Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) The Board ensures the report's accuracy and completeness, identifies key operational risks including foreign supplier dependence, price volatility, biosecurity, and raw material costs, with forward-looking statements not being commitments - The company faces major operational risks including: - **Reliance on foreign suppliers and their breeding technologies**: Global original breeding stock sources are controlled by a few foreign companies, posing supply interruption risks[6](index=6&type=chunk) - **Product price fluctuation risk**: Livestock and poultry product market prices frequently fluctuate due to supply and demand, potentially impacting performance adversely[7](index=7&type=chunk) - **Biosecurity risk**: Need to prevent outbreaks of internal livestock and poultry diseases and industry-wide large-scale epidemics[9](index=9&type=chunk) - **Raw material price change risk**: Feed costs account for a high proportion, and rising prices of major raw materials like corn and soybean meal will affect operating performance[10](index=10&type=chunk) - The Board approved the semi-annual profit distribution plan, proposing a cash dividend of **RMB 1.5 per 10 shares** (including tax) to all shareholders, with no bonus shares or capital reserve conversions[10](index=10&type=chunk) [Definitions](index=6&type=section&id=Definitions) This section defines key professional terms and company abbreviations, including entity names, industry-specific terminology like breeding stock generations, and regulatory acronyms, to facilitate investor understanding of the report Part II [Company Profile and Key Financial Indicators](index=7&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides basic company information, including stock abbreviation 'Yisheng Shares', stock code '002458', listed on the Shenzhen Stock Exchange, with Cao Jisheng as legal representative, and contact details for the Board Secretary and Securities Affairs Representative [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue slightly decreased by 3.98% year-on-year, while net profit attributable to shareholders plummeted by 96.64%, and non-recurring net profit by 98.16%, with net cash flow from operating activities also down 35.49%, indicating severe deterioration in profitability despite maintaining revenue scale Key Financial Indicators for H1 2025 | Item | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,321,093,246.83 | 1,375,847,156.30 | -3.98% | | Net Profit Attributable to Listed Company Shareholders (RMB) | 6,155,066.16 | 182,952,703.17 | -96.64% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) (RMB) | 3,367,422.62 | 183,182,859.34 | -98.16% | | Net Cash Flow from Operating Activities (RMB) | 142,619,740.02 | 221,081,629.60 | -35.49% | | Basic Earnings Per Share (RMB/share) | 0.01 | 0.17 | -94.12% | | Weighted Average Return on Net Assets | 0.14% | 4.16% | -4.02% | | Total Assets (RMB) | 7,554,529,850.40 | 7,498,646,295.38 | 0.75% | | Net Assets Attributable to Listed Company Shareholders (RMB) | 4,295,431,524.80 | 4,466,478,166.01 | -3.83% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 2.7876 million**, primarily from government subsidies, indicating a significant decline in core business profitability after excluding these items Non-Recurring Gains and Losses Items | Item | Amount (RMB) | | :--- | :--- | | Non-current asset disposal gains and losses | -643,148.32 | | Government subsidies recognized in current profit/loss | 2,923,110.19 | | Other non-operating income and expenses | 616,579.14 | | **Total** | **2,787,643.54** | Part III [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) During the reporting period, the company's performance was significantly impacted by a complex macro environment and low domestic broiler prices, leading to a slight loss in the chicken business despite increased chick sales due to sharply falling prices; however, a breakthrough in breeding stock supply from France secured domestic sources, while the strong swine breeding business with substantial year-on-year growth in sales and profit partially offset the chicken segment's decline - Facing interruptions in grandparent stock imports due to avian influenza in the US and New Zealand, the company successfully imported breeding stock from France, becoming an industry pioneer and accounting for nearly **60%** of China's total grandparent broiler breeding stock imports during the reporting period, undertaking the crucial responsibility of securing breeding sources[32](index=32&type=chunk)[33](index=33&type=chunk) - The company's performance showed divergence: the chicken business incurred a slight overall loss due to a significant year-on-year drop in commercial chick prices, while the swine breeding business saw substantial year-on-year increases in sales volume, revenue, and profit due to capacity release[34](index=34&type=chunk)[58](index=58&type=chunk) - The company plans to invest in constructing a **1 million parent stock broiler breeding farm** and a supporting feed mill in Datong, Shanxi, to expand parent stock breeding scale and enhance commercial chick supply capacity[34](index=34&type=chunk) [Company's Main Business, Products, and Industry Development](index=10&type=section&id=Company's%20Main%20Business%2C%20Products%2C%20and%20Industry%20Development) The company's main business spans five segments: broiler chickens, small broiler chickens, breeding pigs, agricultural and animal husbandry equipment, and dairy products, with core products being parent and commercial broiler chicks and breeding pigs; the broiler industry, as a grain-saving, cost-effective protein source, benefits from national food security and healthy eating trends, showing vast consumption potential, while the breeding pig industry sees continuous demand for high-quality breeding pigs with increasing scale and intensification - The company's main business segments include: - **Broiler Chickens**: Importing and raising grandparent and parent stock, selling parent and commercial chicks[34](index=34&type=chunk)[35](index=35&type=chunk) - **Small Broiler Chickens**: Independently developing 'Yisheng 909' breed[38](index=38&type=chunk) - **Swine Breeding**: Raising New Dan and New French breeding pigs, selling original and F1 breeding pigs[41](index=41&type=chunk) - **Agricultural and Animal Husbandry Equipment**: Producing and selling poultry and livestock farming equipment[45](index=45&type=chunk) - **Dairy Products**: Raising dairy cows, producing and selling pasteurized milk, fermented milk, etc[47](index=47&type=chunk) - The broiler industry offers advantages such as grain, land, and water saving, along with low-carbon environmental benefits, aligning with national food security and 'Healthy China 2030' strategies; China's poultry meat production growth is primarily driven by broiler meat, and despite a gap in per capita consumption compared to developed countries, there is significant growth potential[51](index=51&type=chunk)[52](index=52&type=chunk) [Company's Market Position](index=14&type=section&id=Company's%20Market%20Position) The company is a leading enterprise in China's broiler industry, with high-generation livestock and poultry breeding stock supply as its core competency, maintaining a leading position in grandparent broiler supply and being the largest seller of broiler chicks nationwide; in the small broiler segment, independently bred 'Yisheng 909' and 'Yisheng 817' create a differentiated market presence, while the swine breeding business, as a national core pig breeding farm, is gradually releasing capacity, and the company also leads in breeding source purification and serves as president of multiple industry associations - The company is the largest seller of broiler chicks in China and maintains a leading position in the grandparent broiler industry[55](index=55&type=chunk) - The independently bred 'Yisheng 909' and 'Yisheng 817' small broiler breeds have received national certification, establishing a differentiated market presence[56](index=56&type=chunk) - The company is a National Core Pig Breeding Farm, with swine breeding capacity gradually releasing since late 2023, poised to supply the market with high-quality, high-health dual-negative breeding pigs[56](index=56&type=chunk) [Analysis of Core Competencies](index=19&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competency lies in its high-generation livestock and poultry breeding stock supply capability, with the broiler breeder segment boasting advantages in breed, quality, R&D, technical services, and management team, while the swine breeding segment has established significant strengths in disease prevention, R&D breeding, production management, modern pig housing, and large-scale breeds, backed by twenty-five years of extensive experience [Broiler Breeder Segment](index=19&type=section&id=Broiler%20Breeder%20Segment) The company's core advantages in the broiler breeder segment include: the introduced Lifeng new strain's excellent egg production and low feed-to-meat ratio; robust implementation of breeding source purification to ensure product quality; successful joint cultivation of the 'Yisheng 817' new breed with research institutes, strengthening technological support; a strong technical service team and comprehensive ISO quality management system; and a stable, experienced core management team - The 'Yisheng 817' small broiler matching line jointly developed by the company and Shandong Academy of Agricultural Sciences Poultry Research Institute has been approved by the National Livestock and Poultry Genetic Resources Committee, offering advantages such as low cost, thorough purification, good meat quality, and high survival rates[71](index=71&type=chunk) [Swine Breeding Segment](index=20&type=section&id=Swine%20Breeding%20Segment) Established in 2000, the company's original breeding pig farm is a national core pig breeding farm, with core advantages including a unique swine disease biosecurity control system, collaboration with top international breeding companies for whole-genome breeding to enhance genetic improvement, batch production management for efficiency, high-standard modern, automated, and intelligent pig housing, and large-scale new original breeding pig farms with rich breeding material to meet the needs of large-scale farms - The company's original breeding pig farm was certified as a National Core Pig Breeding Farm in **2013**, re-evaluated and approved in **2018** and **2023**, and collaborates with top international genetic breeding companies to maintain genetic progress in sync with global standards[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) [Analysis of Main Business Operations](index=21&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) During the reporting period, the company's main business structure significantly shifted: chicken revenue, as the primary source, decreased by 16.48% year-on-year with a 20.23 percentage point drop in gross margin; conversely, pig revenue surged by 128.73%, increasing its share from 6.49% to 15.47% with a 20.04 percentage point rise in gross margin, becoming a key growth driver, while livestock equipment revenue also grew rapidly by 76.66%, and financial expenses significantly decreased by 55.19% due to increased deposit interest income Key Financial Data Year-on-Year Changes | Item | Current Period (RMB) | Prior Period (RMB) | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,321,093,246.83 | 1,375,847,156.30 | -3.98% | - | | Operating Cost | 1,160,721,964.51 | 997,962,554.86 | 16.31% | - | | Financial Expenses | 7,569,030.19 | 16,892,325.56 | -55.19% | Increase in deposit interest income | | Net Cash Flow from Operating Activities | 142,619,740.02 | 221,081,629.60 | -35.49% | Decrease in commercial chick sales revenue | | Net Cash Flow from Investing Activities | -108,925,704.99 | -266,535,899.20 | 59.13% | Decrease in cash paid for long-term asset construction | | Net Cash Flow from Financing Activities | 16,307,883.83 | -315,193,591.84 | 105.17% | Increase in cash received from borrowings | | Net Increase in Cash and Cash Equivalents | 50,001,918.33 | -360,647,860.66 | 113.86% | Decrease in investment outflow and increase in financing inflow | Operating Revenue Composition and Gross Margin by Segment | Segment | Operating Revenue (RMB) | Share of Total Revenue | YoY Revenue Change | Gross Margin | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Chicken Revenue | 1,006,458,317.82 | 76.18% | -16.48% | 9.78% | -20.23% | | Pig Revenue | 204,342,705.45 | 15.47% | 128.73% | 25.51% | 20.04% | | Livestock Equipment Revenue | 72,448,021.92 | 5.48% | 76.66% | 9.78% | -8.67% | [Analysis of Assets and Liabilities](index=23&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were **RMB 7.555 billion**, a slight 0.75% increase from the prior year-end; construction in progress significantly decreased by 91.72% due to transfers to fixed assets, while liabilities saw short-term borrowings increase by 20.33% mainly from bill financing, and long-term borrowings rose by 36.08% due to new bank loans Major Balance Sheet Item Changes | Item | Amount at Period End (RMB) | Share of Total Assets | Change from Prior Year-End | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Construction in Progress | 14,255,133.92 | 0.19% | -91.72% | Due to transfer of Shuangyashan Swine Breeding Project and Weifang Hatchery Phase II Project to fixed assets | | Short-term Borrowings | 2,199,284,966.85 | 29.11% | 20.33% | Due to increase in bill financing short-term borrowings | | Long-term Borrowings | 107,460,000.00 | 1.42% | 36.08% | Due to new bank long-term borrowings | - As of the end of the reporting period, the company had **RMB 516 million** in restricted assets, primarily comprising guarantees for bank acceptances and letters of credit, as well as discounted but unexpired notes receivable[86](index=86&type=chunk) [Analysis of Investment Status](index=24&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment activities primarily revolved around the **RMB 1.139 billion** raised from a private placement in 2023; during the reporting period, idle raised funds were partially used to temporarily supplement working capital, and some investment projects were altered, converting the planned breeding pig farm project into two poultry farming projects to adapt to market changes and enhance capital efficiency, with some projects failing to meet expected benefits due to low market prices or capacity release cycles - In November **2023**, the company raised a net **RMB 1.139 billion** through a private placement; as of June 30, **2025**, **RMB 694 million** has been utilized, with **RMB 446 million** remaining unused[90](index=90&type=chunk)[93](index=93&type=chunk) - The company altered its original fundraising project, the '3,600 Sow Original Breeding Pig Farm and 100 Boar Station Project,' reallocating remaining funds to construct the 'Yunong Poultry Farm Project' and 'Xingtang Poultry Farm Project' to address the sluggish pig market and leverage its advantages in the broiler industry[98](index=98&type=chunk) - Some fundraising projects did not achieve expected benefits due to factors such as the 'Yunong Poultry Farm Project' being affected by lower commercial chick prices, and the 'Weifang Yisheng Poultry Breeding Co., Ltd. Hatchery Project' not fully releasing its capacity[96](index=96&type=chunk) [Analysis of Major Holding and Participating Companies](index=29&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, key subsidiaries Shuangyashan Yisheng Swine Breeding Technology Co., Ltd. and Heilongjiang Liansheng Swine Breeding Co., Ltd. were profitable, with net profits of **RMB 26 million** and **RMB 22.99 million** respectively, while associate company Beidahuang Baoquanling Animal Husbandry Development Co., Ltd. incurred a net loss of **RMB 49.22 million**; the company also established Shanxi Yisheng Poultry Breeding Co., Ltd. and deregistered Hebei Yisheng Swine Breeding Co., Ltd Performance of Major Subsidiaries and Associate Companies | Company Name | Type | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Shuangyashan Yisheng Swine Breeding Technology Co., Ltd. | Subsidiary | 114,277,038.96 | 26,001,352.62 | | Heilongjiang Liansheng Swine Breeding Co., Ltd. | Subsidiary | 150,902,480.18 | 22,988,595.25 | | Beidahuang Baoquanling Animal Husbandry Development Co., Ltd. | Associate Company | 519,048,268.41 | -49,222,448.88 | [Risks Faced by the Company and Countermeasures](index=30&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company identified four major risks and developed corresponding countermeasures: strengthening independent breeding with successful 'Yisheng 909' and 'Yisheng 817' new breeds to counter foreign supplier dependence; stabilizing customers through enhanced product quality and service against price fluctuations; establishing strict epidemic prevention management for biosecurity; and managing raw material price risks via pre-order contracts, increased procurement frequency, and strategic partnerships with large suppliers [Implementation of 'Quality and Return Enhancement' Action Plan](index=30&type=section&id=XII.%20Implementation%20of%20'Quality%20and%20Return%20Enhancement'%20Action%20Plan) To boost investor confidence, the company actively implemented its 'Quality and Return Enhancement' action plan by optimizing capacity layout to improve broiler chick and breeding pig supply, actively rewarding shareholders through **RMB 68.45 million** in share repurchases and a planned **RMB 163 million** semi-annual cash dividend, strengthening technological innovation with the successful 'Yisheng 817' new chicken breed, and enhancing investor relations management - During the reporting period, the company sold **320 million broiler chicks**, a **15.7%** year-on-year increase; total breeding pig sales reached **38,451 heads**, up **354.93%** year-on-year[107](index=107&type=chunk)[108](index=108&type=chunk) - The company actively rewarded shareholders, repurchasing **8.1815 million shares** totaling **RMB 68.4511 million** during the reporting period; since its listing, cumulative cash dividends have reached **RMB 1.529 billion** (excluding the proposed current dividend)[109](index=109&type=chunk)[110](index=110&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=32&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) During the reporting period, the company adjusted some executive positions, appointing new Executive Vice President and Vice President, proposed a H1 2025 profit distribution plan of **RMB 1.5 per 10 shares** totaling approximately **RMB 163 million**, extended the 2022 employee stock ownership plan, and accrued the 2024 incentive fund according to the 'Incentive Fund Management Measures' H1 2025 Profit Distribution Plan | Item | Amount/Quantity | | :--- | :--- | | Cash dividend per 10 shares (RMB) (incl. tax) | 1.5 | | Cash dividend amount (RMB) (incl. tax) | 162,779,972.25 | | Cash dividend amount via share repurchase (RMB) | 68,451,095.50 | | **Total cash dividend (incl. other methods) (RMB)** | **231,231,067.75** | [Environmental and Social Responsibility](index=34&type=section&id=Environmental%20and%20Social%20Responsibility) The company actively fulfills social responsibility, continuously investing in public welfare and supporting rural revitalization by funding infrastructure improvements like village roads and electricity, while its technical experts, as members of the National Rural Revitalization Science and Technology Task Force, enhance the chicken industry in Xihe County, Gansu, through technological innovation and model optimization, having trained over a thousand technicians and farmers Part V [Significant Matters](index=35&type=section&id=Significant%20Matters) During the reporting period, the company's controlling shareholder, actual controller Cao Jisheng, and other directors and senior executives are strictly fulfilling various commitments made during refinancing, including share lock-ups, return enhancement measures, and avoidance of horizontal competition, with all commitments being normally performed [Significant Related Party Transactions](index=38&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in ordinary course related party transactions with associate company Baoquanling Animal Husbandry and its subsidiaries, including purchasing feed and chicken products, and selling parent stock chicks and hatching eggs, with total transaction value of **RMB 37.3875 million**, all within the annual estimated **RMB 100 million** limit and priced at fair market value Related Party Transactions with Baoquanling Animal Husbandry | Related Party Transaction Type | Transaction Content | Transaction Amount (RMB 10,000) | Approved Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | | Purchase of Goods | Feed, chicken products | 2,533.84 | 6,000 | | Sale of Goods | Parent stock chicks, hatching eggs, etc | 1,204.91 | 4,000 | [Significant Contracts and Their Performance](index=39&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company has a significant long-term lease contract for six breeding chicken farms and one hatchery in Tangshan, Hebei; additionally, the company provided substantial guarantees for subsidiaries and related parties, with the actual guarantee balance totaling **RMB 247 million** at the end of the reporting period, representing **5.76%** of the company's net assets - At the end of the reporting period, the company's total actual guarantees amounted to **RMB 247 million**, representing **5.76%** of its net assets, including **RMB 177 million** for subsidiary Shuangyashan Yisheng Swine Breeding Technology Co., Ltd. and **RMB 70 million** for related party Heilongjiang Beisanxia Breeding Co., Ltd[144](index=144&type=chunk)[145](index=145&type=chunk) Part VI [Share Changes and Shareholder Information](index=43&type=section&id=Share%20Changes%20and%20Shareholder%20Information) During the reporting period, the company's total share capital of **1,106,412,915 shares** remained unchanged; the company continued share repurchases, accumulating **8.1815 million shares** totaling **RMB 68.4511 million** in transactions, and as of the period end, the company held a cumulative **21.2131 million shares** from two rounds of repurchases, representing **1.92%** of total share capital - During the reporting period, the company cumulatively repurchased **8,181,500 shares** through centralized bidding under its second repurchase plan, representing **0.74%** of total share capital, with a total transaction value of **RMB 68,451,095.5**[154](index=154&type=chunk) [Number of Shareholders and Shareholding Status](index=44&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **48,001** common shareholders; controlling shareholder Cao Jisheng held **40.82%** of shares, with **208 million shares** pledged, and among the top ten shareholders, excluding the controlling shareholder, holdings were dispersed among institutional investors and natural persons Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholding Percentage | Number of Shares Held | Pledged/Marked or Frozen Shares | | :--- | :--- | :--- | :--- | | Cao Jisheng | 40.82% | 451,599,044 | 208,355,000 | | Shenzhen Bisheng Private Securities Fund Management Co., Ltd. - Bisheng Niannian Sheng No. 1 Private Equity Fund | 3.37% | 37,282,907 | 0 | | Jinan Taihao Investment Partnership (Limited Partnership) | 3.10% | 34,246,575 | 0 | | Chi Handong | 2.52% | 27,913,480 | 0 | | Li Ling | 1.71% | 18,968,700 | 0 | Part VII [Bond-Related Information](index=47&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related information Part VIII [Financial Report](index=48&type=section&id=Financial%20Report) This semi-annual financial report is unaudited; as of June 30, **2025**, the financial statements show total assets of **RMB 7.555 billion**, total liabilities of **RMB 3.2 billion**, and equity attributable to parent company owners of **RMB 4.295 billion**, with H1 **2025** operating revenue of **RMB 1.321 billion**, net profit attributable to parent company of **RMB 6.1551 million**, and net cash flow from operating activities of **RMB 143 million** [Consolidated Balance Sheet](index=48&type=section&id=Consolidated%20Balance%20Sheet) As of the end of the reporting period, the company's total assets were **RMB 7.555 billion**, a 0.75% increase from the beginning of the period, including **RMB 1.765 billion** in monetary funds and **RMB 4.077 billion** in fixed assets; total liabilities were **RMB 3.2 billion**, up 7.70% from the beginning of the period, primarily driven by increased short-term borrowings, while equity attributable to parent company owners was **RMB 4.295 billion**, down 3.83% from the beginning of the period [Consolidated Income Statement](index=52&type=section&id=Consolidated%20Income%20Statement) In H1 **2025**, the company achieved total operating revenue of **RMB 1.321 billion**, a 3.98% year-on-year decrease; total operating costs were **RMB 1.313 billion**, a 13.00% year-on-year increase, leading to a sharp decline in operating profit to **RMB 4.89 million**, with net profit attributable to parent company shareholders ultimately plummeting by 96.64% to **RMB 6.1551 million** [Consolidated Cash Flow Statement](index=56&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was **RMB 143 million**, a 35.49% year-on-year decrease primarily due to reduced cash received from goods sold; net cash outflow from investing activities was **RMB 109 million**, a significant 59.13% year-on-year reduction mainly due to less cash paid for long-term asset construction; net cash inflow from financing activities was **RMB 16 million**, compared to a net outflow of **RMB 315 million** in the prior year, primarily due to increased borrowings; period-end cash and cash equivalents totaled **RMB 1.259 billion** [Notes to Financial Statements](index=67&type=section&id=Notes%20to%20Financial%20Statements) The notes to financial statements detail the company's accounting policies, estimates, and the composition and changes of consolidated financial statement items, highlighting key information such as VAT and corporate income tax exemptions for core businesses, preferential income tax for some high-tech or small and micro subsidiaries, a significant receivable with a **100%** bad debt provision, **RMB 6.11 million** in impairment provisions for consumable biological assets in inventory, multiple construction-in-progress projects transferred to fixed assets this period, and related party transactions primarily involving purchase and sale with associate Beidahuang Baoquanling Animal Husbandry - The company's main businesses of breeding chicken and pig farming, and feed sales, enjoy VAT exemption tax benefits; income from livestock and poultry farming is exempt from corporate income tax[415](index=415&type=chunk) - Among accounts receivable, **RMB 9.46 million** from Xinjiang Kunlun Lvyuan Agricultural Technology Development (Group) Co., Ltd. has been **100%** provisioned for bad debt due to expected unrecoverability[435](index=435&type=chunk)[436](index=436&type=chunk) - During the reporting period, the company established Shanxi Yisheng Poultry Breeding Co., Ltd. and deregistered Hebei Yisheng Swine Breeding Co., Ltd[635](index=635&type=chunk)[636](index=636&type=chunk) Part IX [Other Submitted Data](index=149&type=section&id=Other%20Submitted%20Data) During the reporting period, the company actively engaged with investors through **6** reception activities, including on-site surveys, phone calls, and online platform interactions, primarily targeting institutional investors, with discussions covering the company's fundamentals, industry conditions, market trends, breeding stock import plans, and share repurchase progress

江苏正丹化学工业股份有限公司 2025 年半年度报告全文 江苏正丹化学工业股份有限公司 2025 年半年度报告 2025-031 2025 年 8 月 1 日 1 江苏正丹化学工业股份有限公司 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。 公司负责人曹正国、主管会计工作负责人曹桂云及会计机构负责人(会计 主管人员)曹桂云声明：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。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的宏观经济波动风险、原 材料价格波动风险、产品价格下跌风险、生产环节管控风险以及应对措施， 提请投资者关注相关内容并注意投资风险。 公司经本 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section outlines key disclaimers, the report structure, and definitions of terms used herein [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's basic information and presents its key financial performance metrics [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides the company's basic information, including its stock abbreviation 'ZKJF', stock code '002657', full Chinese and English names, and legal representative | Item | Information | | :--- | :--- | | Stock Abbreviation | ZKJF | | Stock Code | 002657 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Beijing Zhongke Jincai Technology Co., Ltd. | | Legal Representative | Zhu Yedong | [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue grew by 14.36% year-on-year, but net profit attributable to shareholders of the listed company saw a 71.51% increase in loss, and net cash outflow from operating activities increased by 54.78%; total assets and net assets both slightly decreased compared to the end of the prior year | Key Financial Indicators | Current Period (Yuan) | Prior Period (Yuan) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 345,159,140.56 | 301,811,431.40 | 14.36% | | Net Profit Attributable to Shareholders (Yuan) | -84,945,843.08 | -49,529,121.23 | -71.51% | | Net Cash Flow from Operating Activities (Yuan) | -253,357,615.22 | -163,689,762.09 | -54.78% | | Basic EPS (Yuan/Share) | -0.2498 | -0.1500 | -66.53% | | Weighted Average ROE (%) | -4.73% | -2.67% | -2.06% | | **Asset Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-end (%)** | | Total Assets (Yuan) | 2,210,628,233.99 | 2,471,026,433.23 | -10.54% | | Net Assets Attributable to Shareholders (Yuan) | 1,752,558,502.76 | 1,835,356,327.68 | -4.51% | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to -349,635.97 Yuan, primarily comprising government grants, fair value changes in financial assets, and other non-operating income and expenses | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -567,883.40 | | Government Grants Recognized in Current Profit/Loss | 1,846,423.26 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities | 354,747.01 | | Other Non-Operating Income and Expenses | -1,968,228.92 | | **Total** | **-349,635.97** | [Management Discussion and Analysis](index=9&type=section&id=Section%20III.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, and future outlook from management's perspective [Principal Businesses](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company provides FinTech, AI, and data center integrated services to financial, government, and enterprise clients, with significant growth in AI and data center service revenues during the period, while FinTech services experienced a decline, as the company actively explores AI Agent, computing infrastructure, and multimodal applications - The company's business aligns with national digital economy development, focusing on FinTech, AI, and data center integrated services to empower client digital and intelligent transformation[33](index=33&type=chunk) | Business Segment | Operating Revenue for the Period (Yuan) | | :--- | :--- | | FinTech Integrated Services | 109,284,462.99 | | AI Integrated Services | 48,351,358.59 | | Data Center Integrated Services | 175,363,383.70 | - The company has a comprehensive AI strategy covering computing power, large models, multimodal applications, and AI Agents, establishing ecological partnerships with industry leaders like Alibaba Cloud and Huawei[35](index=35&type=chunk)[36](index=36&type=chunk) - The company has successfully implemented multimodal applications in scenarios such as digital IP overseas expansion and AI digital human live streaming, providing related services to over 200 brands[39](index=39&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include its long-term digital economy strategy, strong brand recognition, close collaboration with global tech leaders, industry-leading 'AI+Data+Business Know-How' capabilities, comprehensive industry qualifications, and a unique 'multi-level partner operational responsibility system' for talent management - The company serves as the president unit of the Beijing Blockchain Technology Application Association and has participated in the formulation of **9 national and industry standards**, demonstrating its industry position and brand image[41](index=41&type=chunk) - The company has established multi-level ecological partnerships with leading enterprises in infrastructure, model, and application layers, including Alibaba Cloud, Tencent Cloud, and Huawei, maintaining technological foresight[43](index=43&type=chunk) - Leveraging over **20 years** of experience in the banking sector, the company has developed core 'AI+Data+Business Know-How' capabilities, forming a solid foundation for products like its AI business process intelligent agent native platform[44](index=44&type=chunk)[45](index=45&type=chunk) - The company holds over **100 industry qualifications** and more than **500 software copyrights and patents**, ranking among the top in the software service industry for qualification completeness[45](index=45&type=chunk) [Analysis of Principal Business](index=15&type=section&id=III.%20Analysis%20of%20Principal%20Business) During the reporting period, the company's total operating revenue increased by 14.36% year-on-year, but its business structure significantly shifted, with financial industry revenue decreasing by 42.12%, while government and public utilities and enterprise sector revenues surged by 135.81% and 172.09% respectively, leading to a 47.45% decline in FinTech services revenue and substantial growth of 189.34% and 101.85% in data center and AI services revenues | Financial Indicator | Current Period (Yuan) | Prior Period (Yuan) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 345,159,140.56 | 301,811,431.40 | 14.36% | | Operating Cost | 288,436,894.17 | 233,491,735.54 | 23.53% | | R&D Expenditure | 98,327,859.61 | 81,611,152.27 | 20.48% | Operating Revenue by Industry | Industry | Current Period Revenue (Yuan) | % of Total Revenue | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Financial | 125,965,049.26 | 36.50% | -42.12% | | Government and Public Utilities | 63,998,490.12 | 18.54% | 135.81% | | Enterprise | 155,195,601.18 | 44.96% | 172.09% | Operating Revenue by Product | Product | Current Period Revenue (Yuan) | % of Total Revenue | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | FinTech Integrated Services | 109,284,462.99 | 31.66% | -47.45% | | Data Center Integrated Services | 175,363,383.70 | 50.81% | 189.34% | | AI Integrated Services | 48,351,358.59 | 14.01% | 101.85% | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were **2.211 billion Yuan**, a 10.54% decrease from the prior year-end, with no significant changes in asset composition, primarily comprising cash and cash equivalents, inventories, long-term equity investments, and other non-current financial assets; contract liabilities decreased, and restricted assets amounted to **28.71 million Yuan**, mainly for letter of guarantee deposits and trust custody funds | Asset/Liability Item | Period-end Amount (Yuan) | % of Total Assets | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 381,069,445.40 | 17.24% | -5.51% | | Inventories | 374,148,786.61 | 16.92% | 2.28% | | Long-term Equity Investments | 299,298,122.01 | 13.54% | 0.67% | | Other Non-Current Financial Assets | 406,099,190.07 | 18.37% | 2.35% | | Contract Liabilities | 157,513,044.60 | 7.13% | -0.37% | - As of the end of the reporting period, the company had **28,714,076.77 Yuan** in restricted assets, primarily consisting of letter of guarantee deposits and trust custody funds[63](index=63&type=chunk) [Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to **10.25 million Yuan**, a significant 82.33% decrease from **58.02 million Yuan** in the prior year, with no major equity or non-equity investments, and financial asset investments primarily consisting of trust products - Investment during the reporting period was **10.25 million Yuan**, a significant **82.33% year-on-year decrease**[64](index=64&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, key subsidiaries included Beijing Zhongke Jincai Information Technology Co., Ltd. with a net loss of **68.68 million Yuan** and Hunan Zhongke Jincai Zhisu Technology Co., Ltd. with a net loss of **17.60 million Yuan**; the company established three new subsidiaries and deregistered one, with no significant impact expected on overall operating performance | Company Name | Type | Net Profit for the Period (Yuan) | | :--- | :--- | :--- | | Beijing Zhongke Jincai Information Technology Co., Ltd. | Subsidiary | -68,678,260.67 | | Hunan Zhongke Jincai Zhisu Technology Co., Ltd. | Subsidiary | -17,595,137.27 | - During the reporting period, the company established Zhongke Jincai (Hong Kong) Technology Co., Ltd., Shanghai Zhike Jincai Digital Technology Co., Ltd., and Anqing Zhike Jincai Zhisu Technology Co., Ltd., while deregistering Zhongke Jincai Insurance Brokerage Co., Ltd[72](index=72&type=chunk) [Risks and Countermeasures](index=21&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces key risks including market competition, rapid industry technological updates, human resources (especially the scarcity of high-end AI talent), and industry policy changes, which it plans to address by accelerating business expansion, increasing R&D investment, improving talent retention mechanisms, and continuously monitoring policy developments - Market competition risk: The company will accelerate business expansion and increase market development efforts to mitigate this risk[75](index=75&type=chunk) - Industry technology risk: The company will increase technology R&D investment, improve its R&D system, and enhance innovation capabilities[76](index=76&type=chunk) - Human resource risk: The company will strengthen talent cultivation and recruitment by upgrading its multi-level partner operational responsibility system[77](index=77&type=chunk) - Policy risk: The company will strictly adhere to laws and regulations, continuously monitor and research relevant policy changes to prevent risks[78](index=78&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=Section%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental initiatives, and social responsibilities, including shareholder rights, employee development, and community engagement [Corporate Governance and Social Responsibility](index=23&type=section&id=Corporate%20Governance%20and%20Social%20Responsibility) During the reporting period, the company's governance structure remained stable with only one Vice General Manager appointed, and no semi-annual profit distribution is planned; regarding social responsibility, the company emphasizes protecting shareholder and creditor rights, fostering win-win cooperation with suppliers and clients, and prioritizing employee development through its 'multi-level partner operational responsibility system' and diverse training programs - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[84](index=84&type=chunk) - The company actively fulfills its social responsibilities, including protecting shareholder interests, achieving win-win outcomes with partners, and prioritizing employee development through its 'Zhongke Jincai Multi-level Partner Operational Responsibility System'[86](index=86&type=chunk)[89](index=89&type=chunk) [Significant Matters](index=25&type=section&id=Section%20V.%20Significant%20Matters) This section covers significant events and disclosures, including commitments, related party transactions, and ongoing legal proceedings [Overview of Significant Matters](index=25&type=section&id=Overview%20of%20Significant%20Matters) During the reporting period, the company had no significant commitments, no controlling shareholder fund occupation, no illegal guarantees, no major asset sales, no significant related-party transactions, or other major contracts; the semi-annual financial report is unaudited, and there are 6 pending litigation or arbitration cases totaling **47.0942 million Yuan** - During the reporting period, the company had no commitments from the actual controller, shareholders, or other related parties, no non-operating fund occupation, no illegal guarantees, and no significant related-party transactions[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[102](index=102&type=chunk) - The company's semi-annual financial report is unaudited[96](index=96&type=chunk) - As of the end of the reporting period, the company had **6 pending litigation or arbitration cases**, with a total amount involved of **47.0942 million Yuan**[99](index=99&type=chunk) [Share Capital Changes and Shareholder Information](index=29&type=section&id=Section%20VI.%20Share%20Capital%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital structure and provides an overview of its shareholder base [Share Capital Changes](index=29&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged at 340,051,995 shares, with unrestricted shares accounting for 98.91%; the company completed a share repurchase on March 5, 2025, repurchasing a cumulative 1,476,155 shares, representing 0.43% of total share capital, for a total transaction amount of approximately **20 million Yuan** - The company's total share capital remained unchanged at **340,051,995 shares** during the reporting period[119](index=119&type=chunk)[120](index=120&type=chunk) - The company completed its share repurchase plan, repurchasing a total of **1,476,155 shares** (**0.43%** of total share capital), with a total amount of **20,000,955.55 Yuan**[120](index=120&type=chunk) [Shareholder Information](index=31&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information%20of%20the%20Company) As of the end of the reporting period, the company had 95,822 common shareholders, with the top two being domestic natural person Shen Sa (8.12% stake) and Hong Kong Securities Clearing Company Limited (2.30% stake); the actual controllers, Zhu Yedong and Shen Sa, are a married couple - As of the end of the reporting period, the total number of common shareholders was **95,822**[125](index=125&type=chunk) | Shareholder Name | Shareholding Percentage | Number of Shares Held (Shares) | | :--- | :--- | :--- | | Shen Sa | 8.12% | 27,623,918 | | Hong Kong Securities Clearing Company Limited | 2.30% | 7,812,271 | | Wang Qinying | 1.85% | 6,301,600 | | Zhu Yedong | 0.96% | 3,264,533 | - Shareholders Zhu Yedong and Shen Sa are a married couple, forming a concerted party[126](index=126&type=chunk) [Bond-Related Information](index=35&type=section&id=Section%20VII.%20Bond-Related%20Information) This section provides details on the company's bond issuance and related financial instruments [Bond Information](index=35&type=section&id=Bond%20Information) During the reporting period, the company had no bond-related information [Financial Report](index=36&type=section&id=Section%20VIII.%20Financial%20Report) This section presents the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement, along with detailed notes [Financial Statements](index=36&type=section&id=II.%20Financial%20Statements) The financial statements indicate that in the first half of 2025, the company experienced a decrease in total assets, year-on-year growth in operating revenue, but an expanded net loss; operating cash flow remained negative with increased outflow, net cash inflow from investing activities significantly decreased, and financing cash flow remained largely stable [Consolidated Balance Sheet](index=36&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of the end of the reporting period, the company's total assets were **2.211 billion Yuan**, a 10.54% decrease from the beginning of the period; total liabilities were **458 million Yuan**, a 27.94% decrease; and equity attributable to the parent company was **1.753 billion Yuan**, a 4.51% decrease, maintaining a relatively stable asset and liability structure | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 2,210,628,233.99 | 2,471,026,433.23 | | Total Liabilities | 458,047,616.52 | 635,648,000.55 | | Total Equity Attributable to Parent Company | 1,752,558,502.76 | 1,835,356,327.68 | [Consolidated Income Statement](index=40&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of **345 million Yuan**, a 14.36% year-on-year increase; however, due to increased operating costs and R&D expenses, operating profit was **-82.45 million Yuan**, with losses expanding by 67.99% year-on-year, and net profit attributable to the parent company was **-84.95 million Yuan**, with losses expanding by 71.51% year-on-year | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 345,159,140.56 | 301,811,431.40 | | Total Operating Cost | 442,646,775.66 | 372,455,046.95 | | Of which: R&D Expenses | 98,327,859.61 | 81,611,152.27 | | Operating Profit | -82,450,234.08 | -49,080,977.70 | | Total Profit | -84,550,234.08 | -49,307,551.86 | | Net Profit Attributable to Parent Company Shareholders | -84,945,843.08 | -49,529,121.23 | [Consolidated Cash Flow Statement](index=44&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was **-253 million Yuan**, with net outflow expanding by 54.78% year-on-year, primarily due to increased cash payments for goods and services; net cash flow from investing activities was **82.01 million Yuan**, a 72.96% year-on-year decrease, mainly due to reduced wealth management investments; net cash outflow from financing activities was **1.99 million Yuan**, resulting in a net decrease of **173 million Yuan** in cash and cash equivalents | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -253,357,615.22 | -163,689,762.09 | | Net Cash Flow from Investing Activities | 82,011,695.30 | 303,289,697.93 | | Net Cash Flow from Financing Activities | -1,993,091.77 | -47,148,688.95 | | Net Increase/Decrease in Cash and Cash Equivalents | -173,339,011.69 | 92,451,246.89 | [Notes to Consolidated Financial Statements](index=84&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations for key items in the consolidated financial statements, noting an increase in accounts receivable book balance with stable bad debt provision, investment income of **3.57 million Yuan** from long-term equity investment in Anliang Futures, goodwill original book value of **818 million Yuan** with accumulated impairment of **794 million Yuan** and no new impairment this period, and R&D expenses increasing by 20.48% to **98.33 million Yuan** [Accounts Receivable](index=85&type=section&id=4.%20Accounts%20Receivable) At the end of the period, the book balance of accounts receivable was **226 million Yuan**, a slight increase from the beginning of the period; bad debt provisions of **42.52 million Yuan** were made based on aging, representing an 18.91% provision rate, with the top five debtors accounting for 49.97% of the total accounts receivable | Aging | Period-end Book Balance (Yuan) | | :--- | :--- | | Within 1 Year | 170,467,644.16 | | 1 to 2 Years | 5,178,946.61 | | 2 to 3 Years | 14,493,903.76 | | Over 3 Years | 36,093,749.42 | | **Total** | **226,234,243.95** | [Long-term Equity Investments](index=94&type=section&id=13.%20Long-term%20Equity%20Investments) At the end of the period, the book value of long-term equity investments was **299 million Yuan**, a decrease from the beginning of the period, primarily comprising investments in associates such as Anliang Futures and Aihuaren Technology; during the reporting period, investment income recognized under the equity method was **3.27 million Yuan**, and dividends of **22 million Yuan** were received from Anliang Futures - For the investment in associate Anliang Futures Co., Ltd., investment income of **3,567,593.86 Yuan** was recognized in the current period, and cash dividends of **22,000,000.00 Yuan** were received[376](index=376&type=chunk) [Goodwill](index=100&type=section&id=19.%20Goodwill) At the end of the period, the original book value of goodwill was **818 million Yuan**, primarily from the acquisitions of Tianjin Zhongke Jincai and Beijing Zhidongfang; accumulated impairment provisions amounted to **794 million Yuan**, resulting in a goodwill book value of **23.76 million Yuan**, with no new goodwill impairment recognized in the current reporting period | Item | Original Book Value (Yuan) | Impairment Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Tianjin Zhongke Jincai | 624,031,391.94 | 624,031,391.94 | 0.00 | | Beijing Zhidongfang | 193,578,999.56 | 169,823,416.08 | 23,755,583.48 | | **Total** | **817,731,082.47** | **793,975,498.99** | **23,755,583.48** | [R&D Expenses](index=109&type=section&id=43.%20R%26D%20Expenses) During the reporting period, the company's total R&D expenses amounted to **98.33 million Yuan**, a 20.48% year-on-year increase, primarily composed of employee compensation, service fees, and depreciation expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation Payable | 50,040,063.89 | 54,986,853.85 | | Service Fees | 19,014,620.06 | 4,860,479.00 | | Depreciation Expense | 16,956,843.45 | 10,641,357.19 | | Equity Incentive Expenses | 2,148,018.16 | 5,566,232.91 | | **Total** | **98,327,859.61** | **81,611,152.27** | [Other Submitted Data](index=136&type=section&id=Section%20IX.%20Other%20Submitted%20Data) This section includes additional data submitted by the company, such as investor relations activities [Investor Relations Activities](index=136&type=section&id=II.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company engaged with various institutional and individual investors through multiple channels, including phone calls, online platforms, and on-site visits, primarily discussing the company's business development - During the reporting period (February to May), the company frequently communicated with institutional and individual investors through various methods, including phone calls, online platforms, and on-site research[597](index=597&type=chunk)[598](index=598&type=chunk)[599](index=599&type=chunk)

[Key Financial Data and Indicators](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) In the first half of 2025, Qingdao Bank achieved robust performance growth with revenue up 7.50% and net profit attributable to shareholders up 16.05%, while total assets expanded by 7.69% and asset quality improved with non-performing loan ratio decreasing to 1.12% and provision coverage ratio increasing to 252.80% Key Financial Data and Indicators | Item | Jan-Jun 2025 (Thousand Yuan) | Jan-Jun 2024 (Thousand Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 7,662,414 | 7,128,085 | 7.50% | | **Net Profit Attributable to Parent Company Shareholders** | 3,064,683 | 2,640,917 | 16.05% | | **Basic Earnings Per Share (Yuan/share)** | 0.53 | 0.45 | 17.78% | | **Weighted Average Return on Net Assets (Annualized, %)** | 15.75% | 15.34% | Increased by 0.41 percentage points | | **Item** | **As of Jun 30, 2025 (Thousand Yuan)** | **As of Dec 31, 2024 (Thousand Yuan)** | **Change (%)** | | **Total Assets** | 743,027,546 | 689,963,033 | 7.69% | | **Equity Attributable to Parent Company Shareholders** | 46,078,064 | 43,932,381 | 4.88% | | **Non-Performing Loan Ratio (%)** | 1.12% | 1.14% | Decreased by 0.02 percentage points | | **Provision Coverage Ratio (%)** | 252.80% | 241.32% | Increased by 11.48 percentage points | [Explanation of Operating Performance and Financial Condition](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) In the first half of 2025, the company adhered to its annual operating philosophy of 'professional enhancement, digital empowerment, system optimization, and distinctive drive,' actively implementing key financial initiatives to achieve simultaneous improvements in business scale, operating efficiency, and asset quality - The company fully implemented central, provincial, and municipal strategic deployments, committed to high-quality development, and further advanced key financial initiatives[5](index=5&type=chunk) [Steady Growth in Operating Scale](index=2&type=section&id=Steady%20Growth%20in%20Operating%20Scale) As of June 2025, the company's business scale steadily expanded, with total assets reaching **743.028 billion yuan**, a 7.69% increase from year-end, and customer loans and deposits growing by 8.14% and 7.90% respectively Operating Scale Growth | Item | As of Jun 2025 (Billion Yuan) | Growth Rate vs. Year-End (%) | | :--- | :--- | :--- | | **Total Assets** | 743.028 | 7.69% | | **Total Customer Loans** | 368.406 | 8.14% | | **Total Liabilities** | 695.944 | 7.89% | | **Total Customer Deposits** | 466.140 | 7.90% | [Robust Improvement in Profitability](index=2&type=section&id=Robust%20Improvement%20in%20Profitability) In the first half of 2025, the company's profitability significantly strengthened, with net profit attributable to parent company shareholders and operating revenue growing by 16.05% and 7.50% respectively, and basic earnings per share increasing by 17.78% to **0.53 yuan** Profitability Indicators | Indicator | First Half 2025 (Billion Yuan) | Year-over-Year Growth | | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | 3.065 | 16.05% | | **Operating Revenue** | 7.662 | 7.50% | | **Weighted Average Return on Net Assets (Annualized)** | 15.75% | Increased by 0.41 percentage points | | **Basic Earnings Per Share (Yuan)** | 0.53 | 17.78% | [Continued Improvement in Asset Quality](index=2&type=section&id=Continued%20Improvement%20in%20Asset%20Quality) As of June 2025, the company's asset quality continued to improve, with the non-performing loan ratio decreasing by **0.02 percentage points** to **1.12%**, and risk coverage strengthening as the provision coverage ratio increased by **11.48 percentage points** to **252.80%** Asset Quality Indicators | Indicator | As of Jun 2025 | Change vs. Year-End | | :--- | :--- | :--- | | **Non-Performing Loan Ratio** | 1.12% | Decreased by 0.02 percentage points | | **Provision Coverage Ratio** | 252.80% | Increased by 11.48 percentage points | [Reference Documents](index=2&type=section&id=III.%20Reference%20Documents) The reference documents for this performance express report include comparative balance sheets and income statements signed and sealed by the company's senior management, including the legal representative, president, vice president in charge of finance, and general manager of the finance department - Reference documents include comparative balance sheets and income statements signed and sealed by the bank's current legal representative and Chairman Mr. Jing Zailun, President Mr. Wu Xianming, Vice President in charge of finance Ms. Chen Shuang, and General Manager of the Planning and Finance Department Mr. Li Zhendong[7](index=7&type=chunk)

[Important Notes, Table of Contents and Definitions](index=2&type=section&id=Item%201.%20Important%20Notes%2C%20Table%20of%20Contents%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors, audit committee, and all senior executives guarantee the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility for no false statements, misleading representations, or material omissions - Company management ensures the truthfulness, accuracy, and completeness of the report, assuming corresponding legal responsibilities[4](index=4&type=chunk) [Risk Warnings](index=2&type=section&id=Risk%20Warnings) The company faces five main risks: raw material price fluctuations, product price declines, technology substitution, industry overcapacity, and macroeconomic and policy changes - The company faces key operational risks including: - **Raw Material Price Volatility Risk**: Fluctuations in primary graphite and coke raw material prices may impact the company's profitability[5](index=5&type=chunk) - **Product Price Decline Risk**: Intense market competition, changes in downstream demand, and industry cost reduction trends may lead to lower anode material prices[6](index=6&type=chunk)[7](index=7&type=chunk) - **Technology Substitution Risk**: If the company's R&D lags behind the development of new battery material technologies, it may adversely affect future operations[8](index=8&type=chunk) - **Overcapacity Risk**: Industry expansion and new entrants may lead to slower-than-expected market demand growth and overcapacity[9](index=9&type=chunk) - **Macroeconomic and Policy Change Risk**: Adjustments in new energy industry policies and macroeconomic uncertainties may affect the company's performance[10](index=10&type=chunk)[11](index=11&type=chunk) [Profit Distribution Plan](index=4&type=section&id=Profit%20Distribution%20Plan) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the 2025 semi-annual period - The company has no plans for cash dividends or share transfers during this reporting period[12](index=12&type=chunk) [Definitions](index=7&type=section&id=Definitions) This section defines professional terms used in the report, covering company entities, key customers, lithium battery industry technologies, and critical performance indicators [Company Profile and Key Financial Indicators](index=9&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=9&type=section&id=Company%20Profile) Shanghai Xiangfenghua Technology Co Ltd (stock code 300890) is a Shenzhen Stock Exchange-listed company primarily engaged in the R&D, production, and sales of lithium battery anode materials Company Information | Item | Content | | :--- | :--- | | **Stock Abbreviation** | Xiangfenghua | | **Stock Code** | 300890 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Name** | Shanghai Xiangfenghua Technology Co Ltd | | **Legal Representative** | Zhao Donghui | [Key Accounting Data and Financial Indicators](index=10&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 2.80% to RMB 687.59 million, resulting in a net loss of RMB 2.95 million due to product price declines, and operating cash flow significantly decreased by 364.68% Key Financial Indicators | Key Financial Indicators | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 687,591,351.12 | 707,372,276.94 | -2.80% | | **Net Profit Attributable to Shareholders** | -2,945,933.47 | 38,240,844.00 | -107.70% | | **Net Profit Excluding Non-Recurring Items** | -14,797,234.41 | 24,807,682.81 | -159.65% | | **Net Cash Flow from Operating Activities** | -181,443,834.19 | 68,551,196.79 | -364.68% | | **Basic Earnings Per Share (RMB/share)** | -0.0247 | 0.3497 | -107.06% | | **Weighted Average Return on Net Assets** | -0.14% | 1.99% | -2.13% | | **Total Assets** | 4,711,012,343.51 | 4,436,207,714.82 (End of Prior Year) | 6.19% | [Non-Recurring Gains and Losses Items and Amounts](index=11&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses totaled RMB 11.85 million, primarily from government subsidies and other non-operating income and expenses Non-Recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Government subsidies included in current profit/loss | 8,773,118.80 | | Fair value changes in financial assets/liabilities | 841,748.38 | | Net other non-operating income and expenses | 4,471,847.50 | | **Total** | **11,851,300.94** | [Management Discussion and Analysis](index=12&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) [Main Businesses of the Company During the Reporting Period](index=12&type=section&id=I.%20Main%20Businesses%20of%20the%20Company%20During%20the%20Reporting%20Period) The company's core business is the R&D, production, and sales of lithium battery anode materials, with graphite anode materials widely used in power, 3C consumer electronics, and industrial energy storage - The company's core business is graphite anode materials, applied in new energy vehicles, consumer electronics, and energy storage sectors[35](index=35&type=chunk) - The company operates a mature and stable business model, primarily based on production-to-order and direct sales[35](index=35&type=chunk) Key Financial Performance | Financial Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | **Operating Revenue** | RMB 688 million | -2.80% | | **Net Profit Attributable to Parent** | RMB -2.95 million | -107.70% | - Performance decline is primarily due to a temporary supply-demand imbalance in the graphite anode material industry, intense market competition, leading to product price reductions and lower gross margins[38](index=38&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its technological R&D, core team, and customer resources, including 71 authorized invention patents and strategic partnerships - **Technology and R&D Advantages**: The company boasts a complete product line, adheres to a technology roadmap emphasizing both artificial and natural graphite, holds 71 authorized invention patents as of the reporting period end, and collaborates with universities like Tsinghua University Shenzhen Graduate School for industry-academia-research initiatives[39](index=39&type=chunk)[40](index=40&type=chunk) - **Core Team Advantages**: The core management team, led by individuals with materials science backgrounds from Tsinghua University, possesses over a decade of experience in lithium battery materials[40](index=40&type=chunk) - **Customer Advantages**: The company has cultivated high-quality clients such as LG Energy Solution, Gotion High-tech, and BYD, while actively expanding into international markets including PowerCo SE (Germany) and SK on (South Korea)[41](index=41&type=chunk) [Main Business Analysis](index=14&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's anode material revenue decreased by 3.04% to RMB 684.12 million, with gross margin falling by 6.23 percentage points to 12.35% due to lower product unit prices Key Financial Data Changes | Key Financial Data | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 687,591,351.12 | 707,372,276.94 | -2.80% | Increased industry competition, lower product unit prices | | **Selling Expenses** | 13,440,556.54 | 21,549,360.75 | -37.63% | Decrease in business expenses | | **Net Cash Flow from Operating Activities** | -181,443,834.19 | 68,551,196.79 | -364.68% | Decrease in customer cash collections | | **Net Cash Flow from Financing Activities** | 365,011,050.18 | -172,665,603.14 | -311.40% | Increase in bank borrowings | | **Construction in Progress** | 557,419,741.40 | 361,496,966.29 | 54.20% | Construction of Shanghai North-South Zone projects | | **Short-term Borrowings** | 566,688,381.64 | 331,492,332.21 | 70.95% | Increase in bank borrowings | | **Long-term Borrowings** | 586,156,378.93 | 398,511,626.03 | 47.09% | Increase in special loans for Shanghai North-South Zone construction | Revenue and Gross Margin by Product | By Product | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Operating Revenue Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Anode Materials** | 684,122,026.46 | 599,624,124.87 | 12.35% | -3.04% | -6.23% | [Analysis of Assets and Liabilities](index=16&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the reporting period end, the company's total assets were RMB 4.71 billion, a 6.19% increase from the end of the previous year, with significant growth in construction in progress and borrowings - Construction in progress balance at period-end was **RMB 557.42 million**, a 54.20% increase from the end of the previous year, primarily due to investment in the Shanghai North-South Zone engineering projects[52](index=52&type=chunk) - Short-term and long-term borrowings at period-end were **RMB 566.69 million** and **RMB 586.16 million** respectively, increasing by 70.95% and 47.09% from the end of the previous year, mainly due to increased bank borrowings[52](index=52&type=chunk) Restricted Assets | Item | Book Value at Period-End (RMB) | Restriction Status | | :--- | :--- | :--- | | **Monetary Funds** | 115,286,173.04 | Deposits and frozen funds | | **Notes Receivable** | 51,564,385.23 | Pledged | | **Fixed Assets** | 129,392,466.54 | Loan collateral | | **Intangible Assets** | 174,678,904.13 | Loan collateral | | **Construction in Progress** | 485,631,032.93 | Loan collateral | | **Total** | **956,552,961.87** | / | [Investment Analysis](index=19&type=section&id=VI.%20Investment%20Analysis) During the reporting period, the company's investment amounted to RMB 862 million, a 7.48% year-on-year increase, primarily focused on significant non-equity projects like R&D center construction and production bases - The investment amount for the reporting period was **RMB 862 million**, a 7.48% year-on-year increase[58](index=58&type=chunk) Major Non-Equity Investment Projects | Major Non-Equity Investment Project | Amount Invested in Current Period (RMB) | Cumulative Investment as of Period-End (RMB) | Project Progress | | :--- | :--- | :--- | :--- | | **R&D Center Construction Project** | 28,131,301.00 | 113,712,466.00 | 90.97% | | **60,000-ton Artificial Graphite Anode Material Integrated Production Base** | 34,260,246.45 | 228,566,908.44 | 66.91% | | **Shanghai Tanfeng Sci-Tech Innovation Center** | 177,733,150.82 | 467,430,002.63 | 27.48% | - Progress of raised capital projects has slowed due to objective factors: - **R&D Center Construction Project**: The original implementation site's building load-bearing capacity was insufficient, so the location was changed to Shanghai Tanfeng Sci-Tech Innovation Industrial Park, with an estimated completion time extended to July 2026[72](index=72&type=chunk) - **60,000-ton Artificial Graphite Anode Material Integrated Production Base Project**: Due to delays in land supply, the estimated completion time has been extended to December 2026[72](index=72&type=chunk)[73](index=73&type=chunk) [Analysis of Major Holding and Participating Companies](index=27&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries include Fujian Xiangfenghua and Sichuan Xiangfenghua, with Fujian Xiangfenghua being the primary production base and Sichuan Xiangfenghua under construction Major Subsidiaries' Financial Performance (H1 2025) | Major Subsidiary | Total Assets (RMB ten thousand) | Net Assets (RMB ten thousand) | Operating Revenue (RMB ten thousand) | Net Profit (RMB ten thousand) | | :--- | :--- | :--- | :--- | :--- | | **Fujian Xiangfenghua** | 313,918.61 | 129,460.04 | 66,861.86 | 710.49 | | **Sichuan Xiangfenghua** | 103,351.55 | 29,593.36 | 10,898.85 | -243.60 | | **Hainan Xiangfenghua** | 15,405.40 | 7,304.45 | 11,999.52 | 1,402.66 | | **Shanghai Xiangfenghua** | 72,565.18 | 20,333.42 | 0.00 | -97.60 | - On July 25, 2025, the company established a new controlling subsidiary, "Sichuan Xiangzhan Zhenhua New Material Technology Co Ltd," with the company holding 60% equity, primarily engaged in new material technology R&D, graphite and carbon product manufacturing, and sales[86](index=86&type=chunk)[87](index=87&type=chunk) [Corporate Governance, Environment and Society](index=33&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=33&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company underwent a board and supervisory board re-election on June 30, 2025, leading to changes in several directors, supervisors, and senior management positions - On June 30, 2025, due to re-election, several directors, supervisors, and senior management personnel changed, including the election of Zhou Pengwei as Chairman and Zhao Donghui as Vice Chairman and General Manager[95](index=95&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[96](index=96&type=chunk) [Environmental Information Disclosure](index=35&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law, but actively fulfill social responsibilities - The company actively fulfills its social responsibilities, donating **RMB 1 million** to the Tsinghua University Education Foundation in the first half of the year and providing local employment opportunities[98](index=98&type=chunk) [Significant Matters](index=36&type=section&id=Item%205.%20Significant%20Matters) [Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholders, Shareholders, Related Parties, Acquirers, and the Company](index=36&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholders%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, the company and related parties strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentive activities, with no violations observed - The company and related parties strictly fulfilled all public commitments during the reporting period, with no violations observed[100](index=100&type=chunk) [Significant Related Party Transactions](index=64&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in routine related party transactions with Yong'an Dingfeng Carbon Technology Co Ltd, totaling RMB 10.33 million, within the approved annual limit Related Party Transactions | Related Party | Related Transaction Content | Amount Incurred in Current Period (RMB ten thousand) | Approved Transaction Limit (RMB ten thousand) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | | Yong'an Dingfeng Carbon Technology Co Ltd | Acceptance of processing services | 739.66 | 2,000 | No | | Yong'an Dingfeng Carbon Technology Co Ltd | Lease of factory buildings and equipment, sale of electricity | 293.00 | 701 | No | [Significant Contracts and Their Performance](index=70&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company provided significant guarantees for its subsidiaries, with a total approved guarantee limit of RMB 3.10 billion and an actual outstanding guarantee balance of RMB 1.14 billion Guarantee Information | Guarantee Status | Amount (RMB ten thousand) | | :--- | :--- | | **Total approved guarantee limit for subsidiaries at period-end** | 310,099.5 | | **Total actual guarantee balance for subsidiaries at period-end** | 113,989.33 | - The actual total guarantee amount accounts for **52.60%** of the company's net assets[157](index=157&type=chunk) [Changes in Shares and Shareholder Information](index=78&type=section&id=Item%206.%20Changes%20in%20Shares%20and%20Shareholder%20Information) [Changes in Shares](index=78&type=section&id=I.%20Changes%20in%20Shares) During the reporting period, the company's total share capital increased by 673 shares to 119,032,152 shares due to the conversion of "Xiangfeng Convertible Bonds" - During the reporting period, the company's total share capital increased by **673 shares** due to the conversion of "Xiangfeng Convertible Bonds"[163](index=163&type=chunk) Share Capital Changes | Share Class | Quantity Before Change | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | | **Restricted Shares** | 12,079,360 | 10,438,885 | 8.77% | | **Unrestricted Shares** | 106,952,119 | 108,593,267 | 91.23% | | **Total Share Capital** | **119,031,479** | **119,032,152** | **100.00%** | [Number of Shareholders and Shareholding Information](index=79&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, the company had 24,817 common shareholders, with the top ten shareholders' holdings remaining relatively stable - As of the end of the reporting period, the company had a total of **24,817** common shareholders[167](index=167&type=chunk) Top Five Shareholders | Top Five Shareholders | Shareholding Percentage | Shares Held at Period-End | | :--- | :--- | :--- | | Zhou Pengwei | 11.29% | 13,433,514 | | Zhong Yinghao | 5.00% | 5,951,473 | | Lei Zuyun | 2.00% | 2,377,333 | | Huizhou Zhongcheng Zhiyuan Enterprise Management Center | 1.70% | 2,025,913 | | Golden Eagle Fund - Wu Haiyi - Golden Eagle Optimal 196 | 1.61% | 1,916,900 | [Bond-Related Information](index=84&type=section&id=Item%207.%20Bond-Related%20Information) [Convertible Corporate Bonds](index=84&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company's "Xiangfeng Convertible Bonds" were in their conversion period during the reporting period, with RMB 226.51 million already converted into shares, representing 28.31% of the total issuance - The company's convertible corporate bonds, "Xiangfeng Convertible Bonds" (code 123225), were issued in October 2023, with a total amount of **RMB 800 million** and a term of **6 years**[178](index=178&type=chunk)[562](index=562&type=chunk) Convertible Bond Status | Item | Amount/Quantity | | :--- | :--- | | **Unconverted Amount (RMB)** | 573,488,100.00 | | **Cumulative Converted Amount (RMB)** | 226,511,900.00 | | **Cumulative Converted Shares (shares)** | 8,241,411 | | **Proportion of Unconverted Amount to Total Issuance** | 71.69% | - The conversion price underwent several adjustments during the reporting period, with the latest conversion price at period-end being **RMB 27.44/share**[185](index=185&type=chunk) - China Chengxin International Credit Rating Co Ltd's latest credit rating for the company and its bonds is **AA-**, with a stable outlook[188](index=188&type=chunk) [Financial Report](index=88&type=section&id=Item%208.%20Financial%20Report) [Financial Statements](index=88&type=section&id=Financial%20Statements) This semi-annual financial report is unaudited, presenting consolidated and parent company statements that show steady asset growth but deteriorating profitability and cash flow Consolidated Financial Statement Summary | Consolidated Statement Key Item | Period-End Balance / Current Period Amount (RMB) | | :--- | :--- | | **Total Assets** | 4,711,012,343.51 | | **Total Liabilities** | 2,452,503,616.78 | | **Total Owners' Equity** | 2,258,508,726.73 | | **Total Operating Revenue** | 687,591,351.12 | | **Net Profit** | -3,385,128.92 | | **Net Profit Attributable to Parent Company Owners** | -2,945,933.47 | | **Net Cash Flow from Operating Activities** | -181,443,834.19 | [Consolidated Balance Sheet](index=88&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were RMB 4.71 billion, total liabilities RMB 2.45 billion, and owners' equity attributable to the parent company RMB 2.17 billion, with an asset-liability ratio of 52.06% [Consolidated Income Statement](index=92&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company achieved operating revenue of RMB 688 million, with total operating costs of RMB 704 million, resulting in an operating loss of RMB 11.05 million and a net loss of RMB 3.39 million [Consolidated Cash Flow Statement](index=96&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was RMB -181.44 million, from investing activities RMB -186 million, and from financing activities RMB 365 million, leading to a net decrease in cash and cash equivalents of RMB 2.36 million [Notes to Financial Statements](index=105&type=section&id=Notes%20to%20Financial%20Statements) The financial statement notes detail the company's basic information, financial statement preparation basis, significant accounting policies and estimates, and provide detailed explanations for key items in the consolidated financial statements

2025-065 2025 年 8 月 1 迈克生物股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 迈克生物股份有限公司 2025 年半年度报告全文 迈克生物股份有限公司 2025 年半年度报告 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及到未来的计划、业绩预测等方面的内容，均不构成本 公司对任何投资者及相关人士的实质承诺，投资者及相关人士均应对此保持 足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司可能面临的风险详见本报告"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"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 7 | | 第三节 | 管理层讨论与分析 | 10 | | 第四节 | 公司治理、环境和社会 | 34 | | 第五节 | 重要事项 | 37 | | 第六节 | 股份变动及股东情况 | 43 | | 第七节 | 债券相关情况 | 49 | | 第八节 | 财务报告 ...

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a year-over-year increase in 2025 H1 performance, with net profit attributable to shareholders expected to grow **38.65% to 59.85%** 2025 Semi-Annual Performance Forecast (Compared to Prior Period) | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders (CNY billion)** | Profit: 1.70 – 1.96 | Profit: 1.23 | | Year-over-Year Growth | 38.65% – 59.85% | - | | **Net Profit Excluding Non-Recurring Gains/Losses (CNY billion)** | Profit: 1.55 – 1.81 | Profit: 1.18 | | Year-over-Year Growth | 31.37% – 53.41% | - | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company's performance forecast is a preliminary internal estimate, not yet audited by an accounting firm - This performance forecast is a preliminary company estimate, unaudited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) Significant performance growth is primarily driven by the continuous and successful revenue recognition of existing orders - The primary driver of performance growth is the continuous acceptance and revenue recognition of existing orders during the reporting period[5](index=5&type=chunk) [Other Relevant Information](index=1&type=section&id=IV.%20Other%20Relevant%20Information) The company reiterates that this unaudited performance forecast is preliminary, advising investors to consider investment risks, with final data in the 2025 semi-annual report - The company reminds investors that this performance forecast is a preliminary estimate, unaudited, and final data will be based on the 2025 semi-annual report, requiring cautious decision-making and attention to investment risks[6](index=6&type=chunk)[7](index=7&type=chunk)

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=Section%201.%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides important disclaimers, a table of contents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility, and the report details risks, countermeasures, and the 2025 semi-annual profit distribution plan - The company's 2025 semi-annual profit distribution plan is: based on 288,000,000 shares, no cash dividends will be distributed, no bonus shares will be issued, and capital reserves will be converted into 4.5 shares for every 10 shares to all shareholders[3](index=3&type=chunk) - The company's responsible person, chief financial officer, and head of accounting department all declare to guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[3](index=3&type=chunk) [Definitions of Professional Terms](index=5&type=section&id=Definitions) This section defines key business, technical, and regulatory terms used in the report, including Active Pharmaceutical Ingredients (API), Non-Steroidal Anti-Inflammatory Drugs (NSAID), various drug registration certifications (e.g., CEP, DMF, cGMP), and Contract Development and Manufacturing Organization (CDMO) services, providing a foundation for understanding the company's business and industry background - The report explains several core pharmaceutical industry terms, such as Active Pharmaceutical Ingredients (API), Non-Steroidal Anti-Inflammatory Drugs (NSAID), current Good Manufacturing Practices (cGMP), and Contract Development and Manufacturing Organization (CDMO) services, which helps investors understand the company's business[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Section%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and key financial performance indicators for the reporting period [Company Basic Information](index=8&type=section&id=I.%20Company%20Profile) This section provides the company's basic registration information, including its stock abbreviation 'Hengdi Pharmaceutical', stock code '301211', full Chinese and English names, and legal representative, among other core identity details | Item | Content | | :--- | :--- | | Stock Abbreviation | Hengdi Pharmaceutical | | Stock Code | 301211 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Cheng Zhigang | [Key Accounting Data and Financial Indicators](index=9&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company experienced a significant performance decline, with operating revenue slightly decreasing by 2.93% year-on-year, while net profit attributable to shareholders plummeted by 72.92%, and non-recurring adjusted net profit sharply fell by 93.21%, with net cash flow from operating activities also decreasing by 73.71%, indicating considerable pressure on the company's profitability and cash flow | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue(RMB) | 234,768,347.93 | 241,866,955.11 | -2.93% | | Net Profit Attributable to Parent(RMB) | 18,547,082.58 | 68,496,011.31 | -72.92% | | Non-recurring Adjusted Net Profit Attributable to Parent(RMB) | 4,416,152.74 | 65,041,920.42 | -93.21% | | Net Cash Flow from Operating Activities(RMB) | 8,401,294.23 | 31,957,787.67 | -73.71% | | Basic EPS(RMB/share) | 0.06 | 0.24 | -75.00% | | Weighted Average ROE | 0.80% | 2.95% | -2.15% | | Total Assets(RMB) | 2,392,174,132.73 | 2,488,655,694.01 | -3.88% (vs. Prior Year-End) | | Net Assets Attributable to Parent(RMB) | 2,256,889,033.97 | 2,309,688,533.16 | -2.29% (vs. Prior Year-End) | [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to RMB 14,130,900, significantly impacting net profit, primarily comprising RMB 14,854,300 in fair value changes from financial assets held and RMB 1,671,300 in government grants | Item | Amount(RMB) | | :--- | :--- | | Fair Value Change Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 14,854,328.10 | | Government Grants Included in Current Period P&L | 1,671,322.76 | | **Total Non-Recurring Gains and Losses** | **14,130,929.84** | [Management Discussion and Analysis (MD&A)](index=11&type=section&id=Section%203.%20Management%20Discussion%20and%20Analysis%20(MD%26A)) This section provides a comprehensive analysis of the company's operations, financial condition, and future outlook, as discussed by management [Overview of Main Businesses](index=11&type=section&id=I.%20Main%20Businesses%20During%20the%20Reporting%20Period) The company primarily engages in the research, development, production, and sales of Active Pharmaceutical Ingredients (API) and preparations, also offering CDMO services, with core products including ibuprofen and other non-steroidal anti-inflammatory APIs, while also expanding into cardiovascular and anti-tumor fields; during the reporting period, the company achieved RMB 235 million in revenue, a 2.93% year-on-year decrease, and RMB 18.55 million in net profit, a significant 72.92% year-on-year decrease, with R&D investment of RMB 15.88 million, down 17.72% year-on-year, yet several new drug projects made progress - The company's main business involves the R&D, production, and sales of Active Pharmaceutical Ingredients (API) and preparations, as well as CDMO services, forming a product system centered on non-steroidal anti-inflammatory APIs, supplemented by specialty APIs for cardiovascular and anti-tumor applications[36](index=36&type=chunk) | Financial Indicator | Amount(RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 234,768,347.93 | -2.93% | | Net Profit Attributable to Parent | 18,547,082.58 | -72.92% | | R&D Investment | 15,876,209.56 | -17.72% | - During the reporting period, products such as Ibuprofen Sustained-Release Capsules and Torasemide Injection obtained drug registration certificates, and multiple R&D projects progressed smoothly[42](index=42&type=chunk) [Analysis of Core Competencies](index=15&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies are evident in four key areas: R&D, through continuous process innovation to reduce ibuprofen costs and expand specialty API product lines; Production, possessing modern, automated manufacturing capabilities and a stringent quality management system; Registration, with products certified by multiple countries' GMP standards and becoming qualified suppliers to international giants like Sanofi and GlaxoSmithKline; and the integrated 'API + Preparation' model, ensuring supply chain stability, cost advantages, and enhanced risk resilience - The company continuously innovates processes for ibuprofen API to reduce production costs, develops derivative products like dexibuprofen, and expands into specialty APIs for anti-tumor and cardiovascular applications[44](index=44&type=chunk)[45](index=45&type=chunk) - The company's main API products have passed GMP certifications and drug registrations in multiple countries and regions, including China, the United States, and the European Union, successfully entering the supply chains of global pharmaceutical giants such as Sanofi, GlaxoSmithKline, and Abbott[47](index=47&type=chunk) - The integrated "API + Preparation" layout is one of the company's core advantages, ensuring raw material supply, reducing preparation costs, and securing market position through cost and quality control in the context of centralized procurement[48](index=48&type=chunk)[49](index=49&type=chunk) [Analysis of Main Business](index=17&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's main business costs increased by 18.45%, primarily due to a decline in API product gross margin, leading the company to adopt a volume-for-value strategy; financial expenses significantly decreased by 85.51% mainly due to reduced interest income; by product segment, non-steroidal anti-inflammatory drugs remained the largest revenue source but saw both revenue and gross margin decline, while anti-tumor products' revenue grew by 42.67% but their gross margin turned negative at -11.32%, indicating cost control challenges | Financial Item | Current Period(RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Cost | 183,347,719.02 | 18.45% | Gross margin of API products decreased, and the company increased sales volume to maintain sales revenue | | Financial Expenses | -6,011,409.88 | -85.51% | Interest income decreased in this period | | Income Tax Expense | 1,974,604.33 | -84.06% | Total profit decreased in this period | | Product Category | Operating Revenue(RMB) | Revenue YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Non-Steroidal Anti-Inflammatory | 159,778,817.35 | -9.35% | 15.27% | -12.58% | | Cardiovascular | 37,760,622.99 | 14.57% | 71.83% | -5.20% | | Anti-Tumor | 16,419,201.42 | 42.67% | -11.32% | -35.59% | [Analysis of Assets and Liabilities](index=18&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were RMB 2.392 billion, a 3.88% decrease from the beginning of the year, with no significant changes in asset composition; financial assets measured at fair value had an ending balance of RMB 1.039 billion, primarily trading financial assets (wealth management products), generating RMB 10.57 million in fair value change gains for the period; additionally, RMB 8.9 million in monetary funds were restricted as collateral - The company's financial assets measured at fair value are primarily trading financial assets (wealth management products), with an ending balance of approximately **RMB 1.03 billion**, generating **RMB 10.57 million** in fair value change gains for the current period[57](index=57&type=chunk)[58](index=58&type=chunk) - As of the end of the reporting period, **RMB 8.9 million** of the company's monetary funds were restricted as collateral[59](index=59&type=chunk) [Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to RMB 70 million, a significant 87.32% year-on-year decrease, with a cumulative utilization rate of 40.96% for raised funds; the company adjusted some fundraising projects, terminating the 'Annual Production of 5,000 Tons of Ibuprofen API Project' due to market oversupply and low prices, and extending the construction period for several other projects, including the 'High-End Pharmaceutical Preparation Internationalization Project' - Given the saturated supply and demand and low prices in the international ibuprofen API market, the company decided to terminate the "Annual Production of 5,000 Tons of Ibuprofen API Project" and reallocate part of the corresponding raised funds to other R&D and technical renovation projects[68](index=68&type=chunk) - Due to longer approval times and changes in market conditions, the company extended the estimated ready-for-use date for the "High-End Pharmaceutical Preparation Internationalization Project" to December 2026, and also extended two other API projects[67](index=67&type=chunk) [Risks and Countermeasures](index=25&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company identified five major operational risks: production safety (involving hazardous chemicals and high-temperature environments), product quality (high drug safety requirements), exchange rate fluctuations (overseas sales affected by RMB exchange rates), international trade environment (e.g., changes in China-India economic and trade relations), and pharmaceutical industry policy (e.g., centralized drug procurement); the company stated it will closely monitor and actively respond - The company faces multiple risks including production safety, product quality, exchange rate fluctuations, international trade environment, and industry policies[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - Regarding international trade risks, one of the company's main raw material suppliers for isobutylbenzene is from India, and some ibuprofen products are also sold to India; changes in China-India economic and trade relations could adversely affect the company's operations[81](index=81&type=chunk) [Corporate Governance, Environment and Society (ESG)](index=26&type=section&id=Section%204.%20Corporate%20Governance%2C%20Environment%20and%20Society%20(ESG)) This section details the company's corporate governance practices, environmental initiatives, and social responsibility efforts [Profit Distribution and Capital Reserve Conversion](index=27&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20in%20This%20Reporting%20Period) The company's 2025 semi-annual profit distribution plan proposes no cash dividends or bonus shares, but a capital reserve transfer of 4.5 shares for every 10 shares to all shareholders, based on a total share capital of 288,000,000 shares | Distribution/Conversion Item | Quantity | | :--- | :--- | | Bonus Shares per 10 Shares(Shares) | 0 | | Dividend per 10 Shares(RMB)(Tax Included) | 0 | | Capital Reserve Conversion per 10 Shares(Shares) | 4.5 | | Share Capital Base for Distribution Plan(Shares) | 288,000,000 | [Environmental Information Disclosure](index=28&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries have been included in the list of enterprises required to disclose environmental information by law, indicating their production and operation activities are under key supervision by environmental protection authorities, and the company must publicly disclose its environmental information as required - Hubei Hengdi Pharmaceutical Co., Ltd. has been included in the list of enterprises required to disclose environmental information by law[89](index=89&type=chunk) [Social Responsibility](index=28&type=section&id=V.%20Social%20Responsibility) The company has implemented various social responsibility measures, including protecting investor rights, caring for employees, safeguarding customer interests, and emphasizing environmental protection; the company promotes a 'low-carbon, energy-saving, green, and healthy' philosophy, achieving clean production through technological transformation and full-process control, and entrusting qualified third parties to handle its 'three wastes', with no environmental violations or irregularities reported during the period - The company emphasizes environmental protection, entrusting qualified third parties to handle its "three wastes" and strictly adhering to emission standards, with no environmental pollution incidents occurring during the reporting period[92](index=92&type=chunk) [Significant Matters](index=30&type=section&id=Section%205.%20Significant%20Matters) This section highlights significant events and commitments during the reporting period, including their fulfillment status [Fulfillment of Commitments](index=30&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20Controlling%20Shareholders%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%20and%20the%20Company) During the reporting period, all commitments made by the company's related parties during its initial public offering, including share lock-up and share price stabilization, were fulfilled, with no overdue unfulfilled commitments - The company's controlling shareholder, actual controller, directors, supervisors, and senior management, among other related parties, have fulfilled their share lock-up commitments and IPO share price stabilization commitments made during the initial public offering[95](index=95&type=chunk)[96](index=96&type=chunk) [Other Significant Matters](index=38&type=section&id=Other%20Significant%20Matters) During the reporting period, the company had no significant matters requiring special disclosure, such as non-operating fund occupation by controlling shareholders, illegal external guarantees, major litigation or arbitration, significant related-party transactions, or major contracts - During the reporting period, the company had no instances of controlling shareholder fund occupation, illegal guarantees, major litigation, or significant related-party transactions[104](index=104&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[121](index=121&type=chunk) [Share Changes and Shareholder Information](index=42&type=section&id=Section%206.%20Share%20Changes%20and%20Shareholder%20Information) This section outlines changes in the company's share capital and provides details on its shareholder structure [Share Change Status](index=42&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital of 288,000,000 shares remained unchanged, with the main change being the lifting of restrictions on 216,000,000 pre-IPO restricted shares, representing 75% of the total share capital, converting them into unrestricted shares - During the reporting period, **216,000,000** restricted shares of the company were released from lock-up, accounting for **75.00%** of the company's total share capital, increasing the proportion of unrestricted shares from **25%** to **100%**[126](index=126&type=chunk)[127](index=127&type=chunk) [Number of Shareholders and Shareholding Status](index=44&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had a total of 17,134 common shareholders, with the top three being Shanghai Yongdasheng Business Consulting Co., Ltd. (38.25% stake), Liu Tianchao (12.00% stake), and Jingmen Ningkang Enterprise Management Center (Limited Partnership) (5.63% stake) - As of the end of the reporting period, the company had a total of **17,134** shareholders[130](index=130&type=chunk) | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Shanghai Yongdasheng Business Consulting Co., Ltd. | 38.25% | 110,160,000 | | Liu Tianchao | 12.00% | 34,560,000 | | Jingmen Ningkang Enterprise Management Center (Limited Partnership) | 5.63% | 16,200,000 | [Financial Report](index=49&type=section&id=Section%208.%20Financial%20Report) This section contains the audited financial statements, key accounting policies, and detailed notes to the financial statements [Audit Report](index=49&type=section&id=I.%20Audit%20Report) This semi-annual financial report has been audited by Daxin Certified Public Accountants (Special General Partnership), which issued a standard unqualified audit opinion (Daxin Audit [2025] No. 2-01167) - The company's 2025 semi-annual financial report was audited by Daxin Certified Public Accountants, which issued a standard unqualified opinion[138](index=138&type=chunk) [Financial Statements](index=49&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, serving as core bases for analyzing the company's financial position, operating results, and cash flows - The consolidated and parent company balance sheets as of June 30, 2025, and the income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 are provided[138](index=138&type=chunk)[142](index=142&type=chunk)[145](index=145&type=chunk)[150](index=150&type=chunk)[155](index=155&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the company's fundamental accounting principles, accounting period, and functional currency, and highlights significant accounting policies such as revenue recognition, financial instruments, long-term equity investments, and fixed assets; during the reporting period, the company made a significant change in accounting estimates, adjusting the capitalization point for R&D expenditures to more accurately reflect the value of R&D investments - On April 23, 2025, the company changed its accounting estimate for the capitalization point of R&D expenditures; after the change, expenditures for drugs requiring clinical trials are capitalized after entering Phase III clinical trials, and for other drugs, expenditures are capitalized after obtaining human bioequivalence clinical filing; this change resulted in an increase of **RMB 623,600.00** in development expenditures and a corresponding decrease in R&D expenses[240](index=240&type=chunk)[241](index=241&type=chunk) [Notes to Consolidated Financial Statements](index=84&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes on key items in the consolidated financial statements, including: ending monetary funds of RMB 540 million, of which RMB 8.9 million is restricted; trading financial assets (wealth management products) of RMB 1.03 billion; accounts receivable ending balance of RMB 76.03 million, with a bad debt provision of RMB 7.81 million; inventory of RMB 116 million, with an impairment provision of RMB 2.03 million; and major construction in progress projects primarily being the High-End Pharmaceutical Preparation Internationalization Project and the Ibuprofen Technical Renovation Project - Ending trading financial assets amounted to **RMB 1.03 billion**, primarily consisting of bank wealth management products[248](index=248&type=chunk) - The top five accounts receivable balances at period-end totaled **RMB 18.48 million**, accounting for **24.30%** of the total[261](index=261&type=chunk) - Significant construction in progress projects include the "High-End Pharmaceutical Preparation Internationalization Project" with a budget of **RMB 332 million** and the "Ibuprofen API Wastewater Hydrolysis Acidification Project" with a budget of **RMB 86 million**[296](index=296&type=chunk) [Supplementary Information](index=117&type=section&id=XVI.%20Supplementary%20Information) This section provides a detailed statement of non-recurring gains and losses and calculations for return on net assets and earnings per share; during the reporting period, non-recurring gains and losses totaled RMB 14.13 million, primarily from fair value changes of financial assets; after deducting non-recurring gains and losses, net profit attributable to common shareholders was RMB 4.42 million, weighted average return on net assets decreased to 0.19%, and basic earnings per share was RMB 0.020 | Profit for the Period | Weighted Average ROE | Basic EPS(RMB/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 0.80% | 0.06 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 0.19% | 0.020 |

证券代码：688011 证券简称：新光光电 公告编号：2025-022 哈尔滨新光光电科技股份有限公司 2025 年半年度业绩预亏公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 （1）经财务部门初步测算，预计 2025 年半年度公司实现营业收入约 2,100.00 万元，实现归属于上市公司股东的净利润将出现亏损，预计实现归属 于上市公司股东的净利润为-1,900.00 万元到-2,300.00 万元，同比下降 6.35% 到 28.74%。 二、上年同期业绩情况 归属于上市公司股东的净利润：-1,786.57 万元。归属于上市公司股东的扣 除非经常性损益的净利润：-2,576.85 万元。 三、本期业绩预亏的主要原因 报告期内,公司营业收入约 2,100 万元，同比下降约 59.31%，实现归属于上 市公司股东的净利润将出现亏损，同比下降约 6.35%到 28.74%。报告期营业收入 下降 ...

道道全粮油股份有限公司 2025 年半年度报告全文 道道全粮油股份有限公司 2025 年半年度报告 2025-037 【2025 年 08 月】 1 道道全粮油股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘建军、主管会计工作负责人李小平及会计机构负责人(会计 主管人员)胡怡兵声明：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。 公司经本次董事会审议通过的利润分配预案为：以 343,968,305 为基数， 向全体股东每 10 股派发现金红利 1.76 元（含税），送红股 0 股（含税）， 不以公积金转增股本。 2 | 目录 | | --- | | 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 | 25 | | 第五节 重要事项 ...