中国铝业股份有限公司2025 年半年度报告 公司代码：601600 公司简称：中国铝业 中国铝业股份有限公司 2025 年半年度报告 1 / 217 中国铝业股份有限公司2025 年半年度报告 重要提示 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本公司于 2025 年 3 月 26 日召开的第八届董事会第三十二次会议及于 2025 年 6 月 26 日召开的 2024 年年度股东会审议通过了《关于提请股东会授权公司董事会决定 2025 年中期利润分配方案 的议案》，股东会同意授权公司董事会决定 2025 年中期利润分配具体方案及全权办理中期利润 分配的相关事宜。根据股东会的授权，经本公司于 2025 年 8 月 27 日召开的第九届董事会第四次 会议审议通过，本公司将以现金方式按每股 0.123 元（含税）向全体股东派发 2025 年中期股息， 总计派息金额约 21.10 亿元（含税），约占本公司 2025 年上半年合并财务报表归属于上市公司 股东净利润的 30%。 本公司预计将于2025年10月17日或之前完成2025年中期股息的派发。在实施本次权益分派的股权 登记日前如公司总股本发生 ...

[Definitions](index=4&type=section&id=第一节%20释义) This section defines key terms like the company, controlling shareholder, actual controller, and reporting period, ensuring clarity for report content [Definitions of Common Terms](index=4&type=section&id=常用词语释义) This chapter clarifies the definitions of frequently used terms within the report, including the company's identity and reporting period - Company refers to **China Railway High-speed Electrical Equipment Co., Ltd.**, with **China Railway Electrification Engineering Co., Ltd.** as the controlling shareholder and the **State-owned Assets Supervision and Administration Commission of the State Council** as the actual controller[10](index=10&type=chunk) - The reporting period spans from **January 1, 2025, to June 30, 2025**[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's fundamental information, including its registration details, contact information, stock profile, and key financial performance metrics [Company Basic Information](index=4&type=section&id=一、公司基本情况) This chapter outlines the company's essential registration details, such as its official name, legal representative, and primary addresses - Company Chinese Name: **China Railway High-speed Electrical Equipment Co., Ltd.**, Abbreviation: **CRH Electrical**[12](index=12&type=chunk) - Legal Representative: **Zhang Changyu**[12](index=12&type=chunk) - Company Registered Address: **No. 196 Gaoxin Avenue, High-tech Development Zone, Baoji City, Shaanxi Province**[12](index=12&type=chunk) [Contact Person and Contact Information](index=5&type=section&id=二、联系人和联系方式) This chapter lists the contact details for the company's Board Secretary and Securities Affairs Representative - Board Secretary: **Wang Shuping**, Securities Affairs Representative: **He Baoguo**[14](index=14&type=chunk) - Contact Phone: **0917-2829163**, Email: **gtdq@bjqcc.com**[14](index=14&type=chunk) [Brief Introduction to Information Disclosure and Document Placement Location Changes](index=5&type=section&id=三、信息披露及备置地点变更情况简介) This chapter specifies the official channels for the company's information disclosure and the location for report availability - Information Disclosure Newspapers: **"Shanghai Securities News"**, **"China Securities Journal"**, **"Securities Times"**, **"Securities Daily"**[15](index=15&type=chunk) - Website Address: **www.sse.com.cn**[15](index=15&type=chunk) [Brief Introduction to Company Shares/Depositary Receipts](index=5&type=section&id=四、公司股票/存托凭证简况) This chapter provides a concise overview of the company's stock type, listing details, and trading codes - Share Type: **A-shares**, Listing Exchange and Board: **Shanghai Stock Exchange STAR Market**[16](index=16&type=chunk) - Stock Abbreviation: **CRH Electrical**, Stock Code: **688285**[16](index=16&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=六、公司主要会计数据和财务指标) This chapter presents the company's key financial performance for the first half of 2025, highlighting revenue and net profit growth alongside negative operating cash flow Major Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 533,415,177.73 | 430,117,971.30 | 24.02 | | Total Profit | 35,693,572.75 | 27,049,971.81 | 31.95 | | Net Profit Attributable to Shareholders of the Listed Company | 28,413,904.52 | 21,229,854.52 | 33.84 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 25,944,069.14 | 16,356,859.33 | 58.61 | | Net Cash Flow from Operating Activities | -97,013,337.47 | -14,315,257.74 | Not Applicable | Major Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0755 | 0.0564 | 33.87 | | Diluted Earnings Per Share (yuan/share) | 0.0755 | 0.0564 | 33.87 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.0689 | 0.0435 | 58.39 | | Weighted Average Return on Net Assets (%) | 1.71 | 1.31 | Increased by 0.4 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 1.56 | 1.01 | Increased by 0.55 percentage points | | Proportion of R&D Investment to Operating Revenue (%) | 3.95 | 5.38 | Decreased by 1.43 percentage points | - **Total profit**, **net profit attributable to shareholders of the listed company**, **net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses**, **basic earnings per share**, and **diluted earnings per share** all increased due to **operating revenue growth**[18](index=18&type=chunk)[19](index=19&type=chunk) - The **proportion of R&D investment to operating revenue** decreased by **1.43 percentage points** year-on-year[18](index=18&type=chunk) [Non-recurring Gains and Losses and Amounts](index=6&type=section&id=八、非经常性损益项目和金额) This chapter itemizes the company's non-recurring gains and losses for the reporting period, primarily government subsidies and other non-operating income Non-recurring Gains and Losses (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Government subsidies included in current profit or loss | 2,486,350.14 | | Other non-operating income and expenses apart from the above | 449,717.04 | | Less: Income tax impact | 440,410.08 | | Impact on minority interests (after tax) | 25,821.72 | | **Total** | **2,469,835.38** | [Management Discussion and Analysis](index=8&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth review of the company's industry, business operations, core competencies, risk factors, and key operating performance during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=一、报告期内公司所属行业及主营业务情况说明) This chapter details the company's industry classification and its core business activities, including railway electrification, urban rail transit, and expanding off-rail products - The company belongs to the manufacturing industry, specifically **railway, ship, aerospace, and other transportation equipment manufacturing**[25](index=25&type=chunk) - Main business includes R&D, design, manufacturing, and sales of **railway electrification contact network system equipment**, **urban rail transit power supply system equipment**, and **off-rail products**[25](index=25&type=chunk) - Off-rail product business layout covers **subframes, automotive gearbox components, wind power series, high-voltage electrical flanges, self-activating flame suppression products, and anti-loosening fasteners**[25](index=25&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=二、经营情况的讨论与分析) This chapter discusses the company's operational achievements in R&D, market expansion, talent development, and quality management during the reporting period - **R&D Innovation**: New busbar and roller-type busbar positioning clamps for urban rail transit were promoted in multiple subway lines; trough channels and 25kV rigid catenary systems for electrified railways were applied in high-speed rail projects; cast aluminum longitudinal beam semi-finished products for off-rail products achieved batch supply[25](index=25&type=chunk) - **Market Aspects**: Undertook multiple high-speed railway, passenger dedicated line, conventional railway, and urban rail transit projects, including the Guangzhou-Zhanjiang High-speed Railway, Chengdu-Chongqing Mid-line Railway, and Ningbo Metro Line 6[26](index=26&type=chunk) - **"Second Curve" Initiatives**: Continued cooperation with customers like Xi'an Shuangte Intelligent Transmission in the new energy vehicle sector, added new customers such as Baoji Xinyu Zhongyi Metal Processing Co., Ltd.; flame suppression products were applied in projects like the newly built Zhangzhou-Shantou High-speed Railway[27](index=27&type=chunk) - **Talent Development**: Strengthened the cadre and talent team, formulated the "Middle Management Cadre Management Measures" and a series of talent training systems, enhancing the comprehensive strength of the professional technical team[27](index=27&type=chunk) - **Quality and Safety Production**: Continuously improved quality, with effective operation of ISO9001 and IATF16949 quality management systems; established a "Dual Prevention Mechanism for Safety Risk Classification and Control and Hidden Hazard Investigation and Rectification," passed ISO14001 and ISO45001 certifications, awarded "National Green Factory" title, achieving a zero-accident goal[28](index=28&type=chunk)[29](index=29&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=三、报告期内核心竞争力分析) This chapter analyzes the company's core strengths in technology, market position, talent, and corporate culture, which underpin its industry leadership [Technological Competitiveness](index=9&type=section&id=1、技术竞争力) This chapter highlights the company's commitment to innovation, evidenced by national honors, R&D collaborations, increasing patent portfolio, and showcased advanced technologies - The company has been awarded "National Enterprise Technology Center Sub-center" and "National Intellectual Property Advantage Enterprise" honors, and is a **primary drafter of technical standards** in the electrified railway contact network industry[30](index=30&type=chunk) - Adopts a model primarily based on **independent R&D, supplemented by collaborative R&D**, jointly tackling key issues with enterprises, universities, and design institutes, with multiple technical products receiving **China Railway Engineering Group Co., Ltd. and China Railway Society Science and Technology Awards**[31](index=31&type=chunk) - During the reporting period, obtained **35 authorized patents (including 10 invention patents)** and applied for **16 patents (including 2 invention patents)**, accumulating **355 valid intellectual property rights (79 invention patents, including 3 PCT)**[32](index=32&type=chunk) - Showcased cutting-edge technological achievements such as the **overhead rigid catenary system** and **simplified catenary cantilever positioning device**, expanding business channels[32](index=32&type=chunk) [Market Position, Reputation, and Brand Competitiveness](index=9&type=section&id=2、市场地位、口碑及声誉竞争力) This chapter emphasizes the company's leading market position, comprehensive product range, involvement in major national and international projects, and strong brand reputation - The company is the **largest manufacturer of contact network components in China**, participates in setting industry standards, with simplified contact network products successfully tested on the Beijing-Shenyang High-speed Railway and fully applied on the Indonesia Jakarta-Bandung High-speed Railway[34](index=34&type=chunk) - Actively participates in national **"Belt and Road" initiative projects**, providing products for overseas projects such as the Indonesia Jakarta-Bandung High-speed Railway and China-Laos Railway, laying the foundation for overseas markets[34](index=34&type=chunk) - Holds a **significant market share in urban rail transit power supply equipment**, with products covering various rail transit modes, suitable for rigid catenary, flexible catenary, and contact rail systems[35](index=35&type=chunk) - Received honors such as "Excellent Supplier" and "Advanced Unit" in multiple projects, and continuously increases investment and R&D in civilian products like new energy vehicles[36](index=36&type=chunk) [Talent Competitiveness](index=10&type=section&id=3、人才竞争力) This chapter highlights the company's stable, high-caliber talent pool, supported by a robust talent development and compensation system that fosters innovation - The company has formed a **stable, high-quality, composite professional technical and management talent team**[36](index=36&type=chunk) - By establishing a **scientific, reasonable, and efficient talent training system**, improving the compensation distribution mechanism, and optimizing human resource allocation, the company stimulates talent innovation and efficiency[36](index=36&type=chunk) [Corporate Culture Competitiveness](index=10&type=section&id=4、企业文化竞争力) This chapter describes the company's strategic positioning and cultural initiatives, which align with its parent company's "Pioneer" philosophy, enhancing brand value and industry influence - The company is positioned as a **"leader in traction power supply equipment technology innovation, promoter of intelligent transformation in construction and operation & maintenance, and practitioner of green and low-carbon development"**[37](index=37&type=chunk) - Actively implements **China Railway's "Pioneer" cultural concept** and China Railway Electrification Bureau's "Tianyi Culture" concept, building a distinctive "CRH Electrical" corporate culture[37](index=37&type=chunk) - Continuously enhances **brand premium and industry leadership** through technological innovation, quality upgrades, and fulfillment of social responsibilities[38](index=38&type=chunk) [Core Technologies and R&D Progress](index=11&type=section&id=(三)%20核心技术与研发进展) This chapter details the company's sustained focus on R&D, including numerous research projects, patent achievements, standard contributions, and awards, despite a slight decrease in R&D investment - **Core Technologies and Their Advanced Nature**: During the reporting period, **50 scientific research projects** were executed, including **2 national key R&D programs**, **1 Shaanxi Province technology innovation guidance project**, **1 China Railway Qinghai-Tibet Group Co., Ltd. project**, and **14 China Railway Electrification Bureau Group Co., Ltd. projects**[39](index=39&type=chunk) - Focused on major scientific research topics such as **"Online Monitoring and Early Warning System for Contact Rail Expansion Joints"** and **"Research on Electrified Road Contact Network System Technology and Key Equipment"**, promoting new technology applications and product iteration upgrades[39](index=39&type=chunk) - Scientific research achievements such as **new busbars and roller-type busbar positioning clamps** in urban rail transit were promoted in multiple subway lines; electrified railway **pre-embedded trough channels and 25kV rigid catenary products** were applied in high-speed railway projects[40](index=40&type=chunk) National Specialized, Refined, and New "Little Giant" Enterprise, Manufacturing "Single Champion" Recognition Status | Certifying Body | Title | Certification Year | Product Name | | :--- | :--- | :--- | :--- | | Ministry of Industry and Information Technology, China Federation of Industrial Economics | Single Champion Product | 2021 | Electrified Railway Contact Network Products | - **Major Scientific Research Projects**: In 2025, the company carried out a total of **50 research projects**, participated in **2 national-level projects**; participated in **1 China Railway Qinghai-Tibet Group Co., Ltd. project**; undertook **1 Shaanxi Provincial Department of Science and Technology project**; and undertook **14 China Railway Electrification Bureau Group Co., Ltd. projects**[41](index=41&type=chunk) - **Patents**: During the reporting period, the company applied for **16 patents, including 2 invention patents**; obtained **35 authorized patents, including 10 invention patents**. As of June 30, 2025, the company cumulatively owned **355 valid intellectual property rights**, including **79 invention patents (including 3 PCT)** and **8 software copyrights**[42](index=42&type=chunk) - **Standards**: During the reporting period, the company participated in the compilation of **17 standards**, adding **1 industry standard "Technical Requirements for Steel-Aluminum Composite Conductive Rails for Urban Rail Transit"**, and **2 group standards "General Technical Requirements for Fluoroketone Microcapsule Fire Extinguishing Products"** and **"Design Specifications for AC Traction Power Supply Systems for Intercity (Suburban) Railways"**. One group standard, **"T/CIET1140-2025 Technical Requirements for Microcapsule Perfluorohexanone Fire Extinguishing Agent"**, which the company participated in compiling, was released and implemented on April 2, 2025[47](index=47&type=chunk) Awards | No. | Award Date | Award Name | Technical Product | Awarding Unit | | :--- | :--- | :--- | :--- | :--- | | 1 | 2025.01.09 | Second Prize for Science and Technology Award | High-speed Railway Contact Network Vibration Fatigue Characteristics and Key Technologies and Applications | China Railway Society | | 2 | 2025.01.09 | Third Prize for Science and Technology Award | 160 Overhead Rigid Catenary System Technology and Equipment Research | China Railway Society | | 3 | 2025.01.15 | Second Prize for Science and Technology Award | Research on Key Technologies and Engineering Applications of Overseas Engineering Power Supply Systems | China Railway Engineering Group Co., Ltd. | | 4 | 2025.01.15 | Third Prize for Science and Technology Award | New Series of High-speed Railway Terminal Anchoring Clamps | China Railway Engineering Group Co., Ltd. | R&D Investment Status | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 21,054,020.65 | 23,158,044.99 | -9.09 | | Capitalized R&D Investment | - | - | - | | Total R&D Investment | 21,054,020.65 | 23,158,044.99 | -9.09 | | Proportion of Total R&D Investment to Operating Revenue (%) | 3.95 | 5.38 | Decreased by 1.43 percentage points | | Proportion of Capitalized R&D Investment (%) | - | - | - | In-Progress Projects (Partial) | No. | Project Name | Estimated Total Investment (yuan) | Current Period Investment (yuan) | Cumulative Investment (yuan) | | :--- | :--- | :--- | :--- | :--- | | 1 | AC27.5kV Insulated Cantilever Device Technology and Process Research | 3,500,000.00 | 418,839.01 | 3,753,948.61 | | 2 | Research on Contact Network Thread Fastener Adaptability | 1,200,000.00 | 41.50 | 2,334,541.79 | | 3 | Online Monitoring and Early Warning System for Contact Rail Expansion Joints | 1,000,000.00 | 560,691.58 | 1,873,121.12 | | 10 | Research on Electrified Road Contact Network System Equipment Application | 1,550,000.00 | 593,867.59 | 1,027,603.00 | R&D Personnel Status | Indicator | Current Period | | :--- | :--- | | Number of Company R&D Personnel (people) | 113 | | Proportion of R&D Personnel to Total Company Staff (%) | 14.39 | | Total R&D Personnel Compensation (million yuan) | 7.7996 | | Average R&D Personnel Compensation (million yuan) | 0.069 | | Education Composition: Bachelor's Degree | 89 people (78.76%) | | Age Structure: 30-40 years old | 57 people (50.44%) | [Risk Factors](index=39&type=section&id=四、风险因素) This chapter identifies key risks including R&D, customer concentration, industry cycles, policy changes, raw material costs, receivables, inventory, and gross margin, along with mitigation strategies - **Product R&D and Technology Update Risks**: Failure to keep pace with technological advancements or new products not meeting demand could lead to market share decline. Countermeasures include continuous technological innovation, proactive market positioning, building an industry-academia-research-application system, increasing R&D investment, and talent acquisition[77](index=77&type=chunk)[78](index=78&type=chunk) - **High Customer Concentration and High Proportion of Related-Party Transactions Risks**: Major customers are mostly central and state-owned enterprises, and a high proportion of related-party transactions may lead to a lack of fairness in transaction prices and impact cash recovery. Countermeasures include continuous expansion of off-rail product markets, improving related-party transaction management systems, and strengthening monitoring of related parties' operating conditions[79](index=79&type=chunk)[80](index=80&type=chunk) - **Cyclical Changes in Railway and Urban Rail Transit Construction Risks**: Influenced by macroeconomic policies and investment plans, construction projects may be delayed or reduced, leading to a decline in product demand. Countermeasures include closely monitoring policy dynamics, anticipating market changes, reasonably adjusting production scale and inventory, and expanding diversified business layouts[80](index=80&type=chunk)[81](index=81&type=chunk) - **Industry Policy Change Risks**: The company's industry development heavily relies on national industrial policies, and policy adjustments will directly affect operating performance. Countermeasures include deepening main business, increasing investment in emerging markets like urban rail transit, and continuously increasing R&D investment[81](index=81&type=chunk)[82](index=82&type=chunk) - **Raw Material Risks**: Fluctuations in raw material market prices may lead to significant fluctuations in procurement costs. Countermeasures include monitoring market conditions, public bidding for procurement, maintaining safety stock, and prudent material preparation[82](index=82&type=chunk)[83](index=83&type=chunk) - **Large Accounts Receivable Balance and Low Turnover Rate Risks**: Slow collection of accounts receivable may affect financial condition and operating results. Countermeasures include assigning responsibility for accounts receivable, setting collection targets, accelerating settlement procedures, and prioritizing collection of old outstanding payments[83](index=83&type=chunk)[84](index=84&type=chunk) - **Large Inventory Balance and Impairment Risks**: A large book value of goods issued, if customers face operational difficulties or acceptance is delayed, may lead to inventory impairment. Countermeasures include setting year-end inventory targets, accelerating "collection," and formulating sales invoicing targets[84](index=84&type=chunk)[85](index=85&type=chunk) - **Gross Profit Margin Decline Risks**: The gross profit margin of the main business decreased during the reporting period; if the proportion of high-speed rail product revenue decreases or costs are not controlled, the overall gross profit margin may decline. Countermeasures include increasing operational efforts to gain market share and increasing R&D investment in new technologies and products[85](index=85&type=chunk) [Key Operating Performance During the Reporting Period](index=41&type=section&id=五、报告期内主要经营情况) This chapter summarizes the company's operational and financial performance, noting revenue and net profit growth, changes in key financial statement items, and asset-liability structure [Analysis of Main Business](index=41&type=section&id=(一)%20主营业务分析) This chapter analyzes the main business performance, showing increases in operating revenue and cost, significant rises in selling and financial expenses, and decreases in administrative and R&D expenses Financial Statement Related Item Fluctuation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 533,415,177.73 | 430,117,971.30 | 24.02 | | Operating Cost | 433,808,389.38 | 344,460,143.02 | 25.94 | | Selling Expenses | 20,819,331.29 | 15,817,253.68 | 31.62 | | Administrative Expenses | 16,607,477.04 | 17,071,127.73 | -2.72 | | Financial Expenses | 1,358,441.98 | 8,543.14 | 15,800.97 | | R&D Expenses | 21,054,020.65 | 23,158,044.99 | -9.09 | | Net Cash Flow from Operating Activities | -97,013,337.47 | -14,315,257.74 | Not Applicable | - **Selling expenses** changed primarily due to **business growth and increased operating expenses**[88](index=88&type=chunk) - **Financial expenses** changed primarily due to **lower interest expenses compared to the prior year**, which reduced the offset against financial expenses, and a **small base in the prior year**[89](index=89&type=chunk) [Analysis of Assets and Liabilities](index=42&type=section&id=(三)%20资产、负债情况分析) This chapter analyzes the company's asset and liability structure, noting a slight decrease in total assets, an increase in net assets, and significant changes in specific current asset and construction in progress items Assets and Liabilities Status (Period-end vs. Prior Year-end) | Item Name | Current Period-end (yuan) | Prior Year-end (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 476,316,136.94 | 606,730,283.50 | -21.49 | | Notes Receivable | 23,072,640.14 | 60,985,871.97 | -62.17 | | Accounts Receivable | 1,298,128,731.98 | 1,224,211,474.41 | 6.04 | | Inventories | 390,021,165.55 | 339,313,223.76 | 14.94 | | Construction in Progress | 2,945,809.05 | 436,988.65 | 574.12 | | Short-term Borrowings | 209,621,635.62 | 209,640,933.32 | -0.01 | | Notes Payable | 53,293,767.19 | 90,662,829.91 | -41.22 | | Accounts Payable | 976,112,347.11 | 945,707,878.22 | 3.21 | - **Notes receivable** period-end balance decreased by **62.17%** compared to the period-beginning, primarily because **endorsed but unmatured acceptance bills at the beginning of the period matured in the current reporting period**[92](index=92&type=chunk)[273](index=273&type=chunk) - **Construction in progress** period-end balance increased by **574.12%** compared to the period-beginning, primarily due to the **construction of the science and technology industrial park staff restaurant**[93](index=93&type=chunk)[345](index=345&type=chunk) - **Notes payable** period-end balance decreased by **41.22%** compared to the period-beginning, primarily due to the **repayment of matured notes payable**[93](index=93&type=chunk)[362](index=362&type=chunk) [Analysis of Investment Status](index=43&type=section&id=(四)%20投资状况分析) This chapter confirms that the company did not engage in any significant equity or non-equity investments, nor did it measure financial assets at fair value during the reporting period - During the reporting period, there were **no significant equity investments, non-equity investments, or financial assets measured at fair value**[95](index=95&type=chunk) [Analysis of Major Holding and Participating Companies](index=44&type=section&id=(六)%20主要控股参股公司分析) This chapter focuses on Baoji Baodeli Electrical Equipment Co., Ltd., a key subsidiary, detailing its main business and financial performance for the reporting period - Controlled subsidiary **Baoji Baodeli Electrical Equipment Co., Ltd.** primarily engages in the R&D, design, manufacturing, and sales of **electrified railway contact network products**, with the company holding **95% equity**[97](index=97&type=chunk) Baoji Baodeli Electrical Equipment Co., Ltd. Key Financial Data (Jan-Jun 2025) | Indicator | Amount (yuan) | | :--- | :--- | | Total Assets | 687,103,850.25 | | Net Assets | 278,277,778.37 | | Main Business Revenue | 213,322,606.67 | | Total Profit | 56,007,437.00 | | Net Profit | 47,369,502.85 | [Corporate Governance, Environment, and Society](index=45&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's governance structure, including personnel adjustments and proposed profit distribution plans [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=45&type=section&id=一、公司董事、监事、高级管理人员和核心技术人员变动情况) This chapter reports a change in the company's senior management, specifically the resignation of Deputy General Manager Luo Zhen due to work transfer - Deputy General Manager **Luo Zhen resigned from his position** due to work transfer and no longer holds any position in the company after resignation[100](index=100&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=45&type=section&id=二、利润分配或资本公积金转增预案) This chapter outlines the proposed 2025 semi-annual profit distribution plan, involving a cash dividend based on 10% of the net profit attributable to shareholders - The company plans to distribute **10% of the net profit attributable to shareholders of the listed company** for the first half of the year[100](index=100&type=chunk) - Based on the total share capital as of June 30, 2025, a cash dividend of **0.08 yuan (including tax) per 10 shares** is proposed to all shareholders[100](index=100&type=chunk) - The total proposed cash dividend is **3.0103 million yuan (including tax)**, accounting for **10.59% of the consolidated net profit attributable to the parent company** for the current period[100](index=100&type=chunk) [Significant Matters](index=47&type=section&id=第五节%20重要事项) This section addresses the company's fulfillment of commitments, absence of fund occupation or illegal guarantees, and progress in using raised funds [Fulfillment of Commitments](index=47&type=section&id=一、承诺事项履行情况) This chapter confirms that the company and its related parties have strictly fulfilled all commitments made during the initial public offering and STAR Market listing - The company, China Railway Engineering Group, China Railway Electrification Engineering, Aiderui, and other committing parties have all **strictly fulfilled various commitments** regarding fraudulent issuance repurchase, prospectus truthfulness, avoidance of horizontal competition, standardization of related-party transactions, and profit distribution[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - All commitments had fulfillment deadlines and were **timely and strictly fulfilled**, with **no instances of failure to fulfill on time**[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) [Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=58&type=section&id=二、报告期内控股股东及其他关联方非经营性占用资金情况) This chapter states that there was no non-operating occupation of company funds by the controlling shareholder or other related parties during the reporting period - During the reporting period, there was **no non-operating occupation of funds by the controlling shareholder or other related parties**[116](index=116&type=chunk) [Illegal Guarantees](index=58&type=section&id=三、违规担保情况) This chapter confirms the absence of any illegal external guarantees provided by the company during the reporting period - During the reporting period, there were **no instances of providing external guarantees in violation of regulatory procedures**[6](index=6&type=chunk)[116](index=116&type=chunk) [Major Litigation and Arbitration Matters](index=59&type=section&id=七、重大诉讼、仲裁事项) This chapter states that the company had no major litigation or arbitration matters during the reporting period - The company had **no major litigation or arbitration matters** in the current reporting period[117](index=117&type=chunk) [Major Related-Party Transactions](index=59&type=section&id=十、重大关联交易) This chapter confirms the absence of undisclosed significant related-party transactions, including those related to operations, asset/equity changes, joint investments, or debt - During the reporting period, there were **no related-party transactions related to daily operations that were not disclosed in temporary announcements**[117](index=117&type=chunk) - During the reporting period, there were **no related-party transactions involving asset or equity acquisition/disposal**[117](index=117&type=chunk) - During the reporting period, there were **no significant related-party transactions involving joint external investments**[118](index=118&type=chunk) - During the reporting period, there were **no related-party creditor-debtor relationships**[118](index=118&type=chunk) [Explanation of Progress in Use of Raised Funds](index=62&type=section&id=十二、募集资金使用进展说明) This chapter details the progress of the company's initial public offering funds, with a cumulative investment of 424.572 million yuan, representing 66.82% of the total Overall Use of Raised Funds | Indicator | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 675.6380 | | Net Raised Funds | 635.3896 | | Cumulative Raised Funds Invested as of Period-end | 424.5720 | | Cumulative Raised Funds Investment Progress as of Period-end (%) | 66.82 | | Amount Invested in Current Year | 14.9734 | | Total Raised Funds with Changed Purpose | 88.9800 | Details of Raised Fund Investment Projects | Project Name | Committed Investment of Raised Funds (million yuan) | Cumulative Raised Funds Invested as of Period-end (million yuan) | Cumulative Raised Funds Investment Progress as of Period-end (%) | Amount Invested in Current Year (million yuan) | | :--- | :--- | :--- | :--- | :--- | | High-speed Railway Contact Network Production Equipment Intelligent Manufacturing Project | 49.9037 | 44.6945 | 89.56 | 10.1100 | | Rail Transit Power Supply Equipment Smart Industrial Park Construction Project | 346.1369 | 213.8472 | 61.78 | 107.5664 | | R&D Center Construction Project | 109.5612 | 35.4610 | 32.37 | 75.2078 | | Supplementary Working Capital/Repayment of Bank Loans Project | 129.7879 | 130.5693 | 100.60 | 0.970 | - All raised fund investment projects have **reached their intended usable state** and have **not undergone significant changes**[123](index=123&type=chunk)[124](index=124&type=chunk) [Share Changes and Shareholder Information](index=65&type=section&id=第六节%20股份变动及股东情况) This section provides an overview of the company's share capital stability and detailed information on its shareholder structure, including the top ten shareholders [Changes in Share Capital](index=65&type=section&id=一、股本变动情况) This chapter confirms that there were no changes in the company's total ordinary shares or share capital structure during the reporting period - During the reporting period, there were **no changes in the company's total ordinary shares or share capital structure**[127](index=127&type=chunk) [Shareholder Information](index=66&type=section&id=二、股东情况) This chapter details the company's shareholder base, including the total number of ordinary shareholders and the holdings of the top ten shareholders, with China Railway Electrification Engineering Co., Ltd. as the largest - As of the end of the reporting period, the total number of ordinary shareholders was: **7,504**[129](index=129&type=chunk) Top Ten Shareholders' Holdings (Period-end) | Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Railway Electrification Engineering Co., Ltd. | 268,681,583 | 71.40 | State-owned Legal Entity | | Sichuan Aiderui Electrical Co., Ltd. | 13,508,330 | 3.59 | State-owned Legal Entity | | Li Shengjun | 8,389,112 | 2.23 | Domestic Natural Person | | Li Baifeng | 2,485,065 | 0.66 | Domestic Natural Person | | Cao Dong | 2,442,548 | 0.65 | Domestic Natural Person | | Li Li | 1,528,424 | 0.41 | Domestic Natural Person | | Chen Feng | 1,407,900 | 0.37 | Domestic Natural Person | | Yuan Donghong | 1,260,000 | 0.33 | Domestic Natural Person | | Tang Youchui | 1,183,682 | 0.31 | Domestic Natural Person | | Wang Kefang | 1,000,000 | 0.27 | Domestic Natural Person | - **China Railway Electrification Engineering** and **Aiderui** have an **associated relationship**, being controlled by the **same actual controller (China Railway Engineering Group)**[131](index=131&type=chunk) [Bond-Related Information](index=69&type=section&id=第七节%20债券相关情况) This section confirms that the company did not have any corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=69&type=section&id=一、公司债券（含企业债券）和非金融企业债务融资工具) This chapter states that the company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[135](index=135&type=chunk) [Convertible Corporate Bonds](index=69&type=section&id=二、可转换公司债券情况) This chapter confirms the absence of any convertible corporate bonds for the company during the reporting period - During the reporting period, the company had **no convertible corporate bonds**[135](index=135&type=chunk) [Financial Report](index=70&type=section&id=第八节%20财务报告) This section encompasses the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items [Audit Report](index=70&type=section&id=一、审计报告) This chapter states that the semi-annual report has not been audited - This semi-annual report is **unaudited**[4](index=4&type=chunk)[137](index=137&type=chunk) [Financial Statements](index=70&type=section&id=二、财务报表) This chapter presents the company's consolidated and parent company financial statements for the first half of 2025, offering a comprehensive view of its financial position and performance Consolidated Balance Sheet (June 30, 2025) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 3,019,219,812.93 | 3,075,351,274.37 | | Total Liabilities | 1,335,905,333.89 | 1,413,056,659.38 | | Total Owners' Equity Attributable to Parent Company | 1,670,046,299.99 | 1,646,147,874.43 | Consolidated Income Statement (Jan-Jun 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 533,415,177.73 | 430,117,971.30 | | Total Profit | 35,693,572.75 | 27,049,971.81 | | Net Profit Attributable to Parent Company Shareholders | 28,413,904.52 | 21,229,854.52 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -97,013,337.47 | -14,315,257.74 | | Net Cash Flow from Investing Activities | -23,212,306.29 | -48,399,178.91 | | Net Cash Flow from Financing Activities | -10,188,502.80 | -15,956,033.36 | | Net Increase in Cash and Cash Equivalents | -130,414,146.56 | -78,670,470.01 | [Company Basic Information](index=96&type=section&id=三、公司基本情况) This chapter provides an overview of the company's foundational details, including its registration, historical development, listing status, and core business focus in rail transit equipment - Company registered place and headquarters address: **No. 196 Gaoxin Avenue, Baoji City, Shaanxi Province**, company type is **joint-stock limited company**[175](index=175&type=chunk) - The company's predecessor was **Baoji Material Factory of China Railway Electrification Bureau Group**, and it was listed on the **STAR Market of the Shanghai Stock Exchange on October 20, 2021**[175](index=175&type=chunk)[176](index=176&type=chunk) - Main business focuses on the R&D, design, manufacturing, and sales of **electrified railway contact network products and urban rail transit power supply equipment**[176](index=176&type=chunk) [Basis of Financial Statement Preparation](index=96&type=section&id=四、财务报表的编制基础) This chapter explains that the financial statements are prepared on a going concern basis, adhering to accounting standards and regulatory requirements, using the accrual basis and historical cost - Financial statements are prepared on a **going concern basis**, in accordance with **enterprise accounting standards and relevant disclosure regulations of the China Securities Regulatory Commission**[177](index=177&type=chunk) - Accounting is based on the **accrual method**, and except for certain financial instruments, all are measured at **historical cost**[177](index=177&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=96&type=section&id=五、重要会计政策及会计估计) This chapter comprehensively details the company's significant accounting policies and estimates, covering various financial instruments, assets, liabilities, revenue recognition, and recent accounting standard interpretations - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar, and the **functional currency is RMB**[180](index=180&type=chunk)[182](index=182&type=chunk) Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Material Accounts Receivable | Top five accounts receivable balances at period-end | | Material Construction in Progress Projects | Single project's current period investment amount accounts for 0.5% of total assets | | Material Accounts Payable Over One Year Old | Amount greater than or equal to 5 million yuan | | Material Other Payables Over One Year Old or Overdue | Amount greater than or equal to 0.6 million yuan | | Material Non-wholly Owned Subsidiaries | Non-wholly owned subsidiary's absolute revenue amount ≥ 30% of company's total revenue | - Financial assets are classified into three categories: **measured at amortized cost**, **measured at fair value with changes recognized in other comprehensive income**, and **measured at fair value with changes recognized in profit or loss**[198](index=198&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Useful Life (years) | Salvage Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 10-30 | 0-5.00 | 3.17-10.00 | | Machinery and Equipment | Straight-line method | 5-15 | 0-5.00 | 6.33-20.00 | | Transportation Equipment | Straight-line method | 4-10 | 0-5.00 | 9.50-25.00 | | Office Equipment | Straight-line method | 3-10 | 0-5.00 | 9.50-33.33 | Intangible Asset Amortization Methods | Asset Category | Useful Life (years) | Amortization Method | | :--- | :--- | :--- | | Land Use Rights | Useful life on land use right certificate | Straight-line method | | Software | 3-10 | Straight-line method | - Revenue recognition principle is to recognize revenue when the **customer obtains control of the related goods**, primarily including revenue from **electrified railway contact network components, urban rail transit power supply products, and off-rail products**[248](index=248&type=chunk)[251](index=251&type=chunk) - **Significant Accounting Policy Changes**: The Ministry of Finance issued "Interpretation No. 17 of Enterprise Accounting Standards" on November 9, 2023, and "Interpretation No. 18 of Enterprise Accounting Standards" on December 31, 2024, clarifying the classification of current and non-current liabilities and the accounting treatment of guarantee-type quality deposits, but these had **no significant impact on the company's financial statements** during the reporting period[265](index=265&type=chunk) [Taxation](index=116&type=section&id=六、税项) This chapter details the company's primary tax categories and rates, and explains the income tax preferential policy for high-tech enterprises and the VAT additional deduction for advanced manufacturing Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | 7% | | Enterprise Income Tax | 15% | - The company and its subsidiary, **Baoji Baodeli Electrical Equipment Co., Ltd.**, are both recognized as **high-tech enterprises**, enjoying a **15% reduced enterprise income tax rate** from 2023 to 2025[267](index=267&type=chunk) - The company and its subsidiary, as **advanced manufacturing enterprises**, enjoy a **5% additional VAT deduction** from January 1, 2023, to December 31, 2027[268](index=268&type=chunk) [Notes to Consolidated Financial Statement Items](index=116&type=section&id=七、合并财务报表项目注释) This chapter provides detailed explanations and period-end/period-beginning comparisons for various items within the consolidated financial statements, including assets, liabilities, income, and expenses Cash and Bank Balances (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 476,316,136.94 | 606,730,283.50 | | Total | 476,316,136.94 | 606,730,283.50 | Notes Receivable (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 9,834,500.00 | 51,147,772.92 | | Commercial Acceptance Bills | 15,007,571.14 | 10,193,454.78 | | Subtotal | 24,842,071.14 | 61,341,227.70 | | Less: Impairment Provision | 1,769,431.00 | 355,355.73 | | Total | 23,072,640.14 | 60,985,871.97 | - **Notes receivable** period-end balance decreased by **62.17%** compared to the period-beginning, primarily because **endorsed but unmatured acceptance bills at the beginning of the period matured in the current reporting period**[92](index=92&type=chunk)[273](index=273&type=chunk) Accounts Receivable (Period-end vs. Period-beginning) | Age | Period-end Book Balance (yuan) | Period-beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 712,631,030.34 | 631,581,987.91 | | 1 to 2 years | 236,995,536.28 | 253,957,112.09 | | 2 to 3 years | 185,731,269.95 | 205,367,744.62 | | Over 3 years | 225,970,647.15 | 191,478,999.29 | | Subtotal | 1,361,338,483.72 | 1,282,385,843.91 | | Less: Impairment Provision | 63,209,751.74 | 58,174,369.50 | | Total | 1,298,128,731.98 | 1,224,211,474.41 | Inventory Classification (Period-end Book Value vs. Period-beginning Book Value) | Item | Period-end Book Value (yuan) | Period-beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 63,496,777.83 | 46,023,289.47 | | Work in Progress and Semi-finished Goods | 115,657,078.97 | 121,172,235.05 | | Finished Goods | 37,981,594.49 | 26,490,777.37 | | Goods Issued | 172,796,424.15 | 145,561,024.66 | | Consigned Processing Materials | 89,290.11 | 65,897.21 | | Total | 390,021,165.55 | 339,313,223.76 | Construction in Progress (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | TMS Software System | 436,988.65 | 436,988.65 | | Science and Technology Industrial Park Staff Restaurant | 2,508,820.40 | - | | Total | 2,945,809.05 | 436,988.65 | - **Construction in progress** period-end balance increased by **574.12%** compared to the period-beginning, primarily due to the **construction of the science and technology industrial park staff restaurant**[93](index=93&type=chunk)[345](index=345&type=chunk) Short-term Borrowings (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Credit Loans | 209,621,635.62 | 209,640,933.32 | | Total | 209,621,635.62 | 209,640,933.32 | Notes Payable (Period-end vs. Period-beginning) | Type | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 10,231,815.95 | 66,223,153.77 | | Commercial Acceptance Bills | 43,061,951.24 | 24,439,676.14 | | Total | 53,293,767.19 | 90,662,829.91 | - **Notes payable** period-end balance decreased by **41.22%** compared to the period-beginning, primarily due to the **repayment of matured notes payable**[93](index=93&type=chunk)[362](index=362&type=chunk) Operating Revenue and Operating Cost (Current Period vs. Prior Period) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 523,017,259.74 | 425,884,558.19 | | Other Business | 10,397,917.99 | 7,923,831.19 | | Total | 533,415,177.73 | 433,808,389.38 | Selling Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 5,269,535.77 | 4,246,946.15 | | Business Entertainment Expenses | 4,466,832.50 | 3,726,831.06 | | Travel Expenses | 2,906,365.88 | 3,040,664.50 | | Bidding Expenses | 4,952,800.11 | 3,219,094.29 | | Other | 3,223,178.03 | 1,583,718.78 | | Total | 20,819,331.29 | 15,817,253.68 | - **Selling expenses** for the current period increased by **31.62%** year-on-year, primarily due to **business growth and increased operating expenses**[88](index=88&type=chunk)[409](index=409&type=chunk) Financial Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Interest Expense | 2,549,304.15 | 2,698,182.72 | | Less: Interest Income | 1,633,263.38 | 3,014,342.98 | | Exchange Gains/Losses | 3,908.23 | -2,432.88 | | Handling Fees | 438,492.98 | 327,136.28 | | Total | 1,358,441.98 | 8,543.14 | - **Financial expenses** for the current period increased by **15,800.97%** year-on-year, primarily because **interest income decreased compared to the prior year**, reducing the offset against financial expenses, and the **prior year's base was small**[89](index=89&type=chunk)[414](index=414&type=chunk) R&D Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 10,852,013.49 | 9,954,062.95 | | Design and Testing Fees | 3,624,155.31 | 3,150,672.66 | | Material Costs | 3,696,278.57 | 4,112,800.00 | | Travel Expenses | 426,832.62 | 1,521,683.54 | | Depreciation and Amortization | 1,787,749.08 | 1,807,602.11 | | Office Expenses | 172,544.95 | 159,348.25 | | Lease Expenses | 28,280.58 | 208,057.38 | | Business Entertainment Expenses | 302,836.05 | 469,719.16 | | Outsourced R&D Expenses | 150,000.00 | 779,059.89 | | Other | 13,330.00 | 995,039.05 | | Total | 21,054,020.65 | 23,158,044.99 | Other Income (Current Period vs. Prior Period) | Classified by Nature | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Government Grants | 3,479,809.88 | 3,882,112.97 | | VAT Input Tax Additional Deduction | 2,780,093.43 | 1,906,913.99 | | Handling Fee Refund for Withholding Individual Income Tax | 27,350.14 | 55,477.72 | | Total | 6,287,253.45 | 5,844,504.68 | Credit Impairment Losses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Notes Receivable Impairment Loss | -1,414,075.27 | -53,470.71 | | Accounts Receivable Impairment Loss | -5,035,382.24 | -4,194,059.97 | | Other Receivables Impairment Loss | 723,097.97 | -105,970.51 | | Total | -5,726,359.54 | -4,353,501.19 | Asset Impairment Losses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Contract Asset Impairment Loss | -98,846.09 | -1,995.42 | | Inventory Write-down and Contract Performance Cost Impairment Loss | -30,099.72 | -125,356.25 | | Total | -128,945.81 | -127,351.67 | Income Tax Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Current Income Tax Expense | 9,328,578.98 | 8,208,276.72 | | Deferred Income Tax Expense | -4,416,704.48 | -4,699,893.29 | | Total | 4,911,874.50 | 3,508,383.43 | [R&D Expenses](index=168&type=section&id=八、研发支出) This chapter details the company's R&D expenditures for the reporting period, totaling 21.05402065 million yuan, all expensed, with a 9.09% year-on-year decrease R&D Expenditures by Expense Nature (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 10,852,013.49 | 9,954,062.95 | | Design and Testing Fees | 3,624,155.31 | 3,150,672.66 | | Material Costs | 3,696,278.57 | 4,112,800.00 | | Total R&D Investment | 21,054,020.65 | 23,158,044.99 | | Expensed R&D Expenditure | 21,054,020.65 | 23,158,044.99 | - **Total R&D investment** for the current period decreased by **9.09%** year-on-year[443](index=443&type=chunk) [Changes in Consolidation Scope](index=168&type=section&id=九、合并范围的变更) This chapter confirms that there were no changes in the company's consolidation scope during the reporting period due to business combinations or subsidiary disposals - During the reporting period, the company experienced **no changes in its consolidation scope** due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[446](index=446&type=chunk) [Interests in Other Entities](index=170&type=section&id=十、在其他主体中的权益) This chapter details the company's equity interests in subsidiaries, including the corporate group structure and key financial data for its significant non-wholly owned subsidiary Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (million yuan) | Registered Place | Business Nature | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Baoji Baodeli Electrical Equipment Co., Ltd. | Baoji City, Shaanxi Province | 80.00 | Baoji City, Shaanxi Province | Manufacturing of Railway Special Equipment and Parts | 95 | Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholder Holding Ratio (%) | Current Period Profit or Loss Attributable to Minority Shareholders (yuan) | Dividends Declared and Distributed to Minority Shareholders in Current Period (yuan) | Period-end Minority Shareholder Equity Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Baoji Baodeli Electrical Equipment Co., Ltd. | 5 | 2,367,793.73 | 5,246,355.24 | 13,268,179.05 | Baoji Baodeli Electrical Equipment Co., Ltd. Key Financial Information (Period-end) | Item | Amount (yuan) | | :--- | :--- | | Current Assets | 613,296,679.50 | | Non-current Assets | 73,807,170.75 | | Total Assets | 687,103,850.25 | | Current Liabilities | 408,402,683.29 | | Non-current Liabilities | 423,388.59 | | Total Liabilities | 408,826,071.88 | Baoji Baodeli Electrical Equipment Co., Ltd. Current Period Operating Performance | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 221,072,591.59 | | Net Profit | 47,369,502.85 | | Total Comprehensive Income | 47,369,502.85 | | Net Cash Flow from Operating Activities | 36,811,153.26 | [Government Grants](index=174&type=section&id=十一、%20政府补助) This chapter reports the company's government grants received during the period, totaling 1.6 million yuan, primarily as deferred income, with 3.47980988 million yuan recognized in current profit or loss Liability Items Involving Government Grants (Deferred Income) | Item | Period-beginning Balance (yuan) | New Grants in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 13,738,840.14 | 1,600,000.00 | 1,020,809.88 | 14,318,030.26 | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other | 3,479,809.88 | 3,882,112.97 | | Total | 3,479,809.88 | 3,882,112.97 | [Disclosure of Fair Value](index=176&type=section&id=十三、%20公允价值的披露) This chapter discloses that the company's total assets measured at fair value on a recurring basis amounted to 12.93424852 million yuan at period-end, primarily notes receivable financing, categorized as Level 2 Total Assets Measured at Fair Value on a Recurring Basis (Period-end) | Item | Level 2 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Notes Receivable Financing | 12,934,248.52 | 12,934,248.52 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **12,934,248.52** | **12,934,248.52** | [Related Parties and Related-Party Transactions](index=177&type=section&id=十四、%20关联方及关联交易) This chapter provides comprehensive details on the company's related parties and transactions, including purchases, sales, key management compensation, and outstanding balances with related entities Information on the Company's Parent Company | Parent Company Name | Registered Place | Business Nature | Registered Capital (yuan) | Parent Company's Shareholding Ratio in the Company (%) | Parent Company's Voting Rights Ratio in the Company (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Railway Electrification Engineering Co., Ltd. | Baoding, Hebei | General Equipment Manufacturing | 521,965,912.02 | 71.40 | 71.40 | Related-Party Transactions for Purchase of Goods/Acceptance of Services (Current Period) | Related Party | Related-Party Transaction Content | Current Period Amount (million yuan) | | :--- | :--- | :--- | | China Railway Electrification Engineering Co., Ltd. | Material Procurement | 0.3525 | | China Railway Electrification Bureau Group Co., Ltd. Shijiazhuang Sida Branch | Material Procurement | 0.0221 | Related-Party Transactions for Sale of Goods/Provision of Services (Current Period) | Related Party | Related-Party Transaction Content | Current Period Amount (million yuan) | | :--- | :--- | :--- | | China Railway Electrification Bureau Group Co., Ltd. Urban Rail Company | Sale of Goods | 25.6899 | | China Railway Electrification Bureau Group Co., Ltd. Shenyang Electrification Engineering Branch | Sale of Goods | 25.2759 | | China Railway Fourth Bureau Group Co., Ltd. | Sale of Goods | 24.8807 | | China Railway Electrification Bureau Group First Engineering Co., Ltd. | Sale of Goods | 23.2627 | Key Management Personnel Compensation | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,803,351.00 | 1,843,194.00 | Receivables from Related Parties (Period-end) | Item Name | Book Balance (million yuan) | Impairment Provision (million yuan) | | :--- | :--- | :--- | | Accounts Receivable | 810.2004 | 46.6510 | | Notes Receivable | 18.4763 | 0.7134 | | Receivables Financing | 6.6647 | - | | Prepayments | 0.6304 | - | | Other Receivables | 3.8861 | 0.2676 | | Contract Assets (including other non-current assets) | 113.6761 | 0.5682 | Payables to Related Parties (Period-end) | Item Name | Period-end Book Balance (million yuan) | | :--- | :--- | | Accounts Payable | 27.0284 | | Other Payables | 4.5513 | | Contract Liabilities | 1.7954 | [Supplementary Information](index=203&type=section&id=二十、%20补充资料) This chapter provides additional financial details, including a breakdown of non-recurring gains and losses, and key profitability and earnings per share metrics Detailed Statement of Non-recurring Gains and Losses (Current Period) | Item | Amount (yuan) | | :--- | :--- | | Government subsidies included in current profit or loss | 2,486,350.14 | | Other non-operating income and expenses apart from the above | 449,717.04 | | Less: Income tax impact | 440,410.08 | | Impact on minority interests (after tax) | 25,821.72 | | **Total** | **2,469,835.38** | Return on Net Assets and Earnings Per Share (Current Period) | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan) | Diluted Earnings Per Share (yuan) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 1.71 | 0.0755 | 0.0755 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-recurring Gains and Losses | 1.56 | 0.0689 | 0.0689 |

西部黄金股份有限公司2025 年半年度报告 四、 公司负责人齐新会、主管会计工作负责人孙建华及会计机构负责人（会计主管人员）王婷 声明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：601069 公司简称：西部黄金 西部黄金股份有限公司 2025 年半年度报告 1 / 193 西部黄金股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告内容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，请投资者注意风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中描述了可能存在的相关风险 ...

华丰动力股份有限公司2025 年半年度报告 华丰动力股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 公司代码：605100 公司简称：华丰股份 华丰动力股份有限公司 2025 年半年度报告 1 / 154 四、 公司负责人徐华东、主管会计工作负责人王宏霞及会计机构负责人（会计主管人员）王春 燕声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经董事会决议，公司2025年半年度利润分配方案如下：拟以实施权益分派股权登记日登记的 总股本为基数，向全体股东每股派发现金红利0.10元（含税），截至本报告披露日，公司总股本 171,132,000股，以此计算合计拟派发现金红利17,113,200.00元（含税），占2025年半年度归属于 上市公司股东净利润的比例130.12%。 如在本报告披露之日起至权益分派股权登记日期间，公司 ...

安徽芯瑞达科技股份有限公司 2025 年半年度报告全文 安徽芯瑞达科技股份有限公司 2025 年半年度报告 2025 年 8 月 安徽芯瑞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。 公司负责人彭友、主管会计工作负责人唐先胜及会计机构负责人(会计主 管人员)高亚麒声明：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。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者 的实质承诺，投资者及相关人士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，敬请广大投资者注意投资风险。 本公司请投资者认真阅读本半年度报告全文，公司业务经营受各种风险因 素影响，公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风 险和应对措施"中就此做了专门说明，敬请广大投资者予以关注。 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 | | | | 第一 ...

南京肯特复合材料股份有限公司 2025 年半年度报告全文 南京肯特复合材料股份有限公司 2025 年半年度报告 公司负责人杨文光、主管会计工作负责人孙佳青及会计机构负责人(会计 主管人员)余仕卿声明：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。 1 南京肯特复合材料股份有限公司 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。 公司经本次董事会审议通过的利润分配预案为：以 84,120,000 股为基 数，向全体股东每 10 股派发现金红利 1.3 元（含税），送红股 0 股（含 税），不以公积金转增股本。 2 2025-030 【2025 年 8 月】 四、其他相关材料。 | | . | | | --- | --- | --- | | P | 1 130 | | | | | . | | 第二节 | 公司简介和主要财务指标 | 8 | | --- | --- | --- | | 第三节 | 管理层讨 ...

好利来（中国）电子科技股份有限公司 2025 年半年度报告全文 好利来（中国）电子科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 好利来（中国）电子科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 2 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。 公司负责人陈修、主管会计工作负责人张东杰及会计机构负责人(会计主 管人员)姚晔声明：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。 | | 1 | | --- | --- | | | 2 | | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | | 第三节 | 管理层讨论与分析 9 | | | 第四节 | 公司治理、环境和社会 22 | | | 第五节 | 重要事项 | 24 | | 第六节 | 股份变动及股东情况 | 32 | | 第七节 | 债券相关情况 | 37 | | 第八节 | 财务 ...

Section 1 Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The Board and management guarantee report accuracy; no interim dividend or capital increase from reserves is planned. - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - Company's responsible person An Mingliang, chief accountant Wang Man, and head of accounting department Zhang Lin declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the nine main chapters of the report and their starting page numbers, offering an overview for quick navigation. - The report comprises nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company abbreviations, related party names, and reporting period, ensuring consistent interpretation. - "Company" or "the Company" refers to Jiangsu Dagang Co., Ltd[10](index=10&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Definitions are provided for integrated circuit related terms (e.g., QFP, BGA, DIP, SOP, QFN, SLT, BI, Lead Scan, In Tray Mark, AI, IC) and names of the company's related parties (e.g., Hanrui Holdings, Shanghai Minai, Xinna Environmental, etc.)[10](index=10&type=chunk) Section 2 Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) This section details the company's fundamental information, including stock details, legal representative, and unchanged contact information. - Stock Abbreviation: **Dagang Shares**, Stock Code: **002077**, Listed Stock Exchange: **Shenzhen Stock Exchange**[14](index=14&type=chunk) - Company Legal Representative: An Mingliang[14](index=14&type=chunk) - The company's registered address, office address, website, email, information disclosure, and storage locations remained unchanged during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key financial data for the first half of 2025, showing revenue growth and net profit increase, but a significant decrease in net cash flow from operating activities. - The company does not need to retrospectively adjust or restate prior year accounting data[19](index=19&type=chunk) 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 160,195,276.36 | 145,585,551.84 | **10.04%** | | Net Profit Attributable to Shareholders of Listed Company | 31,758,889.48 | 30,539,239.73 | **3.99%** | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 31,887,286.37 | 31,240,078.16 | **2.07%** | | Net Cash Flow from Operating Activities | 48,737,654.50 | 94,544,174.35 | **-48.45%** | | Basic Earnings Per Share (RMB/share) | 0.0547 | 0.0526 | **3.99%** | | Diluted Earnings Per Share (RMB/share) | 0.0547 | 0.0526 | **3.99%** | | Weighted Average Return on Net Assets | 0.96% | 0.93% | **0.03%** | | **Period-End Indicators:** | Current Period End (RMB) | Prior Year End (RMB) | Period-End vs. Prior Year End Change | | Total Assets | 4,149,500,579.72 | 4,169,668,745.63 | **-0.48%** | | Net Assets Attributable to Shareholders of Listed Company | 3,324,501,417.61 | 3,292,742,528.13 | **0.96%** | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards. - The company's financial report for the reporting period shows no differences in net profit and net assets when compared between international accounting standards and Chinese accounting standards[20](index=20&type=chunk) - The company's financial report for the reporting period shows no differences in net profit and net assets when compared between overseas accounting standards and Chinese accounting standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section details non-recurring gains and losses for the reporting period, totaling **-128,396.89 RMB**, primarily from government subsidies, fair value changes, and other non-operating income/expenses. 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -2,769.93 | Mainly gains and losses from disposal of fixed assets | | Government subsidies included in current profit and loss | 4,118,460.72 | Mainly government subsidies involved in other income | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | -4,830,690.48 | Mainly fair value changes of other non-current financial assets during the reporting period | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 21,365.40 | Mainly reversal of individually provided accounts receivable by subsidiaries during the reporting period | | Other non-operating income and expenses apart from the above | 1,559,999.90 | Mainly increase in accounts payable not required to be paid in the current period | | Other profit and loss items conforming to the definition of non-recurring gains and losses | -131,942.96 | Mainly long-term equity investment gains and losses recognized by Lincchuang Semiconductor using the equity method during the reporting period | | Less: Income tax impact | -239,998.48 | | | Minority interest impact (after tax) | 1,102,818.02 | Mainly impact of increased accounts payable not required to be paid by non-wholly-owned subsidiaries | | **Total** | **-128,396.89** | | - The company has no other specific situations where profit and loss items conform to the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24](index=24&type=chunk) Section 3 Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's main businesses include integrated circuit and environmental resource services, with a focus on testing and related services, and various environmental services, having divested its chemical supply chain trade business. [Main Businesses Engaged](index=9&type=section&id=Main%20Businesses%20Engaged) The company's core operations are divided into integrated circuit and environmental resource services, offering a range of testing, waste treatment, and utility services. - The company's main businesses cover two areas: integrated circuits and environmental resource services[26](index=26&type=chunk) - Integrated circuit business provides services such as test program development, design verification, wafer testing, and finished product testing, along with value-added services like information encryption, data entry, and precision trimming[26](index=26&type=chunk) - Environmental resource services include providing wharf berthing, loading and unloading, warehousing, water supply, solid waste disposal, and NMP waste liquid recycling services for enterprises in the Economic Development Zone's new materials park[26](index=26&type=chunk) [Overview of Operations and Main Industry Development](index=9&type=section&id=Overview%20of%20Operations%20and%20Main%20Industry%20Development) In H1 2025, revenue grew by **10.04%** and net profit by **3.99%**, driven by a recovering integrated circuit market and strong environmental services, despite NMP market competition. - In the first half of 2025, the company achieved operating revenue of **160.1953 million RMB**, a year-on-year increase of **10.04%**[27](index=27&type=chunk) - Net profit attributable to shareholders of the listed company was **31.7589 million RMB**, a year-on-year increase of **3.99%**[27](index=27&type=chunk) Main Industry Operating Data (H1 2025) | Industry | Operating Revenue (RMB million) | Year-on-Year Change | Gross Margin | Gross Margin Year-on-Year Change | Net Profit (RMB million) | Net Profit Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Integrated Circuit Business | 84.3128 | -4.78% | 18.86% | 10.63% | | | | Shanghai Minai | 80.1439 | 9.02% | 19.44% | 9.97% | 11.0395 | 299.56% | | Total Environmental Resource Services | 65.7343 | 36.98% | 27.62% | -2.50% | | | | Xinna Environmental NMP Waste Liquid Purification Volume | 22,165.17 tons | 120.25% | | | | | | Zhenjiang Solid and Hazardous Waste Landfill Volume | 14,700 tons | 35.10% | | | | | | Gangyuan Water Supply Volume | 4.6155 million tons | 6.97% | | | | | | Ganglong Petrochemical Liquid Chemical Terminal Throughput | 580,000 tons | -4.42% | | | | | [Analysis of Core Competencies](index=10&type=section&id=Analysis%20of%20Core%20Competencies) The company's core strengths lie in advanced IC testing technology, strong R&D capabilities, established customer relationships, and unique regional resource advantages in environmental services. - Shanghai Minai, a wholly-owned subsidiary, is a specialized independent third-party integrated circuit testing enterprise in China, possessing a complete high-end IC testing service system, focusing on 12-inch and 8-inch wafer testing, as well as QFP, BGA, DIP, SOP, QFN, and other packaged chip testing, with advanced processes covering **7nm**, **14nm**, and **28nm**[32](index=32&type=chunk) - The company has applied for **119 patents** in integrated circuits, hazardous waste disposal, and NMP regeneration and refining, including **16 authorized invention patents**, **68 utility model patents**, and **11 authorized software copyrights**[33](index=33&type=chunk) - Shanghai Minai has established good long-term cooperative relationships with well-known manufacturers in the industry; Xinna Environmental has entered the supply chains of multiple lithium battery manufacturers, building good cooperative relationships and stable customer resources[34](index=34&type=chunk) - The company possesses the only public liquid chemical terminal, the only hazardous waste landfill disposal enterprise, the only industrial water supply enterprise, and the only NMP waste liquid recycling enterprise in Zhenjiang Economic Development Zone, demonstrating regional resource advantages[34](index=34&type=chunk) [Main Business Analysis](index=11&type=section&id=Main%20Business%20Analysis) Operating revenue increased by **10.04%**, primarily driven by robust growth in environmental resource services, particularly NMP waste liquid purification and solid waste landfill, while integrated circuit business saw improved gross margins despite a slight revenue dip. Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 160,195,276.36 | 145,585,551.84 | **10.04%** | | | Operating Cost | 132,880,454.99 | 131,682,856.32 | **0.91%** | | | Income Tax Expense | 4,812,594.62 | 8,884,345.59 | **-45.83%** | Mainly due to a year-on-year decrease in fair value change gains/losses, leading to a decrease in deferred income tax during the reporting period | | Net Cash Flow from Operating Activities | 48,737,654.50 | 94,544,174.35 | **-48.45%** | Mainly due to a year-on-year decrease in cash received from sales of goods, provision of services, and government subsidies during the reporting period | | Net Cash Flow from Investing Activities | -23,205,804.65 | -44,416,155.71 | **47.75%** | Mainly due to a year-on-year decrease in the acquisition of fixed assets during the reporting period | | Net Cash Flow from Financing Activities | -45,848,330.14 | -75,122,093.29 | **38.97%** | Mainly due to a year-on-year decrease in repayment of borrowings during the reporting period | Operating Revenue Composition (By Industry, Product, Region) | Category | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Integrated Circuits | 84,312,834.02 | **52.63%** | 88,549,112.75 | 60.82% | **-4.78%** | | Environmental Resource Services | 65,734,335.99 | **41.03%** | 47,988,886.08 | 32.96% | **36.98%** | | **By Product** | | | | | | | IC Testing and Related | 74,787,352.89 | **46.69%** | 63,468,203.65 | 43.60% | **17.83%** | | NMP Waste Liquid Purification | 28,605,019.18 | **17.86%** | 16,642,863.36 | 11.43% | **71.88%** | | Environmental Solid Waste Landfill | 16,487,761.74 | **10.29%** | 11,699,494.96 | 8.04% | **40.93%** | | **By Region** | | | | | | | Outside Jiangsu Province | 46,063,019.04 | **28.75%** | 35,275,134.77 | 24.23% | **30.58%** | Gross Margin Year-on-Year Changes | Category | Current Reporting Period Gross Margin | Prior Year Period Gross Margin | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | | Integrated Circuits | **18.86%** | 8.23% | **10.63%** | | Environmental Resource Services | **27.62%** | 30.12% | **-2.50%** | | IC Testing and Related | **19.71%** | -7.45% | **27.16%** | | NMP Waste Liquid Purification | **9.92%** | 21.29% | **-11.37%** | | Environmental Solid Waste Landfill | **32.68%** | 33.12% | **-0.44%** | [Non-Main Business Analysis](index=12&type=section&id=Non-Main%20Business%20Analysis) Non-main business activities significantly contributed to total profit, with investment income accounting for **111.58%** and credit impairment losses for **35.21%**, highlighting the non-recurring nature of these items. Impact of Non-Main Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 43,252,248.02 | **111.58%** | Mainly investment income from long-term equity investments accounted for using the equity method during the reporting period | No | | Fair Value Change Gains/Losses | -4,910,535.13 | **-12.67%** | Mainly impact of fair value changes of associate companies | No | | Credit Impairment Losses | 13,648,992.37 | **35.21%** | Mainly due to receipt of Dingmao Public Rental Housing repayment during the reporting period | No | [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly decreased, while net assets attributable to shareholders slightly increased, with long-term equity investments comprising nearly half of total assets and a significant reduction in construction in progress. Significant Changes in Asset Composition | Item | Current Period End Amount (RMB) | Proportion of Total Assets | Prior Year End Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 242,327,744.45 | **5.84%** | 263,003,817.80 | 6.31% | **-0.47%** | | Accounts Receivable | 93,177,850.39 | **2.25%** | 66,616,693.44 | 1.60% | **0.65%** | | Long-Term Equity Investments | 2,062,981,386.04 | **49.72%** | 2,020,019,827.40 | 48.45% | **1.27%** | | Construction in Progress | 3,060,234.83 | **0.07%** | 24,232,981.83 | 0.58% | **-0.51%** | | Short-Term Borrowings | 199,163,888.89 | **4.80%** | 186,656,400.01 | 4.48% | **0.32%** | | Long-Term Borrowings | 195,547,208.60 | **4.71%** | 240,818,467.79 | 5.78% | **-1.07%** | - The company's total assets at the end of the reporting period were **4.1495 billion RMB**, a decrease of **0.48%** compared to the end of the previous year[19](index=19&type=chunk)[41](index=41&type=chunk) - The company's net assets attributable to shareholders of the listed company at the end of the reporting period were **3.3245 billion RMB**, an increase of **0.96%** compared to the end of the previous year[19](index=19&type=chunk)[41](index=41&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Period-End Balance (RMB) | Current Period Fair Value Change Gains/Losses (RMB) | | :--- | :--- | :--- | | Other Non-Current Financial Assets | 74,518,416.70 | -4,910,535.13 | Asset Rights Restriction Status | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,867,338.55 | 1,867,338.55 | Other | Margin Deposit | | Investment Properties | 710,094,370.92 | 548,146,397.27 | Mortgage | Loan Mortgage | | **Total** | **711,961,709.47** | **550,013,735.82** | | | [Analysis of Investment Status](index=14&type=section&id=Analysis%20of%20Investment%20Status) The company's investment amount decreased by **51.58%** year-on-year, primarily due to reduced acquisition of fixed assets, with no securities, derivatives, or raised capital investments. Reporting Period Investment Amount Change | Indicator | Reporting Period Investment Amount (RMB) | Prior Year Period Investment Amount (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 21,531,826.41 | 44,469,195.71 | **-51.58%** | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [Significant Asset and Equity Sales](index=15&type=section&id=Significant%20Asset%20and%20Equity%20Sales) The company did not sell any significant assets or equity during the reporting period. - The company did not sell significant assets during the reporting period[52](index=52&type=chunk) - The company did not sell significant equity during the reporting period[53](index=53&type=chunk) [Analysis of Major Holding and Associate Companies](index=15&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) Shanghai Minai's net profit surged by **299.56%** due to product optimization, while Zhenjiang Solid Waste and Xinna Environmental also saw significant growth; however, Keli Semiconductor experienced a decline and loss. Major Subsidiary and Associate Company Operating Performance (H1 2025) | Company Name | Company Type | Operating Revenue (RMB) | Net Profit (RMB) | Net Profit Year-on-Year Change | Main Influencing Factors | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Minai Semiconductor Co., Ltd. | Subsidiary | 80,143,871.75 | 11,039,481.45 | **299.56%** | Optimization of testing product structure, increased proportion of high-end products, improved gross margin | | Jiangsu Keli Semiconductor Co., Ltd. | Subsidiary | 8,835,739.64 | -8,713,679.02 | **-0.37%** | Market changes led to business contraction, loss from associate company Suzhou Keyang impacted investment income | | Zhenjiang New Area Solid Waste Disposal Co., Ltd. | Subsidiary | 16,487,761.74 | 1,190,327.02 | **779.23%** | Phase II solid waste project put into operation, improved disposal volume and price advantage | | Zhenjiang Xinna Environmental Materials Co., Ltd. | Subsidiary | 28,822,493.56 | 948,057.50 | **2.46%** | Increased market expansion efforts, Phase II NMP project put into operation, sales volume doubled; intensified industry competition led to net profit not meeting expectations | | Jiangsu Hanrui Jingang Financial Leasing Co., Ltd. | Associate Company | 227,600,794.46 | 120,875,926.54 | | Company recognized investment income | | Shanghai Jingang Financial Leasing Co., Ltd. | Associate Company | 68,676,840.32 | 49,877,117.07 | | Company recognized investment income | - During the reporting period, the company sold **100%** equity of its wholly-owned subsidiary Gangcheng Guomao, which will no longer be included in the company's consolidated financial statements, with an impact of approximately **7,700 RMB** on the company's net profit for the reporting period[55](index=55&type=chunk) [Structured Entities Controlled by the Company](index=17&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period. - The company had no structured entities under its control during the reporting period[57](index=57&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from policy, market, revenue volatility, technology, talent, goodwill impairment, and environmental safety, addressed by monitoring policies, enhancing innovation, expanding markets, and strengthening risk management. - The company operates in integrated circuits, solid waste disposal, NMP waste liquid recycling, chemical terminals, warehousing, and other industries, facing risks from industrial policies, fiscal and tax policies, financial and monetary policies, environmental policies, and foreign exchange settlement policies[57](index=57&type=chunk) - The integrated circuit industry experiences cyclical fluctuations, with intense competition in the testing market; the overall business scale of environmental resource services is still small and heavily influenced by industry cycles, leading to fierce market competition[57](index=57&type=chunk)[58](index=58&type=chunk) - The company's operating revenue has shown a downward trend year by year, especially after the former controlling subsidiary Suzhou Keyang exited the consolidated scope, posing a risk of overall revenue fluctuations[59](index=59&type=chunk) - As of June 30, 2025, the company's total goodwill was **116.261 million RMB**, accounting for **2.8%** of total assets, indicating a risk of goodwill impairment if future operations do not meet expectations[60](index=60&type=chunk) - The company will closely monitor policy directions, increase investment in technological innovation, enhance service capabilities and quality, expand incremental businesses, improve incentive mechanisms, strengthen talent cultivation and introduction, and strive to achieve business goals at each stage to mitigate various risks[57](index=57&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan. - The company has not formulated a market value management system[62](index=62&type=chunk) - The company has not disclosed a valuation enhancement plan[62](index=62&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=17&type=section&id=Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan. - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[62](index=62&type=chunk) Section 4 Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period. - The company's directors, supervisors, and senior management in the reporting period had no changes[64](index=64&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=18&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period. - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[65](index=65&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period[66](index=66&type=chunk) [Environmental Information Disclosure](index=18&type=section&id=Environmental%20Information%20Disclosure) The company and its subsidiary, Zhenjiang New Area Solid Waste Disposal Co., Ltd., are listed as legally required environmental information disclosure enterprises and have disclosed relevant data on national and provincial platforms. - The listed company and its major subsidiary, Zhenjiang New Area Solid Waste Disposal Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[67](index=67&type=chunk) - The company discloses relevant environmental information on the public platform of the National Pollutant Discharge Permit Management Information Platform and the Jiangsu Provincial Enterprise Environmental Information Disclosure System[67](index=67&type=chunk) [Social Responsibility](index=18&type=section&id=Social%20Responsibility) Adhering to a philosophy of harmonious progress, the company actively fulfills its social responsibilities by protecting stakeholder rights, strengthening Party building, caring for employees, and engaging in community welfare. - The company strictly adheres to laws, regulations, normative documents, and its Articles of Association, standardizing the convening, holding, and voting procedures of shareholder meetings, fully safeguarding shareholders' right to information and participation, and promptly, accurately, truthfully, completely, and fairly fulfilling information disclosure obligations[68](index=68&type=chunk) - The company's Party Committee adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implements the spirit of the 20th National Congress and the Second and Third Plenary Sessions of the 20th Central Committee, continuously strengthens work style construction, and solidly promotes various Party building tasks around the core of strengthening, optimizing, and expanding its main business development[69](index=69&type=chunk) - The company, in conjunction with traditional festivals such as Spring Festival, Lantern Festival, and Arbor Day, as well as special periods like the college entrance examination, provides holiday condolences to employees facing financial difficulties and organizes training to help employees improve their business skills[71](index=71&type=chunk) - The company, leading its Party branches, conducted pre-holiday visits and condolences to retired cadres, Party members facing financial difficulties, and financially struggling elderly Party members in Yaoqiao Town's Sanqiao Village (a paired assistance community), and carried out co-construction activities to support local economic development[71](index=71&type=chunk) Section 5 Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=20&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company had no commitments fulfilled or overdue unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period. - The company had no commitments fulfilled or overdue unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period[73](index=73&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=20&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period. - The company had no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[74](index=74&type=chunk) [Illegal External Guarantees](index=20&type=section&id=Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period. - The company had no illegal external guarantees during the reporting period[75](index=75&type=chunk) [Appointment and Dismissal of Accounting Firms](index=20&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited. - The company's semi-annual report was not audited[76](index=76&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for the Current Reporting Period](index=20&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) As the semi-annual report was unaudited, no explanation from the Board of Directors or Supervisory Board regarding a "non-standard audit report" is applicable. - The company's semi-annual report was unaudited, so this explanation is not applicable[77](index=77&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=20&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) As the semi-annual report was unaudited, no explanation from the Board of Directors regarding a "non-standard audit report" for the previous year is applicable. - The company's semi-annual report was unaudited, so this explanation is not applicable[77](index=77&type=chunk) [Bankruptcy and Reorganization Related Matters](index=20&type=section&id=Bankruptcy%20and%20Reorganization%20Related%20Matters) The company had no bankruptcy or reorganization related matters during the reporting period. - The company had no bankruptcy or reorganization related matters during the reporting period[77](index=77&type=chunk) [Litigation Matters](index=20&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters, but was involved in 12 cases as plaintiff (totaling **30.1354 million RMB**) and 5 cases as defendant (totaling **13.7905 million RMB**) below the disclosure threshold. - The company had no significant litigation or arbitration matters during the reporting period[78](index=78&type=chunk) Summary of Other Litigation Matters Not Reaching the Threshold for Significant Disclosure | Litigation Type | Amount Involved (RMB million) | Progress | Outcome and Impact | Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | | Cases where the company and subsidiaries are plaintiffs, in litigation, applying for bankruptcy, or in bankruptcy proceedings (Total 12 cases) | 30.1354 | As of June 30, 2025, 2 cases are in litigation as plaintiff with an amount of 12.4126 million RMB; 5 cases have been judged but not yet enforced with an amount of 4.6092 million RMB; 5 cases are in application for bankruptcy or bankruptcy proceedings with an amount of 13.1136 million RMB | Intends to recover the involved funds through winning or settlement; following up on enforcement and bankruptcy cases | As of June 30, 2025, a cumulative amount of 1.3860 million RMB has been recovered | | Cases where the company and subsidiaries are defendants, in litigation, or in arbitration (Total 5 cases) | 13.7905 | As of June 30, 2025, 4 cases are in litigation or arbitration as defendant with an amount of 13.1468 million RMB; 1 case has been judged and is awaiting announcement of effectiveness with an amount of 0.6437 million RMB | In pre-litigation mediation, awaiting hearing or litigation, awaiting court judgment, or judged and awaiting announcement of effectiveness | Litigation is ongoing with no judgment yet, or judgment is awaiting announcement of effectiveness | [Penalties and Rectification](index=21&type=section&id=Penalties%20and%20Rectification) The company and relevant personnel received a warning letter from the Jiangsu Securities Regulatory Bureau on August 16, 2025, with details disclosed on Juchao Information Network. - The company and relevant personnel (Jiangsu Dagang Co., Ltd., Wang Jingyu, Li Weibo, Wang Man) received a warning letter from the Jiangsu Securities Regulatory Bureau on August 16, 2025[80](index=80&type=chunk) - The relevant announcement was published on Juchao Information Network on August 16, 2025[80](index=80&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=21&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period. - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[80](index=80&type=chunk) [Significant Related Party Transactions](index=21&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions for services like leasing and property management, but no asset/equity acquisitions, sales, joint investments, or non-operating related party debts occurred. Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (H1 2025) | Related Party | Related Transaction Content | Amount Incurred in Current Period (RMB million) | Approved Transaction Limit (RMB million) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Hanrui Asset Management Co., Ltd. | Lease and utility fees | 1.13 | 5.50 | No | | Zhenjiang Gangrun Property Management Co., Ltd. | Property services | 0.3677 | | No | | Zhenjiang Mingdu Hotel Management Co., Ltd. | Business reception and conference fees | 0.0224 | | No | | Zhenjiang Port Development Group Co., Ltd. | Business agency fees | 0.1783 | | No | | Zhenjiang New Area Transportation Construction Investment Co., Ltd. | Site lease fees | 0.019 | 0.02 | No | | **Total** | | **1.8542** | **5.52** | **No** | - The company and its related parties, such as Hanrui Holdings and its subsidiaries, had an estimated total daily related party transaction amount not exceeding **5.52 million RMB** for 2025, and the actual amount incurred during the reporting period was within the estimated range[83](index=83&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/sales, or joint external investments during the reporting period[84](index=84&type=chunk)[85](index=85&type=chunk) - The company had no non-operating related party creditor-debtor transactions during the reporting period, and no deposits, loans, credit, or other financial business with related financial companies[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) [Significant Contracts and Their Performance](index=24&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no trust, contracting, or leasing matters. It provided external guarantees totaling **7.36 million RMB** for its subsidiary Shanghai Minai Semiconductor Co., Ltd., representing **0.22%** of the company's net assets. - The company had no trust, contracting, or leasing situations during the reporting period[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) Company Guarantees for Subsidiaries (H1 2025) | Name of Guaranteed Party | Guarantee Limit (RMB million) | Actual Guarantee Amount (RMB million) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Minai Semiconductor Co., Ltd. | 50 | 1 | Until Dec 20, 2026 | Yes | No | | Shanghai Minai Semiconductor Co., Ltd. | 50 | 4 | Until Dec 20, 2026 | No | No | | Shanghai Minai Semiconductor Co., Ltd. | 50 | 0.84 | Until Dec 20, 2026 | Yes | No | | Shanghai Minai Semiconductor Co., Ltd. | 50 | 3.36 | Until Dec 20, 2026 | No | No | | **Total Actual Guarantees for Subsidiaries During Reporting Period** | | **9.20** | | | | | **Total Actual Guarantee Balance for Subsidiaries at Period End** | | **7.36** | | | | - The total actual guarantee amount (**7.36 million RMB**) accounts for **0.22%** of the company's net assets[94](index=94&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Explanation of Other Significant Matters](index=26&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company completed a debt-to-equity swap and **100%** equity transfer of its wholly-owned subsidiary Gangcheng Guomao, removing it from consolidation, corrected prior accounting errors, revised governance documents, and saw a non-independent director resign and an employee representative director elected. - The company completed a debt-to-equity swap and **100%** equity transfer of its wholly-owned subsidiary Gangcheng Guomao, which is no longer included in the company's consolidated financial statements[98](index=98&type=chunk) - The company adjusted the revenue recognition method for some supply chain trade businesses of Gangcheng Guomao for 2022 and 2023 from the "gross method" to the "net method," and performed prior period accounting error corrections and retrospective adjustments[99](index=99&type=chunk) - The company revised its Articles of Association and some governance systems[99](index=99&type=chunk) - Ms. Xue Qin resigned as a non-independent director of the company, and Mr. Fang Lei was elected as an employee representative director of the ninth Board of Directors[100](index=100&type=chunk) [Significant Matters of Company Subsidiaries](index=26&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) Significant matters concerning company subsidiaries, primarily the capital increase and equity transfer of wholly-owned subsidiary Gangcheng Guomao, are detailed in "Explanation of Other Significant Matters." - Details regarding the capital increase and equity transfer of wholly-owned subsidiary Gangcheng Guomao can be found in "XIII. Explanation of Other Significant Matters 1"[101](index=101&type=chunk) Section 6 Share Changes and Shareholder Information [Share Change Status](index=27&type=section&id=Share%20Change%20Status) The company's total share capital remained unchanged at **580.348513 million shares**, all of which are unrestricted shares, representing **100%** of the total. - During the reporting period, the company's total share capital remained unchanged at **580.348513 million shares**[103](index=103&type=chunk)[104](index=104&type=chunk) - All shares are unrestricted shares, accounting for **100%**[103](index=103&type=chunk) - There is no progress on share repurchase implementation by the company[104](index=104&type=chunk) [Securities Issuance and Listing](index=28&type=section&id=Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period. - The company had no securities issuance or listing activities during the reporting period[104](index=104&type=chunk) [Number of Shareholders and Shareholding Status](index=28&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had **90,676** common shareholders, with controlling shareholder Jiangsu Hanrui Investment Holdings Co., Ltd. holding **48.97%**, including some frozen shares. - The total number of common shareholders at the end of the reporting period was **90,676**[105](index=105&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders (June 30, 2025) | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Hanrui Investment Holdings Co., Ltd. | State-owned Legal Person | **48.97%** | 284,225,647 | Frozen: 9,172,662 | | Sun Chengyuan | Domestic Natural Person | **0.74%** | 4,271,500 | Not Applicable: 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | **0.38%** | 2,224,897 | Not Applicable: 0 | - Among the company's top 10 shareholders, Zhenjiang Dagang Tap Water Co., Ltd. is a controlling subsidiary of Jiangsu Hanrui Investment Holdings Co., Ltd[106](index=106&type=chunk) - Among the company's top 10 common shareholders, Sun Chengyuan, Huang Zhilong, and Xu Lilin participated in margin trading and securities lending business[107](index=107&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period. - The company's directors, supervisors, and senior management in the reporting period had no changes in shareholdings[108](index=108&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=30&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period. - The company's controlling shareholder remained unchanged during the reporting period[109](index=109&type=chunk) - The company's actual controller remained unchanged during the reporting period[109](index=109&type=chunk) [Preferred Share Related Matters](index=30&type=section&id=Preferred%20Share%20Related%20Matters) The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[110](index=110&type=chunk) Section 7 Bond Related Matters [Bond Related Matters](index=31&type=section&id=Bond%20Related%20Matters) The company had no bond-related matters during the reporting period. - The company had no bond-related matters during the reporting period[112](index=112&type=chunk) Section 8 Financial Report [Audit Report](index=32&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[114](index=114&type=chunk) [Financial Statements](index=32&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025. [Consolidated Balance Sheet](index=32&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **4.149 billion RMB**, total liabilities **735.089 million RMB**, and total owner's equity **3.414 billion RMB**. Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | **4,149,500,579.72** | 4,169,668,745.63 | | Total Liabilities | **735,089,273.37** | 789,209,156.09 | | Total Owner's Equity | **3,414,411,306.35** | 3,380,459,589.54 | | Total Current Assets | **566,816,776.39** | 572,112,094.82 | | Total Non-Current Assets | **3,582,683,803.33** | 3,597,556,650.81 | | Total Current Liabilities | **470,122,655.69** | 469,858,941.20 | | Total Non-Current Liabilities | **264,966,617.68** | 319,350,214.89 | [Parent Company Balance Sheet](index=34&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **4.003 billion RMB**, total liabilities **827.096 million RMB**, and total owner's equity **3.176 billion RMB**, with long-term equity investments being a major asset component. Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | **4,003,164,818.03** | 4,029,369,450.65 | | Total Liabilities | **827,095,818.66** | 845,994,829.56 | | Total Owner's Equity | **3,176,068,999.37** | 3,183,374,621.09 | | Long-Term Equity Investments | **2,861,561,111.66** | 2,810,359,928.01 | [Consolidated Income Statement](index=36&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the company achieved total operating revenue of **160.195 million RMB**, a **10.04%** increase, with net profit of **33.952 million RMB** (up **8.62%**) and net profit attributable to parent company shareholders of **31.759 million RMB** (up **3.99%**). Consolidated Income Statement Key Data (H1 2025) | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | **160,195,276.36** | 145,585,551.84 | | Total Operating Cost | **179,658,254.92** | 181,736,780.26 | | Total Profit | **38,764,311.43** | 40,140,784.03 | | Net Profit | **33,951,716.81** | 31,256,438.44 | | Net Profit Attributable to Parent Company Shareholders | **31,758,889.48** | 30,539,239.73 | | Basic Earnings Per Share (RMB/share) | **0.0547** | 0.0526 | [Parent Company Income Statement](index=38&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, the parent company's operating revenue was **10.092 million RMB**, with a net loss of **7.306 million RMB**, a reversal from profit, significantly impacted by negative investment income. Parent Company Income Statement Key Data (H1 2025) | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Operating Revenue | **10,091,502.58** | 8,990,949.24 | | Net Profit | **-7,305,621.72** | 25,098,881.97 | | Investment Income | **-6,953,284.66** | 52,336,887.46 | [Consolidated Cash Flow Statement](index=40&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was **48.738 million RMB**, a **48.45%** year-on-year decrease, with negative net cash flows from investing and financing activities. Consolidated Cash Flow Statement Key Data (H1 2025) | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | **48,737,654.50** | 94,544,174.35 | | Net Cash Flow from Investing Activities | **-23,205,804.65** | -44,416,155.71 | | Net Cash Flow from Financing Activities | **-45,848,330.14** | -75,122,093.29 | | Net Increase in Cash and Cash Equivalents | **-20,316,480.34** | -24,994,034.77 | [Parent Company Cash Flow Statement](index=41&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, the parent company's net cash flow from operating activities was **9.886 million RMB**, a **34.53%** year-on-year decrease, with positive net cash flow from investing activities and negative from financing activities. Parent Company Cash Flow Statement Key Data (H1 2025) | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | **9,886,260.13** | 15,100,469.43 | | Net Cash Flow from Investing Activities | **1,461,360.00** | -16,170.00 | | Net Cash Flow from Financing Activities | **-46,671,199.21** | -51,723,136.98 | | Net Increase in Cash and Cash Equivalents | **-35,323,579.08** | -36,638,837.55 | [Consolidated Statement of Changes in Owner's Equity](index=42&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) In H1 2025, total consolidated owner's equity increased by **33.952 million RMB**, primarily driven by net profit attributable to parent company owners and minority interest. Consolidated Statement of Changes in Owner's Equity (H1 2025) | Item | Period-Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | | Total Owner's Equity Attributable to Parent Company | **3,292,742,528.13** | **31,758,889.48** | **3,324,501,417.61** | | Minority Interests | **87,717,061.41** | **2,192,827.33** | **89,909,888.74** | | **Total Owner's Equity** | **3,380,459,589.54** | **33,951,716.81** | **3,414,411,306.35** | [Parent Company Statement of Changes in Owner's Equity](index=46&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) In H1 2025, total parent company owner's equity decreased by **7.306 million RMB**, primarily due to a net loss in the current period. Parent Company Statement of Changes in Owner's Equity (H1 2025) | Item | Period-Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | | Total Owner's Equity | **3,183,374,621.09** | **-7,305,621.72** | **3,176,068,999.37** | | Undistributed Profits | **-387,646,757.62** | **-7,305,621.72** | **-394,952,379.34** | [Company Basic Information](index=49&type=section&id=Company%20Basic%20Information) This section details Jiangsu Dagang Co., Ltd.'s establishment, share capital history, controlling shareholder (Hanrui Holdings, **49.20%** stake), and ultimate controller (Zhenjiang Municipal People's Government State-owned Assets Supervision and Administration Commission). - The company was registered on April 20, 2000, and listed on the Shenzhen Stock Exchange on November 16, 2006, with stock code "**002077**"[148](index=148&type=chunk) - The company's share capital underwent multiple changes, reaching **580.348513 million shares** as of June 24, 2016[148](index=148&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk) - The company's controlling shareholder is Jiangsu Hanrui Investment Holdings Co., Ltd., which directly holds **48.97%** of the company's shares and indirectly holds **0.23%** through its concerted party, Zhenjiang Dagang Tap Water Co., Ltd., totaling **49.20%**[151](index=151&type=chunk)[154](index=154&type=chunk) - Zhenjiang Municipal People's Government State-owned Assets Supervision and Administration Commission is the ultimate controlling party of the Group[154](index=154&type=chunk) - The company's industry is computer, communication, and other electronic equipment manufacturing, with main businesses including integrated circuits and environmental resource services[154](index=154&type=chunk)[155](index=155&type=chunk) [Basis of Financial Statement Preparation](index=51&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared in accordance with Chinese Enterprise Accounting Standards and CSRC regulations, based on a going concern assumption, with no significant doubts about the company's ability to continue as a going concern. - The financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations, as well as the disclosure requirements of the China Securities Regulatory Commission's "Compilation Rules for Information Disclosure by Companies Issuing Securities No. 15 - General Provisions for Financial Reports" (Revised in 2023)[157](index=157&type=chunk) - The Group evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or circumstances regarding its going concern ability, thus the financial statements are presented on a going concern basis[158](index=158&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=51&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's key accounting policies and estimates for financial instruments, inventories, long-term equity investments, fixed assets, and revenue recognition, ensuring accurate and comparable financial reporting. - The company adheres to enterprise accounting standards, with the accounting period from January 1 to December 31 of the Gregorian calendar, a business cycle of 12 months, and RMB as the functional currency[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - The company classifies and measures financial assets, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[172](index=172&type=chunk) - The company performs impairment testing on accounts receivable and contract assets based on expected credit losses, and provides for loss allowances using simplified measurement methods or a three-stage approach[178](index=178&type=chunk)[180](index=180&type=chunk)[183](index=183&type=chunk) - The company's inventories primarily include raw materials, finished goods, low-value consumables, development costs, and development products, adopting a perpetual inventory system, valued at actual cost upon acquisition, and at weighted average or specific identification method upon issuance[190](index=190&type=chunk) - The company accounts for investments in subsidiaries using the cost method in individual financial statements and for investments in joint ventures and associates using the equity method[195](index=195&type=chunk) - The company investment properties are subsequently measured using the cost model and depreciated or amortized using the average useful life method[199](index=199&type=chunk) - The company depreciates fixed assets using the average useful life method and reviews the estimated useful life, estimated net salvage value, and depreciation method at the end of each year[201](index=201&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, and uses different recognition methods based on business types (e.g., real estate development product sales, testing services, NMP waste liquid purification, etc.)[222](index=222&type=chunk)[226](index=226&type=chunk)[228](index=228&type=chunk) - The company classifies government grants into asset-related and income-related, recognizing asset-related grants as deferred income, and income-related grants as current profit or loss or deferred income depending on the compensation object[232](index=232&type=chunk)[233](index=233&type=chunk) [Taxation](index=73&type=section&id=Taxation) This section outlines the company's main tax types and rates, including VAT, urban maintenance and construction tax, and corporate income tax, along with detailed tax incentives enjoyed by subsidiaries. Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 25%, 20%, 15% | | Education Surcharge, Local Education Surcharge | 3%, 2% | | Property Tax | 1.2%, 12% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Shanghai Minai Semiconductor Co., Ltd., Zhenjiang Xinna Environmental Materials Co., Ltd., Zhenjiang New Area Solid Waste Disposal Co., Ltd. | **15%** | | Zhenjiang Aixincheng Semiconductor Co., Ltd., Zhenjiang Ganghong Industrial Investment Management Co., Ltd. | **20%** | | Other companies within the Group | **25%** | - Zhenjiang Ganglong Petrochemical Port Services Co., Ltd., engaged in pipeline transportation, enjoys a VAT policy of immediate refund for the portion exceeding a **3%** actual tax burden[247](index=247&type=chunk) - Zhenjiang Ganghong Industrial Investment Management Co., Ltd. and Zhenjiang Aixincheng Semiconductor Co., Ltd. are small and micro enterprises, enjoying a **50%** reduction in resource tax, urban maintenance and construction tax, property tax, urban land use tax, stamp duty, cultivated land occupation tax, education surcharge, and local education surcharge, as well as corporate income tax calculated at **25%** of taxable income and paid at a **20%** rate[247](index=247&type=chunk) - Zhenjiang New Area Solid Waste Disposal Co., Ltd., Zhenjiang Xinna Environmental Materials Co., Ltd., and Shanghai Minai Semiconductor Co., Ltd. are recognized as high-tech enterprises, enjoying income tax incentives and R&D expense super deduction policies[247](index=247&type=chunk)[248](index=248&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk) - Shanghai Minai Semiconductor Co., Ltd. enjoys a **15%** VAT additional deduction policy for integrated circuit enterprises[250](index=250&type=chunk) [Notes to Consolidated Financial Statement Items](index=75&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for consolidated financial statement items, including monetary funds, accounts receivable, inventory, long-term equity investments, fixed assets, and operating revenue and costs. - Monetary funds at period-end balance were **242.32774445 million RMB**, of which the total amount restricted from use due to mortgage, pledge, or freezing was **1.867 million RMB**[253](index=253&type=chunk) - Accounts receivable at period-end book value were **93.178 million RMB**, with bad debt provisions of **91.910 million RMB**[267](index=267&type=chunk) - Inventory at period-end book value was **188.109 million RMB**, including development products with a book value of **160.360 million RMB**[310](index=310&type=chunk) - Long-term equity investments at period-end book value were **2.063 billion RMB**, primarily investments in associate companies[320](index=320&type=chunk) - Fixed assets at period-end book value were **551.897 million RMB**[328](index=328&type=chunk) - Short-term borrowings at period-end balance were **199.164 million RMB**, mainly credit borrowings[373](index=373&type=chunk) - Accounts payable at period-end balance were **160.148 million RMB**[376](index=376&type=chunk) - Current period operating revenue was **160.195 million RMB**, and operating cost was **132.880 million RMB**[417](index=417&type=chunk) [R&D Expenses](index=118&type=section&id=R%26D%20Expenses) Total R&D expenses for the reporting period were **7.8468 million RMB**, all expensed, primarily comprising employee compensation, depreciation, rent, utilities, maintenance, and material costs. R&D Expense Composition (H1 2025) | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 3,523,057.11 | 4,335,867.18 | | Depreciation Expense | 1,400,349.93 | 1,447,399.01 | | Rental Expense | 593,955.00 | | | Utilities and Property Management Fees | 756,361.18 | 688,842.17 | | Repair and Maintenance Fees | 876,152.57 | 959,241.67 | | Material Costs | 682,640.48 | 579,691.31 | | **Total** | **7,846,806.01** | **8,065,161.84** | - All R&D expenses for the current period were expensed, with no capitalized R&D projects[464](index=464&type=chunk)[465](index=465&type=chunk) [Changes in Consolidation Scope](index=119&type=section&id=Changes%20in%20Consolidation%20Scope) The company lost control over its wholly-owned subsidiary Zhenjiang Export Processing Zone Gangcheng International Trade Co., Ltd. through sale, thus removing it from the consolidated financial statements. - On June 25, 2025, the company received **1.4475 million RMB** in equity transfer payment, losing control over its wholly-owned subsidiary Zhenjiang Export Processing Zone Gangcheng International Trade Co., Ltd., which is no longer included in the consolidated financial statements[466](index=466&type=chunk)[467](index=467&type=chunk)[468](index=468&type=chunk) - This equity transfer had an impact of approximately **7,678.51 RMB** on the company's net profit for the reporting period[466](index=466&type=chunk) [Interests in Other Entities](index=120&type=section&id=Interests%20in%20Other%20Entities) This section details the company's equity interests in subsidiaries, joint ventures, and associate companies, including their registered capital, business nature, shareholding percentages, and key financial information. - The company's major subsidiaries include Shanghai Minai Semiconductor Co., Ltd., Jiangsu Keli Semiconductor Co., Ltd., Zhenjiang New Area Solid Waste Disposal Co., Ltd., and Zhenjiang Xinna Environmental Materials Co., Ltd[469](index=469&type=chunk)[470](index=470&type=chunk) - Significant non-wholly-owned subsidiaries include Zhenjiang Solid Waste (minority interest **30%**) and Xinna Environmental (minority interest **22.30%**)[472](index=472&type=chunk) - Important associate companies include Jiangsu Hanrui Jingang Financial Leasing Co., Ltd., Shanghai Jingang Financial Leasing Co., Ltd., Zhenjiang Lincchuang Semiconductor Industry Investment Fund Partnership (Limited Partnership), and Suzhou Keyang Semiconductor Co., Ltd[475](index=475&type=chunk) Key Financial Information of Important Associate Companies (H1 2025) | Associate Company Name | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | | Jingang Leasing | 227,600,794.46 | 120,875,926.54 | | Shanghai Jingang | 68,676,840.32 | 49,877,117.07 | | Lincchuang Semiconductor | | -703,658.31 | | Keyang Semiconductor | 123,338,269.31 | -28,129,883.03 | [Government Grants](index=124&type=section&id=Government%20Grants) At the end of the reporting period, deferred income from government grants totaled **30.3877 million RMB**, primarily asset-related, with **4.8849 million RMB** recognized as other income in the current period. Liability Items Involving Government Grants (H1 2025) | Accounting Account | Period-Beginning Balance (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 34,406,566.29 | 4,018,821.18 | **30,387,745.11** | Asset-Related | - The amount of government grants recognized in current profit or loss for the current period was **4.88491640 million RMB**[483](index=483&type=chunk) [Risks Related to Financial Instruments](index=124&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces market (exchange rate, interest rate, price), credit, and liquidity risks, which are mitigated through risk exposure management, credit limits, approvals, and regular analysis of liability structure. - The company faces market risks (exchange rate risk mainly related to USD, interest rate risk arising from bank borrowings and other interest-bearing debts, price risk from market price sales of real estate commodities and other products), credit r

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