宁波圣龙汽车动力系统股份有限公司2025 年半年度报告 公司代码：603178 公司简称：圣龙股份 宁波圣龙汽车动力系统股份有限公司 2025 年半年度报告 二〇二五年八月 1 / 154 宁波圣龙汽车动力系统股份有限公司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、 公司负责人罗力成、主管会计工作负责人张勇及会计机构负责人（会计主管人员）阮方声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 否 十、 重大风险提示 本公司已在本报告中"管理层讨论与分析"章节阐述了公司可能面对的风险，敬请投资者予以关 注。 十一、 其他 □适用 √不适用 本报告中涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 ...

青岛啤酒股份有限公司 2025 年半年度报告 公司代码：600600 公司简称：青岛啤酒 青岛啤酒股份有限公司 2025 年半年度报告 1 / 157 青岛啤酒股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人姜宗祥、主管会计工作负责人侯秋燕及会计机构负责人（会计主管人员）孙卓晗 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 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 不适用 十一、 其他 □适用 √不适用 2 / 157 | 第一节 | 释义 4 | | --- | --- | | 第 ...

积成电子股份有限公司 2025 年半年度报告全文 积成电子股份有限公司 2025 年半年度报告 2025 年 8 月 1 积成电子股份有限公司 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。 公司负责人王良、主管会计工作负责人秦晓军及会计机构负责人(会计主 管人员)秦晓军声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的公司未来计划等前瞻性陈述，不构成公司对投资者的实 质性承诺，投资者及相关人士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。敬请广大投资者注意投资风险，理性投资。 公司目前不存在影响公司正常经营的重大风险。公司日常经营可能面临 的风险因素及应对措施详见本报告第三节"管理层讨论与分析"之"十、公 司面临的风险和应对措施"。敬请广大投资者注意查阅。 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 5、其他有关资料。 6、以上备查文件的备置 ...

新疆机械研究院股份有限公司 2025 年半年度报告全文 新疆机械研究院股份有限公司 2025 年半年度报告 2025-052 2025 年 8 月 1 新疆机械研究院股份有限公司 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。 公司负责人方德松、主管会计工作负责人刘蓉及会计机构负责人（会计 主管人员）欧利华声明：保证本半年度报告中财务报告的真实、准确、完 整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及未来计划、发展战略等前瞻性陈述的，均不构成公司对投 资者的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应 当理解计划、预测与承诺之间的差异。 公司在本报告"第三节 管理层讨论与分析/十：公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在的相关风险，敬请广大投资者 注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 2 | | --- ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no cash dividends, bonus shares, or capital reserve conversions planned for the reporting period, while advising investors to note various operational and financial risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the 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) - Key risks faced by the company include: production safety accidents, fluctuations in crude oil/refined oil and natural gas prices, management challenges from business expansion, goodwill impairment, and accounts receivable management[5](index=5&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions of common terms used in the report, including company names, major shareholders, and full names of subsidiaries, to ensure clear understanding of the report content - “Longzhou Group”, “Longzhou Shares”, “Company”, and “the Company” all refer to Longzhou Group Co., Ltd[12](index=12&type=chunk) - “Jiaotong Guotou” refers to Fujian Longyan Transportation State-owned Assets Investment and Management Co., Ltd., the company's major shareholder[12](index=12&type=chunk) - “Zhaohua Group” refers to Zhaohua Supply Chain Management Group Co., Ltd., a wholly-owned subsidiary of the company[12](index=12&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=Company%20Profile) This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, legal representative, and contact information, confirming no changes in contact details or information disclosure locations during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Longzhou Shares | | Stock Code | 002682 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Longzhou Group Co., Ltd. | | Legal Representative | Chen Mingsheng | - The company's registered address, office address, website, email, and information disclosure and placement locations remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 18.03% year-on-year, and net profit attributable to shareholders of listed companies decreased by 93.96% year-on-year, indicating significant operational pressure, with total assets and net assets also declining Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,112,677,911.54 | 1,357,485,379.50 | -18.03% | | Net Profit Attributable to Shareholders of Listed Company | -65,978,610.35 | -34,016,219.38 | -93.96% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | -78,862,829.21 | -43,033,863.39 | -83.26% | | Net Cash Flow from Operating Activities | 28,414,263.58 | 72,358,534.72 | -60.73% | | Basic Earnings Per Share | -0.1173 | -0.0605 | -93.88% | | Diluted Earnings Per Share | -0.1173 | -0.0605 | -93.88% | | Weighted Average Return on Net Assets | -5.40% | -2.47% | -2.93% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End Change from Prior Year-End** | | Total Assets | 5,848,370,577.75 | 6,237,333,496.87 | -6.24% | | Net Assets Attributable to Shareholders of Listed Company | 1,105,062,931.06 | 1,162,455,815.97 | -4.94% | - 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[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 12.88 million**, primarily from government subsidies and non-current asset disposal gains/losses, which had a positive impact on net profit Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 4,294,614.90 | | Government Subsidies Recognized in Current Profit or Loss (Excluding Those with Sustained Impact) | 16,862,732.71 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 6,000.00 | | Other Non-Operating Income and Expenses Apart from the Above Items | -930,851.80 | | Less: Income Tax Impact | 5,058,123.95 | | Impact on Minority Interests (After Tax) | 2,290,153.00 | | Total | 12,884,218.86 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) Part III Management Discussion and Analysis [Principal Businesses Engaged in During the Reporting Period](index=10&type=section&id=Principal%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) The company has established an integrated modern transportation service industry system with parallel development across multiple businesses, including modern logistics (asphalt supply chain), automobile manufacturing and services, passenger transportation and station services, and refined oil and natural gas sales - The company has established an integrated modern transportation service industry system with parallel development across multiple businesses, including modern logistics (asphalt supply chain), automobile manufacturing and services, passenger transportation and station services, and refined oil and natural gas sales[27](index=27&type=chunk) [Modern Logistics Business](index=10&type=section&id=Modern%20Logistics%20Business) The modern logistics business covers asphalt supply chain, port and terminal integrated services, and logistics park operations, continuously improving logistics node layout through new investments and mergers and acquisitions, with asphalt supply chain business accounting for a larger proportion and forming a complete business chain - The company's modern logistics business covers asphalt supply chain, port and terminal integrated services, and logistics park operations, primarily managed by subsidiaries such as Zhaohua Group[27](index=27&type=chunk) - Zhaohua Group's asphalt supply chain business accounts for a larger proportion, with its main services including asphalt special container logistics, modification processing and warehousing, base asphalt product warehousing, and e-commerce platform[28](index=28&type=chunk) [Automobile Manufacturing and Service Business](index=10&type=section&id=Automobile%20Manufacturing%20and%20Service%20Business) Wholly-owned subsidiary Changfeng Special Purpose Vehicle is a national high-tech enterprise and a 'specialized, refined, unique, and innovative' 'little giant' enterprise, primarily engaged in the R&D and manufacturing of emergency equipment vehicles such as emergency power vehicles and high-flow drainage vehicles, serving as an important domestic provider of special vehicle equipment and emergency services - Wholly-owned subsidiary Changfeng Special Purpose Vehicle is a national high-tech enterprise and a 'specialized, refined, unique, and innovative' 'little giant' enterprise, primarily engaged in the R&D and manufacturing of special purpose vehicles[30](index=30&type=chunk) - Changfeng Special Purpose Vehicle primarily produces emergency equipment vehicles such as emergency power vehicles, high-flow drainage vehicles, emergency energy storage charging vehicles, and communication command vehicles, with products sold to State Grid, China Southern Power Grid, and others[30](index=30&type=chunk) [Passenger Transportation and Station Services Business](index=11&type=section&id=Passenger%20Transportation%20and%20Station%20Services%20Business) The company's passenger transportation and station services business includes scheduled bus, tourism, taxi, and urban public transportation, as well as passenger station operations, primarily located in Longyan City and Nanping City, Fujian Province, with 35 passenger stations and 2,201 passenger vehicles - The company's passenger transportation and station services business covers scheduled bus, tourism, taxi, and urban public transportation, as well as passenger station operations[31](index=31&type=chunk) - As of June 30, 2025, the company owns **35 passenger stations** (5 first-class, 14 second-class), **2,201 passenger vehicles**, and **613 passenger routes**[31](index=31&type=chunk) [Refined Oil and Natural Gas Sales Business](index=11&type=section&id=Refined%20Oil%20and%20Natural%20Gas%20Sales%20Business) The company's refined oil and natural gas sales business primarily involves investing in, constructing, and operating gas and CNG stations in Longyan, Nanping, Wuhu (Anhui), and other locations, in cooperation with Sinopec, CNOOC, and PetroChina; controlling subsidiary Yan Yun Petrochemical owns 6 gas stations, and Longzhou CNOOC owns 2 gas stations and 1 CNG station - The company's refined oil and natural gas sales business primarily operates gas and CNG stations in Longyan, Nanping, Wuhu (Anhui), and other locations, in cooperation with Sinopec, CNOOC, and PetroChina[31](index=31&type=chunk) - Controlling subsidiary Yan Yun Petrochemical owns **6 gas stations**; Longzhou CNOOC owns **2 gas stations** and **1 CNG station**[31](index=31&type=chunk) [Other Businesses](index=11&type=section&id=Other%20Businesses) To extend the industrial chain and enhance integrated industrial development, the company also engages in information technology services, information system integration services, vehicle satellite positioning operation services, new energy vehicle charging station construction and operation, and transportation vocational education and training - The company engages in information technology services, information system integration services, vehicle satellite positioning operation services, new energy vehicle charging station construction and operation, and transportation vocational education and training[32](index=32&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies are reflected in its franchise advantages, industrial chain extension advantages, and unique strengths in specific businesses such as asphalt supply chain, port and terminal operations, passenger transportation and station services, and special purpose vehicle R&D and manufacturing - The company holds franchise licenses and qualifications in asphalt supply chain, port and terminal, automobile manufacturing, passenger transportation and station services, and refined oil sales, ensuring its industry position[34](index=34&type=chunk) - The company adheres to an industrial chain extension strategy, building a multi-dimensional industrial development system and strategically deploying in key domestic market regions to enhance risk resistance[34](index=34&type=chunk) - Zhaohua Group possesses patented asphalt containers, pioneering a 'door-to-door' multimodal transport logistics model combining water, rail, and road, which reduces costs and enhances competitiveness[35](index=35&type=chunk) - Anhui Zhongzhuang Logistics Port-Rear Logistics Park is strategically located on the main channel of the Yangtze River in Wuhu, forming a 'port-front, park-rear' logistics hub[35](index=35&type=chunk) - The company has established a dominant position in the passenger transportation industry in Longyan and Nanping regions through mergers and acquisitions, demonstrating significant economies of scale[36](index=36&type=chunk) - Changfeng Special Purpose Vehicle, as a national high-tech enterprise, possesses a strong R&D team with significant innovation capabilities, dedicated to the R&D and manufacturing of emergency equipment vehicles[36](index=36&type=chunk) [Analysis of Principal Business](index=12&type=section&id=Analysis%20of%20Principal%20Business) During the reporting period, the company's operating revenue decreased by 18.03% year-on-year, primarily due to reduced income from asphalt supply chain, port and terminal services, passenger transportation and station services, and refined oil and natural gas sales, while revenue from automobile manufacturing, sales, and services grew against the trend by 37.47% Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,112,677,911.54 | 1,357,485,379.50 | -18.03% | | | Operating Cost | 1,073,756,156.16 | 1,304,613,582.52 | -17.70% | | | Selling Expenses | 35,225,113.32 | 22,721,274.68 | 55.03% | Primarily due to increased selling business expenses | | Administrative Expenses | 75,140,710.10 | 83,912,233.98 | -10.45% | | | Financial Expenses | 60,931,141.16 | 66,378,651.36 | -8.21% | | | Income Tax Expense | 5,887,954.65 | 7,455,410.54 | -21.02% | Primarily due to decreased deferred income tax expense | | Net Cash Flow from Operating Activities | 28,414,263.58 | 72,358,534.72 | -60.73% | Primarily due to decreased cash received relating to other operating activities | | Net Cash Flow from Investing Activities | 16,467,978.50 | -26,245,758.07 | 162.75% | Primarily due to increased cash received from disposal of subsidiaries | | Net Cash Flow from Financing Activities | -158,275,264.13 | -114,625,348.26 | -38.08% | Primarily due to decreased cash received from borrowings | | Net Increase in Cash and Cash Equivalents | -113,208,425.33 | -68,489,448.65 | -65.29% | | Operating Revenue Composition (by Industry) | Industry Segment | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Asphalt Supply Chain | 642,214,499.72 | 57.72% | 783,474,035.96 | 57.72% | -18.03% | | Port and Terminal Services | 12,596,438.66 | 1.13% | 16,038,821.24 | 1.18% | -21.46% | | Automobile Manufacturing, Sales, and Services | 141,143,840.70 | 12.69% | 102,674,713.73 | 7.56% | 37.47% | | Passenger Transportation and Station Services | 113,313,299.67 | 10.18% | 150,625,493.49 | 11.10% | -24.77% | | Refined Oil and Natural Gas Sales | 131,097,603.29 | 11.78% | 156,014,852.84 | 11.49% | -15.97% | | Other | 72,312,229.50 | 6.50% | 148,657,462.24 | 10.95% | -51.36% | Operating Revenue Composition (by Region) | Region | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing-Tianjin-Hebei Region | 677,289,699.39 | 60.88% | 816,500,979.24 | 60.15% | -17.05% | | Fujian Region | 418,974,807.16 | 37.65% | 491,842,666.22 | 36.23% | -14.82% | | Guangdong Region | 1,675,420.35 | 0.15% | 30,283,304.73 | 2.23% | -94.47% | | Anhui Region | 14,737,984.64 | 1.32% | 18,858,429.31 | 1.39% | -21.85% | Changes in Gross Profit Margin for Industries Accounting for Over 10% of Operating Revenue or Operating Profit | Industry Segment | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | | Asphalt Supply Chain | -18.03% | -17.12% | -1.11% | | Automobile Manufacturing, Sales, and Services | 37.47% | 29.46% | 4.57% | | Passenger Transportation and Station Services | -24.77% | -17.93% | -10.14% | | Refined Oil and Natural Gas Sales | -15.97% | -16.17% | 0.22% | [Analysis of Non-Principal Business](index=14&type=section&id=Analysis%20of%20Non-Principal%20Business) During the reporting period, the impact of the company's non-principal businesses on total profit was mainly reflected in negative investment income, asset impairment losses, non-operating income, and expenses, with investment income primarily affected by equity investment gains/losses and the transfer of subsidiary equity, while non-operating income and expenses were mostly non-recurring items Impact of Non-Principal Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -2,357,054.03 | 2.83% | Primarily equity investment gains/losses recognized under the equity method and investment gains/losses from the transfer of subsidiary equity in the current period | Equity investment gains/losses recognized under the equity method are based on the share of profit from investee associates | | Asset Impairment | -586,474.92 | 0.70% | Primarily impairment losses on contract assets | Recognized based on whether contract assets are impaired | | Non-Operating Income | 1,170,027.39 | -1.40% | Primarily genuinely unpayable accounts and contract breach penalties, fines, etc. | No | | Non-Operating Expenses | 2,100,879.19 | -2.52% | Primarily contract breach penalties, fines, and losses from destruction or scrapping of non-current assets | No | [Analysis of Assets and Liabilities](index=14&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of listed companies both decreased, with cash and cash equivalents and accounts receivable decreasing, while inventories and contract liabilities increased, and long-term borrowings decreased but non-current liabilities due within one year significantly increased, indicating a change in the liability structure Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 382,022,399.64 | 6.53% | 549,448,760.87 | 8.81% | -2.28% | Primarily due to decreased bank deposits | | Accounts Receivable | 821,730,599.07 | 14.05% | 983,281,386.36 | 15.76% | -1.71% | Primarily due to decreased receivables from Zhaohua Group and Changfeng Special Purpose Vehicle | | Inventories | 307,816,161.48 | 5.26% | 150,420,083.83 | 2.41% | 2.85% | Primarily due to increased base asphalt at Zhaohua Group | | Long-Term Equity Investments | 9,111,380.48 | 0.16% | 14,696,594.07 | 0.24% | -0.08% | Primarily due to disposal of a portion of equity in associate Dongguan Kangyi Innovative Energy Technology Co., Ltd. | | Contract Liabilities | 110,878,107.60 | 1.90% | 64,883,408.18 | 1.04% | 0.86% | Primarily due to increased advances for sales of goods or services | | Long-Term Borrowings | 916,784,800.00 | 15.68% | 1,351,525,000.00 | 21.67% | -5.99% | Primarily due to increased long-term borrowings due within one year | - The measurement attributes of the company's main assets did not undergo significant changes during the reporting period[49](index=49&type=chunk) [Analysis of Investment Status](index=16&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amount increased by 30.34% year-on-year, primarily in construction-in-progress projects such as the Anhui Zhongzhuang Logistics Port and Logistics Park project and the Zhongqi Hongyuan Phase II expansion project, with the company also engaging in asphalt commodity futures hedging to mitigate market risks Investment Amount During the Reporting Period | Investment Amount Current Period (RMB) | Investment Amount Prior Year (RMB) | Change Rate | | :--- | :--- | :--- | | 73,448,774.33 | 56,351,123.80 | 30.34% | Significant Ongoing Non-Equity Investments | Project Name | Amount Invested Current Period (RMB) | Cumulative Actual Investment as of Period-End (RMB) | | :--- | :--- | :--- | | Anhui Zhongzhuang Logistics Port and Logistics Park Project | 245,918.59 | 240,183,405.57 | | Zhongqi Hongyuan Phase II Expansion Project | 447,455.74 | 45,314,386.34 | | Total | 693,374.33 | 285,497,791.91 | - The company had no securities investments or derivative investments for speculative purposes during the reporting period[54](index=54&type=chunk)[58](index=58&type=chunk) Asphalt Commodity Futures Hedging Status | Derivative Investment Type | Period-End Amount (RMB 10,000) | Impact on Operating Revenue Current Period (RMB) | Impact on Operating Cost Current Period (RMB) | Impact on Other Comprehensive Income Current Period (RMB) | | :--- | :--- | :--- | :--- | :--- | | Asphalt Commodity Futures | 54.62 | -1,886,100.00 | 242,460.00 | 4,797,720.00 | - Hedging, through a combination of futures and spot markets, reduces the risk of one-sided price fluctuations in the spot market, provides competitive selling prices, lowers procurement costs, and enhances profitability[57](index=57&type=chunk) [Significant Asset and Equity Disposals](index=18&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not dispose of any significant assets or equity - The company did not dispose of any significant assets during the reporting period[60](index=60&type=chunk) - The company did not dispose of any significant equity during the reporting period[61](index=61&type=chunk) [Analysis of Major Holding and Associate Companies](index=18&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) During the reporting period, the company disposed of its equity in Meizhou Huaao, resulting in an investment loss of **RMB 3.74 million**; among major subsidiaries, Zhaohua Group and Zhongqi Hongyuan reported negative net profits due to market conditions and production halts, while Anhui Zhongzhuang Logistics also had negative net profit due to slowed infrastructure construction, but Changfeng Special Purpose Vehicle saw significant growth in both operating revenue and net profit, benefiting from increased orders for emergency rescue vehicles Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Meizhou Huaao | Disposal | Investment income of **RMB -3,738,385.76** resulted from the difference between the disposal price and the share of the subsidiary's net assets attributable to the disposed investment at the consolidated financial statement level | Operating Performance of Major Holding and Associate Companies (January-June 2025) | Company Name | Operating Revenue (RMB 10,000) | Net Profit (RMB 10,000) | Explanation of Year-on-Year Change | | :--- | :--- | :--- | :--- | | Zhaohua Group | 67,728.97 | -1,983.26 | Operating revenue decreased by **22.20%**, net loss narrowed by **30.10%**, affected by tight local government funds and slow project initiation | | Zhongqi Hongyuan | 76.08 | -4,795.38 | Net loss increased by **25.89%**, due to temporary production suspension, significant fixed depreciation and amortization, interest expenses, and after-sales maintenance costs | | Anhui Zhongzhuang Logistics | 1,473.80 | -1,764.58 | Operating revenue decreased by **22.15%**, net loss increased by **15.67%**, affected by slowed infrastructure construction in the middle and lower reaches of the Yangtze River and implementation of environmental policies | | Changfeng Special Purpose Vehicle | 13,697.75 | 781.57 | Operating revenue increased by **83.77%**, net profit increased by **19.65%**, benefiting from increased orders for emergency rescue special purpose vehicles | | Wuyi Shares | 8,810.54 | 305.71 | Operating revenue decreased by **28.20%**, net profit decreased by **82.89%**, mainly due to gains from disposal of an associate in the prior year | | Yan Yun Petrochemical | 6,877.64 | 326.04 | Operating revenue decreased by **24.97%**, net profit decreased by **23.97%**, affected by the impact of new energy vehicles on traditional energy vehicles | [Risks Faced by the Company and Countermeasures](index=19&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks such as production safety accidents, fluctuations in crude oil/refined oil and natural gas prices, business expansion management, goodwill impairment, and accounts receivable management, and actively responds by strengthening safety management, closely monitoring market changes, enhancing accounts receivable management, and optimizing human resource management - The company faces production safety accident risks, including road traffic accidents, oil and gas production safety accidents, and port production safety accidents[66](index=66&type=chunk) - Fluctuations in crude oil, refined oil, and natural gas prices adversely affect the company's passenger transportation, refined oil sales, and asphalt business costs[66](index=66&type=chunk) - The company's business expansion brings management risks, imposing higher requirements on accounts receivable management and posing a risk of bad debt losses[67](index=67&type=chunk)[68](index=68&type=chunk) - Countermeasures include: continuously strengthening safety management, closely monitoring market changes to enhance procurement and cost control, strengthening accounts receivable management and collection, and continuously strengthening human resource management and optimizing compensation and incentive systems[68](index=68&type=chunk) Part IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there was a change in the company's Chief Financial Officer, with Luo Zhijie appointed and Chen Aiming dismissed due to job relocation Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Luo Zhijie | Chief Financial Officer | Appointment | May 29, 2025 | Job Relocation | | Chen Aiming | Chief Financial Officer | Dismissal | May 28, 2025 | Job Relocation | [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=21&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[72](index=72&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans during the reporting period, but the first phase of its employee stock ownership plan continued to be implemented, holding **3,948,632 shares**, accounting for **0.70%** of the total share capital, with a slight decrease in holdings during the period - The company had no equity incentive plans during the reporting period[73](index=73&type=chunk) Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees (persons) | Total Shares Held (shares) | Proportion of Total Share Capital of Listed Company | Funding Source for the Plan | | :--- | :--- | :--- | :--- | :--- | | Company directors, supervisors, senior management; company management backbone and core technical personnel; other core employees recognized by the company | 398 | 3,948,632 | 0.70% | Self-raised | - At the end of the reporting period, Longzhou Shares' first phase employee stock ownership plan held **3,948,632 shares**, accounting for **0.70%** of the company's total share capital, a decrease of **12,200 shares** from the beginning of the period[73](index=73&type=chunk) Part V Significant Matters [Commitments](index=23&type=section&id=Commitments) The major shareholder, Jiaotong Guotou, has timely fulfilled all commitments regarding related-party transactions and non-compete clauses made during the initial public offering or refinancing - The major shareholder, Jiaotong Guotou, has timely fulfilled its related-party transaction commitments made during the initial public offering or refinancing[76](index=76&type=chunk) - Jiaotong Guotou's commitment to avoid horizontal competition has also been timely fulfilled[76](index=76&type=chunk) [Litigation Matters](index=24&type=section&id=Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters, but there were other litigation cases with a total amount involved of **RMB 60.61 million**, which did not result in the formation of provisions - The company had no significant litigation or arbitration matters during the current reporting period[82](index=82&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provisions Were Formed | | :--- | :--- | :--- | | Total of other litigation cases not meeting the disclosure threshold for significant litigation | 6,060.87 | No | [Significant Related-Party Transactions](index=25&type=section&id=Significant%20Related-Party%20Transactions) During the reporting period, the company had no related-party transactions related to daily operations, related-party transactions involving asset or equity acquisitions/disposals, related-party transactions involving joint external investments, related-party debt and credit transactions, or dealings with affiliated finance companies - The company had no related-party transactions related to daily operations during the reporting period[84](index=84&type=chunk) - The company had no related-party transactions involving asset or equity acquisitions or disposals during the reporting period[85](index=85&type=chunk) - The company had no related-party debt and credit transactions during the reporting period[87](index=87&type=chunk) [Significant Contracts and Their Performance](index=26&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, leasing, or wealth management matters, but it did have significant guarantees for subsidiaries, with the total actual guarantee amount accounting for **137.99%** of the company's net assets, and outstanding debt guarantees for guaranteed parties with an asset-liability ratio exceeding 70% amounting to **RMB 748.34 million** - The company had no entrustment, contracting, leasing, or wealth management matters during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[106](index=106&type=chunk) - The total actual guarantee amount accounted for **137.99%** of the company's net assets[105](index=105&type=chunk) - The outstanding debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding 70% amounted to **RMB 748.34 million**[105](index=105&type=chunk) [Significant Guarantees](index=26&type=section&id=Significant%20Guarantees) The company primarily provides joint liability guarantees for its subsidiaries, including Anhui Zhongzhuang Logistics, Longxing Highway Port, Huahui Trading, Wuyi Shares, Beijing Zhongwu Zhenhua, Zhaohua Group, Fujian Zhongwu Zhenhua, Longda Transportation, Longyan Hongan Public Transport, Changting Hongxiang Public Transport, Wuping Hongyuan Public Transport, Liancheng Hongtai Public Transport, Zhangping Hongsheng Public Transport, Transportation Group, Shanhai Tourism, Tianyuan Technology, Changfeng Special Purpose Vehicle, Xuefeng Automobile, Xinyu Automobile, among others, with significant guarantee amounts Company Guarantees for Subsidiaries (Partial) | Guaranteed Party Name | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Anhui Zhongzhuang Logistics | 3,500 | 1,482 | Joint Liability Guarantee | No | | Longxing Highway Port | 24,000 | 20,100 | Joint Liability Guarantee | No | | Huahui Trading | 1,000 | 1,000 | Joint Liability Guarantee | No | | Wuyi Shares | 5,000 | 5,000 | Joint Liability Guarantee | No | | Beijing Zhongwu Zhenhua | 10,000 | 10,000 | Joint Liability Guarantee | No | | Zhaohua Group | 11,000 | 2,000 | Joint Liability Guarantee | No | | Changfeng Special Purpose Vehicle | 10,000 | 10,000 | Joint Liability Guarantee | No | - During the reporting period, the total approved guarantee limit for subsidiaries was **RMB 786.20 million**, with a total actual amount of **RMB 2.46 billion**[103](index=103&type=chunk) - At the end of the reporting period, the total approved guarantee limit for subsidiaries was **RMB 2.88 billion**, with a total actual guarantee balance of **RMB 1.47 billion**[103](index=103&type=chunk) [Significant Matters of Company Subsidiaries](index=36&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company's controlling sub-subsidiary, Zhongqi Hongyuan, has significant matters including the procurement of power batteries and undertaking after-sales maintenance work, as well as continuing temporary production suspension - The company's controlling sub-subsidiary, Zhongqi Hongyuan, plans to procure power batteries and carry out after-sales maintenance work[109](index=109&type=chunk) - The company's controlling sub-subsidiary, Zhongqi Hongyuan, continues its temporary production suspension[109](index=109&type=chunk) Part VI Share Changes and Shareholder Information [Share Change Status](index=37&type=section&id=Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by **2,800 shares**, and unrestricted shares increased by **2,800 shares**, primarily due to the unlocking of a portion of restricted shares held by former Vice President Mr. Chen Tiansheng after six months from his departure Share Change Status | Item | Quantity Before Change (Shares) | Proportion Before Change | Increase/Decrease in Current Change (＋, －) Subtotal (Shares) | Quantity After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 11,200 | 0.00% | -2,800 | 8,400 | 0.00% | | II. Unrestricted Shares | 562,357,394 | 100.00% | 2,800 | 562,360,194 | 100.00% | | III. Total Shares | 562,368,594 | 100.00% | 0 | 562,368,594 | 100.00% | - The reason for the share change was that after six months from the departure of former Vice President Mr. Chen Tiansheng, **11,200 shares** of the company's stock held by him changed from 100% restricted to 75% restricted, releasing **2,800 shares** from restriction[113](index=113&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period-Beginning (shares) | Shares Released from Restriction Current Period (shares) | Restricted Shares at Period-End (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Tiansheng | 11,200 | 2,800 | 8,400 | After six months from the departure of a senior executive, but still within their term of office and six months after the expiration of their term, 25% of shares are unlocked annually | March 19, 2025 | [Number of Shareholders and Shareholding Status](index=38&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the total number of common shareholders was **59,416**, with the top three shareholders being Chengfa Xinrong, Jinsi Trading, and Jiaotong Guotou, all with state-owned corporate nature, and among the top 10 shareholders, the Xingzheng Securities Asset Management Plan was established by Jiaotong Guotou - At the end of the reporting period, the total number of common shareholders was **59,416**[117](index=117&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Chengfa Xinrong | State-owned Legal Person | 8.89% | 50,000,000 | 50,000,000 | | Jinsi Trading | State-owned Legal Person | 8.89% | 50,000,000 | 50,000,000 | | Jiaotong Guotou | State-owned Legal Person | 7.93% | 44,582,815 | 44,582,815 | | Xingzheng Securities Asset Management - Fujian Longyan Transportation State-owned Assets Investment and Management Co., Ltd. - Xingzheng Asset Management Alpha Corei No. 96 Single Asset Management Plan | Other | 3.39% | 19,090,000 | 19,090,000 | | Fujian Zhangzhou Changyun Group Co., Ltd. | State-owned Legal Person | 0.70% | 3,954,384 | 3,954,384 | | Longzhou Shares First Phase Employee Stock Ownership Plan | Other | 0.70% | 3,948,632 | 3,948,632 | | Yinhua Fund - Agricultural Bank of China - Yinhua CSI Financial Asset Management Plan | Other | 0.60% | 3,384,950 | 3,384,950 | | Xiamen Teyun | State-owned Legal Person | 0.56% | 3,163,212 | 3,163,212 | | Dacheng Fund - Agricultural Bank of China - Dacheng CSI Financial Asset Management Plan | Other | 0.38% | 2,137,750 | 2,137,750 | | Gan Jianming | Domestic Natural Person | 0.37% | 2,103,100 | 2,103,100 | - The shareholder 'Xingzheng Securities Asset Management - Fujian Longyan Transportation State-owned Assets Investment and Management Co., Ltd. - Xingzheng Asset Management Alpha Corei No. 96 Single Asset Management Plan' is an asset management plan entrusted by the company's major shareholder 'Jiaotong Guotou'[118](index=118&type=chunk) Part VII Bond-Related Information [Bond-Related Information](index=41&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period Part VIII Financial Report [Audit Report](index=42&type=section&id=Audit%20Report) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[126](index=126&type=chunk) [Financial Statements](index=42&type=section&id=Financial%20Statements) This section provides 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 presenting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=42&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **RMB 5.848 billion**, a decrease of **6.24%** from the beginning of the period, with total current assets at **RMB 2.638 billion** and total non-current assets at **RMB 3.210 billion**, while total liabilities were **RMB 4.820 billion** and total owners' equity was **RMB 1.029 billion** Key Data from Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 382,022,399.64 | 549,448,760.87 | | Accounts Receivable | 821,730,599.07 | 983,281,386.36 | | Inventories | 307,816,161.48 | 150,420,083.83 | | Contract Assets | 723,394,058.44 | 750,795,581.96 | | Fixed Assets | 1,592,311,394.11 | 1,687,902,253.06 | | Total Assets | 5,848,370,577.75 | 6,237,333,496.87 | | Short-Term Borrowings | 1,507,998,494.73 | 1,566,961,397.32 | | Contract Liabilities | 110,878,107.60 | 64,883,408.18 | | Non-Current Liabilities Due Within One Year | 1,003,661,465.49 | 542,658,172.47 | | Long-Term Borrowings | 916,784,800.00 | 1,351,525,000.00 | | Total Liabilities | 4,819,561,587.54 | 5,091,189,702.88 | | Total Owners' Equity Attributable to Parent Company | 1,105,062,931.06 | 1,162,455,815.97 | | Total Owners' Equity | 1,028,808,990.21 | 1,146,143,793.99 | [Parent Company Balance Sheet](index=45&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **RMB 5.202 billion**, an increase of **4.5%** from the beginning of the period, with total current assets at **RMB 2.144 billion** and total non-current assets at **RMB 3.058 billion**, while total liabilities were **RMB 2.579 billion** and total owners' equity was **RMB 2.623 billion** Key Data from Parent Company Balance Sheet (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 52,167,632.40 | 8,442,742.54 | | Other Receivables | 2,080,057,198.10 | 1,886,146,165.83 | | Long-Term Equity Investments | 2,684,727,041.19 | 2,687,504,353.12 | | Total Assets | 5,201,905,051.23 | 4,978,503,009.13 | | Short-Term Borrowings | 478,947,166.65 | 415,833,084.44 | | Other Payables | 824,989,944.15 | 586,854,164.52 | | Non-Current Liabilities Due Within One Year | 598,666,088.80 | 234,794,110.42 | | Long-Term Borrowings | 489,510,800.00 | 869,200,000.00 | | Total Liabilities | 2,579,265,052.46 | 2,303,819,650.02 | | Total Owners' Equity | 2,622,639,998.77 | 2,674,683,359.11 | [Consolidated Income Statement](index=47&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **RMB 1.113 billion**, a year-on-year decrease of **18.03%**, with net profit at **RMB -89.31 million** and net profit attributable to parent company shareholders at **RMB -65.98 million**, indicating an expanded loss year-on-year Key Data from Consolidated Income Statement | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,112,677,911.54 | 1,357,485,379.50 | | Total Operating Cost | 1,263,131,145.68 | 1,503,845,871.82 | | Operating Profit | -82,488,493.55 | -45,592,701.15 | | Total Profit | -83,419,345.35 | -40,605,574.65 | | Net Profit | -89,307,300.00 | -48,060,985.19 | | Net Profit Attributable to Parent Company Shareholders | -65,978,610.35 | -34,016,219.38 | | Net Amount of Other Comprehensive Income After Tax | 4,797,720.00 | -2,819,890.00 | | Total Comprehensive Income | -84,509,580.00 | -50,880,875.19 | | Basic Earnings Per Share | -0.1173 | -0.0605 | [Parent Company Income Statement](index=48&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was **RMB 35.35 million**, a significant year-on-year decrease, with net profit at **RMB -51.95 million**, turning from profit to loss compared to the same period last year Key Data from Parent Company Income Statement | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 35,348,433.90 | 106,218,551.98 | | Operating Profit | -49,721,538.41 | 22,872,893.47 | | Total Profit | -49,302,654.37 | 24,322,798.10 | | Net Profit | -51,948,711.18 | 23,148,635.67 | | Total Comprehensive Income | -51,948,711.18 | 23,148,635.67 | [Consolidated Cash Flow Statement](index=49&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **RMB 28.41 million**, a year-on-year decrease of **60.73%**, with net cash flow from investing activities turning positive to **RMB 16.47 million**, net cash flow from financing activities at **RMB -158 million**, and the net increase in cash and cash equivalents at **RMB -113 million** Key Data from Consolidated Cash Flow Statement | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 28,414,263.58 | 72,358,534.72 | | Net Cash Flow from Investing Activities | 16,467,978.50 | -26,245,758.07 | | Net Cash Flow from Financing Activities | -158,275,264.13 | -114,625,348.26 | | Net Increase in Cash and Cash Equivalents | -113,208,425.33 | -68,489,448.65 | | Cash and Cash Equivalents at Period-End | 215,430,448.00 | 276,038,972.17 | [Parent Company Cash Flow Statement](index=51&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was **RMB 77.48 million**, a year-on-year decrease, with net cash flow from investing activities at **RMB -45.14 million**, net cash flow from financing activities at **RMB 11.39 million**, and the net increase in cash and cash equivalents at **RMB 43.73 million** Key Data from Parent Company Cash Flow Statement | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 77,475,249.40 | 155,560,611.13 | | Net Cash Flow from Investing Activities | -45,136,735.15 | 16,599,116.06 | | Net Cash Flow from Financing Activities | 11,386,545.61 | -139,339,667.72 | | Net Increase in Cash and Cash Equivalents | 43,725,059.86 | 32,820,059.47 | | Cash and Cash Equivalents at Period-End | 52,167,432.40 | 58,352,821.62 | [Consolidated Statement of Changes in Owners' Equity](index=52&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) During the reporting period, the company's consolidated total owners' equity decreased by **RMB 117 million**, primarily due to negative total comprehensive income and changes in minority interests, with capital reserve increasing by **RMB 1.78 million** due to the acquisition of subsidiary equity, and other comprehensive income increasing by **RMB 4.80 million** Changes in Consolidated Owners' Equity (Current Period Increase/Decrease Amount) | Item | Capital Reserve (RMB) | Other Comprehensive Income (RMB) | Special Reserve (RMB) | Retained Earnings (RMB) | Subtotal of Owners' Equity Attributable to Parent Company (RMB) | Minority Interests (RMB) | Total Owners' Equity (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Current Period Increase/Decrease Amount | 1,778,463.18 | 4,797,720.00 | 2,009,542.26 | -65,978,610.35 | -57,392,884.91 | -59,941,918.87 | -117,334,803.78 | | Total Comprehensive Income | | 4,797,720.00 | | -65,978,610.35 | -61,180,890.35 | -23,328,689.65 | -84,509,580.00 | | Capital Contributed and Reduced by Owners | 1,778,463.18 | | | | 1,778,463.18 | -36,013,154.04 | -34,234,690.86 | | Profit Distribution | | | | | | -622,300.00 | -622,300.00 | | Special Reserve | | | 2,009,542.26 | | 2,009,542.26 | 22,224.82 | 2,031,767.08 | [Parent Company Statement of Changes in Owners' Equity](index=56&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) During the reporting period, the parent company's total owners' equity decreased by **RMB 52.04 million**, primarily due to a decrease in retained earnings, with special reserve slightly decreasing Changes in Parent Company Owners' Equity (Current Period Increase/Decrease Amount) | Item | Special Reserve (RMB) | Retained Earnings (RMB) | Total Owners' Equity (RMB) | | :--- | :--- | :--- | :--- | | Current Period Increase/Decrease Amount | -94,649.16 | -51,948,711.18 | -52,043,360.34 | | Total Comprehensive Income | | -51,948,711.18 | -51,948,711.18 | | Special Reserve | -94,649.16 | | -94,649.16 | [Company Basic Information](index=60&type=section&id=Company%20Basic%20Information) The company was established on August 29, 2003, and after multiple changes in share capital and name, is now known as Longzhou Group Co., Ltd., primarily engaged in road passenger transportation, passenger station operations, automobile maintenance, modern logistics, special purpose vehicle modification, and refined oil sales, belonging to the road transportation industry - The company was established on August 29, 2003, with a registered capital of **RMB 65 million**[163](index=163&type=chunk) - The company's share capital underwent multiple changes, eventually increasing to **562,368,594 shares**[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - The company's name was changed to 'Longzhou Group Co., Ltd.' on August 30, 2018, primarily engaged in road passenger transportation, passenger station operations, automobile maintenance, modern logistics (including asphalt supply chain), special purpose vehicle modification, and refined oil sales[166](index=166&type=chunk) [Basis of Preparation of Financial Statements](index=60&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) The company prepares its financial statements on a going concern basis, in accordance with Enterprise Accounting Standards and relevant regulations of the China Securities Regulatory Commission, confirming its ability to continue as a going concern for at least the next 12 months - The company prepares its financial statements on a going concern basis, in accordance with 'Enterprise Accounting Standards' and 'Reporting Rules for Information Disclosure by Companies Issuing Securities No. 15 - General Provisions for Financial Reports' issued by the China Securities Regulatory Commission[168](index=168&type=chunk)[169](index=169&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the current reporting period, with no significant matters affecting its going concern ability[170](index=170&type=chunk) [Significant Accounting Policies and Estimates](index=61&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's statement of compliance with Enterprise Accounting Standards, accounting period, operating cycle, functional currency, materiality criteria determination methods, accounting treatment for business combinations, preparation methods for consolidated financial statements, criteria for determining cash and cash equivalents, foreign currency transactions and translation of financial statements, financial instruments, notes receivable, accounts receivable, other receivables, contract assets, inventories, assets held for sale, debt investments, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, revenue recognition and measurement, contract costs, government grants, deferred income tax assets/liabilities, leases, and hedge accounting, among other significant accounting policies and estimates - 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 other information[171](index=171&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[192](index=192&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost (including receivables), debt instrument investments measured at fair value through other comprehensive income, and lease receivables[199](index=199&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the relevant goods or services, and adopts different specific recognition methods based on business types (asphalt supply chain, automobile manufacturing and sales services, building materials sales, passenger transportation and station services, and refined oil and natural gas sales)[251](index=251&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) - The company applies hedge accounting methods for eligible hedging activities, including fair value hedges, cash flow hedges, and hedges of a net investment in a foreign operation[289](index=289&type=chunk)[292](index=292&type=chunk) [Taxation](index=85&type=section&id=Taxation) The company's main taxes include Value-Added Tax, Urban Maintenance and Construction Tax, Enterprise Income Tax, Property Tax, Education Surcharge, and Local Education Surcharge, with some subsidiaries enjoying preferential Enterprise Income Tax rates of 15% as high-tech enterprises or 20% as small and micro-profit enterprises, and urban public transport stations and road passenger transport station operating land being exempt from urban land use tax Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of Goods or Provision of Taxable Services | 13.00%、9.00%、6.00% | | Urban Maintenance and Construction Tax | Actual Amount of Turnover Tax Paid | 1.00%、5.00%、7.00% | | Enterprise Income Tax | Taxable Income | 25.00%、20.00%、15.00% | | Property Tax | Assessed on value, 1.2% of the remaining value after a one-time deduction of 25% from the original value of the property; assessed on rent, 12% of rental income | 1.20%、12.00% | | Education Surcharge | Actual Amount of Turnover Tax Paid | 3.00% | | Local Education Surcharge | Actual Amount of Turnover Tax Paid | 2.00% | - Subsidiaries classified as high-tech enterprises enjoy a preferential tax rate of **15.00%**, while small and micro-profit enterprise subsidiaries pay Enterprise Income Tax at a reduced rate of **20.00%** (half of the standard rate)[298](index=298&type=chunk) - The operating land for the company's urban public transport stations and road passenger transport stations is exempt from urban land use tax[299](index=299&type=chunk) [Notes to Consolidated Financial Statement Items](index=86&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures of the period-end balances, period-beginning balances, and changes in each item of the company's consolidated financial statements, including cash and cash equivalents, various receivables, inventories, fixed assets, intangible assets, goodwill, various borrowings, payables, and owners' equity, with explanations for significant changes [Cash and Cash Equivalents](index=86&type=section&id=Cash%20and%20Cash%20Equivalents) Period-end cash and cash equivalents amounted to **RMB 382 million**, a decrease of **30.48%** from **RMB 549 million** at the beginning of the period, primarily due to a reduction in bank deposits Composition of Cash and Cash Equivalents | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 358,280.67 | 571,257.18 | | Bank Deposits | 212,655,006.05 | 348,764,780.57 | | Other Cash and Cash Equivalents | 169,009,112.92 | 200,112,723.12 | | Total | 382,022,399.64 | 549,448,760.87 | - At period-end, there were restricted funds due to pledges, collateral, or freezes[301](index=301&type=chunk) [Derivative Financial Assets](index=86&type=section&id=Derivative%20Financial%20Assets) Period-end derivative financial assets amounted to **RMB 0.55 million**, compared to **RMB 0** at the beginning of the period, primarily consisting of hedging instruments Derivative Financial Assets | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Hedging Instruments | 546,180.00 | | | Total | 546,180.00 | | [Notes Receivable](index=86&type=section&id=Notes%20Receivable) Period-end notes receivable amounted to **RMB 14.45 million**, a significant decrease of **65.34%** from **RMB 41.71 million** at the beginning of the period, with bank acceptance notes decreasing and commercial acceptance notes increasing Categorization of Notes Receivable | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Bank Acceptance Notes | 5,275,296.86 | 38,311,717.53 | | Commercial Acceptance Notes | 9,204,348.06 | 3,428,958.13 | | Less: Impairment Provision | -34,289.58 | -34,289.58 | | Total | 14,445,355.34 | 41,706,386.08 | - At period-end, the total notes receivable endorsed or discounted by the company and not yet due on the balance sheet date amounted to **RMB 10.49 million**[312](index=312&type=chunk) [Accounts Receivable](index=88&type=section&id=Accounts%20Receivable) Period-end book value of accounts receivable was **RMB 822 million**, a decrease of **16.48%** from **RMB 983 million** at the beginning of the period, primarily due to reduced receivables from Zhaohua Group and Changfeng Special Purpose Vehicle, with total impairment provisions amounting to **RMB 172 million** Accounts Receivable by Aging | Aging | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 Year (Inclusive) | 685,618,629.98 | 840,909,145.43 | | 1 to 2 Years | 96,194,452.08 | 95,729,330.50 | | Over 3 Years | 187,275,579.19 | 193,578,829.69 | | Total | 993,396,677.37 | 1,158,420,329.15 | Categorization of Accounts Receivable Impairment Provision Methods | Category | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Accounts Receivable for which Impairment Provision is Made Individually | 82,123,142.30 | 86,126,700.48 | | Accounts Receivable for which Impairment Provision is Made by Portfolio | 739,607,456.77 | 897,154,685.88 | | Total | 821,730,599.07 | 983,281,386.36 | - Impairment provisions of **RMB 6.51 million** were made in the current period, with **RMB 9.99 million** recovered or reversed[324](index=324&type=chunk) [Contract Assets](index=92&type=section&id=Contract%20Assets) Period-end book value of contract assets was **RMB 723 million**, a slight decrease from **RMB 751 million** at the beginning of the period, primarily comprising special purpose vehicle quality assurance deposits and new energy vehicle quality assurance deposits receivable from Changfeng Special Purpose Vehicle and Zhongqi Hongyuan Contract Assets Status | Item | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Special Purpose Vehicle Quality Assurance Deposits Receivable from Changfeng Special Purpose Vehicle | 12,219,978.70 | 9,967,289.71 | | New Energy Vehicle Quality Assurance Deposits Receivable from Zhongqi Hongyuan | 711,174,079.74 | 740,828,292.25 | | Total | 723,394,058.44 | 750,795,581.96 | - New energy vehicle quality assurance deposits receivable from Zhongqi Hongyuan decreased by **RMB 29.65 million** in the current period, primarily due to partial recovery[331](index=331&type=chunk) - Impairment provisions for contract assets of **RMB 0.61 million** were made in the current period[338](index=338&type=chunk) [Receivables Financing](index=95&type=section&id=Receivables%20Financing) Period-end receivables financing amounted to **RMB 1 million**, a significant decrease from **RMB 34.86 million** at the beginning of the period, primarily due to the derecognition of bank acceptance notes and digital accounts receivable credit instruments Categorization of Receivables Financing | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Notes Receivable | 1,000,000.00 | 16,995,303.20 | | Accounts Receivable | | 17,867,090.25 | | Total | 1,000,000.00 | 34,862,393.45 | - At period-end, total receivables financing of **RMB 33.86 million** that had been endorsed or discounted by the company and not yet due on the balance sheet date was derecognized[342](index=342&type=chunk) [Other Receivables](index=96&type=section&id=Other%20Receivables) Period-end book value of other receivables was **RMB 217 million**, a slight decrease from **RMB 226 million** at the beginning of the period, with major types of receivables including intercompany balances, new energy vehicle subsidies, and government grants receivable Categorization of Other Receivables by Nature of Funds | Nature of Funds | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Intercompany Balances | 165,974,243.93 | 163,339,969.90 | | New Energy Vehicle Subsidies (National and Local) | 44,209,329.59 | 44,209,329.59 | | Government Grants Receivable | 92,481,280.04 | 86,523,496.37 | | Advance Payments for Land Acquisition and Approval Funds | 44,672,909.00 | 46,672,909.00 | | Total | 388,469,245.03 | 387,983,253.81 | Other Receivables by Aging | Aging | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 Year (Inclusive) | 104,178,267.09 | 86,558,661.33 | | Over 3 Years | 234,330,352.63 | 214,629,175.80 | | Total | 388,469,245.03 | 387,983,253.81 | - Impairment provisions of **RMB 11.12 million** were made in the current period, with **RMB 6,000** reversed and **RMB 1.55 million** written off[361](index=361&type=chunk) [Prepayments](index=101&type=section&id=Prepayments) Period-end prepayments amounted to **RMB 121 million**, an increase of **24.59%** from **RMB 96.90 million** at the beginning of the period, with prepayments within 1 year accounting for **97.26%** Prepayments by Aging | Aging | Period-End Balance (RMB) | Proportion | | :--- | :--- | :--- | | Within 1 Year | 117,424,393.87 | 97.26% | | Total | 120,735,961.08 | | Top Five Prepayments by Counterparty at Period-End | Counterparty Name | Period-End Balance (RMB) | Proportion of Total Prepayments at Period-End (%) | | :--- | :--- | :--- | | Zhuhai Hengqin Hongtian Trading Co., Ltd. | 20,620,149.15 | 17.08% | | Hebei Xinhai Chemical Group Co., Ltd. | 17,658,552.00 | 14.63% | | Xinjiang Xinshanggong Energy Technology Co., Ltd. | 17,210,252.80 | 14.25% | | Anhui Zhaohang Trading Co., Ltd. | 14,605,143.94 | 12.10% | | Xinjiang Fakangni Petrochemical Co., Ltd. | 10,846,955.00 | 8.98% | | Total | 80,941,052.89 | 67.04% | [Inventories](index=102&type=section&id=Inventories) Period-end book value of inventories was **RMB 308 million**, a significant increase of **105.33%** from **RMB 150 million** at the beginning of the period, primarily due to increases in raw materials, finished goods, and goods in transit Inventory Classification | Item | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | 35,249,878.62 | 51,664,923.74 | | Work in Progress | 24,665,896.88 | 14,050,817.58 | | Finished Goods | 150,522,772.11 | 69,428,828.68 | | Goods in Transit | 84,540,998.39 | 12,595,872.85 | | Total | 307,816,161.48 | 150,420,083.83 | - Inventory impairment provisions decreased by **RMB 2.05 million** in the current period, with a period-end balance of **RMB 5.69 million**[371](index=371&type=chunk) [Other Current Assets](index=103&type=section&id=Other%20Current%20Assets) Period-end other current assets amounted to **RMB 49.60 million**, an increase of **7.22%** from **RMB 46.26 million** at the beginning of the period, primarily including contract acquisition costs, input VAT to be deducted, and input VAT to be certified Other Current Assets | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Contract Acquisition Costs | 5,829,107.06 | 2,558,415.85 | | Input VAT to be Deducted | 26,061,067.26 | 23,590,933.68 | | Input VAT to be Certified | 16,763,730.50 | 2,770,709.94 | | Time Deposits and Interest | | 15,013,416.67 | | Total | 49,597,544.93 | 46,257,010.70 | [Investments in Other Equity Instruments](index=103&type=section&id=Investments%20in%20Other%20Equity%20Instruments) Period-end investments in other equity instruments amounted to **RMB 3.6 million**, unchanged from the beginning of the period, primarily investments in Wuyishan Transportation Grand Hotel and Xiamen Teyun, which the company designated as not held for sale Investments in Other Equity Instruments | Project Name | Period-End Balance (RMB) | Reason for Designation as Measured at Fair Value Through Other Comprehensive Income | | :--- | :--- | :--- | | Wuyishan Transportation Grand Hotel | 1,600,000.00 | Not held for sale | | Xiamen Teyun | 2,000,000.00 | Not held for sale | | Total | 3,600,000.00 | | [Long-Term Equity Inv

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[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides crucial disclaimers, the report's structural overview, and definitions of key terms used throughout the document [Important Notes](index=2&type=section&id=重要提示) The company's stock faces "delisting risk warning" and "other risk warning" due to negative net assets at the end of 2024 and uncertainties in its going concern ability, while it has completed the sale of Beijing Jiawo Zhencheng Technology Co., Ltd. to optimize asset quality - As of December 31, 2024, net assets attributable to shareholders were **-442.7501 million yuan**, triggering "delisting risk warning" and "other risk warning" for the company's stock trading[4](index=4&type=chunk) - During the reporting period, the company completed the sale of 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd., aiming to divest long-term loss-making assets, optimize asset quality, and improve the company's net asset level[5](index=5&type=chunk)[6](index=6&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=4&type=section&id=目录) This section lists the structured table of contents for the semi-annual report, including important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, and financial reports [Definitions](index=5&type=section&id=释义) This section provides definitions for common terms used in the report, including company names, controlling shareholders, actual controllers, the reporting period, and details on major products and the divested subsidiary Beijing Zhencheng - "Company," "the Company," and "Jiawo Foods" refer to Jiawo Foods Co., Ltd[12](index=12&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - "Beijing Zhencheng" refers to the former subsidiary Beijing Jiawo Zhencheng Technology Co., Ltd., whose 100% equity was sold by the company on June 17, 2025[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=第二节%20公司简介和主要财务指标) This section presents the company's fundamental information and a summary of its key financial performance and position during the reporting period [Company Profile](index=7&type=section&id=公司简介) This section provides the company's basic information, including stock ticker (*ST Jiawo), stock code (300268), legal representative (Chen Shaopeng), and contact details, noting a change in registered address during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | *ST Jiawo | | Stock Code | 300268 | | Legal Representative | Chen Shaopeng | | Stock Exchange | Shenzhen Stock Exchange | - The company's registered address changed during the reporting period from Taoyuan County, Changde City, Hunan Province, to Changde Economic and Technological Development Zone, Hunan Province[17](index=17&type=chunk)[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=主要会计数据和财务指标) During the reporting period, the company's operating revenue decreased by 33.96% year-on-year, net loss attributable to shareholders widened by 6.51%, and net cash flow from operating activities significantly declined by 461.33%, while total assets decreased by 93.16% due to asset divestment, but net assets attributable to shareholders turned positive, increasing by 163.87% Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,244,606,831.75 | 1,884,578,082.62 | -33.96% | | Net Profit Attributable to Shareholders | -419,233,264.17 | -393,598,582.30 | -6.51% | | Net Cash Flow from Operating Activities | -616,551,030.90 | -109,837,794.12 | -461.33% | | Basic Earnings Per Share (yuan/share) | -2.4066 | -2.2595 | -6.51% | Key Accounting Data and Financial Indicators (Current Period End vs. Prior Year End) | Indicator | Current Period End (yuan) | Prior Year End (yuan) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Total Assets | 635,639,938.78 | 9,295,306,013.20 | -93.16% | | Net Assets Attributable to Shareholders | 282,777,518.21 | -442,750,094.62 | 163.87% | - The weighted average return on net assets was not calculated as the company's weighted average net assets for January-June 2025 were negative[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=非经常性损益项目及金额) During the reporting period, the company's non-recurring gains and losses were negative, primarily due to unusual losses from fish disease outbreaks in the former Chilean subsidiary's fish stock Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 375,031.93 | | | Other non-operating income and expenses apart from the above | -19,058,014.78 | Primarily unusual losses from fish disease outbreaks in the former Chilean subsidiary's fish stock | | Other gains and losses that meet the definition of non-recurring | 796,305.19 | | | Less: Income tax impact | -4,686,807.35 | | | Impact on minority interests (after tax) | -2,410,125.95 | | | Total | -10,789,744.36 | | [Management Discussion and Analysis](index=10&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's business operations, financial performance, and future outlook, including key drivers, challenges, and strategic responses [Principal Businesses Engaged in by the Company During the Reporting Period](index=10&type=section&id=报告期内公司从事的主要业务) The company divested its salmon business during the reporting period and now primarily engages in the processing and sale of marine protein foods such as Alaska pollock and Arctic shrimp through its subsidiary Qingdao Guoxing, facing increased market competition despite sufficient global pollock quotas due to geopolitical and trade policy impacts - The company has divested its salmon business and primarily conducts processing and sales of Alaska pollock, Arctic shrimp, and other marine products through its domestic subsidiary Qingdao Guoxing[36](index=36&type=chunk) - Global Alaska pollock catch quotas are expected to reach approximately **4.1 million tons** in 2025, ensuring ample supply, but Russia and the United States have imposed tariffs and sanctions on seafood exports, and the EU has reinstated standard import tariffs on Russian seafood processed in China[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - From January to June 2025, China imported **342,000 tons** of frozen Alaska pollock (a **4.72% year-on-year decrease**) and exported **88,000 tons** of frozen Alaska pollock fillets (a **0.86% year-on-year increase**); imports of frozen Arctic shrimp reached **26,500 tons** (a **29.13% year-on-year increase**)[35](index=35&type=chunk) - Qingdao Guoxing maintains its industry-leading position as an Alaska pollock processing supplier and Arctic shrimp import distributor, actively expanding domestic markets and deep-processed products[34](index=34&type=chunk) [Key Performance Drivers](index=13&type=section&id=主要业绩驱动因素) During the reporting period, the former Chilean subsidiary Australis saw a 35% year-on-year decline in operating revenue due to a 41% reduction in harvest volume and marine aquaculture disease outbreaks, compounded by negative impacts from fair value changes in biological assets and exchange losses, while subsidiary Qingdao Guoxing's sales revenue decreased by 28% due to insufficient Alaska pollock raw material supply and Canadian Arctic shrimp tariff policies - The former Chilean subsidiary Australis achieved operating revenue of **900 million yuan** in the first half, a **35% year-on-year decrease**, with a net loss of **250 million yuan**[46](index=46&type=chunk) - Australis's operating revenue decline was primarily due to a **41% year-on-year decrease** in sales volume, affected by reduced harvest volume and concentrated outbreaks of marine aquaculture diseases in some farming areas[46](index=46&type=chunk) - The fair value change in biological assets shifted from positive to negative, and exchange rate fluctuations led to recognized exchange losses, negatively impacting Australis's net profit[47](index=47&type=chunk) - Subsidiary Qingdao Guoxing achieved sales revenue of **340 million yuan** in the first half, a **28% year-on-year decrease**, primarily due to insufficient Alaska pollock raw material supply and China's **25% tariff** policy on Canadian Arctic shrimp[47](index=47&type=chunk)[48](index=48&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=核心竞争力分析) The company's core strategy of "global resources + Chinese consumption" with light-asset operations has built a full industry chain from raw material procurement and processing to global sales, underpinned by a stable international customer network, strong resource control, efficient processing systems, and a stable management team, forming its core competitiveness in frozen aquatic products - The company's core strategy is "global resources + Chinese consumption," focusing on light-asset operations to provide nutrition, healthy, delicious, and convenient food products[49](index=49&type=chunk) - The company has a full industry chain business layout, covering seafood import and export trade, processing, and global sales[50](index=50&type=chunk) - The company possesses a stable international customer network, with primary clients being secondary processing enterprises, chain supermarkets, and distributors in developed European and American countries[51](index=51&type=chunk) - The company has strong control over resources, sourcing all raw materials from high-quality overseas fisheries and ensuring supply stability and quality through a global procurement network[52](index=52&type=chunk) [Main Business Analysis](index=15&type=section&id=主营业务分析) During the reporting period, the company completed the sale of 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd., optimizing asset quality and net asset levels, but operating revenue, operating costs, and net cash flow from operating activities significantly decreased year-on-year due to reduced production and sales from the former Chilean subsidiary - The company completed the sale of 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd., divesting long-term loss-making assets, optimizing asset quality, and improving net asset levels[55](index=55&type=chunk) Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,244,606,831.75 | 1,884,578,082.62 | -33.96% | Primarily due to a year-on-year decrease in production and sales volume of the former Chilean subsidiary during the reporting period | | Operating Cost | 1,320,272,621.85 | 2,014,249,183.13 | -34.45% | Primarily due to a year-on-year decrease in production and sales volume of the former Chilean subsidiary | | Selling Expenses | 46,453,866.93 | 79,730,001.69 | -41.74% | Primarily due to a decline in sales during the reporting period, leading to a corresponding decrease in selling expenses | | Net Cash Flow from Operating Activities | -616,551,030.90 | -109,837,794.12 | -461.33% | Primarily due to a decrease in cash inflows from operating activities compared to the prior year period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Salmon Products | 904,903,392.99 | 1,036,490,090.88 | -14.54% | -35.81% | | Alaska Pollock, Arctic Shrimp, and Other Seafood Products | 339,555,843.89 | 283,760,195.34 | 16.43% | -28.47% | [Non-Principal Business Analysis](index=15&type=section&id=非主营业务分析) During the reporting period, the company's non-principal businesses were negatively impacted by fair value changes in biological assets (from the former Chilean subsidiary's consumable biological assets), asset impairment (inventory depreciation provisions), and unusual losses from fish disease outbreaks in the former Chilean subsidiary's fish stock Non-Principal Business Gains and Losses | Item | Amount (yuan) | Percentage of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 2,115,580.57 | 0.39% | Investment income recognized from equity method accounting for investees | | Gains or losses from changes in fair value | -6,694,951.65 | -1.24% | Impact of fair value changes in consumable biological assets measured at fair value by the former Chilean subsidiary | | Asset Impairment | -30,930,322.45 | -5.71% | Due to inventory depreciation provisions made in the current period | | Non-operating Expenses | 21,206,416.85 | 3.91% | Primarily unusual losses from fish disease outbreaks in the former Chilean subsidiary's fish stock | [Analysis of Assets and Liabilities](index=16&type=section&id=资产及负债状况分析) The company's total assets and several asset categories (e.g., inventory, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term borrowings, lease liabilities) significantly decreased at period-end compared to the beginning of the period, primarily due to the divestment of Beijing Zhencheng, a subsidiary engaged in salmon farming, processing, and sales, while net assets attributable to shareholders turned positive, though asset quality optimization remains a focus Significant Changes in Asset Composition (Period-End vs. Prior Year-End) | Item | Current Period End Amount (yuan) | Percentage of Total Assets | Prior Year End Amount (yuan) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 635,639,938.78 | 100.00% | 9,295,306,013.20 | 100.00% | -93.16% | | | Inventory | 350,780,957.05 | 55.19% | 1,458,652,618.12 | 15.69% | 39.50% | Balance no longer includes divested salmon business subsidiary Beijing Zhencheng, coupled with a year-on-year increase in raw material procurement by subsidiary Qingdao Guoxing | | Fixed Assets | 64,343,480.43 | 10.12% | 1,891,696,145.69 | 20.35% | -10.23% | | | Net Assets Attributable to Shareholders | 282,777,518.21 | 44.50% | -442,750,094.62 | -4.76% | 163.87% | | - The balance of trading financial assets at period-end was **0.00 yuan**, compared to **23,516,618.34 yuan** at the beginning of the period, primarily due to the divestment of subsidiary Beijing Zhencheng[65](index=65&type=chunk) [Investment Analysis](index=17&type=section&id=投资状况分析) During the reporting period, the company did not undertake any significant equity or non-equity investments, nor did it engage in entrusted wealth management, derivative investments, or entrusted loan businesses - The company had no significant equity investments during the reporting period[67](index=67&type=chunk) - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) [Significant Asset and Equity Sales](index=18&type=section&id=重大资产和股权出售) The company completed a significant related-party transaction during the reporting period, selling 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd. to Jiawo Pinxian (Beijing) Enterprise Management Co., Ltd., a wholly-owned subsidiary of its controlling shareholder Jiawo Group, for a transaction price of 1 yuan, aiming to divest long-term loss-making assets, reduce company burden, optimize asset quality, improve net asset levels, and enhance sustainable development capabilities - The company sold its 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd. to Jiawo Pinxian (Beijing) Enterprise Management Co., Ltd., a wholly-owned subsidiary of its controlling shareholder Jiawo Group[72](index=72&type=chunk) - The transaction price for this equity sale was **0.0001 million yuan** (i.e., **1 yuan**), determined based on appraisal value and friendly negotiation between both parties[72](index=72&type=chunk) - This sale reduced the company's burden, improved its operating conditions, optimized asset quality, enhanced net asset levels, protected the interests of the listed company and all shareholders, and strengthened the company's sustainable development capabilities[72](index=72&type=chunk) - Beijing Jiawo Zhencheng Technology Co., Ltd. contributed a net loss of **318.3348 million yuan** to the listed company on the sale date[72](index=72&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=主要控股参股公司分析) The company's main subsidiary, Qingdao Guoxing Food Co., Ltd., achieved sales revenue of 340 million yuan in the first half, a 28% year-on-year decrease, primarily due to insufficient Alaska pollock raw material supply and Arctic shrimp tariff policies, with the company actively responding by expanding markets, adjusting product structures, and controlling costs Financial Data of Major Subsidiaries (First Half of 2025) | Company Name | Company Type | Principal Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qingdao Guoxing Food Co., Ltd. | Subsidiary | Primary processing, wholesale of aquatic products, etc. | 7,266.70 | 58,983.50 | 44,765.30 | 33,937.63 | 1,813.07 | 1,429.72 | - Qingdao Guoxing's sales revenue in the first half decreased by **28% year-on-year**, with gross profit margin remaining largely flat[75](index=75&type=chunk) - Alaska pollock business revenue declined due to insufficient raw material supply; Arctic shrimp business revenue decreased due to China's **25% tariff** on Canadian aquatic products[76](index=76&type=chunk) - The company's divestment of 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd. reduced its burden, improved operating conditions, optimized asset quality, and enhanced net asset levels[75](index=75&type=chunk) [Risks Faced by the Company and Countermeasures](index=19&type=section&id=公司面临的风险和应对措施) The company faces significant "delisting risk warning" and "other risk warning" situations, along with risks from raw material price fluctuations, intensified market competition, changes in trade environment and exchange rates, and global geopolitical factors, to which it is actively responding through asset restructuring, strategic investor introduction, strengthened operational management, and diversified procurement and sales channels to enhance its going concern ability and risk resistance - The company's stock trading triggered "delisting risk warning" and "other risk warning" situations, primarily due to negative shareholder equity attributable to the listed company at the end of 2024 and uncertainties in its going concern ability[77](index=77&type=chunk) - Countermeasures include asset restructuring, introducing strategic investors, improving asset quality, enhancing risk resistance, and focusing on optimizing the utilization of own assets and operational efficiency[78](index=78&type=chunk) - Risks from raw material procurement price fluctuations and market risks are addressed through proactive procurement plans, signing annual sales contracts, and flexible adjustment strategies[79](index=79&type=chunk) - Risks from trade environment and exchange rate fluctuations are managed by strengthening operational management, reducing USD exposure, accelerating collections, engaging in forward foreign exchange settlements, and adjusting sales/purchase prices[80](index=80&type=chunk) - Risks of supply and demand changes due to global geopolitical factors are mitigated by expanding overseas sales channels, strengthening supply chain management, and diversifying sales markets and procurement sources[81](index=81&type=chunk) [Corporate Governance, Environment, and Society](index=22&type=section&id=第四节%20公司治理、环境和社会) This section details the company's governance structure, changes in key personnel, profit distribution plans, environmental protection efforts, and broader social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=公司董事、监事、高级管理人员变动情况) During the reporting period, there was a change in the company's board of directors, with Lu Xin resigning as a director due to personal reasons and Huang Yonggun being elected as a director due to work relocation - Director Lu Xin resigned due to personal reasons, and Director Huang Yonggun was elected due to a work transfer[86](index=86&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=22&type=section&id=本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute profits for this semi-annual period, meaning no cash dividends, no bonus shares, and no conversion of capital reserves into share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[87](index=87&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=环境信息披露情况) The Jimo branch of Qingdao Guoxing Food Co., Ltd., a subsidiary of the company, has been included in the list of enterprises required to disclose environmental information by law, and it operates its own sewage treatment plant using biological treatment processes to ensure treated wastewater meets national discharge standards - The Jimo branch of Qingdao Guoxing Food Co., Ltd. has been included in the list of enterprises required to disclose environmental information by law[89](index=89&type=chunk) - Subsidiary Qingdao Guoxing operates its own sewage treatment plant, employing biological treatment processes to ensure treated wastewater quality fully complies with the "Integrated Wastewater Discharge Standard" and "Wastewater Discharge Standard into Urban Sewers"[93](index=93&type=chunk) [Social Responsibility](index=22&type=section&id=社会责任情况) The company actively fulfills its social responsibilities by protecting shareholder and creditor rights, safeguarding employee interests and providing training, fostering honest cooperation with suppliers, customers, and consumers, prioritizing food quality and safety, enhancing corporate governance and information disclosure transparency, and ensuring environmental compliance in production processes - The company treats all shareholders and creditors fairly, protects their legitimate rights and interests, and has established diversified investor communication channels[90](index=90&type=chunk) - The company strictly adheres to the "Labor Law," protects employees' legitimate rights and interests, provides training, and cares for employees' physical and mental well-being[91](index=91&type=chunk) - The company maintains honesty and trustworthiness with suppliers and customers, adheres to the principle of "food safety above all else," and provides safe and healthy protein foods to consumers[91](index=91&type=chunk)[92](index=92&type=chunk) - The company strictly complies with the "Company Law" and other regulations, strengthens board governance and the operation of various special committees, and enhances information disclosure transparency[92](index=92&type=chunk) - The company places high importance on environmental protection, and its subsidiary Qingdao Guoxing operates its own sewage treatment plant to ensure pollutant discharge meets standards[93](index=93&type=chunk) [Significant Matters](index=24&type=section&id=第五节%20重要事项) This section addresses the board's response to the prior year's non-standard audit report, details significant litigation, related-party transactions, major contracts, and other crucial events impacting the company [Board's Explanation on the Prior Year's 'Non-Standard Audit Report'](index=24&type=section&id=董事会对上年度“非标准审计报告”相关情况的说明) The board acknowledges the unmodified audit opinion with a material uncertainty related to going concern issued by ShineWing Certified Public Accountants for the company's 2024 financial statements and is actively implementing measures, including strengthening budget management, improving operational efficiency, advancing asset restructuring, and introducing strategic investors, to eliminate going concern uncertainties, improve capital structure, and enhance net asset levels - The board acknowledges the unmodified audit opinion with a material uncertainty related to going concern issued by ShineWing Certified Public Accountants for the company's 2024 financial statements[99](index=99&type=chunk) - The company will strengthen comprehensive budget management, reinforce internal operational responsibility assessments, reduce expenses, and enhance profitability[99](index=99&type=chunk) - The company will continue to advance asset restructuring, introduce strategic investors, optimize capital structure, increase net assets, and enhance risk resistance capabilities[99](index=99&type=chunk) - During the reporting period, the company completed the sale of 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd. to divest long-term loss-making assets, optimize asset quality, and improve net asset levels[101](index=101&type=chunk) [Litigation Matters](index=25&type=section&id=诉讼事项) The company's significant contract dispute with Taoyuan Xianghui Agricultural Investment Co., Ltd. has been resolved through an enforcement settlement agreement, with the company receiving all settlement funds, while other ongoing litigation matters involving its subsidiaries, totaling 12.0985 million yuan, have not yet concluded but do not meet the threshold for significant litigation disclosure - The company's contract dispute with Taoyuan Xianghui Agricultural Investment Co., Ltd. has been resolved through an enforcement settlement agreement, and the company has received all settlement funds totaling **18.6854 million yuan**[103](index=103&type=chunk) - Two cases where the company's subsidiaries are plaintiffs, with a total involved amount of **12.0985 million yuan**, are still pending but do not meet the disclosure standards for significant litigation[103](index=103&type=chunk) [Significant Related-Party Transactions](index=26&type=section&id=重大关联交易) The company engaged in multiple significant related-party transactions during the reporting period, including receiving an interest-free guarantee of up to 1.5 billion yuan from its controlling shareholder Jiawo Group for the company and its subsidiaries, selling 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd. to Jiawo Pinxian (Beijing) Enterprise Management Co., Ltd. for 1 yuan, and signing a "Delegated Management Agreement" with Jiawo Pinxian to entrust the operational management of Beijing Zhencheng to the company for an annual management fee of 1.5 million yuan - Controlling shareholder Jiawo Group provided an interest-free guarantee of up to **1.5 billion yuan** for the company's 2025 credit financing[114](index=114&type=chunk) - The company sold its 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd. to Jiawo Pinxian (Beijing) Enterprise Management Co., Ltd., a wholly-owned subsidiary of its controlling shareholder, for a transaction price of **1 yuan**[115](index=115&type=chunk)[116](index=116&type=chunk) - The company, Jiawo Pinxian, and Beijing Zhencheng signed a "Delegated Management Agreement," whereby Jiawo Pinxian exclusively entrusted all operational management rights of Beijing Zhencheng to Jiawo Foods, with an annual delegated management fee of **1.5 million yuan**[117](index=117&type=chunk) Related-Party Receivables and Payables (Payables to Related Parties) | Related Party | Relationship | Reason for Formation | Beginning Balance (10,000 yuan) | Amount Added This Period (10,000 yuan) | Amount Repaid This Period (10,000 yuan) | Interest Rate | Interest This Period (10,000 yuan) | Ending Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiawo Group Co., Ltd. | Controlling Shareholder | Related-party fund borrowing | 118,789.52 | 0.00 | 120,716.05 | 3.61% | 1,926.53 | 0.00 | | Joyvio (Hong Kong) Investment Limited | Same Controlling Shareholder | Related-party fund borrowing | 33,872.84 | 33,732.42 | 68,830.09 | 7.20% | 1,224.83 | 0.00 | | Rosy Nation Investments Limited | Same Controlling Shareholder | Related-party fund borrowing | 129,972.17 | 10,882.25 | 145,554.17 | 7.20% | 4,699.75 | 0.00 | | Quafood Limited | Same Controlling Shareholder | Related-party fund borrowing | 198,610.11 | 197,786.76 | 403,578.54 | 7.20% | 7,181.67 | 0.00 | | In Food Limited | Same Controlling Shareholder | Related-party fund borrowing | 62,260.89 | 62,002.78 | 126,515.00 | 7.20% | 2,251.33 | 0.00 | | Impact of related-party debt on company's operating results and financial position | | | | | | | Interest costs from related-party debt impacted the company's profit and loss by approximately **-192.2749 million yuan** | | [Significant Contracts and Their Performance](index=29&type=section&id=重大合同及其履行情况) The company has entrusted the operational management of 70% equity in its controlling subsidiary Zhejiang Wo Zhixian Import and Export Co., Ltd. to Tianjin Jingu Food and Trade Co., Ltd., engaged in multiple leasing activities during the reporting period, and holds several significant guarantees, primarily for subsidiaries, with a total actual guarantee balance of 11.8182 million yuan at period-end, representing 4.18% of the company's net assets - The company has entrusted the overall operational management of its 70% equity in controlling subsidiary Zhejiang Wo Zhixian Import and Export Co., Ltd. to Tianjin Jingu Food and Trade Co., Ltd[121](index=121&type=chunk) - During the reporting period, the company's leases primarily involved production and operation sites, employee dormitories leased by the company and its subsidiaries, as well as fishery infrastructure and processing plants leased in or out by the former Chilean subsidiary[123](index=123&type=chunk) Company's Total Guarantee Situation | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total approved guarantee limit during the reporting period (A1+B1+C1) | 760,000.00 | | Total actual guarantees incurred during the reporting period (A2+B2+C2) | 3,351.82 | | Total approved guarantee limit at the end of the reporting period (A3+B3+C3) | 780,501.00 | | Total actual guarantee balance at the end of the reporting period (A4+B4+C4) | 1,181.82 | | Ratio of total actual guarantees to company's net assets | 4.18% | [Explanation of Other Significant Matters](index=35&type=section&id=其他重大事项的说明) Food Investment SpA, the former Chilean subsidiary of Beijing Zhencheng, received an international commercial arbitration award supporting its claim for **217,211,355.356 USD** in principal compensation and **80,351,503.566 USD** in accrued interest (as of August 1, 2025), totaling **297,562,858.922 USD**, and while Food will initiate recognition and enforcement procedures, the final outcome and impact on the company's current and future profits remain uncertain - Food Investment SpA (former Chilean subsidiary of Beijing Zhencheng) received an international commercial arbitration award supporting its claim for compensation[135](index=135&type=chunk) - The award includes principal compensation totaling **217,211,355.356 USD**, plus accrued interest of **80,351,503.566 USD** as of August 1, 2025, for a total of **297,562,858.922 USD** in principal and interest[135](index=135&type=chunk) - Food will soon initiate recognition and enforcement procedures for this arbitration award in multiple countries, but the final enforcement outcome remains uncertain, and the impact on the company's current and future profits cannot be accurately estimated at this time[135](index=135&type=chunk) [Share Changes and Shareholder Information](index=36&type=section&id=第六节%20股份变动及股东情况) This section outlines any changes in the company's share capital structure, provides details on shareholder numbers, and identifies major shareholders and changes in controlling interests [Share Change Situation](index=36&type=section&id=股份变动情况) During the reporting period, there were no changes in the company's total share capital, restricted shares, or unrestricted shares, either in quantity or proportion Share Change Situation (Current Period End) | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | I. Restricted Shares | 40,492,500 | 23.24% | | II. Unrestricted Shares | 133,707,500 | 76.76% | | III. Total Shares | 174,200,000 | 100.00% | - The company's total share capital did not change during the reporting period[140](index=140&type=chunk) [Number of Shareholders and Shareholding Structure](index=37&type=section&id=公司股东数量及持股情况) As of the end of the reporting period, the company had 4,597 common shareholders, with Jiawo Group Co., Ltd. remaining the largest shareholder, holding 46.08% of the shares - The total number of common shareholders at the end of the reporting period was **4,597**[142](index=142&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 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) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiawo Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 46.08% | 80,265,919 | 40,200,000 | 40,065,919 | [Changes in Controlling Shareholder or Actual Controller](index=39&type=section&id=控股股东或实际控制人变更情况) 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[146](index=146&type=chunk) - The company's actual controller did not change during the reporting period[146](index=146&type=chunk) [Bond-Related Matters](index=40&type=section&id=第七节%20债券相关情况) This section addresses any bond-related information pertinent to the company during the reporting period [Bond-Related Matters](index=40&type=section&id=债券相关情况) The company has no bond-related matters requiring disclosure during the reporting period - The company had no bond-related matters during the reporting period[149](index=149&type=chunk) [Financial Report](index=41&type=section&id=第八节%20财务报告) This section comprises the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax information, and specific financial items [Audit Report](index=41&type=section&id=审计报告) The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[151](index=151&type=chunk) [Financial Statements](index=41&type=section&id=财务报表) This section includes the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows at the end of the reporting period, showing changes in asset and liability structure and continued losses after the salmon business divestment [Company Basic Information](index=61&type=section&id=公司基本情况) The company, formerly Wanfu Biotech, listed in 2011, later underwent equity transfer and name change to Jiawo Foods Co., Ltd., with Lenovo Holdings Co., Ltd. as its actual controller, a registered capital of 174.20 million yuan, primarily engaged in the trade, processing, and brand sales of high-quality protein seafood, and comprising 12 consolidated subsidiaries as of the first half of 2025 - The company was formerly Wanfu Biotech (Hunan) Agricultural Development Co., Ltd., listed on the ChiNext board on September 27, 2011[197](index=197&type=chunk) - On December 7, 2016, the company's actual controller changed from Lu Jianzhi to Lenovo Holdings Co., Ltd[198](index=198&type=chunk) - As of June 30, 2025, the company's registered capital was **174.20 million yuan**, and its share capital was **174.20 million shares**[199](index=199&type=chunk) - The company primarily engages in the trade, processing, and brand sales of high-quality protein seafood, with main products including Alaska pollock, Arctic shrimp, halibut, and Atlantic redfish[200](index=200&type=chunk) [Basis of Financial Statement Preparation](index=62&type=section&id=财务报表的编制基础) The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and management assesses that the company possesses going concern ability for 12 months from the end of the reporting period, with no significant matters affecting this ability - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance, its application guidelines, interpretations, and other relevant regulations[201](index=201&type=chunk) - The company possesses going concern ability for 12 months from the end of the current reporting period, with no significant matters affecting this ability[202](index=202&type=chunk) [Significant Accounting Policies and Estimates](index=62&type=section&id=重要会计政策及会计估计) This section details the company's accounting policies and estimates for revenue recognition, financial instruments, inventory (especially fair value measurement of consumable biological assets), impairment of long-term assets, and amortization of intangible assets, noting that consumable biological assets (salmon) are measured at fair value less costs to sell once a minimum weight is reached, with fair value estimates relying on uncertain assumptions like fish stock weight and market prices - The company and its domestic subsidiaries use **RMB** as their functional currency, while overseas subsidiaries use **USD**[207](index=207&type=chunk) - Salmon biological assets, such as Atlantic salmon, trout, and coho salmon in the seawater fattening stage, are measured at fair value less costs to sell once they reach minimum weight requirements[246](index=246&type=chunk) - The fair value estimation of salmon biological assets relies on assumptions such as salmon weight (including fish stock weight, average weight, and harvest weight distribution) and market prices[247](index=247&type=chunk) - Aquaculture concessions, trademarks, most water use rights, and most land use rights are intangible assets with indefinite useful lives, which are not amortized but are tested for impairment at least annually[265](index=265&type=chunk) [Taxation](index=89&type=section&id=税项) This section discloses the company's main tax categories and rates, including Value-Added Tax (9% or 13%), Urban Maintenance and Construction Tax (5% or 7%), and Corporate Income Tax (25%), noting that the company benefits from corporate income tax exemption for primary processing of agricultural products and preferential tax policies for small and micro-profit enterprises Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Primary processed agricultural products in product sales revenue are taxed at 9%; cooked aquatic products and various canned aquatic products are taxed at 13%; processing income is subject to output tax calculated at 13% | 9%, 13% | | Corporate Income Tax | Based on actual turnover tax paid | Except for tax entities with different rates as listed below, other companies are taxed at 25% of taxable income | - Income from the company's primary processing of agricultural products, including simple processing of aquatic animals, is exempt from corporate income tax[327](index=327&type=chunk) - The company benefits from preferential corporate income tax policies for small and micro-profit enterprises, where the portion of annual taxable income not exceeding **1 million yuan** is reduced by 25% and taxed at **20%**; the portion exceeding **1 million yuan** but not exceeding **3 million yuan** is reduced by 25% and taxed at **20%**[328](index=328&type=chunk) [Notes to Consolidated Financial Statement Items](index=90&type=section&id=合并财务报表项目注释) This section provides detailed notes on consolidated financial statement items, reflecting significant financial changes during the reporting period due to the divestment of 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd., resulting in substantial reductions in asset accounts such as monetary funds, accounts receivable, inventory, fixed assets, intangible assets, and goodwill, as well as liability accounts like bonds payable and long-term borrowings, while capital reserves increased due to an equity transaction from the equity sale - Monetary funds at period-end were **48,408,113.79 yuan**, compared to **216,210,892.09 yuan** at the beginning of the period, including restricted monetary funds of **133,007.97 yuan** as deposits[331](index=331&type=chunk) - Inventory at period-end was **350,780,957.05 yuan**, compared to **1,458,652,618.12 yuan** at the beginning of the period, primarily due to the exclusion of the balance of Beijing Zhencheng, the divested subsidiary engaged in salmon farming, processing, and sales, combined with a year-on-year increase in raw material procurement by subsidiary Qingdao Guoxing[398](index=398&type=chunk) - The book value of fixed assets at period-end was **64,343,480.43 yuan**, compared to **1,891,696,145.69 yuan** at the beginning of the period, primarily due to the disposal of subsidiaries[442](index=442&type=chunk)[448](index=448&type=chunk) - The book value of intangible assets at period-end was **24,479,072.85 yuan**, compared to **3,622,784,944.62 yuan** at the beginning of the period, primarily due to the disposal of subsidiaries[465](index=465&type=chunk) - Goodwill at period-end was **44,409,643.45 yuan**, compared to **1,478,169,706.85 yuan** at the beginning of the period, primarily due to the disposal of subsidiary Australis Seafoods S.A[469](index=469&type=chunk) - Bonds payable at period-end were **0.00 yuan**, compared to **1,114,078,910.73 yuan** at the beginning of the period, primarily due to the impact of subsidiary disposal[528](index=528&type=chunk) - Capital reserves increased by **1,160,725,999.51 yuan** in the current period, primarily because the company's sale of 100% equity in Beijing Zhencheng to a related party constituted an equity transaction, with the difference between the disposal price and the company's share of Beijing Zhencheng's net assets recognized in capital reserves[546](index=546&type=chunk) - Operating revenue for the current period was **1,244,606,831.75 yuan**, and operating cost was **1,320,272,621.85 yuan**[554](index=554&type=chunk) - Gains or losses from changes in fair value for the current period were **-6,694,951.65 yuan**, compared to **38,839,425.71 yuan** in the prior period, primarily related to fair value changes in consumable biological assets[568](index=568&type=chunk) [Research and Development Expenses](index=146&type=section&id=研发支出) During the reporting period, the company did not disclose any capitalized R&D projects or significant externally acquired in-progress R&D projects - The company did not disclose any R&D projects eligible for capitalization during the reporting period[608](index=608&type=chunk) [Changes in Consolidation Scope](index=147&type=section&id=合并范围的变更) During the reporting period, the company lost control over Beijing Jiawo Zhencheng Technology Co., Ltd. due to its sale of 100% equity, thus removing it from the consolidated financial statements, and its second-tier subsidiary Hainan Fengjia Food Co., Ltd. was also removed from the consolidation scope after its deregistration - The company lost control over Beijing Jiawo Zhencheng Technology Co., Ltd. due to the sale of its 100% equity, and thus it is no longer included in the consolidated financial statements[617](index=617&type=chunk) - Hainan Fengjia Food Co., Ltd., a second-tier subsidiary of the company, was deregistered on January 24, 2025, and is no longer included in the consolidated financial statements[618](index=618&type=chunk) [Interests in Other Entities](index=152&type=section&id=在其他主体中的权益) This section lists the company's interests in subsidiaries, joint ventures, and associates, highlighting Qingdao Guoxing Food Co., Ltd. as a significant non-wholly-owned subsidiary with a 45.00% minority interest, to which **6,433,749.96 yuan** of profit was attributable in the current period Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Profit Attributable to Minority Shareholders This Period (yuan) | Dividends Declared to Minority Shareholders This Period (yuan) | Minority Interests Balance at Period-End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Qingdao Guoxing Food Co., Ltd. | 45.00% | 6,433,749.96 | 6,750,000.00 | 201,443,563.74 | - Qingdao Guoxing Food Co., Ltd.'s operating revenue for the first half of 2025 was **339,376,289.75 yuan**, with a net profit of **14,297,222.13 yuan**[625](index=625&type=chunk) [Risks Related to Financial Instruments](index=158&type=section&id=与金融工具相关的风险) The company faces market risks (exchange rate and interest rate risks), credit risk, and liquidity risk, which it manages by monitoring exchange rate fluctuations, maintaining floating-rate borrowings, setting credit limits, and ensuring sufficient liquidity, with sensitivity analysis indicating that reasonable changes in exchange rates and interest rates could impact the company's net profit and shareholder equity - The company's foreign exchange risk primarily relates to the **USD** and **Chilean Peso**, with major business activities settled in **RMB**[637](index=637&type=chunk) - The company's risk of financial instrument cash flow changes due to interest rate fluctuations primarily relates to floating-rate bank borrowings[639](index=639&type=chunk) - The company mitigates credit risk by setting credit limits, conducting credit approvals, and implementing monitoring procedures[640](index=640&type=chunk) - The company manages liquidity risk by ensuring sufficient cash liquidity to meet maturing debts and maintaining a certain credit line (unused bank borrowing limit of **182.02 million yuan** as of June 30, 2025)[642](index=642&type=chunk) Foreign Exchange Risk Sensitivity Analysis (January-June 2025) | Item | Exchange Rate Change | Impact on Net Profit (yuan) | Impact on Shareholder Equity (yuan) | | :--- | :--- | :--- | :--- | | All foreign currencies overseas | 5% appreciation against USD | 2,385,333.77 | 1,311,933.57 | | All foreign currencies overseas | 5% depreciation against USD | -2,385,333.77 | -1,311,933.57 | Interest Rate Risk Sensitivity Analysis (January-June 2025) | Item | Interest Rate Change | Impact on Net Profit (yuan) | Impact on Shareholder Equity (yuan) | | :--- | :--- | :--- | :--- | | Floating-rate borrowings | 1% increase | -4,321.47 | -2,376.81 | | Floating-rate borrowings | 1% decrease | 4,321.47 | 2,376.81 | [Disclosure of Fair Value](index=163&type=section&id=公允价值的披露) This section does not provide specific fair value hierarchy information (Level 1, Level 2, Level 3) for assets and liabilities measured at fair value at the end of the reporting period - This section does not provide specific fair value hierarchy information for assets and liabilities measured at fair value at the end of the reporting period[650](index=650&type=chunk) [Related Parties and Related-Party Transactions](index=164&type=section&id=关联方及关联交易) The company's controlling shareholder is Jiawo Group Co., Ltd., with Lenovo Holdings Co., Ltd. as the ultimate controlling party, and during the reporting period, the company engaged in multiple related-party transactions, including purchasing goods/receiving services, selling goods/providing services, accepting related-party guarantees, and related-party fund borrowings, with the sale of 100% equity in Beijing Jiawo Zhencheng to related party Jiawo Pinxian being a significant related-party transaction - The company's parent company is Jiawo Group Co., Ltd., holding **46.08%** of shares, and the ultimate controlling party is Lenovo Holdings Co., Ltd[651](index=651&type=chunk) - The company sold its 100% equity in Beijing Jiawo Zhencheng Technology Co., Ltd. to related party Jiawo Pinxian (Beijing) Enterprise Management Co., Ltd. for a transaction price of **1 yuan**[668](index=668&type=chunk) Related-Party Fund Borrowings (Borrowed) | Related Party | Borrowed Amount (yuan) | Start Date | Maturity Date | | :--- | :--- | :--- | :--- | | Joyvio (HongKong) Investment Limited | 42,951.60 | February 10, 2025 | February 09, 2026 | | Jiawo Group Co., Ltd. | 5,000,000.00 | April 28, 2025 | June 24, 2025 | The Company as a Guaranteed Party (Related-Party Guarantees) | Guarantor | Guaranteed Amount (yuan) | Guarantee Start Date | Guarantee Maturity Date | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Jiawo Group Co., Ltd. | 18,413,956.18 | May 29, 2025 | August 27, 2025 | No | | Jiawo Group Co., Ltd. | 9,540,000.00 | April 17, 2025 | October 13, 2025 | No | [Commitments and Contingencies](index=170&type=section&id=承诺及或有事项) At the balance sheet date, the company has unfulfilled guarantees for its subsidiary Qingdao Guoxing Food Co., Ltd., but otherwise, there are no other significant contingent matters requiring disclosure Unfulfilled Guarantees by Subsidiaries to Subsidiaries | Guarantor Name | Guaranteed Party Name | Guaranteed Amount (yuan) | Guarantee Start Date | Guarantee Maturity Date | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Qingdao Fuhua Hezhong Trading Co., Ltd. | Qingdao Guoxing Food Co., Ltd. | 9,540,000.00 | 2025/4/17 | 2025/10/13 | No | | Qingdao Fuhua Hezhong Trading Co., Ltd. | Qingdao Guoxing Food Co., Ltd. | 1,140,000.00 | 2025/4/23 | 2025/10/18 | No | | Qingdao Fuhua Hezhong Trading Co., Ltd. | Qingdao Guoxing Food Co., Ltd. | 1,138,217.40 | 2025/5/9 | 2025/11/4 | No | - The company has no other significant contingent matters requiring disclosure[679](index=679&type=chunk) [Supplementary Information](index=183&type=section&id=补充资料) This section provides a detailed non-recurring gains and losses statement, showing a total of **-10,789,744.36 yuan**, primarily influenced by unusual losses from fish disease outbreaks in the former Chilean subsidiary's fish stock, and discloses basic and diluted earnings per share of **-2.4066 yuan/share**, with the weighted average return on net assets not calculated due to the company's negative net assets Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 375,031.93 | | | Other non-operating income and expenses apart from the above | -19,058,014.78 | Primarily unusual losses from fish disease outbreaks in the former Chilean subsidiary's fish stock | | Other gains and losses that meet the definition of non-recurring | 796,305.19 | | | Less: Income tax impact | -4,686,807.35 | | | Impact on minority interests (after tax) | -2,410,125.95 | | | Total | -10,789,744.36 | | Earnings Per Share | Profit for the Reporting Period | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | -2.4066 | -2.4066 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | -2.3447 | -2.3447 | - The weighted average return on net assets was not calculated as the company's weighted average net assets for January-June 2025 were negative[739](index=739&type=chunk)

广东新宏泽包装股份有限公司 2025 年半年度报告全文 广东新宏泽包装股份有限公司 2025 年半年度报告 2025 年 8 月 27 日 1 广东新宏泽包装股份有限公司 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。 公司负责人李艳萍、主管会计工作负责人李艳萍及会计机构负责人(会计 主管人员)邱旋华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性陈述均属于公司计划性 事项，存在一定的不确定性，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。 有关风险因素内容与对策措施已在本报告"第三节 管理层讨论与分析" 中"十、公司面临的风险和应对措施"予以描述。敬请广大投资者关注相关 内容，注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- ...