Important Notice, Table of Contents, and Definitions This section provides the important notice, outlines the report structure, lists reference documents, and defines key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board and management guarantee report accuracy, cautioning that future plans are not commitments and no dividends or bonus shares are planned - The company's Board of Directors and management commit to the report's authenticity, cautioning that future plans do not constitute substantial commitments, and investors should be aware of risks[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's clear nine-chapter structure covers company operations, finance, governance, and significant matters for investor review - The report directory has a clear structure, comprising nine chapters covering company operations, finance, governance, and significant matters[7](index=7&type=chunk) [Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the half-annual report, financial statements, and other disclosed documents available at the Board Secretary's office - Reference documents include the half-annual report signed by the legal representative, financial statements, designated newspaper disclosure documents, original announcements, and other half-annual reports disclosed in the securities market, stored at the Board Secretary's office[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk)[13](index=13&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) Key terms like company name, related parties, regulatory bodies, and reporting period are defined to ensure accurate information understanding - The report defines key terms including the company, major related parties (such as Yinyi Holdings, Hehua Group, Nansong Pharmaceutical), regulatory bodies (CSRC, SZSE), and the reporting period (January 1, 2025, to June 30, 2025)[14](index=14&type=chunk) Company Profile and Key Financial Indicators This section introduces the company's basic information and presents its key accounting data and financial performance indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Guangxi Hechi Chemical Co., Ltd. (stock code: 000953) is listed on the SZSE, with no changes in contact or disclosure information during the period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hehua Shares | | Stock Code | 000953 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Shi Weiguang | - The company's contact information, registered address, information disclosure, and storage locations remained unchanged during the reporting period, refer to the 2024 annual report[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue decreased by 37.02%, but net profit attributable to shareholders increased by 45.56%, driven by improved management, bad debt reversal, and reduced financial expenses Key Accounting Data and Financial Indicators (2025 H1 vs 2024 H1) | Indicator | Current Period (yuan) | Prior Year Same Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 80,830,352.34 | 128,338,506.53 | -37.02% | | Net Profit Attributable to Listed Company Shareholders | 3,838,166.93 | 2,636,778.47 | 45.56% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Items | 3,634,259.17 | 2,540,904.38 | 43.03% | | Net Cash Flow from Operating Activities | 30,430,768.82 | -3,120,846.31 | 1,075.08% | | Basic Earnings Per Share (yuan/share) | 0.0105 | 0.0072 | 45.83% | | Diluted Earnings Per Share (yuan/share) | 0.0105 | 0.0072 | 45.83% | | Weighted Average Return on Net Assets | 2.61% | 3.86% | -1.25% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Current Period-End vs Prior Year-End Change** | | Total Assets | 284,338,597.60 | 332,938,240.48 | -14.60% | | Net Assets Attributable to Listed Company Shareholders | 149,595,820.02 | 145,039,259.79 | 3.14% | [Non-Recurring Gains and Losses](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled 203,907.76 yuan, primarily from government grants, offset by non-current asset disposal losses and other non-operating expenses Non-Recurring Gains and Losses Items and Amounts (Unit: yuan) | Item | Amount | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains and losses | -23,140.91 | Disposal of fixed assets | | Government grants recognized in current profit or loss | 301,723.30 | Recognition of industrial informatization special equipment support funds, self-generated electricity subsidies, and individual income tax refunds from the Economic and Information Commission | | Other non-operating income and expenses apart from the above | -14,992.43 | Fines and late payment fees | | Less: Income tax impact | 42,629.43 | | | Minority interest impact (after tax) | 17,052.77 | | | **Total** | **203,907.76** | | Management Discussion and Analysis This section details the company's main businesses, core competencies, operational performance, asset and liability status, and risk management strategies [Main Businesses During the Reporting Period](index=9&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%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in R&D, production, and sales of pharmaceutical intermediates and urea toll processing, leveraging strong R&D and market channels - The company's main businesses are pharmaceutical intermediate R&D, production, sales, and urea toll processing sales[28](index=28&type=chunk) - The pharmaceutical intermediate business is managed by its subsidiary, Nansong Pharmaceutical, with products including anti-malarial, progestin, and nutrient drug intermediates, sold in both domestic and international markets, possessing full R&D, procurement, production, and sales capabilities[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - The urea business is conducted through toll processing by its subsidiary, Hehua Bio, utilizing the "Qunshan" brand reputation and established sales network, allowing flexible adjustments to operational scale based on market demand[33](index=33&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=%E4%BA%8C%E3%80%81%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 strengths include high market share in specific pharmaceutical intermediates, strong customer relationships, advanced R&D, robust EHS management, and unique production capabilities - Nansong Pharmaceutical holds significant market advantage and absolute market share in the hydroxychloroquine side chain and chloroquine side chain niche production fields[35](index=35&type=chunk) - The company possesses a long-term cooperative high-end customer base, with high customer recognition and dependence, providing a solid foundation for business development[36](index=36&type=chunk) - Nansong Pharmaceutical continuously invests in technical R&D, possessing advanced synthesis routes, mature reaction technologies, and extensive process control experience, forming strong technical barriers[37](index=37&type=chunk) - The company's EHS management is integrated throughout all processes, promoting green production, with excellent product quality; its chloroquine side chain and hydroxychloroquine side chain products have received national and municipal honors, establishing a good reputation[38](index=38&type=chunk) - Nansong Pharmaceutical operates five production workshops, including a flexible pilot plant and a newly constructed seventh workshop, possessing unique and comprehensive equipment advantages capable of meeting commercial production needs for various products[40](index=40&type=chunk) - The company possesses three core process advantages: catalytic hydrogenation, amination reaction, and high-temperature high-vacuum distillation, technologies involving scarce qualifications and precise control capabilities[41](index=41&type=chunk) - The company's management and technical teams average over **20 years** of experience in the pharmaceutical and chemical industry, with deep insights into industry technology, policies, and markets[42](index=42&type=chunk) [Main Business Analysis](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue decreased by 37.02% to **80.83 million yuan**, while net profit attributable to shareholders increased by 45.56% to **3.84 million yuan**, driven by management efficiency and reduced financial expenses - During the reporting period, the company's operating revenue was **80.83 million yuan**, a **37.02% decrease** year-on-year; net profit attributable to listed company shareholders was **3.84 million yuan**, a **45.56% increase** year-on-year[45](index=45&type=chunk) - Net profit growth primarily resulted from optimized management processes leading to increased per capita output, the reversal of bad debt provisions due to the collection of prior period sales, and a significant reduction in financial expenses due to the repayment of some loans[45](index=45&type=chunk) Operating Revenue Composition (2025 H1 vs 2024 H1) | Category | Item | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Same Period Amount (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Pharmaceutical Intermediate Industry | 41,174,559.88 | 50.94% | 58,399,831.78 | 45.50% | -29.50% | | | Chemical Industry | 39,594,878.27 | 48.99% | 69,905,673.96 | 54.47% | -43.36% | | **By Product** | Pharmaceutical Intermediates | 41,174,559.88 | 50.94% | 58,399,831.78 | 45.50% | -29.50% | | | Urea Products | 38,103,411.00 | 47.14% | 66,009,213.79 | 51.43% | -42.28% | | **By Region** | Domestic | 69,016,847.17 | 85.38% | 106,121,395.71 | 82.69% | -34.96% | | | Overseas | 11,813,505.17 | 14.62% | 22,217,110.82 | 17.31% | -46.83% | Key Financial Data Year-on-Year Changes (2025 H1 vs 2024 H1) | Indicator | Current Period (yuan) | Prior Year Same Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 80,830,352.34 | 128,338,506.53 | -37.02% | Urea product sales decreased due to drought in Guangxi; adjustment of pharmaceutical intermediate CDMO and chemical product production strategies | | Operating Cost | 67,689,759.65 | 109,047,669.84 | -37.93% | Decreased sales volume and optimized production strategies reduced costs | | Selling Expenses | 261,173.44 | 399,675.37 | -34.65% | Reduced exhibition expenses | | Administrative Expenses | 5,899,196.91 | 9,762,306.37 | -39.57% | Shutdown losses included in operating costs, reduced employee compensation | | Financial Expenses | 137,698.58 | 762,125.56 | -81.93% | Reduced interest expenses and exchange losses | | Income Tax Expense | 53,591.02 | 503,094.71 | -89.35% | Reduced deferred income tax | | Net Cash Flow from Operating Activities | 30,430,768.82 | -3,120,846.31 | 1,075.08% | Reduced prepayments for goods | | Net Cash Flow from Investing Activities | -612,262.50 | -9,893,457.09 | 93.81% | Reduced fixed asset investments | | Net Cash Flow from Financing Activities | -60,000,000.00 | -87,687.51 | -68,324.80% | Repayment of related party loans | | Net Increase in Cash and Cash Equivalents | -30,134,269.88 | -12,836,294.15 | -134.76% | Repayment of related party loans | [Non-Main Business Analysis](index=13&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) Non-main business activities impacted total profit, with credit impairment losses contributing positively, while asset impairment and non-operating expenses had negative effects, indicating non-sustainability Impact of Non-Main Business on Total Profit (Unit: yuan) | Item | Amount | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Asset impairment (losses filled with "-") | -607,299.83 | -14.23% | Inventory depreciation provision recognized in the reporting period | No | | Non-operating income | 1,007.57 | 0.02% | Income from penalty for breach of contract | No | | Non-operating expenses | 39,140.91 | 0.92% | Fixed asset disposal losses and penalty expenses | No | | Credit impairment losses (losses filled with "-") | 1,245,707.24 | 29.19% | Received prior period sales collections, reversing bad debt provisions accrued at prior year-end | No | [Analysis of Assets and Liabilities](index=13&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by 14.60% due to reduced monetary funds and accounts receivable, while inventory and contract liabilities increased, reflecting production and prepayment changes Significant Changes in Asset Composition (Unit: yuan) | Item | Current Period-End Amount | Proportion of Total Assets | Prior Year-End Amount | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 59,102,790.58 | 20.79% | 89,237,060.46 | 26.80% | -6.01% | Primarily due to repayment of related party loans | | Accounts Receivable | 7,577,486.74 | 2.66% | 30,744,399.71 | 9.23% | -6.57% | Primarily due to collection of prior period sales during the reporting period | | Inventory | 44,317,698.78 | 15.59% | 34,745,004.23 | 10.44% | 5.15% | Primarily due to increased production of pharmaceutical intermediates during the reporting period, leading to increased inventory | | Fixed Assets | 137,873,539.66 | 48.49% | 145,826,911.92 | 43.80% | 4.69% | | | Contract Liabilities | 11,360,522.28 | 4.00% | 5,099,508.56 | 1.53% | 2.47% | Primarily due to increased prepayments for goods during the reporting period | [Investment Analysis](index=14&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investment amounted to **0.61 million yuan**, a 64.69% decrease year-on-year, with no significant equity, non-equity, securities, or derivative investments Investment Amount During the Reporting Period | Indicator | Current Period Investment Amount (yuan) | Prior Year Same Period Investment Amount (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 614,542.50 | 1,740,587.76 | -64.69% | - The company had no securities investments, derivative investments, or use of raised funds, nor any significant equity or non-equity investments during the reporting period[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries include Chongqing Nansong Pharmaceutical (pharmaceutical intermediates) and Guangxi Hehua Bio-Tech (fertilizer, feed, chemical wholesale), with their respective revenues and net profits detailed Major Subsidiary Financial Data (Unit: ten thousand yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Nansong Pharmaceutical Technology Co., Ltd. | Subsidiary | R&D, production, and sales of pharmaceutical intermediate products | 10,410.40 | 28,531.05 | 26,018.32 | 4,266.60 | 541.01 | 537.75 | | Guangxi Hehua Bio-Tech Co., Ltd. | Subsidiary | Wholesale and retail of fertilizers, feed, and chemical products | 500.00 | 1,885.01 | 1,432.23 | 3,810.34 | 53.64 | 50.86 | [Risks Faced by the Company and Countermeasures](index=15&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from drug procurement policies, exchange rate fluctuations, market demand, EHS, and trade policies, addressed by quality improvement, R&D, and risk monitoring - **Drug volume-based procurement policy risk:** Policies may lead to lower pharmaceutical intermediate prices; the company responds by improving product quality, optimizing processes, reducing costs, and collaborating closely with downstream manufacturers to cope[63](index=63&type=chunk)[64](index=64&type=chunk) - **Exchange rate fluctuation risk:** Export business is settled in foreign currency, and exchange rate fluctuations impact product price competitiveness; the company will enhance R&D to improve pricing power, monitor exchange rate trends, and flexibly use foreign exchange hedging tools[64](index=64&type=chunk) - **Product market demand fluctuation risk:** The anti-malarial drug intermediate chloroquine side chain may face order shrinkage due to drug resistance; the company will stabilize market share and strengthen new product R&D to mitigate the risk of old product decline[64](index=64&type=chunk) - **Safety and environmental protection risks:** Production processes involve flammable, explosive, and toxic substances, posing safety and environmental risks, and environmental protection costs may increase; the company will strengthen safety and environmental hazard investigations, employee education, enforcement of management systems, process optimization, and promote green production[65](index=65&type=chunk)[66](index=66&type=chunk) - **Trade policy change risk:** Changes in import country policies, tariff adjustments, or trade frictions may weaken product competitiveness; the company will continuously monitor the international trade environment, improve risk prevention and control mechanisms, and make proactive adjustments[66](index=66&type=chunk)[67](index=67&type=chunk) Corporate Governance, Environment, and Society This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, environmental information disclosure, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The reporting period saw multiple changes in the company's Board Secretary, independent directors, and supervisors due to personal reasons, job transfers, and term expirations Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Qin Lifang | Board Secretary | Resignation | January 23, 2025 | Personal reasons | | Tan Honggao | Board Secretary | Appointment | January 23, 2025 | Job transfer | | Li Hongyi | Independent Director | Resignation | February 11, 2025 | Personal reasons | | Yang Zaibo | Independent Director | Election | February 11, 2025 | Job transfer | | Guo Yihao | Independent Director | Term expiration | July 21, 2025 | Re-election | | Xue Youbing | Independent Director | Term expiration | July 21, 2025 | Re-election | | Li Gang | Chairman of the Supervisory Board | Term expiration | July 21, 2025 | Re-election | | Wan Xinbo | Employee Supervisor | Term expiration | July 21, 2025 | Re-election | | Gui Jiemei | Supervisor | Term expiration | July 21, 2025 | Re-election | | Ye Zhifeng | Independent Director | Election | July 21, 2025 | Re-election | | Hou Chang | Independent Director | Election | July 21, 2025 | Re-election | [Profit Distribution and Capital Reserve Conversion](index=17&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[71](index=71&type=chunk) [Environmental Information Disclosure](index=17&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its subsidiary, Chongqing Nansong Kaibo Biopharmaceutical Co., Ltd., are listed for environmental information disclosure, with reports available online - The company's subsidiary, Chongqing Nansong Kaibo Biopharmaceutical Co., Ltd., is included in the list of enterprises required to disclose environmental information by law[73](index=73&type=chunk) - The environmental information disclosure report can be accessed via the designated website[73](index=73&type=chunk) [Social Responsibility](index=17&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills social responsibilities by protecting stakeholder rights, ensuring employee welfare, maintaining fair supplier/customer relations, and prioritizing environmental protection and safety - The company protects shareholder and creditor rights by holding shareholder meetings in accordance with the law, actively disclosing information, and maintaining investor relations[74](index=74&type=chunk)[75](index=75&type=chunk) - The company strictly adheres to labor laws, provides employee benefits and training, and prioritizes employee health and safety, protecting their rights[76](index=76&type=chunk) - The company establishes long-term cooperative relationships with suppliers and customers, optimizes procurement and sales processes, and ensures product quality to protect their rights[77](index=77&type=chunk) - The company emphasizes production safety and environmental protection, with stable operation of environmental facilities and all discharge indicators meeting industry standards[78](index=78&type=chunk) Significant Matters This section addresses the fulfillment of commitments, related party fund occupation, auditor appointments, litigation, integrity status, major related party transactions, and other significant corporate events [Fulfillment of Commitments](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company's actual controllers, shareholders, and related parties have fulfilled their commitments made during initial public offerings or refinancing, including not seeking control or increasing shareholdings - During the reporting period, He Jianguo, He Weiguo, Xu Baozhu, and other obligors have fulfilled their commitments, including not seeking actual control of the listed company and not increasing shareholdings[80](index=80&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=19&type=section&id=%E4%BA%8C%E3%80%81%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%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%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) The company had no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period - The company had no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[81](index=81&type=chunk) [Appointment and Dismissal of Accounting Firms](index=19&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's half-annual financial report was not audited - The company's half-annual financial report was not audited[83](index=83&type=chunk) [Litigation Matters](index=20&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[86](index=86&type=chunk) [Integrity Status of the Company, Controlling Shareholder, and Actual Controller](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) Controlling shareholder Yinyi Holdings faced a liquidity crisis since 2019, entering a restructuring plan, which was approved and terminated by the Ningbo court in October 2024 - Controlling shareholder Yinyi Holdings has faced a liquidity crisis since 2019, submitting a restructuring application on June 14, 2019, which was accepted on December 19, 2019[87](index=87&type=chunk) - In October 2024, the Ningbo Intermediate People's Court ruled to approve the restructuring plan for Yinyi Group and seventeen other companies (including Yinyi Holdings) in a consolidated restructuring case, terminating the restructuring procedure, and Yinyi Holdings entered the restructuring plan execution phase[87](index=87&type=chunk) [Major Related Party Transactions](index=20&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no related party transactions for daily operations, asset/equity acquisition/disposal, or joint external investments, but had non-operating related party debt, totaling approximately **63.68 million yuan** - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisition/disposal, or joint external investments[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) Accounts Payable to Related Parties (Unit: ten thousand yuan) | Related Party | Related Relationship | Reason for Formation | Beginning Balance | Amount Repaid in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Yinyi Holdings Co., Ltd. | Controlling Shareholder | Related party loan | 11,580.62 | 6,000 | 5,606.39 | | Guangxi Yinyi Technology Materials Co., Ltd. | Controlling Shareholder's Related Party | Related party loan | 193 | 0 | 193 | | Guangxi Yinyi High-Tech R&D Co., Ltd. | Controlling Shareholder's Related Party | Related party loan | 564.07 | 0 | 569.03 | | Guangxi Hechi Chemical Industry Group Co., Ltd. | Shareholder holding over 5% | Related party current account | 109.8 | 0 | 109.8 | [Explanation of Other Significant Matters](index=22&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company plans to co-establish Shenzhen Pengyu Hongyuan Venture Capital Partnership with a **5 million yuan** investment, and the controlling shareholder's equity transfer remains uncertain due to unpaid restructuring funds - The company plans to act as a limited partner, investing **5 million yuan** of its own funds (45.45% stake) with a professional investment institution to jointly establish Shenzhen Pengyu Hongyuan Venture Capital Partnership (Limited Partnership); fund registration procedures are currently underway[101](index=101&type=chunk) - The cooperation intention for the transfer of 100% equity of controlling shareholder Yinyi Holdings has not taken effect because the restructuring investor has not paid the remaining third installment of restructuring funds totaling **352 million yuan**; discussions are ongoing, and the final implementation remains uncertain[101](index=101&type=chunk)[102](index=102&type=chunk) Share Changes and Shareholder Information This section details the company's share capital stability, shareholder numbers, and the holdings of its top ten shareholders, including any pledged shares [Share Changes](index=24&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at 366,122,195 shares, all of which are unrestricted tradable shares, during the reporting period Share Changes (Unit: shares) | Item | Quantity Before Change | Proportion | Increase/Decrease in This Change (＋,－) | Quantity After Change | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 366,122,195 | 100.00% | 0 | 366,122,195 | 100.00% | | III. Total Shares | 366,122,195 | 100.00% | 0 | 366,122,195 | 100.00% | - The company's total share capital remained unchanged during the reporting period, with no progress on share repurchases[106](index=106&type=chunk) [Company Shareholder Numbers and Shareholding](index=25&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **42,683** common shareholders, with Ningbo Yinyi Holdings and Guangxi Hechi Chemical Industry Group as the top two, both with pledged shares - As of the end of the reporting period, the total number of common shareholders was **42,683**[108](index=108&type=chunk) Top 10 Shareholders' Shareholding (Unit: shares) | Shareholder Name | Shareholder Nature | Shareholding Ratio | Shareholding Quantity at Period-End | Quantity of Unrestricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Yinyi Holdings Co., Ltd. | Domestic Non-State-Owned Legal Person | 23.76% | 87,000,000 | 87,000,000 | Pledged | 87,000,000 | | Guangxi Hechi Chemical Industry Group Co., Ltd. | State-Owned Legal Person | 10.24% | 37,493,589 | 37,493,589 | Pledged | 37,493,589 | | Wu Kebin | Domestic Natural Person | 0.57% | 2,084,900 | 2,084,900 | Not Applicable | 0 | | UBS AG | Overseas Legal Person | 0.48% | 1,769,496 | 1,769,496 | Not Applicable | 0 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Overseas Legal Person | 0.39% | 1,431,687 | 1,431,687 | Not Applicable | 0 | | Zhu Weijun | Domestic Natural Person | 0.37% | 1,340,700 | 1,340,700 | Not Applicable | 0 | | Li Zhiyang | Domestic Natural Person | 0.35% | 1,280,900 | 1,280,900 | Not Applicable | 0 | | Shenzhen Liren Culture Communication Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.35% | 1,263,800 | 1,263,800 | Not Applicable | 0 | | Goldman Sachs International - Proprietary Trading | Overseas Legal Person | 0.30% | 1,087,501 | 1,087,501 | Not Applicable | 0 | | Chen Yujia | Domestic Natural Person | 0.30% | 1,080,900 | 1,080,900 | Not Applicable | 0 | - The company is unaware of any related party relationships or parties acting in concert among the top ten shareholders[108](index=108&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=26&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes in the company's controlling shareholder or actual controller during the reporting period - There were no changes in the company's controlling shareholder or actual controller during the reporting period[111](index=111&type=chunk) Bond-Related Information This section confirms that the company had no bond-related activities during the reporting period [Bond-Related Information](index=27&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related activities during the reporting period - The company had no bond-related activities during the reporting period[114](index=114&type=chunk) Financial Report This comprehensive section includes the audit report status, detailed financial statements, company basic information, accounting policies, tax details, and extensive notes on financial items and risks [Audit Report](index=28&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's half-annual financial report was not audited - The company's half-annual financial report was not audited[116](index=116&type=chunk) [Financial Statements](index=28&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 2025 half-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[117](index=117&type=chunk)[121](index=121&type=chunk)[125](index=125&type=chunk)[129](index=129&type=chunk)[132](index=132&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[143](index=143&type=chunk) [Company Basic Information](index=43&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) Guangxi Hechi Chemical Co., Ltd., established July 3, 1993, stock code 000953, specializes in urea and pharmaceutical intermediates, controlled by Ningbo Yinyi Holdings and ultimately by Mr. Xiong Xuqiang - The company name is Guangxi Hechi Chemical Co., Ltd., stock code **000953**, established on July 3, 1993[151](index=151&type=chunk)[152](index=152&type=chunk) - The company's main business is the R&D, production, and sales of urea products and pharmaceutical intermediates[151](index=151&type=chunk) - As of June 30, 2025, the company's total share capital was **366,122,195 shares**, with Ningbo Yinyi Holdings Co., Ltd. as the controlling shareholder and Mr. Xiong Xuqiang as the ultimate controlling party[155](index=155&type=chunk) [Basis for Preparation of Financial Statements](index=44&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) Financial statements are prepared on a going concern basis, adhering to accounting standards and CSRC regulations, using accrual accounting and historical cost measurement, with no significant going concern doubts - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission[157](index=157&type=chunk) - Accounting is based on the accrual method, and all items are measured at historical cost, except for specific financial instruments[157](index=157&type=chunk) - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts[158](index=158&type=chunk) [Significant Accounting Policies and Estimates](index=44&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 company's adherence to accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, financial instruments, revenue recognition, and various asset/liability accounting policies - The company adheres to enterprise accounting standards, with the accounting year being the calendar year, an operating cycle of **12 months**, and the functional currency being RMB[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - Detailed accounting treatments for business combinations under common control and non-common control, and principles for preparing consolidated financial statements, are specified[166](index=166&type=chunk)[167](index=167&type=chunk)[171](index=171&type=chunk) - Financial instruments are classified as debt or equity, with subsequent measurement depending on business model and cash flow characteristics, and detailed accounting for financial asset impairment and derivative instruments[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[185](index=185&type=chunk) - Revenue recognition is based on the fulfillment of performance obligations, categorized by fulfillment over time or at a point in time, with specific methods for chemical products and pharmaceutical intermediate sales[234](index=234&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk) - Fixed assets are depreciated using the straight-line method over **5-45 years**, with a residual value rate of **3-5%**[216](index=216&type=chunk) [Taxes](index=62&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (6%, 9%, 13%), Urban Maintenance and Construction Tax (7%, 5%), Corporate Income Tax (5%, 15%, 25%), Education Surcharge (3%), and Local Education Surcharge (2%) Major Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Balance after deducting deductible input tax from output tax | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5% | | Corporate Income Tax | Taxable income | 5%, 15%, 25% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - Chongqing Nansong Kaibo Biopharmaceutical Co., Ltd. enjoys a **15%** corporate income tax preferential rate, and some subsidiaries qualify for small and micro-profit enterprise income tax benefits[253](index=253&type=chunk) [Notes to Consolidated Financial Statement Items](index=63&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 provides detailed explanations and changes for various consolidated financial statement items, including monetary funds, accounts receivable, inventory, operating revenue, financial expenses, and cash flows - Monetary funds at period-end were **59.10 million yuan**, a **30.13 million yuan decrease** from the beginning of the period, primarily due to repayment of related party loans[255](index=255&type=chunk) - Accounts receivable at period-end were **7.58 million yuan**, a **23.17 million yuan decrease** from the beginning of the period, primarily due to collection of prior period sales during the reporting period[271](index=271&type=chunk) - Inventory at period-end book value was **44.32 million yuan**, a **9.57 million yuan increase** from the beginning of the period, primarily due to increased production of pharmaceutical intermediates, leading to increased inventory[309](index=309&type=chunk) - Operating revenue was **80.83 million yuan**, a **37.02% decrease** year-on-year; operating cost was **67.69 million yuan**, a **37.93% decrease** year-on-year[398](index=398&type=chunk) - Financial expenses were **0.14 million yuan**, a significant **81.93% decrease** year-on-year, primarily due to reduced interest expenses and exchange losses in the current period[412](index=412&type=chunk) - Net cash flow from operating activities was **30.43 million yuan**, a significant **1,075.08% increase** year-on-year, primarily due to reduced prepayments for goods compared to the same period last year[435](index=435&type=chunk) [Research and Development Expenses](index=98&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenses for the period were **2.60 million yuan**, all expensed, representing a 6.27% decrease year-on-year, with major items including employee compensation and materials R&D Expense Details (Unit: yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | 1,909,781.69 | 2,061,781.97 | | Materials | 132,687.43 | 106,148.16 | | Depreciation Expense | 350,681.05 | 404,640.52 | | Repair Expense | 83,974.06 | 73,313.92 | | **Total** | **2,600,766.81** | **2,774,733.88** | | Of which: Expensed R&D Expenditure | 2,600,766.81 | 2,774,733.88 | - All R&D expenses during the reporting period were expensed, with no capitalized R&D projects[449](index=449&type=chunk)[451](index=451&type=chunk) [Interests in Other Entities](index=99&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company's main subsidiaries include Guangxi Hehua Bio-Tech (100%), Chongqing Nansong Pharmaceutical (93.41%), Chongqing Nansong Kaibo Biopharmaceutical (93.41% indirect), Ningbo Hehua Enterprise Management Consulting (100%), and Chongqing Songhe Trading (65.39%) Major Subsidiary Shareholding | Subsidiary Name | Registered Capital | Shareholding Ratio (Direct) | Shareholding Ratio (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Guangxi Hehua Bio-Tech Co., Ltd. | 5,000,000.00 | 100.00% | | Establishment | | Chongqing Nansong Pharmaceutical Technology Co., Ltd. | 104,104,000.00 | 93.41% | | Business combination not under common control | | Chongqing Nansong Kaibo Biopharmaceutical Co., Ltd. | 120,000,000.00 | | 93.41% | Business combination not under common control | | Ningbo Hehua Enterprise Management Consulting Co., Ltd. | 100,000.00 | 100.00% | | Establishment | | Chongqing Songhe Trading Co., Ltd. | 5,000,000.00 | 65.39% | | Establishment | Key Financial Information for Significant Non-Wholly Owned Subsidiary Chongqing Nansong Pharmaceutical Technology Co., Ltd. (Unit: yuan) | Indicator | Period-End Balance | Period-Beginning Balance | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | :--- | :--- | | Current Assets | 98,978,724.25 | 78,166,925.07 | | | | Non-Current Assets | 186,331,789.09 | 196,409,136.06 | | | | Total Assets | 285,310,513.34 | 274,576,061.13 | | | | Current Liabilities | 15,449,125.35 | 9,369,798.86 | | | | Non-Current Liabilities | 9,678,164.71 | 10,085,262.30 | | | | Total Liabilities | 25,127,290.06 | 19,455,061.16 | | | | Operating Revenue | | | 42,666,027.15 | 62,301,771.60 | | Net Profit | | | 5,377,490.73 | 5,282,612.54 | | Total Comprehensive Income | | | 5,377,490.73 | 5,282,612.54 | | Operating Cash Flow | | | 31,954,709.20 | -5,912,196.98 | [Government Grants](index=102&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Deferred income from government grants totaled **8.23 million yuan** at period-end, with **0.16 million yuan** transferred to other income, and total government grants recognized in profit or loss amounting to **0.27 million yuan** Liability Items Related to Government Grants (Unit: yuan) | Accounting Item | Beginning Balance | Amount Transferred to Other Income in Current Period | Ending Balance | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 8,381,334.71 | 155,590.76 | 8,225,743.95 | Asset-related | Government Grants Recognized in Profit or Loss (Unit: yuan) | Accounting Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Other Income | 267,779.72 | 299,255.24 | [Risks Related to Financial Instruments](index=102&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 (foreign exchange, interest rate, other price), credit, and liquidity risks, managed through monitoring foreign currency transactions, credit assessments, and maintaining sufficient cash - The company's operations face market risks (foreign exchange risk, interest rate risk, other price risks), credit risk, and liquidity risk[466](index=466&type=chunk) - **Foreign exchange risk:** Overseas business is settled in USD; a **10%** appreciation or depreciation of RMB against USD would impact net profit by approximately **±0.86 million yuan**; the company mitigates risk by monitoring foreign currency transactions and the scale of foreign currency assets and liabilities[468](index=468&type=chunk) - **Credit risk:** Primarily arises from bank deposits, accounts receivable, other receivables, and notes receivable; the company controls credit risk by assessing customer creditworthiness, setting credit terms, and regularly monitoring credit records[469](index=469&type=chunk)[470](index=470&type=chunk) - **Liquidity risk:** The company manages liquidity risk by maintaining sufficient cash and cash equivalents, monitoring bank loan utilization, and securing commitments for backup funds[471](index=471&type=chunk) [Disclosure of Fair Value](index=105&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's investment in Xinxiang Zhongda Electronics Co., Ltd. is valued at **0 yuan** due to long-term losses and business license revocation, with no continuous fair value measurements or changes during the period - The company's investment in Xinxiang Zhongda Electronics Co., Ltd. is recognized at **0 yuan** fair value due to its long-term losses and revoked business license[478](index=478&type=chunk) - There were no continuous fair value measurement items, nor any transfers between levels or changes in valuation techniques during the reporting period[477](index=477&type=chunk)[480](index=480&type=chunk) [Related Parties and Related Party Transactions](index=106&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent is Ningbo Yinyi Holdings, ultimately controlled by Mr. Xiong Xuqiang. Related party transactions include electricity fees (**4,057.30 yuan**) and non-operating related party debt totaling **65.97 million yuan**, with key management compensation at **0.64 million yuan** - The company's parent company is Ningbo Yinyi Holdings Co., Ltd., and the ultimate controlling party is Mr. Xiong Xuqiang[480](index=480&type=chunk) Related Party Transactions for Purchase/Sale of Goods/Acceptance of Services (Unit: yuan) | Related Party | Related Transaction Content | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | :--- | | Hechi Xinyuan Investment Co., Ltd. | Electricity fees | 4,057.30 | 5,338.59 | Accounts Payable to Related Parties (Unit: yuan) | Item Name | Related Party | Period-End Book Balance | Period-Beginning Book Balance | | :--- | :--- | :--- | :--- | | Other Payables | Guangxi Hechi Chemical Industry Group Co., Ltd. | 1,097,953.23 | 1,097,953.23 | | Other Payables | Ningbo Yinyi Holdings Co., Ltd. | 56,063,958.89 | 115,806,299.12 | | Other Payables | Guangxi Yinyi High-Tech R&D Co., Ltd. | 5,690,275.05 | 5,640,701.14 | | Other Payables | Guangxi Yinyi Technology Materials Co., Ltd. | 1,929,963.70 | 1,929,963.70 | Key Management Personnel Compensation (Unit: yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Key Management Personnel Compensation | 636,548.83 | 962,812.16 | [Commitments and Contingencies](index=110&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the balance sheet date, the company had no significant commitments or material contingent matters requiring disclosure - As of the balance sheet date, the company had no significant commitments[502](index=502&type=chunk) - The company had no material contingent matters requiring disclosure[503](index=503&type=chunk) [Post-Balance Sheet Events](index=111&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) After the balance sheet date, the company repaid **10 million yuan** to Ningbo Yinyi Holdings on July 2, 2025, and a total of **7.63 million yuan** to Guangxi Yinyi High-Tech R&D and Guangxi Yinyi Technology Materials on August 4, 2025 - After the balance sheet date, the company repaid **10 million yuan** to Ningbo Yinyi Holdings Co., Ltd. on July 2, 2025[505](index=505&type=chunk) - On August 4, 2025, the company repaid a total of **7.63 million yuan** to Guangxi Yinyi High-Tech R&D Co., Ltd. and Guangxi Yinyi Technology Materials Co., Ltd.[505](index=505&type=chunk) [Other Significant Matters](index=111&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The controlling shareholder's restructuring plan is ongoing, potentially changing the actual controller, and an equity transfer remains uncertain due to unpaid restructuring funds - The restructuring plan of controlling shareholder Yinyi Holdings is still in progress, which may lead to a change in the company's actual controller, and there is uncertainty[513](index=513&type=chunk) - The cooperation intention for the equity transfer of Yinyi Holdings has not taken effect because the restructuring investor has not paid the remaining third installment of restructuring funds totaling **352 million yuan**; discussions are ongoing, and the final implementation remains uncertain[514](index=514&type=chunk) [Notes to Parent Company Financial Statement Items](index=113&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for parent company financial statement items, including accounts receivable (**1.27 million yuan**, fully impaired), other receivables (**0.63 million yuan**), and long-term equity investments (**245.62 million yuan**) - Parent company accounts receivable at period-end were **1.27 million yuan**, with full provision for bad debts, deemed difficult to recover[518](index=518&type=chunk)[520](index=520&type=chunk) - Parent company other receivables at period-end were **0.63 million yuan**, with most being long-aged, difficult-to-recover intercompany balances and project payments[530](index=530&type=chunk)[536](index=536&type=chunk) - Parent company long-term equity investments at period-end book value were **245.62 million yuan**, primarily including investments in Guangxi Hehua Bio-Tech Co., Ltd. and Chongqing Nansong Pharmaceutical Technology Co., Ltd[546](index=546&type=chunk)[547](index=547&type=chunk) [Supplementary Information](index=120&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary details, including a non-recurring gains and losses statement (totaling **0.20 million yuan**) and key financial ratios like weighted average ROE (2.61%) and basic EPS (**0.0105 yuan/share**) Non-Recurring Gains and Losses Details (Unit: yuan) | Item | Amount | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains and losses | -23,140.91 | Disposal of fixed assets | | Government grants recognized in current profit or loss | 301,723.30 | Recognition of industrial informatization special equipment support funds, self-generated electricity subsidies, and individual income tax refunds from the Economic and Information Commission | | Other non-operating income and expenses apart from the above | -14,992.43 | Fines and late payment fees | | Less: Income tax impact | 42,629.43 | | | Minority interest impact (after tax) | 17,052.77 | | | **Total** | **203,907.76** | | Net Asset Return Rate and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 2.61% | 0.0105 | 0.0105 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 2.47% | 0.0100 | 0.0100 | Other Submitted Data This section covers the absence of major social safety issues, details investor communication activities, and outlines related party fund movements [Other Major Social Safety Issues](index=122&type=section&id=%E4%B8%80%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E7%A4%BE%E4%BC%9A%E5%AE%89%E5%85%A8%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company and its subsidiaries had no other major social safety issues or administrative penalties during the reporting period - The company and its subsidiaries had no other major social safety issues or administrative penalties during the reporting period[559](index=559&type=chunk) [Registration Form for Investor Relations Activities](index=122&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) On May 20, 2025, the company hosted an online performance briefing for its 2024 annual and 2025 Q1 results on the Interactive Easy platform, engaging with investors Registration Form for Investor Relations Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | May 20, 2025 | Interactive Easy Platform | Online platform communication | Other | General investors participating in the company's 2024 Annual and 2025 Q1 Online Performance Briefing | Exchange on the company's 2024 Annual and 2025 Q1 performance | "Hehua Shares 2024 Annual and 2025 Q1 Online Performance Briefing Investor Activity Record Table" disclosed on Juchao Information Network | [Fund Movements Between Listed Company and Controlling Shareholder/Other Related Parties](index=122&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%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%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) The company had non-operating fund movements with Ningbo Hehua Enterprise Management Consulting Co., Ltd., with a period-end balance of **0.60 million yuan** and no interest Fund Movements Between Listed Company and Controlling Shareholder/Other Related Parties (Unit: ten thousand yuan) | Counterparty Name | Nature of Movement | Beginning Balance | Amount Incurred in Current Period | Amount Repaid in Current Period | Ending Balance | Interest Income | Interest Expense | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Hehua Enterprise Management Consulting Co., Ltd. | Non-operating movement | 30 | 30 | 0 | 60 | 0 | 0 |

2025 年半年度报告 2025-024 2025 年 08 月 深圳科士达科技股份有限公司 2025 年半年度报告全文 1 深圳科士达科技股份有限公司 深圳科士达科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘程宇、主管会计工作负责人轩芳玉及会计机构负责人(会计 主管人员)轩芳玉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之 间的差异。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"描述了公司经营中可能面临的风险，敬请投资者关注相关内容， 注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 4 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- ...

中原大地传媒股份有限公司 2025 年半年度报告 【2025 年 8 月】 中原大地传媒股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王庆、主管会计工作负责人吴东升及会计机构负责人(会计主 管人员)张俊杰声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 目录 | | --- | | 第一节 重要提示、目录和释义 1 | | --- | | 第二节 公司简介和主要财务指标 5 | | 第三节 管理层讨论与分析 8 | | 第四节 公司治理、环境和社会 19 | | 第五节 重要事项 21 | | 第六节 股份变动及股东情况 31 | | 第七节 债券相关情况 35 | | 第八节 财务报告 36 | | 第九节 其他报送数据 143 | 中原大地传媒股份有限公司 2025 年半年度报告全文 备查文件目录 （一） ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section presents crucial disclaimers, a comprehensive table of contents, and definitions of key terms for report clarity and legal compliance [Important Notice](index=2&type=section&id=Important%20Notice) The Board, Supervisory Board, and senior management guarantee the report's truthfulness and completeness, with no plans for cash dividends or bonus shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4](index=4&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's clear table of contents outlines eight main chapters, providing comprehensive navigation for investors - The report comprises eight main chapters, clearly structured for investor review[7](index=7&type=chunk) [Catalogue of Reference Documents](index=4&type=section&id=Catalogue%20of%20Reference%20Documents) Reference documents, including the signed semi-annual report and financial statements, are available at the company's securities department - Reference documents include the semi-annual report text signed by the legal representative, financial statements, original drafts of documents publicly disclosed on the CSRC designated website, and other materials[9](index=9&type=chunk) - All reference documents are kept at the company's securities department[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, including company names, subsidiaries, and financial units, to ensure accurate report comprehension - The definitions section clarifies the meanings of key terms such as the company, subsidiaries, controlling shareholders, and relevant laws and regulations[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and indicators for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Mingyue Lens Co., Ltd., stock code 301101, is listed on the Shenzhen Stock Exchange with Xie Gongwan as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Mingyue Lens | | Stock Code | 301101 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Xie Gongwan | [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary and Securities Affairs Representative are located in Shanghai, sharing contact details and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zeng Zhe | Pinzun International Center, No. 567 Langao Road, Putuo District, Shanghai | 021-52660665 | 021-52971882 | stock@mingyue.com | | Securities Affairs Representative | Li Heran | Pinzun International Center, No. 567 Langao Road, Putuo District, Shanghai | 021-52660665 | 021-52971882 | stock@mingyue.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) Company contact details and registration remained unchanged, but approved amendments to business scope and articles of association are pending registration - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) - The company has approved proposals to change its business scope and revise its articles of association, but as of June 30, 2025, the industrial and commercial registration has not yet been completed[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue grew by 3.68%, net profit by 7.35%, and total assets by 2.98%, while operating cash flow decreased by 9.96% Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 399,171,797.71 | 385,020,343.87 | 3.68% | | Net Profit Attributable to Shareholders of Listed Company | 95,506,055.46 | 88,966,730.67 | 7.35% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 82,723,521.52 | 75,497,991.76 | 9.57% | | Net Cash Flow from Operating Activities | 63,946,345.30 | 71,021,733.53 | -9.96% | | Basic Earnings Per Share (RMB/share) | 0.4758 | 0.4415 | 7.77% | | Diluted Earnings Per Share (RMB/share) | 0.4758 | 0.4415 | 7.77% | | Weighted Average Return on Net Assets | 5.62% | 5.59% | 0.03% | | Total Assets (Period-end) | 1,916,607,892.03 | 1,861,102,531.56 | 2.98% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,664,665,182.47 | 1,669,525,834.67 | -0.29% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets under domestic versus international accounting standards during the period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **RMB 12,782,533.94**, mainly from financial asset fair value changes and government subsidies Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -27,203.47 | | Government subsidies recognized in current profit or loss | 2,751,062.25 | | Gains and losses from changes in fair value of financial assets and financial liabilities, and investment income from disposal of financial assets and financial liabilities, excluding effective hedge accounting related to the company's normal business operations | 12,537,920.48 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 112,996.48 | | Other non-operating income and expenses apart from the above | 32,618.55 | | Less: Income tax impact | 2,486,948.38 | | Minority interest impact (after tax) | 137,911.97 | | Total | 12,782,533.94 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring items as recurring gains and losses[23](index=23&type=chunk)[24](index=24&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's business operations, core competencies, financial performance, investment activities, and risk factors during the reporting period [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) Mingyue Lens, a leading domestic optical lens enterprise, continued to deepen brand building and R&D innovation, establishing a complete industry chain and one-stop service system, while expanding into smart glasses and medical channels [(I) Overview of Company Business](index=9&type=section&id=%28I%29%20Overview%20of%20Company%20Business) Mingyue Lens, a leading optical resin lens company, maintained its market leadership through a complete industry chain, continuous R&D, and strategic collaborations in smart wearables and medical channels - **Mingyue Lens** has been the national sales leader for nine consecutive years, firmly establishing its industry-leading position and is the only A-share listed company primarily engaged in optical resin lenses[26](index=26&type=chunk) - The company has built a complete industry chain covering lenses, lens raw materials, finished glasses, and frames, offering a one-stop service system, and has achieved self-sufficiency and open supply of high-quality raw materials such as **1.71**, **KR resin**, **KR ultra-tough**, and **PMC ultra-bright**[26](index=26&type=chunk) - In the first half of 2025, the company launched a new high-refractive index product matrix, including the **PMC Ultra-Bright series** with a new **1.67 refractive index**, **Ultra-Tough series** with **1.67/1.71/1.74 high-index specifications**, new-generation **Smart Photochromic 2.0**, full-refractive index shallow-base anti-blue light series, and new **'Digital Anti-Fatigue'** and **'Vis-Progressive'** series[29](index=29&type=chunk) - The company collaborated with Academician Zhuang Songlin's team to launch **'Easy Control'** and **'Easy Control Pro'** myopia management lenses, with **Easy Control Pro 2.0** showing a **73.82% effective rate** in equivalent spherical power after 12 months of wear, and clinical trial results published in the top international ophthalmology journal *Ophthalmology*[30](index=30&type=chunk)[31](index=31&type=chunk) - The company established an official exclusive optical partnership with **Xiaomi AI Glasses**, providing full-channel dispensing services, and reached an exclusive high-end lens cooperation agreement with **Leica Germany** in 2024[45](index=45&type=chunk)[47](index=47&type=chunk) - The company signed a comprehensive strategic cooperation agreement with **Aier Eye Hospital Group Co., Ltd.**, aiming to integrate their strengths, initiate multi-dimensional and deep-level cooperation, and focus on developing medical channels[49](index=49&type=chunk) [(II) Basic Product Information](index=14&type=section&id=%28II%29%20Basic%20Product%20Information) The company offers a diverse range of daily and functional lenses, including high-refractive index options and advanced myopia management solutions like the "Easy Control Pro 2.0" series, which significantly slows myopia progression - The company's products are categorized into daily general-purpose lenses and functional lenses, with general-purpose lenses covering all common refractive indices of **1.56, 1.60, 1.67, 1.71, and 1.74**, and the **1.71 high-refractive index lens** boasting an Abbe number of up to **37**[55](index=55&type=chunk) - Functional lenses include myopia management (**Easy Control series**), **PMC Ultra-Bright**, **KR Ultra-Tough**, **Dual Anti-Blue Light**, **Smart Photochromic**, **Progressive Multifocal**, and **Polarized** lenses, with **PMC Ultra-Bright lenses** achieving a light transmittance of up to **98.6%**[56](index=56&type=chunk) - The **Easy Control Pro 2.0 series** optimized optical design and imaging quality, increasing the number of micro-lenses from **1,295 to 1,329**, achieving a **73.82% effective rate** in slowing myopia progression[60](index=60&type=chunk) - Easy Control Pro lenses cover refractive indices of **1.56, 1.60, 1.67, and 1.71**, offering advantages such as excellent optical parameters, high cost-effectiveness, light weight, and thin edges[61](index=61&type=chunk) [(III) Sales Model](index=16&type=section&id=%28III%29%20Sales%20Model) The company primarily uses a direct sales model, supplemented by distribution, serving tens of thousands of optical chain stores and ophthalmic medical institutions nationwide, with direct sales accounting for 59.43% of revenue - The company's sales model is primarily direct sales, supplemented by distribution, serving tens of thousands of optical chain stores and ophthalmic medical institutions nationwide[62](index=62&type=chunk) H1 2025 Sales Channel Revenue Share | Channel | Revenue (RMB 10,000) | Share of Operating Revenue | | :--- | :--- | :--- | | Direct Sales Channel | 23,720.88 | 59.43% | | Distribution Channel | 13,270.10 | 33.24% | - In H1 2025, lens business grew by **5.4%** year-on-year, with **PMC Ultra-Bright series** product revenue increasing by **31.77%**[63](index=63&type=chunk) - Sales of the **'Easy Control' series** products were **RMB 81.67 million**, a year-on-year increase of **7.32%**; excluding the impact of product upgrade recalls, sales were **RMB 90.12 million**, an increase of **18.4%**[63](index=63&type=chunk) - Sales of **1.74 series products** rapidly increased, growing by **258%** compared to the same period last year[63](index=63&type=chunk) [II. Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) Mingyue Lens's core competencies stem from its strong brand influence, continuous technological innovation, diverse product portfolio, extensive marketing channels, and high-caliber talent team [(I) Brand Advantage](index=17&type=section&id=%28I%29%20Brand%20Advantage) Mingyue Lens has solidified its position as "China's No.1 Lens Brand" with nine consecutive years of leading national sales, enhanced by celebrity endorsements, national collaborations, and robust social media engagement - **Mingyue Lens** has firmly established itself as **'China's No.1 Lens Brand'**, certified by Sullivan for leading national sales for nine consecutive years[64](index=64&type=chunk) - In April 2025, the company officially invited Olympic champion **Guo Jingjing** to be its brand ambassador, significantly elevating brand recognition and public acceptance[64](index=64&type=chunk) - The company has participated in multiple national events, such as sponsoring the Chinese Mountaineering Team, providing visual assurance for Shenzhou XII, collaborating with the Mount Everest scientific expedition team, and serving as the designated lens brand for the CIIE for four consecutive sessions[64](index=64&type=chunk) - The company partnered with **Universal Pictures' 'Minions' IP** to host a series of activities promoting myopia prevention knowledge, and collaborated with renowned talk show host **Yu Xiangyu** and actress **Hu Ke** to enhance brand visibility through diverse content and offline engagement[65](index=65&type=chunk)[66](index=66&type=chunk) [(II) Technological Advantage](index=17&type=section&id=%28II%29%20Technological%20Advantage) Mingyue Lens possesses deep expertise in lens raw materials, optical design, and manufacturing, with independent R&D capabilities, a Academician Workstation for tailored product development, and 162 patents - **Mingyue Lens** has deep expertise in lens raw materials, optical design, coating technology, and production processes, achieving independent R&D of optical software and key raw materials[67](index=67&type=chunk)[68](index=68&type=chunk) - The company collaborates with globally renowned optical expert Academician Zhuang Songlin's team, establishing an industry-demonstration-level **Academician Workstation** and **Eyewear Engineering Technology Center**, focusing on developing products better suited to the ocular characteristics of Chinese people[68](index=68&type=chunk) - The company has established strategic partnerships with institutions such as **Nanjing Tech University**, **University of Shanghai for Science and Technology**, **Changchun Institute of Optics, Fine Mechanics and Physics (CAS)**, and **China Eye Valley** to drive technological innovation[83](index=83&type=chunk)[84](index=84&type=chunk) - As of June 30, 2025, the company holds **162 patents**, including **40 invention patents**[69](index=69&type=chunk) [(III) Product Advantage](index=18&type=section&id=%28III%29%20Product%20Advantage) Mingyue Lens offers a diverse product portfolio, including advanced functional lenses and high-refractive index series, with 36 SKUs in its "Easy Control" myopia management series, and is a key optical supplier for smart wearables like Xiaomi AI Glasses and Leica - The company independently researches and designs lens optical and coating structures, offering diverse products such as **Dual Anti-Blue Light**, **PMC Ultra-Bright**, and **1.67/1.71/1.74 high-refractive index series**[70](index=70&type=chunk) - The company has fully entered the adolescent myopia management lens market, with **36 SKUs** currently available in the **'Easy Control' series**, leading in product line richness[71](index=71&type=chunk)[72](index=72&type=chunk) - **Mingyue Lens** became the official exclusive optical lens supplier for **Xiaomi AI Glasses**, providing a full range of lenses including **1.71 high-refractive index**, **smart photochromic**, **anti-fatigue**, and **progressive** lenses, and collaborated with **Leica** to solidify its strategic position in the smart wearable optical supply chain[74](index=74&type=chunk)[75](index=75&type=chunk) [(IV) Marketing Channel Advantage](index=19&type=section&id=%28IV%29%20Marketing%20Channel%20Advantage) The company leverages an extensive offline marketing network of tens of thousands of stores, supported by customer empowerment activities and a strong presence across new media platforms, enhanced by celebrity endorsements for integrated online-offline marketing - The company's marketing network covers tens of thousands of offline retail stores nationwide, empowering customers through national new product launches, customer salons, and factory open days[76](index=76&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - The company actively develops new media channels, conducting professional science popularization and brand promotion on platforms such as **Douyin, Zhihu, Xiaohongshu, and Bilibili**, with its official Douyin platform accumulating **1.122 million followers**[82](index=82&type=chunk) - The official endorsement by **Guo Jingjing** brought a significant leap in brand visibility and multi-dimensional exposure for **Mingyue Lens**, enhancing brand reputation and attention to myopia management lenses[82](index=82&type=chunk) [(V) Talent and Team Advantage](index=20&type=section&id=%28V%29%20Talent%20and%20Team%20Advantage) Mingyue Lens boasts a multidisciplinary R&D team, collaborating with top research institutions, and an experienced management team with over 20 years of industry expertise, ensuring stable company development - The company's core technical team comprises elite talents from various fields, including optics, materials science, optometry, manufacturing equipment, processing software design, and mathematical modeling[83](index=83&type=chunk) - The company has established long-term strategic partnerships with institutions such as **Nanjing Tech University**, **University of Shanghai for Science and Technology**, **Changchun Institute of Optics, Fine Mechanics and Physics (CAS)**, and **China Eye Valley**, jointly committed to the development of new technologies and materials, and optimization of optical performance design[83](index=83&type=chunk)[84](index=84&type=chunk) - The company's management team members have grown with the company for many years, possessing over **20 years of management experience** in the eyewear industry, focusing on the R&D, design, production, and sales of optometry products[84](index=84&type=chunk) [III. Analysis of Main Business](index=21&type=section&id=III.%20Analysis%20of%20Main%20Business) This reporting period, operating revenue increased by 3.68%, but net cash flow from operating activities decreased by 9.96%, with R&D investment significantly up by 35.45% and financial expenses by 181.57% [Overview](index=21&type=section&id=Overview) This overview section references the "Main Business Activities During the Reporting Period" to emphasize the company's leading position and business layout in the optical lens industry - The main business overview section refers to the content of the 'Main Business Activities During the Reporting Period' chapter[85](index=85&type=chunk) [Year-on-Year Changes in Key Financial Data](index=21&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) Operating revenue increased by 3.68%, while operating costs rose by 7.57%; financial expenses surged by 181.57% due to new special loan interest, and R&D investment significantly increased by 35.45% Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 399,171,797.71 | 385,020,343.87 | 3.68% | | | Operating Cost | 168,154,292.23 | 156,322,344.47 | 7.57% | | | Selling Expenses | 67,699,527.68 | 73,582,823.27 | -8.00% | | | Administrative Expenses | 37,358,740.40 | 44,599,105.40 | -16.23% | | | Financial Expenses | 350,557.16 | 124,498.75 | 181.57% | Primarily due to interest from new special loans recognized in financial expenses this period | | Income Tax Expense | 15,162,335.11 | 16,165,062.59 | -6.20% | | | R&D Investment | 19,931,819.45 | 14,715,236.62 | 35.45% | Primarily due to increased R&D investment this period | | Net Cash Flow from Operating Activities | 63,946,345.30 | 71,021,733.53 | -9.96% | | | Net Cash Flow from Investing Activities | -767,733,623.11 | -567,049,129.64 | -35.39% | Primarily due to holding cross-year wealth management funds in the same period, resulting in no concurrent investment cash flow | | Net Cash Flow from Financing Activities | -73,748,211.77 | -67,086,281.38 | -9.93% | | | Net Increase in Cash and Cash Equivalents | -777,648,871.06 | -563,197,355.87 | -38.08% | Primarily due to holding cross-year wealth management funds in the same period, resulting in no concurrent investment cash flow | - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[86](index=86&type=chunk) [Products or Services Accounting for Over 10%](index=21&type=section&id=Products%20or%20Services%20Accounting%20for%20Over%2010%25) Lens products remain the company's core business, generating **RMB 333,402,354.18** in operating revenue this period, a 4.23% increase, with a gross profit margin of 62.40%, slightly down by 1.08% Products or Services Accounting for Over 10% | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lenses | 333,402,354.18 | 125,369,576.16 | 62.40% | 4.23% | 7.32% | -1.08% | [IV. Analysis of Non-Core Business](index=22&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) Non-core business contributed to profit primarily through fair value changes (10.62%) and investment income (1.17%), but asset impairment had a negative impact, and these non-core revenues are not sustainable Analysis of Non-Core Business | Item | Amount (RMB) | Share of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,356,963.98 | 1.17% | Primarily wealth management income | No | | Gains and losses from changes in fair value | 12,321,693.12 | 10.62% | Primarily estimated unrealized wealth management income | No | | Asset Impairment | -3,561,437.05 | -3.07% | Primarily bad debt provisions and inventory depreciation provisions | No | | Non-operating Income | 95,456.30 | 0.08% | Primarily transfer of small outstanding balances no longer payable | No | | Non-operating Expenses | 86,173.06 | 0.07% | Primarily clearing long-aged prepayments | No | [V. Analysis

票代码:001 .OIA NWEIYANGCH 郑州千味央厨 食品股份有限公司 2025年半年度报告 股票代码:001215 2025年8月 郑州千味央厨食品股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人孙剑、主管会计工作负责人焦军军及会计机构负责人(会计主 管人员)杨华业声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的发展计划及发展战略等前瞻性描述，将受到外部环境和实 际经营变化的影响，不构成公司对投资者的实质性承诺，投资者及相关人士 应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异， 敬请投资者注意风险。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中食品及酒制造相关业的披露要求。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 郑州千味央厨食品股份有限公司 2025 年半年度报告全文 | | . | | ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms like 'CSRC', 'SSE', 'Sanxing New Materials', 'Company', its main subsidiaries, and the reporting period - This section primarily defines common terms used in the report, such as 'China Securities Regulatory Commission', 'Shanghai Stock Exchange', 'Sanxing New Materials', 'Company', 'the Company', as well as the company's main holding subsidiaries and the reporting period[17](index=17&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock information, and key financial performance indicators for the reporting period [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the company's basic registration details, including its Chinese name, abbreviation, and legal representative - The company's Chinese name is Zhejiang Sanxing New Materials Co., Ltd., abbreviated as Sanxing New Materials, with Tong Xiaofei as its legal representative[14](index=14&type=chunk) [II. Contact Persons and Information](index=4&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists contact details for the Board Secretary and Securities Affairs Representatives to facilitate investor communication - The Board Secretary is Zhang Yitao, and the Securities Affairs Representatives are Ning Nengbin and Yang Qi, all located at No. 333, Hanghai Road, Yueyue Town, Deqing County, Huzhou City, Zhejiang Province[15](index=15&type=chunk) [III. Overview of Changes in Basic Information](index=4&type=section&id=III.%20Overview%20of%20Changes%20in%20Basic%20Information) The company's registered and office addresses remained unchanged during the reporting period - The company's registered and office addresses remain unchanged at No. 333, Hanghai Road, Yueyue Town, Deqing County during the reporting period[16](index=16&type=chunk) [IV. Overview of Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section details the company's designated information disclosure channels and report storage location, with no changes - The company's designated information disclosure newspaper is Securities Times, its website for semi-annual reports is www.sse.com.cn, and reports are stored at the company's Board of Directors Office[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing information, including type, exchange, abbreviation, and code - The company's A-shares are listed on the Shanghai Stock Exchange under the abbreviation Sanxing New Materials and stock code **603578**[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue grew significantly by 48.31% due to new photovoltaic glass sales, but total profit and net profit attributable to parent company shareholders experienced substantial losses, while operating cash flow surged by 502.81% Key Accounting Data (January-June 2025 vs. Same Period Last Year) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 796,136,463.67 CNY | 536,820,322.27 CNY | 48.31 | | Total Profit | -49,869,999.33 CNY | 57,335,528.62 CNY | -186.98 | | Net Profit Attributable to Shareholders of Listed Company | -30,231,953.26 CNY | 56,488,974.62 CNY | -153.52 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -32,132,894.20 CNY | 55,754,327.37 CNY | -157.63 | | Net Cash Flow from Operating Activities | 229,767,289.27 CNY | 38,116,083.31 CNY | 502.81 | | Net Assets Attributable to Shareholders of Listed Company (End of Period vs. End of Last Year) | 986,133,607.96 CNY | 1,012,340,393.96 CNY | -2.59 | | Total Assets (End of Period vs. End of Last Year) | 4,506,044,949.95 CNY | 4,447,890,535.75 CNY | 1.31 | Key Financial Indicators (January-June 2025 vs. Same Period Last Year) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.17 | 0.31 | -154.84 | | Diluted Earnings Per Share (CNY/share) | -0.17 | 0.31 | -154.84 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | -0.18 | 0.31 | -158.06 | | Weighted Average Return on Net Assets (%) | -3.03 | 5.07 | Decreased by 8.10 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -3.22 | 5.00 | Decreased by 8.22 percentage points | - Basic EPS, diluted EPS, and basic EPS after deducting non-recurring gains and losses significantly decreased year-on-year, primarily due to the sluggish photovoltaic glass market, resulting in low selling prices and losses[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses and explains the classification of VAT refunds for welfare enterprises as recurring Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 8,337.34 | | Government Subsidies Included in Current Profit and Loss | 1,586,187.44 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 888,215.01 | | Other Non-Operating Income and Expenses | -319,656.14 | | Less: Income Tax Impact | 114,634.66 | | Impact on Minority Interests (After Tax) | 147,508.05 | | **Total** | **1,900,940.94** | - A VAT refund of **CNY 17,275,440.00** for welfare enterprises was classified as recurring gains and losses due to its close relation to the company's core business and continuous nature[24](index=24&type=chunk)[539](index=539&type=chunk) [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=X.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This section discloses net profit after deducting share-based payment impact, showing a significant year-on-year decrease Net Profit After Deducting Share-Based Payment Impact (January-June 2025 vs. Same Period Last Year) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Same Period Last Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | -26,206,786.00 CNY | 66,551,892.62 CNY | -139.38 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's industry, business operations, core competitiveness, and financial performance during the reporting period [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in low-temperature storage equipment glass doors and photovoltaic glass, with the former leading and the latter facing overcapacity and price declines despite policy support [(I) Main Business Operations](index=7&type=section&id=(I)%20Main%20Business%20Operations) The company's core businesses are glass doors for low-temperature storage equipment, holding a leading position, and photovoltaic glass, expanded through its subsidiary Guohua Jintai - The company's core businesses are glass doors for low-temperature storage equipment and photovoltaic glass[28](index=28&type=chunk) - The glass door business for low-temperature storage equipment holds a leading position in China, with products used in beverage, freezer, wine, refrigerator, smart retail, and biomedical cold cabinets[29](index=29&type=chunk) - The photovoltaic glass business, operated by its controlling subsidiary Guohua Jintai, includes a **4×1200 tons/day** photovoltaic glass and **5 million tons/year** high-purity silicon-based new material purification project, designated as a key project in Shandong Province[30](index=30&type=chunk) [(II) Industry Overview](index=8&type=section&id=(II)%20Industry%20Overview) The low-temperature storage equipment glass door industry is growing, while the photovoltaic glass sector faces price declines despite increased installations due to overcapacity - The low-temperature storage equipment glass door industry benefits from expanding cold chain applications, increasing industry concentration, and product evolution towards energy efficiency, personalization, and intelligence[31](index=31&type=chunk)[32](index=32&type=chunk) - The photovoltaic glass industry, supported by policies, saw **212.21 GW** of new installations in H1 2025, a **107%** year-on-year increase[33](index=33&type=chunk)[34](index=34&type=chunk) Photovoltaic Glass Market Price Changes (H1 2025 vs. Same Period 2024) | Product Type | H1 2025 Average Price | Same Period 2024 Average Price | Year-on-Year Decline Amount | Year-on-Year Decline Ratio | | :--- | :--- | :--- | :--- | :--- | | 2.0mm Single-Coated Panel | 12.92 CNY/sqm | 16.90 CNY/sqm | 3.98 CNY/sqm | 24% | | 3.2mm Single-Coated Panel | 21.06 CNY/sqm | 25.70 CNY/sqm | 4.64 CNY/sqm | 18% | [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) Overall revenue grew due to photovoltaic glass, but this segment incurred losses from intense competition and low prices, leading to negative consolidated net profit and operational challenges for Guohua Jintai [(I) Overall Operating Performance During the Reporting Period](index=9&type=section&id=(I)%20Overall%20Operating%20Performance%20During%20the%20Reporting%20Period) Overall revenue increased by 48.31% due to photovoltaic glass sales, but consolidated net profit was negative, and net profit attributable to parent company shareholders decreased by 153.52% due to market competition and impairment - Sales prices for the company's low-temperature storage equipment glass door business slightly decreased year-on-year[35](index=35&type=chunk) - Photovoltaic glass sales contributed to a **48.31%** year-on-year increase in total operating revenue[35](index=35&type=chunk)[37](index=37&type=chunk) - Due to intensified photovoltaic industry competition, low product prices, and asset impairment provisions, consolidated net profit was negative, with net profit attributable to shareholders at **-CNY 30.232 million**, a **153.52%** year-on-year decrease[36](index=36&type=chunk)[37](index=37&type=chunk) [(II) Guohua Jintai Project Operations During the Reporting Period](index=10&type=section&id=(II)%20Guohua%20Jintai%20Project%20Operations%20During%20the%20Reporting%20Period) Guohua Jintai's B kiln is operational but unprofitable due to market conditions, A kiln construction is delayed, and technical issues in purification lead to higher production costs - Guohua Jintai's photovoltaic glass Phase I B kiln is operational and generating revenue, but sustained low prices have led to below-expected performance and losses[37](index=37&type=chunk) - Construction of the A kiln was delayed due to the sluggish market, contrary to original plans for quick commissioning[37](index=37&type=chunk) - High-purity silicon-based new material purification Phase I experienced slow capacity ramp-up due to technical issues, requiring external procurement of most ultra-white sand, resulting in higher-than-expected glass project production costs[38](index=38&type=chunk) Guohua Jintai Financial Data (H1 2025) | Indicator | Amount | | :--- | :--- | | Operating Revenue | 289 million CNY | | Net Profit | -139 million CNY | | Net Cash Flow from Operating Activities | 230 million CNY | | Of which: VAT Credit Refund | 112 million CNY | | Linyi Shangyan Town People's Government Infrastructure Construction Subsidy | 172 million CNY | [III. Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its market leadership, technological advantages in glass doors, and cost control in photovoltaic glass [(I) Market Foundation Advantage](index=10&type=section&id=(I)%20Market%20Foundation%20Advantage) The company maintains a leading position in glass doors for low-temperature storage equipment through strong client relationships and rapid customized production capabilities - The company leads the low-temperature storage equipment glass door segment, serving major clients like Haier Smart Home, Hisense Ronshen, and Hairong Cold Chain[39](index=39&type=chunk) - The company ensures high order completion rates and timely service through dedicated stock warehouses, offices, and on-site business managers[39](index=39&type=chunk) - The company offers rapid response customized order production and proactively provides glass door solutions and designs, creating significant industry entry barriers[40](index=40&type=chunk) [(II) Technological Advantage](index=11&type=section&id=(II)%20Technological%20Advantage) The company possesses integrated, automated manufacturing capabilities and a robust R&D system for developing energy-efficient, personalized, and intelligent glass door products - The company boasts integrated manufacturing capabilities, from glass deep processing to final door assembly, achieving automated and intelligent production[41](index=41&type=chunk) - A complete core technology and R&D management system enables the company to rapidly develop energy-efficient, personalized, and intelligent new products through a 'research, mature, promote' strategy[41](index=41&type=chunk) - Valuing personalized customer needs, the company provides customized products, enriching its glass door solution portfolio and serving as a market research platform[42](index=42&type=chunk) [(III) Photovoltaic Glass Cost Control Advantage](index=11&type=section&id=(III)%20Photovoltaic%20Glass%20Cost%20Control%20Advantage) Guohua Jintai benefits from cost advantages in raw materials, energy supply, and self-sufficient power generation for its photovoltaic glass project - Guohua Jintai's photovoltaic glass project benefits from advantages in raw materials, energy supply, and refined management[43](index=43&type=chunk) - Located in a major quartz sand production area, the project can self-build beneficiation and purification processes to reduce raw material procurement costs[43](index=43&type=chunk) - As a key project in Shandong Province, it secures competitive natural gas and other energy procurement prices[43](index=43&type=chunk) - Self-built waste heat and rooftop photovoltaic power generation systems enable electricity self-sufficiency, further reducing manufacturing costs[43](index=43&type=chunk)[44](index=44&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=12&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Main business revenue and costs increased due to photovoltaic glass sales, financial and R&D expenses rose, and the asset-liability structure shifted with increased receivables and deferred income [(I) Main Business Analysis](index=12&type=section&id=(I)%20Main%20Business%20Analysis) Operating revenue and costs significantly increased due to new photovoltaic glass sales, while financial expenses surged and operating cash flow grew substantially from tax refunds and subsidies Analysis of Changes in Financial Statement Items (January-June 2025 vs. Same Period Last Year) | Item | Current Period Amount (CNY) | Same Period Last Year Amount (CNY) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 796,136,463.67 | 536,820,322.27 | 48.31 | | Operating Cost | 651,022,386.83 | 400,100,839.83 | 62.71 | | Taxes and Surcharges | 13,732,313.99 | 4,534,439.16 | 202.84 | | Financial Expenses | 36,322,898.66 | 7,460,775.14 | 386.85 | | R&D Expenses | 29,709,511.28 | 19,282,958.97 | 54.07 | | Net Cash Flow from Operating Activities | 229,767,289.27 | 38,116,083.31 | 502.81 | | Net Cash Flow from Investing Activities | -94,783,470.22 | -905,200,043.32 | Not applicable | | Net Cash Flow from Financing Activities | -117,232,901.43 | 908,253,628.15 | -112.91 | - Changes in operating revenue and costs were primarily driven by new photovoltaic glass sales[46](index=46&type=chunk)[47](index=47&type=chunk) - The substantial increase in financial expenses was primarily due to higher interest expenses[47](index=47&type=chunk) - Net cash flow from operating activities surged, mainly attributable to VAT credit refunds and increased government subsidies[47](index=47&type=chunk) [(III) Analysis of Assets and Liabilities](index=12&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Accounts receivable and deferred income significantly increased, while accounts receivable financing and employee compensation decreased, with 810 million CNY in restricted assets at period-end Changes in Assets and Liabilities (End of Period vs. End of Last Year) | Item Name | Current Period End Amount (CNY) | Percentage of Total Assets at Period End (%) | Last Year End Amount (CNY) | Percentage of Total Assets at Last Year End (%) | Change Ratio from Last Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 497,892,804.63 | 11.05 | 318,340,644.57 | 7.16 | 56.40 | Primarily due to increased sales | | Accounts Receivable Financing | 70,742,350.04 | 1.57 | 100,914,697.13 | 2.27 | -29.90 | Primarily due to decreased bank acceptance bills | | Other Current Assets | 52,339,841.00 | 1.16 | 81,561,649.24 | 1.83 | -35.83 | Primarily due to decreased VAT input tax | | Employee Compensation Payable | 21,016,829.42 | 0.47 | 33,787,459.21 | 0.76 | -37.80 | Primarily due to decreased employee compensation | | Non-Current Liabilities Due Within One Year | 43,642,397.62 | 0.97 | 33,824,254.92 | 0.76 | 29.03 | Primarily due to increased bank borrowings due within 1 year | | Deferred Income | 213,380,343.01 | 4.74 | 30,051,499.19 | 0.68 | 610.05 | Primarily due to increased government subsidies | Major Asset Restrictions at Period End | Item | Period End Book Value (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 56,090,437.59 | Margin | Bank acceptance bill margin, ETC margin | | Monetary Funds | 1,100,349.39 | Frozen | Litigation freeze, etc | | Fixed Assets | 27,126,475.63 | Mortgage | Bank acceptance bill, short-term loan mortgage guarantee | | Intangible Assets | 718,747,620.33 | Mortgage | Bank acceptance bill, short-term and long-term loan mortgage guarantee | | Notes Receivable | 5,841,085.12 | Other | Commercial acceptance bills endorsed but not yet due, not derecognized | | Accounts Receivable | 1,388,148.93 | Other | Accounts receivable claims discounted or endorsed but not yet due, not derecognized | | **Total** | **810,294,116.99** | / | / | [IV. Investment Analysis](index=14&type=section&id=(IV)%20Investment%20Analysis) The company made a significant equity investment in Guohua Jintai, which incurred a net loss, and held private equity fund investments that generated fair value gains Significant Equity Investment Information | Investee Company Name | Investment Amount (CNY) | Shareholding Ratio | Impact on Current Period Profit/Loss (CNY) | | :--- | :--- | :--- | :--- | | Guohua Jintai | 160,000,000 | 80% | -111,297,494.01 | Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Fair Value Change Gain/Loss for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Private Equity Funds | 13,205,275.39 | 888,130.30 | 14,093,405.69 | - The company's private equity fund investments, including Yanfu Xinghan Flexible Hedging No. 1 Phase 1 and Xingkuo Guangsha No. 60 CSI 500 Index Enhanced, both generated fair value change gains this period[60](index=60&type=chunk) [VI. Analysis of Major Holding and Participating Companies](index=17&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Controlling subsidiary Guohua Jintai significantly impacted net profit, reporting a substantial loss despite generating revenue Financial Performance of Major Holding Subsidiaries (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guohua Jintai (Shandong) New Material Technology Co., Ltd. | Subsidiary | New material technology R&D, optical glass manufacturing, sales, etc | 20,000 | 3,046,976,811.15 | -197,280,886.67 | 288,564,159.14 | -139,123,309.34 | -139,121,867.51 | [V. Other Disclosures](index=17&type=section&id=V.%20Other%20Disclosures) The company faces risks from demand fluctuations, customer concentration, raw material prices, Guohua Jintai's underperformance, weakened financing, and increased litigation, with countermeasures in place [(I) Potential Risks](index=17&type=section&id=(I)%20Potential%20Risks) The company faces risks from downstream demand, high customer concentration, raw material price volatility, Guohua Jintai's continuous losses, weakened financing, and increased litigation, with mitigation strategies outlined - Downstream industry demand fluctuation risk: Slowdown or decline in cold storage equipment demand, influenced by commercial development and resident income, could adversely impact glass door product sales[63](index=63&type=chunk)[64](index=64&type=chunk) - High customer concentration risk: Poor performance or reduced demand from key customers could significantly impact the company's financial results[65](index=65&type=chunk) - Raw material price fluctuation risk: Inability to timely adjust selling prices in response to rising costs of glass and door accessories could negatively impact operating performance[66](index=66&type=chunk) - Guohua Jintai project risk: Operating below expectations and continuous losses of **CNY 139 million** this period, attributed to inverted photovoltaic glass prices, underperforming quartz sand purification, and substantial land amortization and fixed asset depreciation[67](index=67&type=chunk) - Guohua Jintai financing risk: An asset-liability ratio of **106.47%** and depleted operating funds create a risk of operational difficulties or even shutdown due to financial strain[69](index=69&type=chunk) - Guohua Jintai litigation risk: Nine cases totaling **CNY 30.3093 million** during the period could disrupt normal production and operations if not properly resolved[70](index=70&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=20&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors and senior management, profit distribution plans, employee incentive programs, and environmental information disclosure [I. Changes in Company Directors and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) Senior management changes included the resignations of Vice General Manager Lv Wenying and Director/Financial Officer Ren Tie, with Chen Zhengjun appointed as the new Financial Officer Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Lv Wenying | Vice General Manager | Resignation | | Ren Tie | Director, Financial Officer | Resignation | | Chen Zhengjun | Financial Officer | Appointment | - Lv Wenying resigned as Vice General Manager and from all subordinate company positions on April 19, 2025[73](index=73&type=chunk) - Ren Tie resigned as non-independent director, Remuneration and Assessment Committee member, financial officer, and from all subordinate company positions on June 13, 2025[73](index=73&type=chunk) - Chen Zhengjun was appointed as the company's financial officer on June 23, 2025[73](index=73&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's semi-annual profit distribution or capital reserve conversion plan is "none," indicating no distribution or capital increase - The company's proposed semi-annual profit distribution or capital reserve conversion plan is 'none'[74](index=74&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The second vesting period target for the first employee stock ownership plan was met, leading to the vesting of 40% of shares for 118 eligible participants - The second vesting period assessment target for the company's first employee stock ownership plan has been achieved[77](index=77&type=chunk) - **40%** of the total shares held by **118** eligible participants will vest, totaling **1,872,170** shares, representing **1.04%** of the company's total share capital[77](index=77&type=chunk) - On May 15, 2025, the company held a meeting to change some members of the management committee for the first employee stock ownership plan[78](index=78&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=21&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) Controlling subsidiary Guohua Jintai is now on the environmental information disclosure list, with its report available on the Shandong system - Controlling subsidiary Guohua Jintai was included in the list of enterprises required to disclose environmental information starting from 2025[79](index=79&type=chunk) - Guohua Jintai's environmental information disclosure report is available on the Enterprise Environmental Information Disclosure System (Shandong)[79](index=79&type=chunk) [Section V Significant Matters](index=22&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, related party transactions, significant litigation, and other important corporate events during the reporting period [I. Fulfillment of Commitments](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its actual controller, and controlling shareholder strictly fulfilled all commitments regarding fund legality, independence, related party transactions, share lock-up, and investor protection - Controlling shareholder Jinxitai committed that funds for this share acquisition are legal, compliant, and not sourced from external fundraising, nominee holdings, structured arrangements, or directly/indirectly from the listed company or its related parties[84](index=84&type=chunk)[86](index=86&type=chunk) - Jinxitai, Jinshan Management Consulting Co., Ltd., and Jinshan committed to ensuring the listed company's independence in personnel, assets, finance, business, and organization, while minimizing related party transactions and avoiding horizontal competition[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) - Jinxitai committed to a **36-month** lock-up period for shares acquired through this issuance, effective from the listing date (if shareholding exceeds **30%**)[93](index=93&type=chunk) - Yang Min and Yang Ayong irrevocably waived voting rights for their combined **66,030,594** shares and committed not to seek control of the listed company[95](index=95&type=chunk) - The company, its actual controller, directors, supervisors, and senior management committed to repurchasing shares or compensating investors if the prospectus contains false records, misleading statements, or major omissions[99](index=99&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - The company's directors, senior management, controlling shareholder, and actual controller committed to diligently implementing measures to fill immediate returns[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=30&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) No non-operating occupation of funds by the controlling shareholder or other related parties occurred during the reporting period - During the reporting period, no non-operating funds were occupied by the controlling shareholder or other related parties[106](index=106&type=chunk) [III. Irregular Guarantees](index=30&type=section&id=III.%20Irregular%20Guarantees) The company did not provide external guarantees in violation of prescribed decision-making procedures during the reporting period - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[106](index=106&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=31&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) 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[107](index=107&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period](index=31&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) The company, its controlling shareholder, and actual controller maintained good integrity with no records of dishonesty during the reporting period - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no records of dishonesty or unfulfilled court judgments or large outstanding debts[107](index=107&type=chunk) [X. Significant Related Party Transactions](index=31&type=section&id=X.%20Significant%20Related%20Party%20Transactions) Significant related party transactions included estimated daily transactions, a capital increase in Guohua Jintai, joint loans to Qingdao Weisheng, and large loans from controlling shareholder's related companies to Guohua Jintai - The company's estimated daily related party transactions for 2025 totaled **CNY 371.95 million**, later increased by **CNY 17.70 million** (excluding tax)[108](index=108&type=chunk) - The company increased capital in Guohua Jintai by **CNY 560 million** in cash, with Jindong Antai Trading Co., Ltd. proportionally increasing by **CNY 140 million**, raising Guohua Jintai's registered capital from **CNY 200 million** to **CNY 900 million**[110](index=110&type=chunk) - The company and related party Chende Industrial jointly provided loans to subsidiary Qingdao Weisheng, with the company providing **CNY 38 million** and Chende Industrial providing **CNY 19 million**[111](index=111&type=chunk) - Controlling shareholder's related companies (Shandong Jinxitai Mining, Lanling Jintai Mining, Jigang Group Shimen Iron Mine) provided Guohua Jintai with loans initially up to **CNY 480 million**, later increasing by up to **CNY 1.5 billion**[112](index=112&type=chunk)[113](index=113&type=chunk) [XI. Significant Contracts and Their Performance](index=33&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) The company provided a joint liability guarantee of up to CNY 50 million for its controlling subsidiary Guohua Jintai's financing lease business, representing 5.07% of its net assets Total Company Guarantees (Including Guarantees for Subsidiaries) | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 50,000,000.00 | | Total Guarantees Provided to Subsidiaries at Period End (B) | 50,000,000.00 | | Total Guarantees (A+B) | 50,000,000.00 | | Ratio of Total Guarantees to Company's Net Assets (%) | 5.07 | | Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 50,000,000.00 | | Total of the Above Three Guarantee Amounts (C+D+E) | 50,000,000.00 | - The company provided a joint liability guarantee for its controlling subsidiary Guohua Jintai's financing lease business, with a maximum guaranteed amount of **CNY 50 million** and a term not exceeding **36 months**[116](index=116&type=chunk)[117](index=117&type=chunk) [XIII. Explanation of Other Significant Matters](index=36&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company's 2023 non-public issuance of A-shares was approved by the CSRC in March 2025 and is currently being actively implemented - The company's 2023 non-public issuance of A-shares received CSRC approval in March 2025[118](index=118&type=chunk) - The non-public offering price is **CNY 10.73/share**, with total proceeds not exceeding **CNY 576.2389 million**[498](index=498&type=chunk) - The company's board and management are actively progressing the implementation of this matter[118](index=118&type=chunk) [Section VI Share Changes and Shareholder Information](index=36&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders and their holdings [I. Share Capital Changes](index=36&type=section&id=I.%20Share%20Capital%20Changes) The company's total share capital and share structure remained unchanged during the reporting period - During the reporting period, the company's total share capital and share structure remained unchanged[120](index=120&type=chunk) [II. Shareholder Information](index=36&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had 14,610 common shareholders, with Yang Min and Yang Ayong as top shareholders who waived voting rights for 66,030,594 shares - As of the reporting period end, the total number of common shareholders was **14,610**[121](index=121&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Min | 42,054,012 | 23.32 | 0 | Pledged | 23,510,000 | Domestic Natural Person | | Yang Ayong | 34,522,488 | 19.14 | 0 | Pledged | 8,047,000 | Domestic Natural Person | | Jinxitai Co., Ltd. | 25,525,500 | 14.15 | 0 | None | 0 | Domestic Non-State-Owned Legal Person | | Li Haijing | 4,296,232 | 2.38 | 0 | None | 0 | Domestic Natural Person | | Zhejiang Sanxing New Materials Co., Ltd. - First Employee Stock Ownership Plan | 3,927,627 | 2.18 | 0 | None | 0 | Other | | Liu Dong | 3,414,182 | 1.89 | 0 | None | 0 | Domestic Natural Person | | Wang Yan | 1,506,230 | 0.84 | 0 | None | 0 | Domestic Natural Person | | Lan Qingsong | 1,019,550 | 0.57 | 0 | None | 0 | Domestic Natural Person | | Jin Yan | 822,100 | 0.46 | 0 | None | 0 | Domestic Natural Person | | Lu Like | 758,831 | 0.42 | 0 | None | 0 | Domestic Natural Person | - Mr. Yang Min and Mr. Yang Ayong irrevocably waived voting rights for their combined **66,030,594** shares in the company[124](index=124&type=chunk) - Mr. Yang Ayong and Mr. Yang Min are father and son; no other related party or concerted action relationships among other shareholders are known[124](index=124&type=chunk) [Section VII Bond-Related Information](index=39&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms that the company has no corporate bonds or convertible bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[127](index=127&type=chunk) - The company has no convertible corporate bonds[127](index=127&type=chunk) [Section VIII Financial Report](index=40&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, taxes, and financial items [I. Audit Report](index=40&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[6](index=6&type=chunk) [II. Financial Statements](index=40&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 [Consolidated Balance Sheet](index=40&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets increased by 1.31%, total liabilities by 3.25%, while equity attributable to parent company owners decreased by 2.59% Key Consolidated Balance Sheet Data (Period End vs. Period Beginning) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 4,506,044,949.95 | 4,447,890,535.75 | | Total Liabilities | 3,555,954,789.89 | 3,443,994,768.85 | | Total Equity Attributable to Parent Company Owners | 986,133,607.96 | 1,012,340,393.96 | | Minority Interests | -36,043,447.90 | -8,444,627.06 | | Total Owners' Equity | 950,090,160.06 | 1,003,895,766.90 | [Parent Company Balance Sheet](index=42&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets increased by 6.15%, liabilities by 2.88%, and owners' equity by 6.86% Key Parent Company Balance Sheet Data (Period End vs. Period Beginning) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 1,549,886,057.79 | 1,460,031,536.19 | | Total Liabilities | 267,167,639.62 | 259,686,723.96 | | Total Owners' Equity | 1,282,718,418.17 | 1,200,344,812.23 | [Consolidated Income Statement](index=44&type=section&id=Consolidated%20Income%20Statement) For H1 2025, consolidated operating revenue grew by 48.31%, but total profit decreased by 186.98%, and net profit attributable to parent company shareholders fell by 153.52% Key Consolidated Income Statement Data (January-June 2025 vs. January-June 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 796,136,463.67 | 536,820,322.27 | | Total Operating Costs | 776,816,382.00 | 479,857,380.16 | | Total Profit | -49,869,999.33 | 57,335,528.62 | | Net Profit | -57,830,774.10 | 48,978,410.13 | | Net Profit Attributable to Parent Company Shareholders | -30,231,953.26 | 56,488,974.62 | | Minority Interest Income/Loss | -27,598,820.84 | -7,510,564.49 | | Basic Earnings Per Share (CNY/share) | -0.17 | 0.31 | | Diluted Earnings Per Share (CNY/share) | -0.17 | 0.31 | [Parent Company Income Statement](index=46&type=section&id=Parent%20Company%20Income%20Statement) For H1 2025, parent company operating revenue decreased by 4.11%, while net profit increased by 4.75% Key Parent Company Income Statement Data (January-June 2025 vs. January-June 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 488,005,471.41 | 508,917,909.31 | | Operating Profit | 86,228,061.78 | 83,058,925.71 | | Total Profit | 86,196,628.15 | 82,893,062.70 | | Net Profit | 78,348,438.68 | 74,793,287.77 | | Total Comprehensive Income | 78,348,438.68 | 74,793,287.77 | [Consolidated Cash Flow Statement](index=48&type=section&id=Consolidated%20Cash%20Flow%20Statement) For H1 2025, operating cash flow surged by 502.81%, investing cash outflow decreased, and financing cash flow turned negative due to reduced borrowings and increased repayments Key Consolidated Cash Flow Statement Data (January-June 2025 vs. January-June 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 229,767,289.27 | 38,116,083.31 | | Net Cash Flow from Investing Activities | -94,783,470.22 | -905,200,043.32 | | Net Cash Flow from Financing Activities | -117,232,901.43 | 908,253,628.15 | | Net Increase in Cash and Cash Equivalents | 18,220,169.60 | 41,147,618.20 | | Cash and Cash Equivalents at Period End | 437,052,488.40 | 290,476,762.53 | - Total operating cash inflow was **CNY 777 million**, including **CNY 131 million** in tax refunds and **CNY 213 million** in other operating-related cash[143](index=143&type=chunk) - Investing cash outflow was primarily **CNY 155 million** for fixed assets, intangible assets, and other long-term assets, a significant decrease year-on-year[144](index=144&type=chunk) - Financing cash inflow primarily comprised **CNY 20 million** from borrowings and **CNY 136 million** from other financing-related cash[144](index=144&type=chunk) [Parent Company Cash Flow Statement](index=50&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For H1 2025, parent company operating cash flow decreased by 60.15%, investing cash flow turned positive, and financing cash flow saw a narrowed decrease Key Parent Company Cash Flow Statement Data (January-June 2025 vs. January-June 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 27,538,085.14 | 69,115,061.19 | | Net Cash Flow from Investing Activities | 260,293.15 | -8,189,177.78 | | Net Cash Flow from Financing Activities | -797,115.33 | -23,708,982.95 | | Net Increase in Cash and Cash Equivalents | 27,001,262.96 | 37,216,900.46 | | Cash and Cash Equivalents at Period End | 427,347,389.32 | 251,628,635.71 | [Consolidated Statement of Changes in Owners' Equity](index=52&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) For H1 2025, consolidated owners' equity decreased by CNY 53.8056 million, primarily due to net losses attributable to parent company owners and minority interests Consolidated Changes in Owners' Equity (January-June 2025) | Item | Beginning Balance (CNY) | Amount of Change for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 180,357,032.00 | 0 | 180,357,032.00 | | Capital Reserve | 399,450,169.00 | 4,025,167.26 | 403,475,336.26 | | Surplus Reserve | 87,150,231.79 | 0 | 87,150,231.79 | | Retained Earnings | 345,382,961.17 | -30,231,953.26 | 315,151,007.91 | | Total Equity Attributable to Parent Company Owners | 1,012,340,393.96 | -26,206,786.00 | 986,133,607.96 | | Minority Interests | -8,444,627.06 | -27,598,820.84 | -36,043,447.90 | | Total Owners' Equity | 1,003,895,766.90 | -53,805,606.84 | 950,090,160.06 | - Total comprehensive income for the current period was **-CNY 57,830,774.10**, with **-CNY 30,231,953.26** attributable to parent company owners and **-CNY 27,598,820.84** to minority shareholders[150](index=150&type=chunk) - Share-based payments recognized in owners' equity totaled **CNY 4,025,167.26**[150](index=150&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=58&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) For H1 2025, parent company owners' equity increased by CNY 82.3736 million, driven by comprehensive income and share-based payments Parent Company Changes in Owners' Equity (January-June 2025) | Item | Beginning Balance (CNY) | Amount of Change for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 180,357,032.00 | 0 | 180,357,032.00 | | Capital Reserve | 390,622,556.23 | 4,025,167.26 | 394,647,723.49 | | Surplus Reserve | 87,150,231.79 | 0 | 87,150,231.79 | | Retained Earnings | 542,214,992.21 | 78,348,438.68 | 620,563,430.89 | | Total Owners' Equity | 1,200,344,812.23 | 82,373,605.94 | 1,282,718,418.17 | - Total comprehensive income for the current period was **CNY 78,348,438.68**[156](index=156&type=chunk) - Share-based payments recognized in owners' equity totaled **CNY 4,025,167.26**[156](index=156&type=chunk) [III. Company Basic Information](index=61&type=section&id=III.%20Company%20Basic%20Information) The company, registered in Huzhou in 2012 and listed on the SSE in 2017, specializes in R&D, production, and sales of glass doors, plastic products, and photovoltaic glass - The company was registered on August 28, 2012, in Huzhou City, Zhejiang Province, with its headquarters located there[160](index=160&type=chunk) - The company's shares were listed on the Shanghai Stock Exchange on March 6, 2017[160](index=160&type=chunk) - The company's main business encompasses R&D, production, and sales of glass doors, plastic products, deep-processed glass, and photovoltaic glass[160](index=160&type=chunk) [IV. Basis of Financial Statement Preparation](index=61&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue operations for the next 12 months - The company's financial statements are prepared on a going concern basis[161](index=161&type=chunk) - No matters or circumstances exist that would cast significant doubt on the company's ability to continue as a going concern for the 12 months following the reporting period end[162](index=162&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=61&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's accounting policies and estimates for financial instruments, inventories, fixed assets, and revenue recognition, adhering to enterprise accounting standards - The company has established specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, tailored to its operational characteristics[163](index=163&type=chunk) - The company's accounting year is from January 1 to December 31, with RMB as its functional currency[165](index=165&type=chunk)[167](index=167&type=chunk) - The company's operating cycle is short, using **12 months** as the liquidity classification standard for assets and liabilities[166](index=166&type=chunk) - In business combinations, the company measures at book value under common control and at fair value under non-common control[169](index=169&type=chunk) - The company classifies, recognizes, measures, and derecognizes financial assets and liabilities, applying the expected credit loss model for impairment provisions[173](index=173&type=chunk)[175](index=175&type=chunk)[180](index=180&type=chunk) - Revenue is recognized when customers obtain control of goods or services, measured by the transaction price allocated to each distinct performance obligation[237](index=237&type=chunk)[238](index=238&type=chunk) [VI. Taxation](index=84&type=section&id=VI.%20Taxation) This section outlines the company's main tax types, rates, and various tax preferential policies, including those for high-tech enterprises and welfare enterprises Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of Goods and Taxable Services Revenue | 13% (Goods Sales), 13% (Export Refund Rate) | | Property Tax | Original Value of Property or Rental Income | 1.20%, 12.00% | | Urban Maintenance and Construction Tax | Actual Amount of Turnover Tax Paid | 5%, 7% | | Education Surcharge | Actual Amount of Turnover Tax Paid | 3% | | Local Education Surcharge | Actual Amount of Turnover Tax Paid | 2% | | Corporate Income Tax | Taxable Income | 15% (Company), 25% (Qingdao Weisheng, Guohua Jintai), 20% (Sanxing Glass, Deqing Shengxing) | - The company benefits from high-tech enterprise corporate income tax incentives, prepaying at a **15%** rate[255](index=255&type=chunk) - As a social welfare enterprise, the company benefits from an immediate VAT refund policy for employing disabled individuals[255](index=255&type=chunk) - The company benefits from a tax incentive allowing additional deduction for actual wages paid to disabled employees when calculating corporate income tax[255](index=255&type=chunk) - The company benefits from a **5%** additional VAT deduction policy for advanced manufacturing enterprises against payable VAT[256](index=256&type=chunk) - Subsidiaries Sanxing Glass and Deqing Shengxing, as small and micro-profit enterprises, enjoy a preferential corporate income tax rate of **20%** on **25%** of their taxable income[257](index=257&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=86&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for all major consolidated financial statement items, including assets, liabilities, equity, and income/expense accounts - Period-end monetary funds totaled **CNY 494 million**, including **CNY 1.1 million** in frozen funds and **CNY 56.0684 million** in bank acceptance bill deposits[259](index=259&type=chunk) - Period-end financial assets held for trading totaled **CNY 14.0934 million**, primarily fund investments, with a current period fair value change gain of **CNY 0.8881 million**[261](index=261&type=chunk) - Period-end accounts receivable totaled **CNY 498 million**, a **56.40%** increase from the beginning of the period, primarily due to increased sales[49](index=49&type=chunk) - Period-end inventory book value was **CNY 223 million**, with impairment provisions of **CNY 84.5085 million**, and **CNY 65.8651 million** accrued this period[306](index=306&type=chunk)[308](index=308&type=chunk) - Period-end fixed assets book value was **CNY 1.989 billion**, with **CNY 61.0721 million** in depreciation and **CNY 14.3547 million** in impairment provisions accrued this period[319](index=319&type=chunk) - Period-end construction in progress book value was **CNY 214 million**, primarily for the Guohua Jintai project[330](index=330&type=chunk) - Period-end intangible assets book value was **CNY 744 million**, primarily for land use rights[339](index=339&type=chunk) - Period-end deferred income totaled **CNY 213 million**, a **610.05%** increase from the beginning of the period, primarily due to increased government subsidies[49](index=49&type=chunk)[385](index=385&type=chunk) - Current period operating revenue was **CNY 796 million** and operating costs were **CNY 651 million**, primarily influenced by photovoltaic glass sales[397](index=397&type=chunk) - Current period financial expenses were **CNY 36.3229 million**, a **386.85%** year-on-year increase, mainly due to higher interest expenses[46](index=46&type=chunk)[403](index=403&type=chunk) - Current period asset impairment losses totaled **CNY 80.2198 million**, primarily from inventory and fixed asset impairment[409](index=409&type=chunk) [VIII. R&D Expenses](index=141&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenses for the period were CNY 29.7095 million, a 54.07% year-on-year increase, entirely expensed, covering employee compensation, materials, and other costs R&D Expenses by Nature of Expense (January-June 2025 vs. January-June 2024) | Item | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 10,380,229.69 | 8,031,077.81 | | R&D Materials | 13,708,464.62 | 5,449,695.93 | | Equity Incentive Fees | 1,221,200.02 | 3,052,999.98 | | Utilities | 845,820.18 | 1,196,546.61 | | Depreciation and Amortization | 3,067,008.15 | 967,608.55 | | Other | 486,788.62 | 585,030.09 | | **Total** | **29,709,511.28** | **19,282,958.97** | | Of which: Expensed R&D Expenses | 29,709,511.28 | 19,282,958.97 | | Capitalized R&D Expenses | 0 | 0 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[441](index=441&type=chunk) [IX. Changes in Consolidation Scope](index=141&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company's consolidation scope remained unchanged during the reporting period, with no business combinations or disposals of subsidiaries - During the reporting period, the company's consolidation scope remained unchanged[442](index=442&type=chunk)[443](index=443&type=chunk) [X. Interests in Other Entities](index=142&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in several subsidiaries, with Guohua Jintai being a significant non-wholly owned subsidiary that incurred losses attributable to minority shareholders Composition of the Enterprise Group | Subsidiary Name | Principal Place of Business | Registered Capital | Nature of Business | Shareholding Ratio (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Sanxing Glass | Deqing, Zhejiang | 1,080 CNY 10,000 | Manufacturing | 100.00 | Business Combination Under Common Control | | Deqing Shengxing | Deqing, Zhejiang | 100 CNY 10,000 | Import and Export Trade | 100.00 | Establishment | | Qingdao Weisheng | Qingdao, Shandong | 7,398 CNY 10,000 | Manufacturing | 60.00 | Business Combination Under Common Control | | Guohua Jintai | Lanling, Shandong | 20,000 CNY 10,000 | Manufacturing | 80.00 | Business Combination Not Under Common Control | Financial Information of Significant Non-Wholly Owned Subsidiaries (H1 2025) | Subsidiary Name | Minority Shareholding Ratio (%) | Profit/Loss Attributable to Minority Shareholders for Current Period (CNY) | Dividends Declared to Minority Shareholders for Current Period (CNY) | Minority Interest Balance at Period End (CNY) | | :--- | :--- | :--- | :--- | :--- | | Guohua Jintai | 20.00 | -27,824,373.50 | 0 | -39,456,177.33 | Guohua Jintai Key Financial Information (Period End vs. Period Beginning) | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 3,046,976,811.15 | 3,075,814,412.59 | | Total Liabilities | 3,244,257,697.82 | 3,133,973,431.75 | | Operating Revenue | 288,564,159.14 | 0 | | Net Profit | -139,121,867.51 | -32,915,057.43 | [XI. Government Grants](index=145&type=section&id=XI.%20Government%20Grants) Total government grants received were CNY 184.5 million, with CNY 18.8486 million recognized in current profit and loss, and asset-related grants as deferred income Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Beginning Balance (CNY) | New Grants Added in Current Period (CNY) | Transferred to Other Income in Current Period (CNY) | Ending Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 30,051,499.19 | 184,500,000.00 | 1,171,156.18 | 213,380,343.01 | Asset Related | Government Grants Recognized in Current Profit and Loss | Type | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Income Related | 17,677,452.39 | 11,581,040.00 | | Asset Related | 1,171,156.18 | 380,940.00 | | **Total** | **18,848,608.57** | **11,961,980.00** | [XII. Risks Related to Financial Instruments](index=146&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks through various strategies, noting credit concentration risk with its top five accounts receivable customers - The company faces credit, liquidity, and market risks, including interest rate and foreign exchange risks[451](index=451&type=chunk) - Credit risk is managed by assessing financial instrument credit risk, depositing funds with highly-rated financial institutions, and continuously monitoring accounts receivable balances[452](index=452&type=chunk)[453](index=453&type=chunk) - As of June 30, 2025, **54.39%** of accounts receivable originated from the top five customers, indicating credit concentration risk[454](index=454&type=chunk) - Liquidity risk is managed through diverse financing methods, including bill settlement and bank borrowings, and an appropriate mix of long-term and short-term financing[454](index=454&type=chunk) - Interest rate risk is managed by adjusting the proportion of fixed-rate and floating-rate financial instruments based on market conditions[457](index=457&type=chunk) - As the company's main activities are RMB-denominated, foreign exchange fluctuation market risk is not significant[458](index=458&type=chunk) [XIII. Disclosure of Fair Value](index=150&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities, primarily financial assets held for trading and accounts receivable financing, measured using Level 2 and Level 3 inputs Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 0 | 14,093,405.69 | 0 | 14,093,405.69 | | Accounts Receivable Financing | 0 | 70,742,350.04 | 0 | 70,742,350.04 | | **Total Assets Continuously Measured at Fair Value** | **0** | **84,835,755.73** | **0** | **84,835,755.73** | - The fair value of the company's financial assets held for trading (funds) is recognized based on the latest net value as of June 30, 2025[465](index=465&type=chunk) - The fair value of the company's accounts receivable financing (bank acceptance bills) is recognized at face value[466](index=466&type=chunk) [XIV. Related Parties and Related Party Transactions](index=152&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's related parties and transactions, including significant fund borrowings by Guohua Jintai from controlling shareholder's related companies - The ultimate controlling party of the enterprise is Mr. Jin Yinshan[152](index=152&type=chunk) - The company engages in related party transactions, including purchases, sales, and service acceptance, with entities like Shandong Jinxitai Mining Co., Ltd. and Guohua Jintai (Shandong) Gas Co., Ltd.[472](index=472&type=chunk)[473](index=473&type=chunk) - Controlling subsidiary Guohua Jintai received substantial fund borrowings from Shandong Jinxitai Mining, Lanling Jintai Mining, and Jigang Group Shimen Iron Mine, resulting in a period-end long-term payables balance of **CNY 1.34 billion**[477](index=477&type=chunk)[478](index=478&type=chunk)[479](index=479&type=chunk)[486](index=486&type=chunk) - Key management personnel compensation for the current period was **CNY 3.0825 million**[481](index=481&type=chunk) [XV. Share-Based Payments](index=160&type=section&id=XV.%20Share-Based%20Payments) The first employee stock ownership plan's second vesting period target was met, leading to the vesting of 40% of shares for eligible employees, with current period equity-settled expenses of CNY 4.0252 million - The company's first employee stock ownership plan involved **119** employees acquiring **4,680,427** A-shares at **CNY 7.53/share** via non-trading transfer from the company's repurchased securities account[487](index=487&type=chunk) - The stock ownership plan unlocks in three phases (**40%, 40%, 20%**), with vesting based on the growth rate of external sales for glass door units or deep-processed glass products[487](index=487&type=chunk) - The second vesting period assessment target for the company's first employee stock ownership plan has been achieved, vesting **40%** of total shares held by **118** eligible participants[488](index=488&type=chunk)[489](index=489&type=chunk) Share-Based Payment Expenses for Current Period | Grantee Category | Equity-Settled Share-Based Payment Expenses (CNY) | | :--- | :--- | | Management Personnel | 2,025,667.24 | | R&D Personnel | 1,221,200.02 | | Sales Personnel | 528,899.98 | | Production Personnel | 249,400.02 | | **Total** | **4,025,167.26** | [XVI. Commitments and Contingencies](index=161&type=section&id=XVI.%20Commitments%20and%20Contingencies) A significant contingent matter involved Guohua Jintai's bank account being frozen due to a lawsuit, which was settled post-balance sheet date - In October 2024, Guohua Jintai's bank account deposit of **CNY 1,100,000.00** was frozen due to a landscaping contractor's lawsuit[493](index=493&type=chunk) - The aforementioned lawsuit was settled through mediation on July 28, 2025[493](index=493&type=chunk) [XVII. Events After the Balance Sheet Date](index=162&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) The company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date - The company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date[494](index=494&type=chunk) [XVIII. Other Significant Matters](index=162&type=section&id=XVIII.%20Other%20Significant%20Matters) The company disclosed segment financial information, progress on its 2023 non-public A-share issuance, and significant share pledges by major natural person shareholders Financial Information by Reporting Segment (H1 2025) | Item | Glass Door Business (CNY) | Photovoltaic Glass Business (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | Operating Revenue | 507,572,304.53 | 288,564,159.14 | 796,136,463.67 | | Operating Cost | 387,989,929.59 | 263,032,457.24 | 651,022,386.83 | | Total Assets | 1,459,068,138.80 | 3,046,976,811.15 | 4,506,044,949.95 | | Total Liabilities | 311,697,092.07 | 3,244,257,697.82 | 3,555,954,789.89 | - The company's 2023 non-public issuance of A-shares received CSRC approval in March 2025 and is currently being actively implemented[498](index=498&type=chunk) - As of June 30, 2025, major natural person shareholders Yang Min and Yang Ayong cumulatively pledged **31,557,000** shares, representing **41.21%** of their holdings and **17.50%** of the company's total share capital[500](index=500&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=164&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for key parent company financial statement items, including accounts receivable, long-term equity investments, and operating revenue and net profit - Parent company's period-end accounts receivable book balance was **CNY 398 million**, with bad debt provisions of **CNY 21.891 million**, resulting in a book value of **CNY 376 million**[501](index=501&type=chunk)[503](index=503&type=chunk) - Parent company's period-end other receivables book balance was **CNY 11.9481 million**, with bad debt provisions of **CNY 7.4602 million**, resulting in a book value of **CNY 4.4879 million**[511](index=511&type=chunk)[514](index=514&type=chunk)[516](index=516&type=chunk) - Parent company's period-end long-term equity investments book value was **CNY 183 million**, primarily investments in subsidiaries[522](index=522&type=chunk) - Parent company's current period operating revenue was **CNY 488 million**, with operating costs of **CNY 375 million**[529](index=529&type=chunk) - Par

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