安徽拓山重工股份有限公司 2025 年半年度报告全文 安徽拓山重工股份有限公司 2025 年半年度报告 二〇二五年八月二十七日 1 安徽拓山重工股份有限公司 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。 公司负责人徐杨顺、主管会计工作负责人王兴波及会计机构负责人(会计 主管人员)张勇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本半年度报告第三节管理层讨论与分析中，描述了影响公司未来发 展战略和经营目标的风险因素及对策，敬请查阅。《证券时报》和巨潮资讯 网（www.cninfo.com.cn）为公司信息披露指定媒体，公司所有信息均以在上 述指定媒体刊登的信息为准，敬请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 6 | | --- | --- | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司 ...

中光学集团股份有限公司 2025 年半年度报告全文 中光学集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 中光学集团股份有限公司 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。 公司负责人陈海波、主管会计工作负责人杨凯及会计机构负责人(会计主 管人员)刘静声明：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。 本半年度报告中所涉及的发展战略、经营计划等前瞻性陈述属于计划性 事项，该计划不构成公司对投资者的实质承诺，投资者及相关人士均应当对 此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异，敬请 投资者注意投资风险。 公司请投资者认真阅读本半年度报告全文，并特别注意本半年度报告第 三节"管理层讨论与分析"中"公司面临的风险和应对措施"部分的阐述。 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 | 目录 | | --- | | 第一节 重要提示、目录和释义 2 ...

东北制药集团股份有限公司 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。 东北制药集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 东北制药集团股份有限公司 2025 年半年度报告全文 公司负责人周凯、主管会计工作负责人周雅娜及会计机构负责人(会计主 管人员)夏田声明：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。 本报告所涉及未来计划等前瞻性陈述，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，并应当理解计划、预测 与承诺之间的差异，敬请投资者注意投资风险。 公司未来经营发展受各种风险因素影响，公司已在本报告第三节"管理 层讨论与分析"之"十、公司面临的风险和应对措施"部分就此进行说明， 敬请广大投资者注意。 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 | . | | | | --- | --- | --- | | | 1 | . 4 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notices, the report's table of contents, and definitions of key terms to ensure clarity and accuracy for readers [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, confirming the financial statements are true and accurate - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Major risk factors include macroeconomic risks, policy change risks, market competition and operational risks, and management risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, offering investors comprehensive navigation through key company information - The report contains nine main chapters, structured clearly for easy reference[8](index=8&type=chunk) [List of Documents for Reference](index=4&type=section&id=List%20of%20Documents%20for%20Reference) The list includes signed financial statements, original copies of all publicly disclosed company documents, and the original semi-annual report signed by the legal representative - Documents for reference include signed and stamped financial statements, original publicly disclosed documents, and the original report signed by the legal representative[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, such as company names, regulatory bodies, laws, reporting periods, and major subsidiaries, ensuring accurate understanding - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - The controlling shareholder/restructuring investor is Xinzengding (Hainan) Investment Development Co., Ltd[14](index=14&type=chunk) - The "Restructuring Plan" was fully implemented and the company's restructuring process concluded in November 2021[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company, its contact information, and a detailed analysis of its key financial data and performance indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shenzhen Feima International Supply Chain Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code 002210, with Zhao Libin as its legal representative - The company's stock abbreviation is Feima International, stock code **002210**, listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Zhao Libin[16](index=16&type=chunk) [Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Du Jihui, Securities Affairs Representative is Liu Zhiyang, with detailed contact address, phone, fax, and email provided - The Board Secretary is Du Jihui, and the Securities Affairs Representative is Liu Zhiyang[17](index=17&type=chunk) - The contact address is 11th Floor, Huitong Building, No. 11 Wenxin 5th Road, Haizhu Community, Yuehai Street, Nanshan District, Shenzhen[17](index=17&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or other relevant details, as referenced in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue decreased by 6.46% year-on-year, net profit attributable to shareholders significantly dropped by 92.18%, and net cash flow from operating activities decreased by 63.06% Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 109,041,464.29 | 116,576,732.92 | -6.46% | | Net Profit Attributable to Shareholders of Listed Company | 2,611,479.70 | 33,374,244.98 | -92.18% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 1,465,816.43 | 1,708,772.02 | -14.22% | | Net Cash Flow from Operating Activities | 13,455,062.78 | 36,424,889.75 | -63.06% | | Basic Earnings Per Share (RMB/share) | 0.0010 | 0.0125 | -92.00% | | Diluted Earnings Per Share (RMB/share) | 0.0010 | 0.0125 | -92.00% | | Weighted Average Return on Net Assets | 0.55% | 11.14% | -10.59% | | **Period-End Indicators** | **Current Period End (RMB)** | **Prior Year End (RMB)** | **Period-End YoY Change** | | Total Assets | 1,345,171,497.59 | 1,376,080,096.30 | -2.25% | | Net Assets Attributable to Shareholders of Listed Company | 503,954,134.09 | 374,296,327.43 | 34.64% | [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) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 1,145,663.27 RMB, primarily from non-current asset disposal, government grants, and other non-operating items Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from disposal of non-current assets | 535,444.43 | | Government grants recognized in current profit/loss | 1,071,406.26 | | Other non-operating income and expenses apart from the above | -458,697.16 | | Other gains and losses meeting the definition of non-recurring | 23,351.24 | | Less: Income tax impact | 25,617.45 | | Minority interest impact (after tax) | 224.05 | | **Total** | **1,145,663.27** | - Other gains and losses meeting the definition of non-recurring primarily represent handling fee refunds obtained by the company for withholding and remitting individual income tax during the reporting period[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, core competencies, financial performance, and risk factors during the reporting period [Principal Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company continued its "Dual-Loop Strategy," focusing on environmental new energy and smart supply chain services, while temporarily suspending the Yuanping biomass power project - The company continues to implement its "Dual-Loop Strategy," centered on the green ecological loop and the smart industrial loop[33](index=33&type=chunk) - The environmental new energy sector is undergoing profound changes due to policy, technology, and market factors, with a slowdown in traditional areas[30](index=30&type=chunk) - The supply chain management industry shows a "steady progress with improved quality and efficiency" trend, with full-year social logistics aggregate growth expected around **5.5%**[32](index=32&type=chunk) - The company decided to temporarily suspend investment in the Yuanping Biomass Cogeneration Project, primarily due to macroeconomic changes and the operational difficulties of the project's steam sales customer[37](index=37&type=chunk) [Industry Development Status](index=9&type=section&id=(I)%20Industry%20Development%20Status) In H1 2025, the environmental new energy sector accelerated green transformation driven by policies, while the supply chain management industry maintained stable growth with a focus on digitalization - The 2025 government work tasks propose coordinated efforts to reduce carbon, pollution, expand green initiatives, accelerate comprehensive green transformation of economic and social development, and formulate an action plan for comprehensive solid waste management[28](index=28&type=chunk) - The environmental new energy industry is undergoing profound changes due to the interplay of policy, technology, and market factors, with a slowdown in traditional areas[30](index=30&type=chunk) - In H1 2025, China's logistics industry showed a "steady progress with improved quality and efficiency" development trend, with social logistics aggregate maintaining stable growth[32](index=32&type=chunk) - The Ministry of Commerce and 8 other departments issued the "Action Plan for Accelerating the Development of Smart Digital Supply Chains," requiring the use of new technologies like AI, IoT, and blockchain to enhance supply chain efficiency and resilience[31](index=31&type=chunk) [Principal Businesses Engaged During the Reporting Period](index=10&type=section&id=(II)%20Principal%20Businesses%20Engaged%20During%20the%20Reporting%20Period) The company continued its "Dual-Loop Strategy," focusing on environmental new energy and smart supply chain services, including BOT-mode solid waste disposal and comprehensive logistics - The company, with its "green ecological loop" and "smart digital industrial loop" as core, is committed to solid waste treatment technology innovation and smart supply chain services[33](index=33&type=chunk)[34](index=34&type=chunk) - Environmental new energy business primarily involves cooperation with local governments through BOT mode to dispose of domestic waste, sludge, etc., and generate revenue from waste-to-energy power generation and heating[35](index=35&type=chunk) - Smart supply chain services include comprehensive logistics services (international logistics, warehousing and distribution, import and export customs clearance) and trade execution services[36](index=36&type=chunk) - The Yuanping Biomass Cogeneration Project, under construction by the company's subsidiary Yuanping Fuqiao New Energy Co., Ltd., has been temporarily suspended due to macroeconomic changes and the operational difficulties of the project's steam sales customer[37](index=37&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include its circular economy model in environmental new energy, integrated smart supply chain platform, AEO certification, specialized teams, and strong brand reputation - The company's environmental new energy industry is dedicated to building urban and rural solid waste circular economy industrial parks, maximizing solid waste disposal benefits[38](index=38&type=chunk) - The company has built an integrated smart supply chain service platform encompassing business flow, logistics, capital flow, and information flow[39](index=39&type=chunk) - Wholly-owned subsidiary Shanghai Heguan holds the General Administration of Customs' "AEO Advanced Certified Enterprise" qualification, enjoying efficient and convenient customs clearance services[39](index=39&type=chunk)[40](index=40&type=chunk) - The company possesses professional teams in environmental new energy and supply chain management, with rich experience and market development capabilities[41](index=41&type=chunk) - The company's environmental new energy operating platform, Datong Fuqiao, has received multiple honors and established a good brand image in domestic and international markets[42](index=42&type=chunk) [Analysis of Principal Business](index=12&type=section&id=III.%20Analysis%20of%20Principal%20Business) Operating revenue decreased by 6.46% to 109.04 million RMB, but the comprehensive gross profit margin slightly increased to 31.58%, with environmental new energy remaining the primary revenue source - In the current reporting period, the company achieved operating revenue of **109.04 million RMB**, a **6.46% decrease** compared to the same period last year[43](index=43&type=chunk) - The comprehensive gross profit margin was **31.58%**, an increase of **0.38%** compared to the same period last year[43](index=43&type=chunk) - Net profit attributable to shareholders of the listed company was **2.61 million RMB**, a year-on-year decrease, mainly due to higher non-operating income in the prior year and changes in current income tax expenses and operating cash flow[43](index=43&type=chunk) Operating Revenue Composition (by Industry) | Industry Segment | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Logistics Supply Chain Services | 12,882,115.25 | 11.81% | 10,362,431.07 | 8.89% | 24.32% | | Environmental New Energy Industry | 96,159,349.04 | 88.19% | 106,214,301.85 | 91.11% | -9.47% | Key Financial Data YoY Changes | Indicator | Current Period | Prior Year Period | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 109,041,464.29 | 116,576,732.92 | -6.46% | Refer to "Overview" for related content | | Operating Cost | 74,609,677.75 | 80,199,118.00 | -6.97% | Refer to "Overview" for related content | | Administrative Expenses | 18,113,543.65 | 17,985,746.68 | 0.71% | Refer to "Overview" for related content | | Financial Expenses | 11,792,615.19 | 15,543,277.09 | -24.13% | Refer to "Overview" for related content | | Income Tax Expense | 2,519,300.10 | 6,578,712.55 | -61.71% | Refer to "Overview" for related content | | Net Cash Flow from Operating Activities | 13,455,062.78 | 36,424,889.75 | -63.06% | Primarily due to a decrease in cash received from sales of goods and provision of services compared to the same period last year | | Investment Income | 396,200.00 | 2.10 | 18,866,566.67% | Primarily due to the company receiving proceeds from the transfer of non-retained assets from previous restructuring during the reporting period | | Credit Impairment Losses | -2,932,072.78 | 222,074.04 | -1,420.31% | Primarily due to credit impairment losses on accounts receivable being greater than those recognized in the same period last year | | Non-operating Income | 549,430.71 | 31,229,997.19 | -98.24% | Primarily due to the company receiving non-operating income from non-operating items in the same period last year, while no such income was received in the current period | [Analysis of Non-Principal Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal businesses significantly impacted total profit, with investment income of 0.3962 million RMB from asset transfers, non-operating income of 0.5494 million RMB, and non-operating expenses of 1.0081 million RMB for donations Impact of Non-Principal Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 396,200.00 | 8.13% | Primarily due to the company receiving proceeds from the transfer of non-retained assets from previous restructuring during the reporting period | No | | Non-operating Income | 549,430.71 | 11.27% | Primarily other non-operating income received by the company during the reporting period | No | | Non-operating Expenses | 1,008,127.87 | 20.68% | Primarily donations made during the reporting period | No | | Credit Impairment Losses | -2,932,072.78 | -60.15% | Primarily credit impairment losses on accounts receivable and other receivables recognized by the company during the reporting period | No | | Gains from Asset Disposal | 139,244.43 | 2.86% | Primarily gains from the disposal of idle fixed assets by the company during the reporting period | No | [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 2.25% to 1.345 billion RMB, while net assets attributable to shareholders increased by 34.64% to 0.504 billion RMB, mainly due to a significant reduction in current liabilities Significant Changes in Asset Composition | Item | Current Period End Amount (RMB) | Proportion of Total Assets | Prior Year End Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,345,171,497.59 | 100% | 1,376,080,096.30 | 100% | -2.25% | | Net Assets Attributable to Shareholders of Listed Company | 503,954,134.09 | 37.46% | 374,296,327.43 | 27.20% | 34.64% | | Monetary Funds | 65,526,837.46 | 4.87% | 105,621,988.56 | 7.68% | -2.81% | | Accounts Receivable | 300,332,863.72 | 22.33% | 272,814,726.85 | 19.83% | 2.50% | | Construction in Progress | 36,338,828.74 | 2.70% | 33,176,397.22 | 2.41% | 0.29% | | Total Current Liabilities | 717,235,484.08 | 53.32% | 865,181,848.54 | 62.87% | -9.55% | | Non-current Liabilities Due Within One Year | 145,018,664.12 | 10.78% | 255,020,457.69 | 18.53% | -7.75% | - At the end of the reporting period, the company had no overseas assets and no assets or liabilities measured at fair value[53](index=53&type=chunk) [Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company did not undertake any significant equity investments, non-equity investments, securities investments, or derivative investments, nor did it utilize any raised funds - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) [Significant Asset and Equity Sales](index=15&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell any significant assets or equity - The company did not sell any significant assets or equity during the reporting period[58](index=58&type=chunk)[59](index=59&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries include Junma Environmental (environmental new energy) and Shanghai Heguan (supply chain services), with Junma Environmental reporting a net profit of 13.19 million RMB and Shanghai Heguan 1.05 million RMB - Junma Environmental is the company's environmental new energy business management platform, with its main operating entity being the wholly-owned subsidiary Datong Fuqiao[59](index=59&type=chunk) - Shanghai Heguan is the main operating entity for the company's supply chain services business, primarily providing integrated supply chain services for industries such as fast-moving consumer goods[60](index=60&type=chunk) Major Subsidiary Financial Data | Company Name | Company Type | Principal Business | Registered Capital (RMB 10,000) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Junma Environmental | Subsidiary | Environmental New Energy | 65,000 | 13,188,211.22 | | Shanghai Heguan | Subsidiary | Supply Chain Services | 5,000 | 1,047,136.40 | [Information on Structured Entities Controlled by the Company](index=16&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[61](index=61&type=chunk) [Risks Faced by the Company and Countermeasures](index=16&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces macroeconomic, policy, market competition, management, and goodwill impairment risks, addressed by monitoring, policy research, operational improvements, and modernizing management - Macroeconomic risks: Domestic and international macroeconomic downturns and geopolitical conflicts may cause volatility; the company will closely monitor and adjust its operating strategies[61](index=61&type=chunk) - Policy change risks: The environmental new energy industry is highly policy-dependent, and unfavorable policy changes could impact operations; the company will strengthen policy analysis and research[61](index=61&type=chunk)[62](index=62&type=chunk) - Market competition and operational risks: Industry competition is fierce; the company will leverage its experience to enhance operational management and business competitiveness[62](index=62&type=chunk) - Management risks: Business expansion demands higher management standards; the company will advance management system modernization, optimize decision-making processes, and strengthen talent development[63](index=63&type=chunk) - Goodwill impairment risks: The book value of Datong Fuqiao's goodwill accounts for a high proportion of total assets; if operations fall below expectations, impairment may occur; the company will strengthen operational management and conduct impairment tests as required[64](index=64&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 or disclose a valuation enhancement plan during the reporting period[65](index=65&type=chunk) [Implementation of "Dual Enhancement of Quality and Returns" Action Plan](index=17&type=section&id=XII.%20Implementation%20of%20%22Dual%20Enhancement%20of%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Enhancement of Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Enhancement of Quality and Returns" action plan during the reporting period[65](index=65&type=chunk) [Corporate Governance, Environment, and Society](index=18&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance, profit distribution plans, environmental information disclosure, and social responsibility initiatives during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, independent director Xu Ke resigned for personal reasons, and Huang Hao was elected as the new independent director - Independent director Xu Ke resigned on May 22, 2025, due to personal reasons[67](index=67&type=chunk) - Huang Hao was elected as an independent director on May 22, 2025[67](index=67&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=18&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%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[68](index=68&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[69](index=69&type=chunk) [Environmental Information Disclosure](index=18&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiary, Datong Fuqiao Waste-to-Energy Co., Ltd., are included in the list of enterprises required to disclose environmental information and have publicly released their reports - The company and its major subsidiary, Datong Fuqiao Waste-to-Energy Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[70](index=70&type=chunk) - Datong Fuqiao Waste-to-Energy Co., Ltd.'s environmental information disclosure report can be found on the website of the Shanxi Provincial Department of Ecology and Environment[70](index=70&type=chunk) [Social Responsibility](index=18&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its corporate social responsibility by integrating it into daily operations, operating with integrity, paying taxes, creating jobs, protecting employee rights, and engaging in environmental protection and public welfare - The company actively fulfills its corporate social responsibility, including operating with integrity, paying taxes according to law, creating employment, and protecting the rights and interests of investors and employees[71](index=71&type=chunk) - During the reporting period, the company actively carried out urban cultural promotion, poverty alleviation, and other work, with total donations amounting to approximately **900,000 RMB**[71](index=71&type=chunk) [Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) This section covers significant matters including commitments, related party transactions, litigation, and other important events that occurred during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=19&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were unfulfilled or overdue at the end of the reporting period - The company reported no commitments that were unfulfilled or overdue at the end of the reporting period[73](index=73&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=19&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders and other related parties during the reporting period[74](index=74&type=chunk) [Irregular External Guarantees](index=19&type=section&id=III.%20Irregular%20External%20Guarantees) The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[75](index=75&type=chunk) [Appointment and Dismissal of Accounting Firms](index=19&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[76](index=76&type=chunk) [Explanations by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=19&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company reported no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" from the accounting firm for the current period - The company reported no explanations regarding a "non-standard audit report" for the current period[77](index=77&type=chunk) [Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=19&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company reported no explanations from the Board of Directors regarding the "non-standard audit report" for the previous year - The company reported no explanations regarding the "non-standard audit report" for the previous year[77](index=77&type=chunk) [Bankruptcy and Reorganization Related Matters](index=19&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Related%20Matters) The company reported no bankruptcy and reorganization related matters during the reporting period - The company reported no bankruptcy and reorganization related matters during the reporting period[77](index=77&type=chunk) [Litigation Matters](index=19&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period, with other cases totaling 18.92 million RMB having no material impact - The company had no significant litigation or arbitration matters during the current reporting period[78](index=78&type=chunk) Other Litigation Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Status of Litigation (Arbitration) Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other cases not meeting the disclosure threshold for significant litigation | 1,891.69 | No | Partially judged/settled/mediated | No significant impact on the company | Partially under review, partially closed/settled/mediated | [Penalties and Rectification](index=20&type=section&id=IX.%20Penalties%20and%20Rectification) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[80](index=80&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=20&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company reported no integrity issues during the reporting period[81](index=81&type=chunk) [Significant Related Party Transactions](index=20&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions with Fantake Supply Chain Management (Shandong) Co., Ltd., including purchasing 16.65 million RMB in raw materials and providing 0.0234 million RMB in services, all within approved limits Related Party Transactions Related to Daily Operations | Related Party | Type of Related Transaction | Content of Related Transaction | Amount of Related Transaction (RMB 10,000) | Approved Transaction Limit (RMB 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Fantake Supply Chain Management (Shandong) Co., Ltd. and its related parties | Purchase of raw materials from related parties | Purchase of gold and other raw materials | 1,665.19 | 49,950 | No | | Fantake Supply Chain Management (Shandong) Co., Ltd. and its related parties | Provision of comprehensive services to related parties | Provision of comprehensive services | 2.34 | 50 | No | | **Total** | **--** | **--** | **1,667.53** | **50,000** | **--** | - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[83](index=83&type=chunk) - The company had no non-operating related party creditor-debtor transactions during the reporting period[85](index=85&type=chunk) - The company had no deposit, loan, credit, or other financial business with related financial companies[86](index=86&type=chunk)[87](index=87&type=chunk) [Significant Contracts and Their Performance](index=22&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, wealth management, or other major contracts, but provided significant guarantees for subsidiaries, totaling 254.65 million RMB, representing 50.53% of net assets - The company had no entrustment, contracting, wealth management, or other significant contracts during the reporting period[90](index=90&type=chunk)[91](index=91&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Type of Guarantee | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 29, 2021 | 20,000 | January 25, 2022 | 6,000 | Joint and several liability guarantee | No | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 29, 2022 | 25,000 | June 28, 2022 | 6,400 | Joint and several liability guarantee | No | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 29, 2022 | 25,000 | November 08, 2022 | 2,048.75 | Joint and several liability guarantee | No | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 29, 2023 | 25,000 | August 10, 2023 | 14,320.11 | Joint and several liability guarantee | No | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 29, 2023 | 25,000 | December 11, 2023 | 6,000 | Joint and several liability guarantee | No | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 27, 2024 | 30,000 | September 11, 2024 | 3,000 | Joint and several liability guarantee | No | | Shanghai Heguan | April 29, 2023 | 5,000 | April 01, 2024 | 650 | Joint and several liability guarantee | No | | Junma Environmental and its subsidiaries | April 25, 2025 | 40,000 | -- | -- | -- | No | | Shanghai Heguan and its subsidiaries | April 25, 2025 | 20,000 | -- | -- | -- | No | | **Total Actual Guarantee Balance for Subsidiaries at Period End** | **--** | **--** | **--** | **25,464.91** | **--** | **--** | | **Proportion of Total Actual Guarantee Amount to Company's Net Assets** | **--** | **--** | **--** | **50.53%** | **--** | **--** | [Explanation of Other Significant Matters](index=24&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company experienced several significant events, including a 200 million RMB loan from the controlling shareholder, fulfillment of a 437 million RMB performance compensation, potential change in indirect controlling shareholder, and personnel changes - The company renewed a **200 million RMB** loan (principal) from its controlling shareholder, Xinzengding Company, for a term of one year, with an interest rate not exceeding the bank's loan interest rate for the same period, and fully repaid the principal and interest of **217 million RMB** after the reporting period[98](index=98&type=chunk)[142](index=142&type=chunk) - Controlling shareholder Xinzengding Company paid **436,757,685.84 RMB** in performance compensation on July 25, 2025, fulfilling its compensation obligation[99](index=99&type=chunk)[142](index=142&type=chunk) - The company's indirect controlling shareholder, New Hope Investment Group Co., Ltd., is planning to transfer equity to a third party, which may lead to a change in the company's controlling shareholder and/or actual controller[99](index=99&type=chunk)[142](index=142&type=chunk) - Independent director Xu Ke resigned, and Huang Hao was elected as an independent director; Deputy General Manager and CFO Wang Zhaohui resigned, and Zhong Xiaolei was appointed as Deputy General Manager and CFO[100](index=100&type=chunk)[101](index=101&type=chunk)[142](index=142&type=chunk) - Controlling shareholder Xinzengding Company pledged part of its shares in the company to its shareholders or related parties and released **70 million shares** from pledge after the reporting period, accounting for **2.63%** of the total share capital[102](index=102&type=chunk)[143](index=143&type=chunk) [Significant Matters of Company Subsidiaries](index=25&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) Wholly-owned subsidiary Junma Environmental fully repaid its 362.49 million RMB loan to Mianyang City Commercial Bank, and Yuanping Fuqiao New Energy's biomass power project was temporarily suspended due to economic changes - The company's wholly-owned subsidiary Junma Environmental fully repaid its loan principal and related interest totaling **362,494,608.05 RMB** to Mianyang City Commercial Bank on July 30, 2025[103](index=103&type=chunk) - The Yuanping Biomass Cogeneration Project, under construction by subsidiary Yuanping Fuqiao New Energy Co., Ltd., has been temporarily suspended due to macroeconomic changes and the operational difficulties of the project's steam sales customer[104](index=104&type=chunk) [Share Changes and Shareholder Information](index=26&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, any changes in shares, securities issuance, and the holdings of major shareholders and management [Share Change Information](index=26&type=section&id=I.%20Share%20Change%20Information) During the reporting period, the company's total share capital remained unchanged at 2,661,232,774 shares, with no alterations in restricted or unrestricted share structures Share Change Information | Share Type | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (＋,－) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 4,976,100 | 0.19% | 0 | 4,976,100 | 0.19% | | II. Unrestricted Shares | 2,656,256,674 | 99.81% | 0 | 2,656,256,674 | 99.81% | | III. Total Shares | 2,661,232,774 | 100.00% | 0 | 2,661,232,774 | 100.00% | - During the reporting period, the company's total share capital remained unchanged, with no changes in restricted shares[108](index=108&type=chunk) [Securities Issuance and Listing](index=27&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[108](index=108&type=chunk) [Number of Shareholders and Shareholding Information](index=27&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) At the end of the reporting period, the company had 84,788 common shareholders, with Xinzengding (Hainan) Investment Development Co., Ltd. as the largest shareholder, holding 29.90% - At the end of the reporting period, the total number of common shareholders was **84,788**[109](index=109&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Xinzengding (Hainan) Investment Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 29.90% | 795,672,857 | 795,672,857 | | Everbright Xinglong Trust Co., Ltd. - Everbright Trust - Lishang No. 2 Collective Fund Trust Plan | Other | 1.74% | 46,380,000 | 46,380,000 | | Shenzhen Qianhai Hongyi Asset Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.60% | 42,650,902 | 42,650,902 | | Zhengzhou Bank Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.22% | 32,419,744 | 32,419,744 | | Industrial Bank Co., Ltd. Shenzhen Branch | Domestic Non-State-Owned Legal Person | 1.03% | 27,456,816 | 27,456,816 | | Huaxia Bank Co., Ltd. Shenzhen Branch | Domestic Non-State-Owned Legal Person | 1.00% | 26,642,624 | 26,642,624 | | Industrial International Trust Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.71% | 18,874,848 | 18,874,848 | | Shenzhen Guarantee Group Co., Ltd. | State-Owned Legal Person | 0.60% | 16,081,667 | 16,081,667 | | Shenzhen Huaqiang Logistics Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.58% | 15,332,994 | 15,332,994 | | Shanghai Liangnuo Commercial Factoring Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.48% | 12,904,856 | 12,904,856 | - Controlling shareholder Xinzengding (Hainan) Investment Development Co., Ltd. has no associated relationship or concerted action relationship with the aforementioned other shareholders[110](index=110&type=chunk)[111](index=111&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=29&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[112](index=112&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=29&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder and actual controller remained unchanged during the reporting period[113](index=113&type=chunk) [Preferred Share Information](index=30&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[114](index=114&type=chunk) [Bond-Related Information](index=31&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides details on any bond-related matters concerning the company during the reporting period [Bond-Related Information](index=31&type=section&id=Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[116](index=116&type=chunk) [Financial Report](index=32&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes on accounting policies and tax items [Audit Report](index=32&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[118](index=118&type=chunk) [Financial Statements](index=32&type=section&id=II.%20Financial%20Statements) 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 - This section includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[119](index=119&type=chunk)[123](index=123&type=chunk)[127](index=127&type=chunk)[131](index=131&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk)[139](index=139&type=chunk)[149](index=149&type=chunk) [Company Basic Information](index=50&type=section&id=III.%20Company%20Basic%20Information) Shenzhen Feima International Supply Chain Co., Ltd. was established on December 18, 2006, listed on the Shenzhen Stock Exchange in 2008, completed restructuring in 2020, and primarily operates in supply chain management and environmental new energy - The company was established as a joint-stock company through overall conversion on December 18, 2006, and listed on the Shenzhen Stock Exchange on January 30, 2008[157](index=157&type=chunk) - The company completed bankruptcy reorganization in 2020, increasing its total share capital from **1.653 billion shares** to **2.661 billion shares**[158](index=158&type=chunk) - The company's main operating activities are supply chain management services and environmental new energy business[159](index=159&type=chunk) - This financial report was approved for issuance by the company's Seventh Board of Directors at its Eighth Meeting on August 25, 2025[160](index=160&type=chunk) [Basis of Financial Statement Preparation](index=50&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards and relevant regulations, and comply with CSRC disclosure requirements - The company's financial statements are prepared on a going concern basis, in accordance with Chinese Enterprise Accounting Standards and relevant regulations[161](index=161&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period, with no significant matters affecting its going concern ability[162](index=162&type=chunk) [Significant Accounting Policies and Estimates](index=51&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for items like bad debt provisions, fixed asset depreciation, intangible asset amortization, and revenue recognition, ensuring compliance with new accounting standards - The company has formulated specific accounting policies and estimates in strict accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations, combined with its actual production and operation characteristics[163](index=163&type=chunk) - The company uses **12 months** as an operating cycle and as the standard for classifying assets and liabilities as current or non-current[166](index=166&type=chunk) - The company's financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[213](index=213&type=chunk)[214](index=214&type=chunk) - The company uses the transfer of control as the criterion for revenue recognition, with main revenues including comprehensive logistics services, trade execution, waste disposal and power generation, and PPP project construction services[313](index=313&type=chunk)[317](index=317&type=chunk) [Taxation](index=79&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and education surcharges, with subsidiaries enjoying various tax incentives for environmental projects and small and micro enterprises Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services revenue as stipulated by tax law, after deducting input VAT allowed for the current period, the difference is VAT payable | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 7%, 5%, 1% | | Corporate Income Tax | Calculated based on taxable income | 25% | | Education Surcharge | Calculated based on actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Calculated based on actual VAT and consumption tax paid | 2% | - Datong Fuqiao's Phase II waste-to-energy power generation project enjoys a "three-year exemption, three-year half reduction" corporate income tax preferential policy, with income tax reduced by half from 2024 to 2026[359](index=359&type=chunk) - Some subsidiaries enjoy preferential corporate income tax policies for small and micro enterprises, where the portion of annual taxable income not exceeding **3 million RMB** is subject to a **25%** reduction in taxable income and a **20%** tax rate[360](index=360&type=chunk) - Datong Fuqiao enjoys a VAT immediate refund policy for comprehensive resource utilization[361](index=361&type=chunk) [Notes to Consolidated Financial Statement Items](index=80&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including monetary funds, accounts receivable, fixed assets, intangible assets, goodwill, and revenue, along with restricted assets Composition of Monetary Funds | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 253,610.35 | 163,574.65 | | Bank Deposits | 41,174,995.02 | 18,907,957.03 | | Other Monetary Funds | 24,098,232.09 | 86,550,456.88 | | Total | 65,526,837.46 | 105,621,988.56 | | Of which: Total funds deposited overseas | 2,297,160.15 | 2,314,825.23 | - At the end of the reporting period, the book value of accounts receivable was **300,332,863.72 RMB**, with accounts receivable for which bad debt provisions were accrued by portfolio accounting for **97.61%**[368](index=368&type=chunk) - At the end of the reporting period, total assets with restricted ownership or use rights amounted to **794,531,454.45 RMB**, with a book value of **472,815,328.21 RMB**, primarily for mortgage guarantees of intangible assets and accounts receivable[468](index=468&type=chunk) - During the reporting period, the company's operating revenue was **109,041,464.29 RMB**, operating cost was **74,609,677.75 RMB**, and main business revenue accounted for **95.94%** of total revenue[517](index=517&type=chunk) [Changes in Consolidation Scope](index=123&type=section&id=VIII.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company experienced no changes in its consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - The company experienced no changes in its consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries during the reporting period[563](index=563&type=chunk)[568](index=568&type=chunk)[571](index=571&type=chunk) [Interests in Other Entities](index=127&type=section&id=IX.%20Interests%20in%20Other%20Entities) The company holds full or controlling interests in several subsidiaries primarily engaged in logistics and environmental industries, with no changes in ownership equity or significant joint ventures/associates during the period Composition of Enterprise Group (Partial) | Subsidiary Name | Registered Place | Business Nature | Shareholding Proportion (Direct) | Shareholding Proportion (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Heguan | Shanghai | Logistics Industry | 100.00% | | Establishment | | Junma Environmental | Shenzhen | Environmental Industry | 100.00% | | Business Combination under Common Control | | Datong Fuqiao | Datong | Environmental Industry | | 100.00% | Business Combination not under Common Control | | Beijing Feima Xiwang | Beijing | Supply Chain Management Services | 70.00% | | Establishment | | Hainan Feima | Hainan | Supply Chain Management Services | 90.00% | 10.00% | Establishment | - During the reporting period, the company had no transactions involving changes in ownership equity in subsidiaries while still retaining control[578](index=578&type=chunk) - During the reporting period, the company had no significant joint ventures or associates[580](index=580&type=chunk) [Government Grants](index=132&type=section&id=X.%20Government%20Grants) At period-end, the company recognized 0.83 million RMB in government grants receivable, with deferred income from grants totaling 14.91 million RMB, and 4.47 million RMB in grants recognized in profit or loss - At the end of the reporting period, government grants recognized at receivable amounts totaled **834,866.64 RMB**[587](index=587&type=chunk) Liability Items Involving Government Grants | Accounting Account | Period-Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Recognized in Non-operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-End Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 15,980,896.39 | | | 1,071,406.26 | 14,909,490.13 | Asset-related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | | VAT Refund Subsidy | 3,394,527.34 | 6,409,945.51 | | Central and Western Regions Shortcomings Remediation Funds - Phase II Project | 759,285.00 | 759,285.00 | | Sludge Project Renovation | 100,000.02 | 100,000.02 | | 2023 Provincial Award and Subsidy for Urban Domestic Waste Classification | 212,121.24 | 212,121.24 | | Job Stabilization Subsidies, Retention Subsidies | | 50,442.00 | | **Total** | **4,465,933.60** | **7,531,793.77** | [Risks Related to Financial Instruments](index=133&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (interest rate and foreign exchange), managed through credit assessment, liquidity monitoring, and matching foreign currency flows, with no hedging activities - The company faces major financial risks including credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk)[591](index=591&type=chunk)[594](index=594&type=chunk) - The company manages credit risk by assessing debtors' creditworthiness, setting credit limits, and regularly monitoring credit records[592](index=592&type=chunk) - The company manages liquidity risk by regularly analyzing debt structure and maturity, and maintaining credit lines[593](index=593&type=chunk) - The company closely monitors the impact of interest rate changes on interest-bearing debts like bank borrowings and endeavors to match foreign currency income and expenditure to reduce exchange rate risk[595](index=595&type=chunk)[597](index=597&type=chunk) - The company did not engage in hedging activities during the reporting period[598](index=598&type=chunk) [Disclosure of Fair Value](index=135&type=section&id=XII.%20Disclosure%20of%20Fair%20Value) At the end of the reporting period, the company had no assets or liabilities measured at fair value on a recurring or non-recurring basis, and no related disclosure of valuation methods - At the end of the reporting period, the company had no assets or liabilities measured at fair value on a recurring or non-recurring basis[601](index=601&type=chunk) [Related Parties and Related Party Transactions](index=136&type=section&id=XIII.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's controlling shareholder is Xinzengding (Hainan) Investment Development Co., Ltd., with Liu Yonghao as the ultimate controller. The company engaged in routine related party transactions, including purchasing 16.65 million RMB in raw materials and providing 0.0234 million RMB in services to Fantake Supply Chain Management (Shandong) Co., Ltd - The company's controlling shareholder is Xinzengding (Hainan) Investment Development Co., Ltd., and the ultimate controlling party is Liu Yonghao[602](index=602&type=chunk) Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Content of Related Transaction | Amount in Current Period (RMB) | | :--- | :--- | :--- | | Fantake Supply Chain Management (Shandong) Co., Ltd. and its related parties | Purchase of gold and other raw materials | 16,651,910.62 | | Fantake Supply Chain Management (Shandong) Co., Ltd. and its related parties | Provision of comprehensive services | 23,428.80 | - The company renewed a **200 million RMB** loan (principal) from its controlling shareholder, Xinzengding Company, with an interest rate not exceeding the bank's loan interest rate for the same period[621](index=621&type=chunk) - The company conducts deposit and loan business with Sichuan XW Bank Co., Ltd. (a related party of the actual controller); at the end of the reporting period, the deposit balance was **14.9396 million RMB**, with no loan business[622](index=622&type=chunk) Related Party Payables | Item Name | Related Party | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | :--- | | Prepaid Accounts | Fantake Supply Chain Management (Shandong) Co., Ltd. and its related parties | 230,635.07 | 35,183.61 | | Other Payables | Xinzengding (Hainan) Investment Development Co., Ltd. | 216,797,260.30 | 214,222,739.76 | [Share-based Payment](index=141&type=section&id=XIV.%20Share-based%20Payment) The company reported no share-based payment activities, including equity-settled or cash-settled plans, related expenses, or modifications, during the reporting period - The company reported no share-based payment related matters during the reporting period[627](index=627&type=chunk) [Commitments and Contingencies](index=141&type=section&id=XV.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had signed equipment procurement contracts totaling 205.12 million RMB, with 107.80 million RMB unpaid, and a 6.15 million RMB provision for a subsidiary's guarantee liability - As of June 30, 2025, the company had signed large equipment procurement contracts totaling approximately **205.1183 million RMB**, with **107.8040 million RMB** yet to be paid[628](index=628&type=chunk) - The company has an estimated liability of **6.1463 million RMB**, representing the estimated guarantee responsibility for a subsidiary's guarantee of a financial leasing institution's debt[629](index=629&type=chunk) - The company has no other significant contingent matters requiring disclosure[630](index=630&type=chunk) [Events After the Balance Sheet Date](index=141&type=section&id=XVI.%20Events%20After%20the%20Balance%20Sheet%20Date) After the balance sheet date, the company repaid a 217 million RMB loan, the controlling shareholder fulfilled a 437 million RMB performance compensation, and there were potential changes in the indirect controlling shareholder and management - The company fully repaid the principal and related interest of **217 million RMB** to its controlling shareholder, Xinzengding Company, on July 31, 2025[634](index=634&type=chunk) - Controlling shareholder Xinzengding Company paid **436,757,685.84 RMB** in performance compensation on July 25, 2025, fulfilling its compensation obligation[635](index=635&type=chunk) - The company's indirect controlling shareholder, New Hope Investment Group Co., Ltd., is planning to transfer equity to a third party, which may lead to a change in the company's controlling shareholder and/or actual controller[636](index=636&type=chunk) - The company's Deputy General Manager and CFO Wang Zhaohui resigned, and Zhong Xiaolei was appointed as Deputy General Manager and CFO[637](index=637&type=chunk) - Controlling shareholder Xinzengding Company pledged shares and released **70 million shares** from pledge on August 23, 2025, accounting for **2.63%** of the company's total share capital[639](index=639&type=chunk) [Other Significant Matters](index=143&type=section&id=XVII.%20Other%20Significant%20Matters) The company reported no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations, and disclosed financial information for its supply chain and new energy segments - The company reported no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations during the reporting period[640](index=640&type=chunk)[643](index=643&type=chunk) - The company has identified two reportable segments, Supply Chain Segment and New Energy Segment, and regularly evaluates their operating results[645](index=645&type=chunk) Financial Information of Reportable Segments | Item | Supply Chain Segment (RMB) | New Energy Segment (RMB) | Inter-segment Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | External Transaction Revenue | 12,882,115.25 | 96,159,349.04 | | 109,041,464.29 | | Total Profit (Total Loss) | -10,112,118.84 | 14,986,778.69 | | 4,874,659.85 | | Net Profit (Net Loss) | -10,693,453.99 | 13,048,813.74 | | 2,355,359.75 | | Total Assets | 941,263,357.58 | 1,268,985,081.75 | -865,215,383.49 | 1,345,171,497.59 | | Total Liabilities | 338,908,448.50 | 912,020,488.16 | -409,718,626.49 | 841,210,310.17 | [Notes to Parent Company Financial Statement Major Items](index=145&type=section&id=XVIII.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section details parent company financial statement items, including accounts receivable (1.29 million RMB), other receivables (364.18 million RMB), long-term equity investments (812.07 million RMB), operating revenue (0.15 million RMB), and investment income (0.3962 million RMB) - The parent company's accounts receivable book balance at period-end was **1,286,762.80 RMB**, with a bad debt provision of **12,867.63 RMB**[652](index=652&type=chunk) - The parent company's other receivables book balance at period-end was **551,251,537.06 RMB**, with a bad debt provision of **187,069,182.41 RMB**, and a book value of **364,182,354.65 RMB**[684](index=684&type=chunk) - The parent company's long-term equity investments book value at period-end was **812,067,115.61 RMB**, primarily investments in subsidiaries[695](index=695&type=chunk) - The parent company's operating revenue for the current period was **152,336.63 RMB**, and operating cost was **515,601.04 RMB**[701](index=701&type=chunk) - The parent company's investment income for the current period was **396,200.00 RMB**, primarily from the disposal of long-term equity investments[706](index=706&type=chunk) [Supplementary Information](index=156&type=section&id=XIX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses totaling 1,145,663.27 RMB, and key metrics like weighted average return on net assets and basic earnings per share Current Period Non-recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from disposal of non-current assets | 535,444.43 | | Government grants recognized in current profit/loss | 1,071,406.26 | | Other non-operating income and expenses apart from the above | -458,697.16 | | Other gains and losses meeting the definition of non-recurring | 23,351.24 | | Less: Income tax impact | 25,617.45 | | Minority interest impact (after tax) | 224.05 | | **Total** | **1,145,663.27** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | Diluted Ea

[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 comprehensive table of contents, and definitions of key terms to ensure accurate understanding of the report [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content - The company's stock trading has been subject to delisting risk warnings (*ST) and other risk warnings[5](index=5&type=chunk) - The company's net assets were negative at the end of 2024, annual operating revenue in 2024 was less than **300 million yuan** with negative net profit, and net profit after deducting non-recurring gains and losses was negative for three consecutive fiscal years, with uncertainty regarding its going concern ability indicated in the latest audit report[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the current period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report's clear table of contents lists nine main chapters, offering investors comprehensive navigation through company information, management discussion, governance, and financial reports - The report comprises nine main chapters with a clear structure[8](index=8&type=chunk) [Directory of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include the original semi-annual report signed by the legal representative, original financial statements, and all publicly disclosed company documents and announcements from the reporting period - Reference documents include the original semi-annual report signed by the legal representative, original financial statements, and publicly disclosed documents[10](index=10&type=chunk) - Reference documents are available at the company's Board Secretary Office[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company and subsidiary names, business types, and financial and legal time periods, ensuring accurate understanding of the content - Definitions cover company names, subsidiaries, business types (e.g., group meals, TOPCon, N-type), and financial time periods[11](index=11&type=chunk) [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 details the company's basic information, contact details, and presents key accounting data and financial indicators for the reporting period [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) The company's stock abbreviation is "*ST Yunwang" with stock code 002306, listed on the Shenzhen Stock Exchange, and its legal representative is Chen Ji Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | *ST Yunwang | | Stock Code | 002306 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 中科云网科技集团股份有限公司 | | Legal Representative | Chen Ji | [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 detailed contact information for the company's Board Secretary, Qin Jian, and Securities Affairs Representative, Cheng Yang, including addresses, phone numbers, faxes, and email addresses for investor communication Contact Person and Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Qin Jian | Room 1006, Block C, Dongxu International Center, Building 2, Courtyard 2, Sihezhuang Road, Fengtai District, Beijing | 010-53689398 | 010-53689398 | qinjian049@163.com | | Securities Affairs Representative | Cheng Yang | Room 1006, Block C, Dongxu International Center, Building 2, Courtyard 2, Sihezhuang Road, Fengtai District, Beijing | 010-53689398 | 010-53689398 | zkywbgs@sina.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 registered address has changed to Room 209, 2nd Floor, Building 4, Courtyard 39, Linfeng Second Road, Haidian District, Beijing, while its office address, website, and email remain unchanged, with Juchao Information Network as the designated information disclosure website - The company's registered address has changed to Room 209, 2nd Floor, Building 4, Courtyard 39, Linfeng Second Road, Haidian District, Beijing[16](index=16&type=chunk) - The company's office address is Room 1006, Block C, Dongxu International Center, Building 2, Courtyard 2, Sihezhuang Road, Fengtai District, Beijing[16](index=16&type=chunk) - The company's website is http://www.cltg.com.cn, and its email is zkywbgs@sina.com[16](index=16&type=chunk) - The designated website for temporary announcements is Juchao Information Network (http://www.cninfo.com.cn)[16](index=16&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) During the reporting period, the company's operating revenue significantly increased by **155.37%** to **170.93 million yuan**, and the net loss attributable to shareholders narrowed by **53.82%** to **-13.06 million yuan**; however, net cash flow from operating activities decreased by **94.96%**, and both total assets and net assets attributable to shareholders declined, with net assets remaining negative Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 170,925,965.42 | 66,932,520.22 | 155.37% | | Net Profit Attributable to Listed Company Shareholders | -13,055,987.46 | -28,274,796.11 | 53.82% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -14,664,492.11 | -28,198,509.40 | 48.00% | | Net Cash Flow from Operating Activities | -38,226,142.65 | -19,606,966.02 | -94.96% | | Basic Earnings Per Share (yuan/share) | -0.0159 | -0.0345 | 53.91% | | Diluted Earnings Per Share (yuan/share) | -0.0150 | -0.0325 | 53.85% | | Weighted Average Return on Net Assets | -53.30% | -434.12% | 380.83% | | Indicator | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 758,107,064.02 | 844,198,932.23 | -10.20% | | Net Assets Attributable to Listed Company Shareholders | -31,024,864.87 | -17,968,877.41 | -72.66% | [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) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and those under Chinese accounting standards during the reporting period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [Non-Recurring Gains and Losses 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) During the reporting period, the company's total non-recurring gains and losses amounted to **1.61 million yuan**, primarily from non-operating income and gains from the disposal of financial assets, with non-operating income and expenses contributing significantly Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -7,464.60 | Disposal of fixed assets | | Government grants included in current profit and loss | 7,939.92 | Withholding tax handling fees | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 8,159.64 | Bank wealth management product income | | Other non-operating income and expenses apart from the above | 1,548,122.97 | | | Less: Income tax impact | -34,823.04 | | | Impact on minority interests (after tax) | -16,923.68 | | | Total | 1,608,504.65 | | [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 provides an in-depth analysis of the company's main businesses, core competencies, financial performance, asset and liability status, investment activities, and significant risks [Company's Main 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) During the reporting period, the company's main businesses were new energy photovoltaic and catering group meals, achieving operating revenue of **170.93 million yuan**, a **155.37%** year-on-year increase, with net profit attributable to the parent company's shareholders reducing its loss by **53.82%** - The company's main businesses are new energy photovoltaic and catering group meals[26](index=26&type=chunk) Report Period Key Financial Performance | Indicator | Amount (ten thousand yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 17,092.60 | 155.37% | | Net Profit Attributable to Listed Company Shareholders | -1,305.60 | Loss reduced by 53.82% | - New energy photovoltaic business achieved operating revenue of **102.51 million yuan**, a **1,995.25%** year-on-year increase[32](index=32&type=chunk) - Catering group meal business achieved operating revenue of **68.41 million yuan**, a **10.35%** year-on-year increase[33](index=33&type=chunk) [(I) Industry Overview During the Reporting Period](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The group meal industry faces intense competition, low market concentration, and squeezed profit margins due to homogenization, while the new energy photovoltaic industry benefits from global energy transition and policy support, with increasing installed capacity and improving competitive landscape - The group meal industry faces intense competition, low market concentration, and low profitability due to homogeneous competition[26](index=26&type=chunk)[27](index=27&type=chunk) - The global energy transition trend is firm, with global renewable energy installed capacity increasing by **585 GW** in 2024, of which solar energy increased by **451.9 GW**, a **32.2%** year-on-year increase[27](index=27&type=chunk) - National policies consistently support the development of the photovoltaic industry, with national solar power installed capacity reaching approximately **3.65 billion kilowatts** in the first half of 2025, a **18.7%** year-on-year increase[28](index=28&type=chunk) - Policy guidance and market regulation are expected to improve the competitive landscape of the photovoltaic industry and promote high-quality development[31](index=31&type=chunk) [(II) Detailed Business Operations During the Reporting Period](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%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 new energy photovoltaic cell project has two production lines undergoing installation and debugging, fulfilling orders through contract manufacturing and leased production lines, while also expanding into photovoltaic module and frame businesses, with the frame project already in operation - The new energy photovoltaic cell project has two production lines undergoing installation and debugging, not yet in production, with orders fulfilled through contract manufacturing and leased production lines[32](index=32&type=chunk) - The company has expanded into new energy photovoltaic modules through technical transformation and added photovoltaic frame business using idle factory buildings, with the frame project already in operation[32](index=32&type=chunk) - The catering group meal business primarily provides catering management and services through subsidiaries in Beijing, Zhengzhou and Luoyang (Henan), and Yichang (Hubei)[33](index=33&type=chunk) [Analysis of Core Competencies](index=11&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 possesses strong brand influence and an experienced operational management team in its catering group meal business, establishing high-quality management and service standards, while its new energy photovoltaic business benefits from an experienced technical team and a focus on R&D capabilities, having secured multiple patents - The catering group meal business has cultivated strong brand influence, a good reputation, and a mature refined operational model over more than a decade[34](index=34&type=chunk) - The new energy photovoltaic business boasts an experienced technical team and emphasizes the cultivation and growth of R&D capabilities, with **54** technologies under research, **23** patents obtained, and **33** new patent applications accepted[35](index=35&type=chunk)[36](index=36&type=chunk) [(I) Catering and Group Meal Business](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E9%A4%90%E9%A5%AE%E5%9B%A2%E8%86%B3%E4%B8%9A%E5%8A%A1) The company's catering group meal business, built on over a decade of experience, has established a strong brand, mature operating model, and experienced management team, supported by comprehensive standard systems for food safety and service processes - The company has cultivated strong brand influence, a good reputation, and a mature refined operational model in the group meal industry over more than a decade[34](index=34&type=chunk) - It possesses an experienced operational management team, with general managers of group meal subsidiaries having over **20 years** of experience, and head chefs mostly from the former "Xiang E Qing" restaurant business, holding multiple professional honor certificates[34](index=34&type=chunk)[35](index=35&type=chunk) - The company has established and continuously optimized comprehensive catering management standards, including food sample retention, testing, and submission mechanisms, service procedures, operational manuals, and training manuals[35](index=35&type=chunk) [(II) New Energy Photovoltaic Business](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%96%B0%E8%83%BD%E6%BA%90%E5%85%89%E4%BC%8F%E4%B8%9A%E5%8A%A1) The core competitiveness of the new energy photovoltaic business lies in its experienced technical team and emphasis on R&D, achieved through attracting top talent and technological innovation, resulting in multiple patents in areas such as de-BSG, ALD, LPCVD, coating, texturing, and screen printing technologies - The new energy photovoltaic business attracts top industry talent, forms an experienced technical team, and organizes production and operations based on a make-to-order strategy[35](index=35&type=chunk)[36](index=36&type=chunk) - The company is committed to technological innovation as a driving force for development, with **54** technologies under research, including **18** invention patents and **46** utility model patents, having obtained **23** patent certificates and **33** new patent applications accepted[36](index=36&type=chunk) [Analysis of Main Business](index=12&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) During the reporting period, the company's main business revenue significantly increased by **155.37%**, primarily driven by the explosive growth of the new energy photovoltaic business, which now accounts for **59.98%** of total revenue despite lower gross margins, while the catering business saw steady growth of **10.35%** with a gross margin of **24.40%** - Operating revenue increased by **155.37%** year-on-year, primarily due to the completion of and new orders for the new energy photovoltaic business[39](index=39&type=chunk) Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Catering Business | 68,412,600.84 | 40.02% | 61,995,819.80 | 92.62% | 10.35% | | New Energy Photovoltaic Business | 102,513,364.58 | 59.98% | 4,892,663.72 | 7.31% | 1,995.25% | Main Business Gross Margin | Industry | Gross Margin | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | | Catering Business | 24.40% | 9.90% | | New Energy Photovoltaic Business | 0.97% | -3.15% | [Year-on-Year Changes in Key Financial Data](index=13&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue and cost significantly increased due to new energy photovoltaic business growth, while administrative expenses decreased due to lower share-based payment expenses; financial expenses rose sharply from capitalized interest on photovoltaic project loans, and net cash flow from operating activities saw a substantial outflow due to prepayments for goods Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 170,925,965.42 | 66,932,520.22 | 155.37% | Primarily due to the completion of subsequent 2024 orders and new orders in the current period for the new energy photovoltaic business | | Operating Cost | 159,641,956.28 | 57,776,110.72 | 176.31% | Primarily due to the completion of subsequent 2024 orders and new orders in the current period for the new energy photovoltaic business | | Administrative Expenses | 17,890,704.79 | 34,662,975.41 | -48.39% | Primarily due to share-based payment expenses accrued in the prior period and a decrease in new energy photovoltaic business expenses in the current period | | Financial Expenses | 3,934,608.55 | 1,912,724.37 | 105.71% | Primarily due to the capitalization of interest expenses for new energy photovoltaic project loans | | Net Cash Flow from Operating Activities | -38,226,142.65 | -19,606,966.02 | -94.96% | Primarily due to prepayments for goods for the new energy photovoltaic business | [Revenue Composition](index=13&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) The company's operating revenue structure significantly shifted, with new energy photovoltaic business revenue share increasing from **7.31%** to **59.98%**, becoming the primary revenue source with a **1,995.25%** year-on-year growth, while catering business revenue share decreased to **40.02%** but still grew by **10.35%**; by region, Jiangsu accounted for the highest revenue share at **59.75%**, growing by **1,987.37%** Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Catering Business | 68,412,600.84 | 40.02% | 61,995,819.80 | 92.62% | 10.35% | | New Energy Photovoltaic Business | 102,513,364.58 | 59.98% | 4,892,663.72 | 7.31% | 1,995.25% | Revenue Composition (by Region) | Region | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing | 10,469,348.77 | 6.13% | 10,649,068.63 | 15.91% | -1.69% | | Jiangsu | 102,127,963.07 | 59.75% | 4,892,663.72 | 7.31% | 1,987.37% | | Other Regions | 58,328,653.58 | 34.13% | 51,390,787.87 | 76.78% | 13.50% | [Industries, Products, or Regions Accounting for Over 10% of Company's Revenue or Operating Profit](index=14&type=section&id=%E5%8D%A0%E5%85%AC%E5%8F%B8%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%88%96%E8%90%A5%E4%B8%9A%E5%88%A9%E6%B6%A6%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E8%A1%8C%E4%B8%9A%E3%80%81%E4%BA%A7%E5%93%81%E6%88%96%E5%9C%B0%E5%8C%BA%E6%83%85%E5%86%B5) The catering business maintained a gross margin of **24.40%**, increasing by **9.90%** year-on-year, while the new energy photovoltaic business, despite a low gross margin of **0.97%** (down **3.15%**), saw substantial revenue growth; geographically, Beijing had the highest gross margin at **38.88%**, and Jiangsu the lowest at **0.59%** Key Industry, Product, and Region Gross Margins | Category | Operating Revenue | Operating Cost | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Catering Business | 68,412,600.84 | 51,719,568.13 | 24.40% | 10.35% | -2.43% | 9.90% | | New Energy Photovoltaic Business | 102,513,364.58 | 101,523,784.11 | 0.97% | 1,995.25% | 2,064.13% | -3.15% | | **By Region** | | | | | | | | Beijing | 10,469,348.77 | 6,398,604.04 | 38.88% | -1.69% | -16.61% | 10.94% | | Jiangsu | 102,127,963.07 | 101,523,784.11 | 0.59% | 1,987.37% | 2,064.13% | -3.53% | | Other Regions | 58,328,653.58 | 51,719,568.13 | 11.33% | 13.50% | 13.89% | -0.30% | [Analysis of Non-Core Business](index=14&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's non-core business had a minor impact on total profit, primarily comprising bank wealth management income, government grants, gains/losses from non-current asset disposal, and non-operating income and expenses, with non-operating expenses showing a negative value due to the reversal of estimated liabilities from investor claim settlements, positively affecting total profit Non-Core Business Analysis | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 8,159.64 | -0.04% | Bank wealth management income | No | | Non-Operating Income | 450.00 | 0.00% | Fines from group meal projects | No | | Non-Operating Expenses | -1,540,208.37 | 0.08% | Primarily due to the reversal of estimated liabilities from partial investor claim settlements | No | | Credit Impairment Losses (losses indicated by "-") | 509,861.03 | -2.77% | Accrual for bad debts | Yes | | Other Income | 7,939.92 | -0.04% | Individual income tax refund | No | | Asset Disposal Income (losses indicated by "-") | -7,464.60 | 0.04% | Disposal of fixed assets | No | [Analysis of Assets and Liabilities](index=14&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) As of the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased, with monetary funds and inventories declining, while accounts receivable and prepayments significantly increased due to new energy photovoltaic business orders; on the liability side, contract liabilities sharply decreased due to order delivery, and other payables substantially increased from financial assistance received from the actual controller's related parties - Total assets at period-end were **758.11 million yuan**, a **10.20%** decrease from the end of the prior year[19](index=19&type=chunk) - Net assets attributable to listed company shareholders at period-end were **-31.02 million yuan**, a **72.66%** decrease from the end of the prior year[19](index=19&type=chunk) - Accounts receivable at period-end were **28.12 million yuan**, accounting for **3.71%** of total assets, an increase of **1.75%** from the end of the prior year, primarily due to new orders in the new energy photovoltaic business[47](index=47&type=chunk) - Inventories at period-end were **4.21 million yuan**, accounting for **0.56%** of total assets, a **5.41%** decrease from the end of the prior year, primarily due to the completion and delivery of 2024 photovoltaic business orders in the current period[47](index=47&type=chunk) - Other payables at period-end were **520 million yuan**, accounting for **68.59%** of total assets, an **11.08%** increase from the end of the prior year, primarily due to financial assistance received from the actual controller's related parties[47](index=47&type=chunk) [1、Significant Changes in Asset Composition](index=14&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Monetary funds decreased primarily due to payments for group meal projects and wealth management product purchases, while accounts receivable and prepayments significantly increased due to new energy photovoltaic business orders; inventories and contract liabilities substantially decreased due to photovoltaic business order delivery, and other payables significantly increased from financial assistance received from the actual controller's related parties Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 6,210,227.00 | 0.82% | 9,777,361.92 | 1.16% | -0.34% | Primarily due to payments for subsidiary group meal projects and purchases of wealth management products | | Accounts Receivable | 28,122,670.13 | 3.71% | 16,536,103.10 | 1.96% | 1.75% | Primarily due to new orders in the subsidiary's new energy photovoltaic business | | Inventories | 4,212,965.01 | 0.56% | 50,433,888.48 | 5.97% | -5.41% | Primarily due to the completion and delivery of 2024 new energy photovoltaic business orders in the current period | | Prepayments | 20,953,019.89 | 2.76% | 1,674,264.98 | 0.20% | 2.56% | Primarily due to prepayments for new orders in the new energy photovoltaic business | | Contract Liabilities | 810,704.40 | 0.11% | 53,344,372.82 | 6.32% | -6.21% | Primarily due to the completion and delivery of 2024 new energy photovoltaic business orders in the current period | | Other Payables | 519,988,975.70 | 68.59% | 485,486,066.71 | 57.51% | 11.08% | Primarily due to financial assistance received from the actual controller's related parties | [2、Major Overseas Assets](index=15&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company reported no major overseas assets during the reporting period - The company reported no major overseas assets during the reporting period[48](index=48&type=chunk) [3、Assets and Liabilities Measured at Fair Value](index=15&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) The company reported no assets or liabilities measured at fair value during the reporting period - The company reported no assets or liabilities measured at fair value during the reporting period[48](index=48&type=chunk) [4、Asset Restrictions as of the End of the Reporting Period](index=16&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) Information regarding the company's asset restrictions is detailed in "Section X, VII, 31, Assets with Restricted Ownership or Use Rights" of this report - Asset restrictions are detailed in "Section X, VII, 31, Assets with Restricted Ownership or Use Rights" of this report[49](index=49&type=chunk) [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) During the reporting period, the company did not undertake any significant equity or non-equity investments, nor did it engage in securities or derivative investments, and there was no use of raised funds - The company reported no securities investments, derivative investments, significant equity investments, or non-equity investments during the reporting period[50](index=50&type=chunk)[51](index=51&type=chunk) - The company reported no use of raised funds during the reporting period[52](index=52&type=chunk) [Significant Asset and Equity Sales](index=16&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) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets or equity during the reporting period[53](index=53&type=chunk)[54](index=54&type=chunk) [Analysis of Major Holding and Participating Companies](index=17&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) During the reporting period, key subsidiaries such as Zhongke Gaoyou New Energy Technology Co, Ltd and Zhengzhou Xiang E Qing Catering Management Co, Ltd significantly impacted the company's performance, with Zhongke Gaoyou's revenue surging by **1,977.88%** and its net loss narrowing by **38.88%**; the company also established three new entities: Zhongke Acme (Yangzhou) Metal Co, Ltd, Zhongke Acme (Gaoyou) Metal Co, Ltd, and Zhongke Yunwang (Xichang) New Energy Technology Co, Ltd Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongke Yunwang (Gaoyou) New Energy Technology Co, Ltd | Subsidiary | New energy photovoltaic business | 378,000,000 | 667,174,242.44 | 220,959,289.50 | 101,663,455.72 | -9,850,180.33 | -9,850,180.33 | | Zhengzhou Xiang E Qing Catering Management Co, Ltd | Subsidiary | Catering group meal business | 31,000,000 | 34,648,576.01 | 2,321,974.57 | 58,328,653.58 | 1,995,229.29 | 2,074,819.15 | - Zhongke Gaoyou's business revenue increased by **1,977.88%** year-on-year, and its net loss decreased by **38.88%**[56](index=56&type=chunk) - During the reporting period, Zhongke Acme (Yangzhou) Metal Co, Ltd, Zhongke Acme (Gaoyou) Metal Co, Ltd, and Zhongke Yunwang (Xichang) New Energy Technology Co, Ltd were newly established and are all operating normally[56](index=56&type=chunk) [Structured Entities Controlled by the Company](index=17&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 reported no controlled structured entities during the reporting period - The company reported no controlled structured entities during the reporting period[57](index=57&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&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 including delisting warnings, intense competition in group meal operations, price volatility in the new energy photovoltaic industry, market competition, and liquidity and asset impairment risks, which it is addressing by actively expanding business, optimizing supply chains, strengthening customer cooperation, securing orders, and communicating with stakeholders - The company's stock trading is subject to delisting risk warnings and other risk warnings; if financial indicators remain unsatisfactory in 2025, the stock faces termination of listing risk[57](index=57&type=chunk)[58](index=58&type=chunk) - The group meal industry is highly competitive, with severe homogenization and high customer acquisition costs, posing a risk of project loss[58](index=58&type=chunk) - The new energy photovoltaic industry faces continuous product price declines, posing price volatility risks, requiring the company to control costs and maintain technological and price advantages[58](index=58&type=chunk) - The company faces risks of market competition, customer loss, and inability to fulfill or partially fulfill orders, necessitating strengthened supply chain management and customer cooperation[59](index=59&type=chunk) - The company has a high asset-liability ratio and weak solvency, posing liquidity risks; the battery cell project is in litigation due to engineering quality issues, with some assets seized, posing asset impairment risks[60](index=60&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&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 approved and established a "Market Value Management System" on May 9, 2025, to regulate its market value management activities, but has not disclosed a valuation enhancement plan - The company approved and established the "Market Value Management System" on May 9, 2025[61](index=61&type=chunk) - The company has not disclosed a valuation enhancement plan[61](index=61&type=chunk) [Implementation of 'Quality and Return Dual Improvement' Action Plan](index=19&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%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 did not disclose any "Quality and Return Dual Improvement" action plan announcements during the reporting period - The company did not disclose any "Quality and Return Dual Improvement" action plan announcements[62](index=62&type=chunk) [Corporate Governance, Environment, and Society](index=20&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 covers changes in the board and management, profit distribution, employee incentive plans, environmental disclosures, and the company's social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=20&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) During the reporting period, the company's Board of Directors and Supervisory Board experienced multiple changes, including the departure of non-independent director Chen Ye Qiu, the election of Chen Zhi Jie as a non-independent director, and the departures of non-employee representative supervisor Wang Yun, employee representative supervisor Wang Qing Yu, and non-employee representative supervisor Liu Xiao Lin due to job reassignments Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Chen Ye Qiu | Non-Independent Director | Departure | January 07, 2025 | Personal reasons | | Chen Zhi Jie | Non-Independent Director | Election | May 23, 2025 | Personal reasons | | Wang Yun | Non-Employee Representative Supervisor, Chairman of the Supervisory Board | Departure | May 23, 2025 | Job reassignment | | Wang Qing Yu | Employee Representative Supervisor | Departure | May 23, 2025 | Job reassignment | | Liu Xiao Lin | Non-Employee Representative Supervisor | Departure | May 23, 2025 | Job reassignment | [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=20&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 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[65](index=65&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&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's 2022 restricted stock incentive plan completed its initial and reserved grant registrations; however, due to the company's failure to meet performance targets for 2023 and 2024, the conditions for the first and second vesting periods of both initial and reserved grants were not met, leading to the company's plan to repurchase and cancel the unvested restricted shares - The company's 2022 restricted stock incentive plan completed the registration of its initial grant (**44.46 million shares**) and reserved grant (**6.315 million shares**)[66](index=66&type=chunk)[67](index=67&type=chunk) - The performance target for the first vesting period of both initial and reserved grants (2023 operating revenue growth rate not less than **30%** or net profit not less than **5 million yuan**) was not met[67](index=67&type=chunk) - The performance target for the second vesting period of both initial and reserved grants (2024 operating revenue growth rate not less than **1,300%** or net profit not less than **80 million yuan**) was not met[68](index=68&type=chunk) - The company will repurchase and cancel restricted shares that have been granted but did not meet the vesting conditions[67](index=67&type=chunk)[69](index=69&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 listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[70](index=70&type=chunk) [Social Responsibility](index=22&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 by strengthening governance, ensuring information disclosure, and enhancing investor relations to protect shareholder and creditor rights, while also safeguarding employee welfare, providing fair and safe services to stakeholders, implementing energy conservation and emission reduction measures, and committing to legal operations and future public welfare initiatives - The company protects shareholder and creditor rights by improving governance structure, fulfilling information disclosure obligations, and strengthening investor relations management[70](index=70&type=chunk) - The company implements a full-staff labor contract system, adheres to social insurance regulations, and focuses on employee health, safety, and development to protect employee rights[71](index=71&type=chunk)[72](index=72&type=chunk) - The company treats suppliers based on principles of equal consultation and mutual benefit, and strictly enforces food safety, engineering safety, and fire safety management systems to protect customer interests[72](index=72&type=chunk) - The company prioritizes environmental protection, with its catering group meal business properly handling kitchen waste, and its new energy photovoltaic business strictly controlling wastewater, exhaust gas, and solid waste emissions to achieve energy conservation and emission reduction[72](index=72&type=chunk) - The company adheres to legal operations and tax compliance, and plans to actively engage in social welfare initiatives when conditions permit[73](index=73&type=chunk) [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 addresses commitments, related party transactions, litigation, and other material events impacting the company during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Actual Controller, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](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 controlling shareholder, Shanghai Zhenxi, and actual controller, Chen Ji, made long-term commitments regarding non-competition, company independence, and related party transactions, all of which were fulfilled during the reporting period; additionally, the controlling shareholder, actual controller, and parties acting in concert made commitments regarding the dilution of immediate returns from the company's private placement and the implementation of compensatory measures, which are also being fulfilled normally - Controlling shareholder Shanghai Zhenxi and actual controller Chen Ji made long-term commitments regarding non-competition, company independence, and related party transactions, all of which were fulfilled normally during the reporting period[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - The controlling shareholder, actual controller, and parties acting in concert made commitments regarding the dilution of immediate returns from the company's private placement and the implementation of compensatory measures, which were fulfilled normally during the reporting period[85](index=85&type=chunk)[86](index=86&type=chunk) - The company committed not to provide financial assistance or compensation to participating investors directly or through interested parties, and this commitment was fulfilled normally during the reporting period[86](index=86&type=chunk)[87](index=87&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=35&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) The company reported no non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period[88](index=88&type=chunk) [Irregular External Guarantees](index=35&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 reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[89](index=89&type=chunk) [Appointment and Dismissal of Accounting Firms](index=35&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 unaudited - The company's semi-annual report was unaudited[90](index=90&type=chunk) [Board of Directors' and Supervisory Board's Explanations on 'Non-Standard Audit Report' for the Current Reporting Period](index=35&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%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no non-standard audit reports during the reporting period - The company reported no non-standard audit reports during the reporting period[91](index=91&type=chunk) [Board of Directors' Explanation on 'Non-Standard Audit Report' for the Previous Year](index=35&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%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The Board of Directors is actively addressing the "unqualified opinion with a material uncertainty related to going concern" audit report issued by Lianda Certified Public Accountants for the company's 2024 financial report, by extending into module and frame businesses, refining production control, quality systems, and customer management to enhance going concern ability and mitigate delisting risks - Lianda Certified Public Accountants issued an unqualified opinion with a material uncertainty related to going concern for the company's 2024 financial report[91](index=91&type=chunk) - The Board of Directors has urged management to actively implement effective measures to enhance the company's going concern ability[92](index=92&type=chunk) - In the first half of 2025, the company expanded into module and frame businesses, and in the second half, it will integrate resources and refine production control, quality systems, and customer management[92](index=92&type=chunk) [Bankruptcy Reorganization Matters](index=36&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 reported no bankruptcy reorganization matters during the reporting period - The company reported no bankruptcy reorganization matters during the reporting period[93](index=93&type=chunk) [Litigation Matters](index=36&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in several significant litigation and arbitration matters, including construction contract disputes for its subsidiary Zhongke Gaoyou (**35 million yuan**), sales contract disputes (**14.03 million yuan** and **12.49 million yuan**), and securities misrepresentation liability disputes with multiple investors (**32.31 million yuan**); while some cases have been heard or are undergoing appraisal, and some settlements have been reached, other cases await judgment or actual auction, with an estimated liability of **1.77 million yuan** Significant Litigation and Arbitration Matters | Litigation (Arbitration) Overview | Amount Involved (ten thousand yuan) | Estimated Liability Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Impact | | :--- | :--- | :--- | :--- | :--- | | Zhongke Gaoyou Construction Project Construction Contract Dispute | 3,500 | No | The case is undergoing a second appraisal and no judgment has been rendered yet | Affects engineering costs, not expected to impact the company's current period profit | | Zhongke Gaoyou Sales Contract Dispute (Jiangsong Technology) | 1,403.37 | No | The case has been heard, but no judgment has been rendered yet | As of now, no judgment has been rendered in this case | | Zhongke Gaoyou Sales Contract Dispute (Wuxi Xiandao) | 1,248.72 | Yes | The case has not yet been heard, an estimated liability of **176.85 ten thousand yuan** has been accrued | An estimated liability of **176.85 ten thousand yuan** has been accrued based on the actual progress of the case | | Investor Securities Misrepresentation Liability Dispute | 3,230.65 | Yes | The second-instance judgment rejected the appeal and upheld the original judgment; the company has reached settlement agreements with some investors | The judgment is not expected to have a significant impact on the company's 2024 financial position and operating results, but the company needs to fulfill payment obligations based on the second-instance judgment, which will have a significant impact on the company's 2025 cash flow | | Jiangsu Dongting Construction Project Construction Contract Dispute | 1,400 | No | Jiangsu Dongting withdrew its lawsuit, and the case has been closed | Case closed | [Penalties and Rectification](index=39&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 reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[98](index=98&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=39&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 reported no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period - The company reported no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[99](index=99&type=chunk) [Significant Related Party Transactions](index=39&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) During the reporting period, the company had no related party transactions related to daily operations, asset/equity acquisitions/disposals, or joint external investments, but did have non-operating related party creditor-debtor transactions, primarily financial assistance from actual controller-related parties, and is currently undergoing a private placement to raise funds from the actual controller's controlled enterprises, with the validity period extended to June 14, 2026 - The company reported no related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments during the reporting period[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) Payables to Related Parties | Related Party | Relationship | Reason for Formation | Beginning Balance (ten thousand yuan) | Amount Added in Current Period (ten thousand yuan) | Amount Repaid in Current Period (ten thousand yuan) | Ending Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Gaoxiang Investment Management Co, Ltd | Enterprise controlled by the company's actual controller | Support for company business development | 333 | 2,123.05 | 0 | 2,456.05 | | Yangzhou Gaoxiang New Energy Co, Ltd | Enterprise controlled by the company's actual controller | Support for company business development | 1,309.1 | 7,774.25 | 5,900 | 3,183.34 | - The company plans to issue shares to Yangzhou Gaoxiang New Energy Co, Ltd, controlled by actual controller Chen Ji and his spouse Sun Xiangjun, to raise a total of not less than **282.6 million yuan** and not more than **314 million yuan**, which constitutes a related party transaction[106](index=106&type=chunk)[107](index=107&type=chunk) - The company has extended the validity period of the shareholders' meeting resolution and related authorizations for the private placement by **12 months**, until June 14, 2026[108](index=108&type=chunk) [Significant Contracts and Their Performance](index=42&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 reported no entrustment, contracting, or leasing matters during the reporting period, but has significant guarantees, including a pledge guarantee and joint liability guarantee for its subsidiary Zhongke Gaoyou, as well as a mortgage guarantee by Zhongke Gaoyou, totaling **128 million yuan**; the company also has wealth management products with an outstanding balance of **0.8 million yuan** at period-end - The company reported no entrustment, contracting, or leasing matters during the reporting period[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) External Guarantees by the Company and its Subsidiaries | Name of Guaranteed Party | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongke Yunwang Technology Group Co, Ltd | 5,000 | 5,000 | Pledge | 27 months | No | | Zhongke Gaoyou | 5,000 | 5,000 | Joint Liability Guarantee | 29 months | No | | Zhongke Gaoyou | 300 | 300 | Mortgage | 36 months | No | | Zhongke Gaoyou | 2,500 | 2,500 | Mortgage | 36 months | No | | **Total** | **12,800** | **12,800** | | | | - The company's total guarantees account for **-412.57%** of its net assets[115](index=115&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Outstanding Balance (ten thousand yuan) | Overdue Unrecovered Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 330 | 80 | 0 | [Explanation of Other Significant Matters](index=44&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) The company has extended the validity period of the shareholders' meeting resolution and related authorizations for its private placement until June 14, 2026, to ensure the continuity of its refinancing efforts; additionally, the company has changed its registered address, revised its Articles of Association, and completed the industrial and commercial change and filing procedures - The company has extended the validity period of the shareholders' meeting resolution and related authorizations for its private placement until June 14, 2026[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) - The company has changed its registered address from "Room 619, 6th Floor, No 53 Lianhuachi East Road, Haidian District, Beijing" to "Room 209, 2nd Floor, Building 4, Courtyard 39, Linfeng Second Road, Haidian District, Beijing"[120](index=120&type=chunk) - The company has revised its Articles of Association and completed the industrial and commercial change and filing procedures[120](index=120&type=chunk)[121](index=121&type=chunk) [Significant Matters of Company Subsidiaries](index=45&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) The photovoltaic cell project of the controlling subsidiary Zhongke Gaoyou is not yet ready for production due to factory building civil engineering quality issues, prompting the company to request local government intervention; the company has also partnered with a local Gaoyou photovoltaic enterprise to lease production lines for technical upgrades, enabling module production, and has established Gaoyou Acme, which is operational and engaged in frame manufacturing and sales - Zhongke Gaoyou's new energy photovoltaic cell project is not yet ready for production due to factory building civil engineering quality issues, and the local government has been requested to establish a special working group to address it[122](index=122&type=chunk) - The company has reached a cooperation agreement with a local Gaoyou photovoltaic enterprise to lease production lines for technical upgrades, and now possesses the capability for module production[122](index=122&type=chunk) - The company established Gaoyou Acme, which is engaged in frame production and sales, has commenced operations, and has shipped its first batch of goods to customers[123](index=123&type=chunk) [Share Changes and Shareholder Information](index=47&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 changes in share capital, securities issuance, shareholder structure, and shareholdings of directors, supervisors, and senior management [Share Changes](index=47&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) During the reporting period, the company's restricted shares increased by **40,975 shares**, while unrestricted shares decreased by **40,975 shares**, with the total number of shares remaining unchanged, primarily due to an increase in senior management lock-up shares; these changes had no significant impact on key financial indicators such as basic and diluted earnings per share or net assets per share attributable to common shareholders Share Changes | Share Type | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 55,802,113 | 6.42% | 40,975 | 55,843,088 | 6.42% | | II. Unrestricted Shares | 813,960,387 | 93.58% | -40,975 | 813,919,412 | 93.58% | | III. Total Shares | 869,762,500 | 100.00% | 0 | 869,762,500 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wang Yun | 0 | 100 | 100 | Senior management lock-up shares | | Liu Xiao Lin | 122,625 | 40,875 | 163,500 | Senior management lock-up shares | | Total | 122,625 | 40,975 | 163,600 | -- | - Share changes had no significant impact on basic and diluted earnings per share or net assets per share attributable to common shareholders for the most recent year and period[127](index=127&type=chunk) [Securities Issuance and Listing](index=48&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) The company reported no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[129](index=129&type=chunk) [Number of Shareholders and Shareholding Status](index=48&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 **45,064** common shareholders; the controlling shareholder, Shanghai Zhenxi Enterprise Management Consulting Partnership (Limited Partnership), held **16.43%** of shares, which are pledged, and the actual controller, Chen Ji, is the actual controller of Shanghai Zhenxi and also holds company shares, forming a concerted action relationship with Shanghai Zhenxi - As of the end of the reporting period, the total number of common shareholders was **45,064**[130](index=130&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Zhenxi Enterprise Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 16.43% | 142,876,100 | 0 | 142,876,100 | Pledged 110,360,000 shares | | Hangzhou Nuokelongen Enterprise Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.45% | 12,600,000 | 0 | 12,600,000 | Pledged 12,600,000 shares | | Huang Jing | Domestic Natural Person | 1.07% | 9,296,534 | 6,000,000 | 3,296,534 | Not applicable | | Weng Shiwei | Domestic Natural Person | 1.01% | 8,742,000 | 0 | 8,742,000 | Not applicable | | Qin Guowei | Domestic Natural Person | 0.67% | 5,800,000 | 5,800,000 | 0 | Not applicable | | Chen Ji | Domestic Natural Person | 0.64% | 5,609,318 | 4,206,988 | 1,402,330 | Not applicable | | Shen Hongxiu | Domestic Natural Person | 0.60% | 5,210,000 | 3,907,500 | 1,302,500 | Not applicable | | Yu Jitian | Domestic Natural Person | 0.51% | 4,421,500 | 0 | 4,421,500 | Frozen 2,284,300 shares | | Zhao Yaoke | Domestic Natural Person | 0.46% | 4,042,800 | 0 | 4,042,800 | Not applicable | | Lai Qiuyu | Domestic Natural Person | 0.45% | 3,941,600 | 0 | 3,941,600 | Not applicable | - Mr Chen Ji is the actual controller of the company's controlling shareholder, Shanghai Zhenxi Enterprise Management Consulting Partnership (Limited Partnership), and also holds company shares, forming a concerted action relationship with Shanghai Zhenxi Enterprise Management Consulting Partnership (Limited Partnership)[131](index=131&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=50&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, the shareholdings of the company's directors, supervisors, and senior management changed; specifically, Shen Hongxiu, the internal audit head, decreased her holdings by **2 million shares** from **5.21 million shares** to **3.21 million shares**, while Qin Jian, the Vice President and Board Secretary, maintained **260,000 shares** and was granted **200,000 restricted shares** Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | Restricted Shares Granted at Beginning of Period (shares) | Restricted Shares Granted in Current Period (shares) | Restricted Shares at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Ji | Chairman, President | Current | 5,609,318 | 0 | 0 | 5,609,318 | 0 | 0 | 0 | | Shen Hongxiu | Head of Internal Audit | Current | 5,210,000 | 0 | 2,000,000 | 3,210,000 | 0 | 0 | 0 | | Qin Jian | Vice President, Board Secretary | Current | 260,000 | 0 | 0 | 260,000 | 200,000 | 0 | 200,000 | [Changes in Controlling Shareholder or Actual Controller](index=51&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 during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[135](index=135&type=chunk) - The company's actual controller remained unchanged during the reporting period[135](index=135&type=chunk) [Bond-Related Information](index=53&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) This section confirms the absence of any bond-related activities or information for the company during the reporting period [Bond-Related Information](index=53&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[138](index=138&type=chunk) [Financial Report](index=54

天津泰达资源循环集团股份有限公司 2025 年半年度报告全文 天津泰达资源循环集团股份有限公司 2025 年半年度报告 2025 年 8 月 天津泰达资源循环集团股份有限公司 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。 公司负责人周志远、主管会计工作负责人周志远及会计机构负责人（会 计主管人员）李志勇声明：保证本半年度报告中财务报告的真实、准确、完 整。 公司在本半年度报告中的未来工作思路和工作计划等前瞻性描述，不构 成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。 公司在本报告"管理层讨论与分析"章节中，按照《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》的披露要求，详细描述了各 项业务模式、主要经营情况、经营活动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。 1 除下列董事外，其他董事亲自出席了审议本次半年 ...

浪潮电子信息产业股份有限公司 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。 浪潮电子信息产业股份有限公司 浪潮电子信息产业股份有限公司 2025 年半年度报告全文 2025 年半年度报告 2025 年 8 月 1 公司负责人彭震、主管会计工作负责人胡雷钧及会计机构负责人(会计主 管人员)许燕燕声明：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。 本报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 实质性承诺，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。 公司在管理层讨论与分析中描述了公司经营中可能存在的风险及应对措 施，敬请投资者注意投资风险并注意阅读。《中国证券报》《证券时报》 《上海证券报》《证券日报》和巨潮资讯网 www.cninfo.com.cn 为公司指定 的信息披露媒体，公司所有信息均以在上述选定媒体刊登的信息为准。 公司计划不派 ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility, while also highlighting key operational risks - Company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and assume legal responsibility[4](index=4&type=chunk) - Key risks include market competition, reliance on major customers, management challenges from rapid growth, technology and product updates, and goodwill impairment[5](index=5&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions for share capital increase[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data, providing comprehensive information navigation for investors - The report's table of contents comprises nine main chapters, from important notices to financial reports, with a clear structure[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, major clients, technical concepts, and financial and legal terms, ensuring accurate understanding of the report's content - The report defines key entities such as company names and major clients (e.g., China Mobile, China Telecom, China Southern Power Grid, State Grid)[11](index=11&type=chunk) - Technical and industry terms like AI, AIOps, QuChi Platform, 5G, IoT, IDC, PUE, and XR are explained[11](index=11&type=chunk) - The meanings of the "Company Law," "Securities Law," the reporting period (January to June 2025), and currency units are clarified[12](index=12&type=chunk) Part II Company Profile and Key Financial Indicators [1. Company Profile](index=7&type=section&id=1.%20Company%20Profile) Runjian Co., Ltd. (stock code 002929) is listed on the Shenzhen Stock Exchange, with Xu Wenjie as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Runjian Co., Ltd. | | Stock Code | 002929 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 润建股份有限公司 | | Legal Representative | Xu Wenjie | [2. Contact Persons and Information](index=7&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Luo Jiantao, and the Securities Affairs Representative is Wang Peijia, both located at 4501, Fuli Yingkai Plaza, 16 Huaxia Road, Zhujiang New Town, Guangzhou Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Luo Jiantao | 4501, Fuli Yingkai Plaza, 16 Huaxia Road, Zhujiang New Town, Guangzhou | 020-87596583 | 0771-5560518 | rjtxdsh@163.com | | Securities Affairs Representative | Wang Peijia | 4501, Fuli Yingkai Plaza, 16 Huaxia Road, Zhujiang New Town, Guangzhou | 0771-2869133 | 0771-5560518 | rjtxdsh@163.com | [3. Other Information](index=7&type=section&id=3.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and archiving locations, as detailed in the 2024 annual report - Company contact information remained unchanged during the reporting period, refer to the 2024 annual report for details[16](index=16&type=chunk) - Information disclosure and archiving locations remained unchanged during the reporting period, refer to the 2024 annual report for details[17](index=17&type=chunk) [4. Key Accounting Data and Financial Indicators](index=8&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 10.02% to **4.867 billion yuan**, but net profit attributable to shareholders significantly decreased by 83.37% to **39.23 million yuan** Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,866,724,463.80 | 4,423,668,138.51 | 10.02% | | Net Profit Attributable to Shareholders of Listed Company | 39,232,432.63 | 235,913,220.70 | -83.37% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 32,156,146.20 | 228,864,603.47 | -85.95% | | Net Cash Flow from Operating Activities | -2,526,858,758.09 | -2,398,869,794.36 | -5.34% | | Basic Earnings Per Share (Yuan/Share) | 0.14 | 0.84 | -83.33% | | Diluted Earnings Per Share (Yuan/Share) | 0.14 | 0.84 | -83.33% | | Weighted Average Return on Net Assets | 0.63% | 3.89% | Decreased by 3.26 percentage points | | **Indicator** | **End of Current Reporting Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from End of Prior Year** | | Total Assets | 20,432,000,635.74 | 17,574,711,482.60 | 16.26% | | Net Assets Attributable to Shareholders of Listed Company | 6,273,916,320.49 | 6,168,066,048.27 | 1.72% | - Net profit after deducting the impact of share-based payments was **129.5595 million yuan**[19](index=19&type=chunk) [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=5.%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 prepared 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 prepared under overseas accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the first half of 2025 amounted to **7.07628643 million yuan**, primarily from government subsidies, fair value changes of financial assets, and interest from financial assistance to related companies, after deducting income tax and minority interest impacts Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | 705,994.66 | Primarily gains from disposal of long-term assets | | Government subsidies recognized in current profit or loss | 9,318,692.41 | Primarily government subsidies received during the reporting period | | Gains and losses from changes in fair value of financial assets and liabilities, and from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 978,502.86 | Primarily gains and losses from wealth management products and other fund management | | Capital occupation fees charged to non-financial enterprises recognized in current profit or loss | 900,101.57 | Primarily interest accrued on financial assistance to related companies during the reporting period | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 74,532.49 | Primarily reversal of impairment provisions upon recovery of customer accounts receivable during the reporting period | | Other non-operating income and expenses apart from the above | -4,209,354.10 | Primarily donation expenses and losses from disposal of fixed assets | | Other profit and loss items that meet the definition of non-recurring gains and losses | 932,279.97 | Primarily individual income tax handling fee refunds | | Less: Income tax impact | 1,222,057.69 | | | Minority interest impact (after tax) | 402,405.74 | | | Total | 7,076,286.43 | | - The company does not classify non-recurring gains and losses items as recurring gains and losses[24](index=24&type=chunk) Part III Management Discussion and Analysis [1. Principal Business Activities During the Reporting Period](index=10&type=section&id=1.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) Runjian Co., Ltd., as a digital intelligent operation and maintenance service provider, is deepening its AI development strategy, leveraging computing power and data services, and empowering communication, digital, and energy networks through its "QuChi" platform - Runjian Co., Ltd. is committed to becoming an industry-leading AI industry model and computing power service provider, based on computing power and data services, empowering communication, digital, and energy networks through its self-developed "QuChi" generative AI industry model development platform[26](index=26&type=chunk) - The company's communication network business is highly correlated with the existing communication infrastructure (5G base stations, data communication, core networks, transmission networks, access networks) and the operating expenditures of operators and China Tower, ensuring strong business stability and continuity[61](index=61&type=chunk) - In the energy network sector, as the total installed capacity of new energy continues to increase, the company's key business segment O&M demand will continue to grow, and new energy, virtual power plant, and other business segments are accelerating integrated development[63](index=63&type=chunk) [(I) Business Introduction](index=10&type=section&id=(I)%20Business%20Introduction) The company's business encompasses computing power services, data services, platform services ("QuChi" multimodal industry model development platform), and AI-enabled communication, digital, energy, and overseas businesses, building comprehensive digital intelligent O&M and AI solution capabilities [1. Computing Power Services](index=10&type=section&id=1.%20Computing%20Power%20Services) The company enhances computing power services based on IDC, providing full lifecycle one-stop O&M for computing centers, and invested **1.09 billion yuan** to build the Wuxiang Cloud Valley Intelligent Computing Center for AI model training, inference, and graphics rendering - The company provides full lifecycle one-stop services for computing centers and IDCs, focusing on improving operational efficiency and offering full-stack computing power O&M services[28](index=28&type=chunk) - The company raised **1.09 billion yuan** through a public offering of A-share convertible corporate bonds to construct the Wuxiang Cloud Valley Intelligent Computing Center project, which will provide AI large model training, inference, and graphics rendering computing power services[28](index=28&type=chunk)[29](index=29&type=chunk) [2. Data Services](index=11&type=section&id=2.%20Data%20Services) Leveraging over 20 years of O&M business, the company has accumulated massive proprietary sample data in communication, energy, and digital networks, providing a solid foundation for AI industry model development and integrated AI model and data services to clients - The company has accumulated massive proprietary sample data over **20 years** of O&M business, providing a solid data foundation for AI industry model development[31](index=31&type=chunk) - Communication network O&M datasets exceed **10 million annually**, with image and video datasets over **20 million**; energy network time-series data exceeds **5 billion data points**; digital networks possess over **30 million** government and enterprise industry-specific scenario datasets[31](index=31&type=chunk) - The company offers integrated AI model and data services to clients, including data governance, training, fine-tuning, and algorithm toolkits[31](index=31&type=chunk) [3. Platform Services](index=11&type=section&id=3.%20Platform%20Services) The company's self-developed "QuChi" generative AI industry model development platform, sharing resources from the Wuxiang Cloud Valley Intelligent Computing Center, focuses on visual, voice, and text AI algorithm training, incorporating large model and AI agent capabilities, and offering dataset management, algorithm marketplace, large language model and AI agent development, and integrated software-hardware algorithm delivery - The "QuChi" platform is the company's self-developed generative AI industry model development platform, sharing resources from the Wuxiang Cloud Valley Intelligent Computing Center, focusing on training visual, voice, and text AI algorithms, and incorporating large language model (LLM) and AI agent capabilities[35](index=35&type=chunk) - The platform provides dataset management tools, a comprehensive algorithm and model application platform (algorithm marketplace), supports full lifecycle large model development, and can deploy models to various servers or edge computing devices for integrated software-hardware algorithm delivery[37](index=37&type=chunk) [4. Business Empowerment](index=12&type=section&id=4.%20Business%20Empowerment) The company empowers its three major business segments—communication networks, digital networks, and energy networks—with artificial intelligence, while actively expanding into overseas markets - Artificial intelligence empowers the three major business segments: communication networks, digital networks, and energy networks[38](index=38&type=chunk) - Communication network business launched AI+communication O&M solutions, focusing on digital employees, digital equipment, and digital management to achieve intelligent O&M capabilities such as fault prediction, predictive maintenance, automatic dispatch, and resource scheduling[39](index=39&type=chunk) - Digital network business, based on the "QuChi" platform, has developed over **100 intelligent agent applications**, creating multiple specialized and innovative industry models and benchmark applications in areas like zero-carbon smart parks, social comprehensive governance, education digitalization, rural revitalization, and XR applications[41](index=41&type=chunk)[43](index=43&type=chunk) - Energy network O&M business covers new energy power station and grid O&M services on the generation side (applying large language models and AI predictive analysis algorithms) and virtual power plant and integrated energy management services on the user side (RunDoBidder virtual power plant, integrated energy management platform)[45](index=45&type=chunk)[46](index=46&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk) - Overseas business focuses on digital economy development in the ASEAN region, including AI agents, AI robots, and AI applications in vertical fields, with successful implementation of multiple large data center projects in Malaysia and Indonesia[55](index=55&type=chunk) [1. Computing Power Sector](index=16&type=section&id=1.%20Computing%20Power%20Sector) The establishment of the Nanning International Communication Business Gateway in Guangxi will create development opportunities for the company and the Wuxiang Cloud Valley Intelligent Computing Center, with China's general computing power expected to grow by 20% and intelligent computing power by 43% in 2025 - The establishment of the Nanning International Communication Business Gateway in Guangxi will make Guangxi the shortest and fastest data transmission province from China to ASEAN, bringing good development opportunities for the company and the Wuxiang Cloud Valley Intelligent Computing Center[58](index=58&type=chunk) - China's general computing power scale is projected to grow by **20%** in 2025, and intelligent computing power by **43%**, with the company committed to providing green computing power services[58](index=58&type=chunk) [2. Data Services Sector](index=17&type=section&id=2.%20Data%20Services%20Sector) China's data industry is expected to maintain high growth, and Guangxi is accelerating the construction of the China-ASEAN AI Innovation Cooperation Center, positioning the company to continue deep cultivation in this field with its extensive proprietary data and data asset governance services - In 2024, China's data enterprises exceeded **400,000**, with the data industry scale reaching **5.86 trillion yuan**, a **117% increase** from the end of the "13th Five-Year Plan" period, and is expected to maintain high growth in the coming years[59](index=59&type=chunk) - Guangxi is accelerating the construction of the China-ASEAN AI Innovation Cooperation Center, and the company will continue to deeply cultivate the data services sector[59](index=59&type=chunk) [3. AI Application Sector](index=17&type=section&id=3.%20AI%20Application%20Sector) National policies support the "AI+" action, promoting the large-scale commercial application of AI, with China's AI industry projected to maintain a **32.1% CAGR** from 2025 to 2029, indicating broad market prospects - The "Opinions on Deeply Implementing the 'AI+' Action" emphasize vigorously promoting the large-scale commercial application of artificial intelligence[60](index=60&type=chunk) - Some institutions predict that China's AI industry will maintain an average annual compound growth rate of **32.1%** from 2025 to 2029[60](index=60&type=chunk) [4. Communication Network Sector](index=17&type=section&id=4.%20Communication%20Network%20Sector) The company's communication network business is highly correlated with 5G base station and data communication infrastructure operating expenditures, with the industry maintaining stable development - As of the end of June, the total length of optical cable lines nationwide reached **73.77 million kilometers**, a **9.9% increase** year-on-year; the total number of 5G base stations reached **4.549 million**, a net increase of **298,000** from the end of last year, indicating overall stable industry development[61](index=61&type=chunk) - The company is the largest private enterprise in the communication network management and O&M sector, with broad development space and potential for continuous market share increase in the future[61](index=61&type=chunk) [5. Digital Network Sector](index=17&type=section&id=5.%20Digital%20Network%20Sector) China possesses a complete industrial system and rich application scenarios, accelerating the popularization of artificial intelligence, positioning Runjian Co., Ltd. to drive digitalization towards intelligence with broad market prospects - China possesses advantages such as a complete industrial system, large market scale, and rich application scenarios, with artificial intelligence accelerating its popularization and deep integration across various fields of economic and social development[62](index=62&type=chunk) - Runjian Co., Ltd. focuses on national strategies like "innovation-driven development," "rural revitalization," and "science and education for national prosperity," providing comprehensive artificial intelligence solutions and intelligent agents to further advance digitalization towards intelligence, with broad market prospects[62](index=62&type=chunk) [6. Energy Network Sector](index=17&type=section&id=6.%20Energy%20Network%20Sector) China's new energy installed capacity continues to grow, with clear development goals for virtual power plants, offering broad prospects as the company's energy network O&M demand rises and new energy businesses accelerate integration - As of the end of June, China's solar power installed capacity reached **1.1 billion kilowatts**, a **54.2% increase** year-on-year; wind power installed capacity was approximately **570 million kilowatts**, a **22.7% increase** year-on-year[63](index=63&type=chunk) - The National Development and Reform Commission and the National Energy Administration have set targets for virtual power plant development: national virtual power plant regulation capacity to reach over **20 million kilowatts** by 2027 and over **50 million kilowatts** by 2030[63](index=63&type=chunk) - As the total installed capacity of new energy continues to increase, the company's key business segment O&M demand will continue to grow, and new energy, virtual power plant, and other business segments are accelerating integrated development, with broad future prospects[63](index=63&type=chunk) [2. Analysis of Core Competencies](index=17&type=section&id=2.%20Analysis%20of%20Core%20Competencies) Runjian Co., Ltd.'s core competencies include strong R&D and rapid industry model development capabilities, massive industry data accumulation, leading AI model and computing power services, extensive application scenarios, and a platform-based organizational advantage for rapid market response - The company has established **6 global R&D bases** and **15 R&D centers**, with over **1,500 R&D personnel**, approximately **900 million yuan** in R&D investment over the past three years, and over **800 intellectual property rights** including patents and software copyrights[65](index=65&type=chunk) - The company developed the proprietary "'QuChi' Artificial Intelligence Open Platform," incorporating large language model capabilities, focusing on generating intelligent algorithms in various visual, voice, and text domains, accelerating the construction of integrated software-hardware industry solutions[65](index=65&type=chunk) - The company's **20+ years** of O&M experience have accumulated massive proprietary sample data, with millions to hundreds of millions of datasets in communication networks, digital networks, and energy networks, providing a solid foundation for AI algorithm development[66](index=66&type=chunk) - The company provides integrated AI model and computing power services, including computing power leasing, construction and maintenance, data governance, training, fine-tuning, and algorithm toolkits, and is building the Runjian Co., Ltd. Intelligent Computing Power Center[67](index=67&type=chunk) - The company's business covers multiple fields such as communication, new energy, policing, urban management, education, and rural revitalization, with digital products covering **12 product series** and **65 application scenarios**, and service outlets covering **29 key provinces**, **200 cities**, and **1,200 counties**, possessing extensive application scenarios and localized channel access[68](index=68&type=chunk) [3. Analysis of Principal Business](index=19&type=section&id=3.%20Analysis%20of%20Principal%20Business) In the first half of 2025, Runjian Co., Ltd. continued to implement its AI strategy, achieving operating revenue of **4.867 billion yuan**, a 10.02% year-on-year increase, but net profit decreased by 83.37% - In the first half of 2025, the company achieved operating revenue of **4.867 billion yuan**, maintaining industry-leading business scale, and net profit of **39.23 million yuan**, with net profit after deducting the impact of share-based payments at **129.5595 million yuan**[71](index=71&type=chunk) - Communication network business fully promoted AI empowerment, with the communication O&M industry model officially launched and operating after filing with the Ministry of Industry and Information Technology; in the first half, it won multiple centralized procurement projects from China Mobile and China Unicom, steadily increasing market share[71](index=71&type=chunk) - Digital network business, based on the "QuChi" platform, incubated over **100 intelligent agent applications**, with commercial application of AI technology becoming a major driver, and AI application revenue proportion continuously increasing[71](index=71&type=chunk) - Energy network business saw new energy management and O&M total capacity rapidly increase to over **23 GW**, with rapid growth in integrated energy business and virtual power plant business[71](index=71&type=chunk) - Computing power network business saw continuous increase in outstanding computing power scale and achieved high-speed growth; overseas business focused on AI application export, intelligent computing center services in the ASEAN region, and new energy business, having participated in **24 computing center technical service projects** in ASEAN countries like Malaysia and Indonesia, achieving high-speed business growth[72](index=72&type=chunk) Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,866,724,463.80 | 4,423,668,138.51 | 10.02% | Primarily due to rapid growth in computing power network and energy network businesses | | Operating Cost | 4,210,801,988.60 | 3,682,239,658.47 | 14.35% | Primarily due to increased cost input corresponding to operating revenue growth | | Selling Expenses | 146,510,957.25 | 126,141,643.57 | 16.15% | Primarily due to increased share-based payment expenses during the reporting period | | Administrative Expenses | 115,808,204.92 | 140,862,487.30 | -17.79% | Primarily due to strengthened cost control and improved operational efficiency, resulting in reduced associated expenses | | Financial Expenses | 19,792,666.42 | -8,438,679.44 | 334.55% | Primarily due to increased bank loans to meet operational needs as business volume expanded, leading to higher loan interest | | R&D Investment | 170,961,463.31 | 166,170,983.27 | 2.88% | Primarily due to increased R&D investment to enhance competitive advantage and increased share-based payment expenses for R&D personnel during the reporting period | | Net Cash Flow from Operating Activities | -2,526,858,758.09 | -2,398,869,794.36 | -5.34% | Primarily due to investments in new business segments like computing power and energy, with customer collections concentrated in the second half of the year | | Net Cash Flow from Investing Activities | -717,605,153.56 | -214,003,473.35 | -235.32% | Primarily due to purchase of wealth management products during the reporting period | | Net Cash Flow from Financing Activities | 2,669,396,153.40 | 1,448,944,570.24 | 84.23% | Primarily due to increased bank loans to meet operational needs during the reporting period | | Net Increase in Cash and Cash Equivalents | -575,037,126.02 | -1,164,495,656.15 | 50.62% | Primarily due to investments in new business segments like computing power and energy, with customer collections concentrated in the second half of the year | Operating Revenue Composition (by Product) | Product Segment | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Communication Network Business | 2,120,590,133.82 | 43.57% | 2,076,965,220.42 | 46.95% | 2.10% | | Information Network Business | 1,065,837,372.23 | 21.90% | 1,341,432,064.38 | 30.32% | -20.54% | | Energy Network Business | 1,331,577,963.79 | 27.36% | 779,608,510.70 | 17.62% | 70.80% | | Computing Power Network Business | 345,421,592.04 | 7.10% | 225,373,780.28 | 5.09% | 53.27% | | Other Businesses | 3,297,401.92 | 0.07% | 288,562.73 | 0.01% | 1,042.70% | Composition of Principal Business Costs | Cost Component | Current Reporting Period Amount (Yuan) | Proportion of Operating Cost | Prior Year Period Amount (Yuan) | Proportion of Operating Cost | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Employee Compensation | 394,359,875.08 | 9.37% | 229,421,232.84 | 6.23% | 71.89% | | Outsourcing Fees | 1,843,291,670.38 | 43.80% | 1,763,663,837.88 | 47.90% | 4.51% | | Technical Service Fees | 650,918,752.25 | 15.47% | 587,005,141.94 | 15.94% | 10.89% | | Material Costs | 1,166,473,084.60 | 27.70% | 953,518,299.50 | 25.90% | 22.33% | | Indirect Costs | 153,858,615.02 | 3.66% | 148,237,751.11 | 4.03% | 3.79% | | Total | 4,208,901,997.33 | 100.00% | 3,681,846,263.27 | 100.00% | 14.31% | - **Employee compensation** increased by **71.89%** year-on-year, primarily due to the company's efforts to enhance project delivery and service capabilities, a higher proportion of software delivery personnel in digital network and computing power network segments, and talent acquisition in AI and computing power to improve independent delivery capabilities[80](index=80&type=chunk) [4. Analysis of Non-Principal Business](index=22&type=section&id=4.%20Analysis%20of%20Non-Principal%20Business) Non-principal business significantly impacted the company's total profit, with asset impairment and credit impairment losses together exceeding negative 600% of total profit, mainly due to inventory write-downs, contract asset impairment, and bad debt provisions for receivables Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -3,364,816.52 | -12.02% | Primarily investment losses from associate companies recognized under equity method during the reporting period | No | | Fair Value Change Gains and Losses | 549,027.52 | 1.96% | Primarily fair value changes of wealth management products during the reporting period | No | | Asset Impairment | -65,816,079.49 | -235.13% | Primarily inventory write-downs and contract asset impairment losses accrued based on prudence principle during the reporting period | Yes | | Non-Operating Income | 316,285.04 | 1.13% | Primarily compensation for breach of contract received during the reporting period | No | | Non-Operating Expenses | 4,584,126.14 | 16.38% | Primarily donation expenses during the reporting period | No | | Other Income | 10,333,772.38 | 36.92% | Primarily government subsidies received during the reporting period | No | | Asset Disposal Gains | 773,320.75 | 2.76% | Primarily gains from disposal of fixed assets during the reporting period | No | | Credit Impairment Losses | -102,849,976.87 | -367.43% | Primarily bad debt provisions for accounts receivable accrued based on prudence principle during the reporting period | Yes | [5. Analysis of Assets and Liabilities](index=22&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets reached **20.432 billion yuan**, an increase of 16.26% from the end of the previous year, with monetary funds decreasing and borrowings significantly growing to meet operational needs Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,280,802,749.68 | 6.27% | 1,987,989,472.78 | 11.31% | -5.04% | Primarily due to increased investment in computing power and other business segments, with customer collections concentrated in the second half of the year | | Accounts Receivable | 6,991,707,662.08 | 34.22% | 6,054,131,732.23 | 34.45% | -0.23% | Primarily due to customer investment planning and annual budget factors, with collections relatively concentrated in the second half of the year | | Inventories | 2,639,456,098.42 | 12.92% | 1,920,761,023.15 | 10.93% | 1.99% | Primarily due to increased project reserves and computing power assets | | Short-Term Borrowings | 5,242,764,825.26 | 25.66% | 2,767,141,948.86 | 15.75% | 9.91% | Primarily due to increased bank loans to meet operational needs | | Contract Liabilities | 634,742,889.11 | 3.11% | 410,527,383.45 | 2.34% | 0.77% | Primarily due to advance payments for some projects not yet meeting revenue recognition conditions | | Long-Term Borrowings | 146,836,250.00 | 0.72% | 46,817,500.00 | 0.27% | 0.45% | Primarily due to increased bank loans to meet operational needs | | Notes Payable | 3,814,477,857.90 | 18.67% | 3,146,027,784.97 | 17.90% | 0.77% | Primarily due to settlement of payables with suppliers to rapidly advance project implementation during the reporting period | | Accounts Payable | 2,886,776,502.87 | 14.13% | 3,756,521,173.34 | 21.37% | -7.24% | Primarily due to settlement of payables with suppliers to rapidly advance project implementation during the reporting period | Asset Rights Restricted at Period End | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 18,134,951.22 | 18,134,951.22 | Pledge | Bank acceptance bill deposits, etc. | | Notes Receivable | 427,324,726.22 | 405,958,489.91 | Pledge | Bill discounting | | Fixed Assets | 294,645,216.28 | 294,645,216.28 | Finance Lease | Borrowings obtained through finance lease | | Intangible Assets | 41,041,859.27 | 41,041,859.27 | Mortgage | Borrowings obtained through mortgage | | Other Current Assets | 155,120,000.00 | 155,120,000.00 | Pledge | Pledge for issuing acceptance bills | | Other Non-Current Assets | 2,387,380,000.00 | 2,387,380,000.00 | Pledge | Pledge for issuing acceptance bills | | Non-Current Assets Due Within One Year | 1,352,057,965.02 | 1,352,057,965.02 | Pledge | Pledge for issuing acceptance bills | | Construction in Progress | 185,621,624.61 | 185,621,624.61 | Finance Lease | Borrowings obtained through finance lease | | Accounts Receivable | 15,349,145.25 | 13,509,431.23 | Pledge | Factoring finance | | Total | 4,876,675,487.87 | 4,853,469,537.54 | | | [6. Analysis of Investment Status](index=24&type=section&id=6.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment decreased significantly by 75.12% year-on-year, with raised funds primarily used for the Wuxiang Cloud Valley Intelligent Computing Center project, some projects delayed, and a portion of funds reallocated Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 39,228,368.77 | 157,661,000.00 | -75.12% | - The company's strategic investment, Yunzhisheng Intelligent Technology Co., Ltd., was listed on the Hong Kong Stock Exchange on **June 30, 2025**[93](index=93&type=chunk) - The company had no derivative investments during the reporting period[94](index=94&type=chunk) Overall Utilization of Raised Funds | Year of Raising | Method of Raising | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Total Raised Funds Used in Current Period (10,000 Yuan) | Total Raised Funds Cumulatively Used (10,000 Yuan) | Proportion of Raised Funds Used at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Public Issuance of Corporate Bonds | 109,000.00 | 108,022.30 | 5,605.97 | 95,893.58 | 88.77% | - As of **June 30, 2025**, the company's unused raised funds balance was **167.4701 million yuan**, which will be used for the Wuxiang Cloud Valley Cloud Computing Center project[97](index=97&type=chunk) - The raised fund investment project "Wuxiang Cloud Valley Cloud Computing Center Project" was partially delayed until the end of 2025 due to the need for gradual installation of cabinets based on customized customer requirements[100](index=100&type=chunk) - The company plans to reallocate **200 million yuan** of raised funds to the "Runjian Co., Ltd. Intelligent Computing Power Center Project" to provide P-level computing power node services to customers; this proposal has not yet been reviewed by the general meeting of shareholders[101](index=101&type=chunk) [7. Significant Asset and Equity Disposals](index=28&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not dispose of any significant assets or equity - The company did not dispose of significant assets during the reporting period[103](index=103&type=chunk) - The company did not dispose of significant equity during the reporting period[104](index=104&type=chunk) [8. Analysis of Major Holding and Associate Companies](index=28&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) During the reporting period, the company had no important holding or associate company information that required disclosure - The company had no important holding or associate company information requiring disclosure during the reporting period[104](index=104&type=chunk) [9. Structured Entities Controlled by the Company](index=28&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no controlled structured entities - The company had no controlled structured entities during the reporting period[105](index=105&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=28&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces market competition, major customer reliance, management challenges from rapid growth, technology and product updates, and goodwill impairment risks, which it addresses through technological advantages, business expansion, digital management, increased R&D, and strengthened post-investment management - The company's business involves multiple specialties such as communication, energy, and information, with numerous enterprises and fierce competition, posing a risk of impacting the company's profitability due to intense industry competition[106](index=106&type=chunk) - The company mitigates the risk of reliance on major customers by expanding different types of network O&M businesses (communication networks, energy networks, digital networks, computing power networks), with the proportion of communication network business continuously decreasing[106](index=106&type=chunk) - The company enhances management capabilities and operational efficiency, reducing management risks from rapid development, through standardized, regulated, and process-oriented management concepts combined with digital platforms and intelligent O&M equipment[107](index=107&type=chunk) - The company has established **6 R&D centers** and **15 R&D bases globally**, with over **1,500 R&D personnel**, approximately **900 million yuan** in R&D investment over the past three years, and over **1,000 intellectual property rights** including patents and software copyrights, to address risks of technology and product updates[108](index=108&type=chunk) - The company strives to improve merger and acquisition benefits and alleviate goodwill impairment pressure by strengthening acquisition cost control and post-investment management[108](index=108&type=chunk) [11. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=29&type=section&id=11.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[109](index=109&type=chunk) - The company has not disclosed a valuation enhancement plan[109](index=109&type=chunk) [12. Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=29&type=section&id=12.%20Implementation%20of%20'Quality%20and%20Return%20Dual%20Enhancement'%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[110](index=110&type=chunk) Part IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in 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 during the reporting period; refer to the 2024 annual report for details[111](index=111&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=30&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[112](index=112&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implemented a stock option and restricted stock incentive plan in the first half of 2025, granting stock options and restricted stock to **347 incentive recipients** and completing the registration of restricted stock grants - On **January 14, 2025**, the company's board of directors approved the "2025 Stock Option and Restricted Stock Incentive Plan (Draft)" and its summary[113](index=113&type=chunk) - On **March 14, 2025**, the company's board of directors approved the adjusted incentive plan, granting **4.98665 million stock options** to **347 incentive recipients** at an exercise price of **22.97 yuan/share**; and granting **4.98665 million restricted shares** at a grant price of **15.31 yuan/share**[115](index=115&type=chunk)[116](index=116&type=chunk) - The registration of restricted stock grants has been completed, with **2.252013 million shares** issued through private placement and **2.734637 million shares** from repurchased stock, both listed on **March 25, 2025**[116](index=116&type=chunk) [4. Environmental Information Disclosure](index=31&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[117](index=117&type=chunk) [5. Social Responsibility](index=31&type=section&id=5.%20Social%20Responsibility) Runjian Co., Ltd. upholds social responsibility, building a standardized management system for economic value, social benefits, and environmental protection, and actively fulfills its social responsibilities in corporate governance, green energy saving, cooperation, rights protection, and public welfare - The company continuously optimizes its governance structure, improves internal control systems, builds a comprehensive risk management system, and is committed to diverse, transparent, and smooth information disclosure, actively responding to stakeholder expectations[118](index=118&type=chunk) - The company deeply implements national "dual carbon" strategic goals, accelerating its transformation to the new energy sector, deeply cultivating clean energy fields such as photovoltaic and wind power, driven by intelligent O&M and smart operations, achieving energy savings of **15% to 30%**[118](index=118&type=chunk)[120](index=120&type=chunk) - The company adheres to the "customer-centric" service philosophy, establishing mutually beneficial partnerships with customers and suppliers to jointly promote supply chain collaborative innovation[120](index=120&type=chunk) - The company is committed to creating a diverse, equal, and inclusive work environment, providing market-competitive compensation and benefits, focusing on employee career development and growth, and building harmonious labor relations[121](index=121&type=chunk) - In the first half of 2025, the company's total public welfare investment was **3.3825 million yuan**, with cumulative public welfare activity hours reaching **11,376 hours**, including **3 million yuan** for student aid and **372,500 yuan** for rural revitalization; the company also participated in emergency rescue work for natural disasters, valued at **1.986 million yuan**[122](index=122&type=chunk) Part V Significant Matters [1. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=33&type=section&id=1.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%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 fulfilled or overdue by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no commitments fulfilled or overdue by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself[125](index=125&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=33&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[126](index=126&type=chunk) [3. Irregular External Guarantees](index=33&type=section&id=3.%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[127](index=127&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=33&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[128](index=128&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on 'Non-Standard Audit Report' for the Current Period](index=33&type=section&id=5.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanations%20on%20'Non-Standard%20Audit%20Report'%20for%20the%20Current%20Period) During the reporting period, there were no explanations from the board of directors or supervisory board regarding a "non-standard audit report" for the current period - During the reporting period, there were no explanations from the board of directors or supervisory board regarding a "non-standard audit report" for the current period[129](index=129&type=chunk) [6. Board of Directors' Explanations on 'Non-Standard Audit Report' for the Previous Year](index=33&type=section&id=6.%20Board%20of%20Directors'%20Explanations%20on%20'Non-Standard%20Audit%20Report'%20for%20the%20Previous%20Year) During the reporting period, there were no explanations from the board of directors regarding a "non-standard audit report" for the previous year - During the reporting period, there were no explanations from the board of directors regarding a "non-standard audit report" for the previous year[129](index=129&type=chunk) [7. Bankruptcy and Reorganization Matters](index=33&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters during the reporting period[129](index=129&type=chunk) [8. Litigation Matters](index=33&type=section&id=8.%20Litigation%20Matters) 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 current reporting period[130](index=130&type=chunk) - The company had no other litigation matters during the reporting period[130](index=130&type=chunk) [9. Penalties and Rectification Status](index=34&type=section&id=9.%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[131](index=131&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&type=section&id=10.%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[132](index=132&type=chunk) [11. Significant Related Party Transactions](index=34&type=section&id=11.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[132](index=132&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[133](index=133&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[135](index=135&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies[136](index=136&type=chunk) [12. Significant Contracts and Their Performance](index=35&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, but had significant guarantees for subsidiaries and outstanding wealth management balances - The company had no entrustment, contracting, or leasing situations during the reporting period[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Luoli Energy Technology Co., Ltd. | 1,000 | January 29, 2022 | 1,000 | 3 years | Yes | | Guangzhou Saihaoda Intelligent Technology Co., Ltd. | 1,000 | January 13, 2022 | 1,000 | 3 years | Yes | | Guangdong Boshen Consulting Co., Ltd. | 500 | March 04, 2022 | 47.5 | 3 years | Yes | | Guangzhou Xingguangyuan Power Design Co., Ltd. | 3,000 | February 16, 2022 | 0 | 3 years | Yes | | Guangzhou Saihaoda Intelligent Technology Co., Ltd. | 1,000 | December 07, 2022 | 800 | 5 years | No | | Guangzhou Luoli Energy Technology Co., Ltd. | 1,000 | February 03, 2023 | 1,000 | 3 years | No | | Guangzhou Xingguangyuan Power Design Co., Ltd. | 1,000 | June 20, 2023 | 1,000 | 3 years | No | | Wuxiang Cloud Valley Co., Ltd. | 70,000 | July 30, 2024 | 26,314.29 | 7 years | No | | Guangzhou Luoli Energy Technology Co., Ltd. | 1,000 | June 25, 2025 | 1,000 | 3 years | No | | Guangzhou Saihaoda Intelligent Technology Co., Ltd. | 1,000 | June 25, 2025 | 1,000 | 3 years | No | Total Guarantee Situation of the Company | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total Approved Guarantee Limit in Current Reporting Period | 0 | | Total Actual Guarantee Amount in Current Reporting Period | 2,000 | | Total Approved Guarantee Limit at End of Reporting Period | 147,226 | | Total Actual Guarantee Balance at End of Reporting Period | 33,161.79 | | Proportion of Actual Total Guarantee Amount to Company's Net Assets | 5.29% | | Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 33,161.79 | | Total of the Above Three Guarantee Amounts (D+E+F) | 33,161.79 | Wealth Management Situation | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Occurred (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 6.15 | 231.04 | 0 | | Brokerage Wealth Management Products | Own Funds | 1,500 | 1,200.04 | 0 | | Total | | 1,506.15 | 1,431.08 | 0 | - The company had no other significant contracts during the reporting period[148](index=148&type=chunk) [13. Explanation of Other Significant Matters](index=38&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[149](index=149&type=chunk) [14. Significant Matters of Company Subsidiaries](index=38&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company had no significant matters concerning its subsidiaries - The company had no significant matters concerning its subsidiaries during the reporting period[150](index=150&type=chunk) Part VI Share Changes and Shareholder Information [1. Share Change Situation](index=39&type=section&id=1.%20Share%20Change%20Situation) During the reporting period, the company's total share capital increased by **2,252,013 shares** to **284,083,084 shares** due to the implementation of an equity incentive plan, which diluted earnings per share and net assets per share Share Change Situation | Share Class | Quantity Before Change (Shares) | Proportion Before Change | Increase/Decrease in This Change (+, -) | Quantity After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 68,535,689 | 24.32% | 4,986,652 | 73,522,341 | 25.88% | | Shares held by domestic natural persons | 68,535,689 | 24.32% | 4,986,652 | 73,522,341 | 25.88% | | II. Unrestricted Shares | 213,295,382 | 75.68% | -2,734,639 | 210,560,743 | 74.12% | | RMB Ordinary Shares | 213,295,382 | 75.68% | -2,734,639 | 210,560,743 | 74.12% | | III. Total Shares | 281,831,071 | 100.00% | 2,252,013 | 284,083,084 | 100.00% | - The main reasons for share changes were the recalculation of transferable quotas for directors, supervisors, and senior management based on shares held at the end of the previous year, and the completion of restricted stock grant registration under the 2025 stock option and restricted stock incentive plan[154](index=154&type=chunk)[155](index=155&type=chunk) - The company completed a share repurchase on **July 25, 2023**, cumulatively repurchasing **2,734,637 shares**, accounting for **1.12%** of the total share capital, with a total transaction amount of **104.989453 million yuan**, all used for the grant of restricted stock under the 2025 stock option and restricted stock incentive plan[160](index=160&type=chunk)[161](index=161&type=chunk) - During the reporting period, the increase in the company's total share capital due to the implementation of the equity incentive plan diluted financial indicators such as earnings per share, diluted earnings per share, and net assets per share attributable to ordinary shareholders for the most recent year and period[162](index=162&type=chunk) [2. Securities Issuance and Listing](index=41&type=section&id=2.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance and listing - The company had no securities issuance and listing during the reporting period[164](index=164&type=chunk) [3. Number of Shareholders and Shareholding](index=41&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding) At the end of the reporting period, the company had **43,775 ordinary shareholders**, with Li Jianguo and his concerted action party holding a combined **29.49%** and **18.34%** respectively, making them major shareholders - At the end of the reporting period, the total number of ordinary shareholders was **43,775**[166](index=166&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | Pledged, Marked, or Frozen Status (Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Jianguo | Domestic Natural Person | 29.49% | 83,775,037 | 62,831,278 | 20,943,759 | 4,100,000 (Pledged) | | Xuzhou Hongzeyuantian Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 18.34% | 52,103,829 | 0 | 52,103,829 | 0 (N/A) | | Xu Wenjie | Domestic Natural Person | 1.52% | 4,326,423 | 3,244,817 | 1,081,606 | 0 (N/A) | | Liang Ji | Domestic Natural Person | 0.92% | 2,609,062 | 1,956,796 | 652,266 | 0 (N/A) | | China Merchants Bank Co., Ltd. - GF Value Core Mixed Securities Investment Fund | Other | 0.73% | 2,068,159 | 0 | 2,068,159 | 0 (N/A) | | Shanghai Pudong Development Bank Co., Ltd. - GF Small Cap Growth Mixed Securities Investment Fund (LOF) | Other | 0.71% | 2,016,200 | 0 | 2,016,200 | 0 (N/A) | | China Construction Bank Co., Ltd. - Invesco Great Wall Research Select Stock Investment Fund | Other | 0.70% | 1,980,000 | 0 | 1,980,000 | 0 (N/A) | | Industrial and Commercial Bank of China Co., Ltd. - Huaan Media Internet Mixed Securities Investment Fund | Other | 0.67% | 1,899,000 | 0 | 1,899,000 | 0 (N/A) | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.64% | 1,807,585 | 0 | 1,807,585 | 0 (N/A) | | Industrial and Commercial Bank of China Co., Ltd. - GF Innovation Upgrade Flexible Allocation Mixed Securities Investment Fund | Other | 0.62% | 1,772,000 | 0 | 1,772,000 | 0 (N/A) | - Li Jianguo and Xuzhou Hongzeyuantian Venture Capital Partnership (Limited Partnership) are parties acting in concert; Ms. Jiang Linbei is Mr. Li Jianguo's spouse and a co-actual controller of the company; Ms. Jiang Linbei is the general partner of Xuzhou Hongzeyuantian Venture Capital Partnership (Limited Partnership), and Mr. Li Jianguo is a limited partner, together holding **100%** of the partnership interests[167](index=167&type=chunk)[168](index=168&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, company director Fang Peihao's shareholding increased by **51,950 shares**, with a total of **251,950 shares** at period-end, including **51,950 restricted shares** granted Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (Shares) | Shares Increased in Current Period (Shares) | Shares Decreased in Current Period (Shares) | Shares Held at End of Period (Shares) | Number of Restricted Shares Granted at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fang Peihao | Director | Current | 200,000 | 51,950 | 0 | 251,950 | 51,950 | | Total | -- | -- | 200,000 | 51,950 | 0 | 251,950 | 51,950 | [5. Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[170](index=170&type=chunk) - The company's actual controller did not change during the reporting period[170](index=170&type=chunk) [6. Preferred Share Information](index=45&type=section&id=6.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[171](index=171&type=chunk) Part VII Bond-Related Information [Bond-Related Information](index=46&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[173](index=173&type=chunk) Part VIII Financial Report [1. Audit Report](index=47&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[175](index=175&type=chunk) [2. Financial Statements](index=47&type=section&id=2.%20Financial%20Statements) This section presents Runjian Co., Ltd.'s consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flows at the end of the reporting period - This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025[176](index=176&type=chunk) [1. Consolidated Balance Sheet](index=47&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **20.432 billion yuan**, with current assets of **15.844 billion yuan** and total liabilities of **14.146 billion yuan** Key Data from Consolidated Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 20,432,000,635.74 | | Total Current Assets | 15,844,181,450.09 | | Total Non-Current Assets | 4,587,819,185.65 | | Total Liabilities | 14,145,975,818.41 | | Total Current Liabilities | 13,596,390,671.72 | | Total Non-Current Liabilities | 549,585,146.69 | | Total Equity Attributable to Parent Company Owners | 6,273,916,320.49 | | Minority Interests | 12,108,496.84 | | Total Owners' Equity | 6,286,024,817.33 | [2. Parent Company Balance Sheet](index=50&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **19.361 billion yuan**, with current assets of **15.610 billion yuan** and total liabilities of **12.714 billion yuan** Key Data from Parent Company Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 19,361,167,777.87 | | Total Current Assets | 15,609,830,309.59 | | Total Non-Current Assets | 3,751,337,468.28 | | Total Liabilities | 12,713,796,110.51 | | Total Current Liabilities | 12,481,653,069.02 | | Total Non-Current Liabilities | 232,143,041.49 | | Total Owners' Equity | 6,647,371,667.36 | [3. Consolidated Income Statement](index=52&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **4.867 billion yuan**, and net profit attributable to parent company shareholders was **39.2324 million yuan**, a year-on-year decrease of 83.37% Key Data from Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | I. Total Operating Revenue | 4,866,724,463.80 | | II. Total Operating Costs | 4,674,089,976.57 | | III. Operating Profit | 32,259,735.00 | | IV. Total Profit | 27,991,893.90 | | V. Net Profit | 17,019,365.82 | | Net Profit Attributable to Parent Company Shareholders | 39,232,432.63 | | Minority Interest Income/Loss | -22,213,066.81 | | VII. Total Comprehensive Income | 17,111,336.71 | | Total Comprehensive Income Attributable to Parent Company Owners | 39,290,042.02 | | VIII. Earnings Per Share: Basic Earnings Per Share | 0.14 | | VIII. Earnings Per Share: Diluted Earnings Per Share | 0.14 | [4. Parent Company Income Statement](index=54&type=sectio

深圳英飞拓科技股份有限公司 2025 年半年度报告全文 深圳英飞拓科技股份有限公司 2025 年半年度报告 2025 年 08 月 1 深圳英飞拓科技股份有限公司 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。 公司负责人刘肇怀、主管会计工作负责人张军威及会计机构负责人(会计主管人员)张 军威声明：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。 本报告中涉及的发展战略、未来发展规划等前瞻性陈述，属于公司计划性事务，不构 成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应 当理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 深圳英飞拓科技股份有限公司 2025 年半年度报告全文 公司请投资者认真阅读本报告全文，并特别注意下列风险因素： 1．持续经营能力风险 公司聘请中兴华会计师事务所（特殊普通合伙）为公司 2 ...

浙江巍华新材料股份有限公司2025 年半年度报告 公司代码：603310 公司简称：巍华新材 浙江巍华新材料股份有限公司 2025 年半年度报告 1 / 177 浙江巍华新材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人吴江伟、主管会计工作负责人任安立及会计机构负责人（会计主管人员）金孝 灵声明：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 本报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺。敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报 ...