | 2.01 | 567,284,896.12 | 3.50 | -46.37 | | Contract Liabilities | 379,151,342.10 | 2.50 | 623,911,346.66 | 3.85 | -39.23 | | Non-Current Liabilities Due Within One Year | 1,565,754,717.59 | 10.33 | 285,313,610.54 | 1.76 | 448.78 | | Other Current Liabilities | 47,370,801.93 | 0.31 | 83,937,107.39 | 0.52 | -43.56 | | Bonds Payable | 0 | 0 | 1,286,608,513.40 | 7.93 | -100.00 | | Treasury Stock | 331,622,197.05 | 2.19 | 211,029,271.12 | 1.30 | 57.15 | - Non-current liabilities due within one year increased by **448.78%**, primarily because convertible corporate bonds will mature in April 2026 and were reclassified to this item[64](index=64&type=chunk) - Overseas assets amounted to **225.3066 million yuan**, accounting for **1.49% of total assets**[65](index=65&type=chunk) Period-End Major Asset Restriction Status | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 106,865,548.57 | 106,865,548.57 | Deposit | Notes payable deposit | | Cash and Bank Balances | 333,881.23 | 333,881.23 | Deposit | Letter of guarantee deposit | | Cash and Bank Balances | 4,573,831.56 | 4,573,831.56 | Deposit | Migrant worker wage deposit | | Cash and Bank Balances | 25,302,936.62 | 25,302,936.62 | Freeze | Litigation freeze | | Investment Properties | 23,233,619.76 | 14,191,536.33 | Mortgage | Loan mortgage | | Fixed Assets | 1,099,311,268.56 | 725,934,618.78 | Mortgage | Loan mortgage | | Intangible Assets | 28,445,027.08 | 22,951,610.01 | Mortgage | Loan mortgage | | Total | 1,288,066,113.38 | 900,153,963.10 | | | [Other Disclosures](index=19&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 macro-economic, industry competition, and cross-regional operating risks, while actively implementing profit distribution and share repurchase plans, and revising governance structures [Potential Risks](index=19&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces macro-economic risks such as sluggish global economic growth and escalating trade frictions, with insufficient domestic demand and weak consumer confidence, alongside intensified retail industry competition and challenges in cross-regional operations - **Macroeconomic risks**: sluggish global economic growth, escalating trade frictions, insufficient domestic demand, and weak resident consumption confidence[70](index=70&type=chunk) - **Industry competition risks**: the retail industry faces challenges of insufficient consumption power and sluggish growth, with emerging retail models (instant retail, unmanned retail, discount stores) intensifying competition and restricting the development of offline retail enterprises[71](index=71&type=chunk) - **Cross-regional operating risks**: the company's operations cover multiple provinces and cities in East China, facing challenges in improving operational capabilities and efficiency, leveraging logistics base synergy, reserving professional talents and expanding brand influence[72](index=72&type=chunk) [Other Disclosures](index=20&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively implemented its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, executing the 2024 profit distribution, distributing 17.03 million yuan in cash dividends, and cumulatively repurchasing 24.3081 million shares totaling 121 million yuan - The company implemented the 2024 profit distribution plan, distributing **17.03 million yuan in cash dividends**, accounting for **62.51%** of the net profit attributable to listed company shareholders for that year[73](index=73&type=chunk) - In H1 2025, the company cumulatively repurchased **24,308,069 shares**, with a repurchase amount of **121 million yuan**[73](index=73&type=chunk) - The company completed the revision of its articles of association and relevant internal control systems, **abolishing the supervisory board**, strengthening the functions of the audit committee, and improving the company's governance structure of two boards and one layer[74](index=74&type=chunk) - The company successfully completed the **re-election of the board of directors** and the appointment of the new management team[74](index=74&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=21&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors and Senior Management](index=21&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, the company's board of directors underwent re-election, with Xu Ruize elected as Chairman, Wang Benpeng appointed as President, and new Vice Presidents, Assistant Presidents, CFO, Procurement Director, and Board Secretary appointed Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Xu Ruize | Chairman | Election | | Wang Benpeng | Director/President | Election/Appointment | | Hu Peifeng | Director/Vice President | Election/Appointment | | Xu Decai | Director/CFO | Election/Appointment | | Li Weihong | Director/Procurement Director | Election/Appointment | | Gao Wei | Director | Election | | Wang Zhuquan | Independent Director | Election | | Jiang Hui | Independent Director | Election | | Li Yong | Independent Director | Election | | Wang Wen | Vice President | Appointment | | Lu Cuirong | Vice President | Appointment | | Zhang Yuanshuang | Assistant President | Appointment | | Zhang Bing | Assistant President | Appointment | | Wu Lei | Board Secretary | Appointment | | Xu Gongzao | Chairman | Resignation | | Ding Lin | Director | Resignation | | Wang Wen | Director | Resignation | | Dai Guoqiang | Independent Director | Resignation | | Sun Jianqiang | Independent Director | Resignation | | Jiang Shenglu | Independent Director | Resignation | - On May 15, 2025, the company held a staff and workers' representative meeting and elected **Li Weihong** as the employee representative director for the tenth board of directors[76](index=76&type=chunk) - On May 16, 2025, the company held its 2024 Annual General Meeting of Shareholders and conducted the **re-election of the board of directors**[77](index=77&type=chunk) - On the same day, the company held the first meeting of the tenth board of directors, electing **Xu Ruize as Chairman** and appointing the new senior management team[77](index=77&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=21&type=section&id=%E4%B8%80%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 did not propose any profit distribution or capital reserve to share capital increase plan for this semi-annual period - The proposed profit distribution plan and capital reserve to share capital increase plan for this semi-annual period is **“No”**[78](index=78&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=22&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, there were no developments or changes in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, there were **no developments or changes** in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures[79](index=79&type=chunk) [Rural Revitalization Initiatives](index=22&type=section&id=%E5%9B%9B%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company supports rural revitalization through 'direct sourcing from origin' and 'contract farming,' procuring over 16,000 tons of fruits and vegetables worth over 50 million yuan in H1, and actively responding to paired assistance for Gansu - The company promotes rural revitalization and increases farmers' income through **“direct sourcing from origin” and “contract farming”**[79](index=79&type=chunk) - In H1, the company procured tens of thousands of vegetables and fruits, including pineapples, watermelons, star fruits, lychees, onions, potatoes, and garlic, with a procurement amount exceeding **50 million yuan** and a quantity exceeding **16,000 tons**[80](index=80&type=chunk) - The company consistently procures specialty agricultural products from areas such as Longnan and Wuwei in Gansu each year, helping local farmers increase income[80](index=80&type=chunk) - The company's food industry segment expanded cooperation with farmers in parts of Shandong, Hebei, and Inner Mongolia, reducing the risk of agricultural product overstocking through a **“contract farming + large-scale acquisition” model**[81](index=81&type=chunk) - As a Qingdao municipal grain emergency guarantee enterprise, the company completed the **“vegetable basket” project's summer reserve work** in H1, reserving over 1,200 tons of potatoes, onions, and garlic sprouts, over 900 tons of rice, over 800 tons of flour, and over 700 tons of edible oil[81](index=81&type=chunk) [Section V Significant Matters](index=24&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=24&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) All commitments made by the company's actual controllers, shareholders, related parties, and the company itself, either during or continuing into the reporting period, have been strictly fulfilled, primarily including commitments to resolve horizontal competition, related party transactions, implement return enhancement measures, and equity incentives Fulfillment of Commitments | Commitment Background | Commitment Type | Promisor | Commitment Date | Has Performance Deadline | Commitment Period | Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments related to initial public offering | Resolve horizontal competition | Liqun Group, Juntai Industrial, Liqun Investment | 2017 | No | Long-term | Yes | | Commitments related to initial public offering | Resolve horizontal competition | Xu Gongzao, Zhao Qinxia, Xu Ruize | 2017 | No | Long-term | Yes | | Commitments related to initial public offering | Resolve related party transactions | Liqun Group, Juntai Industrial, Liqun Investment | 2017 | No | Long-term | Yes | | Commitments related to initial public offering | Resolve related party transactions | Xu Gongzao, Zhao Qinxia, Xu Ruize | 2017 | No | Long-term | Yes | | Commitments related to initial public offering | Other | Actual controllers, largest shareholders, company directors, senior management | 2017 | No | Long-term | Yes | | Commitments related to initial public offering | Other | Liqun Group | 2017 | No | Long-term | Yes | | Commitments related to refinancing | Other | Company directors, senior management | 2020 | No | Long-term | Yes | | Commitments related to refinancing | Other | Liqun Group, Xu Gongzao, Zhao Qinxia, Xu Ruize | 2020 | No | Long-term | Yes | | Commitments related to equity incentives | Other | Company | 2021 | No | Long-term | Yes | | Commitments related to equity incentives | Other | Incentive recipients | 2021 | No | Long-term | Yes | - Liqun Group, Juntai Industrial, Liqun Investment, and Xu Gongzao, Zhao Qinxia, Xu Ruize committed to **avoid horizontal competition** and grant Liqun Department Store **priority development rights**[84](index=84&type=chunk)[85](index=85&type=chunk) - Related parties committed to **minimize and reduce related party transactions** with Liqun Department Store, and if unavoidable, to conduct them according to fair and open market principles and fulfill approval procedures[86](index=86&type=chunk)[87](index=87&type=chunk) - The company and incentive recipients committed to **diligently implement return enhancement measures**, with equity incentive exercise conditions linked to the execution of these measures[89](index=89&type=chunk)[90](index=90&type=chunk) [Fund Occupation and Irregular Guarantees](index=26&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any irregular guarantees - There was **no non-operating fund occupation** by controlling shareholders or other related parties during the reporting period[91](index=91&type=chunk) - There were **no irregular guarantees** during the reporting period[91](index=91&type=chunk) [Significant Litigation and Arbitration](index=27&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during this reporting period - The company had **no significant litigation or arbitration matters** during this reporting period[92](index=92&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) In H1 2025, the company engaged in daily operating related party transactions, including commodity purchases and sales, labor services, property leasing, and commercial factoring, all within the annual estimated limits, and provided commercial factoring services to related parties [Daily Operating Related Party Transactions](index=27&type=section&id=(%E4%B8%80)%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) In H1 2025, the company engaged in various daily operating related party transactions, including purchasing 25.946 million yuan in goods, selling 26.6475 million yuan in goods, accepting 14.7541 million yuan in labor services, providing 4.5026 million yuan in labor services, leasing out 7.6114 million yuan in properties, leasing in 122.1992 million yuan in properties, and providing 9.7 million yuan in commercial factoring, all within annual estimated limits - In H1 2025, the company's actual purchases of goods from related parties amounted to **25.946 million yuan**, against an estimated amount of 100 million yuan[93](index=93&type=chunk) - In H1 2025, the company's actual sales of goods to related parties amounted to **26.6475 million yuan**, against an estimated amount of 100 million yuan[93](index=93&type=chunk) - In H1 2025, the company's actual acceptance of labor services from related parties amounted to **14.7541 million yuan**, against an estimated amount of 56 million yuan[94](index=94&type=chunk) - In H1 2025, the company's actual rental income from properties and counters leased to related parties amounted to **7.6114 million yuan**, against an estimated amount of 18 million yuan[94](index=94&type=chunk) - In H1 2025, the company's actual rental expenses for properties leased from related parties amounted to **122.1992 million yuan**, against an estimated amount of 280 million yuan[94](index=94&type=chunk) - In H1 2025, the company's actual provision of commercial factoring to related parties amounted to **9.7 million yuan**, against an estimated amount of 30 million yuan[94](index=94&type=chunk) [Related Party Financial Services](index=29&type=section&id=(%E4%BA%94)%20%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%B9%8B%E9%97%B4%E7%9A%84%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) The company provided commercial factoring services to related parties Shandong Ruilang Pharmaceutical Co., Ltd. and Liqun Group Co., Ltd. Wholesale Branch, totaling 7.7 million yuan and 2 million yuan respectively, with actual amounts matching the total Related Party Credit or Other Financial Services | Related Party | Related Relationship | Business Type | Total Amount (yuan) | Actual Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | | Shandong Ruilang Pharmaceutical Co., Ltd. | Subsidiary of largest shareholder | Provide commercial factoring | 7,700,000.00 | 7,700,000.00 | | Liqun Group Co., Ltd. Wholesale Branch | Branch of largest shareholder | Provide commercial factoring | 2,000,000.00 | 2,000,000.00 | [Fulfillment of Significant Contracts](index=30&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no external guarantees, but provided guarantees totaling 1.523 billion yuan to subsidiaries, accounting for 36.20% of the company's net assets, with 539 million yuan for entities with an asset-liability ratio exceeding 70% Company Guarantee Total Amount | Indicator | Amount (yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 714,794,052.09 | | Total outstanding guarantees to subsidiaries at period-end (B) | 1,522,769,235.05 | | Total guarantees (A+B) | 1,522,769,235.05 | | Total guarantees as % of company's net assets | 36.20 | | Amount of guarantees provided to shareholders, actual controllers, and their related parties (C) | 0.00 | | Amount of debt guarantees provided directly or indirectly to guaranteed entities with an asset-liability ratio exceeding 70% (D) | 538,940,178.11 | | Amount of guarantees exceeding 50% of net assets (E) | 0.00 | | Total of the above three guarantee amounts (C+D+E) | 538,940,178.11 | - The company's external guarantees (excluding guarantees to subsidiaries) had **zero occurrence and zero outstanding balance** during the reporting period[100](index=100&type=chunk) - Explanation for potential joint and several liability for unexpired guarantees is **“None”**[100](index=100&type=chunk) [Section VI Share Changes and Shareholder Information](index=31&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased by 616 shares due to convertible bond conversion, from 913,932,327 shares to 913,932,943 shares, with the proportion of unrestricted tradable shares remaining at 100% Share Change Table | | Quantity Before Change | % Before Change | Change Increase/Decrease (+,-) Other | Change Increase/Decrease (+,-) Subtotal | Quantity After Change | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | - | - | - | 0 | - | | II. Unrestricted Tradable Shares | 913,932,327 | 100 | 616 | 616 | 913,932,943 | 100 | | 1. RMB Ordinary Shares | 913,932,327 | 100 | 616 | 616 | 913,932,943 | 100 | | III. Total Shares | 913,932,327 | 100 | 616 | 616 | 913,932,943 | 100 | - During the reporting period, a total of **3,700 shares** were converted from convertible bonds, of which **3,084 shares** originated from the company's share repurchases, and **616 shares** from “newly issued shares,” leading to an increase in share capital[104](index=104&type=chunk) [Shareholder Information](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 28,522 common shareholders, with Liqun Group Co., Ltd. as the largest shareholder (18.72%) and Qingdao Juntai Industrial Development Co., Ltd. as the second largest (13.37%) - As of the end of the reporting period, the total number of common shareholders was **28,522**[106](index=106&type=chunk) Top Ten Shareholders' Shareholding as of Period-End | Shareholder Name | Change During Reporting Period | Shares Held at Period-End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Liqun Group Co., Ltd. | 0 | 171,129,589 | 18.72 | Domestic Non-State-Owned Legal Person | | Qingdao Juntai Industrial Development Co., Ltd. | 0 | 122,170,664 | 13.37 | Domestic Non-State-Owned Legal Person | | Qingdao Liqun Investment Co., Ltd. | 0 | 57,737,580 | 6.32 | Domestic Non-State-Owned Legal Person | | Qingdao Hengrongtai Asset Management Co., Ltd. | 0 | 42,049,587 | 4.60 | Domestic Non-State-Owned Legal Person | | Lianyungang Jiaruibao Commercial Development Co., Ltd. | -1,874,700 | 40,137,274 | 4.39 | Domestic Non-State-Owned Legal Person | | Xu Gongzao | 0 | 21,166,523 | 2.32 | Domestic Natural Person | | Qingdao Haitaixing Machinery Co., Ltd. | -5,075,000 | 20,540,084 | 2.25 | Domestic Non-State-Owned Legal Person | | Li Lin | -444,000 | 14,644,343 | 1.60 | Domestic Natural Person | | Shen Jun | +7,270,000 | 12,070,000 | 1.32 | Domestic Natural Person | | Zhang Yuehua | +35,000 | 9,750,474 | 1.07 | Domestic Natural Person | - At the end of the reporting period, Liqun Commercial Group Co., Ltd.'s dedicated securities account for share repurchases held **62,559,912 shares** of the company[108](index=108&type=chunk) - **Xu Gongzao, Zhao Qinxia, and Xu Ruize** are the company's actual controllers[108](index=108&type=chunk) [Section VII Bond-Related Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Convertible Corporate Bonds](index=34&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) On April 1, 2020, the company issued 1.8 billion yuan in convertible corporate bonds (Liqun Convertible Bonds) with a 6-year term, convertible from October 8, 2020, to March 31, 2026, with 11,945 bondholders and cumulative conversion of 103,487,670 shares - The company publicly issued **18 million A-share convertible corporate bonds** on April 1, 2020, with a total issuance amount of **1.8 billion yuan** and a term of **6 years**[111](index=111&type=chunk) - The conversion period is from **October 8, 2020, to March 31, 2026**[111](index=111&type=chunk) - At period-end, the number of convertible bondholders was **11,945**[112](index=112&type=chunk) Convertible Bond Changes During Reporting Period | Convertible Corporate Bond Name | Amount Before Change (yuan) | Change Increase/Decrease (Conversion) (yuan) | Amount After Change (yuan) | | :--- | :--- | :--- | :--- | | Liqun Commercial Group Co., Ltd. Convertible Corporate Bonds | 1,296,676,000 | 18,000 | 1,296,658,000 | Cumulative Convertible Bond Conversion Status During Reporting Period | Convertible Corporate Bond Name | Liqun Commercial Group Co., Ltd. Convertible Corporate Bonds | | :--- | :--- | | Conversion Amount During Reporting Period (yuan) | 18,000 | | Conversion Shares During Reporting Period (shares) | 3,700 | | Cumulative Conversion Shares (shares) | 103,487,670 | | Cumulative Conversion Shares as % of Total Shares Issued Before Conversion | 12.03 | | Unconverted Bond Amount (yuan) | 1,296,658,000 | | Unconverted Bonds as % of Total Bond Issuance | 72.0366 | - As of the end of this reporting period, the latest conversion price is **4.84 yuan**[119](index=119&type=chunk) - At the end of the reporting period, the company's total assets were **15.153 billion yuan**, total liabilities were **10.947 billion yuan**, and the asset-liability ratio was **72.24%**[120](index=120&type=chunk) - The company's main credit rating is **AA**, with a **stable outlook**[120](index=120&type=chunk) [Section VIII Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Financial Statements](index=37&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 balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, showing total assets of 15.153 billion yuan and total liabilities of 10.947 billion yuan Consolidated Balance Sheet Key Data | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Current Assets | 4,461,378,508.48 | 5,099,514,276.38 | | Total Non-Current Assets | 10,691,835,602.79 | 11,120,932,118.66 | | Total Assets | 15,153,214,111.27 | 16,220,446,395.04 | | Total Current Liabilities | 8,978,086,506.93 | 8,317,262,954.39 | | Total Non-Current Liabilities | 1,968,590,661.56 | 3,560,656,230.81 | | Total Liabilities | 10,946,677,168.49 | 11,877,919,185.20 | | Total Owners' Equity Attributable to Parent Company | 4,185,201,174.57 | 4,315,652,648.62 | | Total Owners' Equity | 4,206,536,942.78 | 4,342,527,209.84 | Consolidated Income Statement Key Data | Item | 2025 H1 (yuan) | 2024 H1 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 3,718,227,431.01 | 3,836,243,051.71 | | Total Operating Costs | 3,731,844,852.70 | 3,848,658,007.28 | | Total Profit | 20,707,787.60 | 48,303,120.39 | | Net Profit | 1,861,966.36 | 18,025,629.74 | | Net Profit Attributable to Parent Company Shareholders | 7,400,759.37 | 21,728,230.86 | | Minority Interest Profit/Loss | -5,538,793.01 | -3,702,601.12 | | Basic Earnings Per Share (yuan/share) | 0.01 | 0.03 | | Diluted Earnings Per Share (yuan/share) | 0.01 | 0.02 | Consolidated Cash Flow Statement Key Data | Item | 2025 H1 (yuan) | 2024 H1 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 293,844,362.30 | 310,345,739.88 | | Net Cash Flow from Investing Activities | -123,899,712.85 | -139,964,117.55 | | Net Cash Flow from Financing Activities | -243,201,305.28 | -90,032,432.92 | | Net Increase in Cash and Cash Equivalents | -73,489,119.53 | 81,212,571.16 | | Cash and Cash Equivalents at Period-End | 615,462,646.47 | 583,906,129.51 | [Company Basic Information](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) Liqun Shares first issued shares in April 2017, with registered capital changing to 860.5 million yuan, and in H1 2025, due to convertible bond conversion, total share capital increased to 913,932,943 shares, with Xu Ruize as the legal representative - The company first publicly issued shares on **April 6, 2017**, increasing its registered capital by **176 million yuan**, with the registered capital after change being **860.5 million yuan**[164](index=164&type=chunk) - On April 1, 2020, the company issued **18 million convertible corporate bonds**, totaling **1.8 billion yuan**[165](index=165&type=chunk) - In H1 2025, the company added **616 shares** due to convertible bond conversion, bringing the total share capital to **913,932,943 shares** as of June 30, 2025[165](index=165&type=chunk) - The company's legal representative is **Xu Ruize**, and its main businesses include department stores, supermarkets, appliance wholesale and retail, food processing, and commercial property leasing[166](index=166&type=chunk) [Basis of Financial Statement Preparation](index=66&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared in accordance with "Enterprise Accounting Standards" and relevant regulations of the China Securities Regulatory Commission, presented on a going concern basis, with no significant doubts about its ability to continue as a going concern identified - The Group's financial statements are prepared in accordance with the **“Enterprise Accounting Standards”** promulgated by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission[168](index=168&type=chunk) - The Group evaluated its ability to continue as a going concern for the 12 months from June 30, 2025, and found **no significant doubts or circumstances** regarding its ability to continue as a going concern[169](index=169&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates followed in the company's financial statements, including classification, measurement, and impairment of financial instruments, inventory valuation and provision for impairment, as well as revenue recognition, government grants, and deferred income tax - The specific accounting policies and estimates formulated by the Group based on its actual production and operating characteristics include **bad debt provisions for receivables, inventory impairment provisions, depreciation of fixed assets, amortization of intangible assets, and revenue recognition and measurement**[170](index=170&type=chunk) - The company uses **RMB as its functional currency**, and the financial statements of overseas subsidiaries are translated into RMB[174](index=174&type=chunk) - The company classifies financial assets as measured at **amortized cost**, at **fair value through other comprehensive income**, or at **fair value through profit or loss**[185](index=185&type=chunk) - The company performs impairment assessments for accounts receivable, notes receivable, other receivables, etc., based on **expected credit losses**[195](index=195&type=chunk) - The company recognizes revenue when it has satisfied its performance obligations in the contract, i.e., when the customer obtains **control of the related goods or services**[249](index=249&type=chunk) [Taxation](index=90&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (13%, 9%, 6%, 5%, 0%), consumption tax (5%), urban maintenance and construction tax (7%), and corporate income tax (25%, 20%, 16.5%), and it enjoys multiple tax incentives Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable value-added amount | 13%, 9%, 6%, 5%, 0% | | Consumption Tax | Gold and silver jewelry operating revenue | 5% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 16.5% | | Education Surcharge | Payable turnover tax | 3% | | Local Education Surcharge | Payable turnover tax | 2% | - The company enjoys **VAT exemption** for contraceptives and related products, vegetables, and some fresh meat and egg products in circulation[277](index=277&type=chunk) - The company's subsidiaries Fuxingxiang Logistics Group Co., Ltd. and Huaian Fuxingxiang Logistics Co., Ltd. are eligible for a **50% reduction in urban land use tax** from January 1, 2023, to December 31, 2027[277](index=277&type=chunk) - The company is **exempt from VAT on wholesale and retail of books** from January 1, 2024, to December 31, 2027[278](index=278&type=chunk) - The company's income from the **initial processing of grain is exempt from corporate income tax**[278](index=278&type=chunk) - Some subsidiaries pay corporate income tax at a rate of **20%**, enjoying preferential policies for small low-profit enterprises[278](index=278&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&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 the consolidated financial statement items, noting that restricted cash reached 137 million yuan, non-current liabilities due within one year increased significantly by 448.78% to 1.566 billion yuan due to convertible bond reclassification, and treasury stock increased by 57.15% to 332 million yuan due to share repurchases - At period-end, other cash and bank balances amounted to **118 million yuan**, including bank acceptance bill deposits, letter of guarantee deposits, and migrant worker wage deposits, which are **restricted in use**[282](index=282&type=chunk) - At period-end, bank deposits included **25.3029 million yuan frozen by court order** due to litigation and **3.6738 million yuan for migrant worker wage deposits**, both restricted in use[282](index=282&type=chunk) - Accounts receivable balance at period-end was **262 million yuan**, with a bad debt provision of **3.1246 million yuan**, primarily calculated based on aging portfolios[289](index=289&type=chunk)[291](index=291&type=chunk) - Inventory book value at period-end was **2.252 billion yuan**, with an inventory impairment provision of **38.4268 million yuan**, primarily calculated based on product categories and inventory age[312](index=312&type=chunk)[314](index=314&type=chunk) - Non-current liabilities due within one year increased by **448.78% to 1.566 billion yuan**, mainly because convertible corporate bonds will mature in April 2026 and were reclassified to this item[64](index=64&type=chunk)[385](index=385&type=chunk) - Treasury stock increased by **57.15% to 332 million yuan**, primarily due to an increase in the company's share repurchases during the reporting period[64](index=64&type=chunk)[411](index=411&type=chunk) - Operating revenue decreased by **3.08% YoY to 3.718 billion yuan**, and operating cost decreased by **2.66% YoY to 2.555 billion yuan**[60](index=60&type=chunk)[418](index=418&type=chunk) - Financial expenses decreased by **5.07% YoY to 164 million yuan**, mainly due to reduced lease financing expenses and convertible bond interest[61](index=61&type=chunk)[427](index=427&type=chunk) - Credit impairment losses amounted to **-3.1588 million yuan**, and asset impairment losses amounted to **-18.7850 million yuan**[433](index=433&type=chunk)[434](index=434&type=chunk) [Changes in Consolidation Scope](index=144&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company's consolidation scope changed, with the addition of three subsidiaries: Qingdao Fujicentral Kitchen Co., Ltd., Wuchang Zhenfeng Grain and Oil Co., Ltd., and Rizhao Qimu Youpin Commercial Co., Ltd., and the deregistration of Qingdao Qishang Footwear Co., Ltd - On March 13, 2025, the company's subsidiary Fuxingxiang Logistics Group Co., Ltd. established **Qingdao Fujicentral Kitchen Co., Ltd.**[466](index=466&type=chunk) - On April 29, 2025, the company's second-tier subsidiary Qingdao Zhenfeng Grain and Oil Trade Co., Ltd. established **Wuchang Zhenfeng Grain and Oil Co., Ltd.**[466](index=466&type=chunk) - On May 28, 2025, the company's subsidiary Rizhao Liqun Datang Shopping Center Co., Ltd. established **Rizhao Qimu Youpin Commercial Co., Ltd.**[466](index=466&type=chunk) - On April 3, 2025, the company's second-tier subsidiary **Qingdao Qishang Footwear Co., Ltd. was deregistered**[467](index=467&type=chunk) [Interests in Other Entities](index=145&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section lists the composition of the company's enterprise group, including numerous subsidiaries, and discloses the minority shareholder equity ratio, current period profit/loss, and period-end equity balance of the significant non-wholly-owned subsidiary Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd - The company has numerous subsidiaries, covering sales, logistics, trade, investment, leasing, and other business natures, with most shareholding percentages at **100%**[469](index=469&type=chunk)[470](index=470&type=chunk)[471](index=471&type=chunk)[472](index=472&type=chunk)[473](index=473&type=chunk) Important Non-Wholly-Owned Subsidiary Financial Information | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Dividends Declared to Minority Shareholders in Current Period (yuan) | Minority Shareholder Equity Balance at Period-End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd. | 34.38 | -2,484,845.72 | 0 | 18,285,724.50 | Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd. Current Period Amounts | Subsidiary Name | Operating Revenue (yuan) | Net Profit (yuan) | Total Comprehensive Income (yuan) | Cash Flow from Operating Activities (yuan) | | :--- | :--- | :--- | :--- | :--- | | Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd. | 472,293.55 | -7,227,590.81 | -7,227,590.81 | 41,441.91 | Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd. Period-End Balances | Subsidiary Name | Current Assets (yuan) | Non-Current Assets (yuan) | Total Assets (yuan) | Current Liabilities (yuan) | Non-Current Liabilities (yuan) | Total Liabilities (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd. | 527,811,852.56 | 496,983,615.64 | 1,024,795,468.20 | 972,830,330.70 | 0 | 972,830,330.70 | [Government Grants](index=152&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At the end of the reporting period, the company had no government grants recognized at receivable amounts, with deferred income as the main liability item related to government grants, totaling 34.6691 million yuan at period-end, all asset-related - Government grants recognized at receivable amounts were **0 yuan** at the end of the reporting period[478](index=478&type=chunk) Liability Items Involving Government Grants | Financial Statement Item | Opening Balance (yuan) | New Grants in Current Period (yuan) | Amount Recognized in Non-Operating Income in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Other Changes in Current Period (yuan) | Closing Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 35,350,528.65 | 380,000.00 | 0 | 1,061,435.17 | 0 | 34,669,093.48 | Asset-related | | Total | 35,350,528.65 | 380,000.00 | 0 | 1,061,435.17 | 0 | 34,669,093.48 | / | Government Grants Recognized in Current Profit/Loss | Type | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Asset-related | 1,061,435.17 | 935,394.46 | | Income-related | 2,420,648.00 | 10,334,704.42 | | Total | 3,482,083.17 | 11,270,098.88 | [Financial Instrument Risk Management](index=153&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 faces market risks (exchange rate, interest rate, price), credit risk, and liquidity risk, managed through timely foreign exchange settlement, balancing fixed and floating rate debt, scientific pricing, inventory impairment tests, credit approval, bad debt provisions, and ensuring sufficient liquid funds and bank credit lines - The Group's objective in risk management is to achieve an appropriate balance between risk and return, minimizing the negative impact of risks on the Group's operating performance[483](index=483&type=chunk) - Exchange rate risk is primarily relate

无锡阿科力科技股份有限公司2025 年半年度报告 公司代码：603722 公司简称：阿科力 无锡阿科力科技股份有限公司 2025 年半年度报告 2025 年 8 月 28 日 1 / 161 无锡阿科力科技股份有限公司2025 年半年度报告 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质性承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人朱学军、主管会计工作负责人冯莉及会计机构负责人（会计主管人员）冯莉声 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 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 ...

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公司代码：601216 公司简称：君正集团 内蒙古君正能源化工集团股份有限公司 2025 年半年度报告 二〇二五年八月二十八日 内蒙古君正能源化工集团股份有限公司 2025 年半年度报告 六、 前瞻性陈述的风险声明 □适用 √不适用 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、 公司负责人乔振宇、主管会计工作负责人范宇及会计机构负责人（会计主管人员）范 宇声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期，公司不存在对生产经营产生实质性影响的特别重大风险。公司已在本报告中详细阐 述公司在生产经营过程中可能面临的各种风险及 ...

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