三安光电股份有限公司 2025 年半年度报告 公司代码：600703 公司简称：三安光电 三安光电股份有限公司 2025 年半年度报告 1 / 206 三安光电股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人林志强、主管会计工作负责人林科闯及会计机构负责人（会计主管人员）黄智 俊声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案。 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本 ...

合肥工大高科信息科技股份有限公司2025 年半年度报告 公司代码：688367 公司简称：工大高科 合肥工大高科信息科技股份有限公司 1 / 182 2025 年半年度报告 合肥工大高科信息科技股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险及应对措施，敬请查 阅"第三节 管理层讨论与分析"之"四、风险因素"。敬请投资者予以关注，注意投资风险。 三、公司全体董事出席董事会会议。 四、本半年度报告未经审计。 五、公司负责人魏臻、主管会计工作负责人余维及会计机构负责人（会计主管人员）余维声明： 保证半年度报告中财务报告的真实、准确、完整。 六、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承 ...

青岛达能环保设备股份有限公司2025 年半年度报告 公司代码：688501 公司简称：青达环保 青岛达能环保设备股份有限公司 2025 年半年度报告 1 / 217 青岛达能环保设备股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在本报告中详细 阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告"第三节 管理层讨论与分析"之 "四、风险因素"所述内容，请投资者予以关注。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人王勇、主管会计工作负责人张代斌及会计机构负责人（会计主管人员）陈聚晓 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及 ...

科博达技术股份有限公司2025 年半年度报告 公司代码：603786 公司简称：科博达 科博达技术股份有限公司 2025 年半年度报告 1 / 222 科博达技术股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人柯桂华、主管会计工作负责人朱迎春及会计机构负责人（会计主管人员）陈倩 杰声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质性 承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 已在本 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, including company name, controlling shareholder, main subsidiaries, and specific business systems, to ensure clear understanding of the report content - Company abbreviation: **State Grid ITC**[12](index=12&type=chunk) - Controlling shareholder: **State Grid Information & Telecommunication Industry Group Co., Ltd. (ITC Group)**[12](index=12&type=chunk) - Main business system definitions: **Marketing 2.0, Online State Grid, iState Grid**[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the Chinese name, abbreviation, foreign name, and legal representative of State Grid Information & Telecommunication Co., Ltd - Company Chinese name: **State Grid Information & Telecommunication Co., Ltd.**, Chinese abbreviation: **State Grid ITC**[14](index=14&type=chunk) - Company Legal Representative: **Wang Ben**[14](index=14&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides the names, contact addresses, telephone numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - Board Secretary: **Wang Xun**, Securities Affairs Representative: **Wang Dingjuan**[15](index=15&type=chunk) - Contact Address: Southwest Industrial Base of State Grid ITC Industry Group, No. 390 Lazi Road, Tianfu New Area, Chengdu, Sichuan Province[15](index=15&type=chunk) [III. Overview of Basic Information Changes](index=5&type=section&id=III.%20Overview%20of%20Basic%20Information%20Changes) This section discloses the company's registered address, office address, postal code, company website, and email address - Company Registered Address: Xiasuo Bridge, Wenchuan County, Sichuan Province; Company Office Address: Southwest Industrial Base of State Grid ITC Industry Group, No. 390 Lazi Road, Tianfu New Area, Chengdu, Sichuan Province[16](index=16&type=chunk) - Company Website: **www.sgitc.com**, Email: **gwxt@sgitc.com**[16](index=16&type=chunk) [IV. Overview of Information Disclosure and Document Placement Location Changes](index=5&type=section&id=IV.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Placement%20Location%20Changes) This section lists the newspapers selected by the company for information disclosure, the website address for semi-annual reports, and the location where the company's semi-annual reports are kept - Newspapers selected for information disclosure: **Shanghai Securities News, Securities Daily, China Securities Journal, Securities Times**[17](index=17&type=chunk) - Website address for semi-annual reports: **www.sse.com.cn**[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock type, listing exchange, stock abbreviation, stock code, and previous stock abbreviation - Stock Type: **A-share**, Listing Exchange: **Shanghai Stock Exchange**[18](index=18&type=chunk) - Stock Abbreviation: **State Grid ITC**, Stock Code: **600131**, Previous Stock Abbreviation: **Minjiang Hydropower**[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details the company's key accounting data and financial indicators for the first half of 2025, showing a 4.55% year-on-year decrease in operating revenue and an 11.01% year-on-year decrease in net profit attributable to shareholders, but a significant improvement in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,524,689,153.35 yuan | 3,692,889,547.09 yuan | -4.55 | | Total Profit | 318,456,113.46 yuan | 305,811,199.58 yuan | 4.13 | | Net Profit Attributable to Listed Company Shareholders | 265,880,676.20 yuan | 298,781,794.50 yuan | -11.01 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 206,310,572.60 yuan | 232,391,769.04 yuan | -11.22 | | Net Cash Flow from Operating Activities | 1,211,368,838.84 yuan | -160,134,440.46 yuan | Not Applicable | | Net Assets Attributable to Listed Company Shareholders (Period End) | 6,154,215,107.60 yuan | 7,947,459,873.33 yuan | -22.56 | | Total Assets (Period End) | 14,542,970,977.03 yuan | 16,646,313,305.85 yuan | -12.64 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.22 | 0.25 | -12.00 | | Diluted Earnings Per Share (yuan/share) | 0.22 | 0.25 | -12.00 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (yuan/share) | 0.17 | 0.19 | -10.53 | | Weighted Average Return on Net Assets (%) | 3.29 | 3.96 | Decrease of 0.67 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 2.55 | 3.08 | Decrease of 0.53 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 59,570,103.60 yuan, primarily including gains/losses from disposal of non-current assets, government grants, and net profit from subsidiaries acquired under common control from the beginning of the period to the acquisition date - Total non-recurring gains and losses: **59,570,103.60 yuan**[25](index=25&type=chunk) - Net profit from subsidiaries acquired under common control from the beginning of the period to the acquisition date: **89,329,105.21 yuan**[25](index=25&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section elaborates on the development trends of the energy, software & IT services, and information & communication industries in the first half of 2025, and the company's main business layout and significant progress in these sectors, including digital infrastructure, frontier technology innovation, enterprise digital applications, power digital applications, and energy innovation services - Synergistic development of energy, software & IT services, and communication industries drives high-quality transformation[28](index=28&type=chunk) - The company is committed to becoming a leading energy digitalization and intelligence innovation enterprise in China[33](index=33&type=chunk) [(I) Industry Overview](index=8&type=section&id=(I)%20Industry%20Overview) In the first half of 2025, new wind and solar power installations surpassed thermal power for the first time, showing significant progress in green and low-carbon transition; software and information technology services achieved steady growth in revenue and profit, with clear targets for the digital economy's core industry value; and new infrastructure construction in the information and communication industry advanced, with expanding user bases for 5G, gigabit, and IoT - Energy and Power Sector: Wind and solar power accounted for nearly **90% of new installed generation capacity**, with new energy generation reaching **26.0%**, an increase of **4.4 percentage points** year-on-year[29](index=29&type=chunk) - Software and Information Technology Services Industry: Software business revenue increased by **11.9%** year-on-year, and total profit increased by **12.0%** year-on-year[31](index=31&type=chunk) - Information and Communication Industry: National optical cable line length reached **73.77 million kilometers**, a year-on-year increase of **9.9%**[32](index=32&type=chunk) [(II) Main Business Operations](index=8&type=section&id=(II)%20Main%20Business%20Operations) The company achieved significant progress across its five main business areas: digital infrastructure, frontier technology innovation, enterprise digital applications, power digital applications, and energy innovation services, including the second phase of the 100G high-efficiency data transmission platform, expansion of quantum power applications, promotion of the Guangming large model, launch of a new generation enterprise portal, deployment of drone intelligent inspection products, and release of Green Certificate Trading Platform 2.0 - Digital Infrastructure: Advanced the **100G high-efficiency data transmission platform Phase II project** and completed communication system commissioning for the Hami-Chongqing ±800 kV UHV DC transmission project[34](index=34&type=chunk) - Frontier Technology Innovation: Intelligent power supply scheme generation based on the **Guangming large model** was fully rolled out in Jiangsu, and the State Grid Jilin Power large model toolchain platform was deployed[34](index=34&type=chunk) - Power Digital Applications: Supported the implementation of **Marketing 2.0 AI scenarios** for State Grid Liaoning Power and Shanxi Power, and piloted the **Qingtian drone product** at State Grid Liaoyang Company[35](index=35&type=chunk) - Energy Innovation Services: Successfully expanded virtual power plant operation platform projects in Nanchong and Yalong River Hydropower, with Green Certificate Trading Platform 2.0 cumulative transaction volume exceeding **270 million certificates**[36](index=36&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, amidst a complex market environment, the company achieved operating revenue of **3.525 billion yuan** and net profit attributable to listed company shareholders of **266 million yuan** by deepening its core business, focusing on lean management, strengthening compliance and market value management, and leveraging Party building, thereby consolidating core business advantages and improving development quality and efficiency - Operating Revenue: **3.525 billion yuan**[36](index=36&type=chunk) - Net Profit Attributable to Listed Company Shareholders: **266 million yuan**[36](index=36&type=chunk) - Total Assets at Period End: **14.543 billion yuan**[36](index=36&type=chunk) - Owners' Equity Attributable to Listed Company Shareholders at Period End: **6.154 billion yuan**[36](index=36&type=chunk) [(I) Deepening Core Responsibilities and Consolidating New Core Business Advantages](index=9&type=section&id=(I)%20Deepening%20Core%20Responsibilities%20and%20Consolidating%20New%20Core%20Business%20Advantages) The company deeply integrates into the "Digital China" strategy, continuously cultivating the energy digitalization field by expanding digital infrastructure, enhancing frontier technology innovation, steadily advancing enterprise digitalization, robustly developing power digitalization, and actively deploying energy innovation services, thereby comprehensively consolidating its core business advantages and providing solid support for smart grids and "dual carbon" goals - Digital Infrastructure Business: Expanded the scale of communication centralized procurement and integration business, solidifying the communication foundation for smart grids[37](index=37&type=chunk) - Frontier Technology Innovation Business: Focused on the application of **artificial intelligence** and **"5G + Quantum" technologies** in the energy sector to enhance intelligent service levels[37](index=37&type=chunk) - Energy Innovation Services Business: Developed **"dual carbon" digital products** and improved power trading service capabilities to support "dual carbon" goals and the construction of a new power system[37](index=37&type=chunk) [(II) Focusing on Lean Management to Steadily Improve Development Quality and Efficiency](index=9&type=section&id=(II)%20Focusing%20on%20Lean%20Management%20to%20Steadily%20Improve%20Development%20Quality%20and%20Efficiency) The company established a "customer-centric" new management system, integrated marketing resources, optimized process standards, and continuously increased R&D investment (approximately **482 million yuan** in the first half), achieving significant technological innovation results (**61 patent authorizations**), while also improving project and material management, effectively enhancing operational efficiency and cost control - R&D Investment: Approximately **482 million yuan** in the first half[39](index=39&type=chunk) - Technological Innovation Achievements: **61 patent authorizations**, **65 scientific papers published**, and **3 technology awards** received[39](index=39&type=chunk) - Management System: Promoted the construction of a new management system "customer-centric, marketing-led, R&D-core, with human resources, finance, materials, and compliance as guarantees"[39](index=39&type=chunk) [(III) Strengthening Bottom-Line Thinking and Solidifying the Foundation of Compliance Management](index=10&type=section&id=(III)%20Strengthening%20Bottom-Line%20Thinking%20and%20Solidifying%20the%20Foundation%20of%20Compliance%20Management) The company maintained efficient operation of the "three meetings," revised and improved its core institutional system, established a system evaluation and update mechanism, and deeply carried out special safety production actions, thereby comprehensively enhancing compliance management and ensuring stable and compliant company operations, with no safety liability accidents occurring during the reporting period - System Construction: Comprehensively reviewed and updated the institutional system in accordance with laws and regulations such as the "Guidelines for Articles of Association of Listed Companies"[40](index=40&type=chunk) - Safety Management: Deeply carried out special safety production actions, with **no safety liability accidents** occurring in the first half of the year[40](index=40&type=chunk) [(IV) Focusing on High-Quality Development and Enhancing Market Value Management Internally and Externally](index=10&type=section&id=(IV)%20Focusing%20on%20High-Quality%20Development%20and%20Enhancing%20Market%20Value%20Management%20Internally%20and%20Externally) The company established a sound market value management system, strictly disclosed information, actively engaged in investor relations management activities (such as "Into State Grid ITC" open day, collective performance briefings), and deepened the integration of ESG principles into its operations, thereby comprehensively enhancing its image and influence in the capital market and receiving multiple honors for investor relations management and value creation - Market Value Management: Formulated the "Company Market Value Management System," clarifying organizational leadership and responsibility implementation mechanisms[41](index=41&type=chunk) - Information Disclosure: Disclosed **2 regular announcements** and **over 70 temporary announcements and attachments** in the first half of the year[41](index=41&type=chunk) - Investor Relations: Held "Into State Grid ITC" brand open day, participated in collective performance briefings, and received multiple investor relations management awards[41](index=41&type=chunk) - ESG: Released the **2024 Environmental, Social, and Governance (ESG) Report**[41](index=41&type=chunk) [(V) Strengthening Party Building Empowerment to Achieve New Developments in Party Building](index=10&type=section&id=(V)%20Strengthening%20Party%20Building%20Empowerment%20to%20Achieve%20New%20Developments%20in%20Party%20Building) The company highly values the implementation of the Central Eight Provisions, achieving new developments in Party building through learning and education activities, innovating the "three-type and one-transformation" Party building system, strengthening supervision and accountability, and continuously assisting rural revitalization by promoting the "Power Love Classroom" project and paired assistance for education, demonstrating the social responsibility of state-owned enterprises - Party Building Learning: Comprehensively carried out learning and education activities through special study classes and central group studies[42](index=42&type=chunk) - Social Responsibility: Continuously assisted rural revitalization, promoted the donation and implementation of the **"Power Love Classroom" project**, and implemented paired assistance for education[42](index=42&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) As a backbone enterprise in the digital transformation of the power energy industry, the company has formed a mature and complete industrial layout, deep industry experience and customer resources, outstanding talent echelon and independent innovation capabilities, comprehensive and complete qualification certifications, and significant brand influence through technological accumulation and innovative practices, effectively assisting it in achieving its strategic goal of "building a leading energy digitalization and intelligence innovation enterprise in China" - Industrial Layout: Constructed a full-stack technical architecture of "communication transmission network - data center resources - intelligent management platform - energy application services"[43](index=43&type=chunk) - Talent Advantage: Employees with bachelor's degree or above account for **94.24%**, and those with master's degree or above account for **50.84%**[45](index=45&type=chunk) - Qualification Certifications: Holds a national telecommunications value-added business license (ISP), obtained **CMMI5 certification**, and possesses **over 40 professional qualifications**[46](index=46&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=11&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section details the company's main operating conditions during the reporting period, including the reasons for changes in financial statement items, asset and liability status, external equity investments, and major controlled and associated companies, revealing specific changes in revenue, profit, asset structure, and investment activities and their driving factors - Operating revenue decreased by **4.55%** year-on-year, and operating costs decreased by **4.43%** year-on-year[49](index=49&type=chunk) - Net cash flow from operating activities significantly increased, turning from negative to positive[49](index=49&type=chunk) - Net assets attributable to listed company shareholders and total assets both decreased[21](index=21&type=chunk) [(I) Main Business Analysis](index=11&type=section&id=(I)%20Main%20Business%20Analysis) This section analyzes the company's main business performance during the reporting period through changes in financial statement items. Both operating revenue and operating costs decreased year-on-year, but net cash flow from operating activities significantly improved, mainly due to the inclusion of Yili Technology's funds Financial Statement Items Change Analysis | Item | Current Period Amount (yuan) | Prior Year Amount (yuan) | Change Ratio (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,524,689,153.35 | 3,692,889,547.09 | -4.55 | | | Operating Costs | 2,745,112,807.27 | 2,872,316,913.65 | -4.43 | | | Selling Expenses | 115,956,960.29 | 124,324,927.77 | -6.73 | | | Administrative Expenses | 259,020,256.25 | 237,056,877.97 | 9.27 | | | Financial Expenses | -12,230,333.06 | -9,194,585.97 | -33.02 | Due to increased interest income | | R&D Expenses | 173,166,453.27 | 237,375,357.15 | -27.05 | | | Net Cash Flow from Operating Activities | 1,211,368,838.84 | -160,134,440.46 | Not Applicable | Due to the inclusion of Yili Technology funds in this period | | Net Cash Flow from Investing Activities | -857,905,342.61 | 22,076,749.23 | Not Applicable | Due to payment for Yili Technology equity acquisition | | Net Cash Flow from Financing Activities | 165,674,336.65 | -135,010,663.46 | Not Applicable | Recovery of bill guarantee deposits | [(III) Analysis of Assets and Liabilities](index=12&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section details the company's asset and liability status at the end of the reporting period, with significant changes in several asset and liability items, such as increases in notes receivable, inventories, construction in progress, other payables, and deferred income, while accounts receivable, notes payable, contract liabilities, and taxes payable decreased, mainly influenced by business activities, fund centralization, and Yili Technology acquisition payments Changes in Assets and Liabilities | Item Name | Amount at Period End (yuan) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | | Notes Receivable | 36,583,657.22 | 129.28 | Mainly due to increased notes received | | Receivables Financing | 63,161,061.30 | -63.26 | Mainly due to maturity of bank acceptances | | Other Receivables | 298,489,164.69 | -80.45 | Mainly due to recovery of centralized funds | | Inventories | 934,880,527.23 | 38.37 | Mainly due to normal project stocking | | Contract Assets | 900,198,886.98 | 30.43 | Mainly due to project performance progress not reaching collection milestones | | Construction in Progress | 85,196,739.68 | 45.88 | Mainly due to increased asset construction | | Notes Payable | 350,321,800.24 | -64.73 | Mainly due to maturity and acceptance of bank acceptances | | Contract Liabilities | 107,845,330.47 | -54.63 | Mainly due to settlement of advance receipts | | Taxes Payable | 34,055,078.05 | -64.90 | Mainly due to payment of prior year's taxes | | Other Payables | 1,531,397,510.04 | 440.03 | Mainly due to unpaid Yili acquisition funds | | Lease Liabilities | 238,548,711.92 | 31.07 | Mainly due to property leases | | Deferred Income | 7,246,420.34 | 93.26 | Mainly due to increased government grants | Major Asset Restrictions as of the End of the Reporting Period | Item | Balance at Period End (yuan) | Balance at Prior Year End (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bill Deposits | 101,166,152.15 | 344,328,298.33 | | Letter of Guarantee Deposits | 4,463,481.54 | 27,317,681.19 | | Bid Deposits | 512,588.97 | 512,588.97 | | Litigation Frozen Funds | 164,481,809.14 | 94,904,339.98 | | **Total** | **270,624,031.80** | **467,062,908.47** | [(IV) Analysis of Investment Status](index=13&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total external equity investment increased by **21,320,446.73 yuan**, mainly due to investment income from Sichuan Futang Hydropower Co., Ltd. Concurrently, the company completed a significant equity investment by acquiring **100% equity** in State Grid ITC Yili Technology Co., Ltd., further expanding its power grid digital infrastructure and other businesses - Long-term equity investment balance at period end: **335,202,890.68 yuan**, an increase of **21,320,446.73 yuan** from the beginning of the year[54](index=54&type=chunk) - Investment income recognized from Sichuan Futang Hydropower Co., Ltd.: **79,767,199.30 yuan**[54](index=54&type=chunk) Significant Equity Investment | Investee Company Name | Main Business | Investment Method | Investment Amount (yuan) | Shareholding Ratio | Consolidated | | :--- | :--- | :--- | :--- | :--- | :--- | | State Grid ITC Yili Technology Co., Ltd. | Power grid digital infrastructure, cloud network infrastructure, enterprise smart energy | Acquisition | 1,853,426,211.10 | 100% | Yes | Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | | Other | 27,000,000.00 | 27,000,000.00 | | **Total** | **27,000,000.00** | **27,000,000.00** | [(VI) Analysis of Major Controlled and Associated Companies](index=16&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Associated%20Companies) The company's major controlled subsidiaries include Beijing Zhongdian Puhua, Anhui Jiyuan Software, Beijing Zhongdian Feihua, Sichuan Zhongdian Qimingxing, State Grid ITC Yili Technology, and Jinchuan Yangjiawan Hydropower, with Sichuan Futang Hydropower as an associated company. During the reporting period, State Grid ITC Yili Technology was consolidated through a business combination under common control, which will increase the company's operating revenue and profit scale Major Controlled and Associated Companies Financial Data (2025 Semi-Annual) | Company Name | Company Type | Main Business | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Beijing Zhongdian Puhua Information Technology Co., Ltd. | Subsidiary | Power grid operation digitalization, power grid customer service digitalization, power grid middle platform | 800,326,432.57 | 65,391,329.03 | | Anhui Jiyuan Software Co., Ltd. | Subsidiary | Power grid production digitalization, power grid digital infrastructure, cloud network infrastructure | 730,055,939.35 | 5,085,740.67 | | Beijing Zhongdian Feihua Communication Co., Ltd. | Subsidiary | Power grid digital infrastructure, cloud network infrastructure, enterprise smart energy | 997,958,419.59 | 61,399,695.82 | | Sichuan Zhongdian Qimingxing Information Technology Co., Ltd. | Subsidiary | Enterprise operation digitalization, power market trading, dual carbon digitalization | 235,580,344.88 | 4,462,502.20 | | State Grid ITC Yili Technology Co., Ltd. | Subsidiary | Power grid digital infrastructure, cloud network infrastructure, enterprise smart energy | 810,685,048.49 | 60,128,128.92 | | Jinchuan Yangjiawan Hydropower Co., Ltd. | Subsidiary | Power development and production | 8,802,923.48 | 1,010,878.35 | | Sichuan Futang Hydropower Co., Ltd. | Associate | Power development and production | 272,949,170.11 | 199,417,998.23 | - State Grid ITC Yili Technology Co., Ltd. was consolidated through a business combination under common control, which will increase the company's operating revenue and profit scale[60](index=60&type=chunk)[61](index=61&type=chunk) [V. Other Disclosure Matters](index=18&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces multiple risks including concentrated core customers, competition for high-end talent, technological iteration and innovation, and intellectual property protection. To address these challenges, the company plans to enhance its risk resistance capabilities by expanding external markets, improving talent incentive mechanisms, increasing R&D investment in frontier technologies, and strengthening its intellectual property management system - Concentrated Core Customer Risk: Deepening customer cooperation brings stable growth, but single customer reliance may affect business structure balance[62](index=62&type=chunk) - High-End Talent Competition Risk: Rapid iteration of frontier technologies leads to a prominent supply-demand imbalance for composite talents, requiring a more attractive talent retention mechanism[63](index=63&type=chunk) - Technological Iteration and Innovation Risk: Accelerated construction of new power systems and continuous emergence of new technologies require the company to strengthen systemic thinking and enhance technological innovation capabilities[64](index=64&type=chunk) - Intellectual Property Protection Risk: Power digitalization innovation achievements face potential risks such as technology leakage and commercial secret infringement, necessitating the establishment of a full lifecycle intellectual property management system[65](index=65&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Directors%20and%20Senior%20Management) During the reporting period, the company's board of directors, supervisory board, and senior management team underwent multiple changes, including the resignation of a deputy general manager, chief accountant, and supervisor due to work changes or adjustments, the appointment of a new chief financial officer and deputy general manager, and the election of a new employee director, with all supervisory board members departing due to the abolition of the supervisory board - Deputy General Manager Yan Bin, Chief Accountant Sun Hui, and Deputy General Manager Deng Wei resigned[70](index=70&type=chunk)[71](index=71&type=chunk) - Supervisory Board Chairman Yu Mei resigned, the supervisory board was abolished, and Shen Jianping, Gao Yi, Yang Min, and Chen Yaqin all departed[70](index=70&type=chunk)[71](index=71&type=chunk) - Xiang Jie was appointed Chief Financial Officer, Liu Caihua was appointed Director, and Jiang Zaiyu was appointed Deputy General Manager[70](index=70&type=chunk)[71](index=71&type=chunk) - Yang Desheng was elected as the company's employee director[71](index=71&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that there is no profit distribution plan or capital reserve conversion plan for the current reporting period - Semi-annual proposed profit distribution plan or capital reserve conversion plan: **None**[72](index=72&type=chunk)[73](index=73&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) Due to the departure of incentive recipients and the non-fulfillment of unlocking conditions, the company's 2021 Restricted Stock Incentive Plan involved two repurchases and cancellations of a total of **442,500 shares** of restricted stock that had been granted but not yet unlocked during the reporting period - On March 21, 2025, **442,500 restricted shares** were repurchased and canceled due to the departure of **8 incentive recipients** from the company[74](index=74&type=chunk)[131](index=131&type=chunk) - On July 15, 2025, the repurchase and cancellation of some restricted shares granted but not yet unlocked under the **2021 Restricted Stock Incentive Plan** was completed[74](index=74&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=20&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company invested a total of **994,220 yuan** in consolidating poverty alleviation achievements and rural revitalization, actively fulfilling its social responsibilities through multi-dimensional measures including industrial assistance (tax payments in Aba Prefecture, local employment for hydropower projects), technological assistance (new power system construction in Xiaogang Village), educational assistance (paired assistance for education, Power Love Classroom, AI popularization), and consumption-based poverty alleviation (introducing agricultural product sales) Poverty Alleviation and Rural Revitalization Project Investment | Project | Funds (10,000 yuan) | | :--- | :--- | | Total Investment | 99.422 | | Industrial Assistance | 20 | | Technological Assistance | / | | Educational Assistance | 62.55 | | Consumption-Based Poverty Alleviation | 16.872 | - Industrial Assistance: Accumulated tax payments of **73.2 million yuan** in Aba Prefecture, with **3.79 million yuan** paid in taxes from January to June 2025; Jinchuan Yangjiawan Hydropower project employed **over 20 local residents**[76](index=76&type=chunk) - Educational Assistance: Initiated paired assistance for education, funding **125 disadvantaged students with 250,000 yuan**, and participated in State Grid's **"Power Love Classroom" public welfare project**, donating **300,000 yuan**[76](index=76&type=chunk)[77](index=77&type=chunk) - Consumption-Based Poverty Alleviation: Introduced specialty agricultural products from Mabian County, Leshan City, Sichuan Province, into the iState Grid "iLife" special zone for sale, with active procurement by various units[77](index=77&type=chunk) [Section V Significant Matters](index=23&type=section&id=Section%20V%20Significant%20Matters) [I. Fulfillment of Commitments](index=23&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, and related parties all timely and strictly fulfilled their commitments during the reporting period, including resolving related-party transactions, avoiding horizontal competition, ensuring company independence, addressing land title defects, and handling intellectual property and debt transfers, thereby ensuring standardized company operations and shareholder interests - The committing party (former largest shareholder, State Grid Sichuan Electric Power Company, acting in concert with the major asset restructuring counterparty) timely and strictly fulfilled commitments to resolve related-party transactions and horizontal competition[79](index=79&type=chunk)[80](index=80&type=chunk) - The committing parties (State Grid Sichuan Electric Power Company, State Grid Corporation of China, and ITC Group) timely and strictly fulfilled commitments to ensure the independence of the listed company's assets, personnel, finance, organization, and business[80](index=80&type=chunk)[81](index=81&type=chunk) - The committing parties (State Grid Corporation of China, ITC Group) timely and strictly fulfilled commitments to reduce related-party transactions, avoid horizontal competition, and support the listed company in expanding external business markets[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - The committing party (ITC Group) timely and strictly fulfilled commitments to resolve land and other property title defects, intellectual property handling, and debt transfer[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [VII. Major Litigation and Arbitration Matters](index=30&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company and its subsidiaries were involved in multiple major litigation and arbitration cases, primarily contract disputes and creditor-debtor disputes. Some cases have been concluded, such as the lease contract dispute with Chengdu Mindian Technology Co., Ltd., where the company was not held liable, and partial execution of funds received for the Jinchuan Yangjiawan Hydropower Co., Ltd. entrusted contract dispute series; other cases are still in first instance or arbitration, such as service contract disputes initiated by Beijing Keda Zhongye Technology Training Co., Ltd., Beijing Huadian Chenneng Information Technology Co., Ltd., and Beijing Yunsichangxiang Technology Co., Ltd - In the enterprise contract management dispute between the former Electronic Materials Company and Jianghe, Ruiwen Electronic Company, the company has cumulatively recovered **4.4 million yuan**, with **4.1 million yuan** of outstanding claims[86](index=86&type=chunk)[87](index=87&type=chunk) - In the lease contract dispute filed by Chengdu Mindian Technology Co., Ltd. against the company, the second instance judgment upheld the original verdict, and the company bears **no liability**[87](index=87&type=chunk)[88](index=88&type=chunk) - In the Jinchuan Yangjiawan Hydropower Co., Ltd. entrusted contract dispute series, **26,599,776.27 yuan** has been received from partial execution, and another case has been concluded after retrial and is currently in execution[92](index=92&type=chunk)[96](index=96&type=chunk) - In the service contract disputes filed by Beijing Keda Zhongye Technology Training Co., Ltd. against Beijing Zhongdian Puhua Information Technology Co., Ltd., all **3 cases are in the first instance** and no judgment has been rendered[96](index=96&type=chunk)[97](index=97&type=chunk) - In the service contract disputes filed by Beijing Huadian Chenneng Information Technology Co., Ltd. against Beijing Zhongdian Puhua Information Technology Co., Ltd., **1 case is awaiting judgment**, and the other **2 cases were heard on August 4, 2025**[98](index=98&type=chunk) - In the sales contract dispute filed by Anhui Jiyuan Software Co., Ltd. against Aerospace Cloud Network Data Research Institute (Jiangsu) Co., Ltd., **one case has been concluded**, and for the other, Aerospace Cloud Network has submitted an appeal application[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - In the sales contract dispute filed by CNBM Information Technology Co., Ltd. against Sichuan Zhongdian Qimingxing Information Technology Co., Ltd., the case is still in first instance, and the company has accrued a provision of **9,999,360.00 yuan**[117](index=117&type=chunk) [X. Major Related-Party Transactions](index=38&type=section&id=X.%20Major%20Related-Party%20Transactions) The company has daily operating related-party transactions with its parent company, State Grid Corporation of China, and other units within its system, involving sales and purchases of goods and provision of services, with pricing principles following market-based and fair values. Additionally, the company has deposit business with China Power Finance Co., Ltd., with an ending deposit balance of **2,572,423,988.59 yuan** Daily Operating Related-Party Transactions (Sales of Goods/Provision of Services) | Related Party | Related Transaction Content | Current Period Amount (yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | State Grid Information & Telecommunication Industry Group Co., Ltd. | Sales of goods, provision of services | 349,167,811.28 | 9.91 | | State Grid Corporation of China | Sales of goods, provision of services | 297,081,228.65 | 8.43 | | State Grid Anhui Electric Power Co., Ltd. | Sales of goods, provision of services | 291,725,640.44 | 8.28 | | State Grid Sichuan Electric Power Company | Sales of goods, provision of services | 196,629,858.98 | 5.58 | | State Grid Fujian Electric Power Co., Ltd. | Sales of goods, provision of services | 184,090,154.79 | 5.22 | | State Grid Jiangsu Electric Power Co., Ltd. | Sales of goods, provision of services | 174,813,288.13 | 4.96 | | State Grid Hunan Electric Power Co., Ltd. | Sales of goods, provision of services | 144,543,848.55 | 4.10 | | State Grid Shandong Electric Power Company | Sales of goods, provision of services | 137,207,234.79 | 3.89 | | State Grid Jiangxi Electric Power Co., Ltd. | Sales of goods, provision of services | 94,482,716.11 | 2.68 | | State Grid Jibei Electric Power Co., Ltd. | Sales of goods, provision of services | 86,541,071.13 | 2.46 | | Other units within State Grid Corporation of China system | Sales of goods, provision of services | 1,336,565,045.43 | 37.92 | | **Total** | **Sales of goods, provision of services** | **3,492,267,519.38** | **99.03** | Daily Operating Related-Party Transactions (Purchases of Goods/Acceptance of Services) | Related Party | Related Transaction Content | Current Period Amount (yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | State Grid Electric Power Research Institute Co., Ltd. | Purchases of goods, acceptance of services | 70,152,197.39 | 2.56 | | State Grid Information & Telecommunication Industry Group Co., Ltd. | Purchases of goods, acceptance of services | 42,208,516.33 | 1.54 | | State Grid Jiangsu Electric Power Co., Ltd. | Purchases of goods, acceptance of services | 19,395,596.82 | 0.71 | | State Grid Material Co., Ltd. | Purchases of goods, acceptance of services | 13,947,619.63 | 0.51 | | State Grid Xiong'an Financial Technology Group Co., Ltd. | Purchases of goods, acceptance of services | 5,927,858.49 | 0.22 | | Other units within State Grid Corporation of China system | Purchases of goods, acceptance of services | 47,787,832.44 | 1.74 | | **Total** | **Purchases of goods, acceptance of services** | **199,419,621.10** | **7.28** | Deposit Business with China Power Finance Co., Ltd. | Related Party | Related Relationship | Maximum Daily Deposit Limit (yuan) | Deposit Interest Rate Range | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Power Finance Co., Ltd. | Under common ultimate control | 4,000,000,000.00 | 0.2%-1.35% | 2,376,234,882.67 | 2,572,423,988.59 | [Section VI Share Changes and Shareholder Information](index=42&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Changes in Share Capital](index=42&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital decreased due to the repurchase and cancellation of **442,500 restricted shares** held by **8 incentive recipients** who departed the company under the 2021 Restricted Stock Incentive Plan, resulting in corresponding changes in restricted shares and total share capital - Total shares decreased by **442,500 shares**[134](index=134&type=chunk) - Restricted shares decreased by **442,500 shares**, with an ending balance of **5,411,395 shares**[134](index=134&type=chunk) - Unrestricted tradable shares increased, with the proportion rising to **99.55%**[134](index=134&type=chunk) - Repurchase and cancellation of restricted shares: **442,500 shares**, reason for repurchase and cancellation: **8 incentive recipients** departed the company[131](index=131&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Decreased During Reporting Period (shares) | Restricted Shares at End of Reporting Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Company 2021 Restricted Stock Incentive Plan Incentive Recipients | 1,591,125 | 147,500 | 1,443,625 | Equity incentive lock-up period | | Chuanxi Power Development Company | 740,520 | 0 | 740,520 | Share reform | | Chen Mimi | 170,000 | 0 | 170,000 | Share reform | | Shanghai Yin Xing Industrial Co., Ltd. | 85,000 | 0 | 85,000 | Share reform | | Shanghai Sheng Ya Metal Material Co., Ltd. | 85,000 | 0 | 85,000 | Share reform | | **Total** | **5,853,895** | **442,500** | **5,411,395** | / | [II. Shareholder Information](index=43&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **39,096 shareholders**. Among the top ten shareholders, State Grid Information & Telecommunication Industry Group Co., Ltd. and its concerted party, State Grid Sichuan Electric Power Company, collectively held **over 50%** of the shares, maintaining absolute controlling status. The top ten unrestricted tradable share shareholders were largely consistent with the top ten shareholders - Total number of common shareholders as of the end of the reporting period: **39,096 households**[136](index=136&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | State Grid Information & Telecommunication Industry Group Co., Ltd. | 526,920,295 | 43.86 | State-owned Legal Person | | State Grid Sichuan Electric Power Company | 95,385,704 | 7.94 | State-owned Legal Person | | Xinhua Water Conservancy Holding Group Co., Ltd. | 59,849,416 | 4.98 | State-owned Legal Person | | China Telecom Group Investment Co., Ltd. | 57,000,000 | 4.74 | State-owned Legal Person | | Beijing Xinhua Guotai Water Conservancy Asset Management Co., Ltd. | 16,431,900 | 1.37 | State-owned Legal Person | | Taiping Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products - 022L-CT001 Shanghai | 14,000,000 | 1.17 | Unknown | | Aba State-owned Assets Investment Management Co., Ltd. | 12,496,700 | 1.04 | State-owned Legal Person | | Xingzheng Securities Asset Management - Aba State Investment Development Co., Ltd. - Xingzheng Asset Management Alpha Corei No. 3 Single Asset Management Plan | 9,440,000 | 0.79 | Unknown | | Xingzheng Securities Asset Management - Aba State-owned Assets Investment Management Co., Ltd. - Xingzheng Asset Management Alpha Corei No. 17 Single Asset Management Plan | 9,000,000 | 0.75 | Unknown | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 8,902,124 | 0.74 | Unknown | - State Grid Information & Telecommunication Industry Group Co., Ltd. and State Grid Sichuan Electric Power Company are **parties acting in concert**[139](index=139&type=chunk) Top Ten Restricted Share Shareholders' Shareholding | No. | Restricted Shareholder Name | Number of Restricted Shares Held (shares) | Restriction Conditions | | :--- | :--- | :--- | :--- | | 1 | Company 2021 Restricted Stock Incentive Plan Incentive Recipients | 1,443,625 | Equity incentive lock-up period (36 months after grant registration completion) | | 2 | Company 2021 Restricted Stock Incentive Plan Incentive Recipients | 1,443,625 | Equity incentive lock-up period (48 months after grant registration completion) | | 3 | Company 2021 Restricted Stock Incentive Plan Incentive Recipients | 1,443,625 | Equity incentive lock-up period (60 months after grant registration completion) | | 4 | Chuanxi Power Development Company | 740,520 | Share reform | | 5 | Chen Mimi | 170,000 | Share reform | | 6 | Shanghai Yin Xing Industrial Co., Ltd. | 85,000 | Share reform | | 7 | Shanghai Sheng Ya Metal Material Co., Ltd. | 85,000 | Share reform | [Section VII Bond-Related Information](index=47&type=section&id=Section%20VII%20Bond-Related%20Information) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=47&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company has **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments[145](index=145&type=chunk) [II. Convertible Corporate Bonds](index=47&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section states that the company had no convertible corporate bonds during the reporting period - The company has **no convertible corporate bonds**[145](index=145&type=chunk) [Section VIII Financial Report](index=48&type=section&id=Section%20VIII%20Financial%20Report) [II. Financial Statements](index=48&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, comprehensively presenting the company's financial position at the end of the reporting period, operating results, and cash flow changes for the first half of the year - Consolidated Balance Sheet shows total assets of **14,542,970,977.03 yuan** and total liabilities of **8,218,652,595.77 yuan**[148](index=148&type=chunk)[149](index=149&type=chunk) - Consolidated Income Statement shows total operating revenue of **3,524,689,153.35 yuan** and net profit of **266,858,838.71 yuan**[153](index=153&type=chunk) - Consolidated Cash Flow Statement shows net cash flow from operating activities of **1,211,368,838.84 yuan**[159](index=159&type=chunk) [III. Company Profile](index=71&type=section&id=III.%20Company%20Profile) This section introduces State Grid Information & Telecommunication Co., Ltd., including its history as a joint-stock company established in 1993, multiple changes in share capital, and subsidiaries included in the consolidation scope after the major asset restructuring in 2019. The parent company is State Grid Information & Telecommunication Industry Group Co., Ltd., and the ultimate controlling party is State Grid Corporation of China, with its main business in the software and information technology services industry - Company Name: **State Grid Information & Telecommunication Co., Ltd.**[176](index=176&type=chunk) - Parent Company: **State Grid Information & Telecommunication Industry Group Co., Ltd.**, Ultimate Controlling Party: **State Grid Corporation of China**[186](index=186&type=chunk) - Main Business: **Software and information technology services industry**, with a broad scope of business[187](index=187&type=chunk) - Completed major asset restructuring in **2019**, consolidating Jiyuan Software, Zhongdian Feihua, Zhongdian Qimingxing, and Zhongdian Puhua[181](index=181&type=chunk) [IV. Basis of Financial Statement Preparation](index=74&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section explains the basis for preparing the company's financial statements, which adhere to the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on a going concern assumption, using the accrual basis and historical cost measurement, and making appropriate provisions for asset impairment - Preparation Basis: Complies with **"Accounting Standards for Business Enterprises"** and CSRC's **"Information Disclosure Rules for Companies Issuing Securities No. 15"**[189](index=189&type=chunk) - Accounting Basis: **Accrual basis** and **historical cost measurement**[189](index=189&type=chunk) - Going Concern: The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[190](index=190&type=chunk) [V. Significant Accounting Policies and Estimates](index=74&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section outlines the significant accounting policies and estimates followed by the company in preparing its financial statements, covering key areas such as financial instruments, long-term equity investments, fixed assets, intangible assets, and revenue recognition, aiming to ensure the truthfulness, accuracy, and completeness of financial reporting - Financial Asset Classification: Measured at **amortized cost**, at **fair value through other comprehensive income**, or at **fair value through profit or loss**[209](index=209&type=chunk) - Financial Asset Impairment: Impairment provisions are made based on **expected credit losses**[217](index=217&type=chunk) - Long-Term Equity Investments: Subsidiaries are accounted for using the **cost method**, while joint ventures and associates are accounted for using the **equity method**[232](index=232&type=chunk) - Revenue Recognition: Revenue is recognized when the customer obtains control of the related goods, considering factors such as single performance obligations, transaction price, and performance progress[271](index=271&type=chunk)[272](index=272&type=chunk) [VI. Taxation](index=101&type=section&id=VI.%20Taxation) This section details the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, education surcharge, local education surcharge, water resource tax, and corporate income tax. It also discloses that the company and several of its subsidiaries enjoy corporate income tax preferential policies for high-tech enterprises, as well as value-added tax immediate refund policies for software products - Main Tax Categories: Value-added tax (**3%-13%**), urban maintenance and construction tax (**1%-7%**), education surcharge (**3%**), local education surcharge (**2%**), water resource tax (**0.005 yuan/kWh**), corporate income tax (**15%, 25%**)[288](index=288&type=chunk) - Tax Incentives: Beijing Zhongdian Feihua, Beijing Zhongdian Puhua, Anhui Jiyuan Software, Sichuan Zhongdian Qimingxing, State Grid ITC Yili Technology, and several other subsidiaries enjoy a **15% corporate income tax preferential rate** for high-tech enterprises[290](index=290&type=chunk) - Software Product VAT: State Grid ITC Yili Technology Co., Ltd. enjoys a policy of immediate refund for the portion of value-added tax on software products that exceeds **3%** of the actual tax burden[291](index=291&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=102&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, accounts receivable, contract assets, other receivables, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, deferred income tax assets/liabilities, restricted assets, notes payable, accounts payable, contract liabilities, other payables, lease liabilities, provisions, share capital, capital reserves, treasury stock, undistributed profits, operating revenue and costs, R&D expenses, credit impairment losses, asset impairment losses, and supplementary information to the cash flow statement, explaining the composition, reasons for changes, and related accounting treatments for each item - Monetary funds balance at period end: **3,240,820,213.02 yuan**, of which **270,624,031.80 yuan** is restricted[293](index=293&type=chunk)[385](index=385&type=chunk) - Accounts receivable balance at period end: **5,361,062,878.10 yuan**, of which **4,948,588,415.53 yuan** is from related parties[300](index=300&type=chunk)[303](index=303&type=chunk) - Net cash flow from operating activities for the current period was **1,211,368,838.84 yuan**, compared to **-160,134,440.46 yuan** in the prior year, a significant improvement[437](index=437&type=chunk) - **1,252,377,285.58 yuan** of Yili Technology funds were consolidated in the current period due to a business combination under common control[434](index=434&type=chunk) - Treasury stock decreased by **4,093,125.00 yuan** due to repurchase and cancellation of equity incentives[409](index=409&type=chunk) [VIII. Research and Development Expenses](index=155&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section discloses the company's R&D expenditures during the reporting period, with a total R&D expenditure of **481,520,047.63 yuan**, including **355,072,855.59 yuan** expensed and **126,447,192.04 yuan** capitalized. The company continues to invest in multiple R&D projects, covering frontier technology areas such as power system automation, large language model scheduling, secure cloud disk, and new power system time synchronization R&D Expenses by Nature | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Technical Service Fees | 104,770,153.09 | 136,276,760.94 | | Employee Compensation | 111,631,613.32 | 90,578,723.26 | | Lease Fees | 2,908,021.80 | 15,455,246.96 | | Other | 262,210,259.42 | 132,988,160.67 | | **Total** | **481,520,047.63** | **375,298,891.83** | | Of which: Expensed R&D Expenditures | 355,072,855.59 | 262,186,387.74 | | Capitalized R&D Expenditures | 126,447,192.04 | 113,112,504.09 | - Multiple R&D projects are in the development stage and meet capitalization conditions, such as research on key technologies for power system automation early warning public service platform and large language model scheduling technology based on localized computing platforms[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) [IX. Changes in Consolidation Scope](index=158&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed, primarily through a business combination under common control, bringing State Grid ITC Yili Technology Co., Ltd. into the consolidation scope. This company contributed **810,685,048.49 yuan** in revenue and **60,128,128.92 yuan** in net profit from the beginning of the consolidation period to the consolidation date - Consolidation Method: Business combination under **common control**[158](index=158&type=chunk) - Acquired Entity: **State Grid ITC Yili Technology Co., Ltd.**[158](index=158&type=chunk) - Acquired Entity Revenue from Period Start to Consolidation Date: **810,685,048.49 yuan**[158](index=158&type=chunk) - Acquired Entity Net Profit from Period Start to Consolidation Date: **60,128,128.92 yuan**[158](index=158&type=chunk) - Consolidation Cost: **1,853,426,211.10 yuan** in cash[159](index=159&type=chunk) [X. Interests in Other Entities](index=161&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates. The company owns several wholly-owned subsidiaries primarily engaged in information transmission, software and information technology services, and hydropower development. Additionally, the company holds a **40% equity stake** in Sichuan Futang Hydropower Co., Ltd., accounted for using the equity method - Major Wholly-Owned Subsidiaries: Anhui Jiyuan Software, Beijing Zhongdian Feihua, Sichuan Zhongdian Qimingxing, Beijing Zhongdian Puhua, State Grid ITC Yili Technology[161](index=161&type=chunk) - Controlled Subsidiary: Jinchuan Yangjiawan Hydropower Co., Ltd., with a **98% equity stake**[161](index=161&type=chunk) - Significant Associate: Sichuan Futang Hydropower Co., Ltd., with a **40% equity stake**, accounted for using the **equity method**[163](index=163&type=chunk) [XI. Government Grants](index=165&type=section&id=XI.%20Government%20Grants) During the reporting period, the total government grants recognized in profit or loss amounted to **629,470.29 yuan**, including **108,000.29 yuan** related to assets and **521,470.00 yuan** related to income Government Grants Recognized in Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-Related | 108,000.29 | 339,313.65 | | Income-Related | 521,470.00 | 716,251.40 | | **Total** | **629,470.29** | **1,055,565.05** | [XIV. Related Parties and Related-Party Transactions](index=167&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's related parties and related-party transactions. The company's parent company is State Grid Information & Telecommunication Industry Group Co., Ltd., and the ultimate controlling party is State Grid Corporation of China. The company has extensive daily related-party transactions with its parent company, State Grid Corporation of China, and other units within its system, involving sales and purchases of goods, provision and acceptance of services, as well as related-party leases and deposit business with related financial companies - Parent Company: **State Grid Information & Telecommunication Industry Group Co., Ltd.**, with a **43.86% equity stake** and **51.80% voting rights**[468](index=468&type=chunk) - Ultimate Controlling Party: **State Grid Corporation of China**[469](index=469&type=chunk) - Daily Related-Party Transactions: Primarily sales of goods and provision of services to units within the State Grid Corporation of China system, and purchases of goods and acceptance of services[471](index=471&type=chunk)[473](index=473&type=chunk) - Related-Party Deposit Business: Deposit balance with China Power Finance Co., Ltd. at period end was **2,572,423,988.59 yuan**[126](index=126&type=chunk)[127](index=127&type=chunk) [XIX. Notes to Major Items in Parent Company Financial Statements](index=176&type=section&id=XIX.%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This section provides detailed notes for major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income. The parent company's accounts receivable primarily come from related parties, long-term equity investments cover investments in subsidiaries and associates, and investment income mainly derives from equity method accounting for long-term equity investments and dividend income - Parent company accounts receivable balance at period end: **47,936,430.01 yuan**, with **98.24%** from related parties[487](index=487&type=chunk) - Parent company long-term equity investment balance at period end: **5,253,275,758.29 yuan**, including investments in subsidiaries and investments in associates and joint ventures[507](index=507&type=chunk) - Parent company investment income for the current period: **89,212,326.86 yuan**, mainly from long-term equity investment income accounted for using the equity method of **79,767,199.30 yuan**[518](index=518&type=chunk) [XX. Supplementary Information](index=188&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information for the financial report, including the current period's non-recurring gains and losses statement and net asset return rate and earnings per share. Total non-recurring gains and losses amounted to **59,570,103.60 yuan**, primarily influenced by the net profit of subsidiaries acquired under common control from the beginning of the period to the consolidation date. The company's weighted average return on net assets was **3.29%**, and basic earnings per share was **0.22 yuan/share** Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 504,561.62 | | Government Grants Recognized in Profit or Loss | 629,470.29 | | Net Profit from Subsidiaries Acquired Under Common Control from Period Start to Consolidation Date | 89,329,105.21 | | Other Non-Operating Income and Expenses | -701,254.60 | | Less: Income Tax Impact | 29,234,613.61 | | Minority Interest Impact (After Tax) | 957,165.31 | | **Total** | **59,570,103.60** | Net Asset Return Rate and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 3.29 | 0.22 | 0.22 | | Net Profit Attributable to Common Shareholders of the Company (Excluding Non-Recurring Items) | 2.55 | 0.17 | 0.17 |

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Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including company names, regulatory bodies, reporting periods, and key professional terminology Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | The Company, Company, Dongzhu Ecological | Dongzhu Ecological Environment Protection Co., Ltd. | | CSRC, China Securities Regulatory Commission | China Securities Regulatory Commission | | SSE | Shanghai Stock Exchange | | Reporting Period, This Reporting Period | January 1, 2025 to June 30, 2025 | | PPP | Public-Private-Partnership | | EPC | Engineering-Procurement-Construction | | EOD | Eco-environment-oriented Development | | National Reserve Forests | Multi-functional forests cultivated to meet the needs of economic and social development and people's better lives for quality timber | | Forestry Carbon Sink | The process of utilizing forest carbon storage functions to absorb and fix atmospheric carbon dioxide through afforestation and other activities, combined with carbon sink trading | | CCER | China Certified Emission Reduction, quantifying and verifying emission reduction effects of renewable energy, forestry carbon sink, and other projects within China | Section II Company Profile and Major Financial Indicators [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, English name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Company's Chinese Name | 东珠生态环保股份有限公司 | | Company's Chinese Abbreviation | 东珠生态 | | Company's English Name | DongzhuEcologicalEnvironmentProtectionCo.,Ltd | | Company's Legal Representative | Xi Huiming | [II. Contact Person and Contact Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication Contact Person and Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Tan Shaoyang | Wang Jian | | Contact Address | No. 90 Xihu Middle Road, Dongting Street, Xishan District, Wuxi City, Jiangsu Province | No. 90 Xihu Middle Road, Dongting Street, Xishan District, Wuxi City, Jiangsu Province | | Phone | 0510-88227528 | 0510-88227528 | | Fax | 0510-88209884 | 0510-88209884 | | Email | dongzhushengtai@dongzhushengtai.com | dongzhushengtai@dongzhushengtai.com | [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section discloses the company's basic information, such as its registered and office addresses, with no significant changes during the reporting period Company Basic Information | Item | Content | | :--- | :--- | | Company's Registered Address | No. 90 Xihu Middle Road, Dongting Street, Xishan District, Wuxi City | | Company's Office Address | No. 90 Xihu Middle Road, Dongting Street, Xishan District, Wuxi City | | Company Website | http://www.dongzhushengtai.com/ | | Email | dongzhushengtai@dongzhushengtai.com | [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section introduces the company's designated newspapers, website for information disclosure, and the location for storing reports Information Disclosure Status | Item | Content | | :--- | :--- | | Company's Selected Information Disclosure Newspapers | "China Securities Journal", "Securities Times", "Shanghai Securities News", "Securities Daily" | | Website Address for Semi-Annual Report Publication | http://www.sse.com.cn | | Company's Semi-Annual Report Storage Location | Company Board of Directors Office | [V. Brief Introduction to Company Stock](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Stock) This section provides information on the company's stock, including its listing exchange, abbreviation, and code Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Dongzhu Ecological | 603359 | Dongzhu Landscape | [VII. Major Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Major%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's major accounting data and financial indicators for the first half of 2025, showing a significant year-on-year decrease in operating revenue and net profit, with the company incurring losses [Major Accounting Data](index=6&type=section&id=(I)%20Major%20Accounting%20Data) This section details the company's operating revenue, total profit, net profit, net cash flow from operating activities, net assets, and total assets for the current and prior year periods, showing significant year-on-year declines Major Accounting Data (Jan-Jun 2025 vs Jan-Jun 2024) | Major Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 208,041,246.94 | 270,336,054.81 | -23.04 | | Total Profit | -9,902,848.92 | 12,968,760.00 | -176.36 | | Net Profit Attributable to Shareholders of Listed Company | -9,538,865.10 | 12,987,952.72 | -173.44 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -9,351,658.24 | 12,945,001.58 | -172.24 | | Net Cash Flow from Operating Activities | 165,870,423.58 | 220,468,772.05 | -24.76 | | **Current Period End vs Prior Year End** | | | | | Net Assets Attributable to Shareholders of Listed Company | 2,665,898,858.46 | 2,675,437,723.56 | -0.36 | | Total Assets | 6,763,272,088.47 | 6,923,257,375.72 | -2.31 | [Major Financial Indicators](index=6&type=section&id=(II)%20Major%20Financial%20Indicators) This section details the company's basic earnings per share, diluted earnings per share, basic earnings per share after deducting non-recurring gains and losses, and weighted average return on net assets for the current and prior year periods, explaining the reasons for the loss Major Financial Indicators (Jan-Jun 2025 vs Jan-Jun 2024) | Major Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.02 | 0.03 | -166.67 | | Diluted Earnings Per Share (CNY/share) | -0.02 | 0.03 | -166.67 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (CNY/share) | -0.02 | 0.03 | -166.67 | | Weighted Average Return on Net Assets (%) | -0.36 | 0.39 | Decreased by 0.75 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | -0.35 | 0.39 | Decreased by 0.74 percentage points | - During the reporting period, the company's operating revenue decreased by **23.04%** year-on-year; net profit attributable to shareholders of the listed company and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses incurred losses, primarily due to a decrease in new orders and a decline in the conversion rate of existing orders into output value[17](index=17&type=chunk) - The company's net cash flow from operating activities decreased by **24.76%** year-on-year, mainly due to a decrease in project payments collected during the reporting period[17](index=17&type=chunk) [IX. Non-Recurring Gains and Losses and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section discloses the company's non-recurring gains and losses and their amounts for the first half of 2025, totaling **CNY -187,206.85** Non-Recurring Gains and Losses and Amounts (H1 2025) | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -37,227.78 | | Government grants recognized in current profit or loss | 77,744.45 | | Other non-operating income and expenses apart from the above | -258,825.85 | | Less: Income tax impact | -32,592.71 | | Impact on minority interests (after tax) | 1,490.38 | | Total | -187,206.85 | Section III Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section details the overview of the ecological protection and environmental governance industry to which the company belongs, its main business scope, operating model, industry development trends, and the company's position [Main Business](index=8&type=section&id=(I)%20Main%20Business) The company's main business includes ecological wetland protection, water environment governance, municipal landscape, national reserve forests, and forestry carbon sinks, actively expanding overseas markets and undertaking the land consolidation EPC project in Champasak Province, Laos - The company's business covers ecological wetland protection, water environment governance, municipal landscape, national reserve forests, forest parks, mine restoration, rural revitalization construction, forestry carbon sinks, and other segments, providing full industry chain solutions[23](index=23&type=chunk)[24](index=24&type=chunk) - The company successfully bid for the land consolidation EPC project in Champasak Province, Lao People's Democratic Republic, marking initial success in international business expansion[25](index=25&type=chunk) [Operating Model](index=8&type=section&id=(II)%20Operating%20Model) The company's operating model remained unchanged during the reporting period, primarily adopting EPC, PPP, and EOD models - The company's operating model remained unchanged, primarily including **EPC** (Engineering-Procurement-Construction), **PPP** (Public-Private-Partnership), and **EOD** (Eco-environment-oriented Development) models[26](index=26&type=chunk) [Industry Situation and Industry Position](index=8&type=section&id=(III)%20Industry%20Situation%20and%20Industry%20Position) The ecological restoration industry is accelerating its development under policy dividends and "dual carbon" goals, while the municipal landscape industry is shifting towards "quality improvement and function priority"; the company maintains strong competitiveness with multiple qualifications and cross-regional operating capabilities - The ecological restoration industry is seeing accelerated project implementation under the "14th Five-Year Plan" and "dual carbon" goals, with the "ecological restoration + carbon sink" model becoming mainstream[27](index=27&type=chunk)[28](index=28&type=chunk) - The municipal landscape industry's focus is shifting towards optimizing existing urban spaces, emphasizing small and micro projects and low-carbon smart operation, but local fiscal pressure is concentrating industry resources towards large enterprises[29](index=29&type=chunk) - The company holds multiple qualifications, including "Grade I General Contractor for Municipal Public Works" and "Grade A Special Design for Landscape Architecture Engineering", demonstrating strong capabilities in planning, design, construction, and cross-regional operation for large-scale integrated projects[30](index=30&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company faced macroeconomic and local fiscal pressures, leading to a decline in revenue and net profit, but actively responded by focusing on its core business, expanding overseas markets, and strengthening risk control and corporate governance [Overview](index=9&type=section&id=(I)%20Overview) In the first half of the year, the company's operating revenue decreased by **23.04%** year-on-year, and net profit attributable to the parent company was a loss of **CNY 9.5389 million**, mainly affected by the economic environment, industry adjustments, and reduced local government fiscal payment capacity - The company's operating revenue for the first half of the year was **CNY 208.0412 million**, a year-on-year decrease of **23.04%**; net profit attributable to owners of the parent company was **CNY -9.5389 million**, resulting in a loss[32](index=32&type=chunk) - The loss was primarily due to the economic environment, industry conditions, and reduced fiscal payment capacity of some local governments, leading to slower project progress and collection, and a decline in the conversion rate of existing orders into output value[32](index=32&type=chunk) - The company won **3 new projects** totaling **CNY 3.512 billion**; signed **5 new projects** totaling **CNY 3.539 billion**, and successfully bid for the land consolidation EPC project in Champasak Province, Laos[31](index=31&type=chunk) [Review of Major Events in H1 2025](index=9&type=section&id=(II)%202025%20Year%20Half%20Important%20Matters%20Review) In the first half of the year, the company focused on its core business, optimized its business structure, successfully expanded into overseas markets, actively developed new businesses such as forestry carbon sinks, improved risk control mechanisms, and continuously enhanced corporate governance and management efficiency - The company continued to deepen its presence in ecological wetland restoration, expanded into water governance, mine restoration, national reserve forests, and other businesses, and successfully signed its first overseas project, the "Land Consolidation EPC Project in Champasak Province, Lao People's Democratic Republic"[34](index=34&type=chunk) - Actively developing new businesses such as forestry carbon sinks, mine governance, and soil remediation, and strengthening research on CCER market policies and methodologies, aiming to create new profit growth points[35](index=35&type=chunk) - Continuously improving risk control mechanisms and strengthening project settlement and collection efforts to address local fiscal pressures and working capital challenges[35](index=35&type=chunk) - Enhancing corporate governance, strengthening internal management, optimizing resource allocation, and reinforcing performance incentive mechanisms to improve management efficiency and risk prevention capabilities[36](index=36&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness remained largely unchanged, primarily reflected in its R&D capabilities, first-mover advantage in ecological wetlands, integrated design-construction full industry chain, cross-regional operating structure, and excellent and stable management team and employee incentive mechanisms - As a national high-tech enterprise, the company holds **167 patents**, including **7 new utility model patents** and **1 new invention patent** during the reporting period, demonstrating core technology and R&D capabilities in ecological restoration and landscape construction[37](index=37&type=chunk)[38](index=38&type=chunk) - The company has cultivated the ecological wetland sector for many years, accumulating rich project experience and talent advantages, forming a first-mover advantage in this niche area[38](index=38&type=chunk) - The company possesses full industry chain implementation capabilities, from "seedling-design-engineering-maintenance", and has established partnerships with multiple universities and institutions, providing strong multi-dimensional support[39](index=39&type=chunk) - The company has largely completed its national strategic layout, with business operations spanning over **twenty provinces and cities**, and has accumulated advanced technologies for different regional environments, enhancing its cross-regional operating capabilities[39](index=39&type=chunk) - The company boasts an experienced and professional core operational management team, and motivates employees through incentive mechanisms such as employee stock ownership plans[40](index=40&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=11&type=section&id=IV.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's financial statement item changes during the reporting period, including operating revenue, costs, expenses, and cash flows, along with an in-depth analysis of asset and liability conditions, explaining the reasons for each change [Analysis of Main Business](index=11&type=section&id=(I)%20Analysis%20of%20Main%20Business) The company's operating revenue and operating costs decreased year-on-year, primarily due to reduced orders and slow construction progress; management and R&D expenses decreased, while financial expenses significantly increased, and net cash flow from operating activities decreased Major Financial Statement Item Fluctuation Analysis Table (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 208,041,246.94 | 270,336,054.81 | -23.04 | Decrease in order quantity, slow construction progress | | Operating Cost | 155,982,820.30 | 216,344,945.11 | -27.90 | Decrease in order quantity, slow construction progress | | Administrative Expenses | 35,061,130.06 | 36,698,858.58 | -4.46 | Decrease in travel and entertainment expenses | | Financial Expenses | 12,292,077.12 | -15,429,545.97 | 179.67 | Decrease in recognized project investment returns | | Research and Development Expenses | 6,340,517.58 | 9,778,533.26 | -35.16 | Decrease in R&D investment | | Net Cash Flow from Operating Activities | 165,870,423.58 | 220,468,772.05 | -24.76 | Decrease in project payment collection | | Net Cash Flow from Investing Activities | 13,410.00 | -18,199.00 | 173.69 | Increase from disposal of fixed assets, etc. | | Net Cash Flow from Financing Activities | -124,901,581.54 | -146,170,869.62 | 14.55 | Decrease in bank loan repayments | [Analysis of Assets and Liabilities](index=12&type=section&id=(III)%20Assets%2C%20Liabilities%20Analysis) The company's total assets and net assets both decreased at the end of the period. Notes receivable significantly increased, other payables grew substantially, while notes payable and long-term borrowings significantly decreased. Some monetary funds and contract assets are restricted Asset and Liability Status Changes (June 30, 2025 vs December 31, 2024) | Item Name | Current Period End (CNY) | Prior Year End (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 265,076,981.92 | 327,231,007.54 | -18.99 | | | Notes Receivable | 26,291,710.24 | 10,823,726.02 | 142.91 | Increase in unexpired acceptance notes received | | Accounts Receivable | 524,831,944.04 | 616,790,035.75 | -14.91 | | | Contract Assets | 4,442,355,615.53 | 4,368,237,596.50 | 1.70 | | | Total Assets | 6,763,272,088.47 | 6,923,257,375.72 | -2.31 | | | Short-term Borrowings | 354,449,395.42 | 435,571,775.00 | -18.62 | | | Notes Payable | - | 8,102,754.67 | -100.00 | Decrease in paid unexpired commercial acceptances | | Other Payables | 263,152,377.11 | 117,449,019.07 | 124.06 | Increase in other payables for current accounts | | Long-term Borrowings | - | 83,440,286.67 | -100.00 | Loan repayment and reclassification | Major Restricted Assets (June 30, 2025) | Item | Period-end Book Balance (CNY) | Type of Restriction | Restriction Status | | :--- | :--- | :--- | :--- | | Monetary Funds | 179,291,598.21 | Frozen | Frozen due to litigation | | Contract Assets | 128,989,395.42 | Pledged | Pledged for borrowings | | Total | 308,280,993.63 | / | / | [IV. Investment Status Analysis](index=13&type=section&id=(IV)%20Investment%20Status%20Analysis) During the reporting period, the company had no significant equity investments, non-equity investments, financial assets measured at fair value, securities investments, private equity fund investments, or derivative investments - During the reporting period, the company had no significant equity investments, non-equity investments, financial assets measured at fair value, securities investments, private equity fund investments, or derivative investments[48](index=48&type=chunk)[49](index=49&type=chunk) [VI. Analysis of Major Holding and Participating Companies](index=15&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section discloses the basic information, main business, registered capital, total assets, net assets, operating revenue, operating profit, and net profit of the company's major holding subsidiaries, showing that some subsidiaries are operating at a loss Major Holding and Participating Company Financial Data (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Operating Profit (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dongzhu Ecological Technology (Jiangxi) Co., Ltd. | Subsidiary | Urban planning, design, construction, operation management; municipal engineering; landscape architecture; ecological protection and tourism and related supporting facilities | 1,500.00 | 16,260.63 | 6,929.35 | - | -17.85 | -17.85 | | Xingguo Lusheng Nursery Co., Ltd. | Subsidiary | Urban planning, design, construction, operation management; municipal engineering; landscape architecture | 1,000.00 | 8,965.10 | 3,980.05 | - | -1.66 | -1.66 | | Wuxi Lvfeng Nursery Co., Ltd. | Subsidiary | Urban greening seedling cultivation, wholesale, retail; landscape engineering construction | 500.00 | 234.93 | 234.17 | - | -5.31 | -5.31 | | Pengzhou Guanqu Tourism Development Co., Ltd. | Subsidiary | Ecological environmental engineering, landscape engineering, ancient garden architecture engineering, municipal public engineering, water conservancy engineering, urban and road lighting engineering | 5,000.00 | 16,825.88 | -1,075.52 | - | -5.26 | -5.26 | | Hongjiang Qingjianghu Construction Development Co., Ltd. | Subsidiary | Tourism development; landscape engineering construction; construction engineering; landscape architecture design; municipal engineering construction; overhead line and pipeline engineering construction; forest tree breeding, seedling cultivation, sales | 13,391.52 | 6,746.88 | 1,417.30 | - | -1.77 | -1.77 | | Dengzhou Lvjian Landscape Ecological Construction Co., Ltd. | Subsidiary | Engineering survey and design | 10,801.80 | 24,056.53 | -2,377.91 | - | -0.47 | -0.47 | | Liangshan Huancheng Water System Construction Development Co., Ltd. | Subsidiary | Greening seedling cultivation and sales | 5,000.00 | 6,970.54 | 4,430.02 | - | -0.01 | -0.01 | | Wuxi Xindong Water Conservancy Engineering Co., Ltd. | Subsidiary | Various engineering construction activities | 1,000.00 | 36.47 | -79.81 | - | -39.67 | -39.67 | | Zhonglin Dongzhu (Beijing) Landscape Design Institute Co., Ltd. | Subsidiary | Environmental protection engineering, landscape engineering, ancient garden architecture engineering, municipal public engineering, water conservancy engineering, power generation engineering, urban and road lighting engineering, mine restoration engineering construction; landscape architecture design; greening maintenance services; ecological environmental protection technology research and development, technical consulting, technical services and technology transfer; flower and seedling cultivation, sales | 660.00 | 592.91 | -296.37 | - | -3.39 | -3.39 | | Dongzhu Rongbin Ecological Environmental Protection (Baoding) Co., Ltd. | Subsidiary | Environmental consulting services; engineering and technical research and experimental development; forest carbon sequestration services; landscape engineering construction; energy-saving management services; carbon reduction, carbon conversion, carbon capture, carbon sequestration technology research and development. Construction engineering; construction engineering design; construction engineering supervision; construction labor subcontracting | 100.00 | 3.19 | -165.99 | - | -64.98 | -64.98 | [V. Other Disclosures](index=18&type=section&id=V.%20Other%20Disclosures) This section discloses potential risks faced by the company, such as policy, market competition, financial, and lower-than-expected forestry carbon sink expansion, and introduces measures taken by the company for its "Quality Improvement, Efficiency Enhancement, and Return" special action [Potential Risks](index=18&type=section&id=(I)%20Potential%20Risks) The company faces risks such as policy adjustments, intensified market competition, financial risks due to local fiscal pressure (e.g., tight working capital, high accounts receivable), and lower-than-expected expansion of forestry carbon sink business - The company faces policy adjustment risks, where policy support for the ecological restoration and municipal landscape industries may change, affecting order acceptance and project progress[54](index=54&type=chunk) - Market competition is intensifying, with relatively low entry barriers, leading to a decrease in the company's project win rate and a decline in gross profit margins[54](index=54&type=chunk) - Financial risks are prominent, as the engineering construction business model requires significant capital occupation, and local fiscal pressure affects the collection of project payments, potentially leading to persistently high accounts receivable and contract assets[55](index=55&type=chunk) - The expansion of the forestry carbon sink business faces uncertainties, as the carbon market is still developing, policies and methodologies need improvement, and projects are characterized by "high initial investment, long return cycles, and uncertain returns"[56](index=56&type=chunk) [Other Disclosures](index=18&type=section&id=(II)%20Other%20Disclosures) The company actively carried out its "Quality Improvement, Efficiency Enhancement, and Return" special action, focusing on its main business, expanding overseas, vigorously recovering accounts receivable, improving corporate governance, and enhancing information disclosure quality and investor communication - The company launched its "Quality Improvement, Efficiency Enhancement, and Return" special action, focusing on its core business, deeply cultivating national strategic regions, and successfully bidding for its first overseas project, the Laos Champasak Province Land Consolidation EPC Project[57](index=57&type=chunk)[58](index=58&type=chunk) - Vigorously recovering accounts receivable, establishing a debt collection working group, actively communicating and coordinating with owners, and urging settlement and payment of progress payments[58](index=58&type=chunk) - Adhering to standardized operations, continuously improving corporate governance and internal control, strengthening compliance awareness among "key minorities", and organizing various training sessions to enhance governance levels[59](index=59&type=chunk) - Enhancing information disclosure quality and improving investor communication through various channels such as WeChat official accounts, SSE e-interaction platform, and investor hotlines, and holding performance briefings to actively respond to hot issues[59](index=59&type=chunk) Section IV Corporate Governance, Environment and Society [I. Changes in Company Directors and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) After the reporting period, the company completed the re-election of its board of directors, forming the sixth board of directors with non-independent directors, independent directors, and employee representative directors, and appointed a new term of senior management - The company convened a board meeting on July 22, 2025, to deliberate and approve the proposal for the re-election of the board of directors, nominating candidates for non-independent and independent directors for the sixth board of directors[62](index=62&type=chunk) - On August 7, 2025, the company held a shareholders' meeting and an employee representative meeting to elect members of the sixth board of directors, and on the same day, held a board meeting to elect the chairman and appoint a new term of senior management[62](index=62&type=chunk)[63](index=63&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital for this semi-annual period - The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital for this semi-annual period[63](index=63&type=chunk) [III. Company Equity Incentive Plan, Employee Stock Ownership Plan or Other Employee Incentive Measures and Their Impact](index=20&type=section&id=III.%20Company%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) During the reporting period, the company had no progress or changes in its equity incentive plan, employee stock ownership plan, or other employee incentive measures - During the reporting period, the company had no progress or changes in its equity incentive plan, employee stock ownership plan, or other employee incentive measures[64](index=64&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=21&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) During the reporting period, the company was not included in the list of enterprises required to disclose environmental information by law - During the reporting period, the company was not included in the list of enterprises required to disclose environmental information by law[65](index=65&type=chunk) [V. Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=21&type=section&id=V.%20Specific%20Situation%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) During the reporting period, the company had no specific situation regarding consolidating and expanding poverty alleviation achievements, rural revitalization, or other related work - During the reporting period, the company had no specific situation regarding consolidating and expanding poverty alleviation achievements, rural revitalization, or other related work[65](index=65&type=chunk) Section V Major Events [I. Fulfillment of Commitments](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, controlling shareholder, directors, and senior management strictly fulfilled their share lock-up commitments during the reporting period Fulfillment of Commitments | Commitment Background | Commitment Type | Commitment Party | Commitment Content | Commitment Date | Commitment Period | Has Performance Deadline | Commitment Period | Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments related to initial public offering | Share Lock-up | Actual controller, controlling shareholder, Chairman Xi Huiming | Within thirty-six months from the date of listing of the issuer's shares, not to transfer or entrust others to manage the company's shares directly and indirectly held by me, nor to have the company repurchase such shares; during the term of office, no more than 25% of the total shares held by me shall be transferred annually; no transfer within six months after resignation; the reduction price shall not be lower than the issue price within two years after the lock-up period expires; if the average closing price of the shares is lower than the issue price or the closing price at the end of the period is lower than the issue price within 6 months after listing, the lock-up period shall be automatically extended by 6 months. | September 1, 2017 | Long-term | Yes | Long-term | Yes | | Commitments related to initial public offering | Share Lock-up | Director, Senior Management Miao Chunxiao | Within twelve months from the date of listing of the issuer's shares, not to transfer or entrust others to manage the company's shares directly and indirectly held by me, nor to have the company repurchase such shares; during the term of office, no more than 25% of the total shares held by me shall be transferred annually; no transfer within six months after resignation; the reduction price shall not be lower than the issue price within two years after the lock-up period expires; if the average closing price of the shares is lower than the issue price or the closing price at the end of the period is lower than the issue price within 6 months after listing, the lock-up period shall be automatically extended by 6 months. | September 1, 2017 | Long-term | Yes | Long-term | Yes | [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=22&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, the company had no non-operating fund occupation by its controlling shareholder or other related parties - During the reporting period, the company had no non-operating fund occupation by its controlling shareholder or other related parties[68](index=68&type=chunk) [III. Irregular Guarantees](index=23&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, the company had no instances of providing external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company had no instances of providing external guarantees in violation of prescribed decision-making procedures[69](index=69&type=chunk) [VII. Major Litigation and Arbitration Matters](index=23&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had no major litigation or arbitration matters[69](index=69&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period](index=23&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or overdue large debts[69](index=69&type=chunk) [X. Major Related Party Transactions](index=23&type=section&id=X.%20Major%20Related%20Party%20Transactions) During the reporting period, the company had no major related party transactions not disclosed in temporary announcements, such as those related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships - During the reporting period, the company had no major related party transactions not disclosed in temporary announcements, such as those related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships[70](index=70&type=chunk)[71](index=71&type=chunk) [XIII. Explanation of Other Major Matters](index=25&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) During the reporting period, the company signed multiple strategic cooperation agreements involving land governance, soil remediation, new energy, carbon sink development, and infrastructure construction, but their successful implementation remains uncertain - The company signed a strategic cooperation agreement with Huahao Boda (Beijing) Technology Co., Ltd., to collaborate in areas such as land governance, soil remediation, integrated park construction, mine development and restoration, municipal infrastructure and water conservancy industries, comprehensive water environment and ecological governance, beautiful rural construction, and new urban infrastructure development and digital economy[72](index=72&type=chunk) - The company signed a strategic cooperation agreement with Guangzhou Lantian Southern Holding Group Co., Ltd., to collaborate in areas such as land reclamation, low-efficiency agricultural land indicator transformation, rural ecological leisure, and other agricultural, cultural, and tourism sectors[72](index=72&type=chunk) - The company signed a strategic cooperation agreement with the Cambodia China Jiangsu General Chamber of Commerce, focusing on industrial park infrastructure construction, industrial and domestic sewage treatment, municipal roads, landscape architecture, construction engineering, geological disaster management and ecological restoration, and comprehensive water environment and ecological governance in river basins within Cambodia[73](index=73&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=26&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[75](index=75&type=chunk) [II. Shareholder Information](index=26&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of common shareholders at the end of the reporting period, as well as the shareholding status of the top ten shareholders and top ten unrestricted shareholders, including their shareholding quantity, proportion, and pledge status [Total Number of Shareholders](index=26&type=section&id=(I)%20Total%20Number%20of%20Shareholders) As of the end of the reporting period, the total number of common shareholders of the company was **35,081** Total Number of Shareholders | Indicator | Quantity (shareholders) | | :--- | :--- | | Total number of common shareholders at the end of the reporting period | 35,081 | [Table of Shareholding Status of Top Ten Shareholders and Top Ten Unrestricted Shareholders at the End of the Reporting Period](index=26&type=section&id=(II)%20Table%20of%20Shareholding%20Status%20of%20Top%20Ten%20Shareholders%2C%20Top%20Ten%20Unrestricted%20Shareholders%20at%20the%20End%20of%20the%20Reporting%20Period) This section details the shareholding quantity, proportion, number of restricted shares, and pledge status of the company's top ten shareholders, as well as the shareholding status of the top ten unrestricted circulating share shareholders Top Ten Shareholders' Shareholding Status (June 30, 2025) | Shareholder Name | Change During Reporting Period | Period-end Shareholding Quantity (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Pledge, Mark or Freeze Status (Share Status/Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xi Huiming | 0 | 151,872,560 | 34.04 | 0 | Pledged/78,170,000 | Domestic Natural Person | | Pu Jianfen | 0 | 38,118,080 | 8.54 | 0 | Pledged/16,000,000 | Domestic Natural Person | | Xi Chenchao | 0 | 15,479,492 | 3.47 | 0 | None/0 | Domestic Natural Person | | Liao Guopei | 3,969,100 | 3,969,100 | 0.89 | 0 | None/0 | Domestic Natural Person | | Jiang Yaofei | 2,171,700 | 2,171,700 | 0.49 | 0 | None/0 | Domestic Natural Person | | Liu Jiayu | 1,989,600 | 1,989,600 | 0.45 | 0 | None/0 | Domestic Natural Person | | Yu Xionghua | -849,300 | 1,399,800 | 0.31 | 0 | None/0 | Domestic Natural Person | | Miao Chunxiao | 0 | 1,369,212 | 0.31 | 0 | None/0 | Domestic Natural Person | | Wang Hua | 836,548 | 1,200,000 | 0.27 | 0 | None/0 | Domestic Natural Person | | Du Xinbo | 0 | 1,100,000 | 0.25 | 0 | None/0 | Domestic Natural Person | - Xi Huiming, Pu Jianfen, and Xi Chenchao are parties acting in concert; Xi Huiming is the company's actual controller, controlling shareholder, and chairman; Xi Huiming and Pu Jianfen are husband and wife, and Xi Huiming, Pu Jianfen, and Xi Chenchao are father-son and mother-son relationships, respectively[79](index=79&type=chunk) [III. Directors and Senior Management Information](index=27&type=section&id=III.%20Directors%20and%20Senior%20Management%20Information) During the reporting period, there were no changes in the shareholdings of the company's directors and senior management, nor were they granted any equity incentives - During the reporting period, there were no changes in the shareholdings of the company's directors and senior management, nor were they granted any equity incentives[80](index=80&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=27&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[80](index=80&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=28&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[82](index=82&type=chunk) [II. Convertible Corporate Bonds](index=28&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[82](index=82&type=chunk) Section VIII Financial Report [I. Audit Report](index=29&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [II. Financial Statements](index=29&type=section&id=II.%20Financial%20Statements) This section includes 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, comprehensively presenting the company's financial position and operating results [Consolidated Balance Sheet](index=29&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **CNY 6.763 billion**, total liabilities were **CNY 4.039 billion**, and total owners' equity was **CNY 2.724 billion** Consolidated Balance Sheet Major Data (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 6,763,272,088.47 | 6,923,257,375.72 | | Total Liabilities | 4,039,214,296.26 | 4,189,296,734.59 | | Total Owners' Equity | 2,724,057,792.21 | 2,733,960,641.13 | [Parent Company Balance Sheet](index=31&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the company's parent company total assets were **CNY 6.804 billion**, total liabilities were **CNY 4.134 billion**, and total owners' equity was **CNY 2.670 billion** Parent Company Balance Sheet Major Data (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 6,804,324,871.05 | 6,979,501,385.74 | | Total Liabilities | 4,134,195,018.38 | 4,301,073,223.08 | | Total Owners' Equity | 2,670,129,852.67 | 2,678,428,162.66 | [Consolidated Income Statement](index=33&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was **CNY 208.04 million**, a year-on-year decrease of **23.04%**; net profit was a loss of **CNY 9.9028 million**, and net profit attributable to parent company shareholders was a loss of **CNY 9.5389 million** Consolidated Income Statement Major Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 208,041,246.94 | 270,336,054.81 | | Total Operating Costs | 210,234,808.10 | 248,410,777.29 | | Total Profit | -9,902,848.92 | 12,968,760.00 | | Net Profit | -9,902,848.92 | 12,412,455.17 | | Net Profit Attributable to Parent Company Shareholders | -9,538,865.10 | 12,987,952.72 | | Basic Earnings Per Share (CNY/share) | -0.02 | 0.03 | [Parent Company Income Statement](index=35&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the company's parent company operating revenue was **CNY 208.04 million**, and net profit was a loss of **CNY 8.2983 million** Parent Company Income Statement Major Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 208,041,246.94 | 270,336,054.81 | | Operating Profit | -8,039,484.14 | 15,767,214.07 | | Total Profit | -8,298,309.99 | 15,743,489.56 | | Net Profit | -8,298,309.99 | 15,035,482.18 | [Consolidated Cash Flow Statement](index=36&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's net cash flow from operating activities was **CNY 165.87 million**, a year-on-year decrease of **24.76%**; net cash flow from investing activities was positive, and net cash flow from financing activities was negative Consolidated Cash Flow Statement Major Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 165,870,423.58 | 220,468,772.05 | | Net Cash Flow from Investing Activities | 13,410.00 | -18,199.00 | | Net Cash Flow from Financing Activities | -124,901,581.54 | -146,170,869.62 | | Net Increase in Cash and Cash Equivalents | 40,982,252.04 | 74,279,703.43 | [Parent Company Cash Flow Statement](index=37&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the company's parent company net cash flow from operating activities was **CNY 156 million**, net cash flow from investing activities was negative, and net cash flow from financing activities was negative Parent Company Cash Flow Statement Major Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 155,753,015.62 | 102,548,034.05 | | Net Cash Flow from Investing Activities | -41,590.00 | -602,800.00 | | Net Cash Flow from Financing Activities | -124,901,581.54 | -29,947,973.27 | | Net Increase in Cash and Cash Equivalents | 30,809,844.08 | 71,997,260.78 | [Consolidated Statement of Changes in Owners' Equity](index=39&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) For the first half of 2025, the company's consolidated total owners' equity decreased by **CNY 9.9028 million**, primarily due to net profit losses Consolidated Statement of Changes in Owners' Equity Major Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | | :--- | :--- | | Total Owners' Equity at Beginning of Period | 2,733,960,641.13 | | Amount of Change in Current Period | -9,902,848.92 | | Total Owners' Equity at End of Period | 2,724,057,792.21 | [Parent Company Statement of Changes in Owners' Equity](index=41&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) For the first half of 2025, the company's parent company total owners' equity decreased by **CNY 8.2983 million**, primarily due to net profit losses Parent Company Statement of Changes in Owners' Equity Major Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | | :--- | :--- | | Total Owners' Equity at Beginning of Period | 2,678,428,162.66 | | Amount of Change in Current Period | -8,298,309.99 | | Total Owners' Equity at End of Period | 2,670,129,852.67 | [III. Company Basic Information](index=43&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's registration information, industry, main business nature, and scope of consolidated financial statements, noting a reduction of one subsidiary in the consolidated scope during the reporting period [Company's Registered Address, Organizational Form, and Headquarters Address](index=43&type=section&id=(I)%20Company's%20Registered%20Address%2C%20Organizational%20Form%2C%20and%20Headquarters%20Address) The company is registered at No. 90 Xihu Middle Road, Dongting Street, Xishan District, Wuxi City, with Xi Huiming, Pu Jianfen, Xi Chenchao, and Tan Shaoyang as its actual controllers - The company's registered address is No. 90 Xihu Middle Road, Dongting Street, Xishan District, Wuxi City, and its actual controllers are Xi Huiming, Pu Jianfen, Xi Chenchao, and Tan Shaoyang[108](index=108&type=chunk) [Company's Business Nature and Main Operating Activities](index=43&type=section&id=(II)%20Company's%20Business%20Nature%20and%20Main%20Operating%20Activities) The company operates in the ecological protection and environmental governance industry, primarily providing services such as landscape engineering, environmental protection engineering, mine restoration engineering construction, and landscape architecture design - The company operates in the ecological protection and environmental governance industry, with main businesses including landscape engineering, environmental protection engineering, mine restoration engineering construction, landscape architecture design, greening maintenance services, and ecological environmental protection technology research and development[109](index=109&type=chunk) [Scope of Consolidated Financial Statements](index=43&type=section&id=(IV)%20Scope%20of%20Consolidated%20Financial%20Statements) This period, a total of **31 subsidiaries** were included in the scope of consolidated financial statements, a decrease of **1 subsidiary** compared to the previous period, mainly due to the deregistration of Jiangsu Suzhou Dongzhu Ecological Environment Protection Co., Ltd. - This period, a total of **31 subsidiaries** were included in the scope of consolidated financial statements, a decrease of **1 subsidiary** compared to the previous period[111](index=111&type=chunk) - The decreased subsidiary is Jiangsu Suzhou Dongzhu Ecological Environment Protection Co., Ltd., which is no longer included in the consolidated scope due to deregistration[113](index=113&type=chunk) [IV. Basis for Preparation of Financial Statements](index=44&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, based on the going concern assumption and accrual basis, using historical cost as the measurement basis - The company's financial statements are prepared in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, adopting the accrual basis and historical cost measurement[114](index=114&type=chunk)[116](index=116&type=chunk) - The company evaluated its ability to continue as a going concern for the 12 months from the end of the reporting period and found no significant doubts, thus the financial statements are prepared on a going concern basis[115](index=115&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=44&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section elaborates on the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, preparation of consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, other receivables, inventories, contract assets, long-term equity investments, fixed assets, biological assets, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, lease liabilities, share-based payments, preferred shares/perpetual bonds, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and discontinued operations, among other significant accounting policies and estimates - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position[117](index=117&type=chunk) - Detailed classification, recognition, measurement, and derecognition methods for financial assets and liabilities are specified, along with criteria and methods for calculating expected credit losses[143](index=143&type=chunk)[153](index=153&type=chunk)[158](index=158&type=chunk) - Revenue recognition adopts the performance obligation model, recognizing revenue when the customer obtains control of goods or services, and for construction contracts, revenue is recognized over time based on the progress of performance[228](index=228&type=chunk)[230](index=230&type=chunk) - The classification, recognition, and accounting treatment methods for government grants are clarified, including those related to assets and those related to income[235](index=235&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) [VI. Taxes](index=71&type=section&id=VI.%20Taxes) This section discloses the company's main tax categories and rates, and details the corporate income tax and value-added tax preferential policies enjoyed by the company and its subsidiaries [Main Tax Categories and Rates](index=71&type=section&id=(I)%20Main%20Tax%20Categories%20and%20Rates) The company's main tax categories include value-added tax, urban maintenance and construction tax, and corporate income tax, with corporate income tax rates varying based on the nature and location of the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, the output tax is calculated, and the difference after deducting the input tax allowed for the current period is the VAT payable | 3%, 6%, 9% | | Urban Maintenance and Construction Tax | Actual paid turnover tax amount | 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | [Tax Incentives](index=72&type=section&id=(II)%20Tax%20Incentives) As a high-tech enterprise, the company enjoys a **15%** income tax preference; some subsidiaries are exempt from income tax and value-added tax for forest tree cultivation and planting, while others enjoy tax incentives for western development or small and micro enterprises - As a high-tech enterprise, the company enjoys a **15%** corporate income tax preferential policy[257](index=257&type=chunk) - Subsidiaries Wuxi Lvfeng Nursery Co., Ltd., Jurong Maoshan Dongzhu Nursery Co., Ltd., and Xingguo Lusheng Nursery Co., Ltd. are exempt from corporate income tax and value-added tax for income derived from forest tree cultivation and planting[257](index=257&type=chunk)[259](index=259&type=chunk) - Some subsidiaries enjoy corporate income tax preferential policies for western development enterprises (**15%** income tax), while others enjoy corporate income tax reduction policies for small and micro enterprises[257](index=257&type=chunk)[258](index=258&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=72&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes and explanations for various asset, liability, owners' equity, revenue, cost, and expense items in the consolidated financial statements, including period-end balances, beginning-of-period balances, reasons for changes, bad debt provision status, and restricted conditions - Monetary funds at period-end balance were **CNY 265 million**, of which **CNY 179 million** was frozen due to litigation[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk) - Notes receivable at period-end balance were **CNY 26.29 million**, including **CNY 0.7293 million** in bad debt provisions for commercial acceptance bills[265](index=265&type=chunk)[270](index=270&type=chunk) - Accounts receivable at period-end balance were **CNY 525 million**, with bad debt provisions of **CNY 213 million**, including **CNY 11.4 million** individually provided for bad debts[275](index=275&type=chunk)[276](index=276&type=chunk) - Contract assets at period-end book value were **CNY 4.442 billion**, with bad debt provisions of **CNY 868 million**[286](index=286&type=chunk)[288](index=288&type=chunk) - Operating revenue and operating costs decreased year-on-year, primarily due to reduced orders and slow construction progress[43](index=43&type=chunk) - Financial expenses increased significantly by **179.67%** year-on-year, mainly due to a decrease in project investment returns[43](index=43&type=chunk) [VIII. Research and Development Expenses](index=117&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenses were **CNY 6.3405 million**, a year-on-year decrease of **35.16%**, primarily composed of personnel expenses, direct inputs, and depreciation and amortization, all expensed Research and Development Expenses Composition (H1 2025 vs H1 2024) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Personnel Expenses | 2,371,997.37 | 4,133,060.63 | | Direct Inputs | 2,513,216.27 | 3,495,059.28 | | Depreciation and Amortization | 1,310,992.24 | 1,332,496.84 | | Other Expenses | 144,311.70 | 817,916.51 | | Total | 6,340,517.58 | 9,778,533.26 | | Of which: Expensed R&D Expenditures | 6,340,517.58 | 9,778,533.26 | - R&D expenses decreased by **35.16%** year-on-year, mainly due to a decrease in R&D investment[43](index=43&type=chunk) [IX. Changes in Consolidation Scope](index=118&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope decreased by one subsidiary, Jiangsu Suzhou Dongzhu Ecological Environment Protection Co., Ltd., which is no longer included due to deregistration - One subsidiary was deregistered in this period; Jiangsu Suzhou Dongzhu Ecological Environment Protection Co., Ltd. was deregistered on June 20, 2025, and is no longer included in the consolidation scope[392](index=392&type=chunk) [X. Interests in Other Entities](index=119&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the composition of the enterprise group, including the main operating locations, registered capital, business nature, shareholding proportion, and acquisition methods of each subsidiary, and discloses the minority shareholder interests of important non-wholly-owned subsidiaries [Interests in Subsidiaries](index=119&type=section&id=(I)%20Interests%20in%20Subsidiaries) This section lists detailed information for the company's **31 subsidiaries**, including registered location, business nature, and shareholding proportion, with most being controlling subsidiaries Subsidiary List (Partial) | Subsidiary Name | Main Operating Location | Registered Capital (CNY 10,000) | Business Nature | Shareholding Proportion (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Dongzhu Ecological Environment Protection (Liaoning) Co., Ltd. | Liaoning Province | 1,000 | Ecological environmental protection technology R&D, landscape engineering construction, etc. | 51 | Establishment | | Dongzhu Ecological Technology (Jiangxi) Co., Ltd. | Ganzhou City | 1,500 | Ecological environmental protection technology R&D, ecological environment governance services, etc. | 100 | Establishment | | Sichuan Dongzhu Ecological Environment Co., Ltd. | Chengdu City | 1,000 | Soil pollution control and remediation services, municipal public works, etc. | 51 | Establishment | | Wuxi Lvfeng Nursery Co., Ltd. | Wuxi City | 500 | Greening seedling cultivation and sales | 100 | Establishment | | Hongjiang Qingjianghu Construction Development Co., Ltd. | Huaihua City | 13,392 | Urban planning, design, construction, operation management; municipal engineering; landscape architecture; ecological protection and tourism and related supporting facilities | 80 | Establishment | [2. Important Non-Wholly-Owned Subsidiaries](index=122&type=section&id=2.%20Important%20Non-Wholly-Owned%20Subsidiaries) This section discloses the minority shareholder equity, current period profit or loss attributable to minority shareholders, dividends declared to minority shareholders, and period-end minority shareholder equity balance for important non-wholly-owned subsidiaries such as Sichuan Dongzhu Ecological Environment Co., Ltd., Dongzhu Ecological Environment Protection (Luzhou) Co., Ltd., Kunming Dongzhu Ecological Environment Protection Engineering Co., Ltd., and Henan Dongzhu Municipal Engineering Co., Ltd. Important Non-Wholly-Owned Subsidiary Financial Information (H1 2025) | Subsidiary Name | Minority Shareholding Proportion (%) | Current Period Profit or Loss Attributable to Minority Shareholders (CNY) | Dividends Declared to Minority Shareholders in Current Period (CNY) | Period-end Minority Shareholder Equity Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Sichuan Dongzhu Ecological Environment Co., Ltd. | 49 | -3,400.36 | - | 12,962,131.54 | | Dongzhu Ecological Environment Protection (Luzhou) Co., Ltd. | 49 | -674.91 | - | 4,621,252.51 | | Kunming Dongzhu Ecological Environment Protection Engineering Co., Ltd. | 62.08 | -189.93 | - | 14,923,913.29 | | Henan Dongzhu Municipal Engineering Co., Ltd. | 49 | 6.13 | - | 6,150,046.56 | [XI. Government Grants](index=123&type=section&id=XI.%20Government%20Grants) During the reporting period, the company's total government grants recognized in current profit or loss amounted to **CNY 77,744.45**, primarily consisting of income-related grants Government Grants Recognized in Current Profit or Loss (H1 2025 vs H1 2024) | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Income-related | 77,744.45 | 123,798.85 | | Total | 77,744.45 | 123,798.85 | [XII. Risks Related to Financial Instruments](index=123&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk, price risk), and has formulated corresponding risk management policies and measures, such as continuous monitoring of credit risk, maintaining sufficient cash reserves, and obtaining bank credit lines [Credit Risk](index=123&type=section&id=(I)%20Credit%20Risk) The company manages credit risk by formulating credit policies, continuously monitoring accounts receivable, and assessing customer creditworthiness; its main customers are government and government investment platforms, resulting in lower credit risk - The company manages credit risk by formulating credit policies, continuously monitoring accounts receivable, and assessing customer creditworthiness[400](index=400&type=chunk) - Its main customers are government and government investment p

上海宝钢包装股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人曹清、主管会计工作负责人丁建成及会计机构负责人（会计主管人员）王骏声 明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：601968 公司简称：宝钢包装 上海宝钢包装股份有限公司 2025 年半年度报告 1 / 189 上海宝钢包装股份有限公司2025 年半年度报告 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司在本报告"第三 ...