江苏亚威机床股份有限公司 2025 年半年度报告全文 江苏亚威机床股份有限公司 JiangSu YAWEI Machine Tool Co.,Ltd （江苏省扬州市江都区黄海南路仙城工业园） 2025 年半年度报告 2025 年 08 月 1 江苏亚威机床股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人冷志斌、主管会计工作负责人施金霞及会计机构负责人(会计 主管人员)苏政声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 江苏亚威机床股份有限公司 2025 年半年度报告全文 本报告中涉及的未来发展规划和经营目标的相关陈述，属于公司计划性 事务，不构成公司对投资者的实质承诺，敬请投资者及相关人士对此保持足 够的风险认知，并且理解计划、预测与承诺之间的差异。 公司存在市场风险、管理风险、技术风险和整合风险。敬请广大投资者 注意投资风险，详细内容见本报告第三节管理层讨论与分析之" ...

0 哈尔滨博实自动化股份有限公司 2025 年半年度报告全文 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 重要提示、目录和释义 | | 1 | | --- | --- | --- | | 第二节 公司简介和主要财务指标 | | 5 | | 第三节 管理层讨论与分析 | | 8 | | 第四节 公司治理、环境和社会 | | 35 | | 第五节 重要事项 | | 37 | | 第六节 股份变动及股东情况 | | 40 | | 第七节 债券相关情况 | | 44 | | 第八节 财务报告 | | 47 | | 第九节 其他报送数据 | | 142 | 公司负责人邓喜军、主管会计工作负责人孙志强及会计机构负责人(会计 主管人员)王培华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及未来发展规划等事项的前瞻性陈述，不构 ...

深圳市蕾奥规划设计咨询股份有限公司 2025 年半年度报告全文 深圳市蕾奥规划设计咨询股份有限公司 2025 年半年度报告 2025-033 2025 年 8 月 1 深圳市蕾奥规划设计咨询股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准 确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人王富海、主管会计工作负责人金铖及会计机构负责人(会计主管人员)林 竞思声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成公司对任何投资 者及相关人士的承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对措 施"，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释 ...

湖南军信环保股份有限公司 2025 年半年度报告全文 湖南军信环保股份有限公司 2025 年半年度报告 2025-110 二〇二五年八月 1 湖南军信环保股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人戴道国、主管会计工作负责人戴彬及会计机构负责人(会计主 管人员)彭丽霞声明：保证本半年度报告中财务报告的真实、准确、完整。 湖南军信环保股份有限公司 2025 年半年度报告全文 备查文件目录 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及到未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足 够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在经营管理中可能面临的风险与对策举措已在本报告中第三节" 管 理层讨论与分析" 之"十、公司面临的风险和应对措施"部分予以描述。敬 请广大投资者关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board guarantees the report's authenticity and proposes a cash dividend of RMB 5 per 10 shares - The company's Board of Directors, Supervisory Committee, and senior management guarantee that the content of this semi-annual report is true, accurate, and complete, and assume joint and several legal liability[5](index=5&type=chunk) - The person in charge of the company, An Kang, the person in charge of accounting, Xie Junmin, and the head of the accounting department, Li Ping, declare that the financial statements in this semi-annual report are true, accurate, and complete[5](index=5&type=chunk) - The profit distribution plan approved by the Board of Directors is to distribute a cash dividend of **RMB 5 (tax included) per 10 shares** to all shareholders, based on a total of 1,827,456,666 shares[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the main chapters of the report and their corresponding starting page numbers [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for key terms used throughout the report to ensure clarity Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section outlines the company's basic identification information, including its stock ticker and name Company Basic Information | Item | Content | | :--- | :--- | | Stock Ticker | Hualan Bio | | Stock Code | 002007 | | Stock Exchange | Shenzhen Stock Exchange | | Company Name (Chinese) | 华兰生物工程股份有限公司 | | Legal Representative | An Kang | [Contact Persons and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the Board Secretary and Securities Affairs Representative Contact Persons and Methods | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xie Junmin | No. A1, Hualan Avenue, Xinxiang City, Henan Province | 0373-3559989 | 0373-3559991 | hualan@hualanbio.com | | Securities Affairs Rep | Lou Yuancheng | No. A1, Hualan Avenue, Xinxiang City, Henan Province | 0373-3559989 | 0373-3559991 | hualan@hualanbio.com | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registration, office addresses, and information disclosure venues remained unchanged - The company's registered address, office address, postal code, website, and email address did not change during the reporting period, as detailed in the 2024 annual report[16](index=16&type=chunk) - The stock exchange website and media for disclosing the semi-annual report, as well as the location for report inspection, remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company shows strong profit growth, but operating cash flow and total assets have declined Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,798,197,926.21 | 1,652,707,481.28 | 8.80% | | Net Profit Attributable to Shareholders | 515,859,492.79 | 440,196,094.59 | 17.19% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 484,042,073.21 | 362,817,057.50 | 33.41% | | Net Cash Flow from Operating Activities | 230,506,958.78 | 321,336,215.70 | -28.27% | | Basic Earnings Per Share (Yuan/share) | 0.2824 | 0.2406 | 17.37% | | Diluted Earnings Per Share (Yuan/share) | 0.2821 | 0.2400 | 17.54% | | Weighted Average Return on Equity | 4.30% | 3.86% | 0.44% | | Total Assets (End of Period) | 15,535,440,400.51 | 16,309,951,355.29 | -4.75% | | Net Assets Attributable to Shareholders (End of Period) | 12,013,171,120.84 | 11,858,784,465.45 | 1.30% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No discrepancies exist between financial reports prepared under Chinese and international accounting standards - The company has no differences in net profit or net assets between financial reports disclosed under International Financial Reporting Standards and Chinese Accounting Standards[20](index=20&type=chunk) - The company has no differences in net profit or net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled RMB 31.82 million, mainly from fair value changes and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -1,493,344.83 | | Government Grants Recognized in Current P&L (excluding those closely related to normal business operations) | 8,910,847.15 | | Fair Value Gains/Losses from Financial Assets/Liabilities Held by Non-financial Enterprises | 64,944,081.84 | | Other Non-operating Income and Expenses | -22,187,211.38 | | Other P&L Items Defined as Non-recurring (Fee Rebates) | 262,288.65 | | Less: Income Tax Effect | 7,475,806.33 | | Less: Minority Interest Effect (After Tax) | 11,143,435.52 | | Total | 31,817,419.58 | Management Discussion and Analysis [Principal Business Activities during the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business covers blood products, vaccines, and genetic engineering products [Industry Development and Company's Position](index=9&type=section&id=%28%E4%B8%80%29%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) The blood products industry is highly regulated, and the company leads in plasma collection and processing capacity - Blood products are strategic materials subject to strict regulation, high entry barriers, and an oligopolistic market structure[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - The company is one of the largest plasma collectors in China, with **34 plasma collection stations** and a portfolio of 11 products across three major categories[36](index=36&type=chunk)[37](index=37&type=chunk) - The global vaccine industry is highly concentrated, while China's market has significant growth potential, with flu vaccine penetration at only around **3%**[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Company's Main Business](index=11&type=section&id=%28%E4%BA%8C%29%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's main business includes blood products, vaccines, and genetic engineering products - The company's main business comprises blood products, vaccines, innovative drugs, and biosimilars, with one of the highest plasma utilization rates and product varieties in the domestic industry[39](index=39&type=chunk) - The company's subsidiary, Hualan Biological Vaccine Inc., has launched several vaccine products, including influenza virus split vaccine and quadrivalent influenza virus split vaccine[40](index=40&type=chunk) - The company's affiliate, Hualan Genetic Engineering Co., Ltd., received approval for its **Bevacizumab** in November 2024, with several other monoclonal antibody products in late-stage clinical trials or under review[41](index=41&type=chunk) [Business Model](index=12&type=section&id=%28%E4%B8%89%29%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company operates under strict procurement, production, sales, and R&D models - The primary raw material, human plasma, is collected by the company's own plasma stations under a comprehensive quality management system[41](index=41&type=chunk) - Production strictly adheres to national regulations and GMP standards, ensuring product quality and safety through rigorous testing and quarantine management[42](index=42&type=chunk) - The marketing department manages sales to distributors, medical institutions, and pharmacies, while also expanding into overseas markets through authorized distributors[42](index=42&type=chunk) - The company prioritizes R&D and technological innovation, strengthening project management and quality control to accelerate the industrialization of key products[43](index=43&type=chunk) [Main Products and Their Uses](index=12&type=section&id=%28%E5%9B%9B%29%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company's products include various blood products and vaccines for medical treatment and disease prevention - The company's blood products include human albumin, IVIG (pH4), human coagulation factor VIII, and others, used to treat shock, immunodeficiency, and coagulation disorders[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - The company's vaccine products include influenza, hepatitis B, and rabies vaccines, primarily used for the prevention of infectious diseases[46](index=46&type=chunk)[47](index=47&type=chunk) - Many of the company's blood products are included in the **National Basic Medical Insurance, Work-Related Injury Insurance, and Maternity Insurance Drug Catalog (2024 Edition)**[47](index=47&type=chunk) [Key Performance Drivers](index=13&type=section&id=%28%E4%BA%94%29%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance is driven by increased plasma collection, strong product sales, and R&D advancements - In H1 2025, plasma collection reached **803.66 tons**, a **5.23% YoY increase**; blood products revenue grew **7.49%** to RMB 1.74 billion, with net profit up **18.51%** to RMB 501.89 million[47](index=47&type=chunk) - The affiliate Hualan Gene's Bevacizumab product achieved sales revenue of **RMB 58.90 million** in the first half of the year[49](index=49&type=chunk) - New process IVIG (10%) is in the registration review stage; Human Coagulation Factor IX (FIX) is in Phase III clinical trials; Recombinant Exendin-4-FC fusion protein is preparing for Phase III trials[50](index=50&type=chunk) - Hualan Gene's Rituximab, Adalimumab, Denosumab, and Trastuzumab have all completed Phase III clinical studies and are preparing for market application submission[51](index=51&type=chunk) - The company has successfully implemented key business platforms such as ERP, MES, and LIMS, significantly enhancing automation and informatization in blood product manufacturing[53](index=53&type=chunk)[54](index=54&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7% 경쟁%E5%8A%9B%E5%88%86%E6%9E%90) The company maintains a leading position through its clear strategy, R&D strength, and brand advantages - The company was the first domestic blood products enterprise to pass GMP certification, with its production scale, product variety, and market share ranking among the top in the industry[55](index=55&type=chunk) - The company is the largest producer of influenza virus split vaccine in China, and the approval of Hualan Gene's Bevacizumab provides a new profit growth point[56](index=56&type=chunk) - The company has established a comprehensive R&D platform system, including multiple joint laboratories and key labs, focusing on recombinant protein expression, bioinformatics, and genetic engineering[56](index=56&type=chunk) - The company's two production bases have a combined annual plasma processing capacity of **3,100 tons**, and its vaccine subsidiary can produce **100 million doses** of quadrivalent influenza vaccine annually[58](index=58&type=chunk)[59](index=59&type=chunk) - A robust quality management system, strictly adhering to GMP, ensures product safety, efficacy, and quality control[59](index=59&type=chunk) - The successful implementation of key IT systems like ERP, MES, and LIMS has significantly improved the automation and informatization level of blood product manufacturing[60](index=60&type=chunk) [Analysis of Main Business Operations](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business revenue grew 8.80%, driven by blood products and a significant increase in vaccine sales Key Financial Data YoY Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,798,197,926.21 | 1,652,707,481.28 | 8.80% | | | Operating Costs | 852,704,797.25 | 814,929,187.59 | 4.64% | | | Selling Expenses | 151,069,877.18 | 122,308,324.35 | 23.52% | | | Administrative Expenses | 126,062,364.68 | 165,209,089.59 | -23.70% | | | Finance Expenses | 456,021.57 | -8,264,041.75 | 105.52% | Mainly due to a decrease in interest income | | R&D Investment | 161,428,005.56 | 145,832,852.69 | 10.69% | | | Net Cash Flow from Operating Activities | 230,506,958.78 | 321,336,215.70 | -28.27% | | | Net Cash Flow from Investing Activities | 507,850,755.56 | 1,170,760,914.36 | -56.62% | Mainly due to a decrease in cash received from investments | | Net Cash Flow from Financing Activities | -941,944,824.12 | -455,564,374.61 | -106.76% | Mainly due to an increase in cash paid for debt repayment | | Net Increase in Cash and Cash Equivalents | -203,397,417.77 | 1,036,435,604.45 | -119.62% | | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Blood Products | 1,736,546,355.29 | 96.57% | 7.57% | | | Vaccine Products | 56,699,778.67 | 3.15% | 92.63% | | | Other | 4,951,792.25 | 0.28% | -44.23% | | **By Product** | Human Albumin | 695,272,656.42 | 38.66% | 7.95% | | | IVIG | 453,091,508.95 | 25.20% | -1.36% | | | Other Blood Products | 588,182,189.92 | 32.71% | 15.10% | | | Influenza Vaccine | 26,107,058.55 | 1.45% | 132.94% | | | Other | 35,544,512.37 | 1.98% | 31.13% | | **By Region** | Domestic | 1,798,197,926.21 | 100.00% | 8.90% | | | Overseas | 0 | 0.00% | -100.00% | Gross Margin YoY Changes | Category | Item | Gross Margin | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | **By Industry** | Blood Products | 51.69% | 1.59% | | **By Product** | Human Albumin | 52.53% | 3.27% | | | IVIG | 40.62% | -10.51% | | | Other Blood Products | 59.21% | 8.98% | | **By Region** | Domestic | 52.58% | 1.89% | [Analysis of Non-main Business Operations](index=17&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-main business operations during the reporting period - The company had no non-main business operations during the reporting period[66](index=66&type=chunk) [Analysis of Assets and Liabilities](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by 4.75% to RMB 15.54 billion, with a significant drop in short-term borrowings Major Changes in Asset Composition | Item | End of Period (Yuan) | % of Total Assets | Beginning of Year (Yuan) | % of Total Assets | Change in % | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,160,346,064.35 | 7.47% | 1,366,659,508.49 | 8.38% | -0.91% | | Accounts Receivable | 1,581,262,799.13 | 10.18% | 1,798,428,848.41 | 11.03% | -0.85% | | Inventories | 2,303,490,511.79 | 14.83% | 2,028,565,707.69 | 12.44% | 2.39% | | Fixed Assets | 2,382,511,896.99 | 15.34% | 2,401,604,027.30 | 14.72% | 0.62% | | Construction in Progress | 584,891,844.39 | 3.76% | 552,479,848.58 | 3.39% | 0.37% | | Short-term Borrowings | 280,000,000.00 | 1.80% | 899,730,000.00 | 5.52% | -3.72% | | Contract Liabilities | 21,687,891.80 | 0.14% | 13,461,361.08 | 0.08% | 0.06% | Assets and Liabilities Measured at Fair Value | Item | End of Period (Yuan) | Beginning of Year (Yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 1,767,147,237.15 | 1,888,018,536.66 | | Receivables Financing | 145,854,393.56 | 253,783,518.89 | | Total | 1,913,001,630.71 | 2,141,802,055.55 | - As of the end of the reporting period, the company had restricted assets of **RMB 5,483,260.44** for letter of credit deposits[71](index=71&type=chunk) [Investment Analysis](index=19&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company did not engage in any significant investment activities during the reporting period - The company had no securities investments during the reporting period[72](index=72&type=chunk) - The company had no derivatives investments during the reporting period[73](index=73&type=chunk) - The company had no use of raised funds during the reporting period[74](index=74&type=chunk) [Major Asset and Equity Sales](index=19&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major asset or equity sales occurred during the reporting period - The company did not sell any major assets during the reporting period[75](index=75&type=chunk) - The company did not sell any major equity stakes during the reporting period[76](index=76&type=chunk) [Analysis of Major Holding and Associated Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The main subsidiary, Hualan Bioengineering Chongqing, reported revenue of RMB 675.17 million Financial Data of Major Holding and Associated Companies (Hualan Bioengineering Chongqing Co., Ltd.) | Company Name | Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hualan Bioengineering Chongqing Co., Ltd. | Subsidiary | Pharmaceutical Manufacturing | 250,000,000.00 | 3,437,586,513.83 | 3,149,974,504.65 | 675,170,467.89 | 240,171,267.85 | 199,799,438.66 | - During the reporting period, the company deregistered its subsidiary Shaanxi Hualan Biomedical Technology Co., Ltd., which had no significant impact on overall operations and performance[77](index=77&type=chunk) [Structured Entities Controlled by the Company](index=20&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company does not control any structured entities - The company did not control any structured entities during the reporting period[77](index=77&type=chunk) [Risks and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks related to product safety, regulation, and market competition - The company faces **product safety risks**, particularly the potential for unknown virus transmission in blood products and adverse reactions to vaccines[78](index=78&type=chunk) - The company faces **regulatory risks** at its plasma collection stations; countermeasures include strengthening management, ensuring 100% ownership, and implementing IT-based process control[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - The company faces the risk of **declining gross margins** due to rising plasma costs and increased market competition; countermeasures include cost control and sales expansion[80](index=80&type=chunk) - New product development faces risks from technical difficulties and market factors; countermeasures include focusing on independent R&D and improving project management[80](index=80&type=chunk)[81](index=81&type=chunk) - Vaccine products are subject to **public opinion risks** influenced by policy and public perception; countermeasures include compliant operations and academic promotion of vaccine safety[81](index=81&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has implemented a market value management system to enhance shareholder returns - The company has formulated a "Market Value Management System" to enhance its value through M&A activities that strengthen its core business[82](index=82&type=chunk) - The company actively implements dividend distributions, with a cumulative payout of **RMB 5.34 billion**, which is **8.53 times** its total financing amount of RMB 626 million[82](index=82&type=chunk) - The company strengthens investor relations through analyst meetings, earnings calls, and roadshows to enhance communication[82](index=82&type=chunk) - The company conducts share buybacks when appropriate to boost investor confidence and maintain market value stability[83](index=83&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has disclosed and is implementing its "Dual Improvement in Quality and Returns" action plan - The company has disclosed its "Dual Improvement in Quality and Returns" action plan to enhance its quality and investment value[84](index=84&type=chunk) - To enhance shareholder returns, the company proposes a H1 2025 cash dividend of **RMB 5 per 10 shares**, totaling **RMB 914 million**[85](index=85&type=chunk) - The company standardizes information disclosure and optimizes investor communication mechanisms to strengthen two-way interaction[85](index=85&type=chunk) - The company published its **2024 Environmental, Social, and Governance (ESG) Report**, emphasizing social responsibility and sustainable development[85](index=85&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's directors, supervisors, and senior management remained stable with no changes - There were no changes to the company's directors, supervisors, or senior management during the reporting period, as detailed in the 2024 annual report[88](index=88&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=23&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company proposes a cash dividend of RMB 5 per 10 shares for H1 2025 H1 2025 Profit Distribution Proposal | Indicator | Amount/Ratio | | :--- | :--- | | Dividend per 10 Shares (Yuan) (tax included) | 5 | | Share Base for Distribution (shares) | 1,827,456,666.00 | | Cash Dividend Amount (Yuan) (tax included) | 913,728,333.00 | | Ratio of Cash Dividend to Total Profit Distribution | 100% | | Ratio of Cash Dividend to H1 2025 Net Profit Attributable to Shareholders | 177.13% | [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company repurchased and cancelled 1.32 million restricted shares due to unmet performance targets - The vesting conditions for the second tranche of the 2023 Restricted Stock Incentive Plan were not met[90](index=90&type=chunk) - The company repurchased and cancelled **1.32426 million** restricted shares from 83 incentive participants at the grant price, for a total of **RMB 14,023,913.40**[90](index=90&type=chunk) - The cancellation of these repurchased restricted shares was completed on May 19, 2025[90](index=90&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its key subsidiary are included in the list for mandatory environmental information disclosure Companies on the Mandatory Environmental Information Disclosure List | No. | Company Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Hualan Biological Engineering Inc. | http://222.143.24.250:8247/home/home | | 2 | Hualan Biological Vaccine Inc. | http://222.143.24.250:8247/home/home | [Social Responsibility](index=24&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities through charitable activities and community support - The company's social responsibility mission is to reward shareholders with good performance, society with high-quality biological products, and employees with a better life[92](index=92&type=chunk) - As a co-founder, the company helped establish the Xinxiang Hualan Charity Foundation to assist hemophilia patients with financial difficulties and carry out other charitable work[94](index=94&type=chunk) - The company offers a "one donor, whole family benefits" policy and has provided educational grants to the children of plasma donors since 2007[94](index=94&type=chunk) Important Matters [Commitments](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) No commitments were fulfilled or overdue during the reporting period - The company reports no fulfilled or overdue commitments from its actual controller, shareholders, related parties, or acquirers during the reporting period[96](index=96&type=chunk) [Non-operating Fund Occupation](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating occupation of funds by controlling shareholders or other related parties - The company reports no non-operating occupation of its funds by the controlling shareholder or other related parties[97](index=97&type=chunk) [Irregular External Guarantees](index=25&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[98](index=98&type=chunk) [Appointment and Dismissal of Accounting Firm](index=25&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) This section is not applicable as the semi-annual financial report is unaudited - The company's semi-annual report has not been audited[99](index=99&type=chunk) [Board and Supervisory Committee's Explanation on "Non-standard Audit Report" for the Current Period](index=25&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as the semi-annual financial report is unaudited [Board's Explanation on "Non-standard Audit Report" from the Previous Year](index=25&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable for the current reporting period [Bankruptcy and Reorganization Matters](index=25&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company was not involved in any bankruptcy or reorganization matters - The company had no bankruptcy or reorganization matters during the reporting period[100](index=100&type=chunk) [Litigation Matters](index=25&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters - The company had no major litigation or arbitration matters during the reporting period[101](index=101&type=chunk) [Penalties and Rectifications](index=26&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company was not subject to any penalties or rectifications - The company had no penalties or rectifications during the reporting period[102](index=102&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) This section is not applicable for the current reporting period [Major Related-Party Transactions](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions occurred during the reporting period - The company had no related-party transactions related to daily operations during the reporting period[103](index=103&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity[104](index=104&type=chunk) - The company had no related-party credit or debt transactions during the reporting period[106](index=106&type=chunk) [Major Contracts and Their Performance](index=27&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company engaged in entrusted wealth management with an outstanding balance of RMB 1.33 billion - The company had no custody arrangements during the reporting period[110](index=110&type=chunk) - The company had no major guarantee situations during the reporting period[113](index=113&type=chunk) Entrusted Wealth Management | Type | Source of Funds | Amount Incurred (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 93,714.32 | 29,714.32 | 0 | | Bank Wealth Management Products | Raised Funds | 50,000 | 46,000 | 0 | | Brokerage Wealth Management Products | Own Funds | 82,107.16 | 33,800 | 0 | | Brokerage Wealth Management Products | Raised Funds | 53,000 | 23,000 | 0 | | Total | | 278,821.48 | 132,514.32 | 0 | - The company had no other major contracts during the reporting period[115](index=115&type=chunk) [Explanation of Other Major Matters](index=28&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) There were no other major matters to be explained during the reporting period - The company has no other major matters to disclose for the reporting period[116](index=116&type=chunk) [Major Matters Concerning Subsidiaries](index=28&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) No major matters concerning subsidiaries occurred during the reporting period - The company reports no major matters concerning its subsidiaries during the reporting period[117](index=117&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=29&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total share capital decreased by 1.32 million shares due to the cancellation of restricted stock [Changes in Share Capital](index=29&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital decreased by 1,324,260 shares following the repurchase of restricted stock Changes in Share Capital (shares) | Item | Pre-change Quantity | Pre-change Ratio | Change (+/-) | Post-change Quantity | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 255,078,047 | 13.95% | -1,324,260 | 253,753,787 | 13.89% | | II. Unrestricted Shares | 1,573,702,879 | 86.05% | 0 | 1,573,702,879 | 86.11% | | III. Total Shares | 1,828,780,926 | 100.00% | -1,324,260 | 1,827,456,666 | 100.00% | - The change in shares was due to the failure to meet the 2024 performance targets set in the 2023 Restricted Stock Incentive Plan, leading to the non-vesting of the second tranche of initially granted shares[121](index=121&type=chunk) [Changes in Restricted Shares](index=30&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The total number of restricted shares decreased by 1,324,260 due to the repurchase and cancellation Changes in Restricted Shares (shares) | Shareholder Name | Beginning Restricted Shares | Shares Released | Shares Added | Ending Restricted Shares | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | An Kang | 245,840,554 | 0 | 0 | 245,840,554 | Director/Supervisor/Senior Mgmt Lock-up | | Fan Bei | 2,026,224 | 120,000 | 0 | 1,906,224 | Director/Supervisor/Senior Mgmt Lock-up | | Zhang Baoxian | 1,064,583 | 105,000 | 0 | 959,583 | Director/Supervisor/Senior Mgmt Lock-up | | Pan Ruowen | 1,423,551 | 75,000 | 0 | 1,348,551 | Director/Supervisor/Senior Mgmt Lock-up | | Ma Xiaowei | 1,217,633 | 90,000 | 0 | 1,127,633 | Director/Supervisor/Senior Mgmt Lock-up | | Xie Junmin | 1,030,035 | 60,000 | 0 | 970,035 | Director/Supervisor/Senior Mgmt Lock-up | | Chen Zhengyue | 67,500 | 24,000 | 0 | 43,500 | Director/Supervisor/Senior Mgmt Lock-up | | Liu Jun | 212,662 | 45,000 | 0 | 167,662 | Director/Supervisor/Senior Mgmt Lock-up | | Other | 1,878,940 | 805,260 | 0 | 1,073,680 | Equity Incentive Plan | | Total | 255,078,047 | 1,324,260 | 0 | 253,753,787 | | [Securities Issuance and Listing](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) No securities were issued or listed during the reporting period - The company had no securities issuance or listing activities during the reporting period[126](index=126&type=chunk) [Number of Shareholders and Shareholding Status](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the period end, the company had 145,719 common shareholders - The total number of common shareholders at the end of the reporting period was **145,719**[127](index=127&type=chunk) Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period End | Restricted Shares Held | Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | An Kang | Domestic Individual | 17.94% | 327,787,406 | 245,840,554 | 81,946,852 | | Chongqing Shengkang Biotech Dev Co., Ltd. | Domestic Non-SOE | 15.02% | 274,438,679 | 0 | 274,438,679 | | Hong Kong Kekang Co., Ltd. | Foreign Entity | 13.13% | 239,893,954 | 0 | 239,893,954 | | China Securities Finance Co., Ltd. | Domestic Non-SOE | 2.92% | 53,290,197 | 0 | 53,290,197 | - The top three shareholders (An Kang, Chongqing Shengkang, Hong Kong Kekang) are related parties and act in concert[128](index=128&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of several directors and senior managers decreased due to the cancellation of restricted stock Changes in Shareholdings of Directors, Supervisors, and Senior Management (shares) | Name | Position | Beginning Shares | Shares Decreased | Ending Shares | | :--- | :--- | :--- | :--- | :--- | | Fan Bei | Director, General Manager | 2,701,632 | 120,000 | 2,581,632 | | Zhang Baoxian | Director, Deputy GM | 1,419,444 | 105,000 | 1,314,444 | | Pan Ruowen | Director | 1,898,068 | 75,000 | 1,823,068 | | Ma Xiaowei | Executive Deputy GM | 1,623,511 | 90,000 | 1,533,511 | | Xie Junmin | CFO, Board Secretary | 1,373,380 | 60,000 | 1,313,380 | | Chen Zhengyue | Deputy GM | 90,000 | 24,000 | 66,000 | | Liu Jun | Deputy GM | 283,550 | 45,000 | 238,550 | | Total | | 9,389,585 | 519,000 | 8,870,585 | - The decrease in shareholdings was mainly due to the repurchase and cancellation of restricted stock[131](index=131&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged - The company's controlling shareholder did not change during the reporting period[132](index=132&type=chunk) - The company's actual controller did not change during the reporting period[132](index=132&type=chunk) [Preferred Stock Information](index=34&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no preferred stock - The company had no preferred stock during the reporting period[133](index=133&type=chunk) Bond-related Matters [Bond-related Matters](index=35&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no bond-related matters to report - The company had no bond-related matters during the reporting period[135](index=135&type=chunk) Financial Report [Audit Report](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The semi-annual financial report is unaudited - The company's semi-annual financial report has not been audited[137](index=137&type=chunk) [Financial Statements](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for H1 2025 [Consolidated Balance Sheet](index=36&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Consolidated total assets stood at RMB 15.54 billion, a decrease of 4.75% from the beginning of the year Consolidated Balance Sheet Key Data (End of Period vs Beginning of Year) | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 15,535,440,400.51 | 16,309,951,355.29 | | Total Current Assets | 9,336,064,233.90 | 9,616,191,068.19 | | Total Non-current Assets | 6,199,376,166.61 | 6,693,760,287.10 | | Total Liabilities | 1,565,136,523.83 | 2,463,225,371.87 | | Total Current Liabilities | 1,465,892,254.06 | 2,360,122,055.57 | | Total Equity Attributable to Parent Company | 12,013,171,120.84 | 11,858,784,465.45 | [Parent Company Balance Sheet](index=38&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Parent company total assets were RMB 5.96 billion, with a significant decrease in current liabilities Parent Company Balance Sheet Key Data (End of Period vs Beginning of Year) | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 5,964,662,003.68 | 6,076,545,698.27 | | Total Current Assets | 2,862,279,208.96 | 2,765,168,756.25 | | Total Non-current Assets | 3,102,382,794.72 | 3,311,376,942.02 | | Total Liabilities | 324,201,798.25 | 722,858,423.69 | | Total Current Liabilities | 306,367,949.50 | 705,041,818.07 | | Total Equity | 5,640,460,205.43 | 5,353,687,274.58 | [Consolidated Income Statement](index=40&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, total operating revenue reached RMB 1.80 billion, an increase of 8.80% YoY Consolidated Income Statement Key Data (Current Period vs Prior Period) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,798,197,926.21 | 1,652,707,481.28 | | Total Operating Costs | 1,310,025,664.46 | 1,256,230,119.09 | | Operating Profit | 635,103,212.79 | 538,957,923.71 | | Total Profit | 611,444,107.03 | 533,917,453.50 | | Net Profit | 522,691,390.04 | 448,775,270.53 | | Net Profit Attributable to Parent Company | 515,859,492.79 | 440,196,094.59 | | Basic Earnings Per Share (Yuan/share) | 0.2824 | 0.2406 | | Diluted Earnings Per Share (Yuan/share) | 0.2821 | 0.2400 | [Parent Company Income Statement](index=42&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) Parent company operating revenue grew 10.94% to RMB 1.08 billion, with net profit up 18.85% Parent Company Income Statement Key Data (Current Period vs Prior Period) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,077,575,999.89 | 971,346,825.58 | | Operating Costs | 528,577,279.41 | 492,089,386.61 | | Operating Profit | 727,514,495.24 | 601,527,787.95 | | Total Profit | 706,383,673.45 | 597,584,009.18 | | Net Profit | 651,478,786.33 | 548,176,565.63 | | Investment Income | 352,264,849.46 | 253,388,521.31 | [Consolidated Cash Flow Statement](index=44&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash flow from operating activities was RMB 230.51 million, a decrease of 28.27% YoY Consolidated Cash Flow Statement Key Data (Current Period vs Prior Period) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 230,506,958.78 | 321,336,215.70 | | Net Cash Flow from Investing Activities | 507,850,755.56 | 1,170,760,914.36 | | Net Cash Flow from Financing Activities | -941,944,824.12 | -455,564,374.61 | | Net Increase in Cash and Cash Equivalents | -203,397,417.77 | 1,036,435,604.45 | | Ending Balance of Cash and Cash Equivalents | 1,154,862,803.91 | 2,025,760,219.96 | - Net cash flow from financing activities decreased by **106.76%** YoY, mainly due to an increase in cash paid for debt repayment[62](index=62&type=chunk) [Parent Company Cash Flow Statement](index=45&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Parent company operating cash flow increased significantly by 426.28% YoY Parent Company Cash Flow Statement Key Data (Current Period vs Prior Period) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 254,021,044.62 | 48,283,066.95 | | Net Cash Flow from Investing Activities | 477,877,848.02 | 670,466,395.72 | | Net Cash Flow from Financing Activities | -761,011,484.15 | -538,200,134.14 | | Net Increase in Cash and Cash Equivalents | -29,092,906.92 | 180,562,698.22 | | Ending Balance of Cash and Cash Equivalents | 346,814,532.31 | 377,036,361.43 | [Consolidated Statement of Changes in Equity](index=46&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Total equity attributable to the parent company increased by 1.30% to RMB 12.01 billion Consolidated Statement of Changes in Equity (Current Period) | Item | Share Capital (Yuan) | Capital Reserve (Yuan) | Less: Treasury Stock (Yuan) | Retained Earnings (Yuan) | Equity Attributable to Parent (Yuan) | Minority Interest (Yuan) | Total Equity (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | 1,828,780,926.00 | 1,429,993,625.13 | 32,723,064.60 | 7,734,911,875.63 | 11,858,784,465.45 | 1,987,941,517.97 | 13,846,725,983.42 | | Change in Period | -1,324,260.00 | -9,431,571.60 | -14,774,327.40 | 150,368,159.59 | 154,386,655.39 | -30,808,762.13 | 123,577,893.26 | | Ending Balance | 1,827,456,666.00 | 1,420,562,053.53 | 17,948,737.20 | 7,885,280,035.22 | 12,013,171,120.84 | 1,957,132,755.84 | 13,970,303,876.68 | [Parent Company Statement of Changes in Equity](index=50&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Parent company total equity increased by 5.35% to RMB 5.64 billion Parent Company Statement of Changes in Equity (Current Period) | Item | Share Capital (Yuan) | Capital Reserve (Yuan) | Less: Treasury Stock (Yuan) | Retained Earnings (Yuan) | Total Equity (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | 1,828,780,926.00 | 184,697,716.88 | 32,723,064.60 | 2,475,118,989.40 | 5,353,687,274.58 | | Change in Period | -1,324,260.00 | -12,664,589.68 | -14,774,327.40 | 285,987,453.13 | 286,772,930.85 | | Ending Balance | 1,827,456,666.00 | 172,033,127.20 | 17,948,737.20 | 2,761,106,442.53 | 5,640,460,205.43 | [Company Basic Information](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company operates in the biopharmaceutical industry with An Kang as the ultimate actual controller - As of June 30, 2025, the company's total issued share capital is **1,827,456,666 shares**, with a registered capital of RMB 1,827.46 million, and the ultimate actual controller is An Kang[171](index=171&type=chunk) - The company belongs to the biopharmaceutical industry, primarily engaged in the production and sale of human albumin, IVIG (PH4), and other blood products[172](index=172&type=chunk) - A total of **40 subsidiaries** were included in the consolidated financial statements for the current period, a decrease of one from the previous period[174](index=174&type=chunk) [Basis of Preparation for Financial Statements](index=55&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises - Basic Standard" and other related regulations issued by the Ministry of Finance[176](index=176&type=chunk) - These financial statements are prepared on a going concern basis, with no significant doubts found regarding the company's ability to continue operating for the next 12 months[177](index=177&type=chunk) - The company uses the accrual basis of accounting and measures most items at historical cost, except for certain financial instruments measured at fair value[178](index=178&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates applied in the financial statements - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, providing a true and complete view of the company's financial position and performance[179](index=179&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[203](index=203&type=chunk) - The company accounts for impairment of financial assets measured at amortized cost based on an **expected credit loss (ECL)** model[217](index=217&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, at the transaction price allocated to the performance obligation[288](index=288&type=chunk) [Taxes](index=80&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company and some subsidiaries benefit from preferential tax policies such as the 15% rate for high-tech enterprises Main Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sale of materials | 13% | | Urban Maintenance and Construction Tax | Actual paid turnover tax | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25%, Exempt | | Education Surcharge | Actual paid turnover tax | 3% | | Local Education Surcharge | Actual paid turnover tax | 2% | Entities with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | The Company | 15% | | Hualan Biological Vaccine Inc. | 15% | | Hualan Bioengineering Chongqing Co., Ltd. and its subsidiaries (excluding Wushan, Medical Research, Fengdu) | 15% | | Hualan Bio (Huishui) Plasma Co., Ltd. | 20% | | Hualan Biomedical Marketing Co., Ltd. | 20% | | Xinxiang Taihang Poultry Co., Ltd. | Exempt | - The company and its subsidiary Hualan Biological Vaccine Inc. are certified as high-tech enterprises, subject to a **15% corporate income tax rate** for three years starting from 2023/2024[311](index=311&type=chunk) - Subsidiary Hualan Bioengineering Chongqing Co., Ltd. and its subsidiaries qualify for the Western Development preferential tax policy, paying at a **15% rate**[312](index=312&type=chunk) - Some subsidiaries are classified as small and micro enterprises, benefiting from a reduced corporate income tax rate of **20%** on 25% of their taxable income[313](index=313&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the items presented in the consolidated financial statements Cash and Cash Equivalents | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 1,082,290.89 | 2,995,398.33 | | Bank Deposits | 1,148,666,476.95 | 1,350,252,802.86 | | Other Monetary Funds | 10,597,296.51 | 13,411,307.30 | | Total | 1,160,346,064.35 | 1,366,659,508.49 | Operating Revenue and Costs (Consolidated) | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,793,714,824.96 | 850,773,760.69 | 1,645,669,697.48 | 814,008,655.39 | | Other Business | 4,483,101.25 | 1,931,036.56 | 7,037,783.80 | 920,532.20 | | Total | 1,798,197,926.21 | 852,704,797.25 | 1,652,707,481.28 | 814,929,187.59 | R&D Expenses (Consolidated) | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Direct Input | 80,297,310.76 | 99,303,015.33 | | Depreciation and Amortization | 21,363,669.24 | 27,538,864.03 | | Clinical Trial Fees | 42,023,038.61 | 8,880,790.67 | | Outsourced R&D Fees | 10,032,373.51 | 300,000.00 | | Total | 161,354,978.40 | 144,659,398.85 | Investment Income (Consolidated) | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Investment income from trading financial assets held | 2,719,941.05 | 3,707,046.94 | | Investment income from disposal of trading financial assets | 11,011,662.10 | 19,244,521.44 | | Gain (loss) on derecognition of financial assets measured at amortized cost | -3,511,892.73 | -2,046,624.07 | | Other | 68,208,285.60 | 59,972,979.43 | | Total | 78,427,996.02 | 67,879,421.27 | [R&D Expenditure](index=108&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D investment for the period was RMB 161.43 million, a 10.69% YoY increase R&D Expenditure Details | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Direct Input | 80,367,689.01 | 100,276,339.29 | | Clinical Trial Fees | 42,023,038.61 | 8,880,790.67 | | Outsourced R&D Fees | 10,032,373.51 | 300,000.00 | | Total | 161,428,005.56 | 145,832,852.69 | | Of which: Expensed R&D | 161,354,978.40 | 144,659,398.85 | | Capitalized R&D | 73,027.16 | 1,173,453.84 | - The Freeze-dried Group A and C Meningococcal Conjugate Vaccine project is **70% complete** and expected to be finished by December 31, 2025[498](index=498&type=chunk) [Changes in Consolidation Scope](index=109&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The consolidation scope decreased by one subsidiary due to deregistration Subsidiaries No Longer in Consolidation Scope | Name | Reason for Change | | :--- | :--- | | Shaanxi Hualan Biomedical Technology Co., Ltd. | Deregistration | [Interests in Other Entities](index=109&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company has interests in 40 subsidiaries and one key associate, Hualan Genetic Engineering Co., Ltd - The company's consolidation scope includes **40 subsidiaries**, covering vaccine production, plasma collection, and biopharmaceutical manufacturing[174](index=174&type=chunk)[501](index=501&type=chunk)[502](index=502&type=chunk)[503](index=503&type=chunk)[504](index=504&type=chunk) - Important non-wholly-owned subsidiaries include Hualan Biological Vaccine Inc. (32.62% minority interest) and Hualan Biomedical Marketing Co., Ltd. (20.00% minority interest)[506](index=506&type=chunk) Key Financial Information of Important Associate (Hualan Genetic Engineering Co., Ltd.) | Item | Ending Balance / Current Period Amount (Yuan) | | :--- | :--- | | Current Assets | 199,279,247.54 | | Non-current Assets | 1,477,800,863.92 | | Total Assets | 1,677,080,111.46 | | Current Liabilities | 1,149,475,838.89 | | Non-current Liabilities | 528,828,500.00 | | Total Liabilities | 1,678,304,338.89 | | Net Profit | 7,637,341.17 | | Total Comprehensive Income | 7,637,341.17 | - Hualan Genetic Engineering Co., Ltd. is an associate of the company, with a **40.00%** shareholding accounted for using the equity method[511](index=511&type=chunk) [Government Grants](index=114&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized RMB 8.91 million in government grants in the current period's profit and loss Liability Items Related to Government Grants | Account | Beginning Balance (Yuan) | New Grants (Yuan) | Recognized in Non-operating Income (Yuan) | Transferred to Other Income (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 54,181,974.00 | 0 | 0 | 3,361,070.26 | 50,820,903.74 | Asset-related | Government Grants Recognized in Current P&L | Account | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Other Income | 8,910,847.15 | 12,791,915.48 | | Non-operating Income | 0 | 200,000.00 | | Total | 8,910,847.15 | 12,991,915.48 | - Government grants recognized in the current period mainly include asset-related grants for industrial revitalization and income-related grants for job stabilization and R&D projects[521](index=521&type=chunk) [Risks Related to Financial Instruments](index=116&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through established policies and monitoring - The company's main financial instruments expose it to **credit risk, liquidity risk, and market risk**[522](index=522&type=chunk) - Credit risk is managed by setting credit policies and continuously monitoring the collection of receivables, with impairment losses assessed based on aging[523](index=523&type=chunk)[524](index=524&type=chunk) - Liquidity risk is managed through cash flow forecasting and maintaining sufficient credit facilities; as of June 30, 2025, the company had **RMB 1.2 billion** in credit lines, with RMB 283 million utilized[527](index=527&type=chunk) - The company faces foreign exchange risk (mainly USD and EUR) and interest rate risk (from bank borrowings), which are mitigated by monitoring currency transactions and interest rate levels[528](index=528&type=chunk)[529](index=529&type=chunk) [Fair Value Disclosure](index=118&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) Assets measured at fair value primarily consist of trading financial assets and receivables financing Ending Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 2 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 1,767,147,237.15 | 0 | 1,767,147,237.15 | | (II) Receivables Financing | 0 | 145,854,393.56 | 145,854,393.56 | | Total Assets | 1,767,147,237.15 | 145,854,393.56 | 1,913,001,630.71 | - The carrying amounts of financial assets and liabilities not measured at fair value (e.g., receivables, short-term borrowings) approximate their fair values[533](index=533&type=chunk) [Related Parties and Transactions](index=118&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The actual controller, Mr. An Kang, controls 46.09% of the company's shares - Mr. An Kang is the actual controller, holding a combined **46.09%** of the company's shares directly and indirectly[534](index=534&type=chunk) - The company's associate is Hualan Genetic Engineering Co., Ltd[537](index=537&type=chunk) Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | :--- | | Hualan Genetic Engineering Co., Ltd. | Purchase of services | 10,811,328.20 | 706,864.00 | | Hualan Genetic Engineering Co., Ltd. | Sale of products | 0 | 222.50 | Related-Party Leases (as Lessor) | Lessee Name | Leased Asset Type | Current Period Lease Income (Yuan) | Prior Period Lease Income (Yuan) | | :--- | :--- | :--- | :--- | | Hualan Genetic Engineering Co., Ltd. | Buildings | 108,095.24 | 116,190.48 | - Compensation for key management personnel in the current period amounted to **RMB 3,772,090.35**[547](index=547&type=chunk) Payables to Related Parties | Item Name | Related Party | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | :--- | | Other Payables | CYBER CREATOR LIMITED | 58,778,790.80 | 93,931,367.58 | [Share-based Payments](index=120&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company recognized RMB 4.02 million in expenses for equity-settled share-based payments - The total expense recognized for equity-settled share-based payments in the current period was **RMB 4,024,707.02**[551](index=551&type=chunk)[552](index=552&type=chunk) - The fair value of equity instruments for the Hualan Bio 2023 Restricted Stock Incentive Plan was determined by the closing price on the grant date[550](index=550&type=chunk) - The fair value of equity instruments for the Hualan Vaccine 2022 Restricted Stock Incentive Plan was determined using the **Black-Scholes option pricing model**[550](index=550&type=chunk) [Commitments and Contingencies](index=121&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has significant commitments related to bank credit facilities - The company has a credit facility agreement with China Merchants Bank for **RMB 200 million**, with RMB 80 million drawn down for bill discounting this year[553](index=553&type=chunk) - The company has a credit facility agreement with China Construction Bank for **RMB 200 million**, with RMB 200 million drawn down for bill discounting this year[553](index=553&type=chunk) - The company has outstanding letters of credit, including **EUR 267,119.42** issued by Hualan Bio and **EUR 382,421.74** issued by Hualan Chongqing[554](index=554&type=chunk) - As of June 30, 2025, the company has no other significant undisclosed commitments or contingencies[553](index=553&type=chunk)[555](index=555&type=chunk) [Post-Balance Sheet Events](index=121&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) The company has proposed a profit distribution plan for H1 2025 Profit Distribution Plan | Item | Content | | :--- | :--- | | Proposed Dividend per 10 Shares (Yuan) | 5 | | Profit Distribution Plan | Based on the total share capital of 1,827,456,666.00 shares as of June 30, 2025, a cash dividend of RMB 5 (tax included) per 10 shares will be distributed, totaling RMB 913,728,333.00. No bonus shares or capitalization of reserves. | - As of the financial report's approval date, the company has no other significant undisclosed post-balance sheet events[558](index=558&type=chunk) [Other Important Matters](index=122&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company operates as a single business segment, so no segment information is presented - The company's business is singular, focusing on the production and sale of biological products, which management treats as a single integrated segment; therefore, no segment information is presented[559](index=559&type=chunk) [Notes to Parent Company Financial Statement Items](index=122&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the items presented in the parent company's financial statements Parent Company Accounts Receivable | Aging | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year | 412,173,020.29 | 235,767,733.76 | | 1 to 2 years | 11,628,833.50 | 2,916,050.26 | | Total | 424,034,153.79 | 238,992,184.02 | Parent Company Other Receivables | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Dividends Receivable | 81,000,000.00 | 0 | | Other Receivables | 11,466,658.80 | 22,260,598.53 | | Total | 92,466,658.80 | 22,260,598.53 | Parent Company Long-term Equity Investments (in Subsidiaries) | Item | Ending Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 1,024,496,209.24 | 1,024,496,209.24 | | Total | 1,024,496,209.24 | 1,024,496,209.24 | Parent Company Operating Revenue and Costs | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,076,318,872.48 | 528,295,978.72 | 966,966,299.30 | 491,602,106.00 | | Other Business | 1,257,127.41 | 281,300.69 | 4,380,526.28 | 487,280.61 | | Total | 1,077,575,999.89 | 528,577,279.41 | 971,346,825.58 | 492,089,386.61 | Parent Company Investment Income | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Income from long-term equity investments (cost method) | 331,000,000.00 | 241,657,030.28 | | Income from long-term equity investments (equity method) | 0 | -13,449,864.42 | | Investment income from tradi

Section One Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, the report's structure, a list of reference documents, and definitions of key terms [Important Notes](index=2&type=section&id=Important%20Notes) The Board, Supervisory Board, and senior management guarantee the report's accuracy, with the CEO and CFO affirming financial statement integrity, and no cash dividends or share transfers planned - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4](index=4&type=chunk) - Company head He Zhen, chief accountant Xu Anbi, accounting supervisor Ren Wei, and head of accounting department Luo Hongjian declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This chapter outlines the report's overall structure, including nine main sections and their corresponding page numbers, providing quick navigation for investors [Directory of Reference Documents](index=4&type=section&id=Directory%20of%20Reference%20Documents) This section lists reference documents available for inspection, including signed financial statements and original public disclosures, located at the company's Board of Directors office - Reference documents include financial statements signed and sealed by the company's head, chief accountant, accounting supervisor, and head of accounting department[8](index=8&type=chunk) - Reference documents also include originals of all company documents and announcements publicly disclosed during the reporting period[9](index=9&type=chunk) - The aforementioned reference documents are available at the company's Board of Directors office[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This chapter defines common terms used in the report, covering company names, related parties, regulatory bodies, laws, and business models for clear understanding - "Company/This Company/Leaguer Sci & Tech" refers to Shenzhen Leaguer Sci & Tech Co, Ltd[12](index=12&type=chunk) - "Shenzhen SASAC" refers to Shenzhen Municipal People's Government State-owned Assets Supervision and Administration Commission, the actual controller of the company[12](index=12&type=chunk) - "Innovation Base Platform Services" refers to incubation services and basic property management services provided to early-stage growth enterprises, based on physical spaces, through sales/leasing, including technology enterprise consulting, policy application, investment and financing, and basic business matching[12](index=12&type=chunk) Section Two Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shenzhen Leaguer Sci & Tech Co, Ltd is listed on the Shenzhen Stock Exchange under stock code 002243, with He Zhen as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Leaguer Sci & Tech | | Stock Code | 002243 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 深圳市力合科创股份有限公司 | | Company's Legal Representative | He Zhen | [Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This chapter provides detailed contact information for the company's Board Secretary Yu Zhe and Securities Affairs Representative Zhang Chi, including address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yu Zhe | Building A, Tongchan Lixing Science Park, No. 1001 Longgang Avenue (Pingdi Section), Longgang District, Shenzhen | 0755-28483234 | 0755-28483900 | yuz@leaguer.com.cn | | Securities Affairs Representative | Zhang Chi | Building A, Tongchan Lixing Science Park, No. 1001 Longgang Avenue (Pingdi Section), Longgang District, Shenzhen | 0755-28483234 | 0755-28483900 | zhangchi@leaguer.com.cn | [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes to the company's registered address, office address, website, email, information disclosure platforms, or other relevant details, as referenced in the 2024 annual report - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[16](index=16&type=chunk) - The securities exchange website and media name/address for the company's semi-annual report disclosure, and the location for report availability, remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **4.40% to RMB 1.094 billion**, with net profit attributable to shareholders growing by **45.76% to RMB 118 million**, while non-recurring net profit was negative, decreasing by **121.61%** Key Accounting Data and Financial Indicators (H1 2025 vs. Prior Period) | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,094,074,623.95 | 1,047,940,827.08 | 4.40% | | Net Profit Attributable to Shareholders of Listed Company | 118,394,625.25 | 81,225,652.55 | 45.76% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -8,239,764.44 | 38,133,976.62 | -121.61% | | Net Cash Flow from Operating Activities | -67,933,863.08 | -284,800,516.08 | 76.15% | | Basic Earnings Per Share (RMB/share) | 0.0978 | 0.0671 | 45.75% | | Diluted Earnings Per Share (RMB/share) | 0.0978 | 0.0671 | 45.75% | | Weighted Average Return on Net Assets | 1.61% | 1.13% | 0.48% | | **Period-End Indicators** | **Current Period End (RMB)** | **Prior Year End (RMB)** | **Change from Prior Year End** | | Total Assets | 16,489,244,604.52 | 16,590,938,308.23 | -0.61% | | Net Assets Attributable to Shareholders of Listed Company | 7,269,610,627.82 | 7,280,644,148.82 | -0.15% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's non-recurring gains and losses for the first half of 2025 totaled **RMB 126.63 million**, primarily from disposal of non-current assets and government subsidies, partially offset by fair value changes in financial assets Non-Recurring Gains and Losses and Amounts (Unit: RMB) | Item | Amount | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of impairment provisions already made) | 169,471,410.71 | | Government subsidies recognized in current profit and loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 11,591,041.91 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, except for effective hedging activities related to normal business operations | -17,937,743.10 | | Gains or losses from entrusted investment or asset management | 4,102,832.43 | | Other non-operating income and expenses apart from the above items | -914,209.82 | | Less: Income tax impact | 48,643,622.76 | | Impact on minority interests (after tax) | -8,964,680.32 | | Total | 126,634,389.69 | Section Three Management Discussion and Analysis This section analyzes the company's main businesses, core competencies, operational performance, asset and liability status, investment activities, and risk factors [Main Businesses Engaged in During the Reporting Period](index=9&type=section&id=I.%20Main%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) The company maintains a "technology innovation services + strategic emerging industries" dual-driven model, focusing on technology commercialization investment and high-tech sub-enterprise cultivation through M&A - The company implements its "14th Five-Year Plan" strategic plan, positioning itself as a "comprehensive innovation platform within the Shenzhen SASAC system," consolidating its "technology innovation services + strategic emerging industries" development model[26](index=26&type=chunk) - Technology innovation services focus on investment in technology commercialization projects, incubating and investing in leading technology enterprises; strategic emerging industries focus on new materials, new energy, and digital economy fields, exploring M&A and industrial integration[26](index=26&type=chunk) [Technology Innovation Services](index=9&type=section&id=(I)%20Technology%20Innovation%20Services) The company's technology innovation services, including venture capital, innovation operations, and innovation base platform services, are primarily driven by early-stage "hard tech" investments, supported by comprehensive incubation and regional industrial cluster optimization - Technology venture capital business focuses on investment in technology commercialization projects, primarily in early-stage, seed-stage, and growth-stage "hard tech" fields such such as new-generation information technology, advanced manufacturing, new energy, new materials, and biomedicine[28](index=28&type=chunk) - During the reporting period, the company completed **11 investment projects**, focusing on new energy, new materials, new-generation information technology, biomedicine, and advanced manufacturing industries[30](index=30&type=chunk) - Innovation base platform services rely on a full range of space carriers ("incubator-accelerator-industrial park"), while technology innovation operations provide one-stop incubation services and maintain close interaction with multiple universities to optimize regional industrial clusters[32](index=32&type=chunk) Company's Listed Company Equity Held at Period End | No. | Stock Abbreviation | Stock Code | Market Value Held at Period End (RMB 10,000) | | :--- | :--- | :--- | :--- | | 1 | Huajin Capital | 000532 | 41,667.59 | | 2 | Leaguer Micro | 688589 | 40,042.08 | | 3 | *ST Qingyan | 301288 | 12,473.56 | | 4 | Chipsea Technologies | 688595 | 2,671.61 | | 5 | E-SO Technology | HK2550 | (HKD) 1,270.66 | Company's Invested Projects by Industry Category (Penetrated) at Period End | Industry Category | Investment Amount Ratio | | :--- | :--- | | New Generation Information Technology | 16.06% | | Advanced Manufacturing | 47.35% | | New Energy and New Materials | 15.44% | | Biomedical | 7.98% | | Other | 13.17% | [Strategic Emerging Industries](index=10&type=section&id=(II)%20Strategic%20Emerging%20Industries) The company's strategic emerging industries focus on new materials and digital economy, with subsidiary Lixing Technology achieving over **50% export growth** in plastic packaging and subsidiary Shuyun Keji expanding smart operation services - Subsidiary Lixing Technology, engaged in plastic packaging material manufacturing, accelerated overseas market expansion during the reporting period, with export business growing over **50%**, effectively improving profitability[34](index=34&type=chunk) - Subsidiary Shuyun Keji, a digital construction service provider, actively expanded its BOS+ smart operation business and secured approval for a digital twin scientific research project, building on its BIM standard system for full lifecycle data management[35](index=35&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from deep integration of industry, academia, and research, with advantages in technology resources, talent, innovation systems, and strategic synergy, alongside strong capabilities in new materials and digital construction - The company adheres to its core identity of "originating from Tsinghua, rooted in the Special Economic Zone," with deep integration of industry, academia, and research as its core advantage, striving to become a "comprehensive innovation platform within the Shenzhen SASAC system"[36](index=36&type=chunk) [Technology Innovation Services](index=11&type=section&id=(I)%20Technology%20Innovation%20Services) The company's technology innovation services benefit from strong technology resources through collaborations with Tsinghua Research Institute and other universities, a skilled interdisciplinary talent pool, a deeply integrated incubation system, and strategic support from Shenzhen SASAC - The company possesses advantages in technology achievement resources, primarily from strategic cooperation with Tsinghua Research Institute and various domestic and international universities/research institutions, and as an industrialization partner for innovation cooperation between Tsinghua Research Institute and leading state-owned enterprises[37](index=37&type=chunk) - The company has talent and technology advantages, stabilizing core talent through optimized compensation and assessment systems, and building a composite team of industry, academia, and research professionals knowledgeable in technology and industry[37](index=37&type=chunk) - The company is deeply involved in the industry-academia-research integrated incubation system co-built with Tsinghua Research Institute, forming unique advantages in "innovative resources, cutting-edge technology understanding, achievement commercialization, enterprise empowerment, and industry cultivation"[38](index=38&type=chunk) - The company benefits from strategic synergy and corporate governance advantages, supported by Shenzhen SASAC to build a comprehensive innovation platform, and strategic cooperation with Tsinghua Research Institute ensures alignment with national technology innovation strategies[38](index=38&type=chunk) [Strategic Emerging Industries](index=11&type=section&id=(II)%20Strategic%20Emerging%20Industries) Subsidiary Lixing Technology boasts a full plastic packaging industry chain, numerous national and provincial innovation platforms, and extensive industry standards, while Shuyun Keji leads BIM standard development with top-tier core technologies - Subsidiary Lixing Technology has built a full industry chain from creative design to material R&D, packaging manufacturing, cosmetic filling, packaging recycling, beauty instruments, and testing/certification, possessing **6 national-level and over 20 provincial/municipal-level innovation platforms**[39](index=39&type=chunk) - Lixing Technology leads or participates in the formulation of over **40 national, industry, and group standards**, and has established long-term stable cooperation with internationally renowned brands like P&G and Shiseido[39](index=39&type=chunk) - Subsidiary Shuyun Keji, a technology commercialization project from Tsinghua University's School of Software, is the lead developer of China's BIM standard technical system, possessing first-class BIM digital standard setting capabilities and core technologies like BIM data engines[40](index=40&type=chunk) [Main Business Analysis](index=11&type=section&id=III.%20Main%20Business%20Analysis) In the first half of 2025, the company's operating revenue grew by **4.40% to RMB 1.094 billion**, with net profit attributable to shareholders increasing by **45.76% to RMB 118 million**, driven by new materials and investment gains - In the first half of 2025, operating revenue reached **RMB 1,094.07 million**, a year-on-year increase of **4.40%**; net profit attributable to the parent company was **RMB 118.39 million**, a year-on-year increase of **45.76%**[41](index=41&type=chunk) - The new materials business segment achieved growth compared to the same period last year, and the company's invested projects developed steadily, leading to increased investment income compared to the same period last year[41](index=41&type=chunk) Major Financial Data Year-on-Year Changes (Unit: RMB) | Indicator | Current Period | Prior Period | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,094,074,623.95 | 1,047,940,827.08 | 4.40% | | | Operating Cost | 839,891,507.28 | 839,123,284.46 | 0.09% | | | Income Tax Expense | 33,805,029.84 | 4,111,109.51 | 722.28% | Impact of increased total profit | | Net Cash Flow from Operating Activities | -67,933,863.08 | -284,800,516.08 | 76.15% | Decrease in cash paid for goods and services | | Net Cash Flow from Investing Activities | -157,704,175.70 | -288,094,380.61 | 45.26% | Increase in cash received from investment recovery | | Net Cash Flow from Financing Activities | -63,104,870.51 | 375,970,730.12 | -116.78% | Increase in cash paid for repayment of corporate bonds and bank loans | Operating Revenue Composition (Unit: RMB) | Category | Current Period Amount | Proportion of Operating Revenue | Prior Period Amount | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Technology Innovation Services | 250,449,831.09 | 22.89% | 278,705,039.28 | 26.60% | -10.14% | | Strategic Emerging Industries | 817,763,831.05 | 74.74% | 745,526,982.86 | 71.14% | 9.69% | | **By Product** | | | | | | | Innovation Base Platform Services | 229,827,041.01 | 21.01% | 251,302,421.76 | 23.98% | -8.55% | | New Materials Industry | 777,228,669.07 | 71.04% | 700,181,949.13 | 66.82% | 11.00% | | Digital Economy Industry | 40,535,161.98 | 3.70% | 45,345,033.73 | 4.33% | -10.61% | | **By Region** | | | | | | | Export Sales | 260,315,692.07 | 23.79% | 172,726,886.10 | 16.48% | 50.71% | | Domestic Sales | 833,758,931.88 | 76.21% | 875,213,940.98 | 83.52% | -4.74% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit (Unit: RMB) | Category | Operating Revenue | Operating Cost | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Technology Innovation Services | 250,449,831.09 | 183,688,216.93 | 26.66% | -10.14% | -13.81% | 3.13% | | Strategic Emerging Industries | 817,763,831.05 | 653,600,225.22 | 20.07% | 9.69% | 5.56% | 3.12% | | **By Product** | | | | | | | | Innovation Base Platform Services | 229,827,041.01 | 161,055,241.49 | 29.92% | -8.55% | -17.20% | 7.32% | | New Materials Industry | 777,228,669.07 | 612,911,817.28 | 21.14% | 11.00% | 6.24% | 3.54% | | **By Region** | | | | | | | | Export Sales | 260,315,692.07 | 193,400,766.88 | 25.71% | 50.71% | 33.29% | 9.71% | | Domestic Sales | 833,758,931.88 | 646,490,740.40 | 22.46% | -4.74% | -6.85% | 1.76% | [Non-Core Business Analysis](index=13&type=section&id=IV.%20Non-Core%20Business%20Analysis) Non-core businesses significantly contributed to total profit, with investment income accounting for **159.02%**, primarily from equity method investments, disposal of financial assets, and wealth management products, demonstrating sustainability Non-Core Business Analysis (Unit: RMB) | Item | Amount | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 187,991,223.15 | 159.02% | Primarily from long-term equity investments accounted for by the equity method, investment income from disposal of long-term equity investments, disposal of other non-current financial assets, and income from wealth management products, generated from the company's investment incubation business and entrusted wealth management of idle funds | Yes | | Fair Value Change Gains and Losses | -17,937,743.10 | -15.17% | Primarily from fair value changes of other non-current financial assets measured at fair value and whose changes are recognized in current profit and loss, generated from the company's investment incubation business | Yes | | Asset Impairment | -9,921,311.67 | -8.39% | Primarily impairment provisions for inventory write-downs | Yes | | Non-Operating Income | 1,348,043.27 | 1.14% | Primarily gains from disposal of non-current assets | No | | Non-Operating Expenses | 2,262,253.09 | 1.91% | Primarily losses from disposal of non-current assets | No | [Analysis of Assets and Liabilities](index=13&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets slightly decreased, with long-term borrowings significantly increasing by **2.67%** due to new drawdowns, while short-term borrowings decreased substantially by **1.19%** Significant Changes in Asset Composition (Unit: RMB) | Item | Amount at Current Period End | Proportion of Total Assets | Amount at Prior Year End | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 1,594,829,341.08 | 9.67% | 1,854,871,977.26 | 11.18% | -1.51% | | | Inventories | 4,500,781,563.59 | 27.30% | 4,558,521,380.55 | 27.48% | -0.18% | | | Investment Properties | 1,724,680,391.41 | 10.46% | 1,668,004,186.97 | 10.05% | 0.41% | | | Long-Term Equity Investments | 2,168,695,784.65 | 13.15% | 2,181,365,102.65 | 13.15% | 0.00% | | | Short-Term Borrowings | 105,300,000.00 | 0.64% | 303,594,011.16 | 1.83% | -1.19% | | | Long-Term Borrowings | 3,742,513,274.59 | 22.70% | 3,322,847,378.49 | 20.03% | 2.67% | Primarily due to increased long-term borrowings | Assets and Liabilities Measured at Fair Value (Unit: RMB) | Item | Beginning Balance | Fair Value Change Gains/Losses for the Period | Purchases for the Period | Sales for the Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets (excluding derivative financial assets) | 245,514,082.18 | 594,151.91 | 1,034,000,000.00 | 843,000,000.00 | 436,584,958.91 | | Other Non-Current Financial Assets | 2,161,195,625.57 | -20,682,077.28 | 44,017,647.00 | 97,097,464.24 | 2,214,910,138.28 | | Subtotal of Financial Assets | 2,406,709,707.75 | -20,087,925.37 | 1,078,017,647.00 | 940,097,464.24 | 2,651,495,097.19 | Asset Rights Restricted at Period End (Unit: RMB) | Item | Carrying Amount | Type of Restriction | Restriction Status | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 89,651,100.14 | Performance bond, litigation freeze, letter of credit margin, partner supervision | Restricted | | Fixed Assets | 98,404,209.04 | Mortgage loan | Restricted | | Investment Properties | 552,871,453.25 | Mortgage loan | Restricted | | Intangible Assets | 63,132,614.00 | Pledge loan | Restricted | | Accounts Receivable | 112,386,345.80 | Pledge loan | Restricted | | Inventories | 2,198,359,327.18 | Mortgage loan, litigation freeze | Restricted | | Equity | 300,000,000.00 | Pledge loan | Restricted | | Total | 3,414,805,049.41 | | | [Investment Status Analysis](index=15&type=section&id=VI.%20Investment%20Status%20Analysis) During the reporting period, the company's total investment was **RMB 115 million**, a **28.58% decrease** year-on-year, with financial asset investments including listed company equities totaling **RMB 38.30 million** in book value Investment Amount for the Reporting Period (Unit: RMB) | Investment Amount for the Reporting Period | Investment Amount for the Prior Period | Change Rate | | :--- | :--- | :--- | | 115,373,494.54 | 161,543,290.10 | -28.58% | Securities Investment Status (Unit: RMB) | Stock Abbreviation | Stock Code | Initial Investment Cost | Carrying Amount at Period End | Fair Value Change Gains/Losses for the Period | | :--- | :--- | :--- | :--- | :--- | | Chipsea Technologies | 688595 | 6,000,000.00 | 26,716,089.75 | 3,279,669.75 | | E-SO Technology | HK2550 | 11,352,587.64 | 11,587,745.35 | -986,319.74 | | Total | | 17,352,587.64 | 38,303,835.10 | 2,293,350.01 | - The company had no derivative investments during the reporting period[59](index=59&type=chunk) [Disposal of Major Assets and Equity](index=16&type=section&id=VII.%20Disposal%20of%20Major%20Assets%20and%20Equity) During the reporting period, the company did not engage in any significant asset or equity disposals - The company did not dispose of any major assets during the reporting period[61](index=61&type=chunk) - The company did not dispose of any major equity during the reporting period[62](index=62&type=chunk) [Analysis of Major Holding and Invested Companies](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Invested%20Companies) The company's major subsidiaries include Shenzhen Tongchan Lixing Technology Group Co, Ltd and Shenzhen Leaguer Venture Capital Co, Ltd, with Taicang Renlixin Technology Development Co, Ltd as an associate, and four subsidiaries were deregistered Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit (Unit: RMB) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Tongchan Lixing Technology Group Co., Ltd. | Subsidiary | Manufacturing | 364,948,956.00 | 2,578,602,397.21 | 1,998,716,813.95 | 599,076,104.16 | 30,048,798.07 | 28,271,449.36 | | Shenzhen Leaguer Venture Capital Co., Ltd. | Subsidiary | Investment Incubation | 450,000,000.00 | 1,496,582,100.22 | 1,388,135,392.32 | 5,096,654.50 | 177,746,169.26 | 146,701,365.61 | | Taicang Renlixin Technology Development Co., Ltd. | Associate | Industrial Park Development | 1,044,120,000.00 | 2,683,109,972.63 | 1,515,034,968.61 | 834,360,790.77 | 59,056,164.34 | 44,292,123.26 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Shanghai Ligang Yuanhe Entrepreneurship Incubator Management Co., Ltd. | Deregistration | No production or operation in 2025 | | Hunan Leaguer Venture Capital Co., Ltd. | Deregistration | No production or operation in 2025 | | Shenzhen Zhongke Tongchan Environmental Materials Co., Ltd. | Deregistration | No production or operation in 2025 | | Shenzhen Leaguer Fengyin Technology Development Co., Ltd. | Deregistration | No production or operation in 2025 | [Structured Entities Controlled by the Company](index=16&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company controls several structured entities, including venture capital partnerships, by holding over two-thirds of the representatives on their investment committees, despite owning less than 50% or two-thirds of their equity - The company holds a **48%** stake in Shenzhen Leaguer Angel Venture Capital Partnership (Limited Partnership), but controls its investment committee's operational decisions by having over two-thirds of the representatives, thus it is included in the scope of consolidation[64](index=64&type=chunk) - The company holds a **49.50%** stake in Shenzhen Leaguer Guangming Technology Innovation Venture Capital Enterprise (Limited Partnership) and a **22.64%** stake in Chongqing Leaguer Zhichuang No. 1 Venture Capital Fund Partnership (Limited Partnership), both included in the scope of consolidation due to control over investment committee decisions[65](index=65&type=chunk) - The company holds a **20.00%** stake in Shenzhen Guangming Leaguer Science City Seed Venture Capital Fund Partnership (Limited Partnership), included in the scope of consolidation due to control over investment committee decisions[66](index=66&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from macroeconomic uncertainty, market competition, rising costs, and talent loss, addressed by deepening innovation services, optimizing operations, strengthening supply chains, and expanding markets - Macroeconomic environment risks: Changes in the foreign trade environment, tariff policies, and escalating geopolitical conflicts in the first half of the year created uncertainty for the global economy, impacting the company's plastic packaging, innovation base operations, and digital economy businesses[67](index=67&type=chunk) - Market competition and volatility risks: The plastic packaging industry has low entry barriers and intense competition, with slowing growth in downstream beauty customers leading to gross margin pressure; invested incubation companies are affected by secondary market stock price fluctuations, causing volatility in fair value change gains and losses; early-stage companies face increased financing difficulties, and innovation base platform services face destocking pressure[68](index=68&type=chunk) - Rising cost risks: Subsidiary Lixing Technology faces upstream supply price volatility risks, and export sales are affected by exchange rate fluctuations; the company's investments in innovation base construction and proprietary industries led to significant year-on-year increases in various costs and expenses[69](index=69&type=chunk) - Talent loss risks: Technology innovation services are an intellectual-intensive industry, requiring the company to continuously optimize mechanisms and establish sound systems to prevent talent attrition[70](index=70&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[71](index=71&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[71](index=71&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=18&type=section&id=XII.%20Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Improvement%E2%80%9D%20Action%20Plan) The company actively implemented its "Quality and Return Dual Improvement" plan, achieving growth in operating revenue and net profit, maintaining a healthy financial structure, and distributing **RMB 84.74 million** in cash dividends for 2024 - The company aims to "provide first-class scientific and technological innovation services and cultivate first-class technology enterprises" as its core objective, consolidating its "technology innovation services + strategic emerging industries" development model[72](index=72&type=chunk) - In the first half of 2025, the company achieved operating revenue of **RMB 1,094.07 million**, a year-on-year increase of **4.40%**; net profit attributable to shareholders of the listed company was **RMB 118.39 million**, a year-on-year increase of **45.76%**[72](index=72&type=chunk) - The 2024 profit distribution plan has been fully implemented, distributing a cash dividend of **RMB 0.7 (including tax) per 10 shares** to all shareholders, totaling **RMB 84.74 million**, accounting for **34.52%** of the net profit attributable to shareholders of the listed company in 2024[72](index=72&type=chunk) - The company has established diversified investor communication channels, maintaining efficient interaction with the capital market through platforms like the Interactive Easy platform and investor hotlines[72](index=72&type=chunk) Section Four Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, environmental disclosures, and social responsibility initiatives [Changes in Company Directors, Supervisors, and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, CEO He Zhen resigned due to work reassignment but continued as Chairman, and independent director Zhang Hanbin departed upon term expiration Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | He Zhen | General Manager | Appointment/Removal | May 22, 2025 | Work reassignment | | Zhang Hanbin | Independent Director | Departure | July 03, 2025 | Personal reasons | [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=19&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[76](index=76&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[77](index=77&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company's main subsidiary, Shenzhen Tongchan Lixing Technology Group Co, Ltd, is listed as an enterprise required to disclose environmental information and has publicly released its environmental report - The listed company and its main subsidiary, Shenzhen Tongchan Lixing Technology Group Co, Ltd, are included in the list of enterprises required to disclose environmental information by law[78](index=78&type=chunk) - Shenzhen Tongchan Lixing Technology Group Co, Ltd's legally disclosed environmental information report can be found on the Guangdong Enterprise Environmental Information Disclosure Platform[78](index=78&type=chunk) [Social Responsibility Status](index=19&type=section&id=V.%20Social%20Responsibility%20Status) The company actively fulfills its social responsibilities by protecting shareholder and employee rights, fostering harmonious supply chain relationships, engaging in public welfare, and maintaining a robust safety production system - The company strictly adheres to laws, regulations, and its Articles of Association, improving corporate governance, safeguarding shareholder rights, and ensuring truthful, accurate, complete, and timely information disclosure[79](index=79&type=chunk) - The company complies with labor laws and regulations, protects employees' legitimate rights and interests, established an "Employee Mutual Aid Fund," and actively organizes various activities and training to enhance corporate cohesion[80](index=80&type=chunk) - The company continuously promotes supply chain development, selects socially responsible suppliers, and is committed to providing customers with high-quality full-industry-chain services to enhance customer satisfaction[81](index=81&type=chunk) - The company actively engages in public welfare and education, with its subsidiary Shenzhen Leaguer Zijing Industrial Consulting Co, Ltd, jointly establishing the Shenzhen Leaguer Zijing Public Welfare Foundation with various caring individuals to carry out projects such as support programs for families of people with disabilities, one-on-one student aid, and special education for children[81](index=81&type=chunk) - The company has established a comprehensive safety production supervision system, regularly conducting risk identification and safety training, with **43 safety training sessions** attended by **2,806 person-times** during the reporting period, achieving a **100% completion rate** for safety hazard investigation and rectification, and no major safety accidents occurred[81](index=81&type=chunk) Section Five Significant Matters This section covers commitments, related party transactions, guarantees, litigation, and other material events affecting the company [Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=21&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled as of the end of the reporting period[83](index=83&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=21&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[84](index=84&type=chunk) [Irregular External Guarantees](index=21&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[85](index=85&type=chunk) [Appointment and Dismissal of Accounting Firms](index=21&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[86](index=86&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=21&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Current%20Reporting%20Period) During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm - During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm[87](index=87&type=chunk) [Explanation by the Board of Directors Regarding the "Non-Standard Audit Report" from the Previous Year](index=21&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20Regarding%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20from%20the%20Previous%20Year) During the reporting period, the company had no explanation regarding the "non-standard audit report" from the previous year - During the reporting period, the company had no explanation regarding the "non-standard audit report" from the previous year[87](index=87&type=chunk) [Matters Related to Bankruptcy and Reorganization](index=21&type=section&id=VII.%20Matters%20Related%20to%20Bankruptcy%20and%20Reorganization) During the reporting period, the company did not experience any matters related to bankruptcy and reorganization - During the reporting period, the company did not experience any matters related to bankruptcy and reorganization[87](index=87&type=chunk) [Litigation Matters](index=21&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no major litigation or arbitration, but was involved in multiple other lawsuits totaling approximately **RMB 32 million**, including equity transfer, repurchase, and contract disputes - The company had no major litigation or arbitration matters during this reporting period[88](index=88&type=chunk) Overview of Other Litigation Matters (Unit: RMB 10,000) | Basic Information of Litigation (Arbitration) | Amount Involved | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Outcome and Impact of Litigation (Arbitration) | Enforcement Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Leaguer Venture Capital Co., Ltd. transferred part of its equity in Shuimu Jinggu Environmental Technology Co., Ltd. to Beijing Zhongkuang United Investment Fund (Limited Partnership) in 2020; due to the transferee's failure to pay the full equity transfer price as agreed, Shenzhen Leaguer Venture Capital Co., Ltd. filed a lawsuit demanding performance of obligations | 2,857.43 | No | Judgment effective, in enforcement stage | According to the first-instance judgment, the defendant shall jointly pay the unpaid equity transfer price and liquidated damages to our company. The second-instance court ruled that the first-instance judgment became effective. An application for compulsory enforcement was filed in September 2024; currently in compulsory enforcement | In compulsory enforcement | | Shenzhen Leaguer Venture Capital Co., Ltd. invested RMB 19,944,000 in Shenzhen Shengang Industry-University-Research Environmental Engineering Technology Co., Ltd. through a private placement in 2018; a repurchase was triggered due to underperformance, and after unsuccessful communication, a lawsuit was filed against founder Yang Xiaomao to fulfill the repurchase obligation | 3,044.44 | No | Judgment effective, enforcement concluded | The first-instance judgment ruled in favor of the plaintiff, Leaguer Venture Capital, with the defendant liable for principal and repurchase payments totaling RMB 26,317,337.42, plus liquidated damages at an annual interest rate of 6% from February 5, 2022. | This case has been concluded, and the judgment debtor Yang Xiaomao has been listed as a dishonest judgment debtor | | China Huaxi Enterprise Co., Ltd. and Guangdong Leaguer Shuangqing Technology Innovation Co., Ltd. had a dispute over the performance of a general contracting project; China Huaxi Enterprise Co., Ltd. sued Guangdong Leaguer Shuangqing Technology Innovation Co., Ltd., Shenzhen Leaguer Innovation Development Co., Ltd., and Leaguer Sci & Tech Group Co., Ltd. to repay the remaining project funds and related expenses | 12,954.97 | No | Second instance judgment effective | Received the first-instance preliminary judgment on January 5, 2024; received the first-instance judgment on December 9, 2024, ruling that Guangdong Leaguer Shuangqing Technology Innovation Co., Ltd. must pay China Huaxi Enterprise Co., Ltd. project funds and interest totaling RMB 22,037,999.65; Leaguer Shuangqing submitted an appeal on December 19, 2024. Received the second-instance judgment on April 8, 2025, ruling that Leaguer Shuangqing must pay RMB 24.55 million | Enforcement completed | | Shenzhen Leaguer Venture Capital Co., Ltd. v. Shen Zhongdong, Shen Zhongde regarding the share repurchase arbitration case of Shenzhen Shenneng Keta Energy Technology Co., Ltd. | 3,488.13 | No | Arbitration awarded | On March 29, 2025, received the ruling from Shenzhen International Arbitration Court, ordering the defendants to jointly pay a share repurchase amount of RMB 18 million + 10% annualized interest (calculated from November 17, 2017), liquidated damages, attorney fees, litigation guarantee fees, arbitration fees, etc. | Application for compulsory enforcement filed | | Jiangsu Chuangyu Construction Engineering Co., Ltd. sued Jiangsu Xiexing Construction and Installation Engineering Co., Ltd., China Energy Engineering Group Jiangsu Province Electric Power Construction Third Engineering Co., Ltd., and Jiangsu Leaguer Smart Manufacturing Industrial Park Development Co., Ltd. for joint liability for project payments and corresponding interest due to a construction dispute at Jiangsu Leaguer Smart Manufacturing Industrial Park (Danyang Park) | 536.3 | No | First instance stage | First instance hearing held, awaiting judgment | First instance hearing held, awaiting judgment | | A local government agency sued Leaguer Sci & Tech Group Co., Ltd. regarding a "Cooperation Operation Contract" dispute | 5,900 | No | First instance stage | Case filed in November 2024, jurisdiction objection not yet finally ruled, substantive dispute not yet heard | Case filed, awaiting hearing | | Leaguer Sci & Tech Group Co., Ltd. sued a local government agency regarding a "Cooperation Operation Contract" dispute | 2,834.84 | No | First instance stage, awaiting hearing | Case filed in January 2025, awaiting hearing | Case filed, awaiting hearing | | Hunan Leaguer Changzhutan Innovation Center Co., Ltd. sued Yin Shuhu regarding the repurchase of Hunan Watson Electric Technology Co., Ltd. | 2,483.58 | No | Arbitration stage, awaiting hearing | Arbitration submitted to Hunan Xiangtan Arbitration Commission, case filed in November 2024, awaiting arbitration hearing | Case filed, awaiting hearing | | Huizhou Chuangjian Concrete Co., Ltd. sued Guangzhou Construction Co., Ltd., Guangdong Honghua Construction Engineering Co., Ltd., UCO Digital Technology (Huizhou) Co., Ltd., Guangzhou Construction Group Co., Ltd., and Shenzhen Leaguer Innovation Development Co., Ltd. for project payments and corresponding interest from Guangzhou Construction Co., Ltd. due to an engineering dispute | 692.61 | No | Case closed | Plaintiff withdrew lawsuit against Leaguer Innovation Development and UCO Digital, reached settlement with other parties, case closed | Case closed | | China Energy Engineering Group Jiangsu Province Electric Power Construction Third Engineering Co., Ltd. sued Jiangsu Leaguer Smart Manufacturing Industrial Park Development Co., Ltd. for project payments and corresponding interest | 5,839.45 | No | First instance stage | Received filing materials on April 23, 2025; first instance currently in progress, no hearing yet | First instance currently in progress | | Guangdong Fogao Holdings Co., Ltd. sued Foshan Nanhai Guokai Investment Co., Ltd. regarding a commercial housing sales contract dispute | 10,584.11 | No | First instance stage | Received response materials on May 21, 2025, no hearing yet | Case filed, awaiting hearing | [Penalties and Rectification Status](index=24&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[93](index=93&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[94](index=94&type=chunk) [Major Related Party Transactions](index=24&type=section&id=XI.%20Major%20Related%20Party%20Transactions) During the reporting period, the company had no major related party transactions related to daily operations, asset/equity acquisition/disposal, or joint external investments, but did have non-operating related party receivables and payables - The company had no related party transactions related to daily operations during the reporting period[95](index=95&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[95](index=95&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[96](index=96&type=chunk) Related Party Receivables and Payables (Unit: RMB 10,000) | Related Party | Related Party Relationship | Reason for Formation | Beginning Balance | Amount Added This Period | Amount Repaid This Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Taicang Renlixin Technology Development Co., Ltd. | Associate | Current account | 22,000 | 16,300 | 6,000 | 32,300 | | Shenzhen Hi-Tech Investment Small Loan Co., Ltd. | Other subsidiary directly controlled by controlling shareholder and actual controller | Loan | 2,000 | | 49.6 | 2,000 | - During the reporting period, related party debts arose from non-operating related party receivables and payables, with no actions harming the interests of the company or its shareholders[98](index=98&type=chunk) [Major Contracts and Their Performance](index=25&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters; total external guarantees amounted to **RMB 1.419 billion**, and entrusted wealth management totaled **RMB 1.034 billion** - The company had no entrustment, contracting, or leasing situations during the reporting period[102](index=102&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk) External Guarantees by the Company and its Subsidiaries (Unit: RMB 10,000) | Name of Guaranteed Party | Guarantee Limit | Actual Guarantee Amount | Type of Guarantee | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Leruida Technology Co., Ltd. | 476.08 | 476.08 | Joint and several liability guarantee | No | No | | Zhuhai Gongping Engineering Cost Consulting Co., Ltd. | 800 | 800 | Joint and several liability guarantee | No | No | | Zhuhai Shinuo Electric Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | No | | Huizhou Best New Energy Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | No | | Huizhou Jiaxinda Technology Co., Ltd. | 299 | 299 | Joint and several liability guarantee | No | No | | Guangdong Huizhou Ruicheng Jiada Electronics Co., Ltd. | 2,645 | 2,645 | Joint and several liability guarantee | No | No | | Dongguan Rongqiao Xintai Technology Co., Ltd. | 830 | 830 | Joint and several liability guarantee | No | No | | Dongguan Herui Software Design Co., Ltd. | 296 | 296 | Joint and several liability guarantee | No | No | | Guangdong Zhiteng Innovation Technology Co., Ltd. | 388 | 388 | Joint and several liability guarantee | No | No | | Dongguan Zuochuan Chemical Technology Co., Ltd. | 418 | 418 | Joint and several liability guarantee | No | No | | Dongguan Changpei Technology Co., Ltd. | 250 | 250 | Joint and several liability guarantee | No | No | | Dongguan Juxin Electronics Co., Ltd. | 850 | 850 | Joint and several liability guarantee | Yes | No | | Dongguan Hongtu Instrument Co., Ltd. | 430 | 430 | Joint and several liability guarantee | No | No | | Dongguan Lingxin Intelligent Technology Co., Ltd. | 690 | 690 | Joint and several liability guarantee | No | No | | Dongguan Jieweike Electronic Technology Co., Ltd. | 840 | 840 | Joint and several liability guarantee | Yes | No | | Dongguan Caixuan Optoelectronic Technology Co., Ltd. | 810 | 810 | Joint and several liability guarantee | Yes | No | | Dongguan Xinpuida Technology Co., Ltd. | 860 | 860 | Joint and several liability guarantee | No | No | | Fanzhuo Electronic Technology (Huizhou) Co., Ltd. | 625 | 625 | Joint and several liability guarantee | No | No | | Jiangsu Ruichi Information Technology Co., Ltd. | 155 | 155 | Joint and several liability guarantee | Yes | No | | Zhenjiang Zhuoxiao New Material Technology Co., Ltd. | 95 | 95 | Joint and several liability guarantee | Yes | No | | Huizhou Jingye Technology Co., Ltd. | 2,460 | 2,460 | Joint and several liability guarantee | No | No | | Zhuhai Haoyufeng Fluid Technology Co., Ltd. | 865 | 865 | Joint and several liability guarantee | No | No | | Haitong Anheng Technology Co., Ltd. | 2,297 | 2,297 | Joint and several liability guarantee | No | No | | Zhuhai Wutongshu E-commerce Co., Ltd. | 1,900 | 1,900 | Joint and several liability guarantee | No | No | | Huizhou Yunding Technology Co., Ltd. | 340 | 340 | Joint and several liability guarantee | No | No | | Guangdong Weiyi Technology Co., Ltd. | 700 | 700 | Joint and several liability guarantee | No | No | | Danyang Huahui Optical Instrument Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | Yes | No | | Huizhou Yelongda Electronics Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | No | | Huizhou Lixun Sensing Technology Co., Ltd. | 884.52 | 884.52 | Joint and several liability guarantee | No | No | | Huizhou Liling Sensing Technology Co., Ltd. | 573.3 | 573.3 | Joint and several liability guarantee | No | No | | Huizhou Licheng Sensing Technology Co., Ltd. | 573.3 | 573.3 | Joint and several liability guarantee | No | No | | Huizhou Qilong Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | Yes | No | | Guangdong Quan Jia Group Co., Ltd. | 611.63 | 611.63 | Joint and several liability guarantee | No | No | | Huizhou Lingte Leaguer Technology Co., Ltd. | 860 | 860 | Joint and several liability guarantee | No | No | | Huizhou Weirui Electronic Technology Co., Ltd. | 598 | 598 | Joint and several liability guarantee | No | No | | Guangdong Youbeite Technology Co., Ltd. | 2,680 | 2,680 | Joint and several liability guarantee | No | No | | Huizhou Zhonghui New Energy Technology Co., Ltd. | 5,240 | 5,240 | Joint and several liability guarantee | No | No | | Huizhou Dongchen Biological Materials Co., Ltd. | 280 | 280 | Joint and several liability guarantee | No | No | | Jiangsu Lanqi Glasses Co., Ltd. | 90 | 90 | Joint and several liability guarantee | No | No | | Danyang Yuaner Connector Co., Ltd. | 738 | 738 | Joint and several liability guarantee | No | No | | Guangdong Yuekuquzhe Electronics Co., Ltd. | 680 | 680 | Joint and several liability guarantee | No | No | | Huizhou Changfei Optoelectronic Technology Co., Ltd. | 600 | 600 | Joint and several liability guarantee | No | No | | Huizhou Bitubicheng Precision Technology Co., Ltd. | 1,482.5 | 1,482.5 | Joint and several liability guarantee | No | No | | Guangdong Yifan Automation Technology Co., Ltd. | 1,570 | 1,570 | Joint and several liability guarantee | No | No | | Dongguan Keyouda Electronic Technology Co., Ltd. | 2,500 | 2,500 | Joint and several liability guarantee | No | No | | Dongguan Yilite New Energy Co., Ltd. | 1,200 | 1,200 | Joint and several liability guarantee | No | No | | Dongguan Hongguan Food Technology Co., Ltd. | 1,930 | 1,930 | Joint and several liability guarantee | No | No | | Dongguan Keyouda Electronic Technology Co., Ltd. | 500 | 500 | Joint and several liability guarantee | No | No | | Danyang Yiming Electronics Co., Ltd. | 69 | 69 | Joint and several liability guarantee | No | No | | Guangdong Xiaofang Technology Co., Ltd. | 583 | 583 | Joint and several liability guarantee | No | No | | Jiangsu Danrun Automation Equipment Co., Ltd. | 1,134 | 1,134 | Joint and several liability guarantee | No | No | | **Total Company Guarantees** | | | | | | | Total Approved Guarantee Amount for the Reporting Period (A1+B1+C1) | 100,000 | Total Actual Guarantee Amount Incurred for the Reporting Period (A2+B2+C2) | 4,028.86 | | | | Total Approved Guarantee Amount at Period End (A3+B3+C3) | 292,930 | Total Actual Guarantee Balance at Period End (A4+B4+C4) | 141,989.25 | | | | Proportion of Total Actual Guarantee Amount (i.e., A4+B4+C4) to Company's Net Assets | 19.53% | | | | | | Of which: Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (E) | 105,482.79 | | | | | | Total of the Above Three Guarantee Amounts (D+E+F) | 105,482.79 | | | | | Entrusted Wealth Management (Unit: RMB 10,000) | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Incurred | Unexpired Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 103,400 | 43,600 | 0 | | Total | | 103,400 | 43,600 | 0 | [Explanation of Other Significant Matters](index=30&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company's controlling shareholder's upper-level equity structure changed multiple times without altering the direct controlling shareholder or actual controller; the company issued **RMB 700 million** in medium-term notes and appointed a new general manager - The upper-level equity structure of the company's controlling shareholder, Shenzhen Tsinghua Research Institute Investment Holdings Co, Ltd, underwent multiple changes, but none resulted in a change of the company's direct controlling shareholder or actual controller, nor did the corporate governance structure change[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - The company's first tranche of 2025 medium-term notes (Sci-Tech Innovation Notes) was issued on April 7, 2025, totaling **RMB 700 million** with an issuance rate of **2.18%**[116](index=116&type=chunk) - The company's Board of Directors received a written resignation report from Chairman and General Manager Mr. He Zhen, who resigned from his General Manager position due to company operational management needs; the company appointed Mr. Xu Anbi as the new General Manager[117](index=117&type=chunk) - Independent Director Mr. Zhang Hanbin resigned due to serving six consecutive years as an independent director, and the company elected Mr. Yang Gaoyu as a new independent director for the Sixth Board of Directors[118](index=118&type=chunk) - The company agreed that its wholly-owned subsidiary Shenzhen Leaguer Venture Capital Co, Ltd, its controlling subsidiary Hubei Changjiang Leaguer Sci & Tech Co, Ltd, and the company would jointly establish the Hubei Province Leaguer Changjiang Technology Innovation Supply Chain Investment Fund Partnership (Limited Partnership), with a fund size of **RMB 500 million**[119](index=119&type=chunk) [Significant Matters of Company Subsidiaries](index=31&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's wholly-owned subsidiary Leaguer Sci & Tech Group Co, Ltd extended a **RMB 50 million** financial assistance to its controlling subsidiary Shenzhen Leaguer Newspaper Big Data Center Co, Ltd for three years, and provided up to **RMB 1 billion** in phased guarantees for project tenants' bank mortgage loans - Wholly-owned subsidiary Leaguer Sci & Tech Group Co, Ltd extended a **RMB 50 million** financial assistance to its controlling subsidiary Shenzhen Leaguer Newspaper Big Data Center Co, Ltd for three years[120](index=120&type=chunk) - The company's subsidiaries provide phased guarantees for bank mortgage loans for tenants (institutions or individuals) of nine projects, including the "Leaguer Sci & Tech (Guangzhou) Innovation Center Project," with a total guarantee amount not exceeding **RMB 1 billion**[121](index=121&type=chunk)[122](index=122&type=chunk) - Controlling subsidiary Zhuhai Tsinghua Science Park Venture Capital Co, Ltd applied to banks for a credit line not exceeding **RMB 610 million**, providing its properties as collateral[122](index=122&type=chunk) - Wholly-owned subsidiary Leaguer Sci & Tech Group Co, Ltd extended a **RMB 278 million** financial assistance to its controlling subsidiary Huizhou Leaguer Innovation Center Co, Ltd for five years[123](index=123&type=chunk) Section Six Share Changes and Shareholder Information This section details the company's share capital structure, shareholder numbers, and changes in holdings of directors, supervisors, and senior management [Share Changes](index=33&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital remained unchanged at **1,210,604,219 shares**, with restricted shares accounting for **0.53%** and unrestricted shares for **99.47%** Share Changes (Unit: Share) | | Number Before Change | Proportion Before Change | Net Increase/Decrease in This Change (＋,－) | Number After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 6,461,929 | 0.53% | 0 | 6,461,929 | 0.53% | | II. Unrestricted Shares | 1,204,142,290 | 99.47% | 0 | 1,204,142,290 | 99.47% | | III. Total Shares | 1,210,604,219 | 100.00% | 0 | 1,210,604,219 | 100.00% | - During the reporting period, the reasons for share changes, approval status, transfer status, progress of share repurchases, and impact on financial indicators were all not applicable or unchanged[126](index=126&type=chunk) [Securities Issuance and Listing](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[127](index=127&type=chunk) [Company Shareholder Numbers and Shareholding Status](index=34&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding%20Status) At the end of the reporting period, the total number of common shareholders was **38,946**; Shenzhen Tsinghua Research Institute Investment Holdings Co, Ltd and Shenzhen Tongchan Group Co, Ltd were the largest shareholders, holding **34.43%** and **15.68%** respectively - At the end of the reporting period, the total number of common shareholders was **38,946**[128](index=128&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders (Excluding Shares Lent Through Securities Lending) (Unit: Share) | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period End | Change During Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | Share Status | Number of Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Tsinghua Research Institute Investment Holdings Co., Ltd. | State-owned Legal Person | 34.43% | 416,812,955 | No change | 0 | 416,812,955 | Not applicable | 0 | | Shenzhen Tongchan Group Co., Ltd. | State-owned Legal Person | 15.68% | 189,844,504 | No change | 0 | 189,844,504 | Not applicable | 0 | | Huang Jie | Domestic Natural Person | 3.19% | 38,634,272 | 1,665,800 | 0 | 38,634,272 | Not applicable | 0 | | Hainan Donghuifu Enterprise Management Co., Ltd. | Domestic Non-State-owned Legal Person | 2.38% | 28,766,100 | -901,000 | 0 | 28,766,100 | Frozen | 9,716,000 | | Chen Qianping | Domestic Natural Person | 1.72% | 20,798,858 | No change | 0 | 20,798,858 | Not applicable | 0 | | Tsinghua Hold

铜陵洁雅生物科技股份有限公司 2025 年半年度报告全文 铜陵洁雅生物科技股份有限公司 2025 年半年度报告 2025-066 2025 年 8 月 1 铜陵洁雅生物科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人蔡英传、主管会计工作负责人杨凡龙及会计机构负责人(会计 主管人员)杨凡龙声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成本公司对投资者的实质承诺， 请投资者注意投资风险。 公司在本报告"第三节 管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请 投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 112,556,252 为基 数，向全体股东每 10 股派发现金红利 1 元（含税），送红股 0 股（含税）， 不以公积金转增股本。 2 | 第一节 | 重要提示 ...

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[Important Notice](index=2&type=section&id=重要提示) This report emphasizes the board and senior management's assurance of its truthfulness and completeness, notes it is unaudited, and states no profit distribution or major risks were found [Overview of Important Notice](index=2&type=section&id=重要提示-概览) The report confirms the board and management's assurance of its truthfulness and completeness, notes it is unaudited, and states no profit distribution or major risks were found - This semi-annual report is unaudited[5](index=5&type=chunk) - The company will not distribute profits or convert capital reserves into share capital for this reporting period[6](index=6&type=chunk) - No significant risks materially affecting the company's operations were identified during the reporting period[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=第一节%20释义) This section defines common terms used in the report, including company abbreviations, subsidiaries, investment institutions, currency units, and the reporting period [Definitions of Common Terms](index=4&type=section&id=1.1%20常用词语释义) This section clarifies common terms, company and subsidiary abbreviations, currency units, and the definition of the reporting period - "Company", "the Company", or "Jiangnan New Material" refers to Jiangxi Jiangnan New Material Technology Co., Ltd[16](index=16&type=chunk) - "Reporting Period" or "Current Period" refers to January 1, 2025, to June 30, 2025[16](index=16&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) This section provides the company's basic information and key financial data, including revenue, net profit, and per-share earnings, with comparisons to the prior year [Company Information](index=4&type=section&id=2.1%20公司信息) This section provides the company's basic information, including its Chinese name, abbreviation, foreign name, and legal representative - Company's Chinese name: Jiangxi Jiangnan New Material Technology Co., Ltd., abbreviation: Jiangnan New Material[14](index=14&type=chunk) - Company's legal representative: Xu Shangjin[14](index=14&type=chunk) [Contact Person and Information](index=4&type=section&id=2.2%20联系人和联系方式) This section provides contact details for the company, including names, addresses, phone numbers, fax, and email - Contact persons: Wu Peng, Jin Panfei; Phone: 0701-6689877; Email: zqb@jiangnancopper.com[17](index=17&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=2.3%20基本情况变更简介) This section outlines the company's registered address, office address, postal code, website, and email, noting no changes during the reporting period - The company's registered and office addresses are both Yingtan Industrial Park, Yuehu District, Yingtan City, Jiangxi Province, postal code 335000[18](index=18&type=chunk) - Company website: www.jiangnancopper.com, email: zqb@jiangnancopper.com[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=2.4%20信息披露及备置地点变更情况简介) This section details the company's designated newspapers for information disclosure, the website for semi-annual reports, and document storage locations, with no changes noted - The company's designated newspapers for information disclosure include China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and Economic Information Daily[19](index=19&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[19](index=19&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=2.5%20公司股票简况) This section provides a brief overview of the company's stock information, including share type, listing exchange, stock abbreviation, and code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation "Jiangnan New Material" and stock code "603124"[20](index=20&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=2.7%20公司主要会计数据和财务指标) This section presents the company's key accounting data and financial indicators for the first half of 2025, including revenue, total profit, net profit, and EPS, showing growth in revenue and net profit [Key Accounting Data](index=5&type=section&id=2.7.1%20主要会计数据) This section lists the company's key accounting data for January-June 2025, including operating revenue, total profit, net profit, net cash flow from operating activities, net assets, and total assets, with comparisons to the prior year Key Accounting Data for H1 2025 (Consolidated Statements) | Indicator | Current Period (Jan-Jun) | Prior Year Same Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,821,128,805.60 yuan | 4,106,580,677.41 yuan | 17.40 | | Total Profit | 126,146,967.40 yuan | 119,391,515.27 yuan | 5.66 | | Net Profit Attributable to Shareholders of Listed Company | 105,589,079.56 yuan | 98,327,769.04 yuan | 7.38 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 92,851,107.22 yuan | 91,224,250.73 yuan | 1.78 | | Net Cash Flow from Operating Activities | -591,269,665.90 yuan | -445,372,348.18 yuan | N/A | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,737,355,751.10 yuan | 1,354,659,212.34 yuan | 28.25 | | Total Assets (Period-end) | 4,150,170,382.17 yuan | 3,343,329,458.29 yuan | 24.13 | [Key Financial Indicators](index=6&type=section&id=2.7.2%20主要财务指标) This section lists the company's key financial indicators for January-June 2025, including basic EPS, diluted EPS, basic EPS after deducting non-recurring gains and losses, and weighted average return on net assets, with comparisons to the prior year Key Financial Indicators for H1 2025 (Consolidated Statements) | Indicator | Current Period (Jan-Jun) | Prior Year Same Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.83 | 0.90 | -7.78 | | Diluted Earnings Per Share (yuan/share) | 0.83 | 0.90 | -7.78 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.73 | 0.83 | -12.05 | | Weighted Average Return on Net Assets (%) | 6.71 | 8.02 | Decreased by 1.31 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 5.90 | 7.44 | Decreased by 1.54 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.9%20非经常性损益项目和金额) This section discloses the company's non-recurring gains and losses for the first half of 2025, totaling 12,737,972.34 yuan, primarily from government subsidies, fair value changes in financial assets, and entrusted investment income Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government Subsidies Included in Current Profit and Loss | 15,359,501.76 | | Gains and Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities, Excluding Those Related to Effective Hedge Accounting for Normal Business Operations | 179,136.41 | | Gains and Losses from Entrusted Investment or Asset Management | 1,283,602.69 | | Other Non-Operating Income and Expenses Apart from the Above | -356,953.50 | | Less: Income Tax Impact | 3,727,315.02 | | **Total** | **12,737,972.34** | [Companies with Equity Incentives or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=2.10%20存在股权激励、员工持股计划的公司可选择披露扣除股份支付影响后的净利润) This section discloses the company's net profit after deducting the impact of share-based payments for the first half of 2025, which was 105,589,079.56 yuan, representing a 6.78% year-on-year increase - Net profit after deducting share-based payment impact: **105,589,079.56 yuan** (current period), **98,885,483.26 yuan** (prior year same period), a year-on-year increase of **6.78%**[26](index=26&type=chunk) [Section III Management Discussion and Analysis](index=7&type=section&id=第三节%20管理层讨论与分析) This section provides management's discussion and analysis of the company's operations, industry, and financial performance during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=3.1%20报告期内公司所属行业及主营业务情况说明) This section details the copper-based new materials industry, including market trends and applications for copper balls, copper oxide powder, and high-precision copper-based heat sinks, along with the company's business and market position in these areas - The company's main business involves the R&D, production, and sales of copper-based new materials, with core products including three major categories: copper ball series, copper oxide powder series, and high-precision copper-based heat sink series[28](index=28&type=chunk) - The company's industry is "Electronic Special Materials Manufacturing" within "Computer, Communication and Other Electronic Equipment Manufacturing"[28](index=28&type=chunk) - According to the Prismark report, the global PCB market output value was **73.6 billion US dollars** in 2024, a year-on-year increase of **5.8%**; it is expected to approach **79.0 billion US dollars** in 2025, a year-on-year increase of **6.8%**[34](index=34&type=chunk) [Industry Overview During the Reporting Period](index=7&type=section&id=3.1.1%20报告期内公司所处行业情况) This section outlines the copper-based new materials industry's importance, detailing the rapid development and market prospects of copper balls, copper oxide powder, and high-precision copper-based heat sinks in emerging fields like electronics, new energy, and semiconductors, driven by technology and demand - The copper-based materials industry is a vital part of China's national economy, with China being the world's largest producer and consumer of refined copper and copper materials[29](index=29&type=chunk) - With the rapid development of emerging fields such as electronic circuits, new energy, semiconductors, and artificial intelligence, copper-based new materials focused on PCB manufacturing, photovoltaic panels, and lithium battery manufacturing are developing rapidly with broad market prospects[32](index=32&type=chunk) - The company's copper-based new material products primarily include three major series: copper balls, copper oxide powder, and high-precision copper-based heat sinks, mainly serving the electronic information industry[32](index=32&type=chunk) [Company's Business Operations During the Reporting Period](index=9&type=section&id=3.1.2%20报告期内公司从事的业务情况) This section details the company's main business, products, application advantages, and procurement, production, and sales models, focusing on R&D, production, and sales of copper-based new materials, serving top PCB manufacturers and expanding into new applications - The company primarily engages in the R&D, production, and sales of copper-based new materials, with core products including three major categories: copper ball series, copper oxide powder series, and high-precision copper-based heat sink series[40](index=40&type=chunk) - The company once again ranked first among major enterprises in copper-based special materials in the 2024 China Electronic Circuit Industry list[40](index=40&type=chunk) - The company's procurement model combines "procurement based on sales" with appropriate inventory reserves, and raw material copper prices are determined by real-time prices from metal trading platforms such as Shanghai Nonferrous Metals Network, Changjiang Nonferrous Metals Network, and LME London Metal Exchange[44](index=44&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=3.2%20经营情况的讨论与分析) This section summarizes the company's operating results for the first half of 2025, highlighting significant growth in revenue and net profit driven by structural growth in the global PCB industry due to AI computing demand and intelligent new energy vehicles, while also noting its successful listing on the SSE Main Board - In the first half of 2025, the company achieved operating revenue of **4.821 billion yuan**, a year-on-year increase of **17.40%**; net profit attributable to shareholders of the listed company was **106 million yuan**, a year-on-year increase of **7.38%**[48](index=48&type=chunk) - Revenue from copper ball series products reached **3.775 billion yuan**, a year-on-year increase of **8.70%**[49](index=49&type=chunk)[50](index=50&type=chunk) - Revenue from copper oxide powder series products reached **832 million yuan**, a year-on-year increase of **50.95%**[50](index=50&type=chunk) - Revenue from high-precision copper-based heat sink series products reached **84.1123 million yuan**, a year-on-year increase of **596.16%**[50](index=50&type=chunk) - The company successfully listed on the SSE Main Board on March 20, 2025[50](index=50&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=3.3%20报告期内核心竞争力分析) This section details the company's core competitive advantages in technology R&D, customer resources, scale, brand service, products, and geographical location, built through years of industry experience and continuous innovation, establishing a solid market position and reputation - The company possesses mature products and years of technological accumulation in rolling, precision machining, and chemical manufacturing, with R&D projects covering new areas such as copper oxide powder catalysts and composite copper foil[52](index=52&type=chunk) - The company has established strong and stable cooperative relationships with renowned domestic and international PCB manufacturers, demonstrating high customer loyalty[53](index=53&type=chunk) - The company ranked first in the 2024 China Electronic Circuit Industry list for copper-based special materials, possessing large-scale production capabilities[54](index=54&type=chunk) - The company's products are diverse, perform excellently, and are of high quality, with microcrystalline phosphor copper balls having a copper content exceeding **99.93%** and electronic-grade copper oxide powder having a copper oxide content exceeding **99.3%**[57](index=57&type=chunk)[58](index=58&type=chunk) - The company is located in Yingtan, Jiangxi, known as the "Copper Capital of the World," benefiting from abundant copper resources, a mature copper industry chain, and convenient transportation advantages[59](index=59&type=chunk) [Key Operating Performance During the Reporting Period](index=14&type=section&id=3.4%20报告期内主要经营情况) This section analyzes the changes in key financial statement items during the reporting period, including operating revenue, operating costs, various expenses, and net cash flow, explaining the main reasons for these fluctuations - Operating revenue increased by **17.40%** year-on-year, primarily due to increased sales of copper ball and copper powder series products[61](index=61&type=chunk) - Administrative expenses increased by **45.83%** year-on-year, mainly due to increased listing-related expenses[61](index=61&type=chunk) - R&D expenses increased by **56.87%** year-on-year, primarily due to increased investment in copper-based heat dissipation material R&D projects[61](index=61&type=chunk) - Net cash flow from financing activities increased by **76.97%** year-on-year, primarily due to proceeds from the initial public offering[61](index=61&type=chunk) [Analysis of Main Business](index=14&type=section&id=3.4.1%20主营业务分析) This section analyzes the changes in operating revenue, operating costs, sales expenses, administrative expenses, R&D expenses, and net cash flow from various activities, along with their primary causes, using a financial statement item change analysis table Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Prior Year Same Period) | Item | Current Period Amount (yuan) | Prior Year Same Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,821,128,805.60 | 4,106,580,677.41 | 17.40 | Increased sales of copper ball and copper powder series products | | Operating Cost | 4,629,204,951.89 | 3,921,297,649.95 | 18.05 | Increased revenue, leading to a corresponding increase in cost of goods sold | | Selling Expenses | 9,152,868.77 | 8,504,812.46 | 7.62 | Performance growth, increased sales personnel salaries and business entertainment expenses | | Administrative Expenses | 30,547,610.93 | 20,947,788.73 | 45.83 | Increased listing-related expenses | | R&D Expenses | 24,021,367.09 | 15,312,693.93 | 56.87 | Increased investment in copper-based heat dissipation material R&D projects | | Net Cash Flow from Operating Activities | -591,269,665.90 | -445,372,348.18 | N/A | Increased discounting of bank acceptance bills and commercial acceptance bills accepted by commercial banks with general credit ratings | | Net Cash Flow from Investing Activities | -184,826,465.65 | -126,013,798.65 | N/A | Increased fixed deposits pledged for bills | | Net Cash Flow from Financing Activities | 947,854,305.95 | 535,588,672.44 | 76.97 | Proceeds from initial public offering | [Analysis of Assets and Liabilities](index=15&type=section&id=3.4.3%20资产、负债情况分析) This section analyzes the company's assets and liabilities at the end of the reporting period, including changes and reasons for key items like monetary funds, notes receivable, other receivables, short-term borrowings, accounts payable, contract liabilities, and long-term borrowings, also disclosing overseas assets and restricted assets Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (yuan) | Prior Year-end Amount (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,008,343,863.94 | 711,566,565.81 | 41.71 | Increased bank deposits at period-end | | Notes Receivable | 475,353,505.24 | 282,544,351.25 | 68.24 | Increased bank acceptance bills received from commercial banks with lower credit ratings during the current period | | Other Receivables | 9,901,280.78 | 5,716,348.29 | 73.21 | Increased deposits and guarantees | | Other Non-Current Assets | 21,810,620.70 | 5,856,201.13 | 272.44 | Prepaid land acquisition costs | | Short-term Borrowings | 1,057,741,869.94 | 799,430,238.30 | 32.31 | Increased bank borrowings | | Accounts Payable | 107,568,977.37 | 77,784,370.76 | 38.29 | Increased accounts payable for goods | | Contract Liabilities | 12,567,154.99 | 7,843,449.52 | 60.22 | Increased advances from customers | | Long-term Borrowings | 148,903,350.00 | 54,403,350.00 | 173.70 | Increased guaranteed borrowings | - Overseas assets amounted to **36,882,261.39 yuan**, accounting for **0.89%** of total assets[64](index=64&type=chunk) - Details of major restricted assets at the end of the reporting period are provided in "Section X Financial Report," "VII. Notes to Consolidated Financial Statements Items," "31. Restricted Assets by Ownership or Use Rights" of this report[65](index=65&type=chunk) [Analysis of Investment Status](index=16&type=section&id=3.4.4%20投资状况分析) This section discloses the company's financial assets measured at fair value, totaling 36,987,931.37 yuan at period-end, primarily comprising notes receivable financing and trading financial assets Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (yuan) | Beginning of Period Amount (yuan) | Amount Purchased in Current Period (yuan) | Gains and Losses from Fair Value Changes in Current Period (yuan) | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable Financing | 26,948,114.96 | 28,308,424.79 | 0 | 0 | | Trading Financial Assets | 10,039,816.41 | 0 | 10,000,000.00 | 39,816.41 | | **Total** | **36,987,931.37** | **28,308,424.79** | **10,000,000.00** | **39,816.41** | [Analysis of Major Holding and Participating Companies](index=18&type=section&id=3.4.6%20主要控股参股公司分析) This section lists the financial information of the company's major subsidiaries, Jiangnan Precision and Hanaya Semiconductor, both of which achieved considerable operating revenue and net profit during the reporting period Financial Performance of Major Subsidiaries (Jan-Jun 2025) | Company Name | Company Type | Main Business | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangnan Precision | Subsidiary | Production of copper ball series products, high-precision copper-based heat sinks | 8,000.00 | 37,439.74 | 24,307.33 | 21,675.08 | 4,290.20 | 3,850.52 | | Hanaya Semiconductor | Subsidiary | Production of copper oxide powder series products | 6,000.00 | 58,748.00 | 28,793.78 | 21,258.78 | 4,797.91 | 4,250.19 | [Other Disclosures](index=19&type=section&id=3.5%20其他披露事项) This section discloses four main risks the company may face, including copper price fluctuations, low gross profit margins, technological innovation, and changes in downstream demand, advising investors to consider their potential impact on operating performance - Risk of significant impact from copper price fluctuations on revenue: The company's main products are priced using a "copper price + processing fee" sales model, and copper price fluctuations may lead to revenue decline[72](index=72&type=chunk) - Risk of low gross profit margin: The company's overall gross profit margin is relatively low (**3.40%**, **3.77%**, **3.98%** from 2023 to June 2025, respectively), mainly due to the high value of raw copper materials, with profit primarily derived from relatively stable processing fees[73](index=73&type=chunk) - Risk of technological innovation: The electronic information industry is experiencing accelerating technological upgrades, and if the company's technological innovation cannot adapt to rapid changes in downstream demand, it may adversely affect operating performance[74](index=74&type=chunk) - Market risk due to changes in downstream demand: Domestic and international macroeconomic conditions and economic cycle changes may lead to slower-than-expected growth or slowdown in downstream application industries, thereby affecting demand for copper-based new materials and the company's profitability[75](index=75&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=20&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's directors and senior management, profit distribution plans, and environmental information disclosure [Changes in Company Directors and Senior Management](index=20&type=section&id=4.1%20公司董事、高级管理人员变动情况) This section discloses the change in Mr. Wu Peng's position, who resigned as a non-independent director due to internal work adjustments and was subsequently elected as an employee representative director - Mr. Wu Peng applied to resign from his position as a non-independent director of the company's second board of directors due to internal work adjustments[78](index=78&type=chunk) - After resigning as a non-independent director, Mr. Wu Peng continues to serve as Deputy General Manager and Board Secretary of the company[78](index=78&type=chunk) - Mr. Wu Peng was elected as an employee representative director of the company's second board of directors[78](index=78&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=4.2%20利润分配或资本公积金转增预案) This section clarifies that the company will not distribute profits or convert capital reserves into share capital for the current reporting period - The company will not distribute profits or convert capital reserves into share capital for this reporting period[79](index=79&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=20&type=section&id=4.4%20纳入环境信息依法披露企业名单的上市公司及其主要子公司的环境信息情况) This section discloses that the company and its subsidiary, Hanaya Semiconductor Materials (Guixi) Co., Ltd., are on the list of enterprises required to disclose environmental information by law, providing an index for their environmental information disclosure reports - The number of enterprises included in the list of those required to disclose environmental information by law is **2**[80](index=80&type=chunk) - Both Jiangxi Jiangnan New Material Technology Co., Ltd. and Hanaya Semiconductor Materials (Guixi) Co., Ltd. are included in the list of enterprises required to disclose environmental information by law[80](index=80&type=chunk) - The query index for environmental information disclosure reports is http://qyhjxxyfpl.sthjt.jiangxi.gov.cn:15004/information[80](index=80&type=chunk) [Section V Significant Matters](index=22&type=section&id=第五节%20重要事项) This section covers the fulfillment of commitments, major litigation, related party transactions, significant contracts, and the use of raised funds [Fulfillment of Commitments](index=22&type=section&id=5.1%20承诺事项履行情况) This section details the commitments made by the company's actual controllers, shareholders, related parties, and the company itself regarding share lock-ups, stock price stabilization, prospectus truthfulness, fraudulent issuance, return enhancement measures, profit distribution policies, non-competition, and performance decline, confirming all commitments were strictly fulfilled during the reporting period - Controlling shareholder Xu Shangjin, and actual controllers Xu Shangjin and Qian Fenmei, committed not to transfer their directly or indirectly held company shares within **36 months** from the date of the issuer's stock listing[84](index=84&type=chunk) - The company, controlling shareholders, responsible directors, and senior management committed to initiating stock price stabilization measures if the company's stock closing price falls below the latest audited net asset value per share for **20 consecutive trading days**[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - The company, controlling shareholders, actual controllers, directors, supervisors, and senior management committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear corresponding legal liabilities and compensation obligations[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The company, controlling shareholders, and actual controllers committed to initiating share repurchase procedures if there is any fraudulent issuance or listing[102](index=102&type=chunk)[103](index=103&type=chunk) - The company, controlling shareholders, actual controllers, directors, and senior management committed to taking measures such as improving daily operational efficiency, accelerating the construction of fundraising projects, increasing investment in product innovation and technological R&D, enhancing corporate governance and internal control, and improving the profit distribution system to compensate for diluted immediate returns[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - Controlling shareholders and actual controllers committed to avoiding horizontal competition with the company[115](index=115&type=chunk)[116](index=116&type=chunk) - During the reporting period, all committed parties, including the company's actual controllers, shareholders, related parties, acquirers, and the company, strictly fulfilled their respective commitments[82](index=82&type=chunk)[83](index=83&type=chunk) [Major Litigation and Arbitration Matters](index=35&type=section&id=5.7%20重大诉讼、仲裁事项) This section states that the company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[126](index=126&type=chunk) [Major Related Party Transactions](index=35&type=section&id=5.10%20重大关联交易) This section states that the company had no related party transactions not disclosed in temporary announcements, no related party transactions involving asset or equity acquisition/disposal, no major related party transactions involving joint external investments, and no related party creditor-debtor relationships during the reporting period - No related party transactions related to daily operations were undisclosed in temporary announcements during the reporting period[126](index=126&type=chunk) - No related party transactions involving asset or equity acquisition or disposal occurred during the reporting period[126](index=126&type=chunk) - No major related party transactions involving joint external investments occurred during the reporting period[127](index=127&type=chunk) - No related party creditor-debtor relationships existed during the reporting period[127](index=127&type=chunk) [Significant Contracts and Their Fulfillment](index=36&type=section&id=5.11%20重大合同及其履行情况) This section discloses the company's significant guarantees, both performed and unfulfilled, during the reporting period, primarily for its wholly-owned subsidiary Jiangnan Precision's bank borrowings - The total guarantee balance provided by the company to its subsidiaries is **13,000,000.00 yuan**[129](index=129&type=chunk) - The total guarantee amount accounts for **0.75%** of the company's net assets[129](index=129&type=chunk) - The company's guarantee to its subsidiary is for the wholly-owned subsidiary Jiangnan Precision's bank borrowings[129](index=129&type=chunk) [Explanation of Progress in Use of Raised Funds](index=38&type=section&id=5.12%20募集资金使用进展说明) This section details the overall use of the company's raised funds and specific investment projects, including total and net amounts, cumulative investment, and progress, along with the cash management of idle raised funds - Total raised funds amounted to **384.0386 million yuan**, with net raised funds of **331.0701 million yuan**[131](index=131&type=chunk) - As of the end of the reporting period, cumulative investment of raised funds was **54.4756 million yuan**, with an investment progress of **16.45%**[131](index=131&type=chunk) - Raised fund investment projects include the annual production of **12,000 tons** of electronic-grade copper oxide powder project, R&D center construction project, marketing service center construction project, and supplementary working capital[133](index=133&type=chunk) - The company managed idle raised funds through cash management, with a balance of **220 million yuan** as of June 30, 2025[137](index=137&type=chunk) [Overall Use of Raised Funds](index=38&type=section&id=5.12.1%20募集资金整体使用情况) This section provides an overview of the total amount of raised funds received and the cumulative investment and progress - Total raised funds amounted to **384.0386 million yuan**, with net raised funds of **331.0701 million yuan**[131](index=131&type=chunk) - As of the end of the reporting period, cumulative investment of raised funds was **54.4756 million yuan**, with an investment progress of **16.45%**[131](index=131&type=chunk) [Details of Raised Fund Investment Projects](index=38&type=section&id=5.12.2%20募投项目明细) This section itemizes each raised fund investment project, including its planned total investment, current year's investment, cumulative investment to date, and investment progress Details of Raised Fund Investment Projects | Project Name | Total Investment Pledged in Prospectus (ten thousand yuan) | Amount Invested in Current Year (ten thousand yuan) | Cumulative Investment as of Period-end (ten thousand yuan) | Cumulative Investment Progress as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | | Annual Production of 12,000 Tons of Electronic-Grade Copper Oxide Powder Project | 17,914.03 | 249.16 | 249.16 | 1.39 | | R&D Center Construction Project | 4,223.50 | 0.00 | 0.00 | 0.00 | | Marketing Service Center Construction Project | 5,299.35 | 0.00 | 0.00 | 0.00 | | Supplementary Working Capital | 5,670.13 | 5,198.40 | 5,198.40 | 91.68 | | **Total** | **33,107.01** | **5,447.56** | **5,447.56** | **16.45** | [Other Circumstances Regarding the Use of Raised Funds During the Reporting Period](index=41&type=section&id=5.12.4%20报告期内募集资金使用的其他情况) This section discloses the company's cash management of idle raised funds, with a period-end balance of 220 million yuan, remaining within the authorized limit - The company manages idle raised funds through cash management, with an effective authorized limit of **300 million yuan** approved by the board of directors[137](index=137&type=chunk) - As of the end of the reporting period, the cash management balance was **220 million yuan**, not exceeding the authorized limit[137](index=137&type=chunk) - The company and its subsidiaries still have agreed deposits of **52.1532 million yuan** in their special raised funds accounts[137](index=137&type=chunk) [Section VI Share Changes and Shareholder Information](index=41&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital due to its initial public offering, including new share issuance, total share capital changes, and the composition of restricted and unrestricted shares, along with shareholder information [Changes in Share Capital](index=41&type=section&id=6.1%20股本变动情况) This section details the company's share capital changes resulting from its initial public offering, including the number of new shares issued, total share capital changes, and the composition of restricted and unrestricted tradable shares - The company initially offered **36,436,300** RMB ordinary shares (A-shares) and listed on the Shanghai Stock Exchange Main Board on March 20, 2025[142](index=142&type=chunk) - The company's total share capital increased from **109,308,899** shares to **145,745,199** shares[141](index=141&type=chunk)[142](index=142&type=chunk) - Unrestricted tradable shares amounted to **28,637,506** shares, accounting for **19.65%** of the company's total share capital[142](index=142&type=chunk) - Restricted shares amounted to **117,107,693** shares, accounting for **80.35%** of the company's total share capital[142](index=142&type=chunk) [Table of Share Changes](index=42&type=section&id=6.1.1%20股份变动情况表) This section presents a table illustrating the quantity and proportion of various share types before and after the company's share capital changes, including the increase or decrease from the current change Table of Share Changes | | Before This Change | Increase/Decrease in This Change (+, -) | After This Change | | :--- | :--- | :--- | :--- | | | Quantity | Proportion (%) | New Shares Issued | Subtotal | Quantity | Proportion (%) | | I. Restricted Shares | 109,308,899 | 100 | 7,798,794 | 7,798,794 | 117,107,693 | 80.35 | | II. Unrestricted Tradable Shares | 0 | 0 | 28,637,506 | 28,637,506 | 28,637,506 | 19.65 | | III. Total Shares | 109,308,899 | 100 | 36,436,300 | 36,436,300 | 145,745,199 | 100 | [Explanation of Share Changes](index=42&type=section&id=6.1.2%20股份变动情况说明) This section elaborates on the reasons for the company's share capital changes, specifically its initial public offering of RMB ordinary shares (A-shares) and listing on the Shanghai Stock Exchange Main Board - The company initially offered **36,436,300** RMB ordinary shares (A-shares) and listed on the Shanghai Stock Exchange Main Board on March 20, 2025[142](index=142&type=chunk) - Upon completion of the initial public offering, the company's total share capital was **145,745,199** shares, comprising **28,637,506** unrestricted tradable shares and **117,107,693** restricted shares[142](index=142&type=chunk) [Changes in Restricted Shares](index=42&type=section&id=6.1.2%20限售股份变动情况) This section lists the number of restricted shares, reasons for restriction, and release dates for the company's major shareholders at the end of the reporting period Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Increased During Reporting Period | Restricted Shares at End of Reporting Period | Reason for Restriction | Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Shangjin | 56,927,188 | / | 56,927,188 | Pre-IPO Share Restriction | 2028-3-20 | | Qian Fenmei | 11,209,201 | / | 11,209,201 | Pre-IPO Share Restriction | 2028-3-20 | | Shanghai SAIC Hengxu Investment Management Co., Ltd. - Shanghai Yangtze River Delta Industrial Upgrade Equity Investment Partnership (Limited Partnership) | 5,241,843 | / | 5,241,843 | Pre-IPO Share Restriction | 2026-3-20 | | CITIC Securities Asset Management - CITIC Bank - CITIC Securities Asset Management Jiangnan New Material Employee Strategic Placement Collective Asset Management Plan | 0 | 2,941,176 | 2,941,176 | IPO Strategic Placement Share Restriction | 2026-3-20 | [Shareholder Information](index=45&type=section&id=6.2%20股东情况) This section discloses the total number of shareholders, the top ten shareholders' holdings (including restricted and unrestricted tradable shares), and the status of strategic investors becoming top ten shareholders as of the end of the reporting period - As of the end of the reporting period, the total number of ordinary shareholders was **24,939**[147](index=147&type=chunk) Top Ten Shareholders' Holdings (As of Period-end) | Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Xu Shangjin | 56,927,188 | 39.06 | 56,927,188 | Domestic Natural Person | | Qian Fenmei | 11,209,201 | 7.69 | 11,209,201 | Domestic Natural Person | | Shanghai SAIC Hengxu Investment Management Co., Ltd. - Shanghai Yangtze River Delta Industrial Upgrade Equity Investment Partnership (Limited Partnership) | 5,241,843 | 3.60 | 5,241,843 | Other | | Zhejiang Rongyi Investment Management Co., Ltd. - Zhejiang Rongteng Venture Capital Partnership (Limited Partnership) | 5,241,843 | 3.60 | 5,241,843 | Other | | Yingtan Pengkun Information Consulting Limited Partnership | 5,175,190 | 3.55 | 5,175,190 | Other | | Beijing Shixi Yitang Huachuang Investment Management Co., Ltd. - Beijing Yitang Huachuang Equity Investment Center (Limited Partnership) | 4,312,724 | 2.96 | 4,312,724 | Other | | Yingtan Kunzhida Information Consulting Center (Limited Partnership) | 3,018,828 | 2.07 | 3,018,828 | Other | | CITIC Securities Asset Management - CITIC Bank - CITIC Securities Asset Management Jiangnan New Material Employee Strategic Placement Collective Asset Management Plan | 2,941,176 | 2.02 | 2,941,176 | Other | | Shanghai Shangqi Investment Management Partnership (Limited Partnership) - Yangzhou Shangqi Automotive Industry Equity Investment Fund (Limited Partnership) | 2,880,140 | 1.98 | 2,880,140 | Other | | Shanghai Shangqi Investment Management Partnership (Limited Partnership) - Qingdao SAIC Innovation Upgrade Industry Equity Investment Fund Partnership (Limited Partnership) | 2,736,113 | 1.88 | 2,736,113 | Other | - CITIC Securities Asset Management - CITIC Bank - CITIC Securities Asset Management Jiangnan New Material Employee Strategic Placement Collective Asset Management Plan became a top ten shareholder due to new share placement, with a lock-up period of **twelve months** from the date of the company's initial public offering and listing on the SSE Main Board[154](index=154&type=chunk) [Information on Directors and Senior Management](index=48&type=section&id=6.3%20董事和高级管理人员情况) This section states that there were no changes in shareholdings of current or former directors and senior management, nor any equity incentives granted during the reporting period - No changes in shareholdings of current or former directors and senior management occurred during the reporting period[155](index=155&type=chunk) - No equity incentives were granted to directors or senior management during the reporting period[155](index=155&type=chunk) [Section VII Bond-Related Information](index=49&type=section&id=第七节%20债券相关情况) This section confirms the absence of company bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=49&type=section&id=7.1%20公司债券（含企业债券）和非金融企业债务融资工具) 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[157](index=157&type=chunk) [Convertible Corporate Bonds](index=49&type=section&id=7.2%20可转换公司债券情况) This section states that the company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[157](index=157&type=chunk) [Section VIII Financial Report](index=50&type=section&id=第八节%20财务报告) This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies and significant items [Audit Report](index=50&type=section&id=8.1%20审计报告) This section states that the semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [Financial Statements](index=50&type=section&id=8.2%20财务报表) This section provides the company's consolidated and parent company financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, offering a comprehensive view of its financial performance Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 4,150,170,382.17 | | Total Liabilities | 2,412,814,631.07 | | Total Owners' Equity | 1,737,355,751.10 | Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 4,821,128,805.60 | | Total Profit | 126,146,967.40 | | Net Profit | 105,589,079.56 | | Net Profit Attributable to Owners of the Parent Company | 105,589,079.56 | | Basic Earnings Per Share (yuan/share) | 0.83 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -591,269,665.90 | | Net Cash Flow from Investing Activities | -184,826,465.65 | | Net Cash Flow from Financing Activities | 947,854,305.95 | | Net Increase in Cash and Cash Equivalents | 173,200,982.81 | [Consolidated Balance Sheet](index=50&type=section&id=8.2.1%20合并资产负债表) This section presents the company's consolidated balance sheet as of June 30, 2025, detailing current assets, non-current assets, current liabilities, non-current liabilities, and owners' equity Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 4,150,170,382.17 | | Total Liabilities | 2,412,814,631.07 | | Total Owners' Equity | 1,737,355,751.10 | [Parent Company Balance Sheet](index=52&type=section&id=8.2.2%20母公司资产负债表) This section presents the company's parent company balance sheet as of June 30, 2025, detailing current assets, non-current assets, current liabilities, non-current liabilities, and owners' equity Parent Company Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 3,912,626,660.63 | | Total Liabilities | 2,558,035,585.29 | | Total Owners' Equity | 1,354,591,075.34 | [Consolidated Income Statement](index=54&type=section&id=8.2.3%20合并利润表) This section presents the company's consolidated income statement for January-June 2025, including total operating revenue, total operating costs, total profit, net profit, and earnings per share Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 4,821,128,805.60 | | Total Profit | 126,146,967.40 | | Net Profit | 105,589,079.56 | | Net Profit Attributable to Owners of the Parent Company | 105,589,079.56 | | Basic Earnings Per Share (yuan/share) | 0.83 | [Parent Company Income Statement](index=56&type=section&id=8.2.4%20母公司利润表) This section presents the company's parent company income statement for January-June 2025, including operating revenue, operating costs, total profit, and net profit Parent Company Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 4,841,762,418.47 | | Total Profit | 31,404,573.58 | | Net Profit | 21,361,070.04 | [Consolidated Cash Flow Statement](index=58&type=section&id=8.2.5%20合并现金流量表) This section presents the company's consolidated cash flow statement for January-June 2025, including net cash flows from operating, investing, and financing activities Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -591,269,665.90 | | Net Cash Flow from Investing Activities | -184,826,465.65 | | Net Cash Flow from Financing Activities | 947,854,305.95 | | Net Increase in Cash and Cash Equivalents | 173,200,982.81 | [Parent Company Cash Flow Statement](index=60&type=section&id=8.2.6%20母公司现金流量表) This section presents the company's parent company cash flow statement for January-June 2025, including net cash flows from operating, investing, and financing activities Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -749,068,156.68 | | Net Cash Flow from Investing Activities | 20,694,796.07 | | Net Cash Flow from Financing Activities | 817,948,258.71 | | Net Increase in Cash and Cash Equivalents | 89,983,502.86 | [Consolidated Statement of Changes in Owners' Equity](index=62&type=section&id=8.2.7%20合并所有者权益变动表) This section presents the company's consolidated statement of changes in owners' equity for January-June 2025, detailing the beginning, current period changes, and ending balances of items such as share capital, capital reserves, other comprehensive income, surplus reserves, and undistributed profits Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Paid-in Capital (or Share Capital) (yuan) | Capital Reserves (yuan) | Other Comprehensive Income (yuan) | Surplus Reserves (yuan) | Undistributed Profits (yuan) | Total Owners' Equity (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Balance at End of Prior Year | 109,308,899.00 | 544,944,709.34 | 0 | 40,208,433.74 | 660,197,170.26 | 1,354,659,212.34 | | III. Changes in Current Period | 36,436,300.00 | 294,633,824.06 | -36,941.23 | 0 | 51,663,355.93 | 382,696,538.76 | | IV. Balance at End of Current Period | 145,745,199.00 | 839,578,533.40 | -36,941.23 | 40,208,433.74 | 711,860,526.19 | 1,737,355,751.10 | [Parent Company Statement of Changes in Owners' Equity](index=66&type=section&id=8.2.8%20母公司所有者权益变动表) This section presents the company's parent company statement of changes in owners' equity for January-June 2025, detailing the beginning, current period changes, and ending balances of items such as share capital, capital reserves, surplus reserves, and undistributed profits Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Paid-in Capital (or Share Capital) (yuan) | Capital Reserves (yuan) | Surplus Reserves (yuan) | Undistributed Profits (yuan) | Total Owners' Equity (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Balance at End of Prior Year | 109,308,899.00 | 544,692,368.52 | 40,208,433.74 | 361,875,903.61 | 1,056,085,604.87 | | III. Changes in Current Period | 36,436,300.00 | 294,633,824.06 | 0 | -32,564,653.59 | 298,505,470.47 | | IV. Balance at End of Current Period | 145,745,199.00 | 839,326,192.58 | 40,208,433.74 | 329,311,250.02 | 1,354,591,075.34 | [Company's Basic Information](index=69&type=section&id=8.3%20公司基本情况) This section provides the company's basic overview, including its establishment, share capital changes, listing information, legal representative, registered address, and main business, noting its listing on the Shanghai Stock Exchange Main Board on March 20, 2025 - Jiangxi Jiangnan New Material Technology Co., Ltd. was established through the overall conversion of Jiangxi Jiangnan New Material Technology Co., Ltd[189](index=189&type=chunk) - The company publicly issued **36.4363 million** RMB ordinary shares (A-shares) in March 2025 and was officially listed on the Shanghai Stock Exchange Main Board on March 20, 2025, with stock code **603124**[190](index=190&type=chunk) - The company's legal representative is Xu Shangjin, and its registered address is Yingtan Industrial Park, Yuehu District, Yingtan City, Jiangxi Province[190](index=190&type=chunk) - The company primarily engages in the R&D, production, and sales of copper-based new materials[190](index=190&type=chunk) [Basis of Financial Statement Preparation](index=69&type=section&id=8.4%20财务报表的编制基础) This section states that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations, and comply with the China Securities Regulatory Commission's information disclosure requirements - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with Enterprise Accounting Standards, their application guidelines, and interpretations[191](index=191&type=chunk) - The company also discloses relevant financial information in accordance with the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities No. 15 – General Provisions for Financial Reports" (Revised 2023)[191](index=191&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period, found no matters affecting its going concern ability, and thus considers the preparation of financial statements on a going concern basis to be reasonable[192](index=192&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=69&type=section&id=8.5%20重要会计政策及会计估计) This section details the company's significant accounting policies and estimates used in preparing financial statements, covering financial instruments, inventories, fixed assets, intangible assets, revenue recognition, and government subsidies, providing a foundation for understanding the financial reports - The financial statements prepared by the company comply with Enterprise Accounting Standards, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[194](index=194&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a normal operating cycle of **one year**[195](index=195&type=chunk)[196](index=196&type=chunk) - Financial assets are measured at fair value upon initial recognition, with subsequent measurement depending on their classification: at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods[253](index=253&type=chunk) - The company continuously evaluates its significant accounting estimates and key assumptions based on historical experience and other factors, including reasonable expectations of future events[272](index=272&type=chunk) [Taxation](index=90&type=section&id=8.6%20税项) This section discloses the company and its subsidiaries' main tax types and applicable rates, detailing various tax incentives enjoyed, including high-tech enterprise income tax benefits, VAT preferences for employing disabled individuals, R&D expense super deduction, and VAT credit for advanced manufacturing enterprises Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Income | 0%, 7%, 9%, 13% | | Urban Maintenance and Construction Tax | Taxable Turnover | 7% | | Education Surcharge | Taxable Turnover | 3% | | Local Education Surcharge | Taxable Turnover | 2% | | Corporate Income Tax | Taxable Income | 25%, 20%, 15%, 8.25%, 16.5% | - Subsidiaries Jiangnan Precision and Hanaya Semiconductor passed the high-tech enterprise re-certification in October 2024, and will pay corporate income tax at a reduced rate of **15%** for the year 2025[275](index=275&type=chunk) - The company benefits from VAT preferential policies for employing disabled individuals, with a monthly VAT refund limit per disabled person equal to **4 times** the monthly minimum wage standard[275](index=275&type=chunk) - For manufacturing enterprises, R&D expenses actually incurred in R&D activities that do not form intangible assets and are expensed in the current period are eligible for an additional **100%** pre-tax deduction based on the actual amount incurred[276](index=276&type=chunk) - From January 1, 2023, to December 31, 2027, advanced manufacturing enterprises are allowed to deduct **5%** of their current period's deductible input VAT from their payable VAT[277](index=277&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&type=section&id=8.7%20合并财务报表项目注释) This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventories, fixed assets, intangible assets, short-term borrowings, long-term borrowings, share capital, capital reserves, operating revenue, and costs, explaining the reasons for changes between period-end and beginning balances - Monetary funds balance increased by **41.71%** at period-end compared to the beginning of the period, mainly due to increased bank deposits at period-end[278](index=278&type=chunk) - Notes receivable balance increased by **68.24%** at period-end compared to the beginning of the period, mainly due to an increase in bank acceptance bills received from commercial banks with lower credit ratings during the current period[63](index=63&type=chunk) - Short-term borrowings balance increased by **32.31%** at period-end compared to the beginning of the period, mainly due to increased bank borrowings[353](index=353&type=chunk) - Share capital increased by **36,436,300.00 yuan**, due to the company's initial public offering of RMB ordinary shares (A-shares)[383](index=383&type=chunk) - Capital reserves increased by **310,520,771.93 yuan**, primarily due to the capital premium of **294,633,824.06 yuan** from the company's initial public offering of RMB ordinary shares (A-shares), and the transfer of equity incentive capital reserves to capital premium upon meeting vesting conditions[385](index=385&type=chunk) Operating Revenue and Operating Cost (Jan-Jun 2025) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 4,820,226,299.13 | 4,628,828,257.09 | | Other Businesses | 902,506.47 | 376,694.80 | | **Total** | **4,821,128,805.60** | **4,629,204,951.89** | [R&D Expenses](index=135&type=section&id=8.8%20研发支出) This section lists the company's R&D expenses for the reporting period, totaling 24,021,367.09 yuan, primarily comprising employee compensation, material costs, and depreciation and amortization, all recognized as expenses R&D Expenses by Nature of Expense (Jan-Jun 2025) | Item | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 5,793,201.41 | 3,684,012.00 | | Material Costs | 15,303,533.22 | 8,779,021.27 | | Depreciation and Amortization | 2,214,641.17 | 558,647.55 | | Testing Service Fees | 129,528.19 | 338,696.72 | | Outsourced R&D Fees | 0 | 1,388,349.51 | | Other | 580,463.10 | 538,755.88 | | **Total** | **24,021,367.09** | **15,312,693.93** | - All R&D expenses in the current period were expensed[403](index=403&type=chunk) - R&D expenses in the current period increased by **56.87%** compared to the prior period, due to increased investment in copper-based heat dissipation material R&D projects[403](index=403&type=chunk) [Changes in Consolidation Scope](index=135&type=section&id=8.9%20合并范围的变更) This section states that there were no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control during the reporting period - No non-same-control business combinations occurred during the reporting period[439](index=439&type=chunk) - No same-control business combinations occurred during the reporting period[439](index=439&type=chunk) - No reverse acquisitions occurred during the reporting period[440](index=440&type=chunk) - No disposals of subsidiaries leading to loss of control occurred during the reporting period[440](index=440&type=chunk) [Interests in Other Entities](index=136&type=section&id=8.10%20在其他主体中的权益) This section discloses the company's enterprise group structure, including its wholly-owned subsidiaries Jiangxi Jiangnan Precision Technology Co., Ltd., Hanaya Semiconductor Materials (Guixi) Co., Ltd., Ruian Danshuijun Technology Co., Ltd., Jiangnan New Material International (Hong Kong) Co., Ltd., and its controlled subsidiary Jiangnan New Material International (Thailand) Co., Ltd Composition of the Enterprise Group | Subsidiary Name | Shareholding Proportion (%) | Acquisition Method | | :--- | :--- | :--- | | Jiangxi Jiangnan Precision Technology Co., Ltd. | 100.00 (Direct) | Established by Investment | | Hanaya Semiconductor Materials (Guixi) Co., Ltd. | 100.00 (Direct) | Established by Investment | | Ruian Danshuijun Technology Co., Ltd. | 100.00 (Direct) | Established by Investment | | Jiangnan New Material International (Hong Kong) Co., Ltd. | 100.00 (Direct) | Established by Investment | | Jiangnan New Material International (Thailand) Co., Ltd. | 30.00 (Direct), 70.00 (Indirect) | Established by Investment | [Government Grants](index=139&type=section&id=8.11%20政府补助) This section discloses the company's government grant-related liability items and amounts recognized in current profit or loss during the reporting period, primarily deferred income related to assets and income-related government grants Liability Items Involving Government Grants (Period-end) | Financial Statement Item | Period-end Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | | Deferred Income | 19,775,279.06 | Asset-related | Government Grants Recognized in Current Profit or Loss (Jan-Jun 2025) | Type | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Income-related | 19,431,726.24 | 29,703,770.54 | | Asset-related | 1,093,756.74 | 2,125,731.89 | | **Total** | **20,525,482.98** | **31,829,502.43** | [Risks Related to Financial Instruments](index=140&type=section&id=8.12%20与金融工具相关的风险) This section details the company's financial instrument-related risks, including credit risk, liquidity risk, and market risk (foreign exchange and interest rate risks), and outlines the company's management objectives and policies for these risks - The company's financial instrument-related risks arise from various financial assets and liabilities recognized in its operations, including credit risk, liquidity risk, and market risk[446](index=446&type=chunk) - The company's credit risk primarily arises from monetary funds, notes receivable, accounts receivable, notes receivable financing, other receivables, etc., and the company controls credit risk exposure by assessing customer creditworthiness and regularly monitoring credit records[446](index=446&type=chunk)[447](index=447&type=chunk) - The company's maximum credit risk exposure is the carrying amount of each financial asset on the balance sheet[450](index=450&type=chunk) - The company manages its liquidity risk by regularly monitoring short-term and long-term liquidity needs to ensure sufficient cash reserves and readily marketable securities[450](index=450&type=chunk) - The company's market risk primarily arises from foreign exchange risk (mainly related to USD-denominated accounts payable, accounts receivable, borrowings, and monetary funds) and interest rate risk (mainly from long-term interest-bearing debts such as long-term borrowings and long-term payables)[453](index=453&type=chunk)[454](index=454&type=chunk) - The company mitigates foreign exchange risk by entering into forward foreign exchange contracts and continuously monitors interest rate levels[454](index=454&type=chunk) - Financial asset transfer methods include factoring, endorsement, discounting, and forfaiting, with some having been derecognized[457](index=457&type=chunk)[459](index=459&type=chunk) [Disclosure of Fair Value](index=143&type=section&id=8.13%20公允价值的披露) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, primarily notes receivable financing and trading financial assets, and explains the fair value measurement levels and valuation techniques used Fair Value of Assets and Liabilities Measured at Fair Value (Period-end) | Item | Level 2 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Notes Receivable Financing | 26,948,114.96 | 26,948,114.96 | | Trading Financial Assets | 10,039,816.41 | 10,039,816.41 | | **Total Assets Continuously Measured at Fair Value** | **36,987,931.37** | **36,987,931.37** | - The basis for determining the market price of Level 1 fair value measurement items is unadjusted quoted prices for identical assets or liabilities in active markets[462](index=462&type=chunk) - Level 2 fair value measurement items use directly or indirectly observable inputs for the relevant assets or liabilities, other than Level 1 inputs[463](index=463&type=chunk) - Level 3 fair value measurement items use unobservable inputs for the relevant assets or liabilities[464](index=464&type=chunk) [Related Parties and Related Party Transactions](index=144&type=section&id=8.14%20关联方及关联交易) This section discloses the company's related parties, including subsidiaries, key management personnel, and other related parties, and details related party transactions during the reporting period, such as goods purchases, related party guarantees, key management personnel compensation, and other related party transactions like donations - Details of the company's subsidiaries are provided i