安徽金春无纺布股份有限公司 2025 年半年度报告全文 安徽金春无纺布股份有限公司 2025 年半年度报告 2025-052 2025 年 8 月 27 日 1 安徽金春无纺布股份有限公司 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。 公司负责人杨如新、主管会计工作负责人仰宗勇及会计机构负责人(会计 主管人员)仰宗勇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 4 | | --- | | 第二节 | 公司简介和主要财务指标 6 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 9 | | | 第四节 | 公司治理、环境和社会 | 27 | | 第五节 | 重要事项 | 30 | | 第六节 | 股份变动及股东情况 | 35 | | 第七节 | 债券相关情况 40 | | | 第八节 | 财务报告 ...

深圳市广和通无线股份有限公司 2025 年半年度报告 2025-056 2025 年 8 月 深圳市广和通无线股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人张天瑜、主管会计工作负责人王红艳及会计机构负责人(会计 主管人员)王红艳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告所涉及的发展战略及未来计划等前瞻性陈述，不构成公司对投资者 的实质承诺。投资者及相关人士均应当对此保持足够的风险认识，并且应当理 解计划、预测与承诺之间的差异。 本公司请投资者认真阅读本半年度报告全文，并特别注意公司面临的风险 因素，详见本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应 对措施"部分。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | ...

Section I. Important Notice, Table of Contents, and Definitions This section provides assurance on report accuracy, highlights key risks like food safety and industry competition, and confirms no half-year cash dividends or share transfers from capital reserves - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the half-year report content, free from false statements, misleading representations, or major omissions, and assume individual and joint legal responsibility[4](index=4&type=chunk) - The company's main products, including pre-mixed cocktails, spirits, and edible flavors, carry food safety risks[6](index=6&type=chunk) - Intensified competition in the pre-mixed cocktail industry poses a risk of market share impact for the company as a leading enterprise[6](index=6&type=chunk) - The accelerating development and expansion of the whiskey market increase competition risks for the company's whiskey business[8](index=8&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[9](index=9&type=chunk) Section II. Company Profile and Key Financial Indicators This section presents the company's basic information and key financial data, showing a decrease in operating revenue and net profit attributable to shareholders, but a significant increase in net cash flow from operating activities - The company's stock abbreviation is "Bairun Stock", stock code "002568", listed on the Shenzhen Stock Exchange[19](index=19&type=chunk) 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Period (CNY) | Year-over-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,488,980,039.73 | 1,628,293,123.04 | -8.56% | | Net Profit Attributable to Shareholders of Listed Company | 389,081,512.16 | 402,457,459.68 | -3.32% | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains and Losses | 356,130,546.88 | 391,515,472.49 | -9.04% | | Net Cash Flow from Operating Activities | 490,763,833.14 | 293,761,714.68 | 67.06% | | Basic Earnings Per Share (CNY/share) | 0.38 | 0.39 | -2.56% | | Diluted Earnings Per Share (CNY/share) | 0.38 | 0.39 | -2.56% | | Weighted Average Return on Net Assets | 8.06% | 9.58% | -1.52% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from End of Prior Year** | | | Total Assets | 8,324,349,198.15 | 8,118,648,546.14 | 2.53% | | Net Assets Attributable to Shareholders of Listed Company | 4,764,194,910.91 | 4,686,721,541.20 | 1.65% | 2025 Half-Year Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -162,424.94 | | Government grants recognized in current profit or loss | 38,530,496.91 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 304,746.20 | | Other non-operating income and expenses | 4,909,185.35 | | Other non-recurring gains and losses (personal income tax handling fee refund) | 314,808.29 | | Less: Income tax impact | 10,943,751.14 | | Non-controlling interests impact (after tax) | 2,095.39 | | **Total** | **32,950,965.28** | Section III. Management Discussion and Analysis This section details the company's main businesses, operating model, brand operations, core competitiveness, financial data changes, asset and liability status, investments, subsidiary analysis, and risk response measures during the reporting period [I. Main Businesses During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20During%20the%20Reporting%20Period) The company primarily engages in the R&D, production, and sales of pre-mixed cocktails, spirits, and flavorings, with alcoholic beverages being the main revenue source and flavorings serving the food industry - Alcoholic beverage business accounts for **88.49% of revenue**, and flavorings business accounts for **11.51%**[31](index=31&type=chunk) - RIO pre-mixed cocktails, including Micro-drunk, Refreshing, Strong, Classic, and Light Enjoy series, have maintained the **number one market share nationwide for many years**[32](index=32&type=chunk)[38](index=38&type=chunk) - The spirits business primarily features "Laizhou" single malt whiskey, "Bailide" blended whiskey, "Jiaoyu" gin, and "Linglie" vodka series, with Laizhou Distillery having **leading whiskey production capacity in China**[33](index=33&type=chunk)[39](index=39&type=chunk) - Flavoring products are mainly edible flavors, widely used in juice beverages, ice cream, dairy products, and baked goods, with the company recognized as a **top ten enterprise in China's flavor and fragrance industry**[34](index=34&type=chunk)[35](index=35&type=chunk)[40](index=40&type=chunk) - Alcoholic beverage sales primarily follow a **distribution model**, supplemented by direct sales, across offline and digital retail channels[37](index=37&type=chunk)[41](index=41&type=chunk) - The flavoring business adopts a **"production-to-order" model**, with sales primarily direct and supplemented by distribution[37](index=37&type=chunk)[41](index=41&type=chunk) Main Business Operating Revenue, Cost, and Gross Margin by Product Category | Product Category | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Alcoholic Beverages | 1,297,478,500.77 | 383,000,356.42 | 70.48% | -9.35% | -9.12% | -0.08% | | Edible Flavors | 168,829,719.82 | 49,383,975.17 | 70.75% | -3.91% | -10.08% | 2.01% | | **Total** | **1,466,308,220.59** | **432,384,331.59** | **70.51%** | **-8.75%** | **-9.23%** | **0.15%** | Changes in Distributor Numbers | Region | Number at Beginning of Period | New Additions | Reductions | Number at End of Period | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | North China | 484 | 86 | 10 | 560 | 16% | | East China | 477 | 115 | 51 | 541 | 13% | | South China | 623 | 117 | 105 | 635 | 2% | | West China | 484 | 105 | 57 | 532 | 10% | | **Total** | **2068** | **423** | **223** | **2268** | **10%** | 2025 Half-Year Production and Inventory Volumes | Industry Category | Item | Unit | 2025 Half-Year | 2024 Half-Year | Year-over-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Alcoholic Beverages | Sales Volume | boxes | 15,032,747 | 17,215,149 | -12.68% | | | Production Volume | boxes | 15,000,692 | 16,939,646 | -11.45% | | | Inventory Volume | boxes | 1,071,590 | 1,124,510 | -4.71% | | Edible Flavors | Sales Volume | kg | 1,709,787 | 1,755,694 | -2.61% | | | Production Volume | kg | 1,796,930 | 1,783,932 | 0.73% | | | Inventory Volume | kg | 228,340 | 110,353 | 106.92% | - Edible flavor inventory volume increased by **106.92% year-over-year**, primarily due to goods in transit[49](index=49&type=chunk) [II. Analysis of Core Competitiveness](index=15&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness stems from its integrated industrial chain, strong brand influence, continuous R&D innovation, and stringent quality assurance system - The company has established a **full industrial chain advantage** through resource sharing and synergy between its pre-mixed cocktail and flavoring businesses, and the commissioning of its spirits production base[51](index=51&type=chunk) - **Strong brand influence** is demonstrated by "RIO" pre-mixed cocktails' continuous market leadership, "Laizhou Distillery's" high recognition among domestic whiskey brands, and "BAIRUN" flavorings' widespread acceptance[52](index=52&type=chunk) - The company possesses **robust R&D capabilities** from nearly thirty years in the flavoring industry, enabling targeted development of pre-mixed cocktail products that meet consumer taste preferences and exploration of functional, seasonal, and regional flavor series[53](index=53&type=chunk) - The company has established a **comprehensive food safety and quality management system**, achieving multiple international certifications and continuously improving its quality traceability system to ensure product safety[53](index=53&type=chunk) [III. Analysis of Main Business Operations](index=17&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) During the reporting period, the company's alcoholic beverage and flavoring businesses maintained stable operations with high gross and net margins, and significantly optimized net operating cash flow - During the reporting period, the company's alcoholic beverage and flavoring businesses maintained stable operations, with **high gross and net margins**, significantly optimized net operating cash flow, achieving **operating revenue of 1,466.31 million CNY**[55](index=55&type=chunk) - The pre-mixed cocktail business continuously strengthened its multi-sub-brand matrix, implementing **precise brand promotion** through media placements, short-term Spring Festival endorsements, TV drama advertisements, gaming and esports collaborations, and new topic seeding on Douyin and Kuaishou[55](index=55&type=chunk) - The spirits business successfully launched **multiple whiskey circulation products** for the first time, steadily building the Laizhou whiskey product matrix, with the Laizhou Distillery Experience Center officially opening in April 2025 and cumulative barrel filling reaching **500,000 barrels by June 2025**[57](index=57&type=chunk)[58](index=58&type=chunk) - The flavoring business continued to vigorously promote its **key account strategy**, ceased tobacco flavoring operations, and maintained **continuous growth in its food flavoring business**[60](index=60&type=chunk) Year-over-year Changes in Key Financial Data | Item | Current Reporting Period (CNY) | Prior Period (CNY) | Year-over-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,488,980,039.73 | 1,628,293,123.04 | -8.56% | | | Selling Expenses | 300,903,053.82 | 397,121,915.43 | -24.23% | Primarily due to higher advertising expenses in the prior period | | Administrative Expenses | 114,798,471.27 | 100,263,501.37 | 14.50% | | | Income Tax Expense | 143,104,802.72 | 108,565,357.39 | 31.81% | Primarily due to adjustments in the operating entity for the company's flavoring business, re-certification of high-tech enterprise status, and phased changes in income tax rates | | Net Cash Flow from Operating Activities | 490,763,833.14 | 293,761,714.68 | 67.06% | Primarily due to adherence to a high-quality development strategy and proactive strengthening of accounts receivable management | | Net Cash Flow from Investing Activities | -171,709,409.30 | -574,026,516.39 | 70.09% | Primarily due to reduced capital expenditures | | Net Cash Flow from Financing Activities | -172,826,340.26 | 115,323,555.46 | -249.86% | Primarily due to cash dividend distribution in the current period | Operating Revenue Composition (by Region) | Region | Amount (CNY) | Percentage of Operating Revenue | Prior Period Amount (CNY) | Percentage of Operating Revenue in Prior Period | Year-over-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | North China | 231,307,283.39 | 15.54% | 294,377,850.80 | 18.08% | -21.43% | | East China | 534,072,605.64 | 35.87% | 560,612,846.44 | 34.43% | -4.73% | | South China | 482,304,174.00 | 32.39% | 467,843,118.69 | 28.73% | 3.09% | | West China | 218,624,157.56 | 14.68% | 284,127,086.88 | 17.45% | -23.05% | Selling Expenses Breakdown | Item | Current Period Amount (CNY) | Percentage | Year-over-year Growth Rate | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Employee Compensation (including labor costs) | 162,315,751.14 | 53.94% | 22.03% | | | Advertising and Promotional Expenses | 126,312,924.17 | 41.98% | -49.24% | Primarily due to higher advertising expenses in the prior period | | Warehousing Fees | 2,715,224.91 | 0.90% | -58.56% | Primarily due to the commissioning of self-owned warehouses | | Other Expenses | 9,559,153.60 | 3.18% | 9.81% | | | **Total** | **300,903,053.82** | **100.00%** | **-24.23%** | | [IV. Analysis of Non-Main Business Operations](index=20&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business%20Operations) During the reporting period, the company had no non-main business operations requiring disclosure - The company had no non-main business operations analysis during the reporting period[68](index=68&type=chunk) [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both increased, reflecting changes in investment structure and improved accounts receivable management - During the reporting period, there were no significant changes in the measurement attributes of the company's main assets[72](index=72&type=chunk) Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Percentage of Total Assets | Amount at End of Prior Year (CNY) | Percentage of Total Assets in Prior Year | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,092,742,765.60 | 25.14% | 1,931,150,651.54 | 23.79% | 1.35% | | Accounts Receivable | 93,442,320.61 | 1.12% | 260,377,985.21 | 3.21% | -2.09% | | Inventories | 1,237,615,903.62 | 14.87% | 1,042,631,885.52 | 12.84% | 2.03% | | Fixed Assets | 3,734,726,778.42 | 44.87% | 2,924,667,057.45 | 36.02% | 8.85% | | Construction in Progress | 229,759,569.74 | 2.76% | 877,978,487.55 | 10.81% | -8.05% | | Short-term Borrowings | 1,229,935,238.00 | 14.78% | 1,042,390,596.06 | 12.84% | 1.94% | | Bonds Payable | 1,067,183,858.69 | 12.82% | 1,052,714,417.80 | 12.97% | -0.15% | [VI. Analysis of Investment Status](index=22&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment decreased by 34.27% year-over-year, with raised funds primarily allocated to whiskey aging projects, and idle funds temporarily used for working capital having been repaid - The company had no significant equity investments, non-equity investments, securities investments, or derivative investments during the reporting period[75](index=75&type=chunk)[76](index=76&type=chunk) - The whiskey aging projects have been put into use, with products entering the aging period as planned[83](index=83&type=chunk) - The company repeatedly used idle raised funds to temporarily supplement working capital, which were all repaid to the special raised funds account before April 22, 2025[84](index=84&type=chunk) Investment Amount During the Reporting Period | Investment Amount in Current Reporting Period (CNY) | Investment Amount in Prior Period (CNY) | Change Rate | | :--- | :--- | :--- | | 377,828,546.70 | 574,842,393.05 | -34.27% | Raised Funds Committed Projects | Project Name | Total Committed Investment (CNY 10,000) | Cumulative Investment Amount at End of Current Reporting Period (CNY 10,000) | Investment Progress at End of Period | | :--- | :--- | :--- | :--- | | Spirits (Whiskey) Aging and Maturation Project | 99,092.46 | 73,572.98 | 74.25% | | Malt Whiskey Aging and Maturation Project | 111,281.49 | 107,944.69 | 97.00% | [VII. Major Asset and Equity Sales](index=25&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any major asset or equity sales - The company did not sell any major assets or equity during the reporting period[86](index=86&type=chunk)[87](index=87&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=25&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main holding and participating company, Shanghai Bacchus Liquor Co., Ltd., and its subsidiaries, demonstrated good performance in total assets, net assets, operating revenue, operating profit, and net profit at the end of the reporting period - The company did not acquire or dispose of any subsidiaries during the reporting period[89](index=89&type=chunk) Financial Data of Major Subsidiary Shanghai Bacchus Liquor Co., Ltd. | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Bacchus Liquor Co., Ltd. | Subsidiary | Manufacturing | 120,000,000.00 | 6,023,420,915.45 | 1,423,703,518.66 | 1,329,077,054.03 | 361,399,766.68 | 278,468,963.40 | [IX. Information on Structured Entities Controlled by the Company](index=26&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[90](index=90&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=26&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks related to food safety, intensified competition in the pre-mixed cocktail industry, and intensified competition in the whiskey industry, which it actively addresses through robust quality management, innovation, product diversification, and brand building - **Food Safety Risk**: The company has established a quality assurance system compliant with international standards, strictly implementing quality and environmental management to ensure product hygiene and safety[90](index=90&type=chunk) - **Intensified Competition in Pre-mixed Cocktail Industry**: The company will enhance management and innovation capabilities, enrich product categories, optimize product structure, and strengthen brand building to improve core competitiveness[90](index=90&type=chunk) - **Intensified Competition in Whiskey Industry**: The company will enhance management and R&D capabilities, enrich its product matrix, strengthen brand building, and innovate its marketing system to continuously improve overall competitiveness[92](index=92&type=chunk) [XI. Implementation of Market Value Management System and Valuation Enhancement Plan](index=27&type=section&id=XI.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company approved its "Market Value Management System" on April 25, 2025, to regulate market value management and protect the legitimate rights and interests of the company and investors, but has not disclosed a valuation enhancement plan - The company approved the "Market Value Management System" on April 25, 2025, aiming to regulate market value management and protect the legitimate rights and interests of the company, investors, and other stakeholders[93](index=93&type=chunk) - The company has not disclosed a valuation enhancement plan[93](index=93&type=chunk) [XII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=27&type=section&id=XII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has not disclosed any announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed any announcement regarding its "Quality and Return Dual Improvement" action plan[94](index=94&type=chunk) Section IV. Corporate Governance, Environment, and Society This section covers corporate governance, environmental, and social responsibility, noting no changes in directors, supervisors, or senior management, no half-year profit distribution, and details on the 2021 restricted stock incentive plan and environmental disclosures - The company's directors, supervisors, and senior management had no changes during the reporting period[96](index=96&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[97](index=97&type=chunk) - The company implemented the 2021 Restricted Stock Incentive Plan, with revisions to the restricted period, unlocking arrangements, and performance assessment requirements[98](index=98&type=chunk)[102](index=102&type=chunk)[106](index=106&type=chunk) - Subsidiary Bacchus Liquor (Chengdu) Co., Ltd. was included in the list of enterprises required to disclose environmental information by law and has disclosed environmental information on relevant platforms[108](index=108&type=chunk) - During the reporting period, the company has not yet carried out work related to consolidating and expanding poverty alleviation achievements or rural revitalization[109](index=109&type=chunk) Section V. Important Matters This section reports on the company's latest status regarding important commitments, fund occupation, external guarantees, auditor appointments, litigation, related party transactions, and major contracts - During the reporting period, the company had no unfulfilled major commitments, no non-operating fund occupation by controlling shareholders or other related parties, and no illegal external guarantees[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) - The company's half-year financial report was unaudited[114](index=114&type=chunk) - During the reporting period, the company had no major lawsuits or arbitrations, but there were other litigation matters not meeting the major disclosure threshold, with a total involved amount of **32.36 million CNY (unsettled)** and **7.36 million CNY (settled)**[116](index=116&type=chunk)[117](index=117&type=chunk) - The company had no penalties or rectification situations during the reporting period[118](index=118&type=chunk) - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - At the end of the reporting period, the actual guarantee balance for subsidiaries totaled **1,410.13 million CNY**, accounting for **29.60% of the company's net assets**[133](index=133&type=chunk) Company Guarantees for Subsidiaries (Partial) | Name of Guaranteed Party | Guarantee Limit (CNY 10,000) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai RIO Liquor Marketing Co., Ltd. | 10,000 | May 23, 2024 | 10,000 | Joint and several liability guarantee | Yes | Yes | | Shanghai Bacchus Liquor Marketing Co., Ltd. | 18,000 | May 23, 2024 | 18,000 | Joint and several liability guarantee | No | Yes | | Shanghai RIO Liquor Marketing Co., Ltd. | 10,000 | January 20, 2025 | 10,000 | Joint and several liability guarantee | No | Yes | | Shanghai Bacchus Liquor Marketing Co., Ltd. | 30,000 | May 26, 2025 | 15,000 | Joint and several liability guarantee | No | Yes | Section VI. Share Changes and Shareholder Information This section details the company's share changes, primarily due to changes in locked shares held by directors, supervisors, and senior management, and lists the total number of shareholders, top ten shareholders, and treasury stock holdings at the end of the reporting period - Share changes were primarily due to changes in the number of locked shares held by the company's directors, supervisors, and senior management[140](index=140&type=chunk) - At the end of the reporting period, the total number of common shareholders was **34,522**[145](index=145&type=chunk) - The company's dedicated share repurchase securities account holds **11,593,683 shares**, accounting for **1.10% of the company's total share capital**[146](index=146&type=chunk) - The company's directors, supervisors, and senior management's shareholdings did not change during the reporting period[148](index=148&type=chunk) - The company's controlling shareholder and actual controller did not change during the reporting period[149](index=149&type=chunk) Share Changes | Category | Number Before This Change (shares) | Proportion | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 332,976,693 | 31.73% | -6,366,013 | 326,610,680 | 31.12% | | II. Unrestricted Shares | 716,392,262 | 68.27% | 6,366,013 | 722,758,275 | 68.88% | | III. Total Shares | 1,049,368,955 | 100.00% | 0 | 1,049,368,955 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Shares Unlocked in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Liu Xiaodong | 319,191,376 | 0 | 319,191,376 | According to regulations for directors, supervisors, and senior management shareholding | | Zhang Qizhong | 6,366,013 | 6,366,013 | 0 | According to regulations for directors, supervisors, and senior management shareholding | | Equity Incentive Restricted Shares (excluding directors, supervisors, and senior management) | 1,626,800 | 0 | 1,626,800 | According to the company's 2021 Restricted Stock Incentive Plan | Top 10 Shareholders' Shareholding (Partial) | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Xiaodong | Domestic Natural Person | 40.56% | 425,588,502 | 319,191,376 | 106,397,126 | Pledged 104,050,000 shares | | Liu Haibin | Domestic Natural Person | 5.92% | 62,161,798 | 0 | 62,161,798 | Pledged 13,500,000 shares | Section VII. Bond-Related Information This section discloses the issuance, holders, changes, conversion, and conversion price adjustments of the company's convertible corporate bonds "Bairun Convertible Bonds", noting minor conversions and multiple price adjustments due to equity incentives and profit distribution - The company publicly issued **1.128 billion CNY** convertible corporate bonds "Bairun Convertible Bonds" on September 29, 2021, with a conversion period from April 12, 2022, to September 28, 2027[155](index=155&type=chunk) - During the reporting period, **1,000.00 CNY** of the company's A-share convertible bonds were converted into **21 shares** of the company's A-share common stock[160](index=160&type=chunk)[161](index=161&type=chunk)[423](index=423&type=chunk) - The company's corporate credit rating is **AA**, convertible corporate bond credit rating is **AA**, and the rating outlook is stable, with no change in credit rating status[163](index=163&type=chunk) Top Ten Convertible Bond Holders (Partial) | No. | Name of Convertible Bond Holder | Nature of Convertible Bond Holder | Number of Convertible Bonds Held at End of Reporting Period (units) | Amount of Convertible Bonds Held at End of Reporting Period (CNY) | Percentage of Convertible Bonds | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Liu Xiaodong | Domestic Natural Person | 4,579,332 | 457,933,200.00 | 40.61% | | 2 | Industrial Bank Co., Ltd. - Xingquan New Horizon Flexible Allocation Periodically Open Hybrid Initiated Securities Investment Fund | Other | 882,930 | 88,293,000.00 | 7.83% | Changes in Convertible Bonds During the Reporting Period | Convertible Corporate Bond Name | Amount Before This Change (CNY) | Conversion (CNY) | Amount After This Change (CNY) | | :--- | :--- | :--- | :--- | | Bairun Convertible Bonds | 1,127,511,900.00 | 1,000.00 | 1,127,510,900.00 | Historical Conversion Price Adjustments (Partial) | Convertible Corporate Bond Name | Conversion Price Adjustment Date | Adjusted Conversion Price (CNY) | Disclosure Date | Explanation for Conversion Price Adjustment | Latest Conversion Price at End of Current Reporting Period (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bairun Convertible Bonds | January 24, 2022 | 66.83 | January 21, 2022 | Listing of new shares from the company's 2021 Restricted Stock Incentive Plan | 46.66 | | Bairun Convertible Bonds | June 05, 2025 | 46.66 | May 27, 2025 | Completion of the company's 2024 annual equity distribution | 46.66 | Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Reporting Period | End of Prior Year | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Current Ratio | 1.50 | 1.51 | -0.66% | | Asset-Liability Ratio | 42.77% | 42.15% | 0.62% | | Quick Ratio | 0.98 | 1.05 | -6.67% | | **Item** | **Current Reporting Period** | **Prior Period** | **Change from Prior Period** | | Net Profit After Non-recurring Gains and Losses | 356.13 million CNY | 391.52 million CNY | -9.04% | | Net Cash Flow from Operating Activities | 490.76 million CNY | 293.76 million CNY | 67.06% | Section VIII. Financial Report This section provides the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on company information, accounting policies, and financial statement items [I. Audit Report](index=45&type=section&id=I.%20Audit%20Report) The company's half-year financial report was unaudited - The company's half-year financial report was unaudited[167](index=167&type=chunk) [II. Financial Statements](index=45&type=section&id=II.%20Financial%20Statements) This part 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, reflecting the financial position at the end of the period and operating results and cash flows during the period Consolidated Balance Sheet (End of Period Balance) | Item | End of Period Balance (CNY) | Beginning of Period Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,092,742,765.60 | 1,931,150,651.54 | | Accounts Receivable | 93,442,320.61 | 260,377,985.21 | | Inventories | 1,237,615,903.62 | 1,042,631,885.52 | | Fixed Assets | 3,734,726,778.42 | 2,924,667,057.45 | | Construction in Progress | 229,759,569.74 | 877,978,487.55 | | Short-term Borrowings | 1,229,935,238.00 | 1,042,390,596.06 | | Bonds Payable | 1,067,183,858.69 | 1,052,714,417.80 | | Total Liabilities | 3,560,154,287.24 | 3,421,678,576.51 | | Total Equity Attributable to Parent Company Owners | 4,764,194,910.91 | 4,686,721,541.20 | | Total Assets | 8,324,349,198.15 | 8,118,648,546.14 | Consolidated Income Statement (2025 Half-Year) | Item | 2025 Half-Year (CNY) | 2024 Half-Year (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,488,980,039.73 | 1,628,293,123.04 | | Total Operating Costs | 1,003,355,446.04 | 1,132,817,393.57 | | Operating Profit | 527,535,042.18 | 507,615,305.15 | | Total Profit | 532,249,711.30 | 508,234,551.99 | | Net Profit | 389,144,908.58 | 399,669,194.60 | | Net Profit Attributable to Parent Company Shareholders | 389,081,512.16 | 402,457,459.68 | | Basic Earnings Per Share | 0.38 | 0.39 | Consolidated Cash Flow Statement (2025 Half-Year) | Item | 2025 Half-Year (CNY) | 2024 Half-Year (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 490,763,833.14 | 293,761,714.68 | | Net Cash Flow from Investing Activities | -171,709,409.30 | -574,026,516.39 | | Net Cash Flow from Financing Activities | -172,826,340.26 | 115,323,555.46 | | Net Increase in Cash and Cash Equivalents | 146,292,908.00 | -164,970,517.78 | [III. Company Basic Information](index=65&type=section&id=III.%20Company%20Basic%20Information) The company was established on June 19, 1997, listed on the Shenzhen Stock Exchange on March 25, 2011, and operates in the wine, beverage, and refined tea manufacturing industry, with Liu Xiaodong as its actual controller - The company was established on June 19, 1997, listed on the Shenzhen Stock Exchange on March 25, 2011, and operates in the wine, beverage, and refined tea manufacturing industry[204](index=204&type=chunk) - As of June 30, 2025, the company's total issued share capital was **1,049,368,955 shares**, with a registered capital of **1,049,368,955.00 CNY**[205](index=205&type=chunk) - The actual controller of the company is Liu Xiaodong[205](index=205&type=chunk) [IV. Basis of Financial Statement Preparation](index=66&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "General Provisions for Financial Reporting of Companies Issuing Securities Publicly (No. 15)" by the China Securities Regulatory Commission, on a going concern basis - The financial statements are prepared in accordance with the "Enterprise Accounting Standards" and the "General Provisions for Financial Reporting of Companies Issuing Securities Publicly (No. 15)"[207](index=207&type=chunk) - The financial statements are prepared on a going concern basis, and the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[208](index=208&type=chunk)[209](index=209&type=chunk) [V. Significant Accounting Policies and Estimates](index=66&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combination accounting, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions, financial instruments, inventories, long-term equity investments, investment properties, 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, preferred shares/perpetual bonds, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[210](index=210&type=chunk) - The materiality standard for individually impaired accounts receivable and other receivables is an **end-of-period balance >= 15 million CNY**; for significant construction in progress, it is an **end-of-period balance >= 40 million CNY**[215](index=215&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[227](index=227&type=chunk) - Inventories are classified as raw materials, packaging materials, finished goods, goods in transit, work in progress, by-products, self-made semi-finished products, and low-value consumables, and are valued using the **weighted average method** upon issuance[248](index=248&type=chunk)[249](index=249&type=chunk) - Fixed asset depreciation is calculated using the **straight-line method**, with depreciation periods of **20-45 years for buildings** and **5-10 years for specialized equipment**[263](index=263&type=chunk) - R&D expenditures are divided into research and development phases; research phase expenditures are expensed in the current period, while development phase expenditures meeting specific criteria are recognized as intangible assets[273](index=273&type=chunk)[274](index=274&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, with alcoholic beverage sales primarily through **distribution** and flavoring sales primarily through **direct sales**[293](index=293&type=chunk)[297](index=297&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized into profit or loss over time, while income-related grants are recognized directly or deferred into profit or loss[300](index=300&type=chunk)[302](index=302&type=chunk) - Consideration paid and transaction costs incurred by the company for repurchasing its own equity instruments reduce owners' equity and are managed as treasury stock[322](index=322&type=chunk) [VI. Taxes](index=93&type=section&id=VI.%20Taxes) This section discloses the company's main tax categories and rates, including VAT, consumption tax, urban maintenance and construction tax, and corporate income tax, noting that some subsidiaries enjoy preferential corporate income tax policies for small and micro-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6%, 5%, 3%, 1% | | Consumption Tax | Taxable sales income (quantity) | 20% plus 0.5 CNY/500g (or 500ml), 10% | | Urban Maintenance and Construction Tax | Actual VAT and Consumption Tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | See explanation (25% or 5%) | - The company's 11 subsidiaries, including Shanghai Bairun Flavoring Co., Ltd., are recognized as small and micro-profit enterprises, enjoying a preferential policy where their annual taxable income is reduced by **25%** and taxed at a **20% corporate income tax rate**[326](index=326&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=94&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for various assets, liabilities, owners' equity, income, and expenses in the consolidated financial statements, including end-of-period balances, beginning-of-period balances, current period changes, and related explanations for items such as cash and cash equivalents, accounts receivable, inventories, fixed assets, construction in progress, short-term borrowings, bonds payable, operating revenue, operating costs, selling expenses, administrative expenses, financial expenses, and income tax expenses Cash and Cash Equivalents End of Period Balance | Item | End of Period Balance (CNY) | Beginning of Period Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 56,694.18 | 42,971.36 | | Bank Deposits | 2,089,452,418.75 | 1,923,556,289.59 | | Other Cash and Cash Equivalents | 3,233,652.67 | 7,551,390.59 | | **Total** | **2,092,742,765.60** | **1,931,150,651.54** | Accounts Receivable End of Period Book Balance by Age | Age | End of Period Book Balance (CNY) | Beginning of Period Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 Year (inclusive) | 89,553,991.71 | 260,757,943.93 | | 1 to 2 Years | 3,051,417.44 | 2,111,366.23 | | 2 to 3 Years | 4,167,658.25 | 4,176,904.24 | | Over 3 Years | 31,544.57 | 22,275.15 | | **Total** | **96,804,611.97** | **267,068,489.55** | Inventory Classification End of Period Balance | Item | Book Value (CNY) | | :--- | :--- | | Raw Materials | 94,548,711.04 | | Work in Progress | 1,352,597.83 | | Goods in Transit | 3,277,072.91 | | Packaging Materials | 24,099,648.14 | | Low-Value Consumables | 10,173,720.68 | | Finished Goods | 59,191,350.12 | | Self-Made Semi-Finished Products | 1,044,799,248.19 | | By-Products | 173,554.71 | | **Total** | **1,237,615,903.62** | Fixed Assets (Book Value) | Item | End of Period Book Value (CNY) | Beginning of Period Book Value (CNY) | | :--- | :--- | :--- | | Buildings and Structures | 2,313,187,715.22 | 1,809,232,811.67 | | Specialized Equipment | 1,331,691,746.66 | 1,064,689,511.79 | | General Equipment | 14,058,757.72 | 14,779,754.01 | | Transportation Equipment | 15,594,151.51 | 14,975,225.12 | | Other Equipment | 60,194,407.31 | 20,989,754.86 | | **Total** | **3,734,726,778.42** | **2,924,667,057.45** | Construction in Progress (Book Value) | Item | End of Period Book Value (CNY) | Beginning of Period Book Value (CNY) | | :--- | :--- | :--- | | Malt Whiskey Aging and Maturation Project | 123,500,790.14 | 478,325,272.95 | | Spirits Brand Culture Experience Center | 62,591,008.35 | 356,317,033.43 | | Spirits (Whiskey) Aging and Maturation Project | 16,671,673.58 | 16,970,945.75 | | **Total** | **229,759,569.74** | **877,978,487.55** | Short-term Borrowings Classification | Item | End of Period Balance (CNY) | Beginning of Period Balance (CNY) | | :--- | :--- | :--- | | Guaranteed Loans | 1,221,434,313.00 | 1,041,890,387.73 | | Credit Loans | 8,500,925.00 | 500,208.33 | | **Total** | **1,229,935,238.00** | **1,042,390,596.06** | Operating Revenue and Operating Costs | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,466,308,220.59 | 432,384,331.59 | 1,606,960,902.81 | 476,338,537.11 | | Other Businesses | 22,671,819.14 | 9,331,012.56 | 21,332,220.23 | 10,868,626.66 | | **Total** | **1,488,980,039.73** | **441,715,344.15** | **1,628,293,123.04** | **487,207,163.77** | Selling Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 84,072,608.25 | 86,218,023.90 | | Advertising Expenses | 67,078,352.49 | 165,459,633.72 | | Labor Costs | 56,511,279.58 | 29,653,895.15 | | Marketing Activity Expenses | 44,182,106.06 | 67,642,340.57 | | **Total** | **300,903,053.82** | **397,121,915.43** | Financial Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Interest Expense | 33,759,711.30 | 31,338,371.65 | | Interest Income | -23,079,069.71 | -19,605,238.05 | | Exchange Gains/Losses | -69,484.53 | 29,271.53 | | Other | 1,096,488.02 | 1,180,200.45 | | **Total** | **11,707,645.08** | **12,942,605.58** | Income Tax Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Current Income Tax Expense | 122,071,029.01 | 114,674,891.70 | | Deferred Income Tax Expense | 21,033,773.71 | -6,109,534.31 | | **Total** | **143,104,802.72** | **108,565,357.39** | [VIII. R&D Expenses](index=126&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, the company's total R&D expenses were **43.60 million CNY**, a slight year-over-year decrease, entirely expensed, primarily comprising employee compensation, utilities, and depreciation - All R&D expenditures in the current period were expensed[488](index=488&type=chunk) R&D Expense Composition | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 26,647,124.29 | 29,910,654.31 | | Utilities | 3,667,066.35 | 3,799,501.28 | | Depreciation | 2,947,268.07 | 2,615,991.02 | | Amortization of Low-Value Consumables | 2,077,203.86 | 2,269,702.63 | | **Total** | **43,600,823.75** | **45,186,246.15** | [IX. Interests in Other Entities](index=126&type=section&id=IX.%20Interests%20in%20Other%20Entities) This section outlines the company's corporate group structure, including several wholly-owned subsidiaries primarily engaged in manufacturing and trading, and details the acquisition of minority shareholder equity in Shanghai Yuetiao Technology Co., Ltd., which reduced non-controlling interests and increased capital reserve - The company owns several wholly-owned subsidiaries, including Shanghai Bairun Flavor & Fragrance Co., Ltd. and Shanghai Bacchus Liquor Co., Ltd., with main businesses covering manufacturing and trading[490](index=490&type=chunk)[491](index=491&type=chunk) - During the reporting period, the company's wholly-owned subsidiary, Shanghai Bacchus Liquor Co., Ltd., acquired a **45.00% equity stake** held by minority shareholders in Shanghai Yuetiao Technology Co., Ltd. for **10,248,428.43 CNY** in cash, resulting in the company indirectly holding **100.00% equity** in Shanghai Yuetiao Technology Co., Ltd. after the transaction[492](index=492&type=chunk) - This transaction resulted in a **decrease of 10,311,824.85 CNY in non-controlling interests** and an **increase of 63,396.42 CNY in capital reserve**[492](index=492&type=chunk)[495](index=495&type=chunk) [X. Government Grants](index=129&type=section&id=X.%20Government%20Grants) This section discloses the company's government grant-related liability items and government grants recognized in current profit or loss during the reporting period, including asset-related grants for spirits production base upgrades and income-related grants recognized in other income Liability Items Involving Government Grants | Accounting Account | Beginning of Period Balance (CNY) | New Grants in Current Period (CNY) | Amount Recognized in Other Income in Current Period (CNY) | End of Period Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | RIO Cocktail Capacity Upgrade Production Line Technology Transformation Project | 1,291,523.50 | 0 | 409,653.48 | 881,870.02 | Asset-related | | Chengdu Phase II Project Subsidy | 17,790,769.20 | 0 | 1,270,769.24 | 16,519,999.96 | Asset-related | | Spirits Production Base Upgrade Project Construction Subsidy | 39,164,904.03 | 50,000,000.00 | 1,548,165.12 | 87,616,738.91 | Asset-related | | Land Compensation | 2,050,000.00 | 0 | 0 | 2,050,000.00 | Income-related | | **Total** | **60,986,121.44** | **50,000,000.00** | **3,326,232.01** | **107,659,889.43** | | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income | 38,310,496.91 | 12,854,684.62 | | Financial Expenses (Loan Interest Subsidy) | -220,000.00 | 0 | [XI. Related Parties and Related Party Transactions](index=130&type=section&id=XI.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses that Liu Xiaodong is the company's ultimate controlling party and lists multiple related party guarantees provided by the company for its subsidiaries, with key management personnel compensation totaling **5,033,946.12 CNY** - The ultimate controlling party of the company is Liu Xiaodong[501](index=501&type=chunk) Related Party Guarantees Provided by the Company for Subsidiaries (Partial) | Guaranteed Party | Guarantee Amount (CNY) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shanghai RIO Liquor Marketing Co., Ltd. | 100,000,000.00 | May 23, 2024 | May 21, 2025 | Yes | | Shanghai Bacchus Liquor Marketing Co., Ltd. | 180,000,000.00 | May 23, 2024 | November 23, 2025 | No | | Shanghai RIO Liquor Marketing Co., Ltd. | 100,000,000.00 | January 20, 2025 | January 16, 2026 | No | Key Management Personnel Compensation | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 5,033,946.12 | 4,702,824.66 | [XII. Share-based Payments](index=131&type=section&id=XII.%20Share-based%20Payments) This section discloses the implementation of the company's 2021 Restricted Stock Incentive Plan, including categories of grantees, forfeited quantities, and amounts, noting that some restricted shares were forfeited due to unfulfilled unlocking conditions and employee departures, and the plan's terms have been revised multiple times - The company's 2021 Restricted Stock Incentive Plan's initial grant date was January 12, 2022, with a grant price of **30.34 CNY/share** to **211 incentive recipients**, totaling **2,275,000 shares** initially granted[510](index=510&type=chunk) - The terms of the incentive plan, including the restricted period, unlocking arrangements, and company-level performance assessment requirements, have been revised multiple times, with a maximum validity period not exceeding **60 months**[517](index=517&type=chunk) - The total expense recognized for equity-settled share-based payments in the current period was **-833,819.63 CNY**[513](index=513&type=chunk)[515](index=515&type=chunk) Forfeited Share-based Payments in Current Period | Category of Grantee | Forfeited Quantity in Current Period (shares) | Forfeited Amount in Current Period (CNY) | | :--- | :--- | :--- | | Sales Personnel | 19,600.00 | 424,760.00 | | Management Personnel | 28,000.00 | 606,800.00 | | R&D Personnel | 16,800.00 | 364,080.00 | | **Total** | **64,400.00** | **1,395,640.00** | [XIII. Commitments and Contingencies](index=134&type=section&id=XIII.%20Commitments%20and%20Contingencies) At the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure - The company has no significant commitments requiring disclosure[519](index=519&type=chunk) - The company has no significant contingencies requiring disclosure[520](index=520&type=chunk) [XIV. Events After the Balance Sheet Date](index=134&type=section&id=XIV.%20Events%20After%20the%20Balance%20Sheet%20Date) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[521](index=521&type=chunk) [XV. Other Important Matters](index=134&type=section&id=XV.%20Other%20Important%20Matters) The company has no other important matters requiring disclosure - The company has no other important matters requiring disclosure[522](index=522&type=chunk) [XVI. Notes to Parent Company Financial Statement Key Items](index=134&type=section&id=XVI.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Key%20Items) This section provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, and long-term equity investments, covering end-of-period balances, aging, impairment provision, and investments in subsidiaries - The parent company's flavoring business operating entity adjustment led to a significant year-over-year change in operating revenue[556](index=556&type=chunk) Parent Company Accounts Receivable End of Period Book Balance by Age | Age | End of Period Book Balance (CNY) | Beginning of Period Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 Year (inclusive) | 12,087.57 | 49,266,580.35 | | 1 to 2 Years | 7,255.00 | 7,255.00 | | **Total** | **19,342.57** | **49,273,835.35** | Parent Company Other Receivables by Nature of Account | Nature of Account | End of Period Book Balance (CNY) | Beginning of Period Book Balance (CNY) | | :--- | :--- | :--- | | Intercompany Fund Transfers (Consolidated) | 2,198,183,784.34 | 2,490,561,388.47 | | Land Purchase Intention Deposit | 15,000,000.00 | 15,000,000.00 | | Deposits and Guarantees | 109,060.00 | 1,591,000.00 | | **Total** | **2,213,295,894.34** | **2,507,430,443.13** | Parent Company Investments in Subsidiaries (Book Value) | Investee | Beginning of Period Balance (Book Value) (CNY) | Changes in Current Period (CNY) | End of Period Balance (Book Value) (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Bairun Flavor & Fragrance Co., Ltd. | 10,315,800.58 | 26,855.90 | 10,342,656.48 | | Shanghai Bacchus Liquor Co., Ltd. | 873,572,591.87 | 0 | 873,572,591.87 | | Shanghai Bairun Flavoring Co., Ltd. | 10,000,000.00 | 0 | 10,000,000.00 | | **Total** | **955,145,633.21** | **-549,084.60** | **954,596,548.61** | Parent Company Operating Revenue and Operating Costs | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,271,102.31 | 1,025,279.72 | 242,938,263.26 | 68,596,903.55 | | Other Businesses | 2,562,150.55 | 1,885,154.89 | 2,079,499.00 | 1,887,252.62 | | **Total** | **3,833,252.86** | **2,910,434.61** | **245,017,762.26** | **70,484,156.17** | Parent Company Investment Income | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Cost Method | 150,000,000.00 | 0 | | Investment Income from Disposal of Financial Assets Held for Trading | 304,746.20 | 679,638.37 | | **Total** | **150,304,746.20** | **679,638.37** | [XVII. Supplementary Information](index=141&type=section&id=XVII.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, noting that total non-recurring gains and losses for the reporting period amounted to **32,950,965.28 CNY** - Total non-recurring gains and losses for the reporting period amounted to **32,950,965.28 CNY**; the weighted average return on net assets attributable to common shareholders after deducting non-recurring gains and losses was **7.37%**[560](index=560&type=chunk)[562](index=562&type=chunk) Current Period Non-recurring Gains and Losses Detail | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -162,424.94 | | Government grants recognized in current profit or loss | 38,530,496.91 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 304,746.20 | | Other non-operating income and expenses | 4,909,185.35 | | Other non-recurring gains and losses (personal income tax handling fee refund) | 314,808.29 | | Less: Income tax impact | 10,943,751.14 | | Non-controlling interests impact (after tax) | 2,095.39 | | **Total** | **32,950,965.28** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (CNY/share) | Diluted Earnings Per Share (CNY/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 8.06% | 0.38 | 0.38 | | Net Profit Attributable to Common Shareholders After Non-recurring Gains and Losses | 7.37% | 0.34 | 0.34 | Section IX. Other Submitted Data This section confirms the absence of other significant social safety issues and lists activities for investor relations, including on-site visits and online platforms, and states no fund transfers with controlling shareholders or other related parties - The listed company and its subsidiaries have no other significant social safety issues and were not subject to administrative penalties during the reporting period[565](index=565&type=chunk) - The company has no fund transfers with controlling shareholders or other related parties[566](index=566&type=chunk) Registration Form for Investor Relations Activities (Partial) | Reception Time | Reception Location | Reception Method | Type of Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | February 28, 2025 | Company Meeting Room | On-site Visit | Institution | Discussion on company operations | | April 29, 2025 | Company Meeting Room | On-site Visit | Institution | Discussion on content related to the company's "2024 Annual Report" and company operations | | May 15, 2025 | SSE Roadshow Center | Online Platform Communication | Other | Discussion on content related to the company's "2024 Annual Report" and company operations |

四川蜀道装备科技股份有限公司2025年半年度报告全文 四川蜀道装备科技股份有限公司 2025年半年度报告 【2025年8月】 四川蜀道装备科技股份有限公司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。 公司负责人胡圣厦、主管会计工作负责人涂兵及会计机构负责人(会计主 管人员)谢志声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司 对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。 公司在经营中可能存在的风险因素内容已在本报告"第三节管理层讨论与 分析"之"十、公司面临的风险和应对措施"部分予以描述，敬请投资者注意 并仔细阅读该章节全部内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 1 | | --- | | 4 | | 第一节 | 重要提示、目录 ...

上海君实生物医药科技股份有限公司2025 年半年度报告 公司代码：688180 公司简称：君实生物 上海君实生物医药科技股份有限公司 2025 年半年度报告 1 / 208 上海君实生物医药科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 生物医药行业具有研发周期长、投入大、风险高的特点。公司在报告期内不断丰富产品管线， 持续探索药物的联合治疗，快速推进现有临床项目的开展和储备研发项目的开发，营业收入尚不 能覆盖研发费用及其他开支，报告期内公司尚未实现盈利。 报告期内，公司在创新药物的发现、研发、生产和商业化等方面皆有源头创新性、突破性进 展，现金流情况良好，公司核心管理层及研发团队稳定。随着更多在研产品逐步实现商业化以及 已上市产品更多适应症的拓展，公司的持续经营能力将不断提升。 公司致力于创新疗法的发现、开发和商业化。公司积极布局覆盖多项疾病治疗领域的在研产 品管线，未来仍将维持相应规模的研发投入用于在研产品的临床前研究、 ...

广州环投永兴集团股份有限公司2025 年半年度报告 广州环投永兴集团股份有限公司2025 年半年度报告 重要提示 公司代码：601033 公司简称：永兴股份 广州环投永兴集团股份有限公司 2025 年半年度报告 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述并不构成公司对投资者的实质承诺，请 投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 本公司已在本报告中详细描述可能存在的风险，敬请查阅第三节管理层讨论与分析中第五部 分"其他披露事项"之"可能面对的风险"相关内容。 十一、其他 □适用 √不适用 1/173 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 ...

南京华脉科技股份有限公司2025 年半年度报告 公司代码：603042 公司简称：华脉科技 南京华脉科技股份有限公司 2025 年半年度报告 1 / 199 南京华脉科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人胥爱民、主管会计工作负责人陆玉敏及会计机构负责人（会计主管人员）肖徐 秋子声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，投资者 均应对此保持足够的风险认识，并应当理解计划、预测与承诺之间的差异，请投资者注意投资风 险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事 ...

环旭电子股份有限公司2025 年半年度报告 公司代码：601231 公司简称：环旭电子 转债代码：113045 转债简称：环旭转债 环旭电子股份有限公司 2025 年半年度报告 1 / 183 环旭电子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈昌益、主管会计工作负责人Xinyu Wu及会计机构负责人（会计主管人员）黄 芳之声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 十、 重大风险提示 关于本公司所面临的主要风险见本报告中"其他披露事项"中"可能面对的风险"部分的描述。 十一、 其他 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存 ...

上海新炬网络信息技术股份有限公司 ................................................................................................................................................................................................................................2025 年半年度报告 重要提示 六、前瞻性陈述的风险声明 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司在本报告第三节"管理层讨论与分析"中的"五、其他披露事项"之"（一）可能面对的风险" 部分，详细描述了公司经营中可能存在的风险，敬请广大投资者关注相关内容。 十一、其他 √适用 □不适用 本报告所涉公司未来计划、发展战略等前瞻性陈述，不构成公司对任何投资者及相关人士的实质承 诺，敬请广大投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 ...

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