统一低碳科技（新疆）股份有限公司2025 年半年度报告 公司代码：600506 公司简称：统一股份 统一低碳科技（新疆）股份有限公司 2025 年半年度报告 1/ 156 统一低碳科技（新疆）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、 公司负责人刘正刚、主管会计工作负责人岳鹏及会计机构负责人（会计主管人员）马丽娜 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 本报告期，公司不进行利润分配及资本公积转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，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 ...

浪潮软件股份有限公司2025 年半年度报告 公司代码：600756 公司简称：浪潮软件 浪潮软件股份有限公司 2025 年半年度报告 1 / 160 浪潮软件股份有限公司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、 公司负责人赵绍祥、主管会计工作负责人张玉新及会计机构负责人（会计主管人员）马秀 静声明：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 2025年半年度，公司未拟定利润分配或资本公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性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 ...

[Important Notice](index=2&type=section&id=Important%20Notice) [Statement by the Board of Directors and Senior Management](index=2&type=section&id=Item%201.%20Statement%20by%20the%20Board%20of%20Directors%20and%20Senior%20Management) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, free from false statements, misleading representations, or major omissions, and assume individual and joint legal responsibilities. - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Item%206.%20Risk%20Statement%20for%20Forward-Looking%20Statements) This report contains forward-looking statements, and future actual results or development trends may differ significantly from these statements, not constituting a substantive commitment, thus investors should fully recognize the risks. - This report includes forward-looking statements, and future actual results or development trends may differ significantly from these statements[6](index=6&type=chunk) - The forward-looking statements in this report do not constitute a substantive commitment by the company to investors, and investors and relevant parties should maintain sufficient awareness of the risks[6](index=6&type=chunk) [Significant Risk Warning](index=2&type=section&id=Item%2010.%20Significant%20Risk%20Warning) The company has detailed potential risks and countermeasures in the "Management Discussion and Analysis" section, advising investors to review it. - The company has described potential risks and countermeasures in detail in "Section III Management Discussion and Analysis," "V. Other Disclosures (I) Potential Risks" of this report[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key terms and entities used in the report, including company names, regulatory bodies, affiliated companies, and photovoltaic industry specific terms such as N-type cells, HJT, TOPCon, and PERC. - "Guosheng Technology" and "the Company" refer to Guosheng Shian Technology Co., Ltd[12](index=12&type=chunk) - "HJT" refers to Heterojunction cell technology, a high-efficiency crystalline silicon solar cell structure[12](index=12&type=chunk) - "TOPCon" refers to Tunnel Oxide Passivated Contact technology, which improves cell photoelectric conversion efficiency by preparing ultra-thin tunnel oxide layers and highly doped polycrystalline silicon layers[12](index=12&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=4&type=section&id=Item%201.%20Company%20Information) This section provides the company's basic identification information, including its Chinese name, abbreviation, foreign name, and legal representative. - The company's Chinese name is Guosheng Shian Technology Co., Ltd., and its Chinese abbreviation is Guosheng Technology[14](index=14&type=chunk) - The company's legal representative is Wu Jun[14](index=14&type=chunk) [Contact Person and Information](index=5&type=section&id=Item%202.%20Contact%20Person%20and%20Information) This section lists the names, contact addresses, phone numbers, fax numbers, and email addresses of the company's board secretary and securities affairs representative for investor and stakeholder communication. - The Board Secretary is Zhang Kun, and the Securities Affairs Representative is Ge Xuping[15](index=15&type=chunk) - The contact address for both is No. 1 Mentou Xinyuan Road, Haidian District, Beijing, and the phone number is 010-88862070-201[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Item%203.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses remained unchanged during the reporting period, maintaining stability. - The company's registered address and office address are both No. 1 Mentou Xinyuan Road, Haidian District, Beijing[16](index=16&type=chunk) - There have been "no" historical changes to the company's registered address[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=Item%204.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates "Shanghai Securities News" for information disclosure, www.sse.com.cn for semi-annual reports, and the board office for report custody, with no changes during the reporting period. - The information disclosure newspaper selected by the company is "Shanghai Securities News," and the website address for publishing semi-annual reports is www.sse.com.cn[17](index=17&type=chunk) - The company's semi-annual report is kept at the company's Board Office, No. 1 Mentou Xinyuan Road, Haidian District, Beijing[17](index=17&type=chunk) [Company Stock Overview](index=5&type=section&id=Item%205.%20Company%20Stock%20Overview) The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Guosheng Technology and stock code 603778, previously Qianjing Garden. - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[18](index=18&type=chunk) - The stock abbreviation is Guosheng Technology, stock code is 603778, and the previous stock abbreviation was Qianjing Garden[18](index=18&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=Item%207.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by 11.00% year-on-year, with a net loss attributable to shareholders of 96.34 million yuan, though the loss narrowed compared to the same period last year. Total assets and net assets attributable to shareholders both declined. 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) Amount (yuan) | Prior Year Period Amount (yuan) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 306,663,802.08 | 344,551,062.34 | -11.00% | | Total Profit | -152,151,242.47 | -199,932,371.03 | Not Applicable | | Net Profit Attributable to Shareholders of the Listed Company | -96,338,435.17 | -109,443,922.56 | Not Applicable | | Net Cash Flow from Operating Activities | -63,606,842.79 | -44,242,813.16 | Not Applicable | | **Indicator** | **Current Period End Amount (yuan)** | **Prior Year End Amount (yuan)** | **Current Period End vs. Prior Year End Change (%)** | | Net Assets Attributable to Shareholders of the Listed Company | 778,753,116.15 | 863,853,894.31 | -9.85% | | Total Assets | 3,379,556,073.25 | 3,803,941,196.18 | -11.16% | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.15 | -0.17 | Not Applicable | | Diluted Earnings Per Share (yuan/share) | -0.15 | -0.17 | Not Applicable | | Weighted Average Return on Net Assets (%) | -11.83 | -12.22 | Not Applicable | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Item%209.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses for the first half of 2025 totaled 2.86 million yuan, primarily from disposal of non-current assets and government grants, after deducting income tax and minority interest impacts. 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-off portion of asset impairment provisions | 2,950,355.49 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 2,188.29 | | Other non-operating income and expenses apart from the above items | -24,199.43 | | Less: Income tax impact | 24,669.94 | | Minority interest impact (after tax) | 48,146.29 | | Total | 2,855,528.11 | [Section III Management Discussion and Analysis](index=6&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [Company's Industry and Main Business Operations](index=6&type=section&id=Item%201.%20Company's%20Industry%20and%20Main%20Business%20Operations) The company's main business spans photovoltaic and ecological landscape sectors, with PV focusing on high-efficiency cell R&D, module production, and EPC services, while ecological landscape provides engineering and design, transitioning towards ecological governance and carbon reduction. [Photovoltaic Industry Business and Market Conditions](index=6&type=section&id=Item%201.1.%20Photovoltaic%20Industry) The company operates in the PV industry, focusing on R&D, production, and sales of large-size high-efficiency HJT cells, as well as HJT, TOPCon, and PERC modules, and provides EPC services, benefiting from global energy transition but facing oversupply and price pressure. - The company is engaged in the R&D, production, and sales of large-size high-efficiency heterojunction photovoltaic cells; the production and sales of heterojunction, TOPCon, PERC, and other cell modules; and photovoltaic power station EPC business[25](index=25&type=chunk) - The company's main operating models are "procurement based on sales" and "production based on sales," with sales models including direct sales, distribution, and entrusted processing[26](index=26&type=chunk) - The global photovoltaic market is expected to continue high-speed growth, with China's new PV installed capacity reaching **212.21 GW** in the first half of 2025, a **107% year-on-year increase**, and cumulative installed capacity exceeding **1,000 GW**[30](index=30&type=chunk) - Large-scale expansion in the PV industry in recent years has led to a temporary "oversupply" and price declines, with the state now classifying sales below cost as illegal, promoting the orderly exit of outdated production capacity[31](index=31&type=chunk) [Ecological Landscape Business and Market Conditions](index=8&type=section&id=Item%201.2.%20Ecological%20Landscape%20Business) The company's ecological landscape segment offers engineering, design, and environmental technology services, forming a full industry chain, driven by national policies on rural revitalization and ecological civilization, transitioning towards ecological governance and carbon reduction. - The company's ecological landscape segment has diversified its business with garden engineering construction, landscape design, and environmental protection technology, forming a full industry chain business model integrating technology R&D, seedling cultivation and maintenance, landscape design, and engineering construction[32](index=32&type=chunk) - The operating model includes business acceptance, project bidding, contract signing, project team formation, project implementation, completion acceptance, completion settlement, and project handover[34](index=34&type=chunk) - The state has introduced multiple policies, such as the "Rural Revitalization Plan," "Ecological Environmental Protection Inspection Work Regulations," and "Opinions on Comprehensively Promoting River Protection and Governance," bringing good development opportunities for the landscape industry[39](index=39&type=chunk)[40](index=40&type=chunk) - The landscape industry is closely following the national ecological civilization construction pace, adjusting and optimizing its business structure, transforming towards ecological governance and carbon reduction, and actively participating in ecological restoration, water system governance, and comprehensive environmental remediation projects[40](index=40&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=Item%202.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, operating revenue decreased by 11.00% year-on-year, with a net loss of 96.34 million yuan; the PV business secured a 1.043 billion yuan module procurement contract, while the ecological landscape business focused on quick-repayment projects and expanded into desertification control. - In the first half of 2025, the company achieved operating revenue of **306.66 million yuan**, a **11.00% decrease** compared to the same period last year; net profit attributable to parent company shareholders was **-96.34 million yuan**[40](index=40&type=chunk) - The company's photovoltaic business has formed a vertical ecological industry chain layout from slicing to cells and modules, with Xuzhou, Huaibei, Huainan, and Xinjiang bases already in operation, and the Shandong base production line completing debugging[41](index=41&type=chunk)[42](index=42&type=chunk) - The second-tier holding subsidiary Anhui Guosheng New Energy signed a **1.043 billion yuan** framework procurement contract for photovoltaic module equipment with CGN Wind Power Co., Ltd[42](index=42&type=chunk) - The ecological landscape business developed steadily, concentrating resources on faster-repaying businesses, establishing a Photovoltaic Desertification Control Research Institute, and signing a cooperation agreement with Xinjiang Bayingolin Prefecture Forestry and Grassland Bureau to advance desert governance projects[44](index=44&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=Item%203.%20Analysis%20of%20Core%20Competencies) The company's core competencies include R&D innovation in PV N-type cells and ecological restoration, stringent quality and standard systems, brand building, talent reserves, comprehensive management systems, and capital operation platform advantages. - The photovoltaic business possesses multiple technologies such as new heterojunction 0BB (zero busbar) cell manufacturing technology, CVD multi-layer coating technology, and offshore PV module encapsulation technology, holding **87 patents** related to PV business[46](index=46&type=chunk) - The ecological landscape business possesses key technologies such as wetland ecological restoration, mine ecological restoration, saline-alkali land ecological greening, and arid mountain greening, holding **56 patents** related to the landscape industry[46](index=46&type=chunk) - The company has obtained ISO9001, ISO14001, and ISO45001 management system certifications, and its PV module products have passed IEC, CQC, TUV, and other certifications, winning awards such as "Most Influential PV Module Enterprise"[47](index=47&type=chunk) - The company has established a multi-level incentive mechanism, including employee stock ownership plans and restricted stock and stock option incentive plans, to attract and retain talent[48](index=48&type=chunk) - The company continuously promotes management system upgrades, building an institutionalized, process-oriented, information-based, and standardized management system to improve operational efficiency and control effectiveness[49](index=49&type=chunk) - The company actively integrates into the capital market, exploring diversified financing channels and feasible solutions to promote the continuous and rapid development of its industrial entities through the capital market[49](index=49&type=chunk) [Key Operating Performance During the Reporting Period](index=13&type=section&id=Item%204.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, operating revenue decreased by 11.00% year-on-year, with corresponding changes in costs and expenses; the asset-liability structure saw significant shifts, and a small portion of assets were restricted. [Analysis of Changes in Main Business Financial Accounts](index=13&type=section&id=Item%204.1.%20Main%20Business%20Analysis) Operating revenue decreased by 11.00% due to fewer orders, with corresponding cost reductions; sales and financial expenses decreased, while management and R&D expenses increased; cash flow from financing activities significantly grew due to increased borrowings. Key Accounting Account Changes | Account | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 306,663,802.08 | 344,551,062.34 | -11.00% | | Operating Cost | 343,908,776.76 | 401,925,027.54 | -14.43% | | Selling Expenses | 9,523,895.32 | 11,326,180.64 | -15.91% | | Administrative Expenses | 79,670,363.38 | 68,319,621.75 | 16.61% | | Financial Expenses | 10,578,951.32 | 14,080,347.37 | -24.87% | | R&D Expenses | 20,866,025.61 | 19,703,464.26 | 5.90% | | Net Cash Flow from Operating Activities | -63,606,842.79 | -44,242,813.16 | Not Applicable | | Net Cash Flow from Investing Activities | -127,839,495.00 | -66,429,399.86 | Not Applicable | | Net Cash Flow from Financing Activities | 203,425,823.55 | 70,905,654.48 | 186.90% | - The change in operating revenue was mainly due to a decrease in orders obtained during the current reporting period compared to the same period last year[51](index=51&type=chunk) - The change in net cash flow from financing activities was mainly due to an increase in borrowings from financial institutions during the current reporting period compared to the same period last year[51](index=51&type=chunk) [Analysis of Changes in Asset and Liability Structure](index=14&type=section&id=Item%204.3.%20Analysis%20of%20Asset%20and%20Liability%20Structure) At period-end, cash, accounts receivable, and notes payable decreased, while prepayments, construction in progress, short-term borrowings, contract liabilities, and long-term payables significantly increased; a small portion of assets were overseas, and 815 million yuan in assets were restricted. Asset and Liability Status Changes | Project Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Current Period End vs. Prior Year End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 184,935,243.01 | 5.47 | 476,154,292.90 | 12.52 | -61.16 | Due to payments for infrastructure projects, deposits, and partial equity transfer of Hongyun Logistics | | Notes Receivable | 31,942,108.57 | 0.95 | 18,663,221.97 | 0.49 | 71.15 | Increase in acceptance bills received in the current period | | Accounts Receivable | 299,527,436.73 | 8.86 | 481,541,395.52 | 12.66 | -37.80 | Due to collection of goods payments | | Prepayments | 66,077,094.78 | 1.96 | 26,671,850.46 | 0.70 | 147.74 | Due to prepayments for materials | | Construction in Progress | 374,868,696.72 | 11.09 | 262,109,771.65 | 6.89 | 43.02 | Due to increase in new infrastructure projects | | Short-term Borrowings | 212,818,845.23 | 6.30 | 127,788,889.76 | 3.36 | 66.54 | Due to increase in short-term financing | | Notes Payable | 141,216,960.88 | 4.18 | 465,327,213.66 | 12.23 | -69.65 | Due to decrease in bank acceptance bills issued | | Contract Liabilities | 28,987,655.42 | 0.86 | 8,681,622.77 | 0.23 | 233.90 | Due to increase in advance receipts for goods in the current period | | Long-term Payables | 70,848,963.48 | 2.10 | 31,495,435.32 | 0.83 | 124.95 | Due to new borrowings from Bazhou Emerging Industry Investment Fund Partnership | - Overseas assets amounted to **867,849.27 yuan**, accounting for **0.03%** of total assets[55](index=55&type=chunk) Period-End Major Restricted Assets | Project | Period-End Book Balance (yuan) | Period-End Book Value (yuan) | | :--- | :--- | :--- | | Monetary Funds - Acceptance Bill Deposits | 128,995,048.72 | 128,995,048.72 | | Contract Assets | 249,730,506.60 | 247,233,201.53 | | Fixed Assets | 372,867,593.86 | 339,347,674.64 | | Intangible Assets | 57,606,116.51 | 53,947,015.48 | | Investment Properties | 5,430,757.40 | 4,336,398.54 | | Total | 814,630,023.09 | 773,859,338.91 | [Operating Performance of Major Holding and Participating Companies](index=15&type=section&id=Item%204.6.%20Operating%20Performance%20of%20Major%20Holding%20and%20Participating%20Companies) Most major photovoltaic subsidiaries recorded net losses during the reporting period, while the associate company Hebei Hanyao Carbon Technology New Energy Co., Ltd. achieved a net profit of 29.59 million yuan; the disposal of two subsidiaries had no significant impact on overall operations. Major Subsidiaries and Associate Companies Financial Status (Unit: 10,000 yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Qianjing Ruike New Energy Co., Ltd. | Subsidiary | Photovoltaic Business | 10,000.00 | 73,557.67 | -2,262.44 | - | -3,125.80 | -3,126.09 | | Anhui Qianjing Yuchen New Energy Co., Ltd. | Subsidiary | Photovoltaic Business | 12,000.00 | 57,285.99 | 5,999.49 | 21,115.96 | -1,197.21 | -1,018.51 | | Jiangsu Guosheng Shian New Energy Co., Ltd. | Subsidiary | Photovoltaic Business | 55,000.00 | 140,648.47 | 35,288.98 | 14,229.73 | -6,011.08 | -5,511.13 | | Anhui Guosheng New Energy Technology Co., Ltd. | Subsidiary | Photovoltaic Business | 35,000.00 | 82,815.43 | 28,422.80 | 19,266.45 | -2,436.04 | -1,678.32 | | Hebei Hanyao Carbon Technology New Energy Co., Ltd. | Associate Company | Industrial energy saving and emission reduction related technical services | 5,000.00 | 108,217.21 | 51,107.61 | 12,217.65 | 3,635.17 | 2,959.12 | - During the reporting period, the company transferred Hebei Guosheng New Energy Technology Co., Ltd. and Fujian Wuba Investment Co., Ltd., which had no significant impact on overall production, operations, and performance[62](index=62&type=chunk) [Other Disclosures](index=17&type=section&id=Item%205.%20Other%20Disclosures) The company faces multiple risks including PV industry policy changes, capital pressure from business expansion, high accounts receivable in landscape engineering, raw material price volatility, technological advancement challenges, and internal management risks from extended management span. [Potential Risks](index=17&type=section&id=Item%205.1.%20Potential%20Risks) The company faces risks from PV industry policy changes, significant capital demands and tight operating cash flow, high proportions of accounts receivable and contract assets, raw material price volatility, rapid technological iteration, and management challenges due to asset scale expansion and business model transformation. - Photovoltaic industry policy changes may bring uncertainty to the company's transformation, upgrading, and domestic market operations[62](index=62&type=chunk) - With large construction scale and investment amounts in PV and landscape businesses, the company faces capital risks, tight operating cash flow, and high proportions of inventory and accounts receivable[62](index=62&type=chunk) - The traditional model of landscape engineering projects leads to a high proportion of accounts receivable and contract assets, with collection efficiency affected by local government finances, posing risks of delayed settlement and collection[63](index=63&type=chunk) - The photovoltaic industry faces risks of sharp price fluctuations in raw materials due to temporary and structural supply-demand imbalances[64](index=64&type=chunk) - With continuous technological advancements in the PV industry, the company may face risks of technological obsolescence and declining market share if it fails to accurately judge technological trends or invest sufficiently[64](index=64&type=chunk) - As the company's asset scale increases, business models change, and transformation is implemented, it faces management risks such as an extended management span, lagging professional team and talent acquisition, and team collaboration and integration challenges[64](index=64&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors and Senior Management](index=19&type=section&id=Item%201.%20Changes%20in%20Directors%20and%20Senior%20Management) During the reporting period, Li Ping resigned as Board Secretary and Zhang Kun was appointed, while Vice General Managers Zhao Zhiyuan and Zhang Zhongwei also left their positions. - Board Secretary Li Ping resigned, and Zhang Kun was appointed as Board Secretary[67](index=67&type=chunk) - Vice General Managers Zhao Zhiyuan and Zhang Zhongwei resigned[67](index=67&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Plan](index=19&type=section&id=Item%202.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Plan) The company's proposed semi-annual profit distribution or capital reserve to share capital plan is "no," meaning no profit distribution or capital reserve to share capital will occur. - The proposed semi-annual profit distribution or capital reserve to share capital plan is "no"[67](index=67&type=chunk) - The number of bonus shares, dividends, and conversion shares per 10 shares is 0[67](index=67&type=chunk) [Section V Significant Matters](index=20&type=section&id=Section%20V%20Significant%20Matters) [Fulfillment of Commitments](index=20&type=section&id=Item%201.%20Fulfillment%20of%20Commitments) The company, its actual controllers, and shareholders strictly fulfilled commitments during or continuing into the reporting period, including maintaining independence, avoiding competition, standardizing related-party transactions, share lock-ups, and performance compensation, with Guosheng Energy's performance compensation commitment for 2023-2025 ongoing. - Guosheng Energy, Wu Jun, and Gao Fei committed to ensuring the independence of the listed company, that it will not change due to equity changes, and are strictly fulfilling this commitment[70](index=70&type=chunk) - Guosheng Energy, Wu Jun, and Gao Fei committed to avoiding horizontal competition and will not engage in or cause controlled enterprises to engage in businesses or activities that constitute direct or indirect competition with the listed company in the future[70](index=70&type=chunk)[71](index=71&type=chunk) - Guosheng Energy, Wu Jun, and Gao Fei committed to reducing and standardizing related-party transactions, adhering to the principles of openness, fairness, and impartiality in market transactions, and conducting transactions at fair prices[71](index=71&type=chunk) - Guosheng Energy committed that if its voting shares exceed 30% of the listed company's issued shares after this issuance, the shares subscribed through this issuance shall not be transferred within 36 months from the date of share registration completion[71](index=71&type=chunk)[72](index=72&type=chunk) - Jiangsu Guosheng Shian New Energy Co., Ltd. and five other companies committed that the cumulative net profit after deducting non-recurring gains and losses for 2023, 2024, and 2025 shall not be less than **30 million yuan**, **40 million yuan**, and **50 million yuan** respectively, totaling no less than **120 million yuan**[75](index=75&type=chunk) [Explanation of Integrity Status](index=26&type=section&id=Item%209.%20Explanation%20of%20Integrity%20Status) During the reporting period, the company, its controlling shareholder, and actual controllers maintained good integrity, with no unfulfilled court judgments or large overdue debts. - During the reporting period, the company, its controlling shareholder, and actual controllers maintained good integrity[76](index=76&type=chunk) - There were no unfulfilled court judgments or large overdue debts that were not repaid on time[76](index=76&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=Item%2011.%20Significant%20Contracts%20and%20Their%20Performance) The company executed multiple significant guarantees, primarily for subsidiaries, totaling 30.78% of net assets, and entered into major contracts including a 721.43 million yuan ecological governance project (not yet started), a 539.33 million yuan PV module procurement contract (completed), and a 1.043 billion yuan PV module framework procurement contract (ongoing). [Significant Guarantees](index=27&type=section&id=Item%2011.2.%20Significant%20Guarantees) As of the end of the reporting period, the company's total guarantee balance for subsidiaries was 239.70 million yuan, representing 30.78% of its net assets, with 179.70 million yuan provided to entities with a debt-to-asset ratio exceeding 70%. Company's Total Guarantee Amount (Unit: 10,000 yuan) | Indicator | Amount | | :--- | :--- | | Total guarantee amount for subsidiaries incurred during the reporting period | 7,258.38 | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 23,969.50 | | Total guarantee amount (A+B) | 23,969.50 | | Total guarantee amount as a percentage of the company's net assets (%) | 30.78 | | Of which: Debt guarantee amount provided directly or indirectly to guaranteed entities with a debt-to-asset ratio exceeding 70% (D) | 17,969.50 | [Other Significant Contracts](index=28&type=section&id=Item%2011.3.%20Other%20Significant%20Contracts) The company signed several major contracts, including a 721.43 million yuan ecological environment comprehensive treatment project (not yet started), a 539.33 million yuan PV module procurement contract (completed), and a 1.043 billion yuan PV module framework procurement contract (ongoing). List of Significant Contracts (Unit: 10,000 yuan) | No. | Contract Name | Counterparty | Project Name | Contract Amount | Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | "Xiao County Fengshan Area Ecological Environment Comprehensive Treatment Project EOD General Contract" | Xiao County Dongxiang Construction Development Co., Ltd. | Xiao County Fengshan Area Ecological Environment Comprehensive Treatment Project EOD | 72,143.18 | Not yet started | | 2 | "CGN Yantai Zhaoyuan 400MW Offshore Photovoltaic Project (HG30) Photovoltaic Module Equipment Procurement Contract" | China Power Construction Group Northwest Survey and Design Institute Co., Ltd. | CGN Yantai Zhaoyuan 400MW Offshore Photovoltaic Project | 53,932.81 | Completed | | 3 | "CGN New Energy 2025 Annual Photovoltaic Module Equipment Framework Centralized Procurement Package 1 (Section 2) Procurement Contract" | CGN Wind Power Co., Ltd. | CGN New Energy 2025 Annual Photovoltaic Module Equipment Framework Centralized Procurement Package 1 (Section 2) | 104,250.00 | Ongoing | [Section VI Share Changes and Shareholder Information](index=29&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=29&type=section&id=Item%201.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and share structure remained unchanged, maintaining stability. - During the reporting period, the company's total share capital and share structure remained unchanged[87](index=87&type=chunk) [Shareholder Information](index=29&type=section&id=Item%202.%20Shareholder%20Information) As of the end of the reporting period, the company had 29,889 common shareholders; Guosheng Energy Co., Ltd. was the largest shareholder with 16.49% of shares, some of which were pledged, while Hui Quanfu was the second largest with 10.21%. - As of the end of the reporting period, the total number of common shareholders was **29,889**[88](index=88&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name (Full Name) | Shares Held at Period End | Percentage (%) | Number of Restricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | | Guosheng Energy Co., Ltd. | 108,295,827 | 16.49 | 0 | Pledged | 50,000,000 | | Hui Quanfu | 67,060,480 | 10.21 | 0 | Unrestricted | - | | Zhang Dongdong | 11,393,900 | 1.74 | 0 | Unrestricted | - | | Li Hongjie | 11,200,000 | 1.71 | 0 | Unrestricted | - | | Che Qiping | 6,700,000 | 1.02 | 0 | Unrestricted | - | | Guosheng Shian Technology Co., Ltd. - Second Phase Employee Stock Ownership Plan | 6,573,000 | 1.00 | 0 | Unrestricted | - | | BARCLAYSBANKPLC | 5,865,023 | 0.89 | 0 | Unrestricted | - | | Yu Hao | 5,439,600 | 0.83 | 0 | Unrestricted | - | | Xu Xuebing | 5,421,400 | 0.83 | 0 | Unrestricted | - | | Gao Lili | 5,274,700 | 0.80 | 0 | Unrestricted | - | - The restricted conditions for restricted shares are: 50% released after 12 months, 30% after 24 months, and 20% after 36 months from the date of initial grant registration completion[92](index=92&type=chunk) [Section VII Bond-Related Information](index=32&type=section&id=Section%20VII%20Bond-Related%20Information) [Corporate Bonds and Debt Financing Instruments](index=32&type=section&id=Item%201.%20Corporate%20Bonds%20and%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding or overdue corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments. - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[95](index=95&type=chunk) [Convertible Corporate Bonds](index=32&type=section&id=Item%202.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds. - The company has no convertible corporate bonds[95](index=95&type=chunk) [Section VIII Financial Report](index=33&type=section&id=Section%20VIII%20Financial%20Report) [Audit Report](index=33&type=section&id=Item%201.%20Audit%20Report) This semi-annual report is unaudited. - This semi-annual report is unaudited[97](index=97&type=chunk) [Financial Statements](index=33&type=section&id=Item%202.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting its financial position, operating results, and cash flows. [Consolidated Balance Sheet](index=33&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 3.38 billion yuan, a 11.16% decrease from the end of the previous year; consolidated total liabilities were 2.25 billion yuan, and consolidated owners' equity was 1.13 billion yuan. Consolidated Balance Sheet Key Data | Project | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 3,379,556,073.25 | 3,803,941,196.18 | | Total Liabilities | 2,246,758,077.40 | 2,548,991,874.92 | | Total Owners' Equity | 1,132,797,995.85 | 1,254,949,321.26 | | Total Current Assets | 1,124,562,551.95 | 1,577,443,734.51 | | Total Non-Current Assets | 2,254,993,521.30 | 2,226,497,461.67 | [Parent Company Balance Sheet](index=35&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 1.51 billion yuan, a slight decrease from the end of the previous year; total liabilities were 419 million yuan, and owners' equity was 1.09 billion yuan. Parent Company Balance Sheet Key Data | Project | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 1,511,402,079.43 | 1,523,122,085.40 | | Total Liabilities | 418,648,685.50 | 436,586,703.49 | | Total Owners' Equity | 1,092,753,393.93 | 1,086,535,381.91 | | Total Current Assets | 905,425,929.67 | 909,306,541.54 | | Total Non-Current Assets | 605,976,149.76 | 613,815,543.86 | [Consolidated Income Statement](index=37&type=section&id=Consolidated%20Income%20Statement) 2025年上半年，公司合并营业总收入为3.07亿元，同比下降11.00%。净利润为亏损1.38亿元，亏损额较上年同期有所收窄。归属于母公司股东的净利润为亏损9633.84万元，基本每股收益为-0.15元/股。 Consolidated Income Statement Key Data | Project | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 306,663,802.08 | 344,551,062.34 | | Total Operating Costs | 468,928,798.84 | 519,942,887.59 | | Total Profit | -152,151,242.47 | -199,932,371.03 | | Net Profit | -138,304,627.65 | -164,010,350.91 | | Net Profit Attributable to Parent Company Shareholders | -96,338,435.17 | -109,443,922.56 | | Basic Earnings Per Share (yuan/share) | -0.15 | -0.17 | [Parent Company Income Statement](index=39&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was -0.87 million yuan, a significant decrease from the same period last year; net profit was a loss of 6.48 million yuan, with the loss narrowing. Parent Company Income Statement Key Data | Project | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | -871,629.65 | 87,018,532.91 | | Operating Profit | -6,480,154.60 | -8,884,339.56 | | Total Profit | -6,479,934.66 | -8,969,897.19 | | Net Profit | -6,478,520.02 | -8,933,116.26 | [Consolidated Cash Flow Statement](index=41&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, net cash flow from operating activities was -63.61 million yuan, from investing activities was -127.84 million yuan, and from financing activities was 203.43 million yuan, resulting in a net increase in cash and cash equivalents of 11.97 million yuan. Consolidated Cash Flow Statement Key Data | Project | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -63,606,842.79 | -44,242,813.16 | | Net Cash Flow from Investing Activities | -127,839,495.00 | -66,429,399.86 | | Net Cash Flow from Financing Activities | 203,425,823.55 | 70,905,654.48 | | Net Increase in Cash and Cash Equivalents | 11,972,591.19 | -39,757,939.97 | [Parent Company Cash Flow Statement](index=43&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, net cash flow from operating activities was 29.37 million yuan, from investing activities was -16.43 million yuan, and from financing activities was -17.57 million yuan, resulting in a net decrease in cash and cash equivalents of 4.63 million yuan. Parent Company Cash Flow Statement Key Data | Project | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 29,367,551.36 | -40,065,704.38 | | Net Cash Flow from Investing Activities | -16,427,998.00 | 3,396,417.08 | | Net Cash Flow from Financing Activities | -17,569,189.73 | 34,367,527.16 | | Net Increase in Cash and Cash Equivalents | -4,629,636.37 | -2,301,760.14 | [Consolidated Statement of Changes in Owners' Equity](index=45&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, consolidated owners' equity decreased by 122 million yuan, primarily due to a net loss of 96.34 million yuan attributable to parent company owners, with capital reserves increasing and treasury stock decreasing. Consolidated Statement of Changes in Owners' Equity (2025 Semi-Annual) | Project | Beginning Balance (yuan) | Amount of Change in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 656,642,120.00 | 0 | 656,642,120.00 | | Capital Reserve | 396,629,455.34 | 8,641,111.41 | 405,270,566.75 | | Less: Treasury Stock | 41,588,659.96 | -2,592,598.62 | 38,996,061.34 | | Other Comprehensive Income | 149,862.23 | 3,946.98 | 153,809.21 | | Surplus Reserve | 47,672,869.79 | 0 | 47,672,869.79 | | Retained Earnings | -195,651,753.09 | -96,338,435.17 | -291,990,188.26 | | Total Owners' Equity Attributable to Parent Company | 863,853,894.31 | -85,100,778.16 | 778,753,116.15 | | Minority Interests | 391,095,426.95 | -37,050,547.25 | 354,044,879.70 | | Total Owners' Equity | 1,254,949,321.26 | -122,151,325.41 | 1,132,797,995.85 | [Parent Company Statement of Changes in Owners' Equity](index=48&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, parent company owners' equity increased by 6.22 million yuan. Capital reserves increased by 10.10 million yuan, and retained earnings decreased by 6.48 million yuan due to losses. Parent Company Statement of Changes in Owners' Equity (2025 Semi-Annual) | Project | Beginning Balance (yuan) | Amount of Change in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 656,642,120.00 | 0 | 656,642,120.00 | | Capital Reserve | 408,520,678.37 | 10,103,933.42 | 418,624,611.79 | | Less: Treasury Stock | 41,588,659.96 | -2,592,598.62 | 38,996,061.34 | | Surplus Reserve | 47,672,869.79 | 0 | 47,672,869.79 | | Retained Earnings | 15,288,373.71 | -6,478,520.02 | 8,809,853.69 | | Total Owners' Equity | 1,086,535,381.91 | 6,218,012.02 | 1,092,753,393.93 | [Company Overview](index=51&type=section&id=Item%203.%20Company%20Overview) The company, formerly Beijing Qianjing Garden Engineering Co., Ltd., established in 2002 and listed in 2015, underwent changes in controlling shareholder and actual controller in 2023, renamed Guosheng Shian Technology Co., Ltd., with expanded business scope including new energy and landscape engineering. - The company was formerly Beijing Qianjing Garden Engineering Co., Ltd., established on November 5, 2002[124](index=124&type=chunk) - The company was listed on the Shanghai Stock Exchange on December 31, 2015, with a total share capital of **80 million shares**[128](index=128&type=chunk) - On September 7, 2023, Guosheng Energy Co., Ltd. became the controlling shareholder of the listed company, and the actual controllers changed to Wu Jun and Gao Fei[132](index=132&type=chunk) - The company was renamed Guosheng Shian Technology Co., Ltd. on November 9, 2023, and its registered capital increased to **656,642,120 yuan**[132](index=132&type=chunk)[133](index=133&type=chunk) - The company is primarily engaged in sales of new energy prime movers, solar power generation technical services, manufacturing of photovoltaic equipment and components, battery manufacturing, urban greening management, and landscape engineering construction[133](index=133&type=chunk)[134](index=134&type=chunk) [Basis of Financial Statement Preparation](index=55&type=section&id=Item%204.%20Basis%20of%20Financial%20Statement%20Preparation) The group's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises and relevant disclosure rules, using the accrual basis of accounting and historical cost measurement. - The group's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the disclosure requirements of "Information Disclosure and Reporting Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)" issued by the China Securities Regulatory Commission, based on actual transactions and events[135](index=135&type=chunk) - The group's accounting is based on the accrual basis, and except for certain financial instruments, all are measured at historical cost[135](index=135&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=Item%205.%20Significant%20Accounting%20Policies%20and%20Estimates) The group adheres to accounting standards, establishing specific policies and estimates for revenue recognition, financial asset impairment, and share-based payments, detailing methods for business combinations, financial instruments, inventory, fixed assets, and emphasizing the impact of significant accounting judgments. - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the financial position of the company and the group as of June 30, 2025, and the operating results and cash flows for the first half of 2025, and other relevant information[138](index=138&type=chunk) - The group classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[159](index=159&type=chunk) - The group accrues impairment provisions and recognizes credit impairment losses for notes receivable, accounts receivable, financing receivables, other receivables, long-term receivables, and contract assets based on expected credit losses[168](index=168&type=chunk) - The group recognizes revenue when customers obtain control of the related goods, and for construction contracts and service provision, revenue is recognized based on the progress of performance[230](index=230&type=chunk)[231](index=231&type=chunk)[234](index=234&type=chunk) - Significant accounting judgments and estimates include revenue recognition (construction contracts), leases (identification, classification, lease liability measurement), financial asset impairment, inventory write-down provisions, fair value of financial instruments, impairment provisions for long-term assets, depreciation and amortization, deferred income tax assets, income tax, and estimated liabilities[251](index=251&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) [Taxation](index=90&type=section&id=Item%206.%20Taxation) The group's main taxes include VAT, urban maintenance and construction tax, corporate income tax, education surcharges, property tax, land use tax, and stamp duty; some entities enjoy high-tech enterprise income tax benefits or VAT/income tax exemptions for agricultural activities. Major Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable sales amount | 6%, 9%, 13% (general taxpayer), 3% (small-scale taxpayer), Jiangsu Qianjing Linyuan Seedling Co., Ltd. is exempt | | Urban Maintenance and Construction Tax | VAT payable | 1%, 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 25%, 0% | | Education Surcharge | VAT payable | 3% | | Property Tax | 70% of original property value | 1.2% (ad valorem), 12% (ad rent) | | Local Education Surcharge | VAT payable | 2% | - Guosheng Shian Technology Co., Ltd., Beijing Qianjing Garden Planning and Design Co., Ltd., and Anhui Guosheng New Energy Technology Co., Ltd., as high-tech enterprises, pay corporate income tax at **15%** of their taxable income for 2025[259](index=259&type=chunk)[260](index=260&type=chunk) - Jiangsu Qianjing Linyuan Seedling Co., Ltd., engaged in agriculture, forestry, animal husbandry, and fishery, is exempt from VAT and corporate income tax for 2025[261](index=261&type=chunk) [Notes to Consolidated Financial Statement Items](index=92&type=section&id=Item%207.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the specific conditions and changes of each consolidated financial statement item, including restricted cash, transaction financial assets related to performance compensation, significant accounts receivable and contract assets, increased construction in progress, short-term borrowings, and long-term payables. - At period-end, **128,995,048.72 yuan** of monetary funds were restricted, mainly as acceptance bill deposits and funds frozen by courts due to litigation[263](index=263&type=chunk) - Transactional financial assets amounted to **33,957,800.00 yuan**, which are financial assets recognized for contingent consideration from the acquisition due to the target company's continuous performance decline in 2023-2024[264](index=264&type=chunk) - At period-end, the book value of accounts receivable was **299,527,436.73 yuan**, with an impairment provision of **159,608,985.75 yuan**[274](index=274&type=chunk) - At period-end, the book value of contract assets was **116,587,781.86 yuan**, a decrease from the beginning of the period, mainly due to the completion and transfer out of original engineering projects in the current period[281](index=281&type=chunk)[283](index=283&type=chunk) - At period-end, the book value of construction in progress was **374,868,696.72 yuan**, mainly including the Shandong Laizhou production base construction project and the Xinjiang Ruoqiang production base construction project[339](index=339&type=chunk)[340](index=340&type=chunk) - At period-end, short-term borrowings were **212,818,845.23 yuan**, an increase of **66.54%** from the beginning of the period, mainly comprising guarantee borrowings and mortgage borrowings[365](index=365&type=chunk) - At period-end, accounts payable were **976,513,430.69 yuan**, of which significant accounts payable with an age over 1 year totaled **250,523,441.39 yuan**[369](index=369&type=chunk)[370](index=370&type=chunk) - At period-end, long-term payables were **70,848,963.48 yuan**, an increase of **124.95%** from the beginning of the period, mainly due to new borrowings from Bazhou Emerging Industry Investment Fund Partnership[400](index=400&type=chunk)[54](index=54&type=chunk) - For the first half of 2025, operating revenue was **306,663,802.08 yuan**, and operating cost was **343,908,776.76 yuan**[416](index=416&type=chunk) - For the first half of 2025, investment income was **10,485,977.55 yuan**, mainly from investment income from long-term equity investments accounted for using the equity method and investment income from disposal of long-term equity investments[429](index=429&type=chunk) - For the first half of 2025, net cash flow from operating activities was **-63,606,842.79 yuan**, net cash flow from investing activities was **-127,839,495.00 yuan**, and net cash flow from financing activities was **203,425,823.55 yuan**[449](index=449&type=chunk)[450](index=450&type=chunk) [Research and Development Expenses](index=148&type=section&id=Item%208.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was 20.87 million yuan, fully expensed to current profit or loss, primarily comprising personnel costs, direct input costs, and depreciation and amortization. R&D Expenses by Nature of Expense | Project | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Personnel Costs | 10,913,001.69 | 11,299,260.46 | | Direct Input Costs | 4,688,764.27 | 5,804,143.76 | | Depreciation and Amortization | 3,371,055.29 | 2,268,932.23 | | Other Related Expenses | 1,893,204.36 | 331,127.81 | | Total | 20,866,025.61 | 19,703,464.26 | | Of which: Expensed R&D Expenditure | 20,866,025.61 | 19,703,464.26 | [Changes in Consolidation Scope](index=148&type=section&id=Item%209.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company disposed of Hebei Guosheng New Energy Technology Co., Ltd. and Fujian Wuba Investment Co., Ltd., and established Guosheng Zhongnong (Beijing) Ecological Development Co., Ltd., leading to changes in the scope of consolidation. Disposal of Subsidiaries During the Reporting Period | Subsidiary Name | Date of Loss of Control | Disposal Price at Loss of Control (yuan) | Disposal Percentage at Loss of Control (%) | Method of Disposal at Loss of Control | | :--- | :--- | :--- | :--- | :--- | | Hebei Guosheng New Energy Technology Co., Ltd. | 2025.3.31 | 25,804,000.00 | 100.00 | Equity Transfer | | Fujian Wuba Investment Co., Ltd. | 2025.2.20 | 2.00 | 51 | Equity Transfer | - In the current period, Guosheng Zhongnong (Beijing) Ecological Development Co., Ltd. was added as a subsidiary, with its business nature being modern agriculture[464](index=464&type=chunk) [Interests in Other Entities](index=150&type=section&id=Item%2010.%20Interests%20in%20Other%20Entities) The group holds interests in numerous subsidiaries, mainly in PV and landscape businesses, with some non-wholly owned subsidiaries reporting net losses, and also has interests in joint ventures and associates, including Hebei Hanyao Carbon Technology New Energy Co., Ltd., which achieved a net profit of 29.59 million yuan. - The group owns numerous subsidiaries, including Chifeng Qianjing Kaifeng Landscape Co., Ltd., Beijing Qianjing Garden Planning and Design Co., Ltd., Anhui Qianjing Yuanlong New Energy Co., Ltd., and Jiangsu Guosheng Shian New Energy Co., Ltd., primarily engaged in landscape greening, landscape design, and photovoltaic businesses[466](index=466&type=chunk)[467](index=467&type=chunk)[468](index=468&type=chunk) Key Financial Information of Important Non-Wholly Owned Subsidiaries (Current Period, Unit: yuan) | Subsidiary Name | Minority Shareholding Percentage (%) | Net Profit/Loss Attributable to Minority Shareholders in Current Period | Minority Interests Balance at Period End | | :--- | :--- | :--- | :--- | | Jiangsu Guosheng Shian New Energy Co., Ltd. | 49 | -27,004,553.41 | 140,078,715.38 | | Anhui Guosheng New Energy Technology Co., Ltd. | 49 | -8,223,759.44 | 141,753,236.34 | | Jiangsu Guosheng Shian New Energy Sales Co., Ltd. | 49 | -3,845,693.24 | -15,015,629.31 | | Guosheng Gaoling (Jiangsu) Power Co., Ltd. | 49 | -1,458,116.83 | 9,437,558.18 | - The group's important associate company is Hebei Hanyao Carbon Technology New Energy Co., Ltd., with a shareholding ratio of **25.00%**, and a net profit of **29,591,236.66 yuan** in the current period[476](index=476&type=chunk)[477](index=477&type=chunk) - The group's unimportant joint venture, Xiao County Shenghong Project Investment Co., Ltd., had a total investment book value of **4,713,248.11 yuan** and a net profit of **92,965.69 yuan** in the current period[479](index=479&type=chunk) [Government Grants](index=157&type=section&id=Item%2011.%20Government%20Grants) As of the end of the reporting period, the company's deferred income related to government grants totaled 64.66 million yuan, primarily for equipment subsidies, infrastructure matching rewards, and factory renovation subsidies; 2.94 million yuan in government grants were recognized in current profit or loss. Liability Items Involving Government Grants (Unit: yuan) | Financial Statement Item | Beginning Balance | New Grants in Current Period | Transferred to Other Income in Current Period | Ending Balance | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 64,602,108.55 | 3,000,000.00 | 2,943,335.04 | 64,658,773.51 | Equipment subsidies, infrastructure matching rewards, factory renovation subsidies, special funds for SME development, etc. | - Government grants recognized in current profit or loss for the current period amounted to **2,943,335.04 yuan**, mainly related to assets[483](index=483&type=chunk) [Risks Related to Financial Instruments](index=158&type=section&id=Item%2012.%20Risks%20Related%20to%20Financial%20Instruments) The group faces market risks (including exchange rate, interest rate, and other price risks), credit risk, and liquidity risk, managed through high-credit-rated transactions, continuous monitoring of receivables, and maintaining sufficient cash and bank loans. - The group's objective in risk management is to achieve an appropriate balance between risk and return, minimize the negative impact of risks on the group's operating performance, and maximize the interests of shareholders and other equity investors[483](index=483&type=chunk) - Market risks include exchange rate risk (mainly related to USD and EUR), interest rate risk (arising from bank borrowings and other interest-bearing debts), and other price risks (fluctuations in market prices of engineering contracts)[484](index=484&type=chunk)[485](index=485&type=chunk)[486](index=486&type=chunk) - Credit risk primarily arises from financial assets (accounts receivable, contract assets, other receivables, etc.), managed by transacting with banks with high credit ratings and reputable third parties, and continuously monitoring accounts receivable balances[487](index=487&type=chunk)[488](index=488&type=chunk) - Liquidity risk is managed by maintaining and monitoring what management considers sufficient cash and cash equivalents, and by balancing funding continuity and flexibility through bank loans and debt[489](index=489&type=chunk) Analysis of Undiscounted Remaining Contractual Obligations of Financial Liabilities by Maturity (Unit: yuan) | Project | Within One Year | One to Two Years | Two to Five Years | Over Five Years | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings (including interest) | 212,818,845.23 | - | - | - | | Notes Payable | 141,216,960.88 | - | - | - | | Accounts Payable | 976,513,430.69 | - | - | - | | Other Payables | 218,726,271.37 | - | - | - | | Long-term Borrowings (excluding interest) | 15,500,000.00 | 16,740,000.00 | 71,970,000.00 | 64,750,000.00 | [Disclosure of Fair Value](index=160&type=section&id=Item%2013.%20Disclosure%20of%20Fair%20Value) At period-end, the group's assets measured at fair value totaled 63.66 million yuan, primarily equity instrument investments and other items within transactional financial assets, using Level 3 fair value measurement with key unobservable inputs including WACC, long-term revenue growth, and working capital to revenue ratio. Period-End Fair Value Measurement Items | Project | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | (I) Transactional Financial Assets | 63,664,002.63 | 63,664,002.63 | | (2) Equity Instrument Investments | 29,706,202.63 | 29,706,202.63 | | (4) Other | 33,957,800.00 | 33,957,800.00 | | Total Assets Measured at Fair Value on a Recurring Basis | 63,664,002.63 | 63,664,002.63 | - Level 3 fair value measurement uses the discounted cash flow method, with unobservable inputs including weighted average cost of capital, long-term revenue growth rate, and working capital as a percentage of revenue[495](index=495&type=chunk) - The difference between the book value and fair value of financial assets and liabilities not measured at fair value is small[496](index=496&type=chunk) [Related Parties and Related Party Transactions](index=162&type=section&id=Item%2014.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's parent is Guosheng Energy Co., Ltd., with Wu Jun and Gao Fei as actual controllers; during the reporting period, significant related-party transactions included guarantees for subsidiaries, funds borrowed from and repaid to the controlling shareholder, and outstanding receivables and payables with related parties. - The company's parent company is Guosheng Energy Co., Ltd., with a shareholding ratio of **16.49%**, and the ultimate controlling parties are Mr. Wu Jun and Mr. Gao Fei[498](index=498&type=chunk) Company as Guarantor (Unit: 10,000 yuan) | Guaranteed Party | Guarantee Amount | Guarantee Start Date | Guarantee End Date | Has the Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Yingjing Qianya Municipal Landscape Co., Ltd. | 20,000.00 | 2020/12/24 | 2037/12/24 | No | | Jiangsu Guosheng Shian New Energy Co., Ltd. | 6,000.00 | 2024/1/12 | 2026/1/11 | Yes | | Anhui Guosheng New Energy Technology Co., Ltd. | 3,000.00 | 2024/8/13 | 2030/8/13 | No | Company as Guaranteed Party (Unit: 10,000 yuan) | Guarantor | Guarantee Amount | Guarantee Start Date | Guarantee End Date | Has the Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Guosheng Energy Co., Ltd., Wu Jun, Gao Fei | 3,000.00 | 2024/8/13 | 2027/8/13 | No | | Wu Jun | 5,000.00 | 2023/10/10 | 2026/10/10 | Yes | | Guosheng Energy Co., Ltd. | 3,920.00 | 2023/6/20 | 2027/6/20 | Yes | - In the current period, the company borrowed **276,698,684.34 yuan** from its controlling shareholder, Guosheng Energy Co., Ltd., and repaid **216,424,528.59 yuan** during the period, with an outstanding balance and interest of **113,391,800.96 yuan**[515](index=515&type=chunk) - Remuneration for key management personnel in the current period amounted to **4.45 million yuan**[517](index=517&type=chunk) Period-End Balances of Receivables from Related Parties (Unit: yuan) | Project Name | Related Party | Period-End Book Balance | Impairment Provision | | :--- | :--- | :--- | :--- | | Other Receivables | Annoxin Hua (Beijing) Investment Management Co., Ltd. | 8,900,000.00 | 89,000.00 | | Other Receivables | Guosheng Energy Co., Ltd. | 104,000,026.70 | - | | Total | - | 112,900,026.70 | 89,000.00 | Period-End Balances of Payables to Related Parties (Unit: yuan) | Project Name | Related Party | Period-End Book Balance | | :--- | :--- | :--- | | Contract Liabilities | Fujian Lvfa Chibi Tourism Development Co., Ltd. | 64,716.98 | | Accounts Payable | Lanzhou Fengrun Construction Engineering Co., Ltd. | 346,245.00 | | Other Payables | Guosheng Energy Co., Ltd. | 113,391,800.96 | [Share-Based Payments](index=169&type=section&id=Item%2015.%20Share-Based%20Payments) During the current period, the company recognized share-based payment expenses of 10.10 million yuan, primarily for directors, senior management, middle management, and core personnel. - Share-based payment expenses for the current period amounted to **10,103,933.42 yuan**, primarily for directors, senior management, middle management, and core personnel[526](index=526&type=chunk) [Commitments and Contingencies](index=170&type=section&id=Item%2016.%20Commitments%20and%20Contingencies) The group has one significant contingency: a construction contract dispute arbitration case with Beijing Jingcheng Landscape Ecological Environment Co., Ltd., involving 8.47 million yuan, which is currently awaiting arbitration. - The group has a construction engineering contract dispute arbitration case with Beijing Jingcheng Landscape Ecological Environment Co., Ltd., involving **8,468,936.557 yuan**, which has not yet been arbitrated[526](index=526&type=chunk) [Events After the Balance Sheet Date](index=170&type=section&id=Item%2017.%20Events%20After%20the%20Balance%20Sheet%20Date) As of the report approval date, the company has no significant non-adjusting events, profit distribution information, sales returns, or other events after the balance sheet date requiring disclosure. - As of the report approval date, the company has no significant non-adjusting events, profit distribution information, sales returns, or other events after the balance sheet date requiring disclosure[528](index=528&type=chunk) [Other Significant Matters](index=171&type=section&id=Item%2018.%20Other%20Significant%20Matters) The company has a contract dispute with Zhonghe Group Co., Ltd. regarding a 20 million yuan project performance bond, with a court ruling for a refund of 10.53 million yuan; the group had no discontinued operations or reportable operating segments this year, and disclosed details of two PPP projects. - The company has a contract dispute with Zhonghe Group Co., Ltd. involving a **20 million yuan** project performance bond; the court has ruled that Zhonghe Group Co., Ltd. must refund the remaining bond and interest totaling **10,527,225.00 yuan**, and the company has applied for compulsory enforcement[529](index=529&type=chunk) - The group had no discontinued operations in the current year, nor does it have reportable segment information based on operating segments that needs to be disclosed[530](index=530&type=chunk)[531](index=531&type=chunk) - The company, as the sole social capital party, participates in the Chifeng New Area Greening Project Renovation and Improvement PPP Project, with a cooperation period of **10 years** and a government-paid return mechanism[532](index=532&type=chunk) - The company, as a member of a consortium, participates in the Jinghe and Yinghe River Channel Governance Project PPP Project in Yingjing County, Ya'an City, Sichuan Province, with a cooperation period of **15 years** and a government-paid model[533](index=533&type=chunk)[534](index=534&type=chunk) [

黄山旅游发展股份有限公司2025 年半年度报告 公司代码：600054 公司简称：黄山旅游 900942 黄山 B 股 黄山旅游发展股份有限公司 2025 年半年度报告 2025 年 8 月 1 / 158 黄山旅游发展股份有限公司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、 公司负责人章德辉、主管会计工作负责人王雁及会计机构负责人（会计主管人员）王雁声 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 报告期公司不进行利润分配和公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，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 ...

良品铺子股份有限公司2025 年半年度报告 公司代码：603719 公司简称：良品铺子 良品铺子股份有限公司 2025 年半年度报告 1 / 162 良品铺子股份有限公司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、 公司负责人程虹、主管会计工作负责人徐然及会计机构负责人（会计主管人员）王薇声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、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 公司已在本报告中 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides key declarations from the board, supervisors, and management, confirms audit status, and highlights potential risks [Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=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。) The company's board of directors, supervisory board, and senior management declare that this semi-annual report is true, accurate, and complete, free from false records, misleading statements, or major omissions, and assume legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3](index=3&type=chunk) [Board Meeting Attendance](index=2&type=section&id=二、公司全体董事出席董事会会议。) All company directors attended the board meeting - All company directors attended the board meeting[4](index=4&type=chunk) [Audit Status of the Report](index=2&type=section&id=三、本半年度报告未经审计。) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [Statement by the Head of Financial Reporting](index=2&type=section&id=四、公司负责人谭君铁、主管会计工作负责人崔松及会计机构负责人（会计主管人员）罗玉晗声明：保证半年度报告中财务报告的真实、准确、完整。) Company head Tan Juntie, head of accounting Cui Song, and head of accounting department Luo Yuhan declare the financial report in the semi-annual report is true, accurate, and complete - Company head Tan Juntie, head of accounting Cui Song, and head of accounting department Luo Yuhan declare the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=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) The board of directors did not approve a profit distribution or capital reserve conversion plan for this reporting period - Profit distribution plan or capital reserve conversion plan approved by the board for this reporting period: No[6](index=6&type=chunk) [Forward-Looking Statements Risk Warning](index=2&type=section&id=六、前瞻性陈述的风险声明) Forward-looking statements regarding future plans and development strategies in this report do not constitute substantive commitments; investors should be aware of investment risks - Forward-looking statements regarding future plans and development strategies in this report do not constitute substantive commitments by the company to investors; investors are advised to be aware of investment risks[6](index=6&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Related Parties](index=2&type=section&id=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) The company has no non-operating funds occupied by controlling shareholders or other related parties - Non-operating fund occupation by controlling shareholder and other related parties: No[7](index=7&type=chunk) [External Guarantees](index=2&type=section&id=八、是否存在违反规定决策程序对外提供担保的情况) The company has not provided external guarantees in violation of prescribed decision-making procedures - External guarantees in violation of prescribed decision-making procedures: No[7](index=7&type=chunk) [Directors' Guarantee of Report Truthfulness](index=2&type=section&id=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) The company does not have a situation where more than half of its directors cannot guarantee the truthfulness, accuracy, and completeness of the semi-annual report - More than half of the directors cannot guarantee the truthfulness, accuracy, and completeness of the company's disclosed semi-annual report: No[7](index=7&type=chunk) [Significant Risk Warning](index=2&type=section&id=十、重大风险提示) The company has detailed potential risks in Section III Management Discussion and Analysis, reminding investors to review it - The company has detailed potential risks in this report; please refer to 'Possible Risks Faced' in Section III Management Discussion and Analysis[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=第一节%20释义) This section defines common terms used in the report, including regulatory bodies, exchanges, controlling shareholders, the company itself, and major subsidiaries, clarifying the reporting period as the first half of 2025 [Definitions of Common Terms](index=4&type=section&id=常用词语释义) This section defines common terms used in the report, including regulatory bodies, exchanges, controlling shareholders, the company itself, and major subsidiaries, clarifying the reporting period as the first half of 2025 - In this report, unless the context otherwise requires, the following terms have the meanings set out below: Definitions of common terms[12](index=12&type=chunk) - The reporting period refers to the first half of 2025[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&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's basic information, key accounting data, and financial indicators for the reporting period [Company Information](index=5&type=section&id=一、公司信息) This section outlines Southern Publishing and Media Co., Ltd.'s basic information, including Chinese name, abbreviation, English name and acronym, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Company's Chinese Name | 南方出版传媒股份有限公司 | | Company's Chinese Abbreviation | 南方传媒 | | Company's English Name | Southern Publishing and Media Co.,Ltd. | | Company's English Name Abbreviation | SPM | | Company's Legal Representative | 谭君铁 | [Contact Person and Information](index=5&type=section&id=二、联系人和联系方式) This section provides the names, contact addresses, phone numbers, fax numbers, and email addresses of the company's board secretary and securities affairs representative for investor communication Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | 雷鹤 | 龚慧明 | | Contact Address | 广东省广州市越秀区水荫路 11 号 | 广东省广州市越秀区水荫路 11 号 | | Phone | 020-37600020 | 020-37600020 | | Fax | 020-37600030 | 020-37600030 | | Email | ir@nfcb.com.cn | ir@nfcb.com.cn | [Brief Introduction to Changes in Basic Information](index=5&type=section&id=三、基本情况变更简介) The company's registered address, office address, website, and email address remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=四、信息披露及备置地点变更情况简介) The company's designated information disclosure newspapers, website address for the semi-annual report, and report storage location remained unchanged during the reporting period - The company's selected information disclosure newspapers are 'China Securities Journal', 'Shanghai Securities News', and 'Securities Times'; the website address for the semi-annual report is www.sse.com.cn; the company's semi-annual report is kept at the company's securities department, with no changes during the reporting period[17](index=17&type=chunk) [Company Stock Overview](index=5&type=section&id=五、公司股票简况) The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation 'Southern Media' and stock code '601900', with no previous stock abbreviation Company Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-shares | Shanghai Stock Exchange | 南方传媒 | 601900 | None | [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=七、公司主要会计数据和财务指标) In the first half of 2025, the company's operating revenue slightly decreased, but total profit, net profit attributable to parent, and non-recurring net profit all achieved significant growth, with earnings per share and return on net assets also substantially increasing, indicating enhanced profitability 2025 H1 Key Accounting Data | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | **3.972 billion yuan** | **4.025 billion yuan** | -1.30 | | Total Profit | **551.60 million yuan** | **474.55 million yuan** | 16.24 | | Net Profit Attributable to Listed Company Shareholders | **450.95 million yuan** | **299.16 million yuan** | 50.74 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | **434.82 million yuan** | **330.27 million yuan** | 31.66 | | Net Cash Flow from Operating Activities | **-133.57 million yuan** | **-58.41 million yuan** | Not applicable | | Net Assets Attributable to Listed Company Shareholders (End of Current Period) | **8.238 billion yuan** | **8.272 billion yuan** (End of Prior Year) | -0.41 | | Total Assets (End of Current Period) | **17.473 billion yuan** | **17.383 billion yuan** (End of Prior Year) | 0.52 | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.51 | 0.34 | 50.00 | | Diluted Earnings Per Share (yuan/share) | 0.51 | 0.34 | 50.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.49 | 0

China Tourism Group Duty Free Corporation Limited 股票代码 : 601888.SH 1880.HK 2025 半年度报告 年 中国旅游集团中免股份有限公司 China Tourism Group Duty Free Corporation Limited 2025 年半年度报告 中国旅游集团中免股份有限公司2025 年半年度报告 中國旅遊集團中免股份有限公司 公司代码：601888 公司简称：中国中免 中国旅游集团中免股份有限公司 2025 年半年度报告 1 / 157 中国旅游集团中免股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人范云军、主管会计工作负责人杨洪义及会计机构负责人（会计主管人员）丁丽 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 ...

广东迪生力汽配股份有限公司2025 年半年度报告 公司代码：603335 公司简称：迪生力 广东迪生力汽配股份有限公司 2025 年半年度报告 1 / 203 广东迪生力汽配股份有限公司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、 公司负责人赵瑞贞、主管会计工作负责人林子欣及会计机构负责人（会计主管人员）黄少 华声明：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 否 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性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 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential preliminary information, including the report's structure, key terms, and a formal declaration of responsibility [Important Notice](index=2&type=section&id=Important%20Notice) The company's board and senior management guarantee the report's accuracy, with forward-looking statements not constituting substantive commitments, while addressing macro environment and project risks, and no interim dividend distribution is planned - 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) - Forward-looking statements regarding future development plans in this report do not constitute substantive commitments by the company to investors[7](index=7&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[9](index=9&type=chunk) - The company faces risks from changes in the macro environment, which may affect profitability, but will respond through technological innovation, product optimization, capacity expansion, market development, and cost reduction measures[7](index=7&type=chunk) - Fund-raising projects are primarily for activated carbon production line construction, posing risks that new capacity may not quickly achieve effective output and sales, which the company will mitigate through careful planning and targeted sales strategies[8](index=8&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section provides a detailed report structure, listing eight main chapters and their starting page numbers for investor navigation - The report comprises eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms and abbreviations for the company and its key subsidiaries to ensure clear understanding of the report content - This section defines abbreviations for the company and its major subsidiaries (e.g., Nanping Yuanli, Liyuan Company, Huaiyushan Company), as well as other relevant terms[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics and indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides the company's basic information, including stock ticker, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yuanli Shares | | Stock Code | 300174 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Fujian Yuanli Activated Carbon Co., Ltd. | | Legal Representative | Xu Wenxian | [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative for investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Luo Cong | No. 8 Zhuxi Road, Yanping District, Nanping City, Fujian Province | 0599-8558803 | 0599-8558803 | dm@yuanlicarbon.com | | Securities Affairs Representative | Lan Jing | No. 8 Zhuxi Road, Yanping District, Nanping City, Fujian Province | 0599-8558803 | 0599-8558803 | dm@yuanlicarbon.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, the company's contact information, disclosure locations, and registration status remained unchanged, consistent with the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[19](index=19&type=chunk) - The company's information disclosure and archiving locations remained unchanged during the reporting period[20](index=20&type=chunk) - The company's registration status remained unchanged during the reporting period[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, revenue and net profit attributable to shareholders decreased year-on-year, but net cash flow from operating activities significantly increased, while total assets and net assets also grew Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 939,693,543.21 | 983,943,087.61 | -4.50% | | Net Profit Attributable to Shareholders of Listed Company | 118,303,657.80 | 147,796,146.46 | -19.95% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 117,529,435.83 | 116,401,657.76 | 0.97% | | Net Cash Flow from Operating Activities | 69,360,006.04 | 2,571,071.62 | 2,597.71% | | Basic Earnings Per Share (CNY/share) | 0.3278 | 0.4086 | -19.77% | | Diluted Earnings Per Share (CNY/share) | 0.3278 | 0.4086 | -19.77% | | Weighted Average Return on Net Assets | 3.51% | 4.66% | -1.15% | | **Period-End Indicators** | **Current Period-End (CNY)** | **Prior Year-End (CNY)** | **Change from Prior Year-End** | | Total Assets | 4,211,922,576.66 | 4,006,636,502.21 | 5.12% | | Net Assets Attributable to Shareholders of Listed Company | 3,406,920,569.91 | 3,306,823,843.78 | 3.03% | - Net cash flow from operating activities significantly increased by **2,597.71%**, primarily due to a decrease in cash paid for goods and services[23](index=23&type=chunk)[62](index=62&type=chunk) [V. Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards - The company's report period showed no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[24](index=24&type=chunk) - The company's report period showed no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[25](index=25&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses totaled CNY 774,221.97 this period, primarily from disposal of non-current assets, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | -282,553.23 | | | Government grants recognized in current profit or loss (excluding those closely related to the company's ordinary operations, compliant with national policies, enjoyed at fixed standards, and having a sustained impact on company profit or loss) | 704,711.02 | | | Other non-operating income and expenses apart from the above | 546,083.42 | | | Less: Income tax impact | 191,878.63 | | | Impact on minority interests (after tax) | 2,140.61 | | | Total | 774,221.97 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[27](index=27&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive overview of the company's operations, financial performance, and future outlook from management's perspective [I. Company's Main Business Activities During the Reporting Period](index=8&type=section&id=I.%20Company's%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company's main business remained unchanged, focusing on R&D, production, and sales of activated carbon, sodium silicate, and silica gel, benefiting from environmental policies and new energy development, maintaining a stable industry position with a regional, order-based, and direct/dealer sales model - The company's main business activities remained unchanged during the reporting period, focusing on the research, development, production, and sales of chemical products such as activated carbon, sodium silicate, and silica gel[29](index=29&type=chunk) [(I) Industry Development Overview](index=8&type=section&id=%28I%29%20Industry%20Development%20Overview) Global activated carbon production is shifting to developing countries, with China as the largest woody activated carbon producer. The company benefits from stricter environmental policies and new energy sector growth, expanding activated carbon applications. Sodium silicate, primarily for white carbon black, gains from "green tire" development, while the silica gel industry thrives with national policy support - The global activated carbon industry is shifting towards developing countries, with China being the world's largest producer of woody activated carbon, enhancing the company's advantageous position in the industry[30](index=30&type=chunk) - Activated carbon application areas are deepening and expanding, with new demands for carbon materials from the new energy industry (e.g., power batteries, energy storage) presenting development opportunities[31](index=31&type=chunk) - The sodium silicate produced by the company is primarily used for white carbon black, benefiting from the rapid development of the "green tire" market[31](index=31&type=chunk) - China's silica gel industry is entering a period of vigorous development with national policy support, and the company will leverage its circular industrial park to enhance market visibility[31](index=31&type=chunk)[32](index=32&type=chunk) [(II) Industry Policy Environment](index=8&type=section&id=%28II%29%20Industry%20Policy%20Environment) The company's products, embodying energy conservation, environmental protection, and resource recycling, benefit from national plans for energy saving, new materials, and new energy. Relevant policies drive activated carbon industry consolidation, increasing the company's market share, and encourage green, low-carbon development and new energy carbon material innovation - The company's main business, woody activated carbon, falls under the "encouraged category" in the National Industrial Structure Adjustment Guidance Catalogue (2024), which facilitates industry consolidation and increases the company's market share[33](index=33&type=chunk) - Activated carbon produced and sold from "three wastes" (forest residues, inferior timber, crop stalks, sand willow, corn cobs) benefits from a 90% VAT refund policy, which is a long-term positive for the woody activated carbon industry[34](index=34&type=chunk) - National "dual carbon" goals and green development policies provide significant support for the company's green, low-carbon development philosophy and circular economy model, promoting the development of new energy carbon materials[35](index=35&type=chunk)[36](index=36&type=chunk) [(III) Industry Position](index=9&type=section&id=%28III%29%20Industry%20Position) The company is a leading enterprise in China's woody activated carbon industry, with an annual production and sales volume exceeding 140,000 tons, ranking first nationally for many consecutive years in output, sales, and exports. Its sodium silicate annual capacity of 160,000 tons is among the industry's top, and its 26,000-ton silica gel annual capacity is expanding market share with low-cost, high-quality advantages - The company is a leading enterprise in China's woody activated carbon industry, with annual production and sales growing from 500 tons to over **140,000 tons**, consistently ranking first nationally in output, sales, and exports for many years[37](index=37&type=chunk) - In the activated carbon sector, the company continues to develop towards full categories and high-end products, introducing new varieties such as bamboo-based granular activated carbon, nutshell activated carbon, honeycomb activated carbon, supercapacitor activated carbon, biomass hard carbon, and porous carbon[37](index=37&type=chunk) - The company's sodium silicate annual production capacity is **160,000 tons**, ranking among the industry's top, with some supply for silica gel production and辐射周边市场 (radiating to surrounding markets)[38](index=38&type=chunk) - The company currently has an annual silica gel production capacity of **26,000 tons**, leveraging its low-cost and high-quality competitive advantages to open up the market and accelerate expansion in domestic and international markets[39](index=39&type=chunk) [(IV) Main Business Model](index=10&type=section&id=%28IV%29%20Main%20Business%20Model) The company's main business model encompasses procurement, production, and sales. Procurement varies for activated carbon, sodium silicate, and silica gel, with activated carbon raw materials sourced through regional hubs and individual suppliers. Production is primarily order-based. Sales are mainly direct domestically, supplemented by distributors, while international markets are served through self-operated exports by the international trade department and partnerships with professional distributors [1. Procurement Model](index=10&type=section&id=1.%20Procurement%20Model) Activated carbon raw materials (forest "three wastes" and purchased semi-finished carbon) are sourced through regional hubs and individual suppliers. Sodium silicate raw materials, quartz sand and soda ash, have ample market supply. Silica gel primarily uses sodium silicate (supplied by Yuanhe Water Glass) and sulfuric acid, with steam provided by Sanyuan Thermal Power - Activated carbon business procurement model: Adopts a regional layout and cultivates individual supplier model, forming a wide and smooth supply network for forest "three wastes" raw materials[41](index=41&type=chunk) - Sodium silicate business procurement model: Main raw materials, quartz sand and soda ash, have ample market supply[42](index=42&type=chunk) - Silica gel business procurement model: Sodium silicate is entirely supplied directly by Yuanhe Water Glass, and steam is provided by wholly-owned subsidiary Sanyuan Thermal Power, utilizing waste heat from activated carbon production[43](index=43&type=chunk) [2. Production Model](index=10&type=section&id=2.%20Production%20Model) Activated carbon production primarily follows an order-based model, managed as bulk or special orders. Liquid sodium silicate mainly supplies Sanyuan Circular, while solid products are produced based on orders and market demand. Silica gel production is also primarily driven by downstream customer orders and market demand - Activated carbon business production model: Primarily adopts an order-based production approach, managed as bulk orders and special orders[44](index=44&type=chunk) - Sodium silicate business production model: Liquid sodium silicate primarily supplies Sanyuan Circular, while solid sodium silicate production is arranged based on downstream customer orders and market demand[45](index=45&type=chunk)[46](index=46&type=chunk) - Silica gel business production model: Production plans are primarily arranged based on downstream customer orders and anticipated future market demand[47](index=47&type=chunk) [3. Sales Model](index=11&type=section&id=3.%20Sales%20Model) Activated carbon products are primarily sold directly in the domestic market, supplemented by distributors, while international markets are served through self-operated exports by the international trade department and partnerships with international professional distributors. Sodium silicate and silica gel products are exclusively sold through direct sales - Activated carbon product sales model: Domestic market primarily uses direct sales, supplemented by distributors; international markets are served by the international trade department's self-operated exports and collaborations with international professional distributors[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - Sodium silicate and silica gel product sales model: Both are exclusively direct sales, selling directly to customers[52](index=52&type=chunk)[53](index=53&type=chunk) [II. Analysis of Core Competitiveness](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness) As a leading domestic woody activated carbon enterprise, the company boasts significant advantages in production scale, innovation, product range, and management, achieving synergistic activated carbon, sodium silicate, and silica gel value chains through its forest chemical circular industrial park, delivering low-cost, high-quality products - The company is the largest and most comprehensive woody activated carbon producer in China, with an annual production and sales volume exceeding **140,000 tons**, consistently ranking first nationally in output, sales, and exports for many years[55](index=55&type=chunk) - The company is a national high-tech enterprise, leading with "technological innovation," possessing nearly a hundred national invention and utility model patents, demonstrating the strongest R&D capabilities in the industry[56](index=56&type=chunk) - The company offers over a hundred specifications of activated carbon products, achieving full category coverage, and actively develops new energy carbon materials such as supercapacitor activated carbon, biomass hard carbon, and porous carbon[57](index=57&type=chunk) - The company continuously enhances management efficiency through multiple management system certifications (ISO9001, ISO14001, ISO22000, ISO45001, etc.) and international certifications (Kosher, Halal, NSF)[59](index=59&type=chunk) - The company has established a young, tiered, and practice-oriented management and R&D team, which is a crucial guarantee for leading industry development[59](index=59&type=chunk) [III. Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the main business profit structure remained stable, with activated carbon revenue growing 8.45% and gross margin up 3.38%, while silicate revenue decreased 33.80% with a 7.89% gross margin decline, and net operating cash flow surged 2597.71% - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[63](index=63&type=chunk) Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 939,693,543.21 | 983,943,087.61 | -4.50% | | | Operating Cost | 706,445,866.08 | 754,671,056.04 | -6.39% | | | Selling Expenses | 22,386,389.31 | 21,834,328.10 | 2.53% | | | Administrative Expenses | 68,117,934.63 | 75,854,301.37 | -10.20% | | | Financial Expenses | -15,819,509.91 | -21,893,041.33 | -27.74% | | | Income Tax Expense | 11,246,373.09 | 14,192,526.81 | -20.76% | | | R&D Investment | 40,877,770.14 | 37,600,317.80 | 8.72% | | | Net Cash Flow from Operating Activities | 69,360,006.04 | 2,571,071.62 | 2,597.71% | Primarily due to a decrease in cash paid for goods and services | | Net Cash Flow from Investing Activities | -83,198,234.79 | -834,838,790.76 | -90.03% | Primarily due to large transferable deposit purchases in the prior year | | Net Cash Flow from Financing Activities | 99,883,076.61 | -30,188,545.24 | -430.86% | Primarily due to an increase in bank borrowings | | Net Increase in Cash and Cash Equivalents | 86,325,265.25 | -860,888,947.24 | -110.03% | Primarily due to large transferable deposit purchases in the prior year | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Activated Carbon | 739,016,022.30 | 529,304,080.39 | 28.38% | 8.45% | 3.56% | 3.38% | | Silicates | 199,202,650.71 | 176,178,867.46 | 11.56% | -33.80% | -27.31% | -7.89% | | **By Product** | | | | | | | | Activated Carbon | 735,695,758.37 | 528,651,716.76 | 28.14% | 8.05% | 3.70% | 3.01% | | Sodium Silicate | 129,494,426.98 | 109,501,182.06 | 15.44% | -44.52% | -44.64% | 0.18% | | **By Region** | | | | | | | | Mainland China | 789,278,243.62 | 596,587,402.57 | 24.41% | -5.72% | -7.64% | 1.56% | | Outside Mainland China | 150,415,299.59 | 109,858,463.51 | 26.96% | 2.47% | 1.01% | 1.06% | [IV. Non-Core Business Analysis](index=14&type=section&id=IV.%20Non-Core%20Business%20Analysis) During the reporting period, non-core business had minimal impact on total profit, with VAT refund income being the primary and sustainable source of non-core revenue Non-Core Business Analysis | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -274,058.61 | -0.21% | Primarily discount interest | No | | Non-Operating Income | 716,505.39 | 0.55% | Primarily scrap income | No | | Non-Operating Expenses | 688,331.30 | 0.53% | Primarily fixed asset retirement losses | No | | Credit Impairment Losses | -3,463,502.20 | -2.66% | Primarily changes in bad debt provisions calculated by aging analysis method | Yes | | Asset Disposal Gains | 235,356.10 | 0.18% | Primarily gains/losses from fixed asset disposals | No | | Other Income | 22,842,743.64 | 17.56% | Primarily VAT refund income | Yes | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets and net assets attributable to shareholders increased, with higher proportions of cash and fixed assets, increased short-term borrowings, and decreased long-term borrowings, while no significant overseas assets, fair value measured assets/liabilities, or restricted assets were present [1. Significant Changes in Asset Composition](index=14&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, the proportion of cash and fixed assets to total assets increased, mainly due to higher operating cash flow and fixed asset investments. Short-term borrowings significantly increased, while long-term borrowings decreased Significant Changes in Asset Composition | Item | Amount at Current Period-End (CNY) | Proportion of Total Assets | Amount at Prior Year-End (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 275,527,236.79 | 6.54% | 192,298,676.54 | 4.80% | 1.74% | Primarily due to increased operating cash flow | | Fixed Assets | 1,340,724,928.68 | 31.83% | 1,232,859,828.28 | 30.77% | 1.06% | Primarily due to an increase in fixed assets, leading to a higher proportion | | Short-Term Borrowings | 340,161,285.00 | 8.08% | 225,152,666.66 | 5.62% | 2.46% | Primarily due to an increase in short-term bank borrowings | | Long-Term Borrowings | 47,024,609.00 | 1.12% | 85,553,148.65 | 2.14% | -1.02% | Primarily due to a decrease in long-term bank borrowings | [2. Major Overseas Assets](index=14&type=section&id=2.%20Major%20Overseas%20Assets) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[70](index=70&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=15&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) The company had no assets or liabilities measured at fair value during the reporting period - The company had no assets or liabilities measured at fair value during the reporting period[71](index=71&type=chunk) [4. Asset Restrictions as of the End of the Reporting Period](index=15&type=section&id=4.%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had no assets that were sealed, seized, frozen, mortgaged, or pledged, or otherwise restricted - As of the end of the reporting period, the company had no assets that were sealed, seized, frozen, mortgaged, or pledged, or otherwise restricted[71](index=71&type=chunk) [VI. Investment Analysis](index=15&type=section&id=VI.%20Investment%20Analysis) During the reporting period, the company had no significant equity investments, with non-equity investments primarily in the 320,000-ton solid water glass project; raised funds from private placement and convertible bonds were partially utilized, with some project adjustments to accelerate porous carbon business expansion [1. Overall Situation](index=15&type=section&id=1.%20Overall%20Situation) This section provides an overview of the investment situation, with specific details elaborated in subsequent sub-sections [2. Significant Equity Investments Acquired During the Reporting Period](index=15&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period[73](index=73&type=chunk) [3. Significant Non-Equity Investments Underway During the Reporting Period](index=15&type=section&id=3.%20Significant%20Non-Equity%20Investments%20Underway%20During%20the%20Reporting%20Period) The company's significant non-equity investment underway is the 320,000-ton annual solid water glass project, with a cumulative actual investment of CNY 199,057,793.87 and a project progress of 99.65% as of the end of the reporting period Significant Non-Equity Investments Underway During the Reporting Period | Project Name | Is it a Fixed Asset Investment | Industry Involved in Investment Project | Amount Invested in Current Reporting Period (CNY) | Cumulative Actual Investment Amount as of Period-End (CNY) | Cumulative Achieved Income as of Period-End (CNY) | Reasons for Not Meeting Planned Progress and Expected Income | Disclosure Date (if any) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 320,000-ton Annual Solid Water Glass Project | Yes | Sodium Silicate | 39,261,697.58 | 199,057,793.87 | 0.00 | Not applicable | August 28, 2019 | [4. Financial Assets Measured at Fair Value](index=15&type=section&id=4.%20Financial%20Assets%20Measured%20at%20Fair%20Value) The company had no financial assets measured at fair value during the reporting period - The company had no financial assets measured at fair value during the reporting period[75](index=75&type=chunk) [5. Use of Raised Funds](index=15&type=section&id=5.%20Use%20of%20Raised%20Funds) The company has partially utilized raised funds from private placement of shares and convertible bonds, primarily for activated carbon and porous carbon construction projects. During the reporting period, the company changed the use of some raised funds, reallocating a portion from the "Activated Carbon for Environmental Protection Project" to the "2,000-ton Annual Porous Carbon Project" to accelerate its porous carbon business layout [(1) Overall Use of Raised Funds](index=15&type=section&id=%281%29%20Overall%20Use%20of%20Raised%20Funds) The company's net proceeds from private placement of shares were CNY 859.8533 million, with CNY 739.0919 million cumulatively used. Net proceeds from public issuance of convertible bonds were CNY 885.2783 million, with CNY 19.1058 million cumulatively used. Remaining funds are held in special accounts Overall Use of Raised Funds | Fundraising Method | Total Raised Funds (CNY million) | Net Raised Funds (CNY million) | Total Raised Funds Used in Current Period (CNY million) | Total Raised Funds Cumulatively Used (CNY million) | Total Raised Funds with Changed Use in Reporting Period (CNY million) | Total Raised Funds with Cumulatively Changed Use (CNY million) | Proportion of Cumulatively Changed Use of Raised Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Private Placement of Shares | 883.45 | 859.8533 | 24.6973 | 739.0919 | 0 | 0 | 0.00% | | Issuance of Convertible Bonds to Unspecified Investors | 900.00 | 885.2783 | 16.5107 | 19.1058 | 221.21 | 221.21 | 12.68% | | Total | 1,783.45 | 1,745.1316 | 41.208 | 758.1977 | 221.21 | 221.21 | 12.68% | - Net proceeds from private placement of shares were **CNY 859.8533 million**, with **CNY 24.6973 million** used in the reporting period and **CNY 739.0919 million** cumulatively used, leaving **CNY 181.2690 million** remaining[76](index=76&type=chunk) - Net proceeds from public issuance of convertible bonds were **CNY 885.2783 million**, with **CNY 16.5107 million** used in the reporting period and **CNY 19.1058 million** cumulatively used, leaving **CNY 943.9659 million** remaining[77](index=77&type=chunk) [(2) Status of Committed Projects Funded by Raised Capital](index=16&type=section&id=%282%29%20Status%20of%20Committed%20Projects%20Funded%20by%20Raised%20Capital) The company's committed projects funded by raised capital include the Nanping Industrial Park Activated Carbon Construction Project, Activated Carbon R&D Center Construction Project, Repayment of Bank Loans and Supplementing Working Capital Project, Activated Carbon for Environmental Protection Project, and Porous Carbon Construction Project. The Nanping Industrial Park Activated Carbon Construction Project and the 320,000-ton Annual Solid Water Glass Project have higher progress rates Status of Committed Projects Funded by Raised Capital | Committed Investment Project Name | Total Committed Investment of Raised Funds (CNY million) | Amount Invested in Current Reporting Period (CNY million) | Cumulative Investment Amount as of Period-End (CNY million) | Investment Progress as of Period-End | Date Project Reached Intended Usable State | Achieved Expected Benefits | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanping Industrial Park Activated Carbon Construction Project | 722.00 | 24.73 | 599.988 | 83.10% | December 31, 2026 | No | | Activated Carbon R&D Center Construction Project | 61.45 | 0.0033 | 61.4533 | 100.00% | June 30, 2023 | No | | Repayment of Bank Loans and Supplementing Working Capital Project | 76.40 | 0 | 76.40 | 100.00% | Not applicable | Not applicable | | Activated Carbon for Environmental Protection Project | 885.278 | 0 | 664.068 | 241.78% | December 31, 2026 | Not applicable | | Porous Carbon Construction Project | 221.21 | 14.0929 | 14.0929 | 6.37% | May 31, 2026 | Not applicable | [(3) Changes in Projects Funded by Raised Capital](index=18&type=section&id=%283%29%20Changes%20in%20Projects%20Funded%20by%20Raised%20Capital) The company changed the use of a portion of the raised funds from the original "Activated Carbon for Environmental Protection Project," reallocating CNY 221.21 million to the "2,000-ton Annual Porous Carbon Construction Project" to accelerate its porous carbon business layout and improve the efficiency of raised fund utilization Changes in Projects Funded by Raised Capital | Financing Project Name | Fundraising Method | Changed Project | Corresponding Original Committed Project | Total Raised Funds Proposed for Changed Project (CNY million) | Actual Investment Amount in Current Reporting Period (CNY million) | Cumulative Actual Investment Amount as of Period-End (CNY million) | Investment Progress as of Period-End | Date Project Reached Intended Usable State | Benefits Achieved in Current Reporting Period (CNY million) | Achieved Expected Benefits | Has Feasibility of Changed Project Significantly Changed | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 Issuance of Convertible Bonds to Unspecified Investors Project | Issuance of Convertible Bonds to Unspecified Investors | 2,000-ton Annual Porous Carbon Construction Project | Activated Carbon for Environmental Protection Project | 221.21 | 14.0929 | 14.0929 | 6.37% | May 31, 2026 | 0 | Not applicable | No | - The company changed the use of a portion of the raised funds from the original "Activated Carbon for Environmental Protection Project," reallocating **CNY 221.21 million** to the "2,000-ton Annual Porous Carbon Construction Project" to accelerate its porous carbon business layout and improve the efficiency of raised fund utilization[82](index=82&type=chunk) [6. Wealth Management, Derivative Investments, and Entrusted Loans](index=19&type=section&id=6.%20Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) The company had no wealth management, derivative investments, or entrusted loans during the reporting period - The company had no wealth management during the reporting period[83](index=83&type=chunk) - The company had no derivative investments during the reporting period[84](index=84&type=chunk) - The company had no entrusted loans during the reporting period[85](index=85&type=chunk) [VII. Significant Asset and Equity Disposals](index=19&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not undertake any significant asset or equity disposals during the reporting period [1. Disposal of Significant Assets](index=19&type=section&id=1.%20Disposal%20of%20Significant%20Assets) The company did not dispose of any significant assets during the reporting period - The company did not dispose of any significant assets during the reporting period[86](index=86&type=chunk) [2. Disposal of Significant Equity](index=19&type=section&id=2.%20Disposal%20of%20Significant%20Equity) The company did not dispose of any significant equity during the reporting period - The company did not dispose of any significant equity during the reporting period[87](index=87&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section analyzes the operations of major subsidiaries Nanping Yuanli Activated Carbon Co., Ltd. and Fujian Nanping Sanyuan Circular Technology Co., Ltd., and discloses the newly established Yuanli Carbon Silicon Materials (Cambodia) Co., Ltd. during the reporting period Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY million) | Total Assets (CNY million) | Net Assets (CNY million) | Operating Revenue (CNY million) | Operating Profit (CNY million) | Net Profit (CNY million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanping Yuanli | Subsidiary | Activated Carbon | 1,200.00 | 3,255.5796 | 2,122.9661 | 7,517.613 | 1,075.988 | 994.485 | - During the reporting period, the company established a wholly-owned grandchild company, Yuanli Carbon Silicon Materials (Cambodia) Co., Ltd., which currently has no significant impact[89](index=89&type=chunk) - Nanping Yuanli Activated Carbon Co., Ltd. is responsible for the company's activated carbon business and holds equity in several grandchild companies[90](index=90&type=chunk) - Fujian Nanping Sanyuan Circular Technology Co., Ltd. is responsible for the company's silica gel business and holds 100% equity in Sanyuan Thermal Power and Sanyuan Energy Saving[91](index=91&type=chunk)[92](index=92&type=chunk) [IX. Structured Entities Controlled by the Company](index=20&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[93](index=93&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=20&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from macro environmental changes, project implementation, core technology leakage, personnel loss, and exchange rate fluctuations, with countermeasures including development strategies, product optimization, market expansion, improved incentives, confidentiality, and increased RMB settlement - Risks from macro environmental changes: The external environment is complex, and international trade protectionism is rising, which may affect the company's profitability. The company will respond by adhering to technological innovation, optimizing product structure, expanding markets, reducing costs and increasing efficiency, and lowering financial leverage[93](index=93&type=chunk) - Risks in implementing fund-raising projects: New capacity may not quickly achieve effective output and batch sales, influenced by macroeconomics and industrial policies. The company will carefully plan, strictly manage, and adopt targeted sales strategies[94](index=94&type=chunk) - Risks of core technology leakage and loss of core technical personnel: The company's technological innovation relies on core technical and key management personnel. The company has implemented equity incentives, confidentiality systems, and a positive corporate culture to protect core technology and stabilize its team[95](index=95&type=chunk) - Exchange rate fluctuation risk: Activated carbon product exports are settled in USD, and fluctuations in the RMB exchange rate against the USD affect performance. The company will mitigate this risk by increasing sales to foreign customers' domestic companies and raising the proportion of RMB settlements[96](index=96&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=21&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted multiple institutional investor site visits (e.g., Guojin Securities, Changjiang Securities, Huachuang Securities) and participated in an online earnings briefing, primarily discussing its basic situation and future development strategy - During the reporting period, the company hosted multiple institutional investors for on-site research, including Guojin Securities, Changjiang Securities, Huachuang Securities, and Zhong Ou Asset Management[97](index=97&type=chunk) - The company also conducted an online communication session with all investors for its 2024 annual performance briefing via a network platform[97](index=97&type=chunk) - The main content of the research and communication activities focused on the company's basic situation and future development strategy[97](index=97&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[98](index=98&type=chunk) - The company has not disclosed a valuation enhancement plan[98](index=98&type=chunk) [XIII. Implementation of the 'Quality and Return Dual Enhancement' Action Plan](index=21&type=section&id=XIII.%20Implementation%20of%20the%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[99](index=99&type=chunk) [Corporate Governance, Environment, and Society](index=21&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental protection efforts, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Supervisor Board Chairman Xie Lixin, Supervisor Wang Limei, and Employee Representative Supervisor Sun Daibin resigned, and Li Libin was elected as an employee representative director, all adjusted in accordance with the Company Law Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Xie Lixin | Chairman of Supervisory Board | Resignation | June 09, 2025 | Adjustment according to Company Law | | Wang Limei | Supervisor | Resignation | June 09, 2025 | Adjustment according to Company Law | | Sun Daibin | Employee Representative Supervisor | Resignation | June 09, 2025 | Adjustment according to Company Law | | Li Libin | Employee Representative Director | Elected | June 09, 2025 | Adjustment according to Company Law | [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=22&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no interim cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans no interim cash dividends, bonus shares, or capital reserve conversions to share capital[102](index=102&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company did not implement equity incentive plans but successfully executed 2024 and 2025 employee stock ownership plans involving directors, supervisors, senior management, and key employees, aiming to boost employee enthusiasm and cohesion [1. Equity Incentives](index=22&type=section&id=1.%20Equity%20Incentives) During the reporting period, the company did not implement any equity incentive plans - During the reporting period, the company did not implement any equity incentive plans[103](index=103&type=chunk) [2. Implementation of Employee Stock Ownership Plans](index=22&type=section&id=2.%20Implementation%20of%20Employee%20Stock%20Ownership%20Plans) The first lock-up period shares of the 2024 employee stock ownership plan have completed non-trading transfers, involving 264 employees. The 2025 employee stock ownership plan involves 284 directors, supervisors, senior management, and key employees, holding a total of 2,621,700 shares, accounting for 0.72% of the total share capital Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Changes | Proportion of Total Share Capital of Listed Company | Funding Sources for the Plan | | :--- | :--- | :--- | :--- | :--- | :--- | | 2024 Employee Stock Ownership Plan (participants include company directors, former supervisors, senior management, and key employees) | 265 | 1,228,750 | On May 20, 2025, the non-trading transfer of shares eligible for unlocking in the first lock-up period of this employee stock ownership plan was completed, involving 264 employee stock ownership plan holders, with 1,228,750 shares transferred. After this non-trading transfer, the remaining shares in this employee stock ownership plan are 1,228,750 shares | 0.34% | Employees' legal remuneration, self-raised funds, other legal and compliant methods, etc. | | 2025 Employee Stock Ownership Plan (participants include company directors, former supervisors, senior management, and key employees) | 284 | 2,621,700 | None | 0.72% | Employees' legal remuneration, self-raised funds, other legal and compliant methods, etc. | Shareholding of Directors, Supervisors, and Senior Management in Employee Stock Ownership Plans During the Reporting Period | Name | Position | Shares Held at Beginning of Reporting Period (shares) | Shares Held at End of Reporting Period (shares) | Proportion of Total Share Capital of Listed Company | | :--- | :--- | :--- | :--- | :--- | | Xu Wenxian | Chairman, General Manager | 68,200 | 105,300 | 0.03% | | Li Libin | Employee Representative Director, Deputy General Manager | 54,500 | 84,250 | 0.02% | | Xie Lixin | Former Chairman of Supervisory Board | 15,000 | 23,100 | 0.01% | | Wang Limei | Former Supervisor | 9,500 | 14,710 | 0.00% | | Sun Daibin | Former Employee Representative Supervisor | 5,400 | 8,360 | 0.00% | | Yao Shilin | Deputy General Manager | 40,900 | 63,050 | 0.02% | | Chi Xinjie | Financial Controller | 30,000 | 35,200 | 0.01% | | Luo Cong | Board Secretary | 30,000 | 35,200 | 0.01% | [3. Other Employee Incentive Measures](index=23&type=section&id=3.%20Other%20Employee%20Incentive%20Measures) The company had no other employee incentive measures during the reporting period - The company had no other employee incentive measures during the reporting period[105](index=105&type=chunk) [IV. Environmental Information Disclosure](index=23&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its seven major subsidiaries are listed as legally required environmental information disclosure enterprises, having publicly disclosed relevant environmental data through designated systems in Fujian, Jiangxi, and Inner Mongolia Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Nanping Yuanli Activated Carbon Co., Ltd. | Enterprise Environmental Information Disclosure System (Fujian) | | 2 | Jiangxi Yuanli Huaiyushan Activated Carbon Co., Ltd. | Enterprise Environmental Information Disclosure System (Jiangxi) | | 3 | Fujian Liyuan Activated Carbon Industrial Co., Ltd. | Enterprise Environmental Information Disclosure System (Fujian) | | 4 | Manzhouli Yuanli Activated Carbon Co., Ltd. | Enterprise Environmental Information Disclosure System (Inner Mongolia) | | 5 | Fujian Nanping Yuanhe Water Glass Co., Ltd. | Enterprise Environmental Information Disclosure System (Fujian) | | 6 | Fujian Nanping Sanyuan Circular Technology Co., Ltd. | Enterprise Environmental Information Disclosure System (Fujian) | | 7 | Fujian Nanping Sanyuan Thermal Power Energy Co., Ltd. | Enterprise Environmental Information Disclosure System (Fujian) | [V. Social Responsibility](index=23&type=section&id=V.%20Social%20Responsibility) While pursuing economic benefits, the company actively fulfills social responsibilities, protecting shareholder, employee, and stakeholder rights, committing to environmental protection and sustainable development, and engaging in public welfare initiatives - The company highly values the improvement of its governance structure and investor relations management, strictly fulfilling information disclosure obligations and communicating company value through diversified communication platforms[106](index=106&type=chunk) - The company adheres to the principles of "openness, fairness, and impartiality" in employment, prioritizes people, improves human resource management systems, and enhances employee motivation through employee stock ownership plans[107](index=107&type=chunk)[108](index=108&type=chunk) - The company emphasizes responsibility towards suppliers and customers, establishing a fair procurement system, strictly controlling product quality, and providing safe products and quality services[109](index=109&type=chunk) - The company vigorously carries out environmental protection work, achieving clean and energy-efficient production through independent innovation, strictly adhering to the ISO14001 environmental management system, and continuously investing in improving environmental protection technologies[110](index=110&type=chunk) - The company focuses on demonstrating social value, strengthening ties with local governments, residents, and public organizations to achieve multi-party win-win outcomes[111](index=111&type=chunk) [Significant Matters](index=25&type=section&id=Section%20V%20Significant%20Matters) This section details all significant events and developments that occurred during the reporting period, impacting the company's operations, finances, or governance [I. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company as of the End of the Reporting Period](index=25&type=section&id=I.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the company's controlling shareholder, shareholders, and the company itself fulfilled all commitments on time, including those related to related-party transactions, independence, executive lock-up shares, non-competition, historical issues, patent ownership, bond-related pledges, and dividend policies, with no overdue unfulfilled commitments - Actual controllers Lu Yuanjian and Wang Yenan, regarding the transfer of 100% equity in Bingniao, committed to avoiding and reducing related-party transactions, strictly adhering to market principles, and not harming the company's interests by leveraging their controlling position[113](index=113&type=chunk) - The actual controllers committed to ensuring the company's independence in business, assets, finance, personnel, and organization, free from influence by other entities they control[113](index=113&type=chunk) - Executive Xu Wenxian committed not to transfer more than **25%** of his total company shares annually during his tenure, and not to transfer any shares within six months after leaving office[113](index=113&type=chunk) - The actual controllers committed not to engage in the production or operation of products or businesses that compete or may compete with the company[113](index=113&type=chunk)[114](index=114&type=chunk) - The actual controllers committed to bearing any losses the company might incur due to social security, housing provident fund补缴 (supplementary payments), historical capital contributions and profit distribution issues, or qualification license disputes[114](index=114&type=chunk) - The company committed not to undertake other bond or debt financing before the convertible bond conversion period begins, and confirmed that neither the company nor its subsidiaries are involved in real estate-related activities[114](index=114&type=chunk) - Company dividend commitment: For the years 2024-2026, the annual cash dividend distribution will be no less than **50%** of the distributable profit achieved in that year[114](index=114&type=chunk) - Actual controller Lu Yuanjian committed not to reduce his shareholdings in the company within twelve months after increasing them, and this commitment has been fulfilled[115](index=115&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=27&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[116](index=116&type=chunk) [III. Irregular External Guarantees](index=27&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[117](index=117&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=27&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[118](index=118&type=chunk) [V. Board of Directors, Supervisory Board, and Audit Committee's Explanation of the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=27&type=section&id=V.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee's%20Explanation%20of%20the%20Accounting%20Firm's%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no non-standard audit report during the reporting period, rendering this explanation inapplicable - The company had no non-standard audit report during the reporting period[119](index=119&type=chunk) [VI. Board of Directors' Explanation of the Previous Year's 'Non-Standard Audit Report'](index=27&type=section&id=VI.%20Board%20of%20Directors'%20Explanation%20of%20the%20Previous%20Year's%20%22Non-Standard%20Audit%20Report%22) The company had no non-standard audit report during the reporting period, rendering this explanation inapplicable - The company had no non-standard audit report during the reporting period[119](index=119&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=27&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[119](index=119&type=chunk) [VIII. Litigation Matters](index=27&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[120](index=120&type=chunk) [IX. Penalties and Rectification](index=28&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification issues during the reporting period - The company had no penalties or rectification issues during the reporting period[121](index=121&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=28&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[122](index=122&type=chunk) [XI. Significant Related-Party Transactions](index=28&type=section&id=XI.%20Significant%20Related-Party%20Transactions) During the reporting period, the company had no significant related-party transactions concerning daily operations, asset/equity acquisitions/disposals, or joint external investments; related-party debt existed with actual controller Lu Yuanjian owing CNY 49 million for equity acquisition and loan repayment, and no financial dealings with affiliated finance companies [1. Related-Party Transactions Related to Ordinary Operations](index=28&type=section&id=1.%20Related-Party%20Transactions%20Related%20to%20Ordinary%20Operations) The company had no related-party transactions related to ordinary operations during the reporting period - The company had no related-party transactions related to ordinary operations during the reporting period[122](index=122&type=chunk) [2. Related-Party Transactions Involving Asset or Equity Acquisitions and Disposals](index=28&type=section&id=2.%20Related-Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisitions%20and%20Disposals) The company had no related-party transactions involving asset or equity acquisitions and disposals during the reporting period - The company had no related-party transactions involving asset or equity acquisitions and disposals during the reporting period[123](index=123&type=chunk) [3. Related-Party Transactions Involving Joint External Investments](index=28&type=section&id=3.%20Related-Party%20Transactions%20Involving%20Joint%20External%20Investments) The company had no related-party transactions involving joint external investments during the reporting period - The company had no related-party transactions involving joint external investments during the reporting period[124](index=124&type=chunk) [4. Related-Party Debt and Credit Transactions](index=28&type=section&id=4.%20Related-Party%20Debt%20and%20Credit%20Transactions) As of the end of the reporting period, the company owed actual controller Lu Yuanjian CNY 49 million, primarily due to equity acquisition and loan repayment Debt Owed to Related Parties | Related Party | Related Relationship | Reason for Formation | Beginning Balance (CNY million) | Amount Added in Current Period (CNY million) | Amount Repaid in Current Period (CNY million) | Interest Rate | Interest in Current Period (CNY million) | Ending Balance (CNY million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lu Yuanjian | Actual Controller | Equity acquisition and loan repayment | 49.00 | | | | | 49.00 | [5. Dealings with Affiliated Finance Companies](index=28&type=section&id=5.%20Dealings%20with%20Affiliated%20Finance%20Companies) The company had no deposits, loans, credit lines, or other financial business with affiliated finance companies or finance companies controlled by the company and related parties - The company had no deposits, loans, credit lines, or other financial business with affiliated finance companies or finance companies controlled by the company and related parties[126](index=126&type=chunk) [6. Dealings Between the Company's Controlled Finance Company and Related Parties](index=28&type=section&id=6.%20Dealings%20Between%20the%20Company's%20Controlled%20Finance%20Company%20and%20Related%20Parties) The company's controlled finance company had no deposits, loans, credit lines, or other financial business with related parties - The company's controlled finance company had no deposits, loans, credit lines, or other financial business with related parties[127](index=127&type=chunk) [7. Other Significant Related-Party Transactions](index=28&type=section&id=7.%20Other%20Significant%20Related-Party%20Transactions) The company had no other significant related-party transactions during the reporting period - The company had no other significant related-party transactions during the reporting period[128](index=128&type=chunk) [XII. Significant Contracts and Their Performance](index=29&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trusteeship, contracting, leasing, or significant ordinary business contracts; it provided guarantees totaling CNY 429 million for subsidiaries, representing 12.59% of its net assets [1. Trusteeship, Contracting, and Leasing Matters](index=29&type=section&id=1.%20Trusteeship%2C%20Contracting%2C%20and%20Leasing%20Matters) The company had no trusteeship, contracting, or leasing matters during the reporting period - The company had no trusteeship matters during the reporting period[129](index=129&type=chunk) - The company had no contracting matters during the reporting period[130](index=130&type=chunk) - The company had no leasing matters during the reporting period[131](index=131&type=chunk) [2. Significant Guarantees](index=29&type=section&id=2.%20Significant%20Guarantees) During the reporting period, the company provided guarantees totaling CNY 429 million for subsidiaries, representing 12.59% of its net assets. No guarantees were provided for shareholders, actual controllers, or their related parties, nor for guaranteed entities with asset-liability ratios exceeding 70% Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (CNY million) | Announcement Disclosure Date for Guarantee Limit | Actual Occurrence Date | Actual Guarantee Amount (CNY million) | Guarantee Type | Guarantee Period | Fulfilled | Is it a Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company to Subsidiaries | 1,000.00 | April 26, 2025 | January 10, 2025 | 429.00 | Guarantee | September 28, 2026 | No | No | - The total approved guarantee limit for subsidiaries during the reporting period was **CNY 1,000 million**, with an actual amount incurred of **CNY 340 million**[133](index=133&type=chunk) - The actual guarantee balance for subsidiaries at the end of the reporting period totaled **CNY 429 million**, accounting for **12.59%** of the company's net assets[133](index=133&type=chunk) - The company did not provide guarantees for shareholders, actual controllers, or their related parties, nor did it directly or indirectly provide debt guarantees for guaranteed entities with an asset-liability ratio exceeding **70%**[133](index=133&type=chunk) [3. Significant Contracts in Ordinary Operations](index=29&type=section&id=3.%20Significant%20Contracts%20in%20Ordinary%20Operations) The company had no significant contracts in ordinary operations during the reporting period - The company had no significant contracts in ordinary operations during the reporting period[134](index=134&type=chunk) [4. Other Significant Contracts](index=30&type=section&id=4.%20Other%20Significant%20Contracts) The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[135](index=135&type=chunk) [XIII. Explanation of Other Significant Matters](index=30&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) In March 2025, the company completed the cancellation of 2022 repurchased shares, reducing total share capital and registered capital, and revised its Articles of Association and governance rules to transfer supervisory board functions to the board's audit committee - On March 11, 2025, the company completed the cancellation of all 1,642,500 shares repurchased in 2022 that had not yet been used[136](index=136&type=chunk) - Following the cancellation, the company's total share capital changed from 365,852,860 shares to 364,210,360 shares, with a corresponding reduction in registered capital and paid-in capital[136](index=136&type=chunk) - The company revised its Articles of Association and related governance systems, transferring the functions of the supervisory board to the board of directors' audit committee[136](index=136&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=30&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) In January 2025, the company established wholly-owned subsidiary Yuanli Carbon Silicon Materials (Cambodia) Co., Ltd.; in March 2025, wholly-owned subsidiary Sanyuan Circular gratuitously transferred its 100% equity in Yuanhe Water Glass and Yuanli Silicon Materials (Nanping) to the company - In January 2025, the company established a wholly-owned subsidiary, Yuanli Carbon Silicon Materials (Cambodia) Co., Ltd.[137](index=137&type=chunk) - In March 2025, the company's wholly-owned subsidiary Sanyuan Circular gratuitously transferred its 100% equity in Yuanhe Water Glass and Yuanli Silicon Materials (Nanping) to the company, making the company a direct holder of these equities[137](index=137&type=ch

北京义翘神州科技股份有限公司 2025 年半年度报告全文 北京义翘神州科技股份有限公司 2025 年半年度报告 2025 年 08 月 1 北京义翘神州科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张杰、主管会计工作负责人冯涛及会计机构负责人(会计主管 人员)马晓明声明：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。 本报告中涉及未来计划或规划等前瞻性陈述的，均不构成公司对投资者的 实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。 受外部环境以及市场需求变化等因素影响，公司面临国际贸易环境不稳、 行业竞争加剧等诸多风险。公司在本报告"第三节 管理层讨论与分析"中 "十、公司面临的风险和应对措施"部分，详细描述了公司经营中可能存在 的风险，敬请投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 121,636 ...