彤程新材料集团股份有限公司2025 年半年度报告 公司代码：603650 公司简称：彤程新材 彤程新材料集团股份有限公司 2025 年半年度报告 2025 年 08 月 1 / 185 彤程新材料集团股份有限公司2025 年半年度报告 重要提示 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人Zhang Ning、主管会计工作负责人俞尧明及会计机构负责人（会计主管人员） 朱文卿声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 否 九、 是否存在半数以上董事无法保证公司所披露半年度 ...

东吴证券股份有限公司2025 年半年度报告 公司代码：601555 公司简称：东吴证券 东吴证券股份有限公司 2025 年半年度报告 1 / 178 东吴证券股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人范力、主管会计工作负责人杨伟及会计机构负责人（会计主管人员）李雨妍声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配方案或公积金转增股本方案 以公司实施分配方案时股权登记日在册的全体股东所持股份数为基数拟向全体股东每10股派 发现金红利1.38元（含税），以公司现有的股本4,968,702,837股计算，共派发现金红利68,568.10 万元（含税），占2025年半年度合并报表中归属于母公司股东的净利润比例为35.50%。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划等前瞻性描述不构成公司对投资者的 ...

海伦钢琴股份有限公司 2025 年半年度报告全文 海伦钢琴股份有限公司 2025 年半年度报告 2025-027 【2025 年 8 月】 1 海伦钢琴股份有限公司 2025 年半年度报告全文 公司负责人陈海伦、主管会计工作负责人金江锋及会计机构负责人(会计 主管人员)王琼声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 （1）市场风险 当然经济形势复杂，钢琴行业面临复杂的外部环境，全球经济增长放缓和 市场需求复苏的不确定性仍然存在。目前传统钢琴市场处于疲软状态，加之 国外品牌、二手钢琴的涌入，使得整体行业市场风险加剧；亟待复苏的乐器 市场环境，不确定的政策导向都会影响艺术教育行业的经营状态，艺术教育 行业的回暖也存在市场波动的风险。 （2）产品盈利风险 近年来智能化乐器产品市场呈现迅猛发展的态势，导致市场竞争激烈。公 司拓展智能乐器产品，融合了传统制造技术与现代先进的智能技术，需要不 断保持技术研发与更新，提升产品核心竞争力。公司智能乐器产品的市场接 受程度尚不确定，市场份额如果无法达到预期，存在产品盈利风险。 （3）公司权益变动的不确定风险 公司拟权益变 ...

新疆西部牧业股份有限公司 2025 年半年度报告全文 新疆西部牧业股份有限公司 2025 年半年度报告 2025 年 8 月 新疆西部牧业股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘羽、主管会计工作负责人荆铭及会计机构负责人(会计主管 人员)张孝义声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司 对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的风 险认识，并且应当理解计划、预测与承诺之间的差异。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"畜禽、水产养殖相关业务"和"食品及酒制造相关业务"的披露 要求，按照要求在定期报告中披露公司主要经营情况，经营模式的具体内 容、模式的特有风险及对公司产生重大影响的各类风险。同时，公司每月以 临时公告的方式披露自 ...

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。 广东德尔玛科技股份有限公司 2025 年半年度报告全文 广东德尔玛科技股份有限公司 2025 年半年度报告 2025.8 1 广东德尔玛科技股份有限公司 2025 年半年度报告全文 公司负责人蔡铁强、主管会计工作负责人孙斐及会计机构负责人(会计主 管人员)孙斐声明：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。 本报告中涉及的未来发展计划等前瞻性陈述，不构成公司对投资者的实质 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异，请投资者注意投资风险。 公司在半年度报告中详细阐述了未来可能发生的有关风险因素及对策，详 见"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"中的 "公司可能面对的风险及应对措施"，敬请投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 ...

天津赛象科 科技股份有限公 司 2025 年半年度报告全文 天津赛象科 技股份 份有限公 公司 202 25 年 08 月 1 天津赛象科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张晓辰、主管会计工作负责人运乃云及会计机构负责人(会计 主管人员)运乃云声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展陈述，属于计划性事项，不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 公司存在原材料价格波动风险、汇率波动风险、应收账款风险、市场风 险等风险。敬请广大投资者注意投资风险。详细内容请见本报告第三节管理 层讨论与分析之"公司面临的风险和应对措施"部分。 2025 年 年半年度 度报告 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简 ...

潜江永安药业股份有限公司 2025 年半年度报告全文 潜江永安药业股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 潜江永安药业股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈勇、主管会计工作负责人熊盛捷及会计机构负责人(会计主 管人员)张天元声明：保证本半年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | 未亲自出席董事 | 未亲自出席董事 | 未亲自出席会议 | 被委托人姓名 | | --- | --- | --- | --- | | 姓名 | 职务 | 原因 | | | 陈勇 | 董事长 | 陈勇先生被鹤峰 | 无 | | | | 县监察委员会实 | | | | | 施留置，无法正 | | | | | 常履职。 | | 报告中涉及未来发展规划等事项的前瞻性陈述，不构成对投资者的实际承 诺，请投资者注意风险。 公司存在安全环保风险、经营风险、汇率风 ...

Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, a detailed table of contents, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and senior management guarantee the report's truthfulness, accuracy, and completeness, highlighting various operational and market risks - The company's Board of Directors and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[4](index=4&type=chunk) - The company's head, chief accountant, and accounting department head declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company faces risks including market competition, environmental issues, production safety, profit decline from large-scale construction, rapid development management, and international trade friction[4](index=4&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Distribution Base (shares) | 800,437,228 | | Cash Dividend per 10 Shares (tax inclusive) | 2 yuan | | Bonus Shares (tax inclusive) | 0 shares | | Capital Reserve Conversion to Share Capital | No | [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's nine main chapters, covering company operations, finance, governance, and risks, with corresponding page numbers - The report comprises nine main chapters, covering company operations, finance, governance, and risk aspects[7](index=7&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms and related entities in the report, including the CSRC, CAEP, Jiuyuan Group, major subsidiaries, and the reporting period, to ensure clear understanding - The definitions section clarifies terms related to regulatory bodies, major shareholders, subsidiaries, and key timeframes within the report[13](index=13&type=chunk) Part II [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and highlights its strong financial performance in the first half of 2025 [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 introduces the company's basic information, including stock ticker, stock code, listing exchange, and legal representative, confirming the company name as Lier Chemical Co., Ltd Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Lier Chemical | | Stock Code | 002258 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Lier Chemical Co., Ltd | | Legal Representative | Yin Yingsui | [Contact Person and Information](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 company's Board Secretary and Securities Affairs Representative, including names, addresses, phone, fax, and email Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liu Jun | Building 5, No. 58 Huasheng Road, Chenghua District, Chengdu, Sichuan Province | 028-67575627 | 028-67575657 | tzfzb@lierchem.com | | Securities Affairs Representative | Jin Yongheng | Building 5, No. 58 Huasheng Road, Chenghua District, Chengdu, Sichuan Province | (Same as above) | (Same as above) | (Same as above) | [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 registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period, consistent with the 2024 annual report - The company's contact information and information disclosure locations remained unchanged during the reporting period, consistent with the 2024 annual report[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=6&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's 2025 semi-annual financial performance was strong, with revenue up 35.36%, net profit attributable to shareholders up 191.21%, positive operating cash flow, and significantly improved EPS 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,506,892,926.69 | 3,329,528,338.93 | 35.36% | | Net Profit Attributable to Shareholders of Listed Company | 270,549,813.06 | 92,905,800.39 | 191.21% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 272,372,872.69 | 79,871,023.24 | 241.02% | | Net Cash Flow from Operating Activities | 318,540,276.41 | -500,092,466.69 | 163.70% | | Basic Earnings Per Share (yuan/share) | 0.3380 | 0.1161 | 191.13% | | Diluted Earnings Per Share (yuan/share) | 0.3380 | 0.1161 | 191.13% | | Weighted Average Return on Net Assets | 3.45% | 1.23% | 2.22% | | Indicator | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 16,337,106,799.41 | 15,648,477,597.25 | 4.40% | | Net Assets Attributable to Shareholders of Listed Company | 7,847,147,240.54 | 7,726,587,850.26 | 1.56% | [Differences in Accounting Data Under Domestic and Overseas 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) During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards - The company's financial report is prepared under Chinese accounting standards, with no differences compared to international or overseas accounting standards[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-Recurring Gains and Losses 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) The company's total non-recurring gains and losses for the period were **-1.82 million yuan**, mainly from disposal of non-current assets, government grants, fair value changes, and impairment reversals, negatively impacting net profit 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -6,588,906.05 | | Government Grants Included in Current Profit or Loss | 3,775,641.76 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities and Disposal of Financial Assets and Liabilities | 1,491,187.24 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 1,198,964.17 | | Other Non-Operating Income and Expenses | -1,467,680.71 | | Less: Income Tax Impact | -137,273.85 | | Minority Interest Impact (after tax) | 369,539.89 | | Total | -1,823,059.63 | - The company does not classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk)[26](index=26&type=chunk) Part III [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's principal businesses, core competencies, financial performance, and risks, along with management's strategies [Principal Businesses During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in R&D, production, and sales of chemical pesticide technicals, including herbicides, fungicides, insecticides, and chemical intermediates, achieving significant revenue and net profit growth - The company operates in the chemical raw materials and chemical products manufacturing industry, specifically chemical pesticide manufacturing[28](index=28&type=chunk) - The company's main products include high-efficiency, low-toxicity, low-residue pesticide technicals such as chloropyridine and organophosphorus series, along with over 40 technicals, over 100 formulations, and some chemical intermediates[34](index=34&type=chunk) [Industry Development Overview](index=9&type=section&id=(%E4%B8%80)%20%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The global pesticide market is growing due to food security and GMOs, with consolidation trends. China's market is transforming towards green, efficient, and concentrated production due to stricter environmental policies - The global pesticide market size is continuously increasing, driven by world population growth, persistent pest and weed infestations, and rising national focus on food security[28](index=28&type=chunk) - International agrochemical giants (e.g., Syngenta, Bayer, BASF, Corteva) completed a new round of mergers and acquisitions, holding over **60% market share**, and increasing R&D investment in biological pesticides[29](index=29&type=chunk) - The domestic pesticide industry is undergoing a period of transformation and adjustment, with strengthened environmental and safety policies, accelerated elimination of highly toxic pesticides, strong demand for green pesticides, and faster industry consolidation[30](index=30&type=chunk) - In 2024, there were 115 pesticide companies with sales exceeding **500 million yuan**, including 4 companies exceeding **10 billion yuan**, indicating continuous improvement in industry concentration[30](index=30&type=chunk) - Policies such as the "Industrial Structure Adjustment Guidance Catalogue (2024 Edition)" and "Opinions on Further Deepening Rural Reform and Solidly Promoting Comprehensive Rural Revitalization" are driving the industry towards green, efficient, and intensive transformation[31](index=31&type=chunk) [Company Overview](index=10&type=section&id=(%E4%BA%8C)%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company is a leading producer of chloropyridine herbicides and glufosinate/glufosinate-P technicals, ranking among top global and Chinese pesticide firms, with strong H1 2025 performance driven by sales and price increases - The company is the largest R&D and production base for chloropyridine herbicide series pesticides in China, and a large-scale producer of glufosinate and glufosinate-P technicals[31](index=31&type=chunk) - The company ranked **7th** in the China Pesticide Industry Association's "2024 Annual List of Pesticide Companies with Sales Exceeding 500 Million Yuan", **4th** in the "2024 Annual List of Chinese Pesticide Companies with Export Value Exceeding 60 Million USD", and **15th** in AGROPAGES' "2024 Global Crop Protection Companies Top 20 Ranking"[31](index=31&type=chunk) 2025 H1 Operating Performance | Indicator | Amount (billion yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 4.51 | 35.36% | | Net Profit Attributable to Shareholders of Listed Company | 0.27 | 191.21% | - The company's main products include over 40 technicals, over 100 formulations, and some chemical intermediates across three major series: herbicides, fungicides, and insecticides[34](index=34&type=chunk) - The company adopts a group-level centralized procurement model for bulk materials and establishes strategic partnerships with upstream and downstream supply chain partners[35](index=35&type=chunk)[36](index=36&type=chunk) - The company's production model is based on "production by sales," formulating production plans according to market demand, and also engages in small-scale custom production of fine chemicals[36](index=36&type=chunk) - Sales channels are divided into international sales (self-operated exports to international agrochemical companies and distributors, accelerating international own-brand formulation business) and domestic sales (to distributors, retailers, pesticide companies, and domestic trading companies)[37](index=37&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company boasts leading technology in pyridine compound chlorination and glufosinate synthesis, strong client relationships with global agrochemical giants, a complete industrial chain across 7 bases, advanced environmental management, and robust financing capabilities - The company is a national high-tech enterprise with a national-level enterprise technology center, mastering globally leading catalytic chlorination technology for pyridine compounds and large-scale synthesis technology for glufosinate and glufosinate-P[38](index=38&type=chunk)[39](index=39&type=chunk) - The company exports products to over thirty countries and regions, establishing long-term stable strategic partnerships with globally renowned large agrochemical companies such as Corteva, BASF, and Syngenta[39](index=39&type=chunk) - The company owns 7 production bases, including Mianyang, Guang'an, and Nantong, forming a complete industrial chain covering chemical raw materials, intermediates, technicals, and formulations, making it the largest producer of chloropyridine pesticide technicals and formulations in China[39](index=39&type=chunk) - The company highly values environmental protection, is ISO14001 environmental management system certified, and continuously invests in technology R&D and environmental hardware, achieving advanced environmental management standards in the industry[40](index=40&type=chunk) - As a listed company, the company enjoys high visibility, sound financial condition, excellent capital market refinancing channels, and ample bank credit lines[40](index=40&type=chunk)[41](index=41&type=chunk) [Analysis of Principal Business](index=14&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) Principal business revenue increased by **35.36%** due to higher sales volumes and prices. Pesticide and intermediate business accounted for **94.98%**, with technical pesticide revenue up **62.67%**. International sales grew **69.43%**, becoming the primary revenue source at **52.04%** Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,506,892,926.69 | 3,329,528,338.93 | 35.36% | Primarily due to increased sales volume and prices of some company products | | Net Profit Attributable to Shareholders of Listed Company | 270,549,813.06 | 92,905,800.39 | 191.21% | (Refer to Section II, IV, Key Accounting Data and Financial Indicators) | | Net Cash Flow from Operating Activities | 318,540,276.41 | -500,092,466.69 | 163.70% | Primarily due to increased cash received from sales | Operating Revenue Composition (by Industry Segment) | Industry Segment | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Same Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Pesticides and Intermediates | 4,280,915,281.53 | 94.98% | 3,207,924,336.28 | 96.35% | 33.45% | | Chemical Materials | 219,815,975.14 | 4.88% | 111,836,667.50 | 3.36% | 96.55% | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Same Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Pesticide Technicals | 2,756,670,848.18 | 61.16% | 1,694,631,425.84 | 50.90% | 62.67% | | Pesticide Formulations | 960,208,049.73 | 21.31% | 853,589,034.67 | 25.64% | 12.49% | | Pesticide Intermediates | 409,643,644.69 | 9.09% | 327,626,329.69 | 9.84% | 25.03% | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Same Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | International Sales | 2,345,291,546.33 | 52.04% | 1,384,190,230.12 | 41.57% | 69.43% | | Domestic Sales | 2,161,601,380.36 | 47.96% | 1,945,338,108.81 | 58.43% | 11.12% | [Analysis of Non-Principal Business](index=15&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) During the reporting period, non-principal businesses did not significantly impact the company's profit composition or sources - The company had no analysis of non-principal business during the reporting period[48](index=48&type=chunk) [Analysis of Assets and Liabilities](index=15&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 increased by **4.40%** and net assets attributable to shareholders by **1.56%**. Asset structure remained stable, with no major changes in key items. Fair value financial assets were **90.44 million yuan**, with some assets restricted for loans and pledges Significant Changes in Asset Composition | Item | Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 1,405,882,866.14 | 8.61% | 1,450,353,686.92 | 9.27% | -0.66% | | Accounts Receivable | 2,351,869,495.81 | 14.40% | 1,871,845,066.75 | 11.96% | 2.44% | | Inventories | 1,764,983,398.82 | 10.80% | 1,688,722,588.35 | 10.79% | 0.01% | | Fixed Assets | 7,283,828,799.04 | 44.58% | 7,607,822,565.22 | 48.62% | -4.04% | | Construction in Progress | 1,276,197,933.67 | 7.81% | 996,733,077.22 | 6.37% | 1.44% | | Short-Term Borrowings | 269,867,248.47 | 1.65% | 220,045,180.14 | 1.41% | 0.24% | | Long-Term Borrowings | 2,407,799,190.76 | 14.74% | 2,155,511,511.26 | 13.77% | 0.97% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gain/Loss for the Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 381,392.45 | 90,381,920.23 | | Other Equity Instrument Investments | 56,812.00 | 0.00 | 56,812.00 | | Financial Liabilities | 1,388,611.82 | -1,388,611.82 | 0.00 | | Total | 1,445,423.82 | -1,007,219.37 | 90,438,732.23 | Asset Restrictions at Period-End | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 63,499,673.49 | 63,499,673.49 | Frozen, Margin | | Fixed Assets | 149,378,594.05 | 127,091,158.34 | Mortgage | | Intangible Assets | 319,680,878.74 | 304,008,424.17 | Mortgage | | Construction in Progress | 134,612,241.69 | 134,612,241.69 | Mortgage | | Notes Receivable Financing | 9,000,000.00 | 9,000,000.00 | Pledge | | Trading Financial Assets | 40,000,000.00 | 40,000,000.00 | Pledge | | Total | 716,171,387.97 | 678,211,497.69 | | [Analysis of Investment Status](index=16&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) Investment decreased by **23.88%**. Major non-equity investments include glufosinate-P and green pesticide projects at Hubei Lituo. The company engaged in hedging derivatives (forward foreign exchange settlement) to mitigate exchange rate risks, generating **1.05 million yuan** in fair value changes Investment Amount for the Reporting Period | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 512,262,404.12 | 672,935,388.24 | -23.88% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Industry Involved | Amount Invested in Current Period (yuan) | Cumulative Actual Investment at Period-End (yuan) | Estimated Return (yuan) | Cumulative Realized Return (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hubei Lituo 10,000 tons/year Glufosinate-P Technical and Supporting Engineering Project | Self-built | Chemical Industry | 37,866,923.58 | 344,498,663.94 | 416,320,000.00 | 0.00 | | Hubei Lituo Green, Efficient, Low-Toxicity Crop Protection Technical Production Project (Phase I) | Self-built | Chemical Industry | 74,032,113.52 | 141,879,993.44 | 233,190,000.00 | 0.00 | | Total | | | 111,899,037.10 | 486,378,657.38 | 649,510,000.00 | 0.00 | - The company had no securities investments during the reporting period[56](index=56&type=chunk) Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Initial Investment Amount (10,000 yuan) | Fair Value Change Gain/Loss for the Period (10,000 yuan) | | :--- | :--- | :--- | | Forward Foreign Exchange Settlement | 7,963.54 | 104.67 | - The company conducts forward foreign exchange settlement and sales transactions following prudent and stable risk management principles, primarily to lock in costs and hedge against exchange rate risks[60](index=60&type=chunk) - The company had no derivative investments for speculative purposes or use of raised funds during the reporting period[61](index=61&type=chunk)[62](index=62&type=chunk) [Significant Asset and Equity Disposals](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) During the reporting period, the company did not undertake any significant asset or equity disposal - The company did not sell significant assets or equity during the reporting period[63](index=63&type=chunk)[64](index=64&type=chunk) [Analysis of Major Holding and Associate Companies](index=19&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries Jiangsu KuaiDa, Guang'an Lier, and Saike Chemical all achieved year-on-year performance growth, driven by stable operations, cost reduction, and capacity release Major Subsidiaries and Associate Companies with Over 10% Impact on Company Net Profit | Company Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Jiangsu KuaiDa | 512,912,679.89 | 54,741,813.23 | | Guang'an Lier | 1,152,495,625.35 | 29,271,728.10 | | Saike Chemical | 281,731,239.00 | 43,345,122.41 | - Jiangsu KuaiDa maintained stable operations, with sales growth driving a modest increase in performance[66](index=66&type=chunk) - Guang'an Lier implemented multiple measures to reduce costs and increase efficiency, resulting in year-on-year growth in operating performance[66](index=66&type=chunk) - Saike Chemical achieved significant performance growth due to capacity release and a substantial increase in product sales[66](index=66&type=chunk) [Structured Entities Controlled by the Company](index=19&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) During the reporting period, the company did not control any structured entities - The company had no structured entities under its control during the reporting period[67](index=67&type=chunk) [Risks Faced by the Company and Countermeasures](index=19&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from market competition, increased environmental investment, safety incidents, profit decline due to large-scale construction, management challenges from rapid growth, and international trade friction, addressed through various strategic measures - Market competition risk: Increased capacity from domestic and international competitors; the company will maintain competitive advantage through process optimization, new product development, and new customer acquisition[67](index=67&type=chunk) - Environmental risk: Stricter national environmental policies; the company will increase environmental investment and respond through energy conservation, emission reduction, technological optimization, and enhanced waste resource utilization[68](index=68&type=chunk) - Production safety risk: Production processes involve flammable, explosive, toxic substances, and high-temperature/high-pressure operations; the company has equipped safety facilities, management organizations, and comprehensive systems to ensure safe production[69](index=69&type=chunk) - Profit decline risk due to large-scale construction investment: Significant capital expenditures for multiple base constructions may increase depreciation and interest; the company will strictly manage investments, shorten construction periods, and accelerate project commissioning[70](index=70&type=chunk) - Management risk from rapid company development: Increased bases and construction projects lead to management complexity; the company will improve its group-level management structure, coordinate subsidiary management, and strengthen risk management[71](index=71&type=chunk) - International trade friction risk: Intensified geopolitical competition may lead to tariff barriers and market access restrictions; the company will respond by strengthening customer communication, adjusting pricing strategies, exploring emerging markets, enhancing technological innovation, and establishing overseas bases[72](index=72&type=chunk)[73](index=73&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 not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system, nor has it disclosed a valuation enhancement plan[74](index=74&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=21&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 not disclosed an action plan for "Dual Improvement in Quality and Returns" - The company has not disclosed an action plan for "Dual Improvement in Quality and Returns"[74](index=74&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=21&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance, profit distribution, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=21&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) On August 26, 2025, the company completed the re-election and appointment of its board and senior management, with Yin Yingsui elected Chairman and Li Jiang appointed General Manager, alongside other changes and departures due to term expiry - On August 26, 2025, the company completed the re-election of its Board of Directors and senior management, with **Yin Yingsui** elected Chairman and **Li Jiang** appointed General Manager[75](index=75&type=chunk)[76](index=76&type=chunk) - Multiple directors, independent directors, deputy general managers, and the chief financial officer changed due to re-election, with some independent directors and supervisors departing upon term expiry[75](index=75&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=22&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 board approved a 2025 semi-annual profit distribution plan to pay a cash dividend of **2 yuan** (tax inclusive) per 10 shares, based on **800,437,228 shares**, totaling **160.09 million yuan**, representing **100%** of distributable profit 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (yuan) (tax inclusive) | 2 | | Share Capital Base for Distribution Plan (shares) | 800,437,228 | | Cash Dividend Amount (yuan) (tax inclusive) | 160,087,445.60 | | Proportion of Total Cash Dividend to Total Profit Distribution | 100% | | Distributable Profit (yuan) | 2,408,342,724.84 | - This profit distribution does not involve capital reserve conversion to share capital[77](index=77&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&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) During the reporting period, the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[78](index=78&type=chunk) [Environmental Information Disclosure](index=22&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 10 major subsidiaries are listed as legally required environmental information disclosure enterprises and have publicly disclosed reports through the relevant system, demonstrating compliance and transparency - The company and its 10 major subsidiaries are included in the list of enterprises legally required to disclose environmental information[79](index=79&type=chunk) - All listed enterprises have publicly disclosed their reports through their respective local enterprise environmental information disclosure systems[79](index=79&type=chunk)[80](index=80&type=chunk) [Social Responsibility](index=23&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) During the reporting period, the company has not yet undertaken poverty alleviation or rural revitalization initiatives, nor does it have related plans for the future - The company has not yet undertaken targeted poverty alleviation or rural revitalization efforts during the reporting period, nor does it have related plans for the future[81](index=81&type=chunk) Part V [Significant Matters](index=24&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the company's fulfillment of commitments, absence of non-operating fund occupation, related-party transactions, and other significant events [Fulfillment of Commitments](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company's actual controller and major shareholders (holding over 5% before IPO) strictly fulfilled long-term commitments regarding avoiding horizontal competition, related-party transactions, and fund occupation during the reporting period - The company's actual controller and major shareholders strictly fulfilled long-term commitments regarding horizontal competition, related-party transactions, and fund occupation[83](index=83&type=chunk) [Non-Operating Fund Occupation](index=24&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) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties - The company had no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[84](index=84&type=chunk) [Irregular External Guarantees](index=24&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) 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=24&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[86](index=86&type=chunk) [Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Reports"](index=24&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) The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[87](index=87&type=chunk) [Board of Directors' Explanations on "Non-Standard Audit Reports" for the Previous Year](index=24&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) The company had no non-standard audit reports for the previous year - The company had no non-standard audit reports for the previous year[87](index=87&type=chunk) [Bankruptcy and Reorganization Matters](index=24&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) During the reporting period, the company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters during the reporting period[87](index=87&type=chunk) [Litigation Matters](index=24&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters during the reporting period[89](index=89&type=chunk) [Penalties and Rectification](index=25&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) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[89](index=89&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&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) The company and its controlling shareholder have no unfulfilled court judgments or large overdue debts, maintaining good integrity - The company and its controlling shareholder have no unfulfilled court judgments or large overdue debts[90](index=90&type=chunk) [Significant Related-Party Transactions](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in a **6.74 million yuan** equipment procurement related-party transaction with Jiuyuan Chemical, within approved limits. No other significant related-party transactions occurred Related-Party Transactions Related to Daily Operations | Related Party | Related-Party Transaction Content | Related-Party Transaction Amount (10,000 yuan) | Approved Transaction Limit (10,000 yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Jiuyuan Chemical | Procurement of equipment and equipment processing | 673.67 | 5,000 | No | - The company had no related-party transactions involving asset or equity acquisition/disposal during the reporting period[92](index=92&type=chunk) - The company had no related-party transactions involving joint external investment during the reporting period[93](index=93&type=chunk) - The company had no non-operating related-party creditor-debtor transactions during the reporting period[94](index=94&type=chunk) - There were no deposit, loan, credit, or other financial business transactions between the company and related financial companies[95](index=95&type=chunk)[96](index=96&type=chunk) - The company had no other significant related-party transactions during the reporting period[97](index=97&type=chunk) [Significant Contracts and Their Performance](index=26&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 had no trust, contracting, wealth management, or other significant contracts. Leasing primarily involved office and warehouse space, with minor profit impact. Significant guarantees, mainly for subsidiaries, totaled **1.72 billion yuan**, representing **21.95%** of net assets - The company had no trust or contracting situations during the reporting period[98](index=98&type=chunk)[99](index=99&type=chunk) - The company's leasing business primarily involves office buildings and warehouses, with recognized right-of-use assets of **18.66 million yuan** and lease liabilities of **14.91 million yuan** at period-end, and short-term lease expenses of **5.80 million yuan**, having a minor impact on profit[101](index=101&type=chunk) - The company had no leasing projects that generated profit exceeding **10%** of total profit during the reporting period[102](index=102&type=chunk) Company Guarantees for Subsidiaries (Partial) | Guaranteed Party Name | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | | :--- | :--- | :--- | :--- | | Guang'an Lier | 30,000 | 13,255.81 | Joint and Several Liability Guarantee | | Guang'an Lvyuan | 20,000 | 16,250 | Joint and Several Liability Guarantee | | Lier Crop | 7,000 | 2,865.46 | Joint and Several Liability Guarantee | | Saike Chemical | 1,530 | 1,530 | Joint and Several Liability Guarantee | | Lier Bio | 55,000 | 23,336 | Joint and Several Liability Guarantee | | Hubei Lituo | 18,000 | 5,000 | Joint and Several Liability Guarantee | | Qimingxing Huachuang | 5,000 | 4,358.1 | Joint and Several Liability Guarantee | | Sichuan Foersen | 5,000 | 271.28 | Joint and Several Liability Guarantee | - The total actual guarantee balance for subsidiaries at the end of the reporting period was **1.72 billion yuan**, accounting for **21.95%** of the company's net assets[106](index=106&type=chunk)[107](index=107&type=chunk) - The company had no wealth management or other significant contracts during the reporting period[108](index=108&type=chunk)[109](index=109&type=chunk) [Explanation of Other Significant Matters](index=30&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) On May 19, 2025, the company received a notice from controlling shareholder Jiuyuan Group regarding equity reform, which may change the controlling shareholder and actual controller but will not significantly impact daily operations - On May 19, 2025, the company received a notice from its controlling shareholder, Jiuyuan Group, regarding equity reform, which may lead to a change in the controlling shareholder and actual controller[110](index=110&type=chunk) - This equity reform matter will not significantly impact the company's daily production and operating activities[110](index=110&type=chunk) - As of the report disclosure date, the company has not received further information regarding this matter[110](index=110&type=chunk) [Significant Matters of Company Subsidiaries](index=30&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) During the reporting period, the company's subsidiaries had no significant matters - The company had no significant subsidiary matters during the reporting period[112](index=112&type=chunk) Part VI [Share Changes and Shareholder Information](index=31&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital, shareholder structure, and any changes in shareholdings or control [Share Change Status](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at **800,437,228 shares** during the reporting period, with no changes in restricted or unrestricted shares, share repurchases, or securities issuance Share Change Status | Share Class | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,286,883 | 0.16% | 0 | 1,286,883 | 0.16% | | II. Unrestricted Shares | 799,150,345 | 99.84% | 0 | 799,150,345 | 99.84% | | III. Total Shares | 800,437,228 | 100.00% | 0 | 800,437,228 | 100.00% | - The company's total share capital remained unchanged during the reporting period[115](index=115&type=chunk) - The company had no progress on share repurchases during the reporting period[116](index=116&type=chunk) [Securities Issuance and Listing](index=32&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) During the reporting period, the company had no securities issuance or listing - The company had no securities issuance or listing during the reporting period[116](index=116&type=chunk) [Number of Shareholders and Shareholding Status](index=32&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 end of the reporting period, the company had **53,509** common shareholders. Top shareholders include Sichuan Jiuyuan Investment Holding Group Co., Ltd. (**23.78%**), Zhongtong Investment Co., Ltd., and Sichuan Huacai Technology Co., Ltd. Jiuyuan Group and Huacai Technology are related parties acting in concert - The total number of common shareholders at the end of the reporting period was **53,509**[117](index=117&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Sichuan Jiuyuan Investment Holding Group Co., Ltd. | State-owned Legal Person | 23.78% | 190,376,009 | 190,376,009 | | Zhongtong Investment Co., Ltd. | Overseas Legal Person | 8.83% | 70,699,469 | 70,699,469 | | Sichuan Huacai Technology Co., Ltd. | State-owned Legal Person | 8.42% | 67,358,015 | 67,358,015 | | China Merchants Bank Co., Ltd. - Xingquan Heyuan Two-Year Holding Period Mixed Securities Investment Fund | Other | 1.62% | 12,955,828 | 12,955,828 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.93% | 7,426,508 | 7,426,508 | | Zhang Chengxian | Domestic Natural Person | 0.80% | 6,381,060 | 6,381,060 | | Chen Xuelin | Domestic Natural Person | 0.77% | 6,124,845 | 6,124,845 | | China Foreign Economy and Trade Trust Co., Ltd. - Foreign Trade Trust - Ruijin 16th Phase Zhongou Ruibo Securities Investment Collective Fund Trust Plan | Other | 0.73% | 5,865,899 | 5,865,899 | | National Social Security Fund 502 Portfolio | Other | 0.72% | 5,799,960 | 5,799,960 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 Exchange Traded Open-Ended Index Securities Investment Fund | Other | 0.56% | 4,449,246 | 4,449,246 | - Jiuyuan Group and Huacai Technology have an associated relationship and are parties acting in concert[118](index=118&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=%E5%9B%9B%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) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[119](index=119&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) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder and actual controller did not change during the reporting period[120](index=120&type=chunk) Part VII [Bond-Related Information](index=36&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information [Bond-Related Information](index=36&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[123](index=123&type=chunk) Part VIII [Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes on accounting policies and specific financial items [Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[125](index=125&type=chunk) [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow situation - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[126](index=126&type=chunk)[130](index=130&type=chunk)[134](index=134&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk)[143](index=143&type=chunk)[146](index=146&type=chunk)[151](index=151&type=chunk) [Consolidated Balance Sheet](index=37&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) As of June 30, 2025, total consolidated assets were **16.34 billion yuan**, liabilities **7.17 billion yuan**, and owners' equity **9.17 billion yuan**. Accounts receivable and notes receivable financing significantly increased, while notes payable and long-term borrowings also grew Consolidated Balance Sheet Key Data (Period-End) | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 16,337,106,799.41 | 15,648,477,597.25 | | Total Liabilities | 7,167,609,947.82 | 6,637,860,405.86 | | Total Owners' Equity | 9,169,496,851.59 | 9,010,617,191.39 | | Cash and Bank Balances | 1,405,882,866.14 | 1,450,353,686.92 | | Accounts Receivable | 2,351,869,495.81 | 1,871,845,066.75 | | Notes Receivable Financing | 282,483,670.75 | 181,025,182.51 | | Inventories | 1,764,983,398.82 | 1,688,722,588.35 | | Fixed Assets | 7,283,828,799.04 | 7,607,822,565.22 | | Construction in Progress | 1,276,197,933.67 | 996,733,077.22 | | Notes Payable | 1,702,920,634.00 | 1,303,199,657.32 | | Long-Term Borrowings | 2,407,799,190.76 | 2,155,511,511.26 | [Consolidated Income Statement](index=41&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, total operating revenue reached **4.51 billion yuan**, up **35.36%**; net profit was **327 million yuan**, up **151.88%**. Net profit attributable to parent company shareholders was **271 million yuan**, up **191.21%**, driven by revenue growth Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 4,506,892,926.69 | 3,329,528,338.93 | | Operating Profit | 416,590,083.79 | 163,657,782.18 | | Total Profit | 405,534,640.81 | 163,142,393.19 | | Net Profit | 327,278,386.96 | 129,936,213.35 | | Net Profit Attributable to Parent Company Shareholders | 270,549,813.06 | 92,905,800.39 | | Basic Earnings Per Share (yuan/share) | 0.3380 | 0.1161 | [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) In H1 2025, net cash flow from operating activities turned positive to **319 million yuan** from **-500 million yuan**, mainly due to increased cash from sales. Net cash flow from investing activities was **-563 million yuan**, and from financing activities was **190 million yuan**. The net increase in cash and cash equivalents was **-40.73 million yuan** Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 318,540,276.41 | -500,092,466.69 | | Net Cash Flow from Investing Activities | -562,760,537.61 | -633,712,649.44 | | Net Cash Flow from Financing Activities | 189,510,805.55 | 476,922,814.42 | | Net Increase in Cash and Cash Equivalents | -40,734,170.30 | -637,582,059.89 | - Net cash flow from operating activities significantly turned positive, primarily due to increased cash received from sales[43](index=43&type=chunk)[142](index=142&type=chunk) [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) Lier Chemical Co., Ltd., established on August 1, 2007, is controlled by Jiuyuan Group and ultimately by China Academy of Engineering Physics, with a registered capital of **800,437,228.00 yuan**, specializing in R&D, production, and sales of high-efficiency, low-toxicity, low-residue chemical pesticides - The company was established on August 1, 2007, with Jiuyuan Group as the controlling shareholder and China Academy of Engineering Physics as the actual controller[158](index=158&type=chunk) - As of June 30, 2025, the company's registered capital and paid-in capital were both **800,437,228.00 yuan**[163](index=163&type=chunk) - The company's principal business is chemical pesticide manufacturing, primarily engaging in the R&D, production, and sales of high-efficiency, low-toxicity, low-residue pesticide technicals such as chloropyridine and organophosphorus series[163](index=163&type=chunk) [Basis of Financial Statement Preparation](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 company's financial statements are prepared on a going concern basis, in accordance with CAS and CSRC disclosure requirements, with no significant doubts about the going concern assumption - The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and CSRC information disclosure regulations[164](index=164&type=chunk) - The company has no matters or circumstances that would cause significant doubt about the going concern assumption for the 12 months from the end of the reporting period[165](index=165&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates for financial statement preparation, covering areas like accounting standards, period, operating cycle, functional currency, materiality, business combinations, financial instruments, fair value, receivables, inventories, fixed assets, and revenue recognition - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[168](index=168&type=chunk) - The company uses a 12-month period as its operating cycle and as the basis for classifying assets and liabilities as current or non-current[170](index=170&type=chunk) - In applying accounting policies, the company makes judgments, estimates, and assumptions about the book values of financial statement items that cannot be measured accurately, based on management's past historical experience and considering other relevant factors[304](index=304&type=chunk) [Taxation](index=93&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax types and rates, including VAT, urban maintenance and construction tax, corporate income tax, and education surcharges. The company and several subsidiaries benefit from tax incentives like Western Development, small-profit enterprises, and high-tech enterprise status Major Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Value-added amount from sales of goods, export sales follow tax exemption, offset, and refund management methods | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5% | | Corporate Income Tax | Taxable income | See table below | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | The Company | 15% | | Jiangsu KuaiDa | 15% | | ... (partial list) | | | Guang'an Lier | 25% | | Saike Chemical | 15% | | Hubei Lituo | 25% | - Guang'an Lvyuan and Guang'an Lihua enjoy Western Development tax incentives, with corporate income tax calculated at **15%**[313](index=313&type=chunk) - Yinhai Caiyin, Nantong Tianlong, Sichuan Lvdiyuan, Sichuan Anyin, and Bide Engineering meet the criteria for small-profit enterprises, with corporate income tax calculated at **20%**[314](index=314&type=chunk) - The Company, Lier Crop, Lier Bio, Jiangsu KuaiDa, Bide Biochemical, and Saike Chemical are high-tech enterprises, with corporate income tax calculated at **15%** for 2025[315](index=315&type=chunk)[317](index=317&type=chunk) [Notes to Consolidated Financial Statement Items](index=95&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 major consolidated financial statement items, including cash, accounts receivable, inventory, fixed assets, construction in progress, intangible assets, short-term and long-term borrowings, employee compensation, operating revenue, and costs, disclosing period-end balances, beginning balances, and changes - Cash and bank balances at period-end were **1.41 billion yuan**, including **29.91 million yuan** held overseas[319](index=319&type=chunk) - Accounts receivable book balance at period-end was **2.38 billion yuan**, with a bad debt provision of **22.90 million yuan**[323](index=323&type=chunk)[326](index=326&type=chunk) - Inventory book value at period-end was **1.76 billion yuan**, with an inventory impairment provision of **24.52 million yuan**[364](index=364&type=chunk)[365](index=365&type=chunk) - Fixed assets book value at period-end was **7.28 billion yuan**, with accumulated depreciation of **4.02 billion yuan**[375](index=375&type=chunk) - Construction in progress book value at period-end was **1.22 billion yuan**, primarily for Hubei Lituo, Guang'an Lier, and Bide Biochemical construction projects[387](index=387&type=chunk) - Intangible assets book value at period-end was **993 million yuan**, mainly for land use rights[399](index=399&type=chunk) - Short-term borrowings at period-end were **270 million yuan**, and long-term borrowings were **2.41 billion yuan**[425](index=425&type=chunk)[459](index=459&type=chunk) - Operating revenue for the current period was **4.51 billion yuan**, and operating costs were **3.67 billion yuan**[482](index=482&type=chunk) [Research and Development Expenses](index=132&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 **142.52 million yuan**, a **6.12%** decrease year-on-year, comprising **114.57 million yuan** in expensed R&D and **27.95 million yuan** in capitalized R&D, primarily for pesticide registration projects R&D Expenditure | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total R&D Investment | 142,516,786.98 | 151,803,797.53 | | Expensed R&D Expenditure | 114,569,827.39 | 130,342,339.09 | | Capitalized R&D Expenditure | 27,946,959.59 | 21,461,458.44 | - Capitalized R&D expenditures are primarily for pesticide registration projects, with a period-end balance of **137.41 million yuan**[541](index=541&type=chunk) Part IX [Changes in Consolidation Scope](index=133&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) This section confirms that the company's consolidation scope remained consistent with the prior year, with no disposals of subsidiaries during the reporting period [Disposal of Subsidiaries](index=133&type=section&id=1%E3%80%81%E5%A4%84%E7%BD%AE%E5%AD%90%E5%85%AC%E5%8F%B8) During the reporting period, the company did not lose control over any subsidiaries through transactions or step-by-step disposals - The company had no transactions or events resulting in the loss of control over subsidiaries during the reporting period[543](index=543&type=chunk) [Other](index=133&type=section&id=2%E3%80%81%E5%85%B6%E4%BB%96) The scope of consolidation for this reporting period is consistent with that of the 2024 annual report - The scope of consolidation for this reporting period is consistent with that of the 2024 annual report[543](index=543&type=chunk) Part X [Interests in Other Entities](index=133&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) This section details the company's interests in its subsidiaries, including their business nature, ownership structure, and key financial information for significant non-wholly owned entities [Interests in Subsidiaries](index=133&type=section&id=1%E3%80%81%E5%9C%A8%E5%AD%90%E5%85%AC%E5%8F%B8%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company controls multiple subsidiaries involved in pesticide production, R&D, sales, trade, engineering, and environmental services, including Jiangsu KuaiDa, Bide Biochemical, Lier Crop, Guang'an Lier, Lier Bio, Saike Chemical, Hubei Lituo, Qimingxing Huachuang, and Guang'an Lihua, through direct/indirect equity or concerted action agreements Composition of the Enterprise Group (Partial) | Subsidiary Name | Business Nature | Shareholding Percentage (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | | Jiangsu KuaiDa | Pesticide Production, R&D, and Sales | 51.00% | Business Combination Not Under Common Control | | Bide Biochemical | Pesticide Production, R&D, and Sales | 45.00% | Business Combination Not Under Common Control | | Lier Crop | Pesticide Production, R&D, and Sales | 85.24% | Investment Establishment | | Guang'an Lier | Pesticide Production, R&D, and Sales | 100.00% | Investment Establishment | | Saike Chemical | Chemical Product Production and Sales | 51.00% | Business Combination Not Under Common Control | | Hubei Lituo | Chemical Product Production and Sales | 95.48% | Investment Establishment | | Qimingxing Huachuang | Chemical Product Production and Sales | 68.00% | Business Combination Not Under Common Control | | Guang'an Lihua | Pesticide Intermediate Production, R&D, and Sales | 80.00% | Investment Establishment | - The company controls Bide Biochemical through a concerted action agreement with Peng Xiaosi, holding **58.16%** of the voting rights[546](index=546&type=chunk) [Significant Non-Wholly Owned Subsidiaries](index=134&type=section&id=2%E3%80%81%E9%87%8D%E8%A6%81%E7%9A%84%E9%9D%9E%E5%85%A8%E8%B5%84%E5%AD%90%E5%85%AC%E5%8F%B8) Jiangsu KuaiDa and Saike Chemical are significant non-wholly owned subsidiaries. Jiangsu KuaiDa's minority interest is **49.00%**, with **26.80 million yuan** attributable to minority shareholders. Saike Chemical's minority interest is **49.00%**, with **21.15 million yuan** attributable to minority shareholders Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Net Profit Attributable to Minority Shareholders for the Period (yuan) | Dividends Declared to Minority Shareholders for the Period (yuan) | Minority Interest Balance at Period-End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu KuaiDa | 49.00% | 26,804,376.26 | 15,015,015.24 | 518,546,923.13 | | Saike Chemical | 49.00% | 21,152,492.77 | 3,526,221.30 | 173,120,502.63 | [Key Financial Information of Significant Non-Wholly Owned Subsidiaries](index=135&type=section&id=3%E3%80%81%E9%87%8D%E8%A6%81%E9%9D%9E%E5%85%A8%E8%B5%84%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E4%BF%A1%E6%81%AF) This section discloses the period-end and beginning asset and liability data, as well as current and prior period operating revenue, net profit, comprehensive income, and operating cash flow for Jiangsu KuaiDa and Saike Chemical, both achieving good performance Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Period-End) | Subsidiary Name | Current Assets (yuan) | Non-Current Assets (yuan) | Total Assets (yuan) | Current Liabilities (yuan) | Non-Current Liabilities (yuan) | Total Liabilities (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu KuaiDa | 1,042,076,538.58 | 330,768,905.83 | 1,372,845,444.41 | 315,948,896.57 | 1,325,852.01 | 317,274,748.58 | | Saike Chemical | 201,553,237.02 | 410,070,984.02 | 611,624,221.04 | 236,081,341.61 | 25,768,851.67 | 261,850,193.28 | Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Current Period) | Subsidiary Name | Operating Revenue (yuan) | Net Profit (yuan) | Total Comprehensive Income (yuan) | Net Cash Flow from Operating Activities (yuan) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu KuaiDa | 512,912,679.89 | 54,741,813.23 | 54,741

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