2025 年半年度报告 奥美医疗用品股份有限公司 股票简称：奧美医疗 股票代码：002950.SZ 1第一节 重要提示、目录和释义 奥美医疗用品股份有限公司 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。 公司负责人崔金海、主管会计工作负责人黄铁柱及会计机构负责人(会计 主管人员)陈同山声明：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。 本年度报告涉及未来计划等前瞻性描述，不构成公司对投资者的实质承 诺，请投资者注意投资风险。 （一）外销收入占比较大风险 公司的外销出口目的地区主要集中在北美和欧洲等发达地区市场，外销 业务受国家出口政策、出口目的地国进口政策与经济状况、货币汇率以及国 际医用敷料市场变动等多方面因素的影响。如果外销业务发生波动，公司经 营业绩将受到一定影响。 风险应对措施：（1）加大中东、亚非拉等新兴市场的开拓，增加公司抵 御海外市场集中风险的能力；（2）加大国内医用品市场的开拓， ...

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山东新华制药股份有限公司 二零二五年半年度报告 二零二五年八月 | 章节 | 内容 | 页码 | | --- | --- | --- | | | 释 \' | 2 | | | 公司基本情况 · | ব | | ー | 会计数据和业务指标摘要 ……………………… | 5 | | 111 | 股本变动及股东情况 …………………………… | 7 | | 四 | 董事、监事、高级管理人员及员工情况 …………………… | 10 | | 五 | 董事长报告 … | 13 | | 六 | 经营管理研讨与分析 ……………………………………………………… | 15 | | 七 | 环境和社会责任 … | 24 | | 八 | 重要事项……………………………………………………… | 25 | | 九 | 公司管治 | 31 | | 十 | 财务报告 | 32 | | + | 备查文件 …………………………………… | 157 | 释义 | 释义项 | 指 | 释义内容 | | --- | --- | --- | | 公司、本公司 | 指 | 山东新华制药股份有限公司 | | 华鲁控股 | 指 | 华鲁控股集团有限公司，本公司之控 ...

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中汽研汽车试验场股份有限公司 2025 年半年度报告 中汽研汽车试验场股份有限公司 2025 年半年度报告全文 本报告如有涉及未来计划、发展战略等前瞻性陈述，均不构成公司对任何 投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。 公司已在本报告中详细阐述公司可能面临的风险，敬请查阅本报告"第三 节 管理层讨论与分析"之"十、公司面临的风险和应对措施"，敬请投资者 予以关注，注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 2025 年 8 月 1 中汽研汽车试验场股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张晓龙、总经理张子鹏、主管会计工作负责人夏秀国及会计 机构负责人(会计主管人员)刘小伟声明：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。 4 | | | 中汽研汽车试验场股份有 ...

苏州翔楼新材料股份有限公司 2025 年半年度报告全文 苏州翔楼新材料股份有限公司 2025 年半年度报告 2025-041 2025 年 8 月 27 日 1 苏州翔楼新材料股份有限公司 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。 公司负责人钱和生、主管会计工作负责人曹菊芬及会计机构负责人(会计 主管人员)曹菊芬声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及到未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足 够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司已在本报告中详细阐述了未来可能发生及可能面临的风险，详见本报 告"第三节管理层讨论分析"之"十、公司面临的风险和应对措施"，敬请投资 者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第二节 | 公司简 ...

Section I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[3](index=3&type=chunk) - The company's responsible person, chief financial officer, and head of accounting department declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the overall structure of the report, including eight main chapters: Important Notes, Company Profile, Management Discussion and Analysis, Corporate Governance, Significant Matters, Changes in Shares and Shareholder Information, Bond-Related Matters, and Financial Report [List of Documents Available for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section provides a list of documents available for inspection during the reporting period and their locations, including the original report signed by the legal representative, financial statements, official copies of publicly disclosed documents, and original announcements - Documents available for inspection include the original full text of the semi-annual report signed by the legal representative, signed and sealed financial statements, official copies of documents disclosed on designated websites, and original announcements[8](index=8&type=chunk) - The documents are available for inspection at the company's Securities Affairs Department, No. 527 Jiangjun Avenue, Jiangning District, Nanjing[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms and related entities in the report, clarifying that "Company", "the Company", and "Hanrui Cobalt" refer to Nanjing Hanrui Cobalt Co., Ltd., and lists abbreviations for major subsidiaries and related institutions - "Company", "the Company", and "Hanrui Cobalt" all refer to Nanjing Hanrui Cobalt Co., Ltd[10](index=10&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Lists several wholly-owned or controlled subsidiaries including Jiangsu Runjie, Hong Kong Hanrui, Congo Met, Hanrui Metal, Ganzhou Hanrui, and Indonesia Hanrui[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces the company's basic information, including stock abbreviation, stock code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hanrui Cobalt | | Stock Code | 300618 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Nanjing Hanrui Cobalt Co., Ltd. | | Legal Representative | Liang Jie | [2. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, telephone, fax, and email Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Tao Kai | No. 527 Jiangjun Avenue, Jiangning District, Nanjing, Jiangsu Province | 025-51181105 | 025-51181105 | hrgy@hrcobalt.com | | Securities Affairs Representative | Shen Weihong | No. 527 Jiangjun Avenue, Jiangning District, Nanjing, Jiangsu Province | 025-51181105 | 025-51181105 | hrgy@hrcobalt.com | [3. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that there were no changes in the company's contact information, information disclosure, document availability, or registration status during the reporting period, with specific details available in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[14](index=14&type=chunk) - Information disclosure websites, media names, URLs, and document availability locations remained unchanged during the reporting period[15](index=15&type=chunk) - The company's registration status remained unchanged during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a **23.77% increase in operating revenue**, a **102.94% increase in net profit attributable to shareholders**, and a **1925.03% surge in net cash flow from operating activities** Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,168,051,706.75 | 2,559,524,990.93 | 23.77% | | Net Profit Attributable to Shareholders of Listed Company | 127,259,867.73 | 62,707,532.67 | 102.94% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 105,268,063.70 | 127,561,560.43 | -17.48% | | Net Cash Flow from Operating Activities | 276,528,404.58 | -15,151,972.83 | 1,925.03% | | Basic Earnings Per Share (CNY/share) | 0.41 | 0.20 | 105.00% | | Diluted Earnings Per Share (CNY/share) | 0.41 | 0.20 | 105.00% | | Weighted Average Return on Net Assets | 2.31% | 1.20% | 1.11% | | **Period-End Indicators** | **Current Period-End (CNY)** | **Prior Year-End (CNY)** | **Change** | | Total Assets | 8,757,854,169.33 | 8,627,837,495.98 | 1.51% | | Net Assets Attributable to Shareholders of Listed Company | 5,488,798,502.91 | 5,542,375,599.71 | -0.97% | [5. Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) This section declares that there are no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or foreign accounting standards and Chinese Accounting Standards during the reporting period - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [6. Non-Recurring Gains and Losses and Their Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section details the company's non-recurring gains and losses for the first half of 2025, totaling **CNY 21,991,804.03**, primarily including fair value changes and government grants Non-Recurring Gains and Losses and Their Amounts | Item | Amount (CNY) | | :--- | :--- | | Disposal gains and losses of non-current assets | -4,502,990.21 | | Government grants recognized in current profit or loss | 7,601,671.62 | | Fair value change gains and losses from holding financial assets and financial liabilities by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, excluding effective hedging activities related to normal business operations | 29,965,335.85 | | Other non-operating income and expenses apart from the above items | -1,887,121.00 | | Less: Income tax impact | 8,278,593.43 | | Impact on minority interests (after tax) | 906,498.80 | | Total | 21,991,804.03 | - The company has no other profit and 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[23](index=23&type=chunk)[24](index=24&type=chunk) Section III Management Discussion and Analysis [1. Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in the R&D, production, and sales of metal cobalt powder, cobalt hydroxide, electrolytic cobalt, electrolytic copper, and other copper-cobalt products, possessing a complete copper-cobalt industry chain. During the reporting period, the company accelerated its nickel raw material layout in Indonesia, further enhancing its nickel resource segment. The company's operating model is mainly direct sales, supplemented by distribution, and it conducts hedging for copper products to mitigate price fluctuation risks - The company's principal business involves the R&D, production, and sales of metal cobalt powder, cobalt hydroxide, electrolytic cobalt, electrolytic copper, and other copper-cobalt products, possessing a complete copper-cobalt industry chain[26](index=26&type=chunk) - In the first half of 2025, the company accelerated its nickel raw material layout in Indonesia, completing its nickel resource segment strategy[26](index=26&type=chunk) - The company's operating model includes raw material procurement (copper-cobalt ore, crude cobalt hydroxide, nickel ore), production (make-to-order, hydrometallurgy), and sales (primarily direct sales, supplemented by distribution), with hedging for some copper products[27](index=27&type=chunk)[28](index=28&type=chunk) [(I) Overview of Principal Business, Products, and Operating Model](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E3%80%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's core business covers the entire cobalt and copper industry chain, from ore development and acquisition to processing, smelting, and deep processing, with main products including cobalt powder, cobalt hydroxide, electrolytic copper, cobalt carbonate, cobalt chloride, electrolytic cobalt, lithium cobalt oxide, and cobalt oxide, widely used in aviation, aerospace, electronics, and new energy batteries. The operating model includes global procurement, make-to-order production, and a direct sales-oriented strategy, utilizing the futures market for hedging - The company's main products include cobalt powder, cobalt hydroxide, electrolytic copper, cobalt carbonate, cobalt chloride, electrolytic cobalt, lithium cobalt oxide, and cobalt oxide, applied in aviation, aerospace, electronics, and new energy power batteries[26](index=26&type=chunk) - Procurement primarily involves leasing and mining copper-cobalt ore in the Democratic Republic of Congo (DRC), acquiring copper-cobalt ore, and purchasing crude cobalt hydroxide, with pricing based on MB cobalt prices and LME copper/nickel prices[27](index=27&type=chunk) - The sales model is mainly direct sales, supplemented by distribution, with sales pricing primarily based on MB cobalt metal quotes and LME copper metal quotes, and hedging for some copper products[28](index=28&type=chunk) [(II) Competitive Advantages and Disadvantages](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%AB%9E%E4%BA%89%E4%BC%98%E5%8A%BF%E4%B8%8E%E5%8A%A3%E5%8A%BF) The company's competitive advantages lie in its industry-leading technological R&D, stable low-cost raw material supply, complete cobalt industry chain, and renowned customer base. Disadvantages include a gap in assets and production scale compared to international giants, challenges in international operational management, and room for improvement in overall management capabilities - Advantages include industry-leading technology and R&D capabilities (cobalt powder technology), stable low-cost raw material supply (deep roots in DRC), a complete cobalt industry chain (from ore development to cobalt powder production), and a renowned customer base (e.g., TaeguTec Korea, Betek–Simon Germany)[30](index=30&type=chunk)[31](index=31&type=chunk) - Disadvantages include a significant gap in asset scale and resource reserves compared to international large cobalt producers, challenges in managing a dispersed international operational layout, and the need to strengthen overall company management capabilities[31](index=31&type=chunk) [(III) Key Performance Drivers](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) In the first half of 2025, the company's operating revenue and net profit attributable to the parent company significantly increased, primarily due to expanded copper-cobalt production capacity, increased output and sales, and the recovery in the stock value of associate company Farasis Energy. The company will continue to enhance performance by strengthening R&D, optimizing integrated operations, and adjusting strategies 2025 H1 Performance Overview | Indicator | Amount (CNY ten thousand) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 316,805.17 | 23.77% | | Net Profit Attributable to Parent Company Owners | 12,725.99 | 102.94% | - Performance growth was primarily driven by expanded copper-cobalt production capacity, increased output and sales, and the recovery in the stock value of associate company Farasis Energy[32](index=32&type=chunk) [2. Analysis of Core Competencies](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies are reflected in its technological R&D and innovation, complete cobalt industry chain, mature and stable management team, and experienced talent pool. During the reporting period, the company added **12 new patents**, further solidifying its technological advantages - The company holds an industry-leading position in cobalt powder technology R&D and production, with crude cobalt hydroxide products achieving significant breakthroughs in enhancing cobalt content and reducing impurities[33](index=33&type=chunk) - During the reporting period, the company added **12 new patents**, including **3 invention patents** and **9 utility model patents**, strengthening its technological innovation capabilities[33](index=33&type=chunk)[34](index=34&type=chunk) - The company possesses a complete industry chain from mineral development, acquisition to cobalt powder production, along with a mature and stable management team and a professional talent pool[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [(I) Technological R&D and Innovation Advantages](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E5%92%8C%E5%88%9B%E6%96%B0%E4%BC%98%E5%8A%BF) The company is a globally renowned professional cobalt powder manufacturer, with product technical indicators meeting customized customer demands. Breakthroughs in crude cobalt hydroxide product quality filled a gap in the company's cobalt hydrometallurgical deep processing. During the reporting period, the company added **12 new patents**, further enhancing its innovation capabilities - The company is one of the world's leading professional cobalt powder manufacturers, with key technical indicators such as cobalt powder morphology, particle size uniformity, adhesion, purity, and oxygen content meeting customized customer requirements[33](index=33&type=chunk) - Crude cobalt hydroxide products achieved significant breakthroughs in increasing cobalt content and reducing impurity content, saving reprocessing costs for users[33](index=33&type=chunk) New Patents During the Reporting Period | Patent Type | Quantity | | :--- | :--- | | Invention Patents | 3 | | Utility Model Patents | 9 | | **Total** | **12** | [(II) Complete Cobalt Industry Chain Advantage](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%AE%8C%E6%95%B4%E7%9A%84%E9%92%B4%E4%BA%A7%E4%B8%9A%E9%93%BE%E4%BC%98%E5%8A%BF) The company has established a complete cobalt product industry chain from mineral development, acquisition, crude processing, smelting and purification to cobalt powder production. Overseas subsidiaries are responsible for ore mining and preliminary smelting, while domestic subsidiaries conduct deep processing. Stable raw material integration channels and sufficient mineral raw material reserves provide the company with an advantage in the high-value-added cobalt industry chain - The company has established a complete cobalt product industry chain including mineral development, acquisition, crude processing, smelting and purification, and cobalt powder production[35](index=35&type=chunk) - Overseas subsidiaries are responsible for the mining, acquisition, and preliminary smelting of cobalt and copper ores, while domestic subsidiaries conduct deep processing to form various performance and specification cobalt powders[35](index=35&type=chunk) - Through its complete industry chain advantage, the company has formed a core business and profit model in the high-value-added cobalt industry chain[35](index=35&type=chunk) [(III) Management Advantages](index=11&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) The company possesses a mature and stable management team with excellent market insight and risk response capabilities. Through a robust internal control system and digital management platform, the company continuously optimizes its electronic information system, ensuring stable and healthy development - The company's management team is mature and stable, possessing excellent insight and grasp of market conditions and development trends[36](index=36&type=chunk) - The company has established a robust internal control system and digital management platform, continuously optimizing its electronic information system[36](index=36&type=chunk) [(IV) Talent Advantages](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%BA%BA%E6%89%8D%E4%BC%98%E5%8A%BF) The company boasts a team of experienced management and technical personnel in cobalt, copper, and nickel ore mining, beneficiation, deep processing, and technological R&D. The core management team has a deep understanding of industry development trends, enabling timely adjustments to development strategies. A specialized sales team ensures the company remains close to downstream markets, laying a foundation for sustainable development - The company's management and technical personnel have extensive experience in cobalt, copper, and nickel ore mining, beneficiation, deep processing, and technological R&D[37](index=37&type=chunk) - The core management team has a deep understanding of domestic and international cobalt industry development trends, enabling timely formulation and adjustment of the company's development strategies[37](index=37&type=chunk) - The company has established a unique specialized sales team to better understand and grasp customer needs, laying a foundation for the company's healthy development[37](index=37&type=chunk) [3. Analysis of Principal Business](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes the changes in the company's principal business financial data. During the reporting period, operating revenue increased by **23.77%** year-on-year, mainly due to increased electrolytic cobalt production capacity and higher cobalt product sales. Cobalt and copper products are the company's main revenue sources, with cobalt product revenue growing by **66.08%** and copper product revenue by **10.53%** Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,168,051,706.75 | 2,559,524,990.93 | 23.77% | Primarily due to increased electrolytic cobalt production capacity and higher cobalt product sales | | Operating Cost | 2,773,052,528.16 | 2,128,768,451.92 | 30.27% | Primarily due to increased cobalt product sales and rising copper-cobalt raw material prices | | Selling Expenses | 9,909,230.15 | 11,963,238.33 | -17.17% | Primarily due to a decrease in sales service fees | | Administrative Expenses | 143,168,779.00 | 114,053,617.15 | 25.53% | Primarily due to increased consulting service fees, salaries, and administrative expenses | | Financial Expenses | 24,741,509.82 | 32,331,731.60 | -23.48% | Primarily due to a decrease in interest expenses and reduced exchange losses | | Net Cash Flow from Operating Activities | 276,528,404.58 | -15,151,972.83 | 1,925.03% | Primarily due to increased sales receipts and decreased inventory | | Net Cash Flow from Investing Activities | -869,407,859.78 | -479,335,522.69 | -81.38% | Primarily due to investment expenditures for the Indonesian project | | Net Cash Flow from Financing Activities | 148,343,183.63 | 453,562,697.51 | -67.29% | Primarily due to a decrease in bank loans | | Net Increase in Cash and Cash Equivalents | -446,893,813.67 | -46,480,299.66 | 861.47% | Primarily due to increased investment expenditures | Product or Service 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 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cobalt Products | 1,272,269,843.83 | 1,206,849,656.21 | 5.14% | 66.08% | 67.80% | 0.10% | | Copper Products | 1,843,422,083.73 | 1,517,440,443.84 | 17.68% | 10.53% | 18.52% | -6.42% | [4. Analysis of Non-Principal Business](index=12&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes the impact of the company's non-principal business on total profit, with fair value change gains and losses accounting for **19.06%**, primarily due to changes in the market value of Farasis Energy shares held by subsidiary Anpeng No. 1 Impact of Non-Principal Business on Total Profit | Item | Amount (CNY) | Percentage of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,617,172.99 | 2.62% | Primarily due to ineffective hedging portion | No | | Fair Value Change Gains and Losses | 26,348,162.86 | 19.06% | Primarily due to changes in the market value of Farasis Energy shares held by subsidiary Anpeng No. 1 | No | | Asset Impairment | 9,234,853.36 | 6.68% | Due to provision for inventory depreciation | No | | Non-Operating Income | 269,569.51 | 0.20% | | No | | Non-Operating Expenses | 3,929,158.84 | 2.84% | Primarily due to fixed asset disposal losses and donation expenses | No | [5. Analysis of Assets and Liabilities](index=12&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes the composition and significant changes in the company's assets and liabilities. At the end of the reporting period, total assets increased by **1.51%** year-on-year, while net assets attributable to shareholders decreased by **0.97%**. Construction in progress significantly increased due to the advancement of the Indonesian project, and both short-term and long-term borrowings also rose due to increased working capital needs. The company's main overseas assets include Congo Met, Indonesia Hanrui, etc., which are operating well Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | Percentage of Total Assets | Prior Year-End Amount (CNY) | Percentage of Total Assets | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,506,066,329.24 | 17.20% | 1,928,356,356.39 | 22.35% | -5.15% | Due to continuous advancement of fundraising projects and use of raised funds | | Construction in Progress | 850,644,692.36 | 9.71% | 163,252,680.25 | 1.89% | 7.82% | Primarily due to continuous advancement of the Indonesian project | | Short-Term Borrowings | 970,612,648.18 | 11.08% | 560,360,681.48 | 6.49% | 4.59% | Primarily due to an increase in working capital loans | | Long-Term Borrowings | 249,172,125.01 | 2.85% | 56,555,244.44 | 0.66% | 2.19% | Primarily due to an increase in working capital loans | | Other Receivables | 57,991,453.70 | 0.66% | 11,646,684.85 | 0.13% | 0.53% | Primarily due to an increase in security deposits paid | | Prepayments | 177,179,710.71 | 2.02% | 52,232,269.03 | 0.61% | 1.41% | Primarily due to advance payments for raw materials | Major Overseas Assets | Asset Details | Asset Scale (CNY ten thousand) | Location | Profitability | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | Hanrui Metal | 175,602.82 | Democratic Republic of Congo | Good | 30.48% | | Congo Met | 67,087.56 | Democratic Republic of Congo | Good | 11.65% | | Indonesia Hanrui | 83,861.73 | Indonesia | Good | 14.56% | - The company's financial assets measured at fair value totaled **CNY 477,462,738.32** at period-end, and financial liabilities totaled **CNY 36,582,065.63**[51](index=51&type=chunk) - At the end of the reporting period, the company's restricted assets totaled **CNY 430,165,360.04**, primarily cash, fixed assets, and intangible assets used as collateral or for guarantees to obtain borrowings[52](index=52&type=chunk) [1. Significant Changes in Asset Composition](index=12&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) At the end of the reporting period, the company's total assets were **CNY 8.758 billion**, an increase of **1.51%** from the end of the previous year. Construction in progress significantly increased by **7.82%** due to the continuous advancement of the Indonesian project, and both short-term and long-term borrowings also rose significantly due to increased working capital loans. Monetary funds decreased due to the progress of fundraising projects Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | Percentage of Total Assets | Prior Year-End Amount (CNY) | Percentage of Total Assets | Current Period-End vs. Prior Year-End Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,506,066,329.24 | 17.20% | 1,928,356,356.39 | 22.35% | -5.15% | Due to continuous advancement of fundraising projects and use of raised funds | | Construction in Progress | 850,644,692.36 | 9.71% | 163,252,680.25 | 1.89% | 7.82% | Primarily due to continuous advancement of the Indonesian project | | Short-Term Borrowings | 970,612,648.18 | 11.08% | 560,360,681.48 | 6.49% | 4.59% | Primarily due to an increase in working capital loans | | Long-Term Borrowings | 249,172,125.01 | 2.85% | 56,555,244.44 | 0.66% | 2.19% | Primarily due to an increase in working capital loans | [2. Major Overseas Assets](index=13&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company's major overseas assets include Hanrui Metal and Congo Met in the Democratic Republic of Congo, and Indonesia Hanrui in Indonesia. These subsidiaries have substantial asset scales, operate independently, show good profitability, and account for a high proportion of the company's net assets, with no significant impairment risks Major Overseas Assets Overview | Asset Details | Asset Scale (CNY ten thousand) | Location | Operating Model | Profitability | Proportion of Overseas Assets to Company's Net Assets | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hanrui Metal | 175,602.82 | Democratic Republic of Congo | Independent Operation | Good | 30.48% | No | | Congo Met | 67,087.56 | Democratic Republic of Congo | Independent Operation | Good | 11.65% | No | | Indonesia Hanrui | 83,861.73 | Indonesia | Independent Operation | Good | 14.56% | No | [3. Assets and Liabilities Measured at Fair Value](index=14&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) At the end of the reporting period, the company's financial assets measured at fair value totaled **CNY 477 million**, primarily other non-current financial assets, with fair value change gains and losses of **CNY 26.3482 million** for the period. Derivative financial assets had a period-end balance of **CNY 0**, down from **CNY 83.8288 million** at the beginning of the period. Financial liabilities at period-end were **CNY 36.5821 million** Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains and Losses for the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 83,828,757.61 | -118,774,905.70 | 0 | | Other Non-Current Financial Assets | 451,114,575.46 | 26,348,162.86 | 477,462,738.32 | | Subtotal Financial Assets | 534,943,333.07 | -92,426,742.84 | 477,462,738.32 | | Financial Liabilities | 0.00 | | 36,582,065.63 | [4. Asset Restrictions at the End of the Reporting Period](index=14&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **CNY 430 million** in restricted assets, primarily cash, fixed assets, and intangible assets, restricted as collateral or guarantees for acceptance bills, letters of credit, guarantees, futures margins, and borrowings Asset Restrictions | Item | Book Balance (CNY) | Book Value (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 243,366,022.90 | 243,366,022.90 | Margin | Acceptance bill margin, letter of credit margin, guarantee margin, futures margin, etc. | | Fixed Assets | 170,834,787.14 | 145,508,782.27 | Mortgage | Used as collateral for borrowings | | Intangible Assets | 15,964,550.00 | 13,543,260.22 | Mortgage | Used as collateral for borrowings | | Total | 430,165,360.04 | 402,418,065.39 | | | [6. Analysis of Investment Status](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment increased by **117.55%** year-on-year, mainly due to the continuous advancement of the Indonesian project for an annual production of **20,000 tons of nickel metal equivalent high-grade nickel matte** through oxygen-enriched continuous smelting. The company's overall utilization rate of raised funds was **81.38%**, with the "Ternary Precursor Project" being reclassified as the "Annual Production of **20,000 tons of Nickel Metal Equivalent High-Grade Nickel Matte** through Oxygen-Enriched Continuous Smelting Project". The company also engaged in derivative investments for hedging purposes, primarily copper commodity futures contracts, to mitigate market price fluctuation risks Overall Investment Situation During the Reporting Period | Indicator | Amount (CNY) | Year-on-Year Change | | :--- | :--- | :--- | | Investment Amount for the Reporting Period | 665,619,833.75 | 117.55% | | Investment Amount for the Prior Year Period | 305,955,378.95 | | - The company's major ongoing non-equity investment projects include the annual production of **20,000 tons of nickel metal equivalent high-grade nickel matte** through oxygen-enriched continuous smelting project, the second phase heavy oil generator unit, and the Ganzhou Hanrui Class C and E warehouses and west logistics gatehouse new construction project, with the nickel project having the largest investment[55](index=55&type=chunk)[56](index=56&type=chunk) - The overall utilization rate of raised funds is **81.38%**, with **CNY 1,519.8839 million** cumulatively used. The original "Ternary Precursor Project" has been reclassified as the "Annual Production of **20,000 tons of Nickel Metal Equivalent High-Grade Nickel Matte** through Oxygen-Enriched Continuous Smelting Project". This project's progress is behind schedule due to complex administrative approvals and geological conditions in Indonesia, with the expected date of reaching intended usable condition adjusted to March 31, 2026[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[66](index=66&type=chunk) - The company engages in derivative investments for hedging purposes, primarily copper commodity futures contracts. During the reporting period, fair value change losses amounted to **CNY 118.7749 million**, but by offsetting risks, these investments help stabilize operating performance[70](index=70&type=chunk) [1. Overall Situation](index=15&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's total investment was **CNY 666 million**, a **117.55%** increase compared to the same period last year, indicating a significant increase in investment activities Overall Investment Situation During the Reporting Period | Indicator | Amount (CNY) | Year-on-Year Change | | :--- | :--- | :--- | | Investment Amount for the Reporting Period | 665,619,833.75 | 117.55% | | Investment Amount for the Prior Year Period | 305,955,378.95 | | [2. Significant Equity Investments Acquired During the Reporting Period](index=15&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) 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[54](index=54&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=15&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company's significant non-equity investments in progress primarily include the Indonesian project for an annual production of **20,000 tons of nickel metal equivalent high-grade nickel matte** through oxygen-enriched continuous smelting, with **CNY 564 million** invested in the current reporting period and a cumulative actual investment of **CNY 930 million**, reaching **50%** project progress. Other projects include the second phase heavy oil generator unit and the Ganzhou Hanrui Class C and E warehouses and west logistics gatehouse new construction project Significant Non-Equity Investments in Progress | Project Name | Investment Method | Fixed Asset Investment | Industry Involved | Amount Invested in Current Reporting Period (CNY) | Cumulative Actual Investment at Period-End (CNY) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Annual Production of 20,000 tons of Nickel Metal Equivalent High-Grade Nickel Matte through Oxygen-Enriched Continuous Smelting Project | Self-built | Yes | Non-ferrous Metal Smelting and Rolling | 564,290,386.06 | 929,615,071.88 | 50.00% | | Second Phase Heavy Oil Generator Unit | Self-built | Yes | Non-ferrous Metal Smelting and Rolling | 14,583,436.42 | 14,583,436.42 | 90.00% | | Ganzhou Hanrui Class C and E Warehouses and West Logistics Gatehouse New Construction Project | Self-built | Yes | Non-ferrous Metal Smelting and Rolling, Logistics | 13,693,898.60 | 13,497,800.61 | 58.00% | [4. Financial Assets Measured at Fair Value](index=16&type=section&id=4%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company's financial assets measured at fair value totaled **CNY 477 million** at period-end, primarily including equity investments and financial derivatives. Fair value change losses for the current period amounted to **CNY 92.4267 million** Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Fair Value Change Gains and Losses for the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Equities | 180,000,000.00 | 27,817,458.30 | 139,087,291.50 | | Financial Derivatives | 83,828,757.61 | -118,774,905.70 | 48,443,600.18 | | Other | 338,059,993.64 | 315,453.18 | 338,375,446.82 | | Total | 601,888,751.25 | -92,426,742.84 | 477,462,738.32 | [5. Use of Raised Funds](index=16&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The net proceeds from the company's 2020 non-public offering of shares amounted to **CNY 1.868 billion**. As of June 30, 2025, a cumulative total of **CNY 1.520 billion** has been invested, with an overall utilization rate of **81.38%**. The "Ternary Precursor Project" within the original "10,000 tons/year Cobalt New Materials and 26,000 tons/year Ternary Precursor Project" has been reclassified as the "Annual Production of **20,000 tons of Nickel Metal Equivalent High-Grade Nickel Matte** through Oxygen-Enriched Continuous Smelting Project". This project's progress is behind schedule due to complex administrative approvals and geological conditions in Indonesia, with the expected date of reaching intended usable condition adjusted to March 31, 2026 Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (CNY ten thousand) | Cumulative Used Raised Funds (CNY ten thousand) | Utilization Rate of Raised Funds at Period-End | | :--- | :--- | :--- | :--- | :--- | | 2020 | Non-public Offering of Shares | 186,766.20 | 151,988.39 | 81.38% | - The original raised fund investment project "Ternary Precursor Project" within the "10,000 tons/year Cobalt New Materials and 26,000 tons/year Ternary Precursor Project" has been reclassified as the "Annual Production of **20,000 tons of Nickel Metal Equivalent High-Grade Nickel Matte** through Oxygen-Enriched Continuous Smelting Project"[62](index=62&type=chunk)[65](index=65&type=chunk) - The "Annual Production of **20,000 tons of Nickel Metal Equivalent High-Grade Nickel Matte** through Oxygen-Enriched Continuous Smelting Project" is behind schedule due to complex administrative approvals and geological conditions in Indonesia, with the expected date of reaching intended usable condition adjusted to March 31, 2026[62](index=62&type=chunk)[66](index=66&type=chunk) - The 10,000 tons/year Cobalt New Materials Project did not achieve expected benefits, primarily due to weak cobalt market demand and declining prices[62](index=62&type=chunk) [6. Wealth Management, Derivative Investments, and Entrusted Loans](index=20&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) The company did not engage in wealth management or speculative derivative investments, nor did it have entrusted loans during the reporting period. The company conducted derivative investments for hedging purposes, primarily copper commodity futures contracts, with a period-end balance of **CNY -36.5821 million**, representing **-0.64%** of the company's net assets. The company has established strict risk control measures to mitigate market risks - The company did not engage in wealth management or entrusted loans during the reporting period[67](index=67&type=chunk)[73](index=73&type=chunk) Derivative Investments for Hedging Purposes | Derivative Investment Type | Beginning Balance (CNY ten thousand) | Fair Value Change Gains and Losses for the Period (CNY ten thousand) | Ending Balance (CNY ten thousand) | Proportion of Ending Investment Amount to Company's Net Assets at Period-End | | :--- | :--- | :--- | :--- | :--- | | Commodity Futures Contracts | 8,382.88 | -11,877.49 | -3,658.21 | -0.64% | - The company conducts copper commodity futures contract hedging to mitigate commodity price fluctuation risks and has established the "Internal Control System for Hedging Business" and other risk control measures[70](index=70&type=chunk) - The company did not engage in speculative derivative investments during the reporting period[72](index=72&type=chunk) [7. Significant Asset and Equity Disposals](index=22&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of any significant assets during the reporting period[74](index=74&type=chunk) - The company did not dispose of any significant equity during the reporting period[75](index=75&type=chunk) [8. Analysis of Major Holding and Associate Companies](index=22&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section analyzes the operating performance of the company's major holding and associate companies. Ganzhou Hanrui's net profit increased by **1754.54%** year-on-year, mainly due to rising sales prices of inventory cobalt raw materials. Anpeng No. 1's net profit increased by **127.05%** year-on-year, primarily due to the recovery in Farasis Energy's stock value. Indonesia Hanrui's total assets increased by **164.34%**, but its losses increased by **1213.59%** year-on-year due to increased personnel and expenses Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | | Congo Met Mining Co., Ltd. | 524,865,118.42 | -5,427,825.36 | | Anhui Hanrui New Materials Co., Ltd. | 230,026,864.52 | 2,431,940.21 | | Ganzhou Hanrui New Energy Technology Co., Ltd. | 958,256,222.31 | 40,454,795.56 | | Hanrui Metal Co., Ltd. | 1,148,070,449.94 | -17,063,867.76 | | Anpeng No. 1 | 0 | 27,817,292.22 | | Hainan Hanrui | 906,913,478.12 | 219,673,803.21 | | Indonesia Hanrui | 412,686,633.33 | -8,602,295.00 | | Singapore International | 409,331,399.20 | -15,221,862.98 | - Ganzhou Hanrui's net profit increased by **1754.54%** year-on-year, primarily due to rising sales prices of inventory cobalt raw materials[78](index=78&type=chunk) - Anpeng No. 1's net profit increased by **127.05%** year-on-year, primarily due to the recovery in Farasis Energy's stock value[79](index=79&type=chunk) - Indonesia Hanrui's total assets increased by **164.34%**, but its losses increased by **1213.59%** year-on-year, mainly due to increased personnel and expenses[79](index=79&type=chunk) [9. Structured Entities Controlled by the Company](index=24&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[81](index=81&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=24&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks such as new product and material substitution, market price fluctuations, new business underperformance, and organizational management challenges. The company will address these risks by strengthening R&D, adjusting product structure, closely monitoring market prices, improving internal control systems, and fostering a risk management culture - The company faces risks of new product and material substitution and will respond by enhancing innovation capabilities, strengthening scientific R&D, and accelerating technological progress across the industry chain[81](index=81&type=chunk) - The company faces market price fluctuation risks for cobalt, copper, and other non-ferrous metal products and will closely monitor international price trends, timely adjust product structure, procurement, and production plans, and engage in hedging[82](index=82&type=chunk) - The new Indonesian high-grade nickel matte project faces risks of construction, operation, technology, and market sales underperformance, which could impact the company's strategy and performance growth[83](index=83&type=chunk) - As business volume expands, the company faces organizational management risks and will respond by improving its internal control management system, strengthening internal supervision, and fostering a risk management philosophy[84](index=84&type=chunk) [11. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, on May 13, 2025, the company held an online performance briefing for its 2024 annual report via the Panorama Network platform, engaging with institutional and individual investors, and disclosed the investor activity record form - On May 13, 2025, the company held an online performance briefing for its 2024 annual report via the Panorama Network platform[85](index=85&type=chunk) - The attendees included institutional and individual investors, and the discussion focused on the 2024 annual report[85](index=85&type=chunk) [12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company approved and established the "Nanjing Hanrui Cobalt Co., Ltd. Market Value Management System" on April 17, 2025, aiming to regulate market value management activities and protect the legitimate rights and interests of investors. The company did not disclose a valuation enhancement plan - The company has established a market value management system, approved at the 11th meeting of the Fifth Board of Directors on April 17, 2025, regarding the "Proposal on Formulating the Nanjing Hanrui Cobalt Co., Ltd. Market Value Management System"[86](index=86&type=chunk)[87](index=87&type=chunk) - The company did not disclose a valuation enhancement plan[86](index=86&type=chunk) [13. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=25&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[88](index=88&type=chunk) Section IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[90](index=90&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=26&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[91](index=91&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) On June 18, 2025, the company approved the "Proposal on Adjusting the Grant Price of the 2024 Restricted Stock Incentive Plan", adjusting the grant price from **CNY 11.45/share** to **CNY 11.30/share**. There were no employee stock ownership plans or other employee incentive measures during the reporting period - On June 18, 2025, the company's board of directors and supervisory board approved the proposal to adjust the grant price of the 2024 Restricted Stock Incentive Plan[92](index=92&type=chunk) - The grant price for the 2024 Restricted Stock Incentive Plan was adjusted from **CNY 11.45/share** to **CNY 11.30/share**[92](index=92&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[93](index=93&type=chunk) [4. Environmental Information Disclosure](index=27&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[94](index=94&type=chunk) [5. Social Responsibility](index=27&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its corporate social responsibility, focusing on protecting the rights and interests of stakeholders such as shareholders, creditors, employees, suppliers, and customers, and is committed to environmental sustainability and public welfare. During the reporting period, the company passed the "China Guide (RCI)" project audit, achieving an A rating, and released its 2024 ESG report, elevating its Wind rating to A. The company also carried out multiple social welfare projects in the Democratic Republic of Congo - The company strictly adheres to laws and regulations, safeguarding shareholders' rights to information, participation, and dividends, and actively communicates with investors[95](index=95&type=chunk) - The company upholds a "people-oriented" value, protecting employees' legitimate rights and interests, providing a healthy and safe working environment, and improving its welfare system[96](index=96&type=chunk) - The company integrates social responsibility into supplier management, establishes long-term cooperative relationships with customers, and is committed to harmonious development with all parties[97](index=97&type=chunk) - In the first half of 2025, Anhui Hanrui passed the "China Guide (RCI)" project audit, achieving an A rating, and the company released its 2024 ESG report, elevating its Wind rating to A[98](index=98&type=chunk) - The company made donations to trade promotion centers in the Democratic Republic of Congo, conducted women's skills training, donated drinking water wells and school classrooms, and contributed to cholera epidemic relief[98](index=98&type=chunk) - The company actively responds to "carbon peak and carbon neutrality" goals, advocates green office practices, implements the ISO14001 environmental management system, strengthens secondary resource utilization, and reduces "three wastes" emissions[99](index=99&type=chunk)[100](index=100&type=chunk) Section V Significant Matters [1. Fulfillment of Commitments by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period, and Unfulfilled Commitments at Period-End](index=29&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) This section details the fulfillment of various commitments made by the company's controlling shareholders, actual controllers, directors, and senior management during initial public offerings or refinancing. All commitments were fulfilled on time during the reporting period, with no overdue unfulfilled commitments - Controlling shareholders and actual controllers Liang Jiankun and Liang Jie (father and son) fulfilled the first commitment regarding share lock-up, while the second commitment for Liang Jie is ongoing[102](index=102&type=chunk) - The company's commitment regarding the share price stabilization plan has been strictly fulfilled to date, with no violations[102](index=102&type=chunk) - The company, controlling shareholders, actual controllers, directors, and senior management have strictly fulfilled their commitments regarding the truthfulness, accuracy, and completeness of the prospectus to date[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled commitments[107](index=107&type=chunk) [2. Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties](index=34&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company had no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period - The company had no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[108](index=108&type=chunk) [3. Irregular External Guarantees](index=34&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[109](index=109&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=35&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[110](index=110&type=chunk) [5. Board of Directors, Supervisory Board, and Audit Committee's Explanation of "Non-Standard Audit Report" for the Current Period](index=35&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report during the reporting period - The company did not have a non-standard audit report during the reporting period[111](index=111&type=chunk) [6. Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=35&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report during the reporting period - The company did not have a non-standard audit report during the reporting period[111](index=111&type=chunk) [7. Bankruptcy and Reorganization Matters](index=35&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not have any bankruptcy and reorganization matters during the reporting period - The company did not have any bankruptcy and reorganization matters during the reporting period[111](index=111&type=chunk) [8. Litigation Matters](index=35&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period. Other arbitration and litigation cases not meeting the significant disclosure threshold involved amounts of **CNY 22.787 million** and **CNY 34.3206 million** (company as plaintiff), and **CNY 14.1751 million** (company as defendant), with no significant impact on the company - The company had no significant litigation or arbitration matters during the reporting period[112](index=112&type=chunk) Other Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (CNY ten thousand) | Provision for Estimated Liabilities | Litigation (Arbitration) Progress | Litigation (Arbitration) Impact | | :--- | :--- | :--- | :--- | :--- | | Other arbitration cases not meeting the significant disclosure threshold | 2,278.7 | No | Opponent has withdrawn arbitration | No significant impact on the company | | Other concluded litigation cases not meeting the significant disclosure threshold (company as plaintiff) | 3,432.06 | Not applicable | Some concluded, some awaiting judgment, some in enforcement | No significant impact on the company | | Other unconcluded litigation cases not meeting the significant disclosure threshold (company as defendant) | 1,417.51 | No | Some concluded, some in progress | No significant impact on the company | [9. Penalties and Rectification](index=35&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[114](index=114&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=36&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) There were no issues regarding the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period - There were no issues regarding the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period[115](index=115&type=chunk) [11. Significant Related Party Transactions](index=36&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party receivables/payables, or transactions with finance companies, nor were there any other significant related party transactions - The company did not engage in related party transactions related to daily operations during the reporting period[115](index=115&type=chunk) - The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period[116](index=116&type=chunk) - The company had no related party receivables or payables during the reporting period[118](index=118&type=chunk) - The company had no other significant related party transactions during the reporting period[121](index=121&type=chunk) [12. Significant Contracts and Their Performance](index=37&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no entrustment or contracting situations during the reporting period but had multiple property lease contracts, primarily for office use. The company provided several joint liability guarantees for subsidiaries, with approved guarantee limits totaling **CNY 6 billion** during the reporting period, actual guarantees totaling **CNY 337 million**, and an outstanding guarantee balance of **CNY 174 million** at period-end, representing **31.70%** of the company's net assets. The company had no significant contracts for daily operations or other significant contracts - The company had no entrustment or contracting situations during the reporting period[122](index=122&type=chunk)[123](index=123&type=chunk) - The company and its wholly-owned subsidiaries have multiple property lease contracts, primarily for office use, with lease terms mostly ranging from one to three years and monthly rents from **CNY 3,815** to **CNY 21,414**[124](index=124&type=chunk)[125](index=125&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (CNY ten thousand) | Actual Guarantee Amount (CNY ten thousand) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Hanrui New Materials Co., Ltd. | 150,000 | 12,000 | Joint Liability Guarantee | One year | No | | Ganzhou Hanrui New Energy Technology Co., Ltd. | 200,000 | 12,000 | Joint Liability Guarantee | One year | No | | Nanjing Hanrui New Materials Co., Ltd. | 40,000 | 1,200 | Joint Liability Guarantee | One year | No | | Hanrui Cobalt (Singapore) Co., Ltd. | 60,000 | 7,000 | Joint Liability Guarantee | 9 months | No | - During the reporting period, approved guarantee limits for subsidiaries totaled **CNY 6 billion**, actual guarantees totaled **CNY 337 million**, and the outstanding guarantee balance at period-end was **CNY 174 million**, representing **31.70%** of the company's net assets[132](index=132&type=chunk) - The company had no significant contracts for daily operations or other significant contracts during the reporting period[135](index=135&type=chunk) [13. Explanation of Other Significant Matters](index=42&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[136](index=136&type=chunk) [14. Significant Matters of Company Subsidiaries](index=42&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[137](index=137&type=chunk) Section VI Changes in Shares and Shareholder Information [1. Changes in Share Capital](index=43&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure, with the number and proportion of restricted and unrestricted shares remaining unchanged Changes in Share Capital | Share Type | Number of Shares Before Change | Proportion Before Change | Increase/Decrease in Current Chang

湖北东田微科技股份有限公司 2025 年半年度报告全文 湖北东田微科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 湖北东田微科技股份有限公司 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。 公司负责人高登华、主管会计工作负责人李广华及会计机构负责人(会计 主管人员)李广华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 （一）载有公司法定代表人签字的 2025 年半年度报告文本原件； （二）载有公司负责人、主管会计工作负责人、会计机构负责人（会计主管人员）签字并盖章的财务报表； （三）报告期内公司在中国证监会指定网站公开披露过的所有公司文件的正本及公告的原稿； 公司在本半年度报告中详细阐述了未来可能发生的有关风险因素及对策， 详见"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"， 敬请广大投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...