广州维力医疗器械股份有限公司2025 年半年度报告 公司代码：603309 公司简称：维力医疗 广州维力医疗器械股份有限公司 2025 年半年度报告 1 / 152 广州维力医疗器械股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人韩广源、主管会计工作负责人祝一敏及会计机构负责人（会计主管人员）祝一 敏声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 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 ...

上海沿浦精工科技（集团）股份有限公司2025 年半年度报告 公司代码：605128 公司简称：上海沿浦 上海沿浦精工科技（集团）股份有限公司 2025 年半年度报告 1 / 237 上海沿浦精工科技（集团）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、 公司负责人周建清、主管会计工作负责人秦艳芳及会计机构负责人（会计主管人员）周建 明声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司 ...

哈尔滨东安汽车动力股份有限公司2025 年半年度报告 公司代码：600178 公司简称：东安动力 哈尔滨东安汽车动力股份有限公司 2025 年半年度报告 1 / 138 哈尔滨东安汽车动力股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈笠宝、主管会计工作负责人王向坤及会计机构负责人（会计主管人员）管乐 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度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 ，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 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示%E3%80%81目录和释义) The company's board and management guarantee report accuracy, with no planned dividend distribution for H1 2025 - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[5](index=5&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions for the first half of 2025[6](index=6&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company and its key financial performance during the reporting period [Company Profile and Contact Information](index=6&type=section&id=一%E3%80%81公司简介) Zhonglan Environmental Technology Co., Ltd. (stock code: 300854), listed on SZSE, maintained consistent contact information and disclosure locations during the reporting period Item | Information | :--- | :--- | | Stock Abbreviation | Zhonglan Environmental | | Stock Code | 300854 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Ge Fang | [Key Accounting Data and Financial Indicators](index=7&type=section&id=四%E3%80%81主要会计数据和财务指标) During the reporting period, revenue decreased by **3.68%** to **291.02 million Yuan**, and net profit attributable to shareholders significantly dropped by **55.05%** to **5.63 million Yuan**, while operating cash flow improved by **98.50%** Key Financial Indicator | Current Period | Prior Period | YoY Change | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 291,015,026.02 | 302,132,562.21 | -3.68% | | Net Profit Attributable to Shareholders (Yuan) | 5,628,043.96 | 12,520,374.67 | -55.05% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (Yuan) | 2,875,104.03 | 9,215,077.37 | -68.80% | | Net Cash Flow from Operating Activities (Yuan) | -1,379,581.32 | -92,168,413.53 | 98.50% | | Basic Earnings Per Share (Yuan/share) | 0.06 | 0.13 | -53.85% | | Weighted Average Return on Net Assets | 0.57% | 1.27% | -0.70 percentage points | | Total Assets (Yuan) | 1,626,941,509.55 | 1,691,777,730.54 | -3.83% (vs. end of prior year) | | Net Assets Attributable to Shareholders (Yuan) | 984,070,595.05 | 990,766,594.52 | -0.68% (vs. end of prior year) | [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=六%E3%80%81非经常性损益项目及金额) Non-recurring gains and losses totaled **2.75 million Yuan**, primarily from fair value changes and disposal gains of financial assets, while VAT refunds were classified as recurring income Item | Amount (Yuan) | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | 394,752.92 | | Government Grants Included in Current Profit/Loss | 116,924.18 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities | 2,778,146.97 | | Other Non-Operating Income and Expenses | -243,839.08 | | **Total** | **2,752,939.93** | [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides a comprehensive analysis of the company's operations, financial performance, and future outlook [Principal Business and Operating Model](index=9&type=section&id=一%E3%80%81报告期内公司从事的主要业务) The company is a high-tech enterprise specializing in solid waste pollution prevention, offering services across pollution isolation, ecological restoration, renewable resource utilization, and landfill operations through project contracting and operation models - Company core business segments include: - **Pollution Isolation Systems**: Applied in domestic, industrial, and hazardous waste disposal to prevent pollutant migration - **Ecological Environment Restoration**: Focuses on sealing and ecological restoration of closed, irregular, or old landfills to restore land value - **Renewable Resource Utilization**: Primarily biogas power generation, achieving reduction, harmlessness, and resource utilization of landfill gas - **Landfill Integrated Operations**: Provides refined operational management services for domestic waste and incineration fly ash landfills[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - In H1 2025, the company secured multiple new projects in pollution isolation systems and ecological environment restoration, demonstrating continuous market expansion capability[31](index=31&type=chunk)[33](index=33&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=二%E3%80%81核心竞争力分析) The company's core competitiveness stems from continuous R&D, nationwide presence, integrated technical and operational services, and extensive project experience, evidenced by new patents and provincial methods - The company is a national high-tech enterprise, possessing the "Guangdong Provincial Solid and Hazardous Waste Pollution Isolation and Anti-Seepage System Engineering Technology Research Center," participating in over 10 industry standards, and forming a full-产业链 technology system centered on ecological landfill integration technology[44](index=44&type=chunk)[45](index=45&type=chunk) - The company has established a service network covering six major regions nationwide (North China, East China, Central China, South China, Southwest, Northwest), with 2 R&D centers and 44 branches/subsidiaries, providing rapid response localized services to clients across the country[46](index=46&type=chunk) - With over 20 years of industry experience, the company's core technologies have been successfully applied in over 700 projects across 31 domestic provinces/cities and "Belt and Road" countries, demonstrating mature management and quality assurance advantages[49](index=49&type=chunk) [Analysis of Principal Business](index=13&type=section&id=三%E3%80%81主营业务分析) During the reporting period, operating revenue slightly decreased by **3.68%**, but net profit significantly declined due to substantial increases in credit impairment losses and asset impairment losses, while sales revenue grew by **484.98%** Key Financial Data | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | Reason for Change | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 6,006,237.32 | 8,171,650.77 | -26.50% | Strict cost control, reduced entertainment, personnel, and travel expenses | | Financial Expenses | -103,396.70 | 63,110.52 | -263.83% | Reduced exchange gains/losses | | R&D Investment | 16,917,902.44 | 15,047,814.78 | 12.43% | Increased R&D investment in projects | | Credit Impairment Loss | -3,977,212.47 | 449,335.23 | -985.13% | Increased provision for bad debts on accounts receivable YoY | | Asset Impairment Loss | -13,271,421.29 | -6,182,288.56 | -114.67% | Increased provision for impairment of contract assets YoY | By Product or Service | Operating Revenue (Yuan) | YoY Change in Operating Revenue | Gross Margin | :--- | :--- | :--- | :--- | | Pollution Isolation Systems | 41,795,328.71 | -48.88% | 22.92% | | Ecological Environment Restoration | 163,625,196.33 | -13.39% | 24.40% | | Sales | 48,422,931.10 | 484.98% | 31.46% | [Analysis of Non-Principal Business](index=15&type=section&id=四%E3%80%81非主营业务分析) During the reporting period, the company's total profit was severely impacted by asset and credit impairment losses, which collectively contributed over **400%** negatively, while investment income and fair value changes were primary but unsustainable non-principal business profit sources Item | Amount (Yuan) | Share of Total Profit | Reason for Formation | :--- | :--- | :--- | :--- | | Investment Income | 1,921,315.66 | 44.78% | Mainly from equity investment income and bank wealth management income | | Fair Value Change Gains/Losses | 993,950.34 | 23.17% | Mainly due to rising stock prices of held shares and accrued unexpired wealth management income | | Credit Impairment Loss | -3,977,212.47 | -92.70% | Mainly due to provision for impairment of accounts receivable | | Asset Impairment Loss | -13,271,421.29 | -309.32% | Mainly due to provision for impairment of contract assets | [Analysis of Assets and Liabilities](index=15&type=section&id=五%E3%80%81资产及负债状况分析) As of the end of the reporting period, total assets were **1.63 billion Yuan**, a **3.83%** decrease from year-end, with contract assets and accounts receivable comprising **64.06%**, indicating significant capital tied up in projects and slow collection - Contract assets and accounts receivable are the company's primary assets, collectively accounting for **64.06% of total assets**, reflecting the significant capital tied up in the company's business model[59](index=59&type=chunk) Restricted Asset Item | Period-End Book Value (Yuan) | Reason for Restriction | :--- | :--- | :--- | | Cash and Bank Balances | 25,807,482.82 | Bank acceptance bills, letter of guarantee deposits, and judicial freezing | | Fixed Assets | 8,897,349.45 | Credit mortgage | | **Total** | **34,704,832.27** | | [Investment Analysis](index=17&type=section&id=六%E3%80%81投资状况分析) During the reporting period, the company's investment decreased by **44.49%** to **611.00 million Yuan**, primarily in rolling bank wealth management products, with **84.20%** of net proceeds from fundraising utilized for working capital and R&D projects - Investment during the reporting period was **611.00 million Yuan**, a **44.49% decrease** from **1.10 billion Yuan** in the prior period[64](index=64&type=chunk) - Net proceeds from fundraising were **198.00 million Yuan**, with **167.00 million Yuan** cumulatively used, representing an **84.20% utilization rate**; unused funds are planned for the "Solid Waste Low-Carbon Key Technologies and Industrial Digital Transformation and Upgrade Management Research Project"[67](index=67&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Risks and Countermeasures](index=21&type=section&id=十%E3%80%81公司面临的风险和应对措施) The company faces key operating risks including policy changes, intensified competition, accounts receivable collection difficulties, macroeconomic uncertainties, raw material price volatility, and liquidity pressure, which it addresses through market research and strengthened accounts receivable management - The company's principal risks include: - **Policy Risk**: The environmental protection industry is highly susceptible to national and local industrial policies - **Competition Risk**: Increased market competition may lead to customer loss and market share decline - **Collection Risk**: Large accounts receivable balances and changes in customer payment ability may result in bad debt risk - **Macroeconomic Risk**: Uncertainties during economic recovery impact business expansion and project collection - **Cost Risk**: Key raw materials are petrochemical downstream products, with prices fluctuating with crude oil prices - **Liquidity Risk**: Significant capital tied up in accounts receivable and inventory, posing working capital pressure if not collected promptly[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=第四节%20公司治理%E3%80%81环境和社会) This section details the company's corporate governance structure, environmental initiatives, and social responsibility efforts [Corporate Governance Status](index=24&type=section&id=一%E3%80%81公司董事%E3%80%81监事%E3%80%81高级管理人员变动情况) During the reporting period, due to supervisory board reform, three supervisors resigned, and one employee representative director was elected; the company plans no profit distribution or capital reserve conversion for the half-year period Name | Position Held | Type | Date | Reason | :--- | :--- | :--- | :--- | :--- | | Yan Gaoming | Chairman of Supervisory Board | Resigned | 2025-05-22 | Supervisory board reform | | Yao Pengle | Supervisor | Resigned | 2025-05-22 | Supervisory board reform | | Zhang Xin | Employee Representative Supervisor | Resigned | 2025-05-22 | Supervisory board reform | | Zhang Xin | Employee Representative Director | Elected | 2025-06-23 | Work transfer | [Implementation of Equity Incentive Plans](index=24&type=section&id=三%E3%80%81公司股权激励计划%E3%80%81员工持股计划或其他员工激励措施的实施情况) The company continued to advance its 2023 restricted stock incentive plan, initiating repurchase and cancellation procedures for **974,750 restricted shares** due to partial performance targets not being met - Due to the company-level performance targets not being met for the second vesting period of the 2023 restricted stock incentive plan's initial grant and the first vesting period of the reserved grant, the company plans to repurchase and cancel a total of **974,750 restricted shares**[96](index=96&type=chunk) [Social Responsibility](index=26&type=section&id=五%E3%80%81社会责任情况) During the reporting period, the company actively fulfilled its social responsibilities by enhancing corporate governance, protecting employee rights, promoting green development in core businesses, and engaging in public welfare initiatives - The company actively fulfills its social responsibilities, covering four aspects: shareholders, employees, environment, and public welfare[98](index=98&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - In 2025, the company donated **0.20 million Yuan** to the Beautiful Shenzhen Foundation and **0.03 million Yuan** to the Shenzhen Charity Federation, supporting public welfare development[102](index=102&type=chunk) [Significant Matters](index=27&type=section&id=第五节%20重要事项) This section outlines significant events and commitments impacting the company during the reporting period [Fulfillment of Commitments](index=27&type=section&id=一%E3%80%81公司实际控制人%E3%80%81股东%E3%80%81关联方%E3%80%81收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, the company and related parties strictly adhered to all commitments made during the initial public offering and equity incentive, with some long-term commitments still ongoing and no overdue unfulfilled cases - Commitments made by the company and related parties, including share lock-up, stock price stabilization, information disclosure, and profit distribution, are all being fulfilled as planned[104](index=104&type=chunk)[108](index=108&type=chunk)[111](index=111&type=chunk) [Significant Litigation and Arbitration Matters](index=38&type=section&id=八%E3%80%81诉讼事项) The company has a significant contract dispute lawsuit involving an amount of **149.00 million Yuan**, which is currently in the second-instance stage after both parties appealed the first-instance judgment, with uncertain final financial impact Plaintiff/Petitioner | Opposing Party | Amount Involved (Million Yuan) | Litigation Progress | :--- | :--- | :--- | :--- | | Company and wholly-owned subsidiary Wuhan Zhongzhilan | Wuhan Huanto Solid Waste Operations Co., Ltd. etc | 148.77 | First instance judgment rendered, second instance hearing held, awaiting further court notice or judgment | [Significant Contracts and Their Performance](index=39&type=section&id=十二%E3%80%81重大合同及其履行情况) During the reporting period, the company disclosed several ongoing significant daily operating contracts for environmental projects in various locations; while some projects are nearing completion, substantial amounts remain unsettled or uncollected, reflecting long business collection cycles Client Name | Total Contract Amount (Million Yuan) | Contract Performance Progress | Accumulated Recognized Revenue (Million Yuan) | Accounts Receivable Collection Status (Million Yuan) | :--- | :--- | :--- | :--- | :--- | | Haikou City Urban Construction Investment Group Co., Ltd. | 395.03 | 92.38% | 334.79 | 258.21 | | Shaanxi Environmental Hongrun Solid Waste Disposal Co., Ltd. | 133.28 | 98.89% | 110.03 | 58.94 | | Zhejiang Jiangnan Engineering Management Co., Ltd. | 285.06 | 36.59% | 95.70 | 61.19 | | Shaanxi Deqi Environmental Co., Ltd. | 294.36 | 0.00% | 0.00 | 0 | [Other Significant Matters](index=41&type=section&id=十三%E3%80%81其他重大事项的说明) During the reporting period, the company issued several important announcements, including performance forecasts, bid winning notifications, re-certification as a high-tech enterprise, shareholder reduction plans, and the implementation of the 2024 annual equity distribution - Significant announcements include: - **2024 Annual Performance Forecast** (2025-01-24) - **Re-certification as National High-Tech Enterprise** (2025-03-08) - **Shareholder Share Reduction Plan** (2025-03-11, 2025-05-17) - **Repurchase and Cancellation of Restricted Shares** (2025-05-22) - **Implementation of 2024 Annual Equity Distribution** (2025-05-28)[135](index=135&type=chunk) [Share Changes and Shareholder Information](index=42&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Changes](index=42&type=section&id=一%E3%80%81股份变动情况) During the reporting period, the company's total share capital remained largely unchanged, with a decrease of **40,000 restricted shares** and a corresponding increase in unrestricted shares due to executive share unlocking Share Type | Before This Change (Shares) | Change (Shares) | After This Change (Shares) | :--- | :--- | :--- | :--- | | I. Restricted Shares | 19,742,625 | -40,000 | 19,702,625 | | II. Unrestricted Shares | 81,300,875 | +40,000 | 81,340,875 | | **III. Total Shares** | **101,043,500** | **0** | **101,043,500** | [Shareholder Count and Shareholding Information](index=44&type=section&id=三%E3%80%81公司股东数量及持股情况) As of the end of the reporting period, the company had **8,569 common shareholders**, with Ge Fang (**22.61%**), Kong Xiongjun (**13.29%**), and Liu Qingsong (**10.41%**) as the top three, and Ge Fang and Kong Xiongjun acting in concert as actual controllers Shareholder Name | Shareholding Percentage | Period-End Shareholding (Shares) | :--- | :--- | :--- | | Ge Fang | 22.61% | 22,847,500 | | Kong Xiongjun | 13.29% | 13,433,500 | | Liu Qingsong | 10.41% | 10,515,000 | | Shenzhen Zhonglan Futong Investment Partnership (Limited Partnership) | 2.14% | 2,160,700 | | Kong Lijun | 2.03% | 2,054,600 | - Shareholder Ge Fang and Kong Xiongjun are married and are the company's actual controllers; Shenzhen Zhonglan Futong Investment Partnership (Limited Partnership) is controlled by Kong Xiongjun, and these three parties have a concerted action relationship[145](index=145&type=chunk) [Bond-Related Information](index=48&type=section&id=第七节%20债券相关情况) This section provides an overview of the company's bond-related activities and status - During the reporting period, the company had no bond-related matters requiring disclosure[151](index=151&type=chunk) [Financial Report](index=49&type=section&id=第八节%20财务报告) This section presents the company's unaudited financial statements and related notes for the reporting period [Financial Statement Summary](index=49&type=section&id=二%E3%80%81财务报表) The company's unaudited half-year financial report shows a slight decrease in total assets and liabilities, largely flat revenue but significantly declined net profit due to increased impairment losses, and improved operating cash flow Consolidated Balance Sheet Summary (Yuan) | Item | Period-End Balance | Beginning Balance | | :--- | :--- | :--- | | Total Assets | 1,626,941,509.55 | 1,691,777,730.54 | | Total Liabilities | 622,139,414.41 | 679,926,672.15 | | Total Equity Attributable to Parent Company Owners | 984,070,595.05 | 990,766,594.52 | Consolidated Income Statement Summary (Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 291,015,026.02 | 302,132,562.21 | | Operating Profit | 4,812,500.83 | 11,080,708.53 | | Total Profit | 4,290,537.49 | 8,624,632.82 | | Net Profit | 5,275,080.18 | 10,302,194.71 | | Net Profit Attributable to Parent Company Shareholders | 5,628,043.96 | 12,520,374.67 | Consolidated Cash Flow Statement Summary (Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,379,581.32 | -92,168,413.53 | | Net Cash Flow from Investing Activities | 20,561,203.68 | 54,142,022.19 | | Net Cash Flow from Financing Activities | -15,318,611.50 | -8,296,387.33 | | Net Increase in Cash and Cash Equivalents | 3,698,987.03 | -46,318,646.65 | [Notes to Consolidated Financial Statements Summary](index=92&type=section&id=七%E3%80%81合并财务报表项目注释) Financial statement notes indicate large accounts receivable and contract asset balances with significant provisions, which are key factors affecting current profit, and ecological environment restoration is the largest revenue source, accounting for approximately **68.7%** of principal business revenue - Accounts receivable balance at period-end was **476.00 million Yuan**, with bad debt provisions of **126.00 million Yuan**; contract assets balance was **788.00 million Yuan**, with impairment provisions of **96.00 million Yuan**; large accounts receivable and contract asset impairments were the primary reasons for the net profit decline[332](index=332&type=chunk)[343](index=343&type=chunk) Composition of Principal Business Revenue (Yuan) | Business Type | Revenue Amount | | :--- | :--- | | Ecological Environment Restoration | 163,625,196.33 | | Pollution Isolation Systems | 41,795,328.71 | | Landfill Integrated Operations | 28,707,750.35 | | Renewable Resource Utilization | 7,900,246.23 | [Supplementary Information](index=161&type=section&id=二十%E3%80%81补充资料) During the reporting period, the company's net profit after deducting non-recurring gains and losses was **2.88 million Yuan**, with a weighted average return on net assets of **0.29%**, and non-recurring gains primarily stemmed from financial asset fair value changes and disposal gains Current Period Non-Recurring Gains and Losses Details (Yuan) | Item | Amount | | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | 394,752.92 | | Government Grants | 116,924.18 | | Financial Asset Related Gains/Losses | 2,778,146.97 | | Other Non-Operating Income/Expenses | -243,839.08 | | Less: Income Tax and Minority Interest Impact | -293,045.06 | | **Total** | **2,752,939.93** | Return on Net Assets and Earnings Per Share | Profit for the Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 0.57% | 0.06 | | Net Profit Attributable to Common Shareholders After Non-Recurring Items | 0.29% | 0.03 |

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, defines key terms, and outlines the report's structure [Important Notice](index=2&type=section&id=Important%20Notice) The company's management guarantees the report's accuracy, while forward-looking statements are not commitments, and no profit distribution is planned for the period - Company management guarantees the truthfulness, accuracy, and completeness of the report[3](index=3&type=chunk) - The company highlighted multiple risks including market competition, rising labor costs, declining gross profit margins, new product R&D, goodwill impairment, and loss of core technical personnel[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions for this semi-annual period[4](index=4&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, including company entities, reporting period, industry-specific, financial, and legal terminology, essential for understanding the report - The reporting period is defined as January 1, 2025, to June 30, 2025[9](index=9&type=chunk) - Core technologies and products such as motion control systems, CNC machine tools, engraving machines, and laser cutting are defined[9](index=9&type=chunk)[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's background and presents its key financial performance metrics for the reporting period [Company Profile](index=7&type=section&id=Company%20Profile) Shanghai Weihong Electronic Technology Co., Ltd., listed on the Shenzhen Stock Exchange, specializes in R&D, production, and sales of industrial motion control systems Company Information | Item | Content | | :--- | :--- | | **Stock Abbreviation** | Weihong Shares | | **Stock Code** | 300508 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Legal Representative** | Tang Tongkui | [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue grew by 9.51% to **RMB 260 million**, while net profit attributable to shareholders decreased by 28.86% to **RMB 29.248 million**, despite a 257.05% increase in operating cash flow Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 260,197,176.18 | 237,610,268.38 | 9.51% | | **Net Profit Attributable to Shareholders (RMB)** | 29,247,939.69 | 41,110,699.04 | -28.86% | | **Net Profit Attributable to Shareholders After Non-recurring Items (RMB)** | 29,023,839.35 | 32,362,776.70 | -10.32% | | **Net Cash Flow from Operating Activities (RMB)** | 47,645,748.08 | 13,344,461.55 | 257.05% | | **Basic Earnings Per Share (RMB/share)** | 0.2663 | 0.3768 | -29.33% | | **Weighted Average Return on Net Assets** | 3.72% | 5.65% | -1.93% | Non-recurring Gains and Losses | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | **Gains/Losses from Disposal of Non-current Assets** | 6,516,251.81 | Disposal of investment properties | | **Government Grants** | 3,667,910.97 | - | | **Fair Value Change Gains/Losses on Financial Assets** | -9,239,925.74 | Fluctuations in securities investment market value | | **Total** | **224,100.34** | - | [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the company's operations, financial performance, and strategic outlook for the reporting period [Principal Business](index=10&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of industrial motion control systems for CNC machine tools, utilizing a direct sales model and holding a leading position in niche markets - The company's principal business involves the R&D, production, and sales of industrial motion control systems, servo drive systems, and industrial IoT, primarily applied in CNC machine tools[27](index=27&type=chunk) - The company's main products are categorized into motion controllers (motion control cards and integrated motion controllers) and servo drives[28](index=28&type=chunk) - The company employs a direct sales model, with a production approach combining "in-house production + outsourced processing"[34](index=34&type=chunk)[37](index=37&type=chunk) - The company has achieved a leading competitive advantage in niche markets such as engraving, waterjet cutting, and laser cutting[39](index=39&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include proprietary high-precision motion control technology, strong brand presence, networked direct sales, rapid customized service, and a stable professional team - The company possesses high-speed, high-precision motion control technology for complex curved surfaces, being one of the few domestic enterprises to fully master this core technology[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - As of the end of the reporting period, the company and its subsidiaries cumulatively held **227 valid patents** (including **111 invention patents**) and **86 computer software copyrights**[44](index=44&type=chunk) - The company adopts a networked direct sales model, enabling direct customer engagement, ensuring pricing power, and providing fast, high-quality after-sales service[46](index=46&type=chunk) - The company possesses the ability to quickly meet personalized customer demands, establishing stable cooperative relationships through customized services[47](index=47&type=chunk)[48](index=48&type=chunk) [Analysis of Principal Business](index=14&type=section&id=III.%20Analysis%20of%20Principal%20Business) H1 2025 operating revenue grew **9.51%** to **RMB 260 million**, but net profit attributable to shareholders declined **28.86%** due to non-recurring items, despite growth across all business segments H1 2025 Performance Overview | Indicator | Amount (RMB) | YoY Growth | | :--- | :--- | :--- | | **Operating Revenue** | 260,197,176.18 | 9.51% | | **Net Profit Attributable to Shareholders** | 29,247,939.69 | -28.86% | | **Net Profit Attributable to Shareholders After Non-recurring Items** | 29,023,839.35 | -10.32% | - Revenue in all sub-segments achieved year-on-year growth: metal cutting market grew by **19%**, laser processing market by approximately **7%**, furniture decoration market by **6%**, and servo drive market by **15%**[53](index=53&type=chunk)[55](index=55&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) Operating Revenue by Product | Product | Operating Revenue (RMB) | Revenue YoY Growth | Gross Profit Margin | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Control Card** | 70,050,809.74 | 2.33% | 80.17% | -5.84% | | **Integrated Machine** | 146,651,030.28 | 17.24% | 47.78% | -3.74% | | **Driver** | 29,448,897.00 | -3.87% | 34.48% | 5.21% | - Financial expenses increased by **544.58%** year-on-year, primarily due to increased financing interest; fair value change gains decreased by **253.91%** year-on-year due to securities investment market value fluctuations; asset disposal gains significantly increased year-on-year due to the disposal of investment properties[61](index=61&type=chunk) [Analysis of Non-Principal Business](index=17&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal businesses significantly impacted profit, with **RMB -14.29 million** in fair value change losses from securities investments being the primary driver of profit decline, partially offset by asset disposal gains and government grants Key Non-Principal Business Profit and Loss Items | Item | Amount (RMB) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | **Investment Income** | 5,050,077.85 | 17.08% | Primarily bank wealth management and securities investment income | | **Fair Value Change Gains/Losses** | -14,290,003.59 | -48.34% | Primarily securities investment market value fluctuations | | **Asset Disposal Gains** | 6,516,251.81 | 22.04% | Primarily disposal of investment properties | | **Other Income** | 7,525,811.48 | 25.46% | Primarily government grants | [Analysis of Assets and Liabilities](index=18&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets reached **RMB 976 million**, growing **3.35%** from year-end, with increased proportions of accounts receivable and inventory, and decreased proportions of accounts receivable financing and investment properties - Total assets at period-end were **RMB 976 million**, an increase of **3.35%** from the end of the previous year; net assets attributable to shareholders were **RMB 790 million**, an increase of **2.15%**[18](index=18&type=chunk) - Accounts receivable as a percentage of total assets increased from **5.37%** to **8.82%**, and inventory proportion increased from **4.10%** to **6.75%**[70](index=70&type=chunk) - Accounts receivable financing proportion decreased from **5.78%** to **1.52%**, primarily due to net changes in notes receivable; investment properties were cleared due to disposal[70](index=70&type=chunk)[73](index=73&type=chunk) [Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company actively invested in financial assets and entrusted wealth management, with fair value financial assets totaling **RMB 246 million** and an outstanding entrusted wealth management balance of **RMB 70.9449 million** Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Fair Value Change Gains/Losses for the Period (RMB) | Period-end Amount (RMB) | | :--- | :--- | :--- | :--- | | **Stocks** | 106,815,521.19 | -13,883,932.20 | 176,227,783.60 | | **Others (Wealth Management)** | 105,379,115.64 | -406,071.39 | 69,799,297.99 | | **Total** | **212,194,636.83** | **-14,290,003.59** | **246,027,081.59** | Overview of Entrusted Wealth Management (Unit: RMB 10,000) | Specific Type | Entrusted Wealth Management Amount Incurred | Outstanding Balance | | :--- | :--- | :--- | | **Bank Wealth Management Products** | 6,134.82 | 5,294.49 | | **Brokerage Wealth Management Products** | 1,300 | 1,300 | | **Other Categories** | 500 | 500 | | **Total** | **7,934.82** | **7,094.49** | [Analysis of Major Holding and Participating Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries Nanjing Kaitong and Shanghai Weihong Intelligent reported net profits of **RMB 5.629 million** and **RMB 7.769 million** respectively, while Jiangsu Feima incurred a **RMB 11.034 million** loss due to securities investment volatility Performance of Major Subsidiaries (Unit: RMB) | Company Name | Net Profit | | :--- | :--- | | **Shanghai Weihong Intelligent Technology Co., Ltd.** | 7,769,416.84 | | **Nanjing Kaitong Automation Technology Co., Ltd.** | 5,628,773.46 | | **Jiangsu Feima Investment Management Co., Ltd.** | -11,033,864.84 | - During the reporting period, Shanghai Hengzhida Laser Technology Co., Ltd. (51% stake) was added as a new controlled subsidiary, contributing **RMB 15,878.29** to the company's net profit[84](index=84&type=chunk) - Weihong Intelligent's performance declined due to decreased revenue; Jiangsu Feima's performance declined due to fluctuations in securities investment market value[85](index=85&type=chunk) [Risks and Countermeasures](index=22&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including intensified market competition, rising costs, potential gross margin decline, R&D shortfalls, goodwill impairment, and talent loss, addressed by increased R&D, market expansion, and improved internal controls - Intensified market competition: The company will strengthen its industry position by increasing R&D investment and expanding its customer base[86](index=86&type=chunk) - Risk of declining gross profit margin: Servo drive products have lower gross profit margins, and their sales growth may reduce the overall gross profit margin[88](index=88&type=chunk) - Goodwill impairment risk: If subsidiary Nanjing Kaitong's future performance weakens, there remains a possibility of goodwill impairment[90](index=90&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental initiatives, and social responsibility efforts [Corporate Governance](index=25&type=section&id=Corporate%20Governance) The company elected a new independent director, plans no semi-annual profit distribution, and continues to implement restricted stock incentive plans for core employees - Independent Director Xu Liyun resigned, and Fan Liuqun was elected as the new independent director[96](index=96&type=chunk) - The company is implementing two phases of restricted stock incentive plans for 2023 and 2024 to retain core talent[98](index=98&type=chunk)[101](index=101&type=chunk) [Social Responsibility](index=28&type=section&id=Social%20Responsibility) The company actively fulfills social responsibilities by protecting stakeholders' rights and making donations to Qinghai earthquake relief and Sichuan Yibin education - The company strictly adheres to laws and regulations, ensuring truthful, accurate, and complete information disclosure, and communicates with investors through various channels[107](index=107&type=chunk) - In January 2025, the company donated **RMB 20,000** to the Minhang Representative Office of Shanghai Charity Foundation for Qinghai earthquake relief and **RMB 50,000** to the Yibin Education Foundation in Sichuan Province to support youth education[108](index=108&type=chunk) [Significant Matters](index=29&type=section&id=Item%205.%20Significant%20Matters) This section outlines key events and developments that occurred during the reporting period, impacting the company's operations and financial position [Explanation of Significant Matters](index=29&type=section&id=Explanation%20of%20Significant%20Matters) The company sold idle properties, cancelled **1,911,100** repurchased shares, and its subsidiary Nanjing Kaitong was re-certified as a high-tech enterprise, with no illegal guarantees or related-party issues - The company sold its self-owned office building located in Minhang, Shanghai, and completed the transfer procedures[133](index=133&type=chunk) - The company cancelled **1,911,100** repurchased shares, reducing total share capital from **109,836,120** shares to **107,925,020** shares[134](index=134&type=chunk) - Wholly-owned subsidiary Nanjing Kaitong Automation Technology Co., Ltd. was re-certified as a high-tech enterprise, valid for three years[133](index=133&type=chunk) - The company has no instances of controlling shareholder fund occupation, illegal external guarantees, or significant related-party transactions[111](index=111&type=chunk)[112](index=112&type=chunk)[117](index=117&type=chunk) [Share Changes and Shareholder Information](index=33&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Change Status](index=33&type=section&id=Share%20Change%20Status) Total share capital decreased from **109,836,120** to **107,925,020** shares due to the cancellation of **1,911,100** repurchased shares, affecting only unrestricted shares Share Change Status | Share Category | Quantity Before Change | Quantity After Change | Change in Quantity | | :--- | :--- | :--- | :--- | | **Restricted Shares** | 26,852,872 | 26,852,872 | 0 | | **Unrestricted Shares** | 82,983,248 | 81,072,148 | -1,911,100 | | **Total Share Capital** | **109,836,120** | **107,925,020** | **-1,911,100** | - The share change was due to the company changing the purpose of **1,911,100** shares in its special repurchase securities account to cancellation, which was completed on June 20, 2025[139](index=139&type=chunk)[140](index=140&type=chunk) [Shareholder Information](index=35&type=section&id=Shareholder%20Information) As of period-end, the company had **14,886** common shareholders, with actual controllers Tang Tongkui and Zheng Zhikai holding over **50%** as parties acting in concert - The total number of common shareholders at the end of the reporting period was **14,886**[143](index=143&type=chunk) Shareholding of Top Two Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | **Tang Tongkui** | 32.25% | 34,805,069 | | **Zheng Zhikai** | 22.66% | 24,458,080 | - Actual controllers Mr. Tang Tongkui and Mr. Zheng Zhikai constitute parties acting in concert[144](index=144&type=chunk) [Bond-Related Information](index=38&type=section&id=Item%207.%20Bond-Related%20Information) This section provides details on any bond-related activities or outstanding bonds of the company during the reporting period [Bond Information](index=38&type=section&id=Bond%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during this reporting period[149](index=149&type=chunk) [Financial Report](index=39&type=section&id=Item%208.%20Financial%20Report) This section presents the company's complete financial statements, including the balance sheet, income statement, cash flow statement, and notes to the financial statements [Audit Report](index=39&type=section&id=Audit%20Report) The company's 2025 semi-annual financial report is unaudited - This semi-annual financial report is unaudited[151](index=151&type=chunk) [Financial Statements](index=39&type=section&id=Financial%20Statements) This section presents the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 - Includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[152](index=152&type=chunk) [Significant Accounting Policies and Estimates](index=59&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for financial statement preparation, including revenue recognition, financial instruments, and reclassification of warranty expenses to cost of sales - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards[198](index=198&type=chunk)[199](index=199&type=chunk) - Revenue recognition: The company recognizes revenue when the customer obtains control of the related goods, typically at the time of customer signing the delivery note or express receipt[288](index=288&type=chunk)[291](index=291&type=chunk) - Impairment of financial instruments: For financial assets measured at amortized cost, loss provisions are recognized based on expected credit losses[233](index=233&type=chunk) - Change in accounting policy: In accordance with new regulations, warranty-type quality assurance expenses were reclassified from "selling expenses" to "cost of sales," with retrospective adjustments made to comparative period data[315](index=315&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, and equity, covering composition, changes, and impairment tests, essential for data comprehension - The top five accounts receivable balances at period-end accounted for **39.32%** of the total, with the second largest customer having full provision for bad debts[351](index=351&type=chunk) - Goodwill had a book value of **RMB 103 million**, primarily from the acquisition of Nanjing Kaitong, with an impairment provision of **RMB 7.597 million** already made[481](index=481&type=chunk)[483](index=483&type=chunk) - Assets with restricted ownership or use rights had a period-end book value of **RMB 25.385 million**, primarily consisting of financing transaction deposits[501](index=501&type=chunk)

海信家电集团股份有限公司 2025 年半年度报告 2025 年 7 月 海信家电集团股份有限公司 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。 公司负责人高玉玲、主管会计工作负责人孙长春及会计机构负责人(会计 主管人员)周珊声明：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，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。 1 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 5 | | 第三节 | 管理层讨论与分析 | 8 | | 第四节 | 公司治理、环境和社会 | 33 | | 第五节 | 重要事项 | 37 | | 第六节 | 股份变动及股东情况 | 48 | | 第七节 | 债券相关情况 | 54 | | ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for key terms and abbreviations, including the company, affiliates, and regulatory bodies, essential for report comprehension - The report clarifies the designations of core companies and related parties such as **"Jiaoda Onlly," "Shanghai Yunjian," and "Dazhong Transportation"**[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=Company%20Information) This section provides the company's fundamental business registration details, including names, legal representative, and contact information - The company's full name is **Shanghai Jiaoda Onlly Co., Ltd.**, stock code **600530**, and legal representative is **Ji Min**[14](index=14&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company experienced a performance decline with revenue down 5.77% and net profit attributable to shareholders decreasing by 30.54%, while operating cash flow turned negative, indicating significant cash flow pressure Key Accounting Data for H1 2025 | Item | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 150,774,339.60 RMB | 160,012,804.82 RMB | -5.77% | | Net Profit Attributable to Shareholders of Listed Company | 2,248,634.38 RMB | 3,237,508.43 RMB | -30.54% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | -2,128,457.43 RMB | -1,137,481.09 RMB | N/A | | Net Cash Flow from Operating Activities | -9,486,541.87 RMB | 21,701,949.08 RMB | -143.71% | | Total Assets | 736,926,378.63 RMB | 758,879,487.15 RMB | -2.89% (vs. end of previous year) | | Net Assets Attributable to Shareholders of Listed Company | 318,812,621.60 RMB | 325,711,012.85 RMB | -2.12% (vs. end of previous year) | Key Financial Indicators for H1 2025 | Item | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0029 | 0.0042 | -30.95% | | Weighted Average Return on Net Assets (%) | 0.70% | 1.09% | Decreased by 0.39 percentage points | - During the reporting period, non-recurring gains and losses totaled **RMB 4.3771 million**, primarily from the reversal of loan impairment losses of **RMB 2.25 million** from Onlly Microcredit repayment, government subsidies, and non-operating income/expenses[23](index=23&type=chunk) Section III Management Discussion and Analysis [Main Business and Industry Overview](index=7&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main business comprises two segments: health products and medical care services, operating within the promising big health industry with strong growth prospects in probiotics and plant extracts - The company's main businesses include the **R&D, production, and sales of health products (including raw materials)**, and the **operation and management of elderly medical care institutions**[25](index=25&type=chunk) - The health product segment focuses on **probiotics and plant extracts**, with business models covering **B2C end-product sales and B2B raw material supply**[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - The medical care segment primarily operates **self-managed elderly care institutions**, providing **medical, rehabilitation, and nursing services** for the elderly, and offers **external management consulting services**[31](index=31&type=chunk) - The industry outlook is broad, with China's big health industry expected to reach **RMB 16 trillion by 2030**, and the **probiotics and plant extract markets** maintaining rapid growth[29](index=29&type=chunk)[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the health product segment expanded product lines, but raw material business declined due to competition and tariffs, while the medical care segment faced significant challenges from unilateral termination of management agreements and ongoing litigation - For health product end-products, the company expanded its **pet product line** and launched new **cognitive improvement and sports nutrition health products** on platforms like JD.com and Tmall[32](index=32&type=chunk)[33](index=33&type=chunk) - Raw material business performance slightly declined year-on-year due to **fierce domestic probiotics industry competition and North American tariff policy adjustments**, prompting the company to optimize personnel and production processes for cost reduction and efficiency improvement[34](index=34&type=chunk) - Several non-profit organizations under the medical care segment unilaterally terminated management consulting agreements and refused to pay management fees, preventing the company from obtaining related operating income; the company has filed a lawsuit, lost the first instance, appealed, and the second instance is ongoing, which has a **significant impact on the company's operations**[37](index=37&type=chunk)[59](index=59&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in its health product segment's strong R&D, brand recognition, and diverse product lines, and its medical care segment's industry focus, professional service quality, and cost control capabilities - The core competencies of the health product segment include **strong R&D platforms and technologies for probiotics and plant extracts**, with **42 invention patents**; **brand advantages** from honors like "China Well-known Trademark"; a **diversified product line** covering health products, daily necessities, and pet products; and a **quality control system** with multiple international certifications[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk) - The core competencies of the medical care segment include **first-mover scale advantages** from long-term cultivation; a **reputation for high-quality services** from professional operating teams and standardized service systems; and **cost control advantages** established through data analysis systems[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Financial Analysis of Main Operations](index=10&type=section&id=Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's financial performance, noting a slight decrease in revenue and costs, a significant increase in R&D expenses, a negative shift in operating cash flow due to increased loan disbursements, and a substantial rise in loans and short-term borrowings Analysis of Major Financial Statement Item Changes | Item | Current Period Amount | Prior Period Amount | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 150,774,339.60 RMB | 160,012,804.82 RMB | -5.77 | | R&D Expenses | 3,224,872.44 RMB | 2,280,318.27 RMB | 41.42 | | Net Cash Flow from Operating Activities | -9,486,541.87 RMB | 21,701,949.08 RMB | -143.71 | | Loans and Advances | 43,500,000.00 RMB | 4,250,000.00 RMB | 923.53 (vs. end of previous year) | | Short-term Borrowings | 36,026,307.22 RMB | 20,024,444.44 RMB | 79.91 (vs. end of previous year) | - The significant decrease in **net cash flow from operating activities** was primarily due to an **increase in net loans disbursed** by the investment and financing segment during the current period[46](index=46&type=chunk) - The company established a wholly-owned subsidiary, **"Onlly International Trading Co., Ltd."** in Hong Kong, with an actual investment of **HKD 10 million**, aiming to develop cross-border e-commerce and international trade businesses[50](index=50&type=chunk)[51](index=51&type=chunk) Operating Performance of Major Holding and Participating Companies (Unit: RMB Million) | Company Name | Main Business | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | | Shanghai Nuode Bio-Industry Co., Ltd. | Natural Plant Products | 45.2254 | 7.0653 | | Shanghai Bairen Yinggang Nursing Home Co., Ltd. | Rehabilitation Medicine, etc. | 29.2502 | 3.2387 | | Ningbo Jiangbei Kangyang Hospital Co., Ltd. | Rehabilitation Medicine, etc. | 23.5923 | 3.2726 | | Shanghai Xuhui Onlly Microcredit Co., Ltd. | Loans | 0.00 | 3.1433 | [Potential Risks](index=14&type=section&id=Potential%20Risks) The company faces specific risks in its health product segment, including intense competition and regulatory changes, while the medical care segment is exposed to policy shifts, rising labor costs, and significant litigation risks from contract disputes - The health product segment faces multiple risks including **industry competition, regulatory policies, talent gaps, cost pressures, and international political situations (tariffs)**[57](index=57&type=chunk) - The medical care segment faces risks from **changes in medical insurance and long-term care insurance policies** and **rising labor costs**; the most significant risk is the **unilateral termination of management agreements by affiliated non-profit organizations** and their refusal to pay, with ongoing litigation potentially preventing the company from continuing to obtain operating income[59](index=59&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Mr. Du Gang, a non-independent director, resigned from his positions due to personal reasons on June 26, 2025 - On **June 26, 2025**, non-independent director **Mr. Du Gang resigned** due to personal reasons[61](index=61&type=chunk) [Profit Distribution Plan](index=15&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution or capital reserve conversion plan for the first half of 2025 - No profit distribution or capital reserve conversion is planned for the half-year period[62](index=62&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=17&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the acquirer Shanghai Shijie and its concerted parties strictly fulfilled their commitments regarding avoiding horizontal competition and regulating related-party transactions - Commitments made in the acquisition report regarding **avoiding horizontal competition and regulating related-party transactions** were strictly fulfilled[66](index=66&type=chunk)[67](index=67&type=chunk) [Major Litigation and Arbitration Matters](index=19&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) The company is involved in several major litigations, including a withdrawn civil suit against former executives now a criminal report, and a third-party involvement in a joint venture's debt transfer dispute, with the most critical being ongoing appeals related to management contract disputes with non-profit nursing homes - The company's lawsuit against former directors and senior executives Yang Guoping and others for **damaging company interests** has been withdrawn and converted into a **criminal report to the public security organs**, but it has not been filed, and the company has applied for reconsideration[68](index=68&type=chunk) - The company participated as a third party in the **debt transfer contract dispute case** involving its associate company, **Shanghai Xuhui Onlly Microcredit Co., Ltd.**[68](index=68&type=chunk) [Regulatory Penalties and Rectification Status](index=19&type=section&id=Suspected%20Violations%2C%20Penalties%2C%20and%20Rectification%20Status%20of%20Listed%20Company%2C%20its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) In January 2025, the company and relevant former senior executives received a regulatory warning from the Shanghai Stock Exchange, prompting the company to implement rectification measures including strengthening internal controls and establishing a new auditor selection system - On **January 2, 2025**, the company and several former senior executives received a **regulatory warning from the Shanghai Stock Exchange**[69](index=69&type=chunk) - The company has undertaken rectification measures, including **strengthening internal controls, streamlining approval processes**, and approving the **"Accountant Firm Selection System"**[70](index=70&type=chunk) [Other Significant Matters](index=23&type=section&id=Explanation%20of%20Other%20Significant%20Matters) On July 11, 2025, the company received a "Notice of Case Filing" from the China Securities Regulatory Commission, indicating an ongoing investigation which the company will actively cooperate with - On **July 11, 2025**, the company received a **"Notice of Case Filing"** (No. CSRC Case Filing [2025] 024) from the China Securities Regulatory Commission, indicating that the company is **under investigation**[77](index=77&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Change Status](index=23&type=section&id=Share%20Capital%20Change%20Status) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were **no changes** in the company's total share capital or share structure[79](index=79&type=chunk) [Shareholder Information](index=23&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 26,322 shareholders, with Shanghai Yunjian and its concerted parties holding 30.06% as the largest shareholder, and Dazhong Transportation and its concerted parties holding 19.88% - As of the end of the reporting period, the company had **26,322 common shareholders**[80](index=80&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | Dazhong Transportation (Group) Co., Ltd. | 112,184,187 | 14.48 | | Shanghai Yunjian Industrial Development Co., Ltd. | 94,048,695 | 12.14 | | Shanghai Shijie Decoration Design Engineering Co., Ltd. | 53,248,817 | 6.87 | | Shanghai Xinluda Commercial (Group) Co., Ltd. | 47,993,727 | 6.19 | | Lishui Xincheng Xinchuang Technology Development Partnership (Limited Partnership) | 45,133,650 | 5.82 | - There are two major concerted party groups among shareholders: **Shanghai Yunjian and its concerted parties** collectively hold **30.06%**; **Dazhong Transportation and its concerted parties** collectively hold **19.88%**[83](index=83&type=chunk) - In **February 2025**, **Shanghai Shijie completed a partial tender offer** for the company, after which its total shareholding with concerted parties reached **30.0620%**[84](index=84&type=chunk)[85](index=85&type=chunk) Section VII Bond-Related Information [Bond Status](index=26&type=section&id=Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has **no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds**[89](index=89&type=chunk) Section VIII Financial Report [Financial Statements](index=27&type=section&id=Financial%20Statements) This chapter provides the company's unaudited H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, showing total assets of RMB 737 million, operating revenue of RMB 151 million, net profit attributable to parent of RMB 2.25 million, and negative operating cash flow of RMB 9.49 million Consolidated Balance Sheet Summary (June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 736,926,378.63 | | Total Liabilities | 366,299,579.70 | | Total Owners' Equity Attributable to Parent Company | 318,812,621.60 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 150,774,339.60 | | Total Profit | 6,995,875.44 | | Net Profit Attributable to Parent Company Shareholders | 2,248,634.38 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -9,486,541.87 | | Net Cash Flow from Investing Activities | -158,887.97 | | Net Cash Flow from Financing Activities | -7,800,388.16 | | Net Increase in Cash and Cash Equivalents | -17,440,147.17 | [Significant Accounting Policies and Estimates](index=45&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's significant accounting policies and estimates, including consolidation methods, financial instrument classification, expected credit loss models, inventory valuation, long-term equity investments, revenue recognition, and lease accounting, all in accordance with Chinese accounting standards - Financial statements are prepared on a **going concern basis**, adhering to **Chinese Enterprise Accounting Standards**[124](index=124&type=chunk)[125](index=125&type=chunk)[127](index=127&type=chunk) - The company uses the **expected credit loss model** to accrue impairment provisions for financial assets, and for receivables without significant financing components, it applies a **simplified approach** to measure expected credit losses over their entire lifetime[167](index=167&type=chunk)[176](index=176&type=chunk) - Revenue recognition follows the **new revenue standards**, recognized when the customer obtains control of the related goods or services; health product sales are recognized upon **delivery or settlement** based on different models (buyout, consignment, online); medical care services are recognized **over the period of service provision**[234](index=234&type=chunk)[237](index=237&type=chunk) [Notes to Consolidated Financial Statement Items](index=72&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed explanations and data breakdowns for major consolidated financial statement items, highlighting that 40.24% of accounts receivable were fully impaired, loans and advances significantly increased, and a full impairment provision was made for RMB 361 million in operating income rights due to contract disputes - At period-end, the book balance of accounts receivable was **RMB 65.45 million**, of which **RMB 26.34 million (40.24%)** was fully impaired individually due to expected uncollectibility[265](index=265&type=chunk)[266](index=266&type=chunk) - The period-end balance of **loans and advances was RMB 43.50 million**, a significant increase from **RMB 4.25 million** at the beginning of the period, primarily due to new loans disbursed in the current period[299](index=299&type=chunk) - Due to contract disputes with several non-profit organizations, the company has fully accrued impairment provisions for **operating income rights** (listed under other non-current assets) with a book original value of **RMB 361 million**[348](index=348&type=chunk)[349](index=349&type=chunk) - At period-end, the book original value of goodwill was **RMB 193 million**, with impairment provisions of **RMB 83 million**, and a net value of **RMB 54.87 million**, with **no new impairment** recognized during the reporting period[333](index=333&type=chunk)[335](index=335&type=chunk) [Related Parties and Related Party Transactions](index=134&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) This chapter discloses the company's related party relationships and transactions, identifying Shanghai Yunjian and its concerted parties as the largest shareholder, noting minor related-party sales, and detailing impaired receivables from non-profit organizations and outstanding loans to an associate - The company's largest shareholder is **Shanghai Yunjian Industrial Development Co., Ltd.** and its concerted parties, collectively holding **30.06%**, with **Mr. Ji Lin** as the ultimate controlling person[444](index=444&type=chunk)[445](index=445&type=chunk) - During the reporting period, the amount of **goods purchase and sales transactions with related parties was small**[447](index=447&type=chunk)[448](index=448&type=chunk) - At period-end, accounts receivable from several affiliated non-profit organizations were **fully impaired**; loans and advances to associate **Shanghai Xuhui Onlly Microcredit Co., Ltd.** had a book balance of **RMB 14 million**, with an impairment provision of **RMB 10.5 million**[456](index=456&type=chunk)[457](index=457&type=chunk) [Commitments and Contingencies](index=140&type=section&id=Commitments%20and%20Contingencies) This chapter discloses the company's significant commitments, primarily a RMB 10 million short-term guaranteed loan, and major contingencies, specifically ongoing appeals in lawsuits with seven non-profit organizations regarding management service agreements, which pose significant uncertainty to future earnings - The company has a **RMB 10 million short-term guaranteed loan**, secured by its wholly-owned subsidiary **Shanghai Nuode Bio-Industry Co., Ltd.**[461](index=461&type=chunk) - The company has a **significant contingency** involving ongoing lawsuits with **seven non-profit organizations** regarding the validity of "Equity Transfer Agreements" and "Management Consulting Service Agreements"; the first instance ruling did not support the company's claims, and the company has appealed, with the second instance still ongoing, which may prevent the company from obtaining related operating income[462](index=462&type=chunk)[463](index=463&type=chunk)[464](index=464&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk)[467](index=467&type=chunk)[469](index=469&type=chunk)

海南双成药业股份有限公司 2025 年半年度报告全文 海南双成药业股份有限公司 2025 年半年度报告 2025 年 07 月 1 海南双成药业股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人王成栋、主管会计工作负责人王旭光及会计机构负责人(会计 主管人员)周云声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来计划等前瞻性描述，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。 本公司存在行业政策变化风险、药品降价风险、原材料和辅料价格上涨 风险、固定资产折旧增加导致利润下降的风险、环保风险、产品价格风险、 药品质量风险、人才流失风险、财务风险、公共卫生事件影响、资产减值风 险、国际贸易环境风险、股票可能被终止上市的风险提示等风险，具体内容 在本报告"第三节 管理层讨论与分析"之"十、公司面临的 ...

贵阳新天药业股份有限公司 2025 年半年度报告全文 贵阳新天药业股份有限公司 2025 年半年度报告 2025-045 2025 年 7 月 1 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。 公司负责人董大伦、主管会计工作负责人曾志辉及会计机构负责人(会计 主管人员)曾志辉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及未来发展规划等事项的前瞻性陈述，不构成公司对投资者 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"第三节 管理层讨论与分析"中的"十、公司面临的风险 和应对措施"部分，详细阐述了公司未来可能面临的主要风险及应对措施， 敬请广大投资者认真阅读相关具体内容，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 贵阳新天药业股份有限公司 2025 年半年度报告全文 | 第一节 重要提示、目录和释义 2 | ...

[Company Profile and Key Financial Indicators](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of Xiamen Airport's basic information, key financial performance, and non-recurring gains and losses for the reporting period [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides basic information about Yuanxiang (Xiamen) International Airport Co., Ltd. (Xiamen Airport, stock code: 600897), including its name, legal representative, contact details, and information disclosure channels, noting no changes during the reporting period - The company's legal representative is **Lin Shuangzhi**[13](index=13&type=chunk) - The company's designated information disclosure newspaper is "Shanghai Securities News", and its website is the official Shanghai Stock Exchange website (www.sse.com.cn)[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%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 achieved operating revenue of **RMB 991 million**, a 7.10% year-on-year increase, with net profit attributable to shareholders reaching **RMB 253 million**, up 1.10%, and **RMB 219 million** after non-recurring items, indicating enhanced core business profitability Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 990,535,110.77 | 924,839,519.12 | 7.10 | | Net Profit Attributable to Shareholders | 252,968,296.53 | 250,215,574.65 | 1.10 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 218,587,445.50 | 189,399,638.58 | 15.41 | | Net Cash Flow from Operating Activities | 317,433,011.76 | 335,901,376.06 | -5.50 | | **Balance Sheet Data** | **End of Current Period (RMB)** | **End of Prior Year (RMB)** | **YoY Change (%)** | | Net Assets Attributable to Shareholders | 4,586,158,681.49 | 4,466,609,264.96 | 2.68 | | Total Assets | 6,038,260,887.39 | 5,759,673,023.51 | 4.84 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.6067 | 0.6001 | 1.10 | | Basic EPS (Excluding Non-Recurring Items) (RMB/share) | 0.5243 | 0.4543 | 15.41 | | Weighted Average Return on Net Assets (%) | 5.53 | 5.88 | Decrease of 0.35 percentage points | | Weighted Average RONAN (Excluding Non-Recurring Items) (%) | 4.78 | 4.45 | Increase of 0.33 percentage points | [Non-Recurring Gains and Losses and Amounts](index=5&type=section&id=%E4%B9%9D%E3%80%81%20%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%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 34.38 million**, primarily driven by fair value changes and disposal gains/losses from financial assets and liabilities totaling **RMB 46.405 million**, alongside government grants and other non-operating income/expenses Non-Recurring Items | Non-Recurring Items | Amount (RMB) | | :--- | :--- | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 46,404,959.30 | | Government Grants Recognized in Current Profit/Loss | 2,753,863.81 | | Gains/Losses on Disposal of Non-Current Assets | 325,175.00 | | Other Non-Operating Income and Expenses | 584,192.40 | | Less: Income Tax Impact | 12,517,047.63 | | Less: Impact on Minority Interests (After Tax) | 3,170,291.85 | | **Total** | **34,380,851.03** | [Management Discussion and Analysis](index=7&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 a comprehensive analysis of the company's operational performance, industry trends, core competencies, and financial position during the reporting period [Industry and Principal Business Overview](index=7&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%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In the first half of 2025, China's civil aviation industry saw stable growth in both passenger and cargo markets, with significant international recovery, while the company's core operations, including aeronautical and non-aeronautical services, adhere to CAAC regulations and market-based pricing - In the first half of 2025, national airport passenger throughput, cargo and mail throughput, and aircraft movements increased by **5.0%**, **9.2%**, and **0.1%** year-on-year, respectively[23](index=23&type=chunk) - The company's business is categorized into aeronautical and non-aeronautical services, with aeronautical fees primarily regulated by CAAC documents and key non-aeronautical fees subject to market-based pricing[25](index=25&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, Xiamen Airport achieved record operational metrics, with passenger throughput reaching **14.3164 million**, up 5.96% year-on-year, and international passenger growth of 15.51%, resulting in **RMB 219 million** net profit attributable to shareholders after non-recurring items, a 15.41% increase Operating Metrics (H1 2025) | Operating Metrics (H1 2025) | Quantity | YoY Growth | | :--- | :--- | :--- | | Aircraft Movements | 9.70 10,000 movements | 3.83% | | Passenger Throughput | 1431.64 million passengers | 5.96% | | - Domestic Passengers | 1224.50 million passengers | 4.50% | | - International Passengers | 207.14 million passengers | 15.51% | | Cargo and Mail Throughput | 18.54 10,000 tons | 3.91% | - The company was awarded the first National Civil Aviation Blue Sky Commendation, being one of only five airport companies nationwide and the sole recipient in East China[27](index=27&type=chunk) [Aeronautical Business](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E8%88%AA%E7%A9%BA%E4%B8%BB%E4%B8%9A) During the reporting period, the company optimized its route network, achieving record aircraft movements and passenger throughput, including increased domestic express flights, new international routes to Dili and Kuala Lumpur, exceeding 280 weekly international flights, and a new all-cargo route to East Midlands, UK - New international routes include Xiamen-Dili and Xiamen-Kuala Lumpur (with Batik Air Malaysia), increasing weekly international flights to over **280**[27](index=27&type=chunk) - In cargo, the first regular freight flight from Xiamen to East Midlands, UK, was launched[27](index=27&type=chunk) [Commercial Aspects](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%95%86%E4%B8%9A%E6%96%B9%E9%9D%A2) The company made positive commercial progress by introducing new brands like Yinchuantang and Guming, boosting terminal retail occupancy and revenue, and by attracting Huawei's first airport selective store in Southeast China, while innovating revenue streams through cultural tourism and exhibition collaborations - The terminal's duty-paid commercial areas introduced several new brands, including Huawei's first selective store in Southeast China's airports, boosting occupancy and revenue[28](index=28&type=chunk) - Innovative revenue generation was achieved by leveraging concert economy and exhibition pick-up services[28](index=28&type=chunk) [Safety Management](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%AE%89%E5%85%A8%E7%AE%A1%E7%90%86) During the reporting period, Xiamen Airport maintained stable and controllable safety operations by improving its responsibility system, enhancing safety capabilities, and strengthening core risk management, with a focus on hazardous materials, bird strikes, FOD prevention, and apron operations, deepening its dual prevention mechanism for risks and hazards - The company focused on managing core risks such as hazardous materials, bird strikes, FOD prevention, and apron operations, deepening the dual prevention mechanism for risks and hazards[29](index=29&type=chunk) [Operational Support](index=8&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E8%BF%90%E8%A1%8C%E4%BF%9D%E9%9A%9C) The company significantly improved operational efficiency by optimizing airspace structure and flight procedures, leading to a year-on-year decrease in delayed flights, with leading gate turnaround frequency and a flight cut-off time within 30 minutes, ranking first among airports with over 20 million passengers, and successfully completing a city-level aircraft emergency rescue drill - The daily turnaround frequency of C/D class close-in gates ranks **first nationwide**[31](index=31&type=chunk) - Flight cut-off time remained within **30 minutes**, ranking **first** among airports with annual passenger throughput exceeding 20 million[31](index=31&type=chunk) [Service Enhancement](index=9&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%9C%8D%E5%8A%A1%E6%8F%90%E5%8D%87) The company received multiple service quality awards, including "Excellent Service Quality Airport" and "Best Airport (10 Million+ Passengers)" for 11 consecutive years, continuously enhancing passenger experience by upgrading city terminals, innovating sea-air intermodal mechanisms, and exploring "aviation+X" service models - Awarded "Excellent Service Quality Airport" in the 2024 Civil Airport Service Quality Evaluation and named "Best Airport (10 Million+ Passengers)" for **11 consecutive years**[32](index=32&type=chunk) - Exploring the "aviation+X" model, building service systems such as "aviation+hotel", "aviation+exhibition", and "aviation+sports events"[32](index=32&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include its strategic position as a leading airport and regional aviation hub in the West Coast Economic Zone, exceptional lean management ensuring continuous profitability since listing, consistent safety assurance, a "humanistic airport" experience featuring Fujian-Taiwan marine culture, and highly efficient single-runway operations ranking among the industry's best - As a leading airport in the West Coast Economic Zone, its route network covers **129 cities**, serving as a crucial air hub for the "Belt and Road" initiative[33](index=33&type=chunk) - Leveraging excellent lean management capabilities, the company has maintained continuous profitability since its listing in **1996**, setting a benchmark for profitability in the civil aviation airport industry[34](index=34&type=chunk)[35](index=35&type=chunk) - The single-runway peak hour capacity reaches **35 (+1) movements/hour**, representing the highest level among single-runway airports in China[38](index=38&type=chunk) [Analysis of Key Operating Conditions](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details the financial performance during the reporting period, highlighting a **42.06%** year-on-year decrease in financial expenses due to reduced lease interest, an **81.56%** drop in other income primarily from lower government grants, a **138.26%** increase in other payables due to dividend accruals, and the company's financial assets, including trust and asset management products, valued at approximately **RMB 3.171 billion** at period-end [Analysis of Financial Statement Item Changes](index=10&type=section&id=1%E3%80%81%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E7%A7%91%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90%E8%A1%A8) During the reporting period, the company's financial expenses decreased by **42.06%** year-on-year due to reduced lease interest, net cash flow from financing activities changed by **86.65%** due to timing differences in rent payments, other income decreased by **81.56%** primarily due to lower government grants, and credit impairment losses decreased by **313.88%** due to increased bad debt provisions for accounts receivable Financial Statement Item Changes | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 990,535,110.77 | 924,839,519.12 | 7.10 | | Operating Cost | 609,934,924.62 | 596,347,942.14 | 2.28 | | Financial Expenses | 1,869,205.97 | 3,226,002.17 | -42.06 | | Other Income | 8,047,704.23 | 43,647,002.48 | -81.56 | | Credit Impairment Losses | -1,981,983.79 | 926,666.54 | -313.88 | | Net Cash Flow from Financing Activities | -2,536,241.35 | -19,002,537.09 | 86.65 | [Analysis of Assets and Liabilities](index=11&type=section&id=1%E3%80%81%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) At the end of the reporting period, the company's total assets were **RMB 6.038 billion**; other non-current assets increased by **154.98%** due to higher capital expenditures on equipment, while other payables surged by **138.26%** due to accrued dividends, and lease liabilities decreased by **49.19%** as lease terms shortened - Other payables increased by **138.26%** at period-end compared to the prior year-end, primarily due to dividends accrued based on shareholder meeting resolutions[41](index=41&type=chunk)[43](index=43&type=chunk) - Lease liabilities decreased by **49.19%** at period-end compared to the prior year-end, primarily due to the natural shortening of remaining lease terms over time[41](index=41&type=chunk)[43](index=43&type=chunk) [Financial Assets Measured at Fair Value](index=12&type=section&id=(3).%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) At the end of the reporting period, the company's financial assets measured at fair value, primarily trust and asset management products, totaled **RMB 3.171 billion** in book value, an increase from **RMB 2.791 billion** at the beginning of the period, generating **RMB 18.3392 million** in fair value change gains during the period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Trust Products | 1,151,930,675.92 | -17,585,949.42 | 409,344,726.50 | | Asset Management Products | 1,625,122,777.78 | 35,630,003.09 | 2,589,752,780.87 | | Other | 13,824,113.85 | 295,194.78 | 171,819,308.63 | | **Total** | **2,790,877,567.55** | **18,339,248.45** | **3,170,916,816.00** | [Analysis of Major Holding and Participating Companies](index=13&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major subsidiaries, including Yuanxiang Air Cargo Terminal, Yuanxiang Air Cargo Services, Yuanxiang Aircraft Engineering, and Xiamen Airport Terminal Investment Co., Ltd., all achieved profitability during the reporting period, with Yuanxiang Air Cargo Terminal (Xiamen) Co., Ltd. contributing **RMB 18.34 million** in net profit and Xiamen Airport Terminal Investment Co., Ltd. contributing **RMB 18.74 million**, serving as significant profit sources for the company Major Holding and Participating Companies | Company Name | Type | Operating Revenue (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | | Yuanxiang Air Cargo Terminal (Xiamen) Co., Ltd. | Subsidiary | 5,233.41 | 1,833.96 | | Yuanxiang Air Cargo Services (Xiamen) Co., Ltd. | Subsidiary | 1,094.09 | 988.23 | | Yuanxiang Aircraft Engineering (Fujian) Co., Ltd. | Subsidiary | 8,432.92 | 1,415.94 | | Xiamen Airport Terminal Investment Co., Ltd. | Subsidiary | 4,685.71 | 1,874.25 | [Risks and Opportunities](index=14&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces key risks including global economic uncertainty, challenges from the industry's "natural growth" cycle, and competition from other transport modes like high-speed rail and neighboring airports, while also benefiting from China's economic resilience, civil aviation policy dividends (e.g., "Belt and Road", visa-free policies), and regional industrial planning opportunities, though some trust products held by the company are at risk of overdue redemption - Risks include insufficient global economic growth momentum, trade policy uncertainties, high-speed rail network competition, and industry-specific risks such as oil prices and capacity[45](index=45&type=chunk) - Opportunities arise from China's economic resilience, civil aviation policy dividends like "Belt and Road" and visa-free policies, and regional development opportunities such as the Fujian Free Trade Zone and Xiamen-Zhangzhou-Quanzhou integration[46](index=46&type=chunk) - Significant risk alert: The company's Zhonghang Trust · Tianji Huicai No. 1 and No. 2 trust plans have experienced overdue unrecovered situations, and the company is actively taking measures to recover the funds[47](index=47&type=chunk) [Corporate Governance, Environment, and Society](index=15&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 outlines changes in the company's senior management, profit distribution plans, and efforts in social responsibility, particularly in rural revitalization [Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%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 experienced changes in senior management, with Deputy General Managers Ms. Wu Huifang and Mr. Lin Qinglin departing due to work adjustments, and Ms. Shi Xiaoyan appointed as the new Deputy General Manager - In April 2025, Deputy General Managers Wu Huifang and Lin Qinglin resigned, and **Shi Xiaoyan** was appointed as the new Deputy General Manager[49](index=49&type=chunk) [Profit Distribution Plan](index=15&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution or capital reserve capitalization plan for the first half of 2025 - The proposed semi-annual profit distribution plan is "No"[50](index=50&type=chunk) [Social Responsibility (Rural Revitalization)](index=16&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively fulfilled its social responsibility by procuring over **RMB 1.1 million** in aid products from Ningxia during the reporting period, while also providing targeted assistance to Xidong Village in Xiamen's Tongan District through industrial support, donating **RMB 0.25 million** for a "fitness park," and aiding in the construction of a rural revitalization exhibition hall - Over **RMB 1.1 million** was spent on purchasing aid products from the Ningxia region during the reporting period[52](index=52&type=chunk) - Provided targeted assistance to Xidong Village in Tongan District, Xiamen, investing **RMB 0.25 million** to build a "fitness park" and assisting in the construction of a rural revitalization exhibition hall[52](index=52&type=chunk) [Significant Matters](index=16&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 details significant related party transactions, including operational dealings with the parent company and its subsidiaries, financial service agreements, and joint venture arrangements [Significant Related Party Transactions](index=17&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in extensive daily related party transactions with its parent company, Xiamen Xiangye Group, and its subsidiaries, including significant payments for maintenance services to Xiamen Zhaoxiang Smart Technology (**RMB 15.80 million**) and property management fees to Xiamen Zhaoxiang Property (**RMB 14.54 million**), while also providing services like media services to Fujian Baixiang Media (**RMB 21.04 million**), and maintaining financial service agreements with Xiamen Xiangye Group Finance Co., Ltd. for deposits and credit lines - The company has extensive daily related party transactions with its parent company, Xiamen Xiangye Group, and its subsidiaries, involving services received, goods purchased, services provided, goods sold, and leases, all priced at market rates[55](index=55&type=chunk)[56](index=56&type=chunk) - The company signed a "Financial Services Agreement" with Xiamen Xiangye Group Finance Co., Ltd., with a deposit balance of **RMB 71.39 million** and a credit line of **RMB 310 million** at the end of the reporting period[57](index=57&type=chunk)[58](index=58&type=chunk)[69](index=69&type=chunk) - The company entered into a 20-year "Underground Parking Lot Cooperative Joint Venture Agreement" with Xiamen Xiangye Group Co., Ltd. to jointly construct and operate an underground parking lot, with profits distributed at an **85%** (company) to **15%** (Xiangye Group) ratio[60](index=60&type=chunk) [Share Changes and Shareholder Information](index=22&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital stability and shareholder structure, including the total number of shareholders and the top ten shareholders [Changes in Share Capital](index=22&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - No changes occurred in the company's total share capital or share structure during the reporting period[72](index=72&type=chunk) [Shareholder Information](index=22&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) At the end of the reporting period, the company had **17,169** common shareholders, with controlling shareholder Xiamen Xiangye Group Co., Ltd. holding **68.00%**, indicating a stable equity structure, and the top ten shareholders, excluding the controlling shareholder, primarily comprising domestic individual and institutional investors, suggesting a relatively dispersed ownership - As of the end of the reporting period, the company had **17,169** common shareholders[73](index=73&type=chunk) Top Shareholders | Shareholder Name (Full) | Shares Held at Period-End | Proportion (%) | | :--- | :--- | :--- | | Xiamen Xiangye Group Co., Ltd. | 283,500,000 | 68.00 | | Huang Jujin | 7,500,000 | 1.80 | | Wang Wenfeng | 4,340,000 | 1.04 | | Hong Kong Securities Clearing Company Limited | 3,978,860 | 0.95 | | Chen Xiaoling | 1,648,380 | 0.40 | [Bond-Related Information](index=24&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 that the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments during the reporting period [Corporate Bond Information](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no applicable corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments[79](index=79&type=chunk) [Financial Report](index=25&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with significant accounting policies and notes [Audit Report](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual financial report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk)[81](index=81&type=chunk) [Financial Statements](index=25&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter presents the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows during the reporting period Financial Statements Summary | Statement Item | Period-End/Current Period Amount (Consolidated) (RMB) | Period-Beginning/Prior Period Amount (Consolidated) (RMB) | | :--- | :--- | :--- | | **Balance Sheet** | | | | Total Assets | 6,038,260,887.39 | 5,759,673,023.51 | | Total Liabilities | 1,149,141,244.58 | 1,008,327,711.54 | | Equity Attributable to Parent Company Owners | 4,586,158,681.49 | 4,466,609,264.96 | | **Income Statement** | | | | Total Operating Revenue | 990,535,110.77 | 924,839,519.12 | | Net Profit | 271,193,210.84 | 267,985,620.86 | | **Cash Flow Statement** | | | | Net Cash Flow from Operating Activities | 317,433,011.76 | 335,901,376.06 | [Significant Accounting Policies and Estimates](index=41&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This chapter details the company's fundamental accounting policies and estimates for financial statement preparation, including accounting standards, period, and functional currency, along with specific policies for financial instruments, revenue recognition, long-term equity investments, fixed assets, and leases, all prepared on a going concern basis in accordance with enterprise accounting standards - The company's financial statements are prepared on a **going concern basis** and comply with the requirements of enterprise accounting standards[110](index=110&type=chunk)[113](index=113&type=chunk) - Revenue recognition policy: The company recognizes revenue when customers obtain control of goods or services; aeronautical business revenue is recognized when services are provided, while non-aeronautical lease and concession income is recognized monthly based on agreed proportions or amounts[177](index=177&type=chunk)[181](index=181&type=chunk) - Financial instrument impairment: The company recognizes loss provisions for financial assets measured at amortized cost based on expected credit losses, and for accounts receivable, loss provisions are measured based on expected credit losses over the entire lifetime, regardless of significant financing components[136](index=136&type=chunk)[138](index=138&type=chunk) [Notes to Consolidated Financial Statement Items](index=67&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed notes and explanations for key consolidated financial statement items, including cash and cash equivalents, financial assets held for trading, accounts receivable, fixed assets, accounts payable, and revenue and cost, covering their composition, aging analysis, impairment provisions, and reasons for changes, along with detailed related party transactions [Accounts Receivable](index=69&type=section&id=5%E3%80%81%20%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) At the end of the reporting period, the company's accounts receivable had a book balance of **RMB 262 million**, with a bad debt provision of **RMB 11.60 million**, resulting in a carrying value of **RMB 251 million**, primarily within one year aging, and the top five debtors accounted for **33.78%** of the total ending balance Accounts Receivable Summary | Item | Ending Balance (RMB) | | :--- | :--- | | Accounts Receivable Book Balance | 262,362,741.57 | | Bad Debt Provision | 11,601,199.39 | | Accounts Receivable Carrying Value | 250,761,542.18 | - The top five debtors by ending balance are: Shandong Airlines, China Civil Aviation Information Network, Yuanxiang (Fuzhou) International Airport, Fujian Baixiang Media, and Air China[212](index=212&type=chunk) [Long-Term Equity Investments](index=84&type=section&id=17%E3%80%81%20%E9%95%BF%E6%9C%9F%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84) At the end of the reporting period, the company's long-term equity investments in associates had a carrying value of **RMB 52.91 million**, with an investment loss of **RMB 0.24 million** recognized under the equity method for the current period, primarily involving Xiamen Civil Aviation Kaiya Co., Ltd. and Fujian Zhaoxiang Airport Construction Co., Ltd. Long-Term Equity Investments Summary | Investee | Beginning Balance (RMB) | Investment Gain/Loss Recognized by Equity Method for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Xiamen Civil Aviation Kaiya Co., Ltd. | 46,797,745.28 | -245,445.74 | 46,552,299.54 | | Fujian Zhaoxiang Airport Construction Co., Ltd. | 6,353,173.98 | 5,178.67 | 6,358,352.65 | | **Total** | **53,150,919.26** | **-240,267.07** | **52,910,652.19** | [Operating Revenue and Operating Cost](index=100&type=section&id=61%E3%80%81%20%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) During the reporting period, the company achieved operating revenue of **RMB 991 million**, with principal business revenue at **RMB 980 million**, accounting for **98.9%** of total revenue, and operating costs at **RMB 610 million**, with principal business costs at **RMB 609 million** Operating Revenue and Cost Summary | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Principal Business | 980,367,855.83 | 609,486,629.58 | | Other Business | 10,167,254.94 | 448,295.04 | | **Total** | **990,535,110.77** | **609,934,924.62** |