香农芯创科技股份有限公司 2025 年半年度报告全文 香农芯创科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 香农芯创科技股份有限公司 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。 公司负责人李小红、主管会计工作负责人苏泽晶及会计机构负责人(会计 主管人员)朱国孟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划、发展战略等前瞻性陈述，能否实现取决于 宏观经济、市场状况变化等多种因素，存在很大的不确定性，不构成公司对 投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并 且应当理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，描述了公司业务发展可能面临的主要风险及相应应对措施， 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：以公 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The Board, Supervisory Board, and senior management guarantee report accuracy and completeness; the company plans no cash dividends or share transfers from capital reserves - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness[5](index=5&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - Development strategies and forward-looking statements in this report do not constitute substantial commitments to investors, who should be aware of the associated risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Catalogue of Reference Documents](index=4&type=section&id=Catalogue%20of%20Reference%20Documents) This section lists the company's reference documents for the reporting period, including signed financial statements, publicly disclosed company filings, and the original semi-annual report signed by the legal representative - Reference documents include financial statements signed and sealed by the company's responsible person, head of accounting, and head of accounting department[11](index=11&type=chunk) - Reference documents also include originals of all company filings and announcements publicly disclosed on the China Securities Regulatory Commission's designated website, Juchao Information Network, during the reporting period[12](index=12&type=chunk) - The original 2025 semi-annual report signed by Mr. Qian Bingjiong, the company's legal representative, is also listed as a reference document[13](index=13&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, covering company names, reporting periods, currency units, and specialized industry concepts like smart water meters and smart water management, ensuring accurate understanding - **Company**, **this Company**, and **Shanke Smart** all refer to Hangzhou Shanke Smart Technology Co., Ltd[16](index=16&type=chunk) - **Reporting Period** refers to January-June 2025, and **Prior Year Period** refers to January-June 2024[16](index=16&type=chunk) - **Smart Water Meter** is defined as a new type of water meter that uses modern microelectronics, sensing, and IC card technology to measure water consumption and transmit billing data[16](index=16&type=chunk) - **Smart Water Management** is defined as an integrated solution for sensing, IoT, information integration analysis, and intelligent decision-making execution in the water sector[16](index=16&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) Hangzhou Shanke Smart Technology Co., Ltd. (stock code: 300897, stock abbreviation: Shanke Smart) is listed on the Shenzhen Stock Exchange, with Qian Bingjiong as its legal representative - The company's stock abbreviation is "**Shanke Smart**", stock code "**300897**", listed on the Shenzhen Stock Exchange[18](index=18&type=chunk) - The company's legal representative is **Qian Bingjiong**[18](index=18&type=chunk) - During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and placement locations, or registration status[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This period's key financial indicators show significant year-on-year declines in operating revenue and net profit attributable to shareholders, while operating cash flow improved, and total assets and net assets slightly decreased Key Accounting Data and Financial Indicators for This Reporting Period | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 236,086,432.42 | 332,312,602.42 | -28.96% | | Net Profit Attributable to Shareholders of Listed Company | 21,413,117.88 | 41,466,970.83 | -48.36% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 18,419,386.27 | 37,432,142.09 | -50.79% | | Net Cash Flow from Operating Activities | -21,890,627.35 | -44,543,859.24 | 50.86% | | Basic Earnings Per Share (CNY/share) | 0.15 | 0.30 | -50.00% | | Diluted Earnings Per Share (CNY/share) | 0.15 | 0.30 | -50.00% | | Weighted Average Return on Net Assets | 2.16% | 4.15% | -1.99% | | **Period-end Indicators** | **Current Period-end (CNY)** | **Prior Year-end (CNY)** | **Change from Prior Year-end** | | Total Assets | 1,206,612,058.38 | 1,291,960,145.91 | -6.61% | | Net Assets Attributable to Shareholders of Listed Company | 976,092,310.91 | 984,479,066.63 | -0.85% | - The company's financial reports for the period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[24](index=24&type=chunk)[25](index=25&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This period's total non-recurring gains and losses amounted to **CNY 2,993,731.61**, primarily from government grants, entrusted investment gains, and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -53,440.09 | | | Government Grants Recognized in Current Period Profit/Loss | 3,167,850.00 | Government grants | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | -6,509.82 | Wealth management income | | Gains and Losses from Entrusted Investment or Asset Management | 168,719.14 | | | Other Non-operating Income and Expenses Apart from the Above | 112,818.17 | | | Other Profit/Loss Items Meeting the Definition of Non-recurring Gains and Losses | 60,333.15 | Individual income tax handling fees | | Less: Income Tax Impact | 455,825.25 | | | Minority Interest Impact (After Tax) | 213.69 | | | Total | 2,993,731.61 | | Items Classified as Recurring Gains and Losses | Item | Amount Involved (CNY) | Reason | | :--- | :--- | :--- | | Government Grants Recognized in Current Period Profit/Loss | 5,652,441.58 | VAT refund | Section III Management Discussion and Analysis [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) Guided by national development plans, the company focuses on smart water metering and network detection, exploring AI applications in water management to offer integrated, scalable smart water solutions, driven by policy, industry trends, innovation, and service - The company is guided by national development plans, focusing on the "**Industrial Internet + Smart Sensors and Software + Artificial Intelligence**" technology roadmap, committed to energy conservation and emission reduction, and AI smart applications in water scenarios[31](index=31&type=chunk) - The company's product system covers **smart remote water meters**, **smart water network intelligent products**, **smart software integration products**, **smart water conservancy**, and **smart direct drinking water**, providing integrated water information management solutions[34](index=34&type=chunk) - The company's performance drivers include policy guidance, the penetration of new-generation information technologies like IoT and big data in the water industry, continuous technological innovation, and high-quality customer service[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Main Business](index=9&type=section&id=Main%20Business) Guided by national strategies, the company specializes in smart water metering and network detection, leveraging "Industrial Internet + Smart Sensors + AI" to develop smart water management products and solutions - The company's business is guided by national development plans, focusing on **smart water meter metering** and **pipeline network detection technology**[31](index=31&type=chunk) - The company's technology roadmap is "**Industrial Internet + Smart Sensors and Software + Artificial Intelligence**", actively exploring AI applications in water scenarios[31](index=31&type=chunk) - The company is committed to **energy conservation and emission reduction**, meeting the needs of water utilities in safe operation, energy saving, efficiency improvement, and public service[31](index=31&type=chunk) [Main Products and Uses](index=9&type=section&id=Main%20Products%20and%20Uses) The company's product portfolio includes smart remote water meters, smart water network products, integrated software, smart water conservancy, and smart direct drinking solutions, leveraging IoT, big data, and AI for intelligent water management - The company's main product system includes **smart remote water meters**, **smart water network intelligent products**, **smart software integration products**, **smart water conservancy**, and **smart direct drinking water**[34](index=34&type=chunk) - **Smart remote water meters** solve the challenge of in-home meter reading, improve reading efficiency, reduce leakage rates, and identify abnormal water usage patterns[35](index=35&type=chunk) - **Smart water network intelligent products** include real-time monitoring and dispatch systems for water supply meters, water supply network leakage detection systems, large-diameter electronic meters, and electromagnetic water meters/flowmeters, used for network data collection, leakage detection, and flow monitoring[37](index=37&type=chunk)[38](index=38&type=chunk)[41](index=41&type=chunk)[43](index=43&type=chunk)[45](index=45&type=chunk) - **Smart software integration products** include the smart water metering cloud platform, leakage control system, intelligent hydraulic model for water supply, smart water plant platform, and smart water home management system, achieving full-process digital management and intelligent decision-making in water affairs[48](index=48&type=chunk)[49](index=49&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk)[58](index=58&type=chunk) - **Smart water conservancy integrated products** provide informatization and system integration services for water disasters, resources, environment, and ecology, building a forecast, early warning, simulation, and emergency plan platform based on AI tools and digital twin technology[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk) [Company Performance Drivers](index=20&type=section&id=Company%20Performance%20Drivers) The company's performance growth is primarily driven by national smart and digital construction policies, deep penetration of new-generation information technologies in the water industry, continuous technological innovation, and enhanced market competitiveness through flexible customization and comprehensive after-sales service - **National policies** continue to favor the development of smart water management and smart water conservancy industries, providing broad market opportunities[70](index=70&type=chunk) - New-generation information technologies such as **IoT, cloud computing, and big data** drive the rapid development of smart water management products, assisting water utilities in their informationization upgrade[71](index=71&type=chunk) - The company adheres to **technological innovation**, with R&D investment ranking among the top in the industry, promoting product iteration and upgrading, and consolidating core competitiveness[72](index=72&type=chunk) - The company secures customer recognition and stable performance through highly focused industry experience, **flexible product customization**, and comprehensive after-sales service[74](index=74&type=chunk) [Core Competitiveness Analysis](index=21&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness spans eight areas, including R&D, product innovation, quality management, smart manufacturing, brand influence, enterprise management, and comprehensive after-sales service, supported by significant R&D investment, leading technologies, and a strong market presence - The company emphasizes **technological innovation**, with R&D investment ranking among the top in the industry, possessing leading core technologies such as image recognition-based meter reading electromechanical conversion and thick-film resistor technology, and has obtained **93 patents** and **127 software copyrights** as of the end of the reporting period[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - The company's **product innovation advantage** is reflected in demand forecasting models, intelligent pressure regulation models, intelligent dosing algorithms, and floc visual monitoring models for smart water plant upgrades, as well as acoustic fingerprint recognition pipeline leakage monitoring systems in leakage prevention and control, achieving a technological revolution from "passive disposal" to "active prevention"[79](index=79&type=chunk) - The company has established a comprehensive **quality management system**, obtaining multiple certifications including ISO9001, ISO10012, ISO14001, and ISO45001, and utilizes the PLM system for visualized, standardized, and traceable product lifecycle management[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - The company has introduced multiple **flexible intelligent production lines** and MES systems, achieving smart manufacturing processes such as automated identification, welding, feeding, labeling, and marking, significantly improving production efficiency and product stability[84](index=84&type=chunk)[87](index=87&type=chunk) - The company's **brand influence** is significant, recognized as a "High-tech Enterprise" and "National Specialized, Refined, and New 'Little Giant' Enterprise", with products selected for the "Zhejiang Manufacturing Fine Products" list, establishing a strong reputation for quality and brand image domestically[92](index=92&type=chunk) - The company possesses an **experienced, efficient, and stable management team**, driving high-efficiency operations through a combination of strict systems and flexible incentive mechanisms[93](index=93&type=chunk) - The company has established a **comprehensive, all-time, and full-process after-sales service system**, obtaining the "After-sales Service Completeness Certification (Twelve Stars)", and setting up dedicated maintenance funds to ensure timely and satisfactory service[94](index=94&type=chunk) - The company boasts nearly a thousand **high-quality customer resources**, primarily water utilities, and has established a comprehensive sales network and service management system with marketing and after-sales service points across the country[96](index=96&type=chunk) [Main Business Analysis](index=26&type=section&id=Main%20Business%20Analysis) This period, the company's main business revenue decreased by **28.96%** year-on-year, with operating costs falling by **31.64%**; smart remote water meters remain the primary revenue source despite declines, while smart water network equipment revenue dropped by **52.41%** with improved gross margin Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 236,086,432.42 | 332,312,602.42 | -28.96% | | | Operating Cost | 139,383,066.89 | 203,893,037.87 | -31.64% | Mainly due to a decrease in revenue | | Selling Expenses | 39,189,319.21 | 41,172,842.43 | -4.82% | | | Administrative Expenses | 18,146,636.67 | 18,212,568.84 | -0.36% | | | Financial Expenses | -303,303.56 | 17,920.96 | -1,792.45% | Mainly due to a decrease in unrecognized financing expenses in this reporting period | | Income Tax Expense | 879,597.27 | 3,512,298.24 | -74.96% | Mainly due to a decrease in total profit in this reporting period | | R&D Investment | 22,653,449.88 | 29,668,423.83 | -23.64% | | | Net Cash Flow from Operating Activities | -21,890,627.35 | -44,543,859.24 | 50.86% | Mainly due to a decrease in cash paid for goods purchased and services received in this reporting period | | Net Cash Flow from Investing Activities | 6,116,506.06 | 43,530,804.10 | -85.95% | Mainly due to a decrease in cash recovered from matured wealth management products in this reporting period | | Net Cash Flow from Financing Activities | -36,855,100.67 | -13,323,834.96 | -176.61% | Mainly due to a decrease in matured bank acceptance bill deposits received in this reporting period | | Net Increase in Cash and Cash Equivalents | -52,629,221.96 | -14,336,890.10 | -267.09% | Mainly due to a decrease in cash recovered from matured wealth management products in this reporting period | Products or Services Accounting for Over 10% | 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 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Smart Remote Water Meters and Measuring Sensors | 186,795,040.73 | 117,650,339.30 | 37.02% | -22.91% | -22.54% | -0.30% | | Smart Water Network Equipment | 22,173,386.43 | 8,848,342.04 | 60.09% | -52.41% | -57.37% | 4.64% | - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[98](index=98&type=chunk) [Non-Core Business Analysis](index=27&type=section&id=Non-Core%20Business%20Analysis) Non-core business had a minor impact on total profit this period, with investment income from equity-method long-term investments, fair value changes from estimated unrealized wealth management gains, and asset impairment from contract asset provisions Non-Core Business Analysis | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 483,103.08 | 2.22% | Mainly investment income from long-term equity investments accounted for by the equity method | Yes | | Gains and Losses from Fair Value Changes | -6,509.82 | -0.03% | Mainly estimated unrealized wealth management gains during the reporting period | Yes | | Asset Impairment | -325,892.32 | -1.50% | Mainly provision for impairment of contract assets | Yes | | Non-operating Income | 137,978.00 | 0.63% | Mainly income from breach of contract for leased properties | No | | Non-operating Expenses | 25,314.89 | 0.12% | Mainly donation expenses | No | [Analysis of Assets and Liabilities](index=27&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets and net assets attributable to shareholders decreased; key asset items remained stable, while short-term borrowings, notes payable, and accounts payable declined Significant Changes in Asset Composition (Current Period-end vs. Prior Year-end) | Item | Current Period-end Amount (CNY) | Proportion of Total Assets | Prior Year-end Amount (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 110,853,961.27 | 9.19% | 162,627,309.79 | 12.59% | -3.40% | | Accounts Receivable | 390,763,740.12 | 32.39% | 410,176,539.81 | 31.75% | 0.64% | | Contract Assets | 101,696,590.07 | 8.43% | 95,504,636.08 | 7.39% | 1.04% | | Inventories | 178,300,904.37 | 14.78% | 176,070,616.72 | 13.63% | 1.15% | | Investment Properties | 124,304,345.78 | 10.30% | 124,018,881.49 | 9.60% | 0.70% | | Long-term Equity Investments | 31,158,150.42 | 2.58% | 30,193,766.48 | 2.34% | 0.24% | | Fixed Assets | 185,756,217.04 | 15.39% | 192,570,117.81 | 14.91% | 0.48% | | Construction in Progress | 7,316,642.29 | 0.61% | 4,934,950.89 | 0.38% | 0.23% | | Short-term Borrowings | 0.00 | 0.00% | 6,352,864.19 | 0.49% | -0.49% | | Contract Liabilities | 18,874,640.81 | 1.56% | 22,028,366.97 | 1.71% | -0.15% | Assets and Liabilities Measured at Fair Value (Period-end) | Item | Beginning Balance (CNY) | Gains and Losses from Fair Value Changes in Current Period (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 15,053,625.00 | -53,625.00 | 54,000,000.00 | 69,000,000.00 | 0.00 | | Other Non-current Financial Assets | 3,251,264.43 | -70,732.03 | 0.00 | 0.00 | 3,180,532.40 | | Receivables Financing | 11,290,170.21 | 0.00 | 0.00 | 7,199,385.63 | 4,090,784.58 | | Total | 29,595,059.64 | -7,323,742.66 | 54,000,000.00 | 69,000,000.00 | 7,271,316.98 | Asset Restrictions as of the End of the Reporting Period | Item | Ending Balance (CNY) | Beginning Balance (CNY) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Bank Guarantee Deposits | 5,024,584.29 | 4,145,828.13 | Issuance of performance and quality guarantees | | Bank Acceptance Bill Deposits | 0.00 | 22,882.72 | Issuance of bank acceptance bills | | Total | 5,024,584.29 | 4,168,710.85 | | [Investment Analysis](index=29&type=section&id=Investment%20Analysis) This period, the company's investment increased by **225.00%** year-on-year, primarily in fair value financial assets, with IPO net proceeds of **CNY 508.71 million** and **CNY 202.71 million** in over-raised funds, some of which were used to supplement working capital Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (CNY) | Investment Amount in Prior Year Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 650,000.00 | 200,000.00 | 225.00% | Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold in Current Period (CNY) | Ending Balance (CNY) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 29,595,059.64 | 54,000,000.00 | 69,000,000.00 | 7,271,316.98 | Raised Funds & Own Funds | | Total | 29,595,059.64 | 54,000,000.00 | 69,000,000.00 | 7,271,316.98 | -- | - The company's net proceeds from its initial public offering were **CNY 508.71 million**, including **CNY 202.71 million** in over-raised funds[113](index=113&type=chunk) - Some fund-raising projects have been completed, and the remaining raised funds have been permanently used to supplement working capital for the company's daily operations and business development[113](index=113&type=chunk)[114](index=114&type=chunk) Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (CNY 10,000) | Unmatured Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 4,000 | 0 | 0 | | Brokerage Wealth Management Products | Raised Funds | 1,700 | 0 | 0 | | Total | | 5,700 | 0 | 0 | [Disposal of Major Assets and Equity](index=31&type=section&id=Disposal%20of%20Major%20Assets%20and%20Equity) During the reporting period, the company did not engage in any significant disposals of assets or equity - The company did not dispose of any major assets during the reporting period[119](index=119&type=chunk) - The company did not dispose of any major equity during the reporting period[120](index=120&type=chunk) [Analysis of Major Controlled and Invested Companies](index=31&type=section&id=Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) The company controls six subsidiaries, including Jiaxing Shanke and Ningbo Shanke, whose main businesses span smart water meter R&D, park management, smart water platform software, and smart direct drinking water, all contributing to revenue and net profit Overview of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Shanke Electronic Technology Development Co., Ltd. | Subsidiary | R&D and production of smart water meters and sensors | 500,000 | 28,136,397.80 | 26,286,453.17 | 4,694,968.20 | 787,759.37 | 787,762.99 | | Ningbo Shanke Electronic Technology Co., Ltd. | Subsidiary | R&D and production of smart water meters and sensors | 2,000,000 | 21,698,686.28 | 13,360,742.42 | 12,425,171.37 | 125,288.52 | 93,828.35 | | Hangzhou Shanke Electronic Technology Co., Ltd. | Subsidiary | R&D and production of smart water meters and sensors | 100,000,000 | 312,706,535.45 | 240,312,080.92 | 100,595,305.10 | 7,406,210.93 | 6,926,560.76 | | Hangzhou Shanke Park Management Co., Ltd. | Subsidiary | Park management services; non-residential real estate leasing | 2,000,000 | 15,609,224.50 | 7,744,828.43 | 8,625,151.21 | 2,072,146.31 | 2,098,391.18 | | Hangzhou Shanhaichain Smart Technology Co., Ltd. | Subsidiary | R&D and sales of smart water management platform software | 5,000,000 | 1,431,200.32 | 859,678.07 | 0.00 | -161,212.20 | -169,464.75 | | Quanxinquanyi (Hangzhou) Technology Co., Ltd. | Subsidiary | R&D, sales, and operation of smart direct drinking water | 2,100,000 | 1,195,813.94 | 295,873.80 | 0.00 | -1,206,455.40 | -1,206,453.82 | - The company neither acquired nor disposed of any subsidiaries during the reporting period[122](index=122&type=chunk) [Structured Entities Controlled by the Company](index=32&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[123](index=123&type=chunk) [Risks Faced by the Company and Countermeasures](index=32&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including technology, talent, accounts receivable, investment, raw material costs, and large inventory, which it addresses through continuous R&D, talent management, strengthened receivables, sustainable investment planning, supply chain optimization, and inventory control - The company faces **technology and innovation risks**, with countermeasures including continuous investment in new technology and product R&D, optimizing R&D processes, and strengthening talent cultivation and recruitment[123](index=123&type=chunk) - The company faces **technical risks due to talent shortage or loss**, with countermeasures including actively promoting talent strategies, intensifying efforts to attract talent, and improving talent introduction mechanisms and training programs[124](index=124&type=chunk)[125](index=125&type=chunk) - The company faces the **risk of bad debts from accounts receivable**, with countermeasures including strengthening reconciliation and collection efforts, implementing sales collection assessment and incentive mechanisms, and promptly reporting long-aged accounts receivable to the legal department for collection[126](index=126&type=chunk) - The company faces **investment risks**, with countermeasures including formulating investment plans aligned with sustainable development, strengthening pre- and post-investment management, and avoiding blind investments[127](index=127&type=chunk) - The company faces **raw material cost fluctuation risks**, with countermeasures including increasing R&D investment, optimizing the raw material supply chain, closely monitoring market prices, expanding procurement channels, and enhancing bargaining power[128](index=128&type=chunk)[129](index=129&type=chunk) - The company faces the **risk of large inventory scale**, with countermeasures including establishing a dedicated department to manage goods issued, promptly urging confirmation receipts, regularly confirming with customers via correspondence, analyzing reasons for unconfirmed revenue, and reducing inventory risk[130](index=130&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=34&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) On May 6, 2025, the company participated in the 2024 online performance briefing via the Shenzhen Stock Exchange's "Interactive Easy" platform, engaging with investors, with details disclosed on Juchao Information Network - On **May 6, 2025**, the company participated in the **2024 online performance briefing** via the Shenzhen Stock Exchange's "**Interactive Easy**" platform[131](index=131&type=chunk) - This activity conveyed the company's development strategy, business philosophy, and long-term investment value to investors[135](index=135&type=chunk) - Relevant activity records have been disclosed on Juchao Information Network[131](index=131&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=34&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[132](index=132&type=chunk) - The company has not disclosed a valuation enhancement plan[132](index=132&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=34&type=section&id=Implementation%20of%20%27Quality%20and%20Return%20Dual%20Enhancement%27%20Action%20Plan) The company has disclosed its "Quality and Return Dual Enhancement" action plan, aiming to protect shareholder interests and promote sustainable development through investor returns, a stable dividend policy, compliant disclosure, and continuous investor relations management - The company has disclosed the "Announcement on the 'Quality and Return Dual Enhancement' Action Plan" and its progress announcements, aiming to safeguard the interests of all shareholders and promote the company's long-term healthy and sustainable development[133](index=133&type=chunk) - The company implemented its 2024 annual profit distribution plan, distributing a cash dividend of **CNY 3 (tax inclusive)** per 10 shares to all shareholders, and converting **4 shares** from capital reserves per 10 shares[134](index=134&type=chunk) - The company continuously manages investor relations through various channels, including listed company announcements, investor communication meetings, performance briefings, investor email and telephone hotlines, and the Shenzhen Stock Exchange's "**Interactive Easy**" platform[135](index=135&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=36&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were changes in the company's directors, supervisors, and senior management, with Zeng Jia resigning as independent director, Zhou Changle elected as independent director, and Xu Ming dismissed as deputy general manager Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zeng Jia | Independent Director | Resignation | April 18, 2025 | Personal reasons | | Zhou Changle | Independent Director | Elected | April 18, 2025 | Job transfer | | Xu Ming | Deputy General Manager | Dismissal | April 01, 2025 | Job transfer | [Profit Distribution and Capital Reserve to Share Capital Conversion in This Reporting Period](index=36&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20in%20This%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve to share capital conversions for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[138](index=138&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=36&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[139](index=139&type=chunk) [Environmental Information Disclosure](index=36&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[140](index=140&type=chunk) [Social Responsibility](index=36&type=section&id=Social%20Responsibility) Guided by national plans, the company promotes energy conservation and AI in water management through smart water products, practices green production, enhances corporate governance and investor relations, and upholds employee rights while engaging in public welfare - The company is guided by national development plans, committed to **energy conservation and emission reduction**, actively exploring AI smart applications in water scenarios, and providing smart water management products[140](index=140&type=chunk) - The company's smart water management product series assists in **water resource management**, achieving precise metering, remote meter reading, and leakage control, contributing to ecological environment purification, green development, and the construction of a resource-saving society[141](index=141&type=chunk)[142](index=142&type=chunk) - The company implements **green production and green operation concepts**, establishes a comprehensive environmental management system, and its subsidiary, Hangzhou Shanke Electronic Technology Co., Ltd., has been recognized as a **Hangzhou Green Low-Carbon Factory**[143](index=143&type=chunk) - The company strictly adheres to laws and regulations to improve its **corporate governance structure**, establishing sound internal management and control systems, forming a "three meetings" corporate governance structure comprising the General Meeting of Shareholders, Board of Directors, and Supervisory Board[144](index=144&type=chunk) - The company highly values **investor relations management**, actively communicating with investors through various channels, disclosing company strategies and operational status, and enhancing corporate governance transparency[145](index=145&type=chunk) - Adhering to the core values of "**respecting talent and dedicated service**", the company fosters mutual growth between employees and the enterprise through internal training, external recruitment, optimizing compensation systems, safeguarding employee rights, and conducting employee care and training initiatives[147](index=147&type=chunk) - The company has long spontaneously organized the "**Beautiful Hangzhou, Starting with Me**" public welfare activity, promoting new moral trends, advocating positive social energy, and contributing to environmental protection[148](index=148&type=chunk) Section V Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=39&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) During the reporting period, the company's controlling shareholders, shareholders, and directors, supervisors, and senior management fulfilled all commitments made during IPO or refinancing, with no overdue unfulfilled commitments at period-end - The share reduction commitments of the company's actual controllers Qian Bingjiong, Cen Tengyun, Ji Yongcong, Wang Xuezho, Hu Shaoshui, and their controlled entities Hangzhou Shengjie Investment Management Partnership (Limited Partnership) and Hangzhou Shengying Investment Management Partnership (Limited Partnership) are being fulfilled normally, with the commitment period extending to **September 27, 2025**[150](index=150&type=chunk) - The concerted action agreement signed by the company's actual controllers Qian Bingjiong, Cen Tengyun, Ji Yongcong, Wang Xuezho, and Hu Shaoshui is being fulfilled normally and remains valid long-term[151](index=151&type=chunk) - The company's profit distribution policy commitment is being fulfilled normally and remains valid long-term[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - The company and its actual controllers' commitment regarding the repurchase of shares due to fraudulent issuance is being fulfilled normally and remains valid long-term[159](index=159&type=chunk)[160](index=160&type=chunk) - The actual controllers' commitments regarding **non-compete** and **related-party transactions** are being fulfilled normally and remain valid long-term[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - The commitments of the company's directors and senior management regarding measures to mitigate the dilution of immediate returns are being fulfilled normally and remain valid long-term[157](index=157&type=chunk)[158](index=158&type=chunk) - During the reporting period, the company had no overdue unfulfilled commitments[164](index=164&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=54&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company[165](index=165&type=chunk) [Illegal External Guarantees](index=54&type=section&id=Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[166](index=166&type=chunk) [Appointment and Dismissal of Accounting Firms](index=54&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[167](index=167&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the 'Non-Standard Audit Report' for This Period](index=54&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20%27Non-Standard%20Audit%20Report%27%20for%20This%20Period) Not applicable, as the company's semi-annual report was not audited [Explanation by the Board of Directors on the 'Non-Standard Audit Report' for the Prior Year](index=54&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Prior%20Year) Not applicable, as the company's semi-annual report was not audited [Bankruptcy and Reorganization Matters](index=54&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy or reorganization matters - The company had no bankruptcy or reorganization matters during the reporting period[168](index=168&type=chunk) [Litigation Matters](index=54&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters during this reporting period - The company had no significant litigation or arbitration matters during this reporting period[169](index=169&type=chunk) [Penalties and Rectification](index=54&type=section&id=Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[169](index=169&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=54&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no outstanding overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or significant overdue debts[170](index=170&type=chunk) [Significant Related-Party Transactions](index=55&type=section&id=Significant%20Related-Party%20Transactions) During the reporting period, the company had no significant related-party transactions, including those related to daily operations, asset/equity acquisitions/disposals, joint external investments, or related-party debt, nor any financial dealings with affiliated finance companies - The company had no related-party transactions related to daily operations during the reporting period[171](index=171&type=chunk) - The company had no related-party transactions involving asset or equity acquisitions or disposals during the reporting period[172](index=172&type=chunk) - There were no related-party creditor-debtor transactions during the reporting period[174](index=174&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated finance companies, or between the company's controlled finance companies and related parties[175](index=175&type=chunk)[176](index=176&type=chunk) - The company had no other significant related-party transactions during the reporting period[177](index=177&type=chunk) [Significant Contracts and Their Performance](index=55&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trusteeship or contracting arrangements, and its routine property leases for operations and marketing network expansion did not significantly impact profit - The company had no trusteeship situations during the reporting period[178](index=178&type=chunk) - The company had no contracting situations during the reporting period[180](index=180&type=chunk) - During the reporting period, the company's leasing activities primarily involved office, production, and storage facilities for its subsidiaries' daily operations, as well as property leases for national marketing network expansion, which did not have a significant impact on the company's profit for the period[181](index=181&type=chunk) - The company had no significant guarantee situations during the reporting period[182](index=182&type=chunk) - The company had no other significant contracts during the reporting period[184](index=184&type=chunk) [Explanation of Other Significant Matters](index=56&type=section&id=Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[185](index=185&type=chunk) [Significant Matters of Company Subsidiaries](index=56&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company's subsidiaries had no significant matters - The company's subsidiaries had no significant matters during the reporting period[186](index=186&type=chunk) Section VI Share Changes and Shareholder Information [Share Change Status](index=57&type=section&id=Share%20Change%20Status) At period-end, the company's total share capital increased to **140,219,804 shares** due to the 2024 annual equity distribution, with both restricted and unrestricted shares increasing, and **1,153,728 shares** successfully repurchased Share Change Status | Item | Number Before This Change (shares) | Proportion Before This Change | Capital Reserve to Shares (shares) | Other (shares) | Subtotal (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 37,544,410 | 37.36% | 15,017,763 | 237,763 | 15,255,526 | 52,799,936 | 37.66% | | II. Unrestricted Shares | 62,942,230 | 62.64% | 24,715,401 | -237,763 | 24,477,638 | 87,419,868 | 62.34% | | III. Total Shares | 100,486,640 | 100.00% | 39,733,164 | 0 | 39,733,164 | 140,219,804 | 100.00% | - On **June 16, 2025**, the company completed the implementation of its **2024 annual equity distribution**, including a cash dividend of **CNY 3 (tax inclusive)** per 10 shares and a conversion of **4 shares** from capital reserves per 10 shares[190](index=190&type=chunk) - The company has repurchased **1,153,728 shares** for employee stock ownership plans or equity incentives[191](index=191&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at End of Period | Reason for Restriction | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qian Bingjiong | 11,159,084 | 0 | 4,463,635 | 15,622,719 | During their tenure, the number of shares transferred annually shall not exceed 25% of the total shares directly or indirectly held by them | Released on September 28, 2023 | | Cen Tengyun | 8,588,547 | 0 | 3,435,417 | 12,023,964 | During their tenure, the number of shares transferred annually shall not exceed 25% of the total shares directly or indirectly held by them | Released on September 28, 2023 | | Ji Yongcong | 7,246,573 | 0 | 2,898,629 | 10,145,202 | During their tenure, the number of shares transferred annually shall not exceed 25% of the total shares directly or indirectly held by them | Released on September 28, 2023 | | Wang Xuezho | 6,499,385 | 0 | 2,599,754 | 9,099,139 | During their tenure, the number of shares transferred annually shall not exceed 25% of the total shares directly or indirectly held by them | Released on September 28, 2023 | | Hu Shaoshui | 3,076,516 | 0 | 1,230,606 | 4,307,122 | During their tenure, the number of shares transferred annually shall not exceed 25% of the total shares directly or indirectly held by them | Released on September 28, 2023 | | Xu Ming | 509,490 | 0 | 441,558 | 951,048 | Shares held by them shall not be transferred within six months after resignation; concurrently, shares transferred within six months after the expiration of their original term shall not exceed 25% of the total shares directly or indirectly held by them | Released on September 28, 2021 | | Dong Liujun | 339,326 | 0 | 135,730 | 475,056 | During their tenure, the number of shares transferred annually shall not exceed 25% of the total shares directly or indirectly held by them | Released on September 28, 2021 | | Zhou Qin | 125,489 | 0 | 50,197 | 175,686 | During their tenure, the number of shares transferred annually shall not exceed 25% of the total shares directly or indirectly held by them | Released on September 28, 2021 | | Total | 37,544,410 | 0 | 15,255,526 | 52,799,936 | | | [Securities Issuance and Listing](index=60&type=section&id=Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities [Shareholder Numbers and Shareholding](index=60&type=section&id=Shareholder%20Numbers%20and%20Shareholding) At period-end, the company had **8,553** common shareholders; the top ten included a concerted action group with significant holdings, and no voting right differences or agreed repurchase transactions were observed among the top ten shareholders - The total number of common shareholders at the end of the reporting period was **8,553**[195](index=195&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-end (shares) | Changes in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qian Bingjiong | Domestic Natural Person | 14.86% | 20,830,292.00 | 5,951,512 | 15,622,719 | 5,207,573 | | Cen Tengyun | Domestic Natural Person | 11.43% | 16,031,953.00 | 4,580,558 | 12,023,964 | 4,007,989 | | Ji Yongcong | Domestic Natural Person | 9.65% | 13,526,936.00 | 3,864,839 | 10,145,202 | 3,381,734 | | Wang Xuezho | Domestic Natural Person | 8.65% | 12,132,186.00 | 3,466,339 | 9,099,139 | 3,033,047 | | Liu Tao | Domestic Natural Person | 7.09% | 9,942,435.00 | 2,840,696 | 0 | 9,942,435 | | Li Yufeng | Domestic Natural Person | 5.99% | 8,395,386.00 | 2,398,682 | 0 | 8,395,386 | | Hangzhou Shengjie Investment Management Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 5.78% | 8,107,593.00 | 2,316,455 | 0 | 8,107,593 | | Hu Shaoshui | Domestic Natural Person | 4.10% | 5,742,829.00 | 1,640,808 | 4,307,122 | 1,435,707 | | Wei Ruiying | Domestic Natural Person | 1.97% | 2,756,523.00 | 787,578 | 0 | 2,756,523 | | Hangzhou Shengying Investment Management Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 1.38% | 1,939,055.00 | 554,016 | 0 | 1,939,055 | - Qian Bingjiong, Ji Yongcong, Cen Tengyun, Wang Xuezho, and Hu Shaoshui have signed a "**Concerted Action Agreement**"[196](index=196&type=chunk) - The company has no **voting right differential arrangements**, and the top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[197](index=197&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=62&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, shareholdings of directors, supervisors, and senior management generally increased due to capital reserve conversions, with significant increases for key management, while Xu Ming's holdings remained unchanged after resigning as deputy general manager Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Qian Bingjiong | Director | Current | 14,878,780 | 5,951,512 | 20,830,292 | | Cen Tengyun | Director, Senior Management | Current | 11,451,395 | 4,580,558 | 16,031,953 | | Ji Yongcong | Director, Senior Management | Current | 9,662,097 | 3,864,839 | 13,526,936 | | Wang Xuezho | Director, Senior Management | Current | 8,665,847 | 3,466,339 | 12,132,186 | | Hu Shaoshui | Director, Senior Management | Current | 4,102,021 | 1,640,808 | 5,742,829 | | Xu Ming | Senior Management | Resigned | 679,320 | 271,728 | 951,048 | | Dong Liujun | Senior Management | Current | 452,435 | 180,974 | 633,409 | | Zhou Qin | Senior Management | Current | 167,320 | 66,928 | 234,248 | | Total | -- | -- | 50,059,215 | 20,023,686 | 70,082,901 | [Changes in Controlling Shareholder or Actual Controller](index=62&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[199](index=199&type=chunk) - The company's actual controller did not change during the reporting period[199](index=199&type=chunk) Section VII Bond-Related Information [Bond-Related Information](index=64&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related situations - The company had no bond-related situations during the reporting period[202](index=202&type=chunk) Section VIII Financial Report [Audit Report](index=65&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[204](index=204&type=chunk) [Financial Statements](index=65&type=section&id=Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, showing total assets of **CNY 1.21 billion** and net profit of **CNY 20.91 million** Key Consolidated Balance Sheet Data (Period-end) | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,206,612,058.38 | 1,291,960,145.91 | | Total Liabilities | 231,080,102.65 | 307,868,195.08 | | Total Owner's Equity | 975,531,955.73 | 984,091,950.83 | Key Consolidated Income Statement Data (Current Period) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 236,086,432.42 | 332,312,602.42 | | Operating Profit | 21,681,812.66 | 44,651,290.49 | | Total Profit | 21,794,475.77 | 44,775,916.10 | | Net Profit | 20,914,878.50 | 41,263,617.86 | | Net Profit Attributable to Parent Company Shareholders | 21,413,117.88 | 41,466,970.83 | Key Consolidated Cash Flow Statement Data (Current Period) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -21,890,627.35 | -44,543,859.24 | | Net Cash Flow from Investing Activities | 6,116,506.06 | 43,530,804.10 | | Net Cash Flow from Financing Activities | -36,855,100.67 | -13,323,834.96 | | Net Increase in Cash and Cash Equivalents | -52,629,221.96 | -14,336,890.10 | - The company's share capital increased by **CNY 39,733,164** due to the conversion of capital reserves into share capital as part of the 2024 annual equity distribution plan, reaching **CNY 140,219,804** at period-end[228](index=228&type=chunk)[562](index=562&type=chunk)[563](index=563&type=chunk)[565](index=565&type=chunk) [Company Basic Information](index=83&type=section&id=Company%20Basic%20Information) Established on June 15, 2015, Hangzhou Shanke Smart Technology Co., Ltd. has a registered capital and total share capital of **CNY 140.22 million**, listed on the Shenzhen Stock Exchange in 2020, and operates with a multi-tiered governance structure, six subsidiaries, and four branches, primarily in smart meter manufacturing and smart water solutions - The company was established on **June 15, 2015**, with both registered capital and total share capital of **CNY 140.22 million**[238](index=238&type=chunk)[239](index=239&type=chunk) - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on **September 28, 2020** (stock code **300897**)[239](index=239&type=chunk) - The company has established a standardized multi-tiered governance structure comprising the General Meeting of Shareholders, Board of Directors, Supervisory Board, and management, with multiple functional departments, **6 subsidiaries**, and **4 branches**[240](index=240&type=chunk)[241](index=241&type=chunk) - The company's main business is **smart meter manufacturing**, with a broad business scope including smart water system development, manufacturing and sales of instruments for supply, smart control system integration, sales of environmental protection special equipment, water resource management, and big data services[242](index=242&type=chunk) [Basis of Financial Statement Preparation](index=84&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company prepares its financial statements on a going concern basis, adhering to accounting standards issued by the Ministry of Finance and CSRC disclosure regulations, with no significant doubts about its ability to continue as a going concern for the next 12 months - The company prepares its financial statements on a **going concern basis**, in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the "No. 15 Rules for Information Disclosure by Companies Issuing Securities Publicly - General Provisions on Financial Reports (Revised 2023)" issued by the China Securities Regulatory Commission[243](index=243&type=chunk) - There are no events or circumstances that would cast significant doubt on the company's ability to continue as a going concern for the 12 months from the end of the reporting period[244](index=244&type=chunk) [Significant Accounting Policies and Estimates](index=84&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering business combinations, financial instruments, receivables, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards, truthfully and completely reflecting the company's financial position, operating results, and cash flows, among other relevant information[247](index=247&type=chunk) - The company classifies financial assets based on the business model for managing them and their contractual cash flow characteristics into financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[275](index=275&type=chunk) - The company uses the **transfer of control** as the criterion for revenue recognition, recognizing revenue when the customer obtains control of the related goods[377](index=377&type=chunk) - The company performs impairment treatment and recognizes loss provisions for notes receivable, accounts receivable, contract assets, etc., based on **expected credit losses**[297](index=297&type=chunk) - In applying accounting policies, the company makes judgments, estimates, and assumptions for financial statement items that cannot be measured accurately, and these are regularly reviewed, impacting the reported amounts of income, expenses, assets, and liabilities[408](index=408&type=chunk) [Taxation](index=123&type=section&id=Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, and local education surcharge, with the company and its subsidiaries benefiting from various tax incentives, including VAT refunds for software products and a **15%** corporate income tax rate for high-tech enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount generated during sales of goods or provision of taxable services | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% etc | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Property Tax | For ad valorem taxation, calculated at 1.2% of the original value of the property after a one-time deduction of 30%; for rental taxation, calculated at 12% of rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company enjoys a **VAT refund policy** for software products, where the portion of actual tax burden exceeding **3%** is immediately refunded[420](index=420&type=chunk) - The company and Hangzhou Shanke Electronic Technology Co., Ltd., as high-tech enterprises, paid corporate income tax at a rate of **15%** for the year 2024[420](index=420&type=chunk) - The company's subsidiaries Jiaxing Shanke, Ningbo Shanke, Hangzhou Shanke Park, Hangzhou Shanhaichain Smart, and Quanxinquanyi (Hangzhou) Technology are eligible for **small and micro-profit enterprise income tax preferential policies** for the year 2024[420](index=420&type=chunk) [Notes to Consolidated Financial Statement Items](index=124&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each consolidated financial statement item, including cash, financial assets, receivables, inventories, investments, fixed assets, intangible assets, deferred taxes, borrowings, payables, equity, revenue, costs, expenses, other income, investment gains, impairment losses, and cash flow items - Cash and bank balances at period-end amounted to **CNY 110,853,961.27**, of which **CNY 5,024,584.29** is restricted as bank guarantee deposits[423](index=423&type=chunk) - Accounts receivable had a carrying value of **CNY 390,763,740.12** at period-end, with a bad debt provision rate of **19.26%**[439](index=439&type=chunk) - Contract assets had a carrying value of **CNY 101,696,590.07** at period-end, primarily consisting of warranty receivables, with a bad debt provision rate of **5.00%**[450](index=450&type=chunk)[455](index=455&type=chunk) - Inventories had a carrying value of **CNY 178,300,904.37** at period-end, primarily comprising raw materials, work-in-progress, finished goods, and goods issued[495](index=495&type=chunk) - Long-term equity investments had a carrying value of **CNY 31,158,150.42** at period-end, primarily representing investments in associates[502](index=502&type=chunk) - Fixed assets had a carrying value of **CNY 185,756,217.04** at period-end, primarily consisting of buildings and structures[512](index=512&type=chunk) - Operating revenue for the current period was **CNY 236,086,432.42**, and operating cost was **CNY 139,383,066.89**[572](index=572&type=chunk) - R&D expenses for the current period were **CNY 22,653,449.88**, a year-on-year decrease of **23.64%**[98](index=98&type=chunk)[582](index=582&type=chunk) - Net cash flow from operating activities for the current period was **-CNY 21,890,627.35**, showing an improvement compared to the prior year period[98](index=98&type=chunk)[607](index=607&type=chunk) [R&D Expenses](index=162&type=section&id=R%26D%20Expenses) This period, the company's total R&D expenses amounted to **CNY 22,653,449.88**, a **23.64%** year-on-year decrease, entirely expensed, primarily comprising employee compensation, direct materials, experimental design, and external R&D R&D Expense Details | Item | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 18,795,636.60 | 23,032,398.38 | | Direct Materials | 1,260,793.29 | 1,387,869.64 | | Experimental Design Fees | 302,650.19 | 573,895.25 | | Conference and Travel Expenses | 393,387.03 | 301,424.48 | | Depreciation and Amortization | 696,501.26 | 797,043.53 | | Entrusted External R&D | 458,679.25 | 2,780,000.00 | | Intellectual Property Fees | 182,589.49 | 119,601.55 | | Other Expenses | 563,212.77 | 676,191.00 | | Total | 22,653,449.88 | 29,668,423.83 | | Of which: Expensed R&D | 22,653,449.88 | 29,668,423.83 | - All R&D expenses for the current period were expensed and not capitalized[619](index=619&type=chunk) [Changes in Consolidation Scope](index=163&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the company's consolidation scope [Interests in Other Entities](index=163&type=section&id=Interests%20in%20Other%20Entities) The company holds **six subsidiaries** with **100%**

Part I Important Notice, Table of Contents and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, directors, senior management, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[4](index=4&type=chunk) - Company's responsible person Zhu Yufeng, head of accounting Fang Jiancai, and head of accounting department Fang Jiancai declare: they guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report features a clear table of contents, divided into nine chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data, providing a comprehensive information index for investors - The report comprises nine main chapters, from important notices to financial reports and reference documents[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides detailed explanations of key terms used in the report, particularly technical terms related to the photovoltaic industry and company entity names, ensuring accurate understanding of the report's content - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Detailed definitions are provided for photovoltaic cell and module technologies, such as PERC, TOPCon, bifacial technology, 0BB technology, SMBB technology, perovskite cell technology, GPC cells, and GTC cells[11](index=11&type=chunk)[12](index=12&type=chunk) - The IPD R&D model is explained, emphasizing customer-centric product development[12](index=12&type=chunk) Part II Company Profile and Key Financial Indicators [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) GCL System Integration Technology Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code 002506, with Zhu Yufeng as its legal representative - Company stock abbreviation: GCLSI, stock code: **002506**[14](index=14&type=chunk) - The company's legal representative is Zhu Yufeng[14](index=14&type=chunk) - The company's English name abbreviation is GCLSI[14](index=14&type=chunk) [II. Contact Persons and Contact Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary Ma Junjian and Securities Affairs Representative Zhang Ting, including address, telephone, fax, and email - The Board Secretary is Ma Junjian, and the Securities Affairs Representative is Zhang Ting[15](index=15&type=chunk) - Contact address: 5th Floor, GCL Energy Center, No. 28 Xinqing Road, Suzhou Industrial Park, Jiangsu Province[15](index=15&type=chunk) - Telephone: 0512-69832889, Email: gclsizqb@gclsi.com[15](index=15&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or document storage locations; specific details can be found in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's key financial indicators for the first half of 2025 show a year-on-year decrease in operating revenue, a shift from profit to loss in net profit attributable to shareholders, a decline in net cash flow from operating activities, and negative growth in both total assets and net assets Key Accounting Data and Financial Indicators (H1 2025 vs. Prior Year Period) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 7,694,202,076.89 | 8,112,724,046.01 | -5.16% | | Net Profit Attributable to Shareholders of Listed Company | -326,867,153.27 | 43,334,355.96 | -854.29% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -343,571,375.40 | 11,955,172.79 | -2,973.83% | | Net Cash Flow from Operating Activities | 811,395,784.10 | 931,494,634.35 | -12.89% | | Basic Earnings Per Share (RMB/share) | -0.056 | 0.007 | -900.00% | | Diluted Earnings Per Share (RMB/share) | -0.056 | 0.007 | -900.00% | | Weighted Average Return on Net Assets | -15.12% | 1.77% | -16.89% | | **End of Current Period** | **17,878,305,106.73** | **19,202,636,205.53** | **-6.90%** | | Total Assets | 2,007,684,801.59 | 2,383,126,603.98 | -15.75% | | Net Assets Attributable to Shareholders of Listed Company | | | [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) During the reporting period, the company had 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 had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[20](index=20&type=chunk) - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to RMB 16,704,222.13, primarily from government subsidies and gains/losses on disposal of non-current assets, after deducting income tax impact Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 120,572.40 | See VII. Notes to Consolidated Financial Statement Items 51 | | Government Subsidies Included in Current Period Profit/Loss | 20,862,573.24 | See VII. Notes to Consolidated Financial Statement Items 47, 52; XI. Government Grants | | Other Non-Operating Income and Expenses Apart from the Above | -1,491,816.37 | See VII. Notes to Consolidated Financial Statement Items 52, 53 | | Less: Income Tax Impact | 2,787,107.14 | | | Total | 16,704,222.13 | | - The company has no other profit/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) Part III Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=10&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company aims to be a global leader in green energy system integration, offering high-efficiency cells, large-size PV modules, energy storage systems, and smart PV-storage integrated solutions. During the reporting period, its main business and operating model remained largely unchanged, with the global PV market continuing to grow and domestic installations significantly increasing, despite industry challenges like overcapacity and price competition, alongside accelerating technological iteration - The company is committed to becoming a global leading green energy system integrator, with products covering high-efficiency cells, large-size PV modules, and energy storage systems[26](index=26&type=chunk) - The company's business model is an integrated 'design + product + service' provider, based on technology R&D, expanding global strategic partnerships[26](index=26&type=chunk)[27](index=27&type=chunk) - During the reporting period, there were no significant changes in the company's principal business activities and operating model compared to 2024[28](index=28&type=chunk) [(I) Principal Business Activities During the Reporting Period](index=10&type=section&id=%28I%29%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on green energy system integration, providing high-efficiency cells, large-size PV modules, energy storage systems, and smart PV-storage integrated solutions, driven by core technology R&D, global layout, and differentiated product strategies to meet diverse market demands - Adhering to the philosophy of 'bringing green energy into life,' the company's products cover high-efficiency cells, large-size PV modules, energy storage systems, and provide smart PV-storage integrated solutions[26](index=26&type=chunk) - The company aims to become an integrated 'design + product + service' provider, based on technology R&D, supported by design optimization, carried by system integration, linked by financial service support, and underpinned by intelligent operation and maintenance services[26](index=26&type=chunk) - The company has established subsidiaries in multiple countries and regions, including Japan, North America, Singapore, and Germany, with products and solutions covering nearly a hundred countries and regions worldwide[27](index=27&type=chunk) [(II) Industry Overview](index=11&type=section&id=%28II%29%20Industry%20Overview) Despite overcapacity and technological iteration pressures, the global PV market maintains a long-term growth trend, with installations projected to exceed 5400GW by 2030. China's H1 new installations surged 107% to 212.21GW, surpassing 1000GW cumulative, yet manufacturing output growth slowed, prices hit bottom, and N-type TOPCon cells dominate, with perovskite technology making breakthroughs - The International Energy Agency (IEA) predicts that by 2027, new PV installed capacity will account for nearly **50%** of all power sources, further increasing to **70%** by 2030[30](index=30&type=chunk) - In the first half of 2025, China's new PV installed capacity reached **212.21 GW**, a year-on-year increase of **107%**; as of the first half, China's cumulative PV installed capacity exceeded **1000 GW**[32](index=32&type=chunk) - In the first half of 2025, the growth rate of China's PV industry manufacturing output slowed, with polysilicon output decreasing by **43.8%** year-on-year, silicon wafer output decreasing by **21.4%** year-on-year, cell output increasing by **7.7%** year-on-year, and module output increasing by **14.4%** year-on-year[42](index=42&type=chunk) - N-type TOPCon technology accounts for over **75%**, with average mass production efficiency reaching **25.5%**, and some leading enterprises exceeding **26%**. Perovskite cells have a theoretical conversion efficiency of **33%**[48](index=48&type=chunk) [1. Long-Term Growth Trend in the Global Photovoltaic Industry](index=11&type=section&id=1.%E3%80%81%E5%85%A8%E7%90%83%E5%85%89%E4%BC%8F%E8%A1%8C%E4%B8%9A%E4%BF%9D%E6%8C%81%E9%95%BF%E6%9C%9F%E5%A2%9E%E9%95%BF%E7%9A%84%E5%8F%91%E5%B1%95%E8%B6%8B%E5%8A%BF) Global PV market's long-term growth trend remains unchanged, with installations projected to exceed 5400GW by 2030, and renewable energy expected to meet 95% of global electricity demand growth, despite facing overcapacity and technological iteration pressures - According to IRENA's forecast, global PV installed capacity will exceed **5400 GW** by 2030[30](index=30&type=chunk) - The IEA predicts that renewable energy will meet **95%** of global electricity demand growth between 2025 and 2027[30](index=30&type=chunk) - The China Photovoltaic Industry Association has raised its forecast for global new PV installed capacity in 2025 to **570-630 GW**[30](index=30&type=chunk) [2. Installation Rush Leads to Significant Domestic Capacity Growth in H1 2025, Supported by Stable Expectations and Expanded Applications](index=12&type=section&id=2.%E3%80%81%E6%8A%A2%E8%A3%85%E6%BD%AE%E8%87%B4%202025%20%E5%B9%B4%20%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%9B%BD%E5%86%85%E8%A3%85%E6%9C%BA%E5%A2%9E%E9%87%8F%E6%98%BE%E8%91%97%EF%BC%8C%E7%A8%B3%E9%A2%84%E6%9C%9F%E3%80%81%E6%8B%93%E5%9C%BA%E6%99%AF%E5%8F%8C%E5%BC%95%E6%93%8E%E6%94%AF%E6%92%91%E5%85%89%E4%BC%8F%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95) Driven by an installation rush, China's new PV capacity in H1 2025 increased by 107%, with cumulative installations exceeding 1000GW. Policy measures, including clear development rules, consumption responsibility weights, and direct green power connections, stabilize industry expectations and expand application scenarios - In the first half of 2025, China's new PV installed capacity reached **212.21 GW**, a year-on-year increase of **107%**[32](index=32&type=chunk) - As of the first half of 2025, China's cumulative PV installed capacity exceeded **1000 GW**, entering the terawatt era[32](index=32&type=chunk) - Policy actively promotes direct green power connections, providing PV green electricity for high-energy-consuming industries and data centers, expanding application scenarios[36](index=36&type=chunk) [3. China's PV Module Exports Slightly Decline, Overseas Traditional Markets Saturate, Manufacturers Actively Explore Emerging Markets, and Localized Capacity Intensifies International Competition](index=13&type=section&id=3.%E3%80%81%E4%B8%AD%E5%9B%BD%E5%85%89%E4%BC%8F%E7%BB%84%E4%BB%B6%E5%87%BA%E5%8F%A3%E6%80%BB%E9%87%8F%E5%BE%AE%E9%99%8D%EF%BC%8C%E6%B5%B7%E5%A4%96%E4%BC%A0%E7%BB%9F%E5%B8%82%E5%9C%BA%E5%BC%80%E5%A7%8B%E9%B8%A3%E5%92%8C%EF%BC%8C%E5%8E%82%E5%AE%B6%E7%A7%AF%E6%9E%81%E5%BC%80%E6%8B%93%E6%96%B0%E5%85%B4%E5%B8%82%E5%9C%BA%EF%BC%8C%E6%9C%AC%E5%9C%9F%E5%8C%96%E4%BA%A7%E8%83%BD%E5%8A%A0%E5%89%A7%E5%9B%BD%E9%99%85%E7%AB%9E%E4%BA%89) In H1 2025, China's PV module exports slightly decreased by 3%, with Europe down 6.8% and the Americas down 15.8%, while Africa saw a significant 45.4% increase. The surge in overseas localized capacity and trade barriers intensifies international competition, requiring companies to flexibly deploy in emerging markets - In the first half of 2025, China's cumulative PV module exports reached **127.3 GW**, a **3%** decrease compared to the same period last year[38](index=38&type=chunk) - European market imports of Chinese modules decreased by **6.8%** year-on-year, the Americas market decreased by **15.8%** year-on-year, while the African market saw a significant year-on-year increase of **45.4%**[38](index=38&type=chunk)[39](index=39&type=chunk) - The US IRA act has driven a surge in local module capacity to **51 GW**, intensifying international competition[39](index=39&type=chunk) [4. Significant Decline in PV Manufacturing Output Growth, Negative Growth in Some Segments, Industry Chain Prices Stabilize Then Fall, Central Government Takes Strong Action to Rectify 'Involution' and Guide High-Quality Industry Development](index=15&type=section&id=4.%E3%80%81%E5%85%89%E4%BC%8F%E5%88%B6%E9%80%A0%E7%AB%AF%E4%BA%A7%E9%87%8F%E5%A2%9E%E9%80%9F%E5%A4%A7%E5%B9%85%E4%B8%8B%E9%99%8D%EF%BC%8C%E9%83%A8%E5%88%86%E7%8E%AF%E8%8A%82%E8%B4%9F%E5%A2%9E%E9%95%BF%EF%BC%8C%E4%BA%A7%E4%B8%9A%E9%93%BE%E4%BB%B7%E6%A0%BC%E5%85%88%E7%A8%B3%E5%90%8E%E8%B7%8C%EF%BC%8C%E4%B8%AD%E5%A4%AE%E9%87%8D%E6%8B%B3%E7%BB%BC%E5%90%88%E6%95%B4%E6%B2%BB%E2%80%9C%E5%86%85%E5%8D%B7%E2%80%9D%EF%BC%8C%E5%BC%95%E5%AF%BC%E8%A1%8C%E4%B8%9A%E9%AB%98%E8%B4%A8%E9%87%8F%E5%8F%91%E5%B1%95) In H1 2025, China's PV manufacturing output growth slowed, with polysilicon and silicon wafer production seeing negative growth, and cell and module output growth declining. Industry chain prices are generally at the bottom, and the central government continues to address industry 'involution,' promoting the exit of outdated capacity and guiding high-quality industry development - In the first half of 2025, polysilicon output decreased by **43.8%** year-on-year, silicon wafer output decreased by **21.4%** year-on-year, cell output increased by **7.7%** year-on-year, and module output increased by **14.4%** year-on-year[42](index=42&type=chunk) - Prices across all segments of the industry chain are generally at the bottom, with polysilicon prices falling to **RMB 35/kg** and N-type TOPCon cell prices dropping to **RMB 0.26/W**[43](index=43&type=chunk) - The central government continues to focus on addressing 'involution' in the PV industry, promoting the exit of outdated capacity, and guiding high-quality industry development[46](index=46&type=chunk) [5. Continuous Breakthroughs in Advanced PV Cell and Module Technologies, N-Type TOPCon Dominates, Leading Enterprises Pioneer Next-Generation Perovskite Technology](index=17&type=section&id=5.%E3%80%81%E5%85%89%E4%BC%8F%E7%94%B5%E6%B1%A0%E5%8F%8A%E7%BB%84%E4%BB%B6%E5%85%88%E8%BF%9B%E6%8A%80%E6%9C%AF%E6%8C%81%E7%BB%AD%E7%AA%81%E7%A0%B4%EF%BC%8CN%20%E5%9E%8B%20TOPCon%20%E5%8D%A0%E6%8D%AE%E7%BB%9D%E5%AF%B9%E4%BC%98%E5%8A%BF%EF%BC%8C%E5%A4%B4%E9%83%A8%E4%BC%81%E4%B8%9A%E7%8E%87%E5%85%88%E5%B8%83%E5%B1%80%E4%B8%8B%E4%B8%80%E4%BB%A3%E9%92%99%E9%92%9B%E6%8A%80%E6%9C%AF) PV cell and module technologies are diversifying, with N-type TOPCon dominating the industry, achieving an average mass production efficiency of 25.5%. Perovskite technology has repeatedly set world records, with single-junction theoretical conversion efficiency reaching 33%. Technological advancements also drive cost reduction and product diversification for various application scenarios - N-type technology has fully iterated PERC, with TOPCon technology accounting for over **75%** and average mass production efficiency reaching **25.5%**[48](index=48&type=chunk) - Perovskite technology's single-junction cell theoretical conversion efficiency reaches **33%**, surpassing the theoretical limit of crystalline silicon cells[48](index=48&type=chunk) - Technological advancements drive cost reduction across the industry chain, including N-type silicon wafer thinning, LIF technology replacing LSE process, 0BB/SMBB technology, and the commencement of GW-level mass production lines for perovskite cells[49](index=49&type=chunk) [II. Analysis of Core Competencies](index=18&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company maintains a leading position in the PV industry through its strengths in crystalline silicon product manufacturing, R&D innovation, efficient multi-scenario product ecosystem, brand and global channels, and low-carbon advantages. It boasts 16GW of high-efficiency TOPCon cell capacity and over 30GW of high-efficiency module capacity, with 759 authorized patents, and has launched the world's first blockchain-based full-link carbon footprint platform for the PV industry - The company has established **16 GW** of high-efficiency TOPCon cell capacity at its Wuhu base, compatible with 182/210R sizes, with yield, in-warehouse efficiency, and non-silicon costs reaching industry-leading levels[50](index=50&type=chunk) - The company owns 4 high-tech enterprises, 1 national postdoctoral workstation, and as of June 2025, has accumulated **759** authorized patents, including over **100** invention patents[52](index=52&type=chunk) - The company launched its new generation GPC PV modules, with cell efficiency reaching **28.1%**, and established a four-in-one product management system encompassing 'market management + demand management + product development + platform technology'[53](index=53&type=chunk)[54](index=54&type=chunk) - In the first half of 2025, the company's module shipments consistently ranked among the industry's **TOP8**, and it has received PVEL's 'Top Performer' award for product reliability for **6** consecutive years[56](index=56&type=chunk) - The company completed the establishment and application of the world's first blockchain-based full-link carbon footprint platform for the PV industry – the 'GCL Carbon Chain Platform'[57](index=57&type=chunk) [1. Crystalline Silicon Product Manufacturing Advantage](index=18&type=section&id=1.%E3%80%81%E6%99%B6%E7%A1%85%E4%BA%A7%E5%93%81%E7%94%9F%E4%BA%A7%E5%88%B6%E9%80%A0%E4%BC%98%E5%8A%BF) The company employs a prudent capacity control strategy, focusing on intelligence and efficiency, having established 16GW of high-efficiency TOPCon cell capacity and over 30GW of high-efficiency module capacity, achieving industry-leading levels in product yield, efficiency, and cost control - As of June 2025, the company has established **16 GW** of high-efficiency TOPCon capacity at its Wuhu base, compatible with 182/210R sizes, with yield, in-warehouse efficiency, and non-silicon costs reaching industry-leading levels[50](index=50&type=chunk) - The company has established over **30 GW** of high-efficiency module capacity across its Hefei and Funing bases, primarily featuring 182/210 TOPCon high-efficiency technology, and has reserved high-efficiency BC module technology[50](index=50&type=chunk) [2. R&D Innovation Advantage](index=19&type=section&id=2.%E3%80%81%E7%A0%94%E5%8F%91%E5%88%9B%E6%96%B0%E4%BC%98%E5%8A%BF) The company has deep roots in the PV industry, possessing strong R&D capabilities and a technical team, with four high-tech enterprises and multiple provincial/municipal R&D platforms, 759 authorized patents, and actively improving testing capabilities and international certification systems - The company owns **4** high-tech enterprises, **1** national postdoctoral workstation, **5** provincial/municipal engineering technology research centers, and **4** provincial/municipal enterprise technology centers[52](index=52&type=chunk) - As of June 2025, the company has accumulated **759** authorized patents, including over **100** invention patents, and has participated in compiling over **30** industry technical standards[52](index=52&type=chunk) - Hefei GCLSI's Smart PV Laboratory has obtained TÜV SÜD TMP witnessed laboratory accreditation and multiple national and regional certifications[52](index=52&type=chunk) [3. High-Efficiency, Multi-Scenario Product Ecosystem Advantage](index=19&type=section&id=3.%E3%80%81%E9%AB%98%E6%95%88%E3%80%81%E5%A4%9A%E5%9C%BA%E6%99%AF%E4%BA%A7%E5%93%81%E7%94%9F%E6%80%81%E4%BC%98%E5%8A%BF) The company adheres to technology leadership and innovation, launching the new generation GPC PV modules with 28.1% cell efficiency, and building a user-demand-oriented differentiated product system, including N-type TOPCon cell upgrades, 210R 48-cell/54-cell modules, Carbon Chain modules, and Lotus modules Pro, to meet diverse application scenarios - The company's new generation GPC PV modules utilize self-developed FBR granular silicon, achieving a cell efficiency of **28.1%**, excellent shading resistance, and a low temperature coefficient of **-0.25%/℃**[53](index=53&type=chunk) - The company's new high-efficiency GTC cell technology has reached industry-leading levels, compatible with existing cell and module processes, achieving low investment and high gains[53](index=53&type=chunk) - The company has established a four-in-one product management system encompassing 'market management + demand management + product development + platform technology,' launching new generation standard size 210R and 210N modules, with power entering the **600W+** era[54](index=54&type=chunk) - Innovative products include Carbon Chain modules (achieving full-link carbon footprint traceability based on blockchain technology) and Lotus modules Pro (featuring a raised frame design for full-screen self-cleaning, with power generation gains up to **12%**)[54](index=54&type=chunk)[55](index=55&type=chunk) [4. Brand and Global Channel Advantage, Shipments Rank Among Top Eight in the Industry](index=20&type=section&id=4.%E3%80%81%E5%93%81%E7%89%8C%E5%8F%8A%E5%85%A8%E7%90%83%E6%B8%A0%E9%81%93%E4%BC%98%E5%8A%BF%EF%BC%8C%E5%87%BA%E8%B4%A7%E9%87%8F%E4%BD%8D%E5%B1%85%E8%A1%8C%E4%B8%9A%E5%89%8D%E5%85%AB) The 'GCL' brand has entered the world's top 500 brands, and as a GCL A-share listed company, it has received PVEL's 'Top Performer' award for six consecutive years, enjoying widespread global recognition. In H1 2025, the company's module shipments consistently ranked among the industry's TOP8 - 'GCL' officially entered the ranks of world-class brands, joining the World's Top **500** Brands, and has been ranked among the Global New Energy Top **500** for many consecutive years[56](index=56&type=chunk) - The company has received PVEL's 'Top Performer' award for product reliability for **6** consecutive years and has obtained multiple national and regional certifications[56](index=56&type=chunk) - In the first half of 2025, the company's module shipments consistently ranked among the industry's **TOP8**[56](index=56&type=chunk) [5. Low-Carbon Advantage](index=20&type=section&id=5.%E3%80%81%E4%BD%8E%E7%A2%B3%E4%BC%98%E5%8A%BF) The company has established and implemented the world's first blockchain-based full-link carbon footprint platform for the PV industry, the 'GCL Carbon Chain Platform,' achieving deep carbon footprint traceability from raw materials to products, enhancing the competitiveness of its low-carbon products - The company completed the establishment and application of the world's first blockchain-based full-link carbon footprint platform for the PV industry – the 'GCL Carbon Chain Platform'[57](index=57&type=chunk) - This platform covers product supply chain traceability, product carbon footprint management, and organizational carbon management, providing customers with a carbon value trading model[57](index=57&type=chunk) [III. Analysis of Principal Business](index=20&type=section&id=III.%20Analysis%20of%20Principal%20Business) Facing industry challenges, GCLSI optimized capacity, refined operations, and implemented global marketing strategies, securing its position among the top eight in module shipments and third in winning large-scale state-owned enterprise tenders. The company continuously improves efficiency and reduces costs in cell and module manufacturing, steadily develops its system integration business, and drives differentiation through technological and product innovation, while achieving significant progress in ESG - In the first half of 2025, the company secured the **third** largest share in large-scale state-owned enterprise tenders and achieved significant year-on-year growth in module shipments, maintaining its position among the industry's **TOP8**[58](index=58&type=chunk) - The company's non-silicon costs decreased by over **20%** year-on-year, per capita output efficiency increased by over **25%**, and inventory turnover efficiency and cash turnover efficiency are industry-leading[60](index=60&type=chunk) - The company has established over **30 GW** of high-efficiency large-size module capacity and **16 GW** of high-efficiency TOPCon cell capacity[60](index=60&type=chunk) - The company achieved a comprehensive upgrade in its ESG ratings both domestically and internationally, receiving a 'Five-Star Outstanding' rating and a Wind AA rating domestically, and in its first international assessment, it entered the top **15%** globally with an EcoVadis Silver Medal and a CDP Climate Change B rating[74](index=74&type=chunk) [Overview](index=20&type=section&id=%E6%A6%82%E8%BF%B0) GCLSI demonstrated operational resilience amidst PV industry fluctuations, achieving top eight module shipments and third in state-owned enterprise project tenders through refined management and cost reduction, narrowing its loss. H1 operating revenue was RMB 7.694 billion, with net profit attributable to parent company of RMB -327 million - In the first half of 2025, the company secured the **third** largest share in large-scale state-owned enterprise tenders and maintained its position among the industry's **TOP8** in module shipments[58](index=58&type=chunk) - The company's self-produced cell and module non-silicon costs, capacity utilization rate, inventory turnover days, and cash turnover efficiency are industry-leading, improving operational efficiency and narrowing the loss margin[58](index=58&type=chunk) Key Financial Data for H1 2025 | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Operating Revenue | 769,420.21 | | Net Profit Attributable to Shareholders of Listed Company | -32,686.72 | [I. Forging a New Core of Resilience Amidst PV Industry Fluctuations](index=20&type=section&id=%E4%B8%80%E3%80%81%E9%9D%A2%E5%AF%B9%E5%85%89%E4%BC%8F%E8%A1%8C%E4%B8%9A%E6%B3%A2%E5%8A%A8%EF%BC%8C%E9%80%86%E5%A2%83%E7%AA%81%E5%9B%B4%E9%94%BB%E9%80%A0%E9%9F%A7%E6%80%A7%E6%96%B0%E5%86%85%E6%A0%B8) The company achieved over 20% year-on-year reduction in non-silicon costs and over 25% increase in per capita output efficiency through capacity optimization, smart manufacturing upgrades, and supply chain efficiency improvements. It now boasts over 30GW module capacity and 16GW cell capacity, actively expanding domestic and international markets, ranking third in state-owned enterprise project tenders, and extending its overseas channel network to over 20 countries - The company's non-silicon costs decreased by over **20%** year-on-year, per capita output efficiency increased by over **25%**, and inventory turnover efficiency and cash turnover efficiency are industry-leading[60](index=60&type=chunk) - The company has established over **30 GW** of high-efficiency large-size module capacity and **16 GW** of high-efficiency TOPCon cell capacity[60](index=60&type=chunk) - In the first half of 2025, the company successively won large module procurement orders, including **1.5 GW** from CGN and **1.81 GW** from China Resources Power, with the中标规模 for large state-owned enterprise projects ranking **third** in the industry[60](index=60&type=chunk) - The overseas channel network newly covers over **20** countries, including Dubai, Pakistan, and Colombia, with products and solutions promoted to nearly a hundred countries and regions worldwide[60](index=60&type=chunk) [II. Module Business Unit Continuously Improves Operational Efficiency and Builds Operational Resilience](index=21&type=section&id=II.%20Module%20Business%20Unit%20Continuously%20Improves%20Operational%20Efficiency%20and%20Builds%20Operational%20Resilience) The Module Business Unit continuously upgrades its capacity structure, achieving over 30GW of high-efficiency module capacity and a comprehensive capacity utilization rate exceeding 80%. Through the IPD R&D model, it creates a differentiated product matrix, strengthens supply chain and process cost management, resulting in an inventory turnover of 25 days and a single-digit cash conversion cycle - As of the end of June 2025, high-efficiency module capacity exceeded **30 GW**, with a comprehensive capacity utilization rate of over **80%**[61](index=61&type=chunk) - The Module Business Unit successfully achieved breakthroughs from 0 to 1 in scenario-based products such as multi-form floating modules, lightweight foldable modules, and desert container modules[61](index=61&type=chunk) - In the first half, inventory turnover days were only **25** days, and the cash conversion cycle was in single digits, demonstrating significant industry comparative advantages[61](index=61&type=chunk) - By strengthening supply chain and process cost management, core indicators such as processing costs and yield are ensured to be industry-leading[62](index=62&type=chunk) [III. Focusing on Cost Control and Capacity Enhancement, Cell Business Unit's Core Competitiveness Significantly Strengthened](index=21&type=section&id=III.%20Focusing%20on%20Cost%20Control%20and%20Capacity%20Enhancement%2C%20Cell%20Business%20Unit%27s%20Core%20Competitiveness%20Significantly%20Strengthened) The Cell Business Unit's output reached 7.63GW in H1 2025, a year-on-year increase of over 40%, significantly expanding its capacity. Through technological innovation and management efficiency, cell in-warehouse efficiency improved by over 0.1%, paste consumption decreased by over 8%, non-silicon costs significantly reduced by over 10%, and the unit accelerated its layout in GPC technology and stacked cell industrialization - In the first half of 2025, the Cell Business Unit achieved an output of **7.63 GW**, a year-on-year increase of over **40%**, with full-year mass production expected to exceed **16 GW**[63](index=63&type=chunk) - Through screen optimization, process improvement, and the introduction of high-efficiency materials, cell in-warehouse efficiency increased by over **0.1%**, paste consumption decreased by over **8%** compared to the beginning of the year, and cell non-silicon costs significantly decreased by over **10%**[63](index=63&type=chunk)[64](index=64&type=chunk) - Successfully completed the technical upgrade of TOPCon 182N to 210R/210N products, and accelerated the layout of high-end products based on GPC technology and the industrialization of stacked cells[64](index=64&type=chunk) [IV. Focusing on Strategic Transformation and

[Item 1. Important Notice, Table of Contents and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides important notices, the report's table of contents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=Important%20Notice) The company's board and senior management guarantee the report's accuracy, though Director Wen Yuefang disputes certain financial items, and no cash dividends or bonus shares are planned for the half-year - Director Wen Yuefang questions the authenticity, accuracy, and completeness of items such as **raised capital investment**, **prepaid engineering equipment costs**, **R&D investment**, and **construction in progress**, stating an inability to guarantee them, thus alerting investors to potential risks[4](index=4&type=chunk) - The company plans not to distribute **cash dividends**, issue **bonus shares**, or convert **capital reserves into share capital** for this half-year period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This 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 [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include financial statements signed and sealed by the legal representative, CFO, and accounting manager, along with relevant announcements disclosed on Juchao website during the reporting period [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, such as company name, currency units, reporting period, prior year period, Board of Directors, Supervisory Board, Shareholders' Meeting, IPO projects, acrylonitrile, carbon fiber, graphite fiber, tensile modulus, Zhongjian Technology carbon fiber product grades, Phase III project, Phase IV project, Zhongjian New Materials, Zhongjian Research Institute, and Changhong Functional Materials [Item 2. Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company and its key financial performance metrics for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Zhongjian Technology Co., Ltd., stock code 300777, is listed on the Shenzhen Stock Exchange, with Yang Yonggang as its legal representative [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details including addresses, phone numbers, faxes, and email addresses for the company's Board Secretary Li Jianfeng and Securities Affairs Representative Leng Huan [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and placement locations, or registration status; detailed information can be found in the 2024 annual report [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved significant growth in operating revenue and net profit for the first half of 2025, with a substantial increase in net cash flow from operating activities, and improvements in basic earnings per share and weighted average return on net assets, alongside steady growth in total assets and net assets attributable to shareholders Main Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 463,969,960.29 | 290,971,246.98 | 59.46% | | Net Profit Attributable to Shareholders of Listed Company | 208,466,471.89 | 104,676,840.64 | 99.15% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 197,672,263.67 | 93,057,849.90 | 112.42% | | Net Cash Flow from Operating Activities | 458,886,600.83 | 139,805,671.82 | 228.23% | | Basic Earnings Per Share (CNY/share) | 0.47 | 0.24 | 95.83% | | Diluted Earnings Per Share (CNY/share) | 0.47 | 0.24 | 95.83% | | Weighted Average Return on Net Assets | 4.67% | 2.53% | 2.14% | Comparison of Period-End Indicators with Prior Year-End | Indicator | End of Current Reporting Period (CNY) | End of Prior Year (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 4,819,142,131.62 | 4,642,538,849.26 | 3.80% | | Net Assets Attributable to Shareholders of Listed Company | 4,389,976,584.16 | 4,355,406,404.65 | 0.79% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International or overseas accounting standards and those under Chinese accounting standards [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 primarily stemmed from cash management income and fixed asset disposal gains, totaling **CNY 10,794,208.22** after deducting income tax effects Non-Recurring Gains and Losses | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 840.92 | Gains from Disposal of Fixed Assets | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains/Losses from Disposal of Financial Assets and Liabilities | 12,698,227.58 | Cash Management Income | | Less: Income Tax Impact | 1,904,860.28 | | | Total | 10,794,208.22 | | [Item 3. Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, financial performance, and future outlook [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) As a core supplier of high-end carbon fiber for aerospace applications in China, the company primarily engages in R&D, production, and sales of high-performance carbon fiber and fabrics, actively expanding into new application scenarios, deepening industry-academia-research cooperation, achieving significant sales growth, and steadily extending its industrial chain during the reporting period - The carbon fiber industry exhibits structural differentiation, with **demand for high-performance carbon fiber in aerospace applications continuously rising**, while the **mid-to-low-end market faces overcapacity and price wars**[25](index=25&type=chunk) - The company is a core supplier of **high-end carbon fiber for aerospace applications** in China, with products characterized by **high added value, high technical barriers, and long-cycle investment**[25](index=25&type=chunk)[26](index=26&type=chunk) - During the reporting period, the company's **carbon fiber and fabric product sales significantly increased** year-on-year, with improved technical team efficiency and efforts to revitalize existing resources and optimize resource allocation[27](index=27&type=chunk) [1. Industry Development](index=9&type=section&id=1.%20Industry%20Development) The carbon fiber industry shows clear structural differentiation, with strong demand for high-performance carbon fiber in aerospace but insufficient domestic supply of high-end products, while the mid-to-low-end market faces overcapacity and intense price competition, driving the industry towards differentiation, high-end transformation, and expansion into emerging applications like energy, low-altitude economy, and hydrogen storage - Demand for high-performance carbon fiber in the aerospace sector continues to rise, particularly for **high-strength, high-modulus products**, where domestic enterprises still show insufficient independent supply capabilities for high-end products[25](index=25&type=chunk) - The **mid-to-low-end market suffers from overcapacity**, leading enterprises into price wars and significantly compressing profit margins[25](index=25&type=chunk) - The industry is accelerating its transformation towards **differentiation and high-end products**, actively exploring new application scenarios such as **energy, low-altitude economy, and hydrogen energy storage and transportation**[25](index=25&type=chunk) [2. Principal Business and Market Position](index=9&type=section&id=2.%20Principal%20Business%20and%20Market%20Position) The company is a core supplier of high-end carbon fiber for aerospace applications in China, offering products with high technical barriers and added value, and is actively expanding into mid-to-high-end application fields through technological innovation and capacity expansion, while deepening industry-academia-research cooperation to enhance supply chain resilience - The company is a core supplier of **high-end carbon fiber for aerospace applications** in China, with products demonstrating **high technical barriers and a high-starting-point competitive landscape**[25](index=25&type=chunk)[26](index=26&type=chunk) - The company adheres to a strategy of "**deepening technology and expanding applications**," actively developing integrated structural-functional materials, driven by demonstration applications in the aerospace sector[26](index=26&type=chunk) - During the reporting period, the company's **carbon fiber and fabric product sales significantly increased**, and it steadily advanced **supply chain extension**, strengthening supply chain resilience[27](index=27&type=chunk) [3. Main Products and Their Uses](index=9&type=section&id=3.%20Main%20Products%20and%20Their%20Uses) The company primarily engages in the R&D, production, and sales of high-performance carbon fiber and fabrics, mainly for aerospace applications, where carbon fiber's lightweight, high-strength, and high-elastic modulus properties make it an ideal material for advanced equipment requiring high performance and lightweight structures - The company's main business is the R&D, production, and sales of **high-performance carbon fiber and fabrics**, primarily used in **aviation and aerospace fields**[28](index=28&type=chunk) - Carbon fiber possesses characteristics such as **lightweight, high strength, high elastic modulus, electrical conductivity, thermal conductivity, high temperature resistance, and corrosion resistance**, making it an ideal material for advanced equipment requiring high performance and lightweight structures[28](index=28&type=chunk) [4. Main Business Model](index=9&type=section&id=4.%20Main%20Business%20Model) The company operates on an order-driven production model, customizing high-performance carbon fiber products based on customer orders, with a procurement model involving qualified supplier evaluation and dynamic management, and a direct sales model to major domestic aerospace enterprise groups, supported by comprehensive quality monitoring through quality management systems like GJB9001C-2017 - Procurement Model: Established a **qualified supplier evaluation and re-evaluation management system**, selecting acrylonitrile and long-term raw and auxiliary materials from the "List of Qualified Suppliers"[28](index=28&type=chunk)[29](index=29&type=chunk) - Production Model: Adopts an **order-driven production approach**, designing and manufacturing according to customer orders, with intelligent flexible production lines providing customized products[29](index=29&type=chunk) - Sales Model: **Direct sales to major domestic aerospace enterprise groups**, with clear and highly concentrated customers; sales revenue is recognized upon product delivery and customer acceptance after inspection[29](index=29&type=chunk) - Quality Monitoring Model: Implements **full-process quality monitoring** for high-performance carbon fiber preparation, relying on GJB9001C-2017 and GB/T19001-2016 quality management systems[30](index=30&type=chunk) [5. Key Performance Drivers](index=10&type=section&id=5.%20Key%20Performance%20Drivers) The company's performance growth is primarily driven by rapidly increasing demand for high-performance carbon fiber in aerospace and high-end equipment sectors, coupled with national policy support, leading to increased application of core products in key models, accelerated order delivery, significant advantages from flexible production lines, and successful ramp-up of the Phase III project, with rising revenue from ZT9H products expected to optimize the profit structure - **Rapid growth in demand for high-performance carbon fiber** in aerospace, high-end equipment, and other sectors, with **continuous national policy support**[30](index=30&type=chunk) - The company's **core products are increasingly applied in key models**, with accelerated order delivery and the advantage of **flexible production lines**[30](index=30&type=chunk) - The **Phase III project's capacity ramp-up is progressing smoothly**, with an increasing revenue share from **high-performance product ZT9H**, expected to steadily boost net profit and optimize the profit structure[31](index=31&type=chunk) [II. Core Competitiveness Analysis](index=10&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company possesses a domestically cultivated R&D and industrialization team in carbon fiber development, mastering full-process localization technology from precursor fiber preparation to fabric weaving, thereby establishing significant competitiveness and sustainable development capabilities through continuous R&D innovation, systematic talent advantages, an independent and controllable industry-academia-research integration system, and long-term accumulated market advantages - The company possesses a domestically cultivated **carbon fiber R&D and industrialization team**, mastering complete carbon fiber R&D and industrialization technology, achieving **full-process localization**[32](index=32&type=chunk) - The company has formed significant advantages in **innovation capability and system, and talent pool**, with its core team comprising industry leaders in the domestic carbon fiber sector[32](index=32&type=chunk) - The company has built an **independent and controllable, distinctive system for deep integration of scientific and industrial innovation**, focusing on mid-to-high-end products, combining flexible and dedicated production lines to meet diverse customer needs[33](index=33&type=chunk) - **ZT7 series products** have achieved stable batch applications in aerospace for many years, **ZT8 continues to expand as a backbone material**, and the **new generation ZT9H product** has exceeded market expectations, establishing a reputation for first-class quality in the high-end market[35](index=35&type=chunk) [III. Analysis of Principal Business](index=11&type=section&id=III.%20Analysis%20of%20Principal%20Business) The company's principal business revenue grew by **59.46%** year-on-year, primarily due to increased product sales, while operating costs rose by **46.40%**, lower than revenue growth, reflecting economies of scale. Sales expenses increased by **155.27%** due to strengthened marketing teams, and R&D investment decreased by **31.72%** as production lines prioritized supply tasks, slowing R&D. Net cash flow from operating activities surged by **228.23%** due to intensified accounts receivable collection, with carbon fiber and carbon fiber fabrics being the main revenue sources, both exceeding **60% gross margin** and showing improvement Key Financial Indicators and Their Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 463,969,960.29 | 290,971,246.98 | 59.46% | Increased customer demand, increased product sales volume | | Operating Cost | 167,687,087.35 | 114,543,224.44 | 46.40% | Increased sales volume, economies of scale led to growth rate lower than revenue | | Selling Expenses | 2,375,079.36 | 930,424.72 | 155.27% | Strengthening of marketing team | | Financial Expenses | -2,985,071.13 | -6,173,723.00 | -51.65% | Decreased interest income | | Income Tax Expense | 49,759,380.56 | 16,186,982.37 | 207.40% | Prior tax incentives ended | | R&D Investment | 38,956,260.75 | 57,052,181.16 | -31.72% | Production lines prioritized for supply tasks, R&D pace slowed | | Net Cash Flow from Operating Activities | 458,886,600.83 | 139,805,671.82 | 228.23% | Increased efforts in accounts receivable collection | | Net Cash Flow from Investing Activities | -216,554,604.49 | 61,410,200.79 | -452.64% | Increased cash management and project expenditures | | Net Cash Flow from Financing Activities | -168,795,486.85 | -52,289,538.14 | 222.81% | Increased cash dividends, share repurchases | | Net Increase in Cash and Cash Equivalents | 73,536,509.49 | 148,926,334.47 | -50.62% | Increased investing and financing expenditures | Revenue and Cost by Product/Service | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Carbon Fiber | 345,813,547.73 | 122,234,611.14 | 64.65% | 76.54% | 63.92% | 2.72% | | Carbon Fiber Fabric | 118,156,412.56 | 45,452,476.21 | 61.53% | 24.78% | 13.71% | 3.75% | [IV. Analysis of Non-Principal Business](index=12&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) The company's non-principal business income primarily consists of investment income from idle fund cash management and fair value changes from trading financial assets, neither of which is sustainable, while asset impairment (provision for bad debts on receivables) is a sustainable item Non-Principal Business Items | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,479,567.33 | 1.35% | Income from idle funds participating in cash management | No | | Gains/Losses from Fair Value Changes | 9,218,660.25 | 3.57% | Fair value changes of trading financial assets | No | | Asset Impairment | 6,041,361.35 | 2.34% | Provision for bad debts on receivables | Yes | [V. Analysis of Assets and Liabilities](index=12&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **3.80%** from the prior year-end, with a higher proportion of monetary funds and fixed assets, a slight decrease in accounts receivable, and a reduction in the fair value of trading financial assets; new long-term borrowings were added, deferred income tax assets decreased, and deferred income tax liabilities increased Asset and Liability Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at Prior Year-End (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 716,739,417.24 | 14.87% | 643,060,831.08 | 13.85% | 1.02% | | Accounts Receivable | 776,435,519.98 | 16.11% | 835,058,483.10 | 17.99% | -1.88% | | Inventories | 85,737,574.00 | 1.78% | 82,004,727.46 | 1.77% | 0.01% | | Fixed Assets | 1,457,116,497.07 | 30.24% | 1,357,248,462.15 | 29.24% | 1.00% | | Construction in Progress | 328,691,657.00 | 6.82% | 310,585,362.01 | 6.69% | 0.13% | | Long-Term Borrowings | 4,480,897.94 | 0.09% | 0 | 0.00% | 0.09% | - The fair value of **trading financial assets** at the end of the period was **CNY 1,083,645,083.56**, a decrease from **CNY 1,153,691,376.72** at the beginning of the period[45](index=45&type=chunk) - The balance of **deferred income tax assets** at the end of the period was **CNY 6,264,434.32**, a significant decrease from **CNY 17,223,130.19** at the beginning of the period[45](index=45&type=chunk) - The balance of **deferred income tax liabilities** at the end of the period was **CNY 118,511,705.73**, an increase from **CNY 107,920,895.02** at the beginning of the period[45](index=45&type=chunk) [VI. Investment Analysis](index=13&type=section&id=VI.%20Investment%20Analysis) During the reporting period, the company's total investment increased by **29.58%** year-on-year. Financial assets measured at fair value totaled **CNY 1,083,645,083.56** at period-end, primarily from cash management of self-owned and raised funds. Accumulated raised funds utilized reached **CNY 1.948 billion**, mainly invested in the Phase III project and working capital. The company also engaged in entrusted wealth management, with an outstanding balance of **CNY 1.08 billion** at period-end Total Investment | Indicator | Investment Amount in Reporting Period (CNY) | Investment Amount in Prior Year Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 3,343,003,087.73 | 2,579,920,669.07 | 29.58% | Financial Assets Measured at Fair Value | Asset Category | Amount at Period-End (CNY) | Source of Funds | | :--- | :--- | :--- | | Other (Self-owned funds) | 1,083,645,083.56 | Self-owned funds | | Other (Raised funds) | 0.00 | Raised funds | | Total | 1,083,645,083.56 | -- | - The net amount of **raised funds was CNY 1.985 billion**, with **CNY 1.948 billion cumulatively utilized** as of June 30, 2025, including **CNY 1.598 billion directly invested in the Phase III project** and **CNY 350 million for working capital**[52](index=52&type=chunk) Entrusted Wealth Management | Specific Type | Amount of Entrusted Wealth Management (CNY ten thousands) | Outstanding Balance (CNY ten thousands) | | :--- | :--- | :--- | | Other (Self-owned funds) | 213,250 | 108,000 | | Other (Raised funds) | 98,000 | 0 | | Total | 311,250 | 108,000 | [VII. Significant Asset and Equity Sales](index=17&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period [VIII. Analysis of Major Holding and Participating Companies](index=17&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company had no material information regarding major holding or participating companies that required disclosure during the reporting period [IX. Structured Entities Controlled by the Company](index=17&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period [X. Risks Faced by the Company and Countermeasures](index=18&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks of product price decline and capacity digestion, customer concentration, and dispersed equity, which it plans to address by continuously cultivating high-tech barrier application areas, developing high-value-added products, strengthening internal management, optimizing customer structure, and introducing strategic investors - Risk: **Product price decline and capacity digestion risk**, where some product prices may decrease due to end-user cost reduction demands and changes in the competitive environment, potentially leading to idle capacity if customer demand falls short of expectations[63](index=63&type=chunk) - Countermeasure: Continuously cultivate **high-tech barrier application areas**, develop **high-value-added products**, and enhance bargaining power; strengthen internal management, control production costs, and optimize management processes[64](index=64&type=chunk) - Risk: **Customer concentration risk**, as the company's main customers are large domestic aerospace enterprise groups with high dependence on the company's products, a significant drop in their demand could adversely affect performance[64](index=64&type=chunk) - Countermeasure: Strengthen **customized product R&D and technical services** to consolidate existing customer loyalty; improve the **high-value-added product portfolio**, expand application scope, and optimize customer structure[64](index=64&type=chunk) - Risk: **Equity dispersion risk**, as the company has no actual controlling shareholder, and the largest shareholder holds **13.80%** of the shares[65](index=65&type=chunk) - Countermeasure: Focus on introducing **strategic investors with industrial synergy**, optimize the shareholder structure, and build a diversified, stable equity structure[65](index=65&type=chunk) [XI. Registration Form for Investor Relations Activities During the Reporting Period](index=18&type=section&id=XI.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted multiple on-site and online interactions with institutional and individual investors, discussing topics such as new subsidiary business layouts, product R&D and market coverage, project construction and market orders, operational management and financial status, carbon fiber industry trends, financing progress, and equity incentive mechanisms - On **January 3, 2025**, the company hosted institutions and individuals including Guosheng Securities and Fidelity Funds, discussing topics such as **new subsidiary business layout, product R&D, and market coverage**[66](index=66&type=chunk) - On **April 15, 2025**, the company hosted institutions and individuals including Industrial Securities and Zheshang Asset Management, discussing the **2024 Annual Report**[66](index=66&type=chunk)[67](index=67&type=chunk) - On **June 10, 2025**, the company hosted institutions and individuals including China Post Securities and Qixia Capital, discussing **carbon fiber industry trends, customer structure and order scale, and financing progress**[67](index=67&type=chunk) [XII. Implementation of Market Value Management System and Valuation Enhancement Plan](index=20&type=section&id=XII.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company approved its "Market Value Management System" on **April 23, 2025**, aiming to standardize market value management, enhance operational compliance, and protect investors' legitimate rights, but has not disclosed a valuation enhancement plan - The company's Board of Directors approved the "**Company Market Value Management System**" on **April 23, 2025**, to strengthen market value management efforts[68](index=68&type=chunk) - The company has **not disclosed a valuation enhancement plan**[68](index=68&type=chunk) [XIII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=20&type=section&id=XIII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose any announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period [Item 4. Corporate Governance, Environment, and Society](index=20&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's corporate governance structure, environmental protection efforts, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, changes occurred in the company's senior management, with Hu Peixian and Li Jianfeng appointed as Deputy General Managers, Gu Nianhua's removal and appointment as Deputy General Manager and CFO, and Tian Yongmei's appointment as CFO, all due to work transfers Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Hu Peixian | Deputy General Manager | Appointment | January 15, 2025 | Work transfer | | Li Jianfeng | Deputy General Manager | Appointment | January 15, 2025 | Work transfer | | Gu Nianhua | Deputy General Manager, CFO | Removal and Appointment | May 12, 2025 | Work transfer | | Tian Yongmei | CFO | Appointment | May 30, 2025 | Work transfer | [II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=20&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this half-year period - The company plans not to distribute **cash dividends**, issue **bonus shares**, or convert **capital reserves into share capital** for the half-year period[71](index=71&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, or their implementation, during the reporting period [IV. Environmental Information Disclosure](index=21&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiary, Zhongjian Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law and have published their 2024 annual disclosure report on the Enterprise Environmental Information Disclosure System (Jiangsu) - Zhongjian Technology Co., Ltd. has been included in the list of enterprises required to disclose environmental information by law and has already disclosed its **2024 annual legal disclosure report**[73](index=73&type=chunk) [V. Social Responsibility](index=21&type=section&id=V.%20Social%20Responsibility) Adhering to sustainable development principles, the company continuously improves its responsibility management system, implementing specific measures in shareholder rights protection, employee growth and care, partner collaboration, environmental protection and safety production, and social responsibility fulfillment, aiming for the joint enhancement of corporate and social value - The company continuously improves its governance system, safeguards **shareholders' legitimate rights and interests**, and emphasizes **market value management and investor relations management**[74](index=74&type=chunk) - The company legally enforces labor laws, establishes **training, performance, and compensation systems**, provides career development paths, and regularly organizes **occupational health examinations**[74](index=74&type=chunk) - The company establishes a standardized **supplier management system**, complies with anti-commercial bribery and anti-unfair competition laws and regulations, and maintains fair and transparent business cooperation relationships[75](index=75&type=chunk) - The company has established a dedicated **safety and environmental protection management department**, implemented an environmental management system and safety production management regulations, fulfilled clean production requirements, and ensured **pollutant discharge meets standards**[75](index=75&type=chunk) - The company actively participates in regional economic development and community building, fulfilling social responsibilities through **compliant taxation, employment promotion**, and other means, while also promoting industrial technological progress[75](index=75&type=chunk) [Item 5. Significant Matters](index=22&type=section&id=Item%205.%20Significant%20Matters) This section covers various significant events and commitments related to the company, its shareholders, and operations [I. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=22&type=section&id=I.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's actual controllers, shareholders, and related parties all duly fulfilled their commitments regarding share reductions, avoidance of horizontal competition, standardization of related-party transactions, fund occupation, and dividend distribution during the reporting period, with no overdue unfulfilled commitments - The company's actual controllers, **Yang Yonggang and Wen Yuefang**, and other shareholders holding **over 5%** of shares, all duly fulfilled their **share reduction commitments**, including lock-up periods, reduction prices, and information disclosure requirements[77](index=77&type=chunk)[78](index=78&type=chunk) - The company's shareholders and actual controllers all duly fulfilled their commitments regarding **avoidance of horizontal competition, standardization of related-party transactions, and fund occupation**[78](index=78&type=chunk)[79](index=79&type=chunk) - The company duly fulfilled its **dividend commitments** within the shareholder return plan for the next three years (**2024-2026**), clarifying the forms of profit distribution, conditions for cash dividends, and relevant policies[77](index=77&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=25&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period [III. Irregular External Guarantees](index=25&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period [IV. Appointment and Dismissal of Accounting Firms](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's half-year report was unaudited - The company's **half-year report was unaudited**[83](index=83&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=25&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no non-standard audit report during the reporting period [VI. Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=25&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The company had no explanations regarding the prior year's non-standard audit report during the reporting period [VII. Bankruptcy and Reorganization Matters](index=26&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period [VIII. Litigation Matters](index=26&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period, but there is one other lawsuit where plaintiff Wen Yuefang seeks to revoke the company's Board of Directors' resolution of November 29, 2024, and the Fourth Interim Shareholders' Meeting resolution of December 16, 2024; this case is in its first-instance trial phase, with no effective judgment yet, and does not affect the company's daily operations or current period profit - The company has **no significant litigation or arbitration matters**[86](index=86&type=chunk) - There is another litigation matter: plaintiff Wen Yuefang requests the revocation of the company's **Board of Directors' resolution of November 29, 2024**, and the **Shareholders' Meeting resolution of December 16, 2024**, with the amount involved being **CNY 0**[86](index=86&type=chunk) - This lawsuit is currently in the **first-instance trial phase**, with no effective judgment rendered as of the end of the reporting period, and it **does not affect the company's daily operations or current period profit**[86](index=86&type=chunk) [IX. Penalties and Rectification](index=27&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period [XI. Significant Related-Party Transactions](index=27&type=section&id=XI.%20Significant%20Related-Party%20Transactions) During the reporting period, the company had no related-party transactions concerning daily operations, asset or equity acquisitions/disposals, joint external investments, related-party creditor-debtor relationships, nor any dealings with affiliated finance companies. The company identified Jiangsu Sanqiang Composite Materials Co., Ltd. as a related party and engaged in sales transactions with it - The company had **no related-party transactions related to daily operations, asset or equity acquisition/disposal, joint external investments, or related-party creditor-debtor relationships** during the reporting period[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk) - There were **no deposits, loans, credit lines, or other financial transactions** between the company and affiliated finance companies, or between the company's controlled finance companies and related parties[92](index=92&type=chunk)[93](index=93&type=chunk) - The company identified **Jiangsu Sanqiang Composite Materials Co., Ltd. as a related party** and engaged in **sales transactions** with it, with the current period's amount being **CNY 11,187,796.00**[102](index=102&type=chunk)[103](index=103&type=chunk)[384](index=384&type=chunk) [XII. Significant Contracts and Their Performance](index=28&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, leasing matters, or significant guarantees during the reporting period. In its daily operations, the company signed product order contracts totaling **CNY 2.169 billion** and material procurement contracts totaling **CNY 423.648 million** with Customer A, recognizing sales revenue of **CNY 208.57 million** and **CNY 17.758 million** respectively for the current period, with good collection status and no significant changes in contract performance conditions - The company had **no entrustment, contracting, leasing matters, or significant guarantees** during the reporting period[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) Significant Contracts | Contract Name | Customer Name | Total Contract Amount (CNY ten thousands) | Sales Revenue Recognized in Current Period (CNY ten thousands) | Cumulative Sales Revenue Recognized (CNY ten thousands) | Collection Status | Significant Change in Contract Performance Conditions | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Product Order Contract | Customer A | 216,936.65 | 20,857.00 | 133,642.50 | Good | No | | Material Procurement Contract | Customer A | 42,364.80 | 1,775.80 | 33,471.50 | Good | No | [XIII. Explanation of Other Significant Matters](index=29&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period [XIV. Significant Matters of Company Subsidiaries](index=30&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) On **January 8, 2025**, the company established Jiangsu Changhong Functional Materials Co., Ltd. as a controlling subsidiary with a registered capital of **CNY 100 million**, holding a **90%** stake, aiming to cultivate new business growth points, create synergy with the company, and optimize industrial layout in key areas - On **January 8, 2025**, the company established **Jiangsu Changhong Functional Materials Co., Ltd.** as a controlling subsidiary with a registered capital of **CNY 100 million**, contributing **CNY 90 million** in cash for a **90%** equity stake[103](index=103&type=chunk)[369](index=369&type=chunk)[370](index=370&type=chunk) - Changhong Functional Materials aims to cultivate **new business growth points**, generate **synergistic effects** with the company, and enhance the company's **industrial layout in key areas**[103](index=103&type=chunk)[370](index=370&type=chunk) [Item 6. Share Changes and Shareholder Information](index=31&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides information on its shareholders [I. Share Changes](index=31&type=section&id=I.%20Share%20Changes) During the reporting period, restricted shares increased by **127,523 shares**, with a corresponding decrease in unrestricted shares, primarily due to the appointment of Ms. Hu Peixian as Deputy General Manager, leading to a partial lock-up of her shares. The company approved a share repurchase proposal on **April 12, 2025**, completed it by **May 23, 2025**, repurchasing a total of **2,344,400 shares**, representing **0.53%** of the total share capital, for a total of **CNY 79,992,314.00** Share Changes | Share Type | Number Before Change (shares) | Increase/Decrease in Current Change (shares) | Number After Change (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 15,964,753 | 127,523 | 16,092,276 | | Unrestricted Shares | 423,742,784 | -127,523 | 423,615,261 | | Total Shares | 439,707,537 | 0 | 439,707,537 | - **Restricted shares increased by 127,523 shares**, and **unrestricted shares decreased by 127,523 shares**, due to the appointment of Ms. Hu Peixian as Deputy General Manager, resulting in a partial lock-up of her shares[107](index=107&type=chunk) - The company approved a **share repurchase proposal** on **April 12, 2025**, with a repurchase price not exceeding **CNY 52.47/share** and a total repurchase amount of no less than **CNY 70 million** and no more than **CNY 80 million**[108](index=108&type=chunk) - As of **May 23, 2025**, the **share repurchase plan was completed**, with a cumulative repurchase of **2,344,400 shares**, accounting for **0.53% of the total share capital**, and a total transaction amount of **CNY 79,992,314.00**[109](index=109&type=chunk) [II. Securities Issuance and Listing](index=33&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period [III. Shareholder Numbers and Shareholding](index=33&type=section&id=III.%20Shareholder%20Numbers%20and%20Shareholding) At the end of the reporting period, the total number of common shareholders was **36,024**. Among the top ten shareholders, Changzhou Huatai Investment Management Co., Ltd. held the highest stake at **13.80%**, and Mr. Yang Yonggang's total actual voting rights amounted to **5.83%**. The shareholding of the top ten unrestricted shareholders was also disclosed - The total number of **common shareholders** at the end of the reporting period was **36,024**[113](index=113&type=chunk) Top Ten Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou Huatai Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 13.80% | 60,685,622 | 0 | 60,685,622 | | Changzhou Zhongjian Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.36% | 14,782,901 | 0 | 14,782,901 | | Zhao Qinmin | Domestic Natural Person | 2.88% | 12,669,943 | 0 | 12,669,943 | | Yang Yonggang | Domestic Natural Person | 2.47% | 10,861,059 | 8,145,794 | 2,715,265 | | Wen Yuefang | Domestic Natural Person | 2.15% | 9,443,180 | 7,082,385 | 2,360,795 | | Genertec Venture Capital Co., Ltd. - Genertec High-End Equipment Industry Equity Investment (Tongxiang) Partnership (Limited Partnership) | Other | 2.02% | 8,902,077 | 0 | 8,902,077 | | Zhou Jinchi | Overseas Natural Person | 1.81% | 7,950,830 | 0 | 7,950,830 | | Changzhou Sanmao Textile Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.67% | 7,333,700 | 0 | 7,333,700 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.14% | 4,996,854 | 0 | 4,996,854 | | China Construction Bank Corporation - Guotai CSI Military Industry ETF | Other | 0.93% | 4,081,353 | 0 | 4,081,353 | - Mr. Yang Yonggang's **total actual voting rights are 5.83%** (directly holding **2.47%** of shares, indirectly controlling **3.36%** of Zhongjian Partnership shares)[114](index=114&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Deputy General Manager Hu Peixian's shareholding did not change in quantity, but **127,523 shares** she held were locked due to her appointment as a senior management officer Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Number of Shares Held at Beginning of Period (shares) | Number of Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Hu Peixian | Deputy General Manager | Current | 170,031 | 170,031 | - At the beginning of the reporting period, Hu Peixian did not hold a senior management position in the company; during the reporting period, she was appointed as Deputy General Manager, thus her shareholding corresponding to her director, supervisor, and senior management identity changed, but her actual shareholding as a company shareholder remained unchanged throughout the reporting period[117](index=117&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period [VI. Preferred Shares](index=37&type=section&id=VI.%20Preferred%20Shares) The company had no preferred shares during the reporting period [Item 7. Bond-Related Information](index=38&type=section&id=Item%207.%20Bond-Related%20Information) This section provides information regarding the company's bond-related activities [Bond-Related Information](index=38&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period [Item 8. Financial Report](index=39&type=section&id=Item%208.%20Financial%20Report) This section presents the company's comprehensive financial statements and related notes [I. Audit Report](index=39&type=section&id=I.%20Audit%20Report) The company's half-year financial report was unaudited - The company's **half-year financial report was unaudited**[123](index=123&type=chunk) [II. Financial Statements](index=39&type=section&id=II.%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 illustrating the company's financial position, operating results, and cash flow [1. Consolidated Balance Sheet](index=39&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of **June 30, 2025**, the company's consolidated total assets were **CNY 4,819,142,131.62**, with total current assets of **CNY 2,680,525,592.82** and total non-current assets of **CNY 2,138,616,538.80**. Total liabilities amounted to **CNY 418,426,074.15**, and total owners' equity was **CNY 4,400,716,057.47** Consolidated Balance Sheet | Item | Balance at Period-End (CNY) | Balance at Period-Beginning (CNY) | | :--- | :--- | :--- | | Monetary Funds | 716,739,417.24 | 643,060,831.08 | | Trading Financial Assets | 1,083,645,083.56 | 1,153,691,376.72 | | Notes Receivable | 2,825,477.50 | 92,262,585.36 | | Accounts Receivable | 776,435,519.98 | 835,058,483.10 | | Inventories | 85,737,574.00 | 82,004,727.46 | | Fixed Assets | 1,457,116,497.07 | 1,357,248,462.15 | | Construction in Progress | 328,691,657.00 | 310,585,362.01 | | Deferred Income Tax Assets | 6,264,434.32 | 17,223,130.19 | | Notes Payable | 145,822,419.72 | 28,011,846.78 | | Accounts Payable | 72,823,119.76 | 56,536,258.43 | | Long-Term Borrowings | 4,480,897.94 | 0 | | Deferred Income Tax Liabilities | 118,511,705.73 | 107,920,895.02 | | Total Owners' Equity Attributable to Parent Company | 4,389,976,584.16 | 4,355,406,404.65 | | Total Liabilities and Owners' Equity | 4,819,142,131.62 | 4,642,538,849.26 | [3. Consolidated Income Statement](index=44&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, the company achieved total operating revenue of **CNY 463,969,960.29**, a year-on-year increase of **59.46%**. Net profit was **CNY 208,374,181.49**, up **99.07%** year-on-year. Net profit attributable to parent company shareholders was **CNY 208,466,471.89**, with basic earnings per share of **CNY 0.47** Consolidated Income Statement | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 463,969,960.29 | 290,971,246.98 | | Total Operating Costs | 228,231,562.21 | 184,004,718.49 | | Operating Profit | 258,133,562.05 | 121,064,149.59 | | Total Profit | 258,133,562.05 | 120,864,149.59 | | Income Tax Expense | 49,759,380.56 | 16,186,982.37 | | Net Profit | 208,374,181.49 | 104,677,167.22 | | Net Profit Attributable to Parent Company Shareholders | 208,466,471.89 | 104,676,840.64 | | Basic Earnings Per Share | 0.47 | 0.24 | | Diluted Earnings Per Share | 0.47 | 0.24 | [5. Consolidated Cash Flow Statement](index=47&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities was **CNY 458,886,600.83**, a significant year-on-year increase of **228.23%**. Net cash flow from investing activities was **-CNY 216,554,604.49**, primarily due to increased cash management and project expenditures. Net cash flow from financing activities was **-CNY 168,795,486.85**, mainly due to increased cash dividends and share repurchases. The balance of cash and cash equivalents at period-end was **CNY 713,870,813.60** Consolidated Cash Flow Statement | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 458,886,600.83 | 139,805,671.82 | | Net Cash Flow from Investing Activities | -216,554,604.49 | 61,410,200.79 | | Net Cash Flow from Financing Activities | -168,795,486.85 | -52,289,538.14 | | Net Increase in Cash and Cash Equivalents | 73,536,509.49 | 148,926,334.47 | | Balance of Cash and Cash Equivalents at Period-End | 713,870,813.60 | 780,919,974.16 | [III. Company Overview](index=57&type=section&id=III.%20Company%20Overview) Zhongjian Technology Co., Ltd., formerly Zhongjian Technology Development Co., Ltd., was established in **2008**. Through successive capital increases and equity transfers, its registered capital gradually increased, and its share capital reached **CNY 439,707,537.00** through initial public offering and private placement. The company primarily engages in the R&D, production, and sales of high-performance carbon fiber and fabrics, belonging to the chemical fiber manufacturing industry - The company was established on **April 28, 2008**, formerly known as Zhongjian Technology Development Co., Ltd.[154](index=154&type=chunk) - The company's share capital increased to **CNY 439,707,537.00** through an **initial public offering and private placement**[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - The company's main business is the R&D, production, and sales of **high-performance carbon fiber and fabrics**, belonging to the **chemical fiber manufacturing industry**[157](index=157&type=chunk) [IV. Basis of Financial Statement Preparation](index=58&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no events or circumstances that would raise significant doubt about its ability to continue as a going concern for 12 months from the end of the reporting period - The company's financial statements are prepared on a **going concern basis**[158](index=158&type=chunk) - There are **no events or circumstances** that would raise significant doubt about the company's **ability to continue as a going concern for 12 months** from the end of the reporting period[159](index=159&type=chunk) [V. Significant Accounting Policies and Estimates](index=58&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including statements of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, various receivables, inventories, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases, with no significant changes in accounting policies or estimates during the reporting period - The company's financial statements comply with **Enterprise Accounting Standards**, accurately and completely reflecting its **financial position, operating results, and cash flows**[161](index=161&type=chunk) - The company adopts the **expected credit loss model** to accrue loss provisions for financial instruments, notes receivable, accounts receivable, other receivables, and other items[177](index=177&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[184](index=184&type=chunk) - **Fixed assets are depreciated using the straight-line method**, with **buildings and structures depreciated over 20 years** and **machinery and equipment over 10 years**[200](index=200&type=chunk) - **Intangible assets** include land use rights, software, patents, etc., with finite-lived intangible assets amortized using a systematic and reasonable method[203](index=203&type=chunk)[204](index=204&type=chunk) - Revenue recognition principles involve identifying individual performance obligations, determining whether they are satisfied over time or at a point in time, and recognizing revenue based on the **progress of performance or when the customer obtains control**[220](index=220&type=chunk)[221](index=221&type=chunk) - There were **no significant changes in accounting policies and estimates** during the reporting period[238](index=238&type=chunk) [VI. Taxation](index=75&type=section&id=VI.%20Taxation) The company's main taxes include VAT (**13%, 6%**), Urban Maintenance and Construction Tax (**7%**), Corporate Income Tax (**15%, 20%**), Property Tax (**1.20%**), Education Surcharge (**3%**), and Local Education Surcharge (**2%**). As a high-tech enterprise, the company is subject to a **15%** corporate income tax rate. Some subsidiaries, as small low-profit enterprises, are subject to a **20%** corporate income tax rate, with an effective rate of **5%**. The company also benefits from the VAT super deduction policy for advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%、6% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%、20% | | Property Tax | 1.20% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company is recognized as a **high-tech enterprise**, subject to a **corporate income tax rate of 15%**[238](index=238&type=chunk) - Subsidiaries Zhongjian New Materials Development (Changzhou) Co., Ltd. and Zhongjian Carbon Fiber and Composite Materials (Jiangsu) Research Institute Co., Ltd. are eligible for **small low-profit enterprise policies**, with an effective corporate income tax rate of **5% for 2024**[238](index=238&type=chunk) - The company benefits from the **VAT super deduction policy for advanced manufacturing enterprises**, allowing an additional **5% deduction** from current deductible input VAT against payable VAT[238](index=238&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=75&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various asset, liability, owners' equity, and profit/loss items in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, other receivables, prepayments, inventories, fixed assets, construction in progress, intangible assets, deferred income tax assets/liabilities, notes payable, accounts payable, employee benefits payable, taxes payable, long-term borrowings, deferred income, share capital, capital reserves, treasury stock, special reserves, surplus reserves, undistributed profits, operating revenue and costs, various expenses, other income, fair value change gains, investment income, credit impairment losses, asset disposal gains, income tax expenses, and cash flow statement items - **Monetary funds** at period-end totaled **CNY 716,739,417.24**, including **restricted funds of CNY 3,038,229.21**, primarily for bank acceptance bill deposits and talent special funds[240](index=240&type=chunk)[241](index=241&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk) - **Trading financial assets** at period-end totaled **CNY 1,083,645,083.56**, primarily consisting of **bank wealth management products**[244](index=244&type=chunk) - **Accounts receivable** at period-end totaled **CNY 776,435,519.98**, with a bad debt provision of **CNY 16,666,960.90**, and a relatively high proportion of accounts receivable from **major customers A and Q**[252](index=252&type=chunk)[253](index=253&type=chunk)[255](index=255&type=chunk)[257](index=257&type=chunk) - **Fixed assets** had a carrying value of **CNY 1,457,116,497.07** at period-end, and **construction in progress** had a carrying value of **CNY 314,164,620.70**, with the **Phase III and Phase IV projects** being the main components[283](index=283&type=chunk)[287](index=287&type=chunk) - **R&D expenses** for the current period amounted to **CNY 38,956,260.75**, a decrease from **CNY 57,052,181.16** in the prior period, primarily due to production lines prioritizing manufacturing tasks, leading to a slower R&D pace[343](index=343&type=chunk) - **Treasury stock** at period-end totaled **CNY 110,002,212.86**, with an increase of **CNY 79,999,518.07** in the current period, mainly due to **share repurchases**[333](index=333&type=chunk) [VIII. R&D Expenses](index=100&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenses for the current period were **CNY 38,956,260.75**, a decrease from **CNY 57,052,181.16** in the prior year period, primarily comprising direct inputs like materials, personnel compensation, and depreciation/amortization, with all R&D expenditures expensed R&D Expenses | Item | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Direct Inputs such as Materials | 15,872,370.77 | 14,386,492.75 | | Personnel Compensation | 11,731,649.07 | 10,403,502.68 | | Depreciation and Amortization | 9,084,258.87 | 31,913,679.06 | | Total | 38,956,260.75 | 57,052,181.16 | | Of which: Expensed R&D Expenditures | 38,956,260.75 | 57,052,181.16 | [IX. Changes in Consolidation Scope](index=100&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company established a new subsidiary, Jiangsu Changhong Functional Materials Co., Ltd., and included it in the consolidation scope; this company was legally registered on **January 8, 2025**, with the company holding a **90%** stake - The company established a new subsidiary, **Jiangsu Changhong Functional Materials Co., Ltd.**, and included it in the **consolidation scope** during the current reporting period[369](index=369&type=chunk) - **Jiangsu Changhong Functional Materials Co., Ltd.** was established on **January 8, 2025**, with the company holding a **90%** equity stake[370](index=370&type=chunk) [X. Interests in Other Entities](index=100&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in Zhongjian New Materials Development (Changzhou) Co., Ltd. (**51%** stake), Zhongjian Carbon Fiber and Composite Materials (Jiangsu) Research Institute Co., Ltd. (**100%** stake), and Jiangsu Changhong Functional Materials Co., Ltd. (**90%** stake) Interests in Subsidiaries | Subsidiary Name | Registered Capital (CNY) | Business Nature | Shareholding Percentage (Direct) | Method of Acquisition | | :--- | :--- | :--- | :--- | :--- | | Zhongjian New Materials Development (Changzhou) Co., Ltd. | 28,000,000.00 | Technology Promotion and Application Services | 51.00% | Business combination not under common control | | Zhongjian Carbon Fiber and Composite Materials (Jiangsu) Research Institute Co., Ltd. | 10,000,000.00 | Research and Experimental Development | 100.00% | Newly established | | Jiangsu Changhong Functional Materials Co., Ltd. | 100,000,000.00 | New material technology R&D, promotion, functional material sales | 90.00% | Newly established | [XI. Government Grants](index=101&type=section&id=XI.%20Government%20Grants) At the end of the reporting period, the company recognized government grant liabilities as deferred income, with a period-end balance of **CNY 31,871,902.64**, of which **CNY 2,722,978.32** was transferred to other income in the current period, related to assets. The total government grants recognized in current profit or loss for the period amounted to **CNY 2,727,480.73** Government Grants | Accounting Account | Balance at Period-Beginning (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Balance at Period-End (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 34,594,880.96 | 2,722,978.32 | 31,871,902.64 | Asset-related | - The **total government grants recognized in current profit or loss** for the period amounted to **CNY 2,727,480.73**[346](index=346&type=chunk) [XII. Disclosure of Fair Value](index=102&type=section&id=XII.%20Disclosure%20of%20Fair%20Value) At period-end, the company's assets measured at fair value primarily consisted of **trading financial assets (bank cash management products)**, totaling **CNY 1,083,645,083.56**, classified as Level 2 fair value measurements Fair Value at Period-End | Item | Fair Value at Period-End (CNY) | | :--- | :--- | | 1. Financial assets measured at fair value through profit or loss | 1,083,645,083.56 | | Bank cash management products | 1,083,645,083.56 | [XIII. Related Parties and Related-Party Transactions](index=102&type=section&id=XIII.%20Related%20Parties%20and%20Related-Party%20Transactions) The company's related parties include subsidiaries, Changzhou Rongxin Composite Materials Co., Ltd., Changzhou Tenuo Composite Materials Co., Ltd., and Jiangsu Sanqiang Composite Materials Co., Ltd. During the repor

比音勒芬服饰股份有限公司 2025 年半年度报告全文 比音勒芬服饰股份有限公司 比音勒芬服饰股份有限公司 2025 年半年度报告全文 2025 年半年度报告 2025 年 8 月 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。 公司负责人谢秉政、主管会计工作负责人唐新乔及会计机构负责人(会计 主管人员)毕勇军声明：保证本半年度报告中财务报告的真实、准确、完整。 1 比音勒芬服饰股份有限公司 2025 年半年度报告全文 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的发展战略、经营计划等前瞻性陈述属于计划性事项， 该计划不构成公司对投资者的实质承诺，投资者及相关人士均应当对此保持 足够的风险认识，并且应当理解计划、预测与承诺之间的差异，敬请投资者 注意投资风险。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"纺织服装相关业务"的披露要求 公司在本报告第三节"管理层讨论与分析"之"十一、公司面临的风险 和应对措施"，详细描述了 ...

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[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial preliminary information, including the company's assurances regarding report accuracy, a detailed table of contents, a list of reference documents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=1.1%20Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness; the company plans no interim cash dividends, bonus shares, or capital reserve conversions - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming individual and joint legal responsibility for any misstatements or omissions[4](index=4&type=chunk) - Company head Deng Min, chief accountant Tian Ying, and head of accounting Tao Zhu declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period[5](index=5&type=chunk) - The report details potential future risks and countermeasures in "Section 3 Management Discussion and Analysis, X. Risks Faced by the Company and Countermeasures", urging investor attention[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=1.2%20Table%20of%20Contents) The report's clear table of contents covers nine main chapters, including important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report's table of contents includes nine main chapters, covering all aspects of company operations from important notices to financial reports[7](index=7&type=chunk) [Reference Documents](index=4&type=section&id=1.3%20Reference%20Documents) Reference documents include the chairman-signed semi-annual report, financial statements, and original public disclosures, available at the company's board office and Shenzhen Stock Exchange - Reference documents include the chairman-signed 2025 semi-annual report original, financial statements signed and sealed by the company head, chief accountant, and head of accounting, and originals of all company documents and announcements publicly disclosed on CSRC-designated platforms during the reporting period[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - These reference documents are available at the company's Board of Directors Office and the Shenzhen Stock Exchange[12](index=12&type=chunk) [Definitions](index=5&type=section&id=1.4%20Definitions) This section defines key terms used in the report, including company name, controlling shareholder, actual controller, main subsidiaries, "One Body, Two Wings" strategy, and key products like PVC, caustic soda, titanium dioxide, and lithium iron phosphate, also clarifying the reporting period - Key entities such as the Company, controlling shareholder (Yibin Development Holding Group Co., Ltd.), and actual controller (Yibin State-owned Assets Supervision and Administration Commission) are defined[14](index=14&type=chunk) - The company's development strategy is defined as "One Body, Two Wings", with "One Body" being chlor-alkali chemical industry and "Two Wings" being new chemical materials and new energy battery materials[14](index=14&type=chunk) - Main products listed include polyvinyl chloride resin (PVC), industrial sodium hydroxide (caustic soda), chloride process titanium dioxide, and lithium iron phosphate cathode materials[14](index=14&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key accounting data and financial indicators for the reporting period [Company Profile](index=6&type=section&id=2.1%20Company%20Profile) Yibin Tianyuan Group Co., Ltd., stock code "002386", is listed on the Shenzhen Stock Exchange, with Deng Min as legal representative and He Bo as board secretary; contact information remained unchanged during the reporting period - The company's stock abbreviation is "Tianyuan Shares", stock code "**002386**", listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Deng Min, and the board secretary is He Bo[16](index=16&type=chunk)[17](index=17&type=chunk) - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue decreased by 14.12% year-on-year, while net profit attributable to shareholders increased by 48.65%, with basic and diluted EPS growing proportionally; net cash flow from operating activities narrowed its loss by 63.63%, and total assets and net assets attributable to shareholders saw slight increases Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (RMB) | Same Period Last Year (RMB) | Current Reporting Period vs. Same Period Last Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,668,322,240.24 | 6,599,924,134.98 | -14.12% | | Net Profit Attributable to Shareholders of Listed Company | 16,638,488.22 | 11,192,705.77 | 48.65% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -15,860,537.42 | -50,860,259.18 | 68.82% | | Net Cash Flow from Operating Activities | -113,326,526.16 | -311,626,521.12 | 63.63% | | Basic Earnings Per Share (RMB/share) | 0.0128 | 0.0086 | 48.84% | | Diluted Earnings Per Share (RMB/share) | 0.0128 | 0.0086 | 48.84% | | Weighted Average Return on Net Assets | 0.22% | 0.14% | 0.08% | | **Period-End Indicators** | **End of Reporting Period (RMB)** | **End of Previous Year (RMB)** | **Period-End vs. Previous Year-End Change** | | Total Assets | 20,440,885,319.04 | 19,641,905,054.82 | 4.07% | | Net Assets Attributable to Shareholders of Listed Company | 7,494,798,294.58 | 7,472,903,056.44 | 0.29% | - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=2.3%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses totaled RMB 32.50 million, primarily from non-current asset disposal gains and government subsidies related to daily operations; certain recurring government subsidies and tax reductions are classified as recurring gains due to their continuous impact Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets (including reversal of impairment provisions) | 13,966,438.38 | Mainly gains from disposal of idle assets in the current period | | Government subsidies recognized in current profit/loss (excluding those closely related to normal operations, compliant with national policies, enjoyed under fixed standards, and with a continuous impact on company profit/loss) | 26,518,139.18 | Mainly government subsidies related to daily operating activities received in the current period | | Other non-operating income and expenses apart from the above | -7,618,722.10 | Mainly due to losses from abnormal shutdowns in the current period | | Less: Income tax impact | 98,410.44 | | | Impact on minority interests (after tax) | 268,419.38 | | | **Total** | **32,499,025.64** | | - The company classifies VAT super deduction for advanced manufacturing enterprises, deferred income amortization, immediate VAT refunds, city-wide industrial enterprise electricity and gas subsidies, and other government subsidies or tax reductions with a continuous impact on the company as recurring gains and losses due to their sustained effect on company profit and loss[26](index=26&type=chunk)[27](index=27&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operations, financial performance, core competencies, investment activities, and risk management strategies during the reporting period [Main Businesses Engaged in During the Reporting Period](index=10&type=section&id=3.1%20Main%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) Despite industry downturns, the company achieved RMB 5.67 billion in operating revenue and RMB 16.64 million in net profit attributable to shareholders, a 48.65% increase, by implementing refined management, cost control, and marketing optimization, while advancing its "One Body, Two Wings" strategy and new projects - From January to June 2025, the company achieved operating revenue of **RMB 5.668 billion** and net profit attributable to shareholders of **RMB 16.6385 million**, a **48.65% year-on-year increase**, demonstrating resilience amidst a continuous industry downturn[29](index=29&type=chunk) - The company continues to advance its "Two Years of Foundation Building, Three Years of Expansion" plan, focusing on establishing industrial profit models and enhancing operational capabilities, implementing the titanium dioxide "Dual 1000" plan, promoting the "Dual Mines Overseas" strategy, and improving PVC differentiated products and lithium iron phosphate profit models[30](index=30&type=chunk) - The 100,000-ton/year lithium iron phosphate cathode material project's second workshop is completed and in trial production, the Mabian phosphate mine project has entered trial production, the Changneng coal mine project is undergoing appraisal, and investments are being made in a 600,000-ton/year sulfuric acid project and a 60MW/120MWh user-side energy storage system[31](index=31&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=3.2%20Analysis%20of%20Core%20Competencies) The company's core competencies stem from its optimized "One Body, Two Wings" strategy, green circular economy industrial chain, technological innovation, and intelligent manufacturing, integrating resources into the Yibin industrial chain and developing specialized products - The company firmly adheres to its "One Body, Two Wings" strategic positioning, actively integrating resources, products, and industries into the Yibin industrial chain to accelerate the creation of a "chlorine-titanium-phosphorus-iron-lithium" integrated circular industrial chain[33](index=33&type=chunk)[34](index=34&type=chunk) - The company continuously optimizes and enhances its "One Body, Two Wings" development strategy, developing caustic soda for lithium batteries and crystalline silicon photovoltaics, and comprehensively building a green, low-carbon manufacturing system[35](index=35&type=chunk) - In 2025, the company prioritizes "improving the lithium iron phosphate profit model" as its primary technological innovation task, driving the enhancement of the lithium iron phosphate industrial chain's systemic profitability from four directions: process technology innovation, equipment upgrade innovation, product quality improvement, and digital manufacturing construction[36](index=36&type=chunk) - The company vigorously promotes the construction of a modern industrial system, accelerates the development of new quality productive forces, implements "intelligent transformation and digital upgrading" in manufacturing focusing on cost reduction, efficiency improvement, quality enhancement, and green expansion, and continues to deepen the "Three Modernizations Project" and "Smart Factory" construction[37](index=37&type=chunk) [Main Business Analysis](index=11&type=section&id=3.3%20Main%20Business%20Analysis) Operating revenue decreased by 14.12% year-on-year, but a larger decrease in operating costs improved gross margin; financial expenses rose 27.14% due to bond issuance, while net cash flow from operating activities narrowed its loss by 63.63% due to receivable collections, and financing cash flow increased significantly by 85.37% from bond issuance Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Same Period Last Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,668,322,240.24 | 6,599,924,134.98 | -14.12% | | | Operating Cost | 5,310,762,925.90 | 6,298,799,378.93 | -15.69% | | | Selling Expenses | 32,070,599.47 | 38,757,036.38 | -17.25% | | | Administrative Expenses | 213,463,428.67 | 235,217,035.71 | -9.25% | | | Financial Expenses | 75,392,156.29 | 59,298,584.55 | 27.14% | Mainly due to the increase from corporate bond issuance in the current period | | Income Tax Expense | 19,883,538.26 | 14,256,192.83 | 39.47% | Mainly due to increased profitability of Haifeng Herui in the current period, leading to higher income tax accrual | | Net Cash Flow from Operating Activities | -113,326,526.16 | -311,626,521.12 | 63.63% | Mainly due to the collection of prior year's receivables in the current period | | Net Cash Flow from Investing Activities | -358,251,046.49 | -412,412,882.90 | 13.13% | | | Net Cash Flow from Financing Activities | 429,158,808.94 | 231,517,966.17 | 85.37% | Mainly due to the increase from corporate bond issuance in the current period | | Net Increase in Cash and Cash Equivalents | -42,161,841.44 | -492,350,317.20 | 91.44% | The net increase in cash and cash equivalents changed significantly year-on-year, mainly due to the aforementioned factors | Operating Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Same Period Last Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Power Industry | 46,813,589.75 | 0.83% | 40,143,965.36 | 0.61% | 16.61% | | Chemical Industry | 4,592,089,093.24 | 81.01% | 4,529,250,423.75 | 68.63% | 1.39% | | New Energy Battery and Materials Industry | 99,829,450.20 | 1.76% | | | | | Building Materials Industry | 236,629,900.48 | 4.17% | 189,176,059.78 | 2.87% | 25.08% | | Supply Chain and Other Industries | 692,960,206.57 | 12.23% | 1,841,353,686.09 | 27.89% | -62.37% | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Same Period Last Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Electricity | 46,813,589.75 | 0.83% | 40,143,965.36 | 0.61% | 16.61% | | Polystyrene Products | 2,421,447,211.65 | 42.72% | 2,264,591,463.38 | 34.31% | 6.93% | | Chlor-alkali Products | 1,480,856,323.09 | 26.13% | 1,581,170,972.93 | 23.96% | -6.34% | | Titanium Chemical Products | 689,785,558.50 | 12.17% | 683,487,987.44 | 10.36% | 0.92% | | Supply Chain and Other Products | 692,960,206.57 | 12.23% | 1,841,353,686.09 | 27.89% | -62.37% | | Lithium Battery Products | 99,829,450.20 | 1.76% | | | | | Polymer Materials and Cement Products | 236,629,900.48 | 4.17% | 189,176,059.78 | 2.87% | 25.08% | Industries, Products, or Regions Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Item | Operating Revenue | Operating Cost | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Chemical Industry | 4,592,089,093.24 | 4,279,599,835.74 | 6.80% | 1.39% | 0.81% | 0.53% | | Supply Chain and Other Industries | 692,960,206.57 | 647,900,959.91 | 6.50% | -62.37% | -64.48% | 5.56% | | **By Product** | | | | | | | | Polystyrene Products | 2,421,447,211.65 | 2,418,281,564.04 | 0.13% | 6.93% | 6.80% | 0.12% | | Chlor-alkali Products | 1,480,856,323.09 | 1,247,495,960.62 | 15.76% | -6.34% | -10.14% | 3.56% | | Titanium Chemical Products | 689,785,558.50 | 613,822,311.07 | 11.01% | 0.92% | 3.60% | -2.31% | | Supply Chain and Other Products | 692,960,206.57 | 647,900,959.91 | 6.50% | -62.37% | -64.48% | 5.56% | | **By Region** | | | | | | | | East China Region | 2,929,164,071.87 | 2,904,835,895.71 | 0.83% | -15.50% | -15.77% | 0.32% | | South China Region | 637,727,743.95 | 633,039,468.53 | 0.74% | -23.73% | -21.70% | -2.57% | | Southwest China Region | 1,416,039,982.25 | 1,216,677,983.35 | 14.08% | -10.00% | -14.15% | 4.16% | [Non-Core Business Analysis](index=13&type=section&id=3.4%20Non-Core%20Business%20Analysis) Non-core businesses significantly impacted total profit, with investment income accounting for 44.73% from futures and equity method investments, while fair value changes and asset impairment losses were negative, and non-operating income/expenses from compensation and shutdown losses were non-recurring Impact of Non-Core Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 9,461,504.30 | 44.73% | Mainly due to current period futures settlement and changes in equity of long-term equity investments accounted for by equity method | Yes | | Gains/Losses from Fair Value Changes | -496,055.00 | -2.35% | Mainly due to fair value changes of futures held in the current period | No | | Asset Impairment | -21,983,614.09 | -103.93% | Mainly due to inventory impairment losses accrued for PVC and other products in the current period | No | | Non-Operating Income | 3,099,769.56 | 14.65% | Mainly due to compensation received in the current period | No | | Non-Operating Expenses | 10,718,491.66 | 50.67% | Mainly due to shutdown losses from abnormal shutdowns in the current period | No | [Analysis of Assets and Liabilities](index=14&type=section&id=3.5%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by 4.07% year-on-year, with higher proportions of monetary funds and inventory, and a notable 3.45% increase in short-term borrowings; certain assets are restricted, including bank acceptance bill deposits, pledged accounts receivable financing, and mortgaged fixed assets and land use rights Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Previous Year (RMB) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,713,605,317.39 | 18.17% | 3,183,866,866.40 | 16.21% | 1.96% | | Accounts Receivable | 317,735,970.63 | 1.55% | 754,400,558.65 | 3.84% | -2.29% | | Inventories | 1,486,208,959.31 | 7.27% | 1,248,305,251.25 | 6.36% | 0.91% | | Fixed Assets | 7,017,563,544.46 | 34.33% | 7,038,940,283.28 | 35.84% | -1.51% | | Construction in Progress | 3,915,578,439.80 | 19.16% | 3,684,118,384.17 | 18.76% | 0.40% | | Short-term Borrowings | 3,074,389,392.97 | 15.04% | 2,276,504,932.88 | 11.59% | 3.45% | | Contract Liabilities | 141,378,920.21 | 0.69% | 175,683,437.31 | 0.89% | -0.20% | | Long-term Borrowings | 3,098,003,827.19 | 15.16% | 3,087,990,728.97 | 15.72% | -0.56% | Key Overseas Assets | Specific Asset Content | Location | Operating Model | Profitability | Proportion of Overseas Assets to Company's Net Assets | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Investment | Hong Kong | Trading | Total profit for the current period: RMB 2.4769 million | 0.15% | No | | Equity Investment | Vietnam | Production, Sales | Total profit for the current period: RMB -6.5491 million | 0.85% | No | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB 10,000) | Fair Value Change Gains/Losses for Current Period (RMB 10,000) | Amount Purchased in Current Period (RMB 10,000) | Amount Sold in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | | 1. Trading financial assets (excluding derivative financial assets) | 36.90 | -6.61 | 3,526.73 | 3,533.34 | 30.29 | | 4. Other equity instrument investments | 9,403.23 | | | | 9,403.23 | | Subtotal of Financial Assets | 9,440.12 | -6.61 | | | -6.61 | | Total above | 9,440.13 | | | | 9,433.52 | | **Financial Liabilities** | | | | | | | Financial Liabilities | 51.43 | -43.00 | | | 94.43 | Asset Rights Restricted as of End of Reporting Period | Item | Year-End Book Value (RMB) | | :--- | :--- | | Monetary Funds [Note 1] | 1,703,945,174.61 | | Accounts Receivable Financing [Note 2] | 440,000,614.44 | | Fixed Assets [Note 3] | 468,201,203.43 | | Intangible Assets [Note 4] | 126,361,596.95 | [Analysis of Investment Status](index=16&type=section&id=3.6%20Analysis%20of%20Investment%20Status) Total investment decreased by 32.59% year-on-year, with no significant equity investments; major non-equity projects like the 100,000-ton lithium iron phosphate cathode material plant and Mabian phosphate mine are progressing, and derivative investments for hedging generated RMB 16.30 million in profit, effectively mitigating price risks Overall Investment Status | Investment Amount in Reporting Period (RMB) | Investment Amount in Same Period Last Year (RMB) | Change Percentage | | :--- | :--- | :--- | | 494,409,659.53 | 734,134,406.95 | -32.59% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it Fixed Asset Investment | Amount Invested in Current Reporting Period (RMB) | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | Reasons for Not Meeting Planned Progress and Expected Returns | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 100,000-ton/year Lithium Iron Phosphate Cathode Material Project | Self-built | Yes | 104,243,420.77 | 1,109,608,862.97 | Construction completed, in trial production | Expected usable state extended to June 30, 2025 | | 100,000-ton/year Lithium Iron Phosphate Cathode Material Precursor Project | Self-built | Yes | 26,560,716.59 | 918,408,539.67 | Partially completed | | | Yi'an Coal Mine Project | Self-built | Yes | 55,688,397.06 | 1,202,253,481.01 | Under construction | | | Total | -- | -- | 186,492,534.42 | 3,230,270,883.65 | -- | | Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Initial Investment Amount (RMB 10,000) | Beginning Balance (RMB 10,000) | Amount Purchased in Reporting Period (RMB 10,000) | Amount Sold in Reporting Period (RMB 10,000) | Ending Balance (RMB 10,000) | Explanation of Actual Gains/Losses in Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Futures | 36.9 | 36.9 | 3,526.73 | 3,533.34 | 30.29 | Current period futures fair value change loss of **RMB 0.4961 million**, settled futures closing generated investment income of **RMB 16.7950 million**, total income of **RMB 16.2989 million** | | Total | 36.9 | 36.9 | 3,526.73 | 3,533.34 | 30.29 | Total income of **RMB 16.2989 million** | - Hedging effectively mitigates risks from price fluctuations, enhances the company's ability to respond to market volatility, and aligns with the company's sales strategy[59](index=59&type=chunk) Overall Use of Raised Funds | Total Raised Funds (1) (RMB 10,000) | Total Raised Funds Invested in Reporting Period (RMB 10,000) | Cumulative Total Raised Funds Invested (RMB 10,000) | Total Uninvested Raised Funds (RMB 10,000) | | :--- | :--- | :--- | :--- | | 200,000 | 7,432.31 | 146,056.14 | 55,812.83 | - As of June 30, 2025, the company cumulatively used **RMB 1.461 billion** in raised funds, including **RMB 312.2411 million** to replace prior investments, **RMB 613.4321 million** for direct project expenditures, and **RMB 534.8882 million** for bank loan repayments[67](index=67&type=chunk) - As of June 30, 2025, the company had **RMB 558.1283 million** in unused raised funds, comprising **RMB 522.1567 million** in current deposits and **RMB 35.9717 million** in acceptance bill deposits[67](index=67&type=chunk) - The expected usable status for the "100,000-ton/year Lithium Iron Phosphate Cathode Material Production Project" and "R&D and Testing Center Project" has been extended to June 30, 2025, with some surplus raised funds permanently supplementing working capital[70](index=70&type=chunk)[71](index=71&type=chunk) [Significant Asset and Equity Sales](index=22&type=section&id=3.7%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[73](index=73&type=chunk) - The company did not sell significant equity during the reporting period[74](index=74&type=chunk) [Analysis of Major Holding and Associate Companies](index=23&type=section&id=3.8%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major subsidiaries include Yibin Haifeng Herui (significant profit contributor), Yibin Tianyi New Materials (loss due to market downturn), Yibin Tianyuan Wuchan (loss due to market conditions), Mabian Changhe Power (enhanced profitability from phosphate mine trial production), Zhaotong Tianli New Materials (stable production), Yibin Tianyuan Haifeng Hetai (profitable titanium dioxide production), and Yibin Tianyuan Lithium Battery New Materials (achieved bulk supply) Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Yibin Haifeng Herui Co., Ltd. | Subsidiary | Caustic soda, PVC | 1,621,495,094.36 | 121,834,659.13 | | Yibin Tianyi New Materials Technology Co., Ltd. | Subsidiary | Polymer new materials | 194,468,332.62 | -26,623,189.97 | | Yibin Tianyuan Wuchan Group Co., Ltd. | Subsidiary | Supply chain and export of company's main products | 3,773,804,654.20 | -10,199,555.53 | | Mabian Changhe Power Co., Ltd. | Subsidiary | Hydropower | 99,201,109.35 | 34,389,012.31 | | Zhaotong Tianli New Materials Co., Ltd. | Subsidiary | Calcium carbide | 8,207,867.00 | -34,699,137.39 | | Yibin Tianyuan Haifeng Hetai Co., Ltd. | Subsidiary | Titanium dioxide | 1,023,317,438.47 | 6,920,529.22 | | Yibin Tianyuan Lithium Battery New Materials Co., Ltd. | Subsidiary | Lithium iron phosphate cathode materials | 77,693,422.97 | -5,675,013.46 | - Yibin Haifeng Herui Co., Ltd. is the core entity of the company's "One Body, Two Wings" strategy, maintaining high-load stable production year-round and contributing significantly to the company's profit[76](index=76&type=chunk) - Yibin Tianyi New Materials Technology Co., Ltd. experienced poor sales and losses in 2025 due to slow progress in downstream customer projects and a sustained downturn in the real estate industry[77](index=77&type=chunk) - Mabian Changhe Power Co., Ltd.'s profitability enhanced in 2025 as its phosphate rock entered trial production phase[77](index=77&type=chunk) - Yibin Tianyuan Lithium Battery New Materials Co., Ltd. achieved bulk supply to customers in 2024, significantly impacting the company's new energy sector layout and long-term development[78](index=78&type=chunk) [Structured Entities Controlled by the Company](index=24&type=section&id=3.9%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[79](index=79&type=chunk) [Risks Faced by the Company and Countermeasures](index=24&type=section&id=3.10%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces product cyclicality risks from volatile chemical prices, new industry development risks in lithium battery materials due to market adjustments, and project construction risks for the Changneng coal mine; countermeasures include refined management, specialized product development, increased R&D, market expansion, and accelerated appraisal work - The company's chemical products belong to a cyclical industry with periodic price fluctuations, and the downturn in the chlor-alkali chemical industry brings uncertainty to the company's production and operations. Countermeasures: strengthen scientific scheduling, implement "dual rate improvement", develop specialized products, and increase product market share[79](index=79&type=chunk) - The company is in a period of industrial transformation and development, with the lithium battery materials industry undergoing phased capacity adjustments and significant product price fluctuations, leading to future market and revenue uncertainties. Countermeasures: strengthen market analysis, closely follow market trends, increase R&D investment and market development for new products, ensure high product quality, and boost sales[80](index=80&type=chunk) - The company's Changneng Coal Mine is currently undergoing coal seam outburst hazard identification, with uncertain future appraisal results and potential impacts on the company's production and operations. Countermeasures: accelerate appraisal work to strive for early resumption of production[81](index=81&type=chunk)[82](index=82&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=3.11%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has disclosed its "Yibin Tianyuan Co., Ltd. Valuation Enhancement Plan" to continuously improve competitiveness, guide market perception of its value, promote high-quality development, and actively reward shareholders - The company has disclosed its "Yibin Tianyuan Co., Ltd. Valuation Enhancement Plan", aiming to continuously enhance company competitiveness, guide the market to correctly recognize company value, promote high-quality development, and actively reward shareholders[83](index=83&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=25&type=section&id=3.12%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan%20Implementation) The company has not disclosed any "Quality and Return Dual Improvement" action plan announcement - The company has not disclosed any "Quality and Return Dual Improvement" action plan announcement[84](index=84&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, including personnel changes and the dissolution of the supervisory board, along with its profit distribution plans, environmental information disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were changes in the company's directors, supervisors, and senior management, including Chen Hong's transition to employee director and vice chairman, and the dissolution of the supervisory board as of June 30, 2025, in accordance with the new Company Law Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Chen Hong | Director, Vice Chairman | Resigned | 2025年07月08日 | Job transfer | | Chen Hong | Employee Director, Vice Chairman | Elected | 2025年08月08日 | Job transfer | | Wang Ming'an | Chairman of Supervisory Board | Dismissed | 2025年06月14日 | Dismissed | | Yan Chengming | Supervisor | Dismissed | 2025年06月14日 | Dismissed | | Li Longfeng | Supervisor | Dismissed | 2025年06月14日 | Dismissed | | Feng Kaizhong | Supervisor | Dismissed | 2025年06月14日 | Dismissed | | Feng Bo | Supervisor | Dismissed | 2025年06月14日 | Dismissed | - In accordance with the new Company Law and CSRC requirements, the company underwent reform and adjustment, abolishing the supervisory board as of June 30, 2025[87](index=87&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=25&type=section&id=4.2%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The company plans no interim cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period[88](index=88&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=4.3%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[89](index=89&type=chunk) [Environmental Information Disclosure](index=25&type=section&id=4.4%20Environmental%20Information%20Disclosure) The company and its six major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with corresponding report query indexes provided - Whether the listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law: Yes, the number of enterprises included in the list is **6**[90](index=90&type=chunk) Enterprises Included in the List of Environmental Information Disclosure by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Yibin Haifeng Herui Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprise_more?code=91511523784729819F&uniqueCode=1ed3d5690cf9446b&date=2024&type=true&isSearch=true | | 2 | Yibin Tianyuan Haifeng Hetai Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprise_more?code=91511523MA62A3TC5R&uniqueCode=204015681032cc33&date=2024&type=true&isSearch=true | | 3 | Sichuan Pingshan Tianyuan Titanium Industry Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprise_more?code=915115007422756018&uniqueCode=910fa6541f4a17eb&date=2024&type=true&isSearch=true | | 4 | Fujian Tianyuan Chemical Co., Ltd. | http://220.160.52.213:10053/idp_province//enterprise-overview | | 5 | Daguan Tianda Chemical Co., Ltd. | http://183.224.17.39:10097/ynyfpl/frontal/index.html/home/enterpriseInfo?XTXH=92e77bcd-044b-48e7-a90e-6c151e157efa&XH=1682673689329045334528&year=2024 | | 6 | Zhaotong Tianli New Materials Co., Ltd. | http://183.224.17.39:10097/ynyfpl/frontal/index.html/home/enterpriseInfo?XTXH=01c74d64-9825-4a0c-a498-780a486f57f1&XH=1676796196396043921409&year=2024 | [Social Responsibility](index=26&type=section&id=4.5%20Social%20Responsibility) In the first half of 2025, the company actively implemented tasks to consolidate poverty alleviation achievements and effectively link them with rural revitalization, deploying 11 personnel to improve medical care, education, housing, drinking water, and living environments for 10,832 beneficiaries, earning widespread praise - In the first half of 2025, the company and its subsidiaries, with a strong sense of responsibility, resolutely implemented various tasks to consolidate and expand poverty alleviation achievements and effectively link them with rural revitalization[92](index=92&type=chunk) - The company dispatched **11** colleagues to specifically oversee rural revitalization tasks, serving as village secretaries and professional managers for village collective shareholding economic cooperatives[92](index=92&type=chunk) - With the company's support in rural revitalization, **10,832** people benefited, improving medical care, education, housing, drinking water, and living environments for villagers while also increasing economic income, receiving unanimous praise from local governments and villagers[92](index=92&type=chunk) [Significant Matters](index=27&type=section&id=Item%205.%20Significant%20Matters) This section details the company's commitments, related-party transactions, litigation, and other significant events, providing transparency on its operational and financial integrity [Commitments](index=27&type=section&id=5.1%20Commitments%20Fulfilled%20and%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's controlling shareholder, Yibin Development Holding Group Co., Ltd., and its related parties are fulfilling all commitments made during initial public offerings and non-public share issuances, including avoiding horizontal competition, anti-dilution measures, regulating related-party transactions, and share lock-ups, with no overdue unfulfilled commitments Commitment Fulfillment Status | Reason for Commitment | Promising Party | Commitment Type | Commitment Content | Commitment Date | Commitment Period | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments made during initial public offering or refinancing | Controlling Shareholder Yibin Development Holding Group Co., Ltd. | Commitment for initial public offering | Avoid horizontal competition | 2010年02月25日 | Long-term | In progress | | Commitments made during initial public offering or refinancing | Controlling Shareholder Yibin Development Holding Group Co., Ltd. | Commitment for non-public share issuance | Shares not transferable within 18 months from the end of issuance | 2023年03月10日 | Long-term | No company shares transferred to date | | Commitments made during initial public offering or refinancing | Related Party Yibin Emerging Industry Investment Group Co., Ltd. | Commitment for non-public share issuance | Avoid and eliminate horizontal competition | 2022年06月21日 | Long-term | In progress | | Other Commitments | Controlling Shareholder Yibin Development Holding Group Co., Ltd. | Controlling shareholder's share increase commitment | Not to reduce its holdings of company shares within the implementation period of the share increase plan and legal period, and to complete the share increase plan within the increase period | 2025年02月11日 | Long-term | In progress | - Were commitments fulfilled on time: Yes[95](index=95&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=28&type=section&id=5.2%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 of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[96](index=96&type=chunk) [Irregular External Guarantees](index=28&type=section&id=5.3%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[97](index=97&type=chunk) [Appointment and Dismissal of Accounting Firms](index=28&type=section&id=5.4%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[98](index=98&type=chunk) [Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Period](index=28&type=section&id=5.5%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) Not applicable, as the company's semi-annual report was not audited [Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=28&type=section&id=5.6%20Board%20of%20Directors'%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) Not applicable [Bankruptcy and Reorganization Matters](index=29&type=section&id=5.7%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[100](index=100&type=chunk) [Litigation Matters](index=29&type=section&id=5.8%20Litigation%20Matters) The company is involved in several significant litigation and arbitration cases, including a commercial secret dispute for Fujian Tianyuan (RMB 300 million), a contract dispute for Tianlan Chemical (RMB 136.09 million), a settled sales contract dispute for Tianyi New Materials, and a sales contract dispute for Lithium Battery New Materials with a first-instance judgment supporting some claims Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Shantou Ocean Investment Development Co., Ltd. v. Peking University Founder Material Group Co., Ltd., Fujian Fangxing Chemical Co., Ltd., Fujian Hongrun Chemical Co., Ltd. for commercial secret infringement. Fujian Tianyuan Chemical Co., Ltd., a wholly-owned subsidiary of the company, was added as a defendant | 30,000 | No | The Supreme People's Court has accepted Shantou Ocean Investment Development Co., Ltd.'s appeal application | Litigation in progress | None | | Contract dispute between Yibin Tianlan Chemical Co., Ltd., a subsidiary of the company, and Sichuan North Hongguang Special Chemical Co., Ltd. | 13,609.44 | No | Both parties have appealed to the Sichuan Provincial High Court, currently in second instance | Litigation in progress | None | | Sales contract dispute between Yibin Tianyi New Materials Technology Co., Ltd., a subsidiary of the company, and Chishui City Changqi Town People's Government, Chishui City State-owned Investment (Group) Asset Operation Company | 1,085.35 | No | In July 2024, the Zunyi Intermediate People's Court issued Civil Mediation Document (2024) Qian 03 Min Zhong No. 1789. The civil ruling and mediation document were served and became effective on July 25 and 26, 2024 | Main content of the mediation document: Chishui City Changqi Town People's Government, Chishui City Baiyun Township People's Government, and Chishui City Changsha Town People's Government jointly pay Yibin Tianyi New Materials Technology Co., Ltd. outstanding principal of **RMB 12.92 million** and interest of **RMB 0.277 million**. Sales contract dispute with Chishui City State-owned Investment (Group) Asset Operation Company | Mediation document being fulfilled. Specific fulfillment: 1. Litigation fee of **RMB 0.17 million** refunded; 2. Goods worth **RMB 2.3995 million** received | | Sales contract dispute between Yibin Tianyuan Lithium Battery New Materials Co., Ltd. and Zhicun Lithium Industry Group Co., Ltd., Nan Jinxi, Nan Dongdong, Nan Tian, Yichun Tianzhuo New Materials Co., Ltd., Yizhang Zhicun New Materials Co., Ltd. | 7,586.39 | No | On May 12, 2025, the company received the first-instance judgment | First-instance judgment: Zhicun Lithium Industry Group Co., Ltd. to return advance payment of **RMB 75.4964 million** and pay for capital occupation losses; Nan Jinxi, Nan Dongdong, Nan Tian to bear joint and several liability within **RMB 100 million**; Lithium Battery New Materials has priority claim over Yichun Tianzhuo New Materials Co., Ltd.'s machinery and equipment within **RMB 125 million**; Lithium Battery New Materials has priority claim over Yizhang Zhicun New Materials Co., Ltd.'s machinery and equipment within **RMB 70 million**; other claims rejected | Judgment being enforced | [Penalties and Rectification](index=32&type=section&id=5.9%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[104](index=104&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=32&type=section&id=5.10%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[105](index=105&type=chunk) [Significant Related-Party Transactions](index=32&type=section&id=5.11%20Significant%20Related-Party%20Transactions) The company engaged in daily related-party transactions for goods and services at market prices, with no related-party asset/equity acquisitions/disposals or joint external investments; related-party creditor-debtor relationships primarily involved payments on behalf of others, not constituting non-operating fund occupation; the company also has leasing arrangements and provided counter-guarantees for the controlling shareholder's bond issuance Related-Party Transactions for Purchase/Sale of Goods, Provision/Acceptance of Services (Purchase of Goods/Acceptance of Services) | Related Party | Related-Party Transaction Content | Related-Party Transaction Amount (RMB 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Yibin Tianyuan Packaging Co., Ltd. | Purchase of goods, acceptance of services | 16,920.48 | 3.18% | 57,550.25 | | Sichuan Tianyuan Xinhua Supply Chain Technology Co., Ltd. | Purchase of goods, acceptance of services | 12,729.06 | 2.77% | 70,500.00 | | Yibin Development Holding Group Co., Ltd. | Purchase of goods, acceptance of services | 5,053.71 | 0.95% | 5,994.00 | | Sichuan Jiuhe Power Co., Ltd. | Purchase of goods, acceptance of services | 3,716.41 | 0.70% | 10,498.00 | | Yibin Boyuan Environmental Technology Co., Ltd. | Purchase of goods, acceptance of services | 2,790.78 | 0.52% | 13,425.00 | Related-Party Transactions for Purchase/Sale of Goods, Provision/Acceptance of Services (Sale of Goods/Provision of Services) | Related Party | Related-Party Transaction Content | Amount in Current Period (RMB 10,000) | Amount in Previous Period (RMB 10,000) | | :--- | :--- | :--- | :--- | | Yibin Siliya Chemical Group and its subsidiaries | Sale of goods, provision of services | 15,856.58 | 34,441.00 | | Sichuan Jiuhe Power Co., Ltd. | Sale of goods, provision of services | 2,277.07 | 2,630.08 | | Yibin Wuliangye Group Co., Ltd. and its subsidiaries | Sale of goods, provision of services | 2,993.44 | 13,153.00 | | Yibin Libao New Materials and its subsidiaries | Sale of goods, provision of services | 935.54 | 7,480.00 | | Yibin Boyuan Environmental Technology Co., Ltd. | Sale of goods, provision of services | 999.12 | 8,968.00 | | Yibin Tianyuan Packaging Co., Ltd. | Sale of goods, provision of services | 104.73 | 5,080.00 | - The company had no related-party transactions involving asset or equity acquisitions or sales during the reporting period[120](index=120&type=chunk) - The company had no related-party transactions involving joint external investments during the reporting period[121](index=121&type=chunk) Related-Party Creditor-Debtor Relationships (Receivables from Related Parties) | Related Party | Related-Party Relationship | Reason for Formation | Whether Non-Operating Fund Occupation Exists | Beginning Balance (RMB 10,000) | Amount Newly Added in Current Period (RMB 10,000) | Amount Recovered in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Guangyuan Lithium Battery Materials Co., Ltd. | Associate company | Payment on behalf | No | 0 | 3.4 | 3.4 | 0 | | Sichuan Tianyuan Xinhua Supply Chain Technology Co., Ltd. | Associate company | Payment on behalf | No | 0 | 1.9 | 1.9 | 0 | | Yibin Tianyuan Packaging Co., Ltd. | Associate company | Payment on behalf | No | 0 | 25.41 | 25.41 | 0 | | Quanzhou Rongxin New Materials Co., Ltd. | Associate company | Payment on behalf | No | 0 | 0.19 | 0.19 | 0 | - There are no deposits, loans, credit lines, or other financial transactions between the company's related financial companies and related parties[123](index=123&type=chunk) - There are no deposits, loans, credit lines, or other financial transactions between the company's controlled financial companies and related parties[124](index=124&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Guaranteed Party Name | Announcement Disclosure Date for Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether it is a Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Development Holding Group Co., Ltd. | 2024年07月27日 | 50,000 | 2025年04月07日 | 50,000 | Pledge | Consistent with bond financing term | No | Yes | - The company pledged its **61.59%** equity in Yibin Tianyuan Haifeng Hetai Co., Ltd. to Yibin Development Holding Group Co., Ltd. as a counter-guarantee[137](index=137&type=chunk)[138](index=138&type=chunk) [Significant Contracts and Their Fulfillment](index=47&type=section&id=5.12%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company had no trusteeship or contracting situations, but engaged in various leasing arrangements, primarily for subsidiary office spaces, none of which significantly impacted profit; significant guarantees include a counter-guarantee for the controlling shareholder's bond issuance, with no entrusted wealth management or other major contracts - The company had no trusteeship situations during the reporting period[126](index=126&type=chunk) - The company had no contracting situations during the reporting period[127](index=127&type=chunk) - Subsidiaries Mabian Wugong Mining Co., Ltd., Yibin Tianchang Logistics Co., Ltd., and Yibin Tianyuan Sci-Tech Design Co., Ltd. have property leasing arrangements[128](index=128&type=chunk) - During the reporting period, there were no leasing projects that generated profit or loss exceeding **10%** of the company's total profit[129](index=129&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Guaranteed Party Name | Announcement Disclosure Date for Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether it is a Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Development Holding Group Co., Ltd. | 2024年07月27日 | 50,000 | 2025年04月07日 | 50,000 | Pledge | Consistent with bond financing term | No | Yes | - The company had no entrusted wealth management during the reporting period[139](index=139&type=chunk) - The company had no other significant contracts during the reporting period[140](index=140&type=chunk) [Explanation of Other Significant Matters](index=54&type=section&id=5.13%20Explanation%20of%20Other%20Significant%20Matters) The controlling shareholder, Yifa Group, increased its stake by 2.51% to 20.08%; the lithium iron phosphate cathode material project is in trial production; the company issued RMB 500 million in corporate bonds; new sulfuric acid and energy storage projects are advancing; the buyback obligation with Yibin Libao New Materials has been extended to December 31, 2026; a share transfer between related parties did not change control; and a strategic cooperation agreement for procurement agency services was signed - Controlling shareholder Yifa Group increased its stake by **32,667,505 shares**, totaling **RMB 153.6899 million**, representing a **2.51% increase**, and now holds **261,375,941 shares**, accounting for **20.08%** of the company's total share capital[141](index=141&type=chunk) - The Lithium Battery New Materials 100,000-ton/year lithium iron phosphate cathode material project has completed construction and is undergoing trial production and customer introduction certification[141](index=141&type=chunk) - The company has issued **RMB 500 million** in corporate bonds (first tranche), which are listed and traded on the Shenzhen Stock Exchange[142](index=142&type=chunk) - The 600,000-ton/year sulfuric acid project and 60MW/120MWh industrial energy storage project approved by the board are currently in progress[142](index=142&type=chunk) - Following friendly negotiations with Guoguang Electric Co., Ltd., Chengdu Jixin Libao Investment Center (Limited Partnership), and Sichuan Integrated Circuit and Information Security Industry Investment Fund Co., Ltd., a "Supplementary Agreement on Yibin Libao New Materials Co., Ltd. Repurchase Matters" is to be signed, extending the repurchase obligation to December 31, 2026[142](index=142&type=chunk) - Sichuan Yuanling Industrial Investment Group Co., Ltd., an acting-in-concert party of controlling shareholder Yifa Group, gratuitously transferred its entire holding of **14,326,647 shares**, representing **1.1%** of the company's total share capital, to its parent company Sichuan Gangrong Investment Development Group Co., Ltd., which does not result in a change of the company's actual controller or controlling shareholder[143](index=143&type=chunk) - The company signed a "Strategic Cooperation Agreement for Municipal State-owned Enterprise Procurement Agency Services" with Yibin State-owned Enterprise Management Service Co., Ltd., with an estimated annual service fee of **RMB 0.9 million**[145](index=145&type=chunk) [Significant Matters of Company Subsidiaries](index=55&type=section&id=5.14%20Significant%20Matters%20of%20Company%20Subsidiaries) Changneng Coal Mine suspended trial production due to gas dynamic phenomena and is undergoing hazard identification; Xujiayuan Coal Mine is advancing mineral rights integration with a planned capacity of 600,000 tons/year; Tiancheng Lithium Battery's 100,000-ton lithium iron phosphate cathode material project is progressing; Mabian Wugong Phosphate Plant's idle assets were successfully transferred for RMB 27.30 million; and Vietnam Tianxiang Co. adjusts production based on market orders and US tariff policies - Changneng Coal Mine suspended trial production in November 2024 due to gas dynamic phenomena requiring coal seam outburst hazard identification, which is still ongoing[146](index=146&type=chunk) - Xujiayuan Coal Mine is advancing mineral rights integration, designating Yunnan Tianli Coal Chemical Co., Ltd.'s Xujiayuan Coal Mine as the integration entity, with a planned capacity of **600,000 tons/year**[146](index=146&type=chunk) - Tiancheng Lithium Battery's 100,000-ton/year lithium iron phosphate cathode material project is advancing its first-phase production line construction[146](index=146&type=chunk) - Mabian Wugong Phosphate Plant's idle assets were publicly listed for transfer on a public resource trading platform in April 2025, with the final transferee successfully bidding **RMB 27.30 million**, and the asset transfer is now complete[146](index=146&type=chunk) - The company's subsidiary, Vietnam Tianxiang Co., arranges production and manages operations based on market orders and the impact of US tariff policies[147](index=147&type=chunk) [Share Changes and Shareholder Information](index=56&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital structure, including restricted and unrestricted shares, securities issuance, shareholder numbers, and shareholding status of key personnel and major shareholders [Share Change Status](index=56&type=section&id=6.1%20Share%20Change%20Status) During the reporting period, restricted shares slightly increased while unrestricted shares decreased proportionally, with no change in total share capital; restricted shares primarily pertain to holdings by directors and senior management Share Change Status | | Before This Change | Increase/Decrease in This Change (+, -) | After This Change | | :--- | :--- | :--- | :--- | | | Quantity | Proportion | Other | Subtotal | Quantity | Proportion | | I. Restricted Shares | 231,706 | 0.02% | 10,830 | 10,830 | 242,536 | 0.02% | | 3. Other domestic shares | 231,706 | 0.02% | 10,830 | 10,830 | 242,536 | 0.02% | | II. Unrestricted Shares | 1,301,415,367 | 99.98% | -10,830 | -10,830 | 1,301,404,537.00 | 99.98% | | III. Total Shares | 1,301,647,073 | 100.00% | | | 1,301,647,073 | 100.00% | Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Directors and Senior Management | 231,706 | 6,500 | 17,330 | 242,536 | Share restriction for company directors and senior management | [Securities Issuance and Listing](index=57&type=section&id=6.2%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[153](index=153&type=chunk) [Shareholder Numbers and Shareholding Status](index=57&type=section&id=6.3%20Shareholder%20Numbers%20and%20Shareholding%20Status) As of the end of the reporting period, the company had 53,557 common shareholders; Yibin Development Holding Group Co., Ltd. is the controlling shareholder with 19.65% ownership, and its acting-in-concert parties are also among the top ten shareholders, with no shares pledged, marked, or frozen - Total number of common shareholders at the end of the reporting period: **53,557**[154](index=154&type=chunk) Shareholding Status of Shareholders with Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Increase/Decrease During Reporting Period | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Development Holding Group Co., Ltd. | State-owned legal person | 19.65% | 255,736,156 | 27,027,720 | 255,736,156 | | China Orient Asset Management Co., Ltd. | State-owned legal person | 6.27% | 81,559,507 | 0 | 81,559,507 | | Zhejiang Rongsheng Holding Group Co., Ltd. | Domestic non-state-owned legal person | 4.17% | 54,291,631 | -1,800,000 | 54,291,631 | | Yibin Emerging Industry Investment Group Co., Ltd. | State-owned legal person | 3.30% | 42,979,942 | 0 | 42,979,942 | | Yibin Development Venture Capital Co., Ltd. | State-owned legal person | 2.20% | 28,653,295 | 0 | 28,653,295 | | Sichuan Yuanling Industrial Investment Group Co., Ltd. | State-owned legal person | 1.10% | 14,326,647 | 0 | 14,326,647 | | National Social Security Fund 118 Portfolio | Other | 0.97% | 12,646,110 | 0 | 12,646,110 | | Hong Kong Securities Clearing Company Limited | Overseas legal person | 0.79% | 10,259,622 | 496,832 | 10,259,622 | | Fang Lugen | Domestic natural person | 0.73% | 9,508,800 | 0 | 9,508,800 | | Ruan Shuilong | Domestic natural person | 0.57% | 7,408,328 | 0 | 7,408,328 | - Among the aforementioned shareholders, Yibin Emerging Industry Investment Group Co., Ltd., Yibin Development Venture Capital Co., Ltd., and Sichuan Yuanling Industrial Investment Group Co., Ltd. are all controlled by Yibin Development Holding Group Co., Ltd., with the actual controller being Yibin State-owned Assets Supervision and Administration Commission; these four shareholders are acting-in-concert parties[155](index=155&type=chunk) - There are no buyback special accounts among the top 10 shareholders[156](index=156&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=59&type=section&id=6.4%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no significant changes in the shareholdings of the company's directors, supervisors, and senior management; some resigned supervisors and the vice chairman maintained their initial shareholdings without any increases or decreases Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Number of Shares Increased in Current Period (shares) | Number of Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Hong | Vice Chairman | Current | 23,107 | 0 | 0 | 23,107 | | Wang Ming'an | Chairman of Supervisory Board | Resigned | 39,000 | 0 | 0 | 39,000 | | Feng Kaizhong | Supervisor | Resigned | 13,000 | 0 | 0 | 13,000 | | Feng Bo | Supervisor | Resigned | 600 | 0 | 0 | 600 | | Total | -- | -- | 75,707 | 0 | 0 | 75,707 | [Changes in Controlling Shareholder or Actual Controller](index=59&type=section&id=6.5%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[158](index=158&type=chunk) - The company's actual controller did not change during the reporting period[158](index=158&type=chunk) [Preferred Share Information](index=60&type=section&id=6.6%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[159](index=159&type=chunk) [Bond-Related Information](index=61&type=section&id=Item%207.%20Bond-Related%20Information) This section provides details on the company's bond issuances, including corporate bonds, and presents key accounting and financial indicators for the past two years [Enterprise Bonds](index=61&type=section&id=7.1%20Enterprise%20Bonds) The company had no enterprise bonds during the reporting period - The company had no enterprise bonds during the reporting period[161](index=161&type=chunk) [Corporate Bonds](index=61&type=section&id=7.2%20Corporate%20Bonds) The company issued RMB 501.03 million in 2025 public corporate bonds for professional investors (first tranche) at a 2.35% interest rate, with annual interest payments and principal repayment at maturity, posing no risk of delisting; credit ratings, guarantee status, and repayment plans remained stable and well-executed Basic Information of Corporate Bonds | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (RMB 10,000) | Interest Rate | Principal and Interest Repayment Method | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Tianyuan Group Co., Ltd. 2025 Public Issuance of Technology Innovation Corporate Bonds to Professional Investors (First Tranche) | 25 Tianyuan K1 | 524174 | 2025年04月03日 | 2025年04月07日 | 2033年04月07日 | 50,103.28 | 2.35% | Annual interest payment, single principal repayment | Shenzhen Stock Exchange | - There is no risk of the corporate bonds being delisted[163](index=163&type=chunk) - Credit rating results were not adjusted during the reporting period[164](index=164&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=62&type=section&id=7.3%20Non-Financial%20Enterprise%20Debt%2

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